Balaji Amines Limited (530999) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Balaji Amines Limited Q3 FY '20 Earnings Conference call hosted by Edelweiss Professional Investor Research. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions and expectations of the company as on date of this call. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Swarnabha Mukherjee from Edelweiss Professional Investor Research. Thank you, and over to you, Mr. Mukherjee.

Good afternoon. On behalf of Edelweiss Professional Investor Research, I welcome all of you to the Q3 FY '20 Earnings Conference Call of Balaji Amines Limited. We have with us today Mr. Ram Reddy, Promoter and MD of Balaji Amines Limited. We request the management for their opening remarks, post which, we will open the floor for Q&A. Please go ahead, sir.

Ladies and gentlemen, a very good evening to all of you, and welcome to the conference call to discuss the financial performance of the Q3 and 9 months of financial year 2020 of our company, Balaji Amines Limited. I hope you've got a chance to go through the press release and financial statements submitted to the stock exchanges and uploaded on our website. Let me take you through the financial and operational performance. We recorded a total revenue of INR 224 crore in Q3 FY '20 as against INR 240 crores in the corresponding quarter of previous year. EBITDA came in at INR 46 crore in Q3 FY '20 as compared to INR 44 crore in the same period last year, with EBITDA margin at 20.5% in Q3 FY '20 as compared to 18.2% in the same period last year. Profit after tax was at INR 27 crore in the current quarter under review as against INR 26 crore in Q3 FY '19. PAT margin stood at 11.9% in Q3 FY '20 as against to 10.9% in Q3 FY '19. However, kindly note that Q2 FY '20 PAT was higher on account of revision in corporate tax rate. And diluted EPS for Q3 FY '20 stood at INR 8.25 per equity share. In Q3 FY '20, basic amines constituted 20.9% of total sales. Amines derivatives constituted 36.5%, and 42.6% of sales was from specialty chemicals. The end user industry wise, API pharma contributed about 57% of total revenue, followed by agrochemicals at 18% and other segments like dyes, textile, animal feed, water treatment chemicals and refinery contributed about 5% each. The top line growth in Q3 FY '20 is lower due to low raw material cost, which is passed on to the end customers. However, the EBITDA margins have improved on a year-on-year basis on account of better product mix, improvement in the volume offtake and the resultant increase in operating leverage. The total volume stood at 21,160 metric ton for Q3 FY '20 as against 19,128 MT in Q3 FY '19. For Q3 FY '20, Amines volume stood at 4,732 metric tons and amines derivatives volume stood at 8,547 metric tons. Specialty chemicals volumes stood at 7,881 metric tons. Coming to our performance for the 9 months FY '20. Revenue from operations in 9 months FY '20 stood at INR 691 crore as compared to INR 719 crore in 9M FY '19. EBITDA for 9 months FY '20 was INR 134 crore as compared to INR 150 crore in 9 months FY '19. EBITDA margin for 9 months FY '20 was at 19.4%. PAT for 9 months FY '20 was INR 81 crore as compared to INR 91 crore in 9 months FY '19. Diluted EPS for 9 months FY '20 stood at INR 25.12 per equity share. We expect the volume offtake to gather pace in the Q4 FY '20, with increase in demand from domestic pharmaceutical companies and also from agrochemical sector and [ background ] right, prospective, from the rabi season. Balaji Amines manufactures about 25 products in all. We are the first and only company in the world in amines industry that has used indigenous technology to manufacture amines. All other companies have either used U.S. or German technology. All our products have a high entry barrier. In about 60% of our products, we are the only manufacturer, like NMP NEP, GBL, 2-P, Morpholine, DMAC, DMAE, DMU. We are -- now have the capacity to manufacture 10,000 tons of Morpholine in FY '20. In total, we will be manufacturing about 8,000-plus tons of Morpholine. Other than China, there are only 3 players making this product in the world. In India itself, there is a shortfall of 5,000 tons of supply in Morpholine. We also started exporting Morpholine to other countries, including China. We have recently started manufacturing Acetonitrile from November '19 onwards. We have installed capacity of 9,000 tons. We are currently manufacturing about 8 to 10 tons per day of Acetonitrile, which we plan to increase to 14 to 15 tons per day from April '20 onwards. In FY '21, we plan to scale up production significantly. Total demand for Acetonitrile in India is about 12,000 tons. The margin delta of Acetonitrile continues to remain elevated on account of higher price variation due to supply constraints in global market. As the higher price Acetonitrile may not be sustainable on a long-term basis, we have developed another fungible product called Tetra Hydro Furan, which can be manufactured on the same manufacturing line as Acetonitrile. If there is any volatility in price going ahead, we plan to manufacture Acetonitrile for 6 months and THF for 6 months. No company in India manufactures THF, and its demand of 15,000 tons per annum is currently met by imports. Recently, we made an application to Government of India for levying antidumping duties on Dimethylformamide. In recent months, we have witnessed better pricing of DMF, which has increased the viability of the manufacturing of the same. We expect gradually improvement in capacity utilization to 65% from around 20% levels currently. I'm pleased to inform you that we have received the environmental clearance for our 90-acre greenfield project. In the Phase 1 of the greenfield project of Unit 4, the company will install capacity for manufacture 16,500 tons of Ethyl Amine and 9,900 tons of Dimethyl Carbonate. The CapEx involved is estimated at INR 150 crores to INR 170 crores, which will be largely funded by internal accruals. The construction for Phase 1 of the greenfield project Unit 4 is likely to be completed in FY '21. Post the commencement of the Phase 1 project, the company will have the largest installed capacity of Ethyl Amines in India at 22,500 tons per annum. This project has received Mega Project status from Government of Maharashtra. In the greenfield project, we had earlier planned to install capacity of 16,500 tons of manufacturing of fungible products of IPA or MIPA. However, with another Indian company entering the market with the same products, we changed our plans to instead we manufacture Dimethyl Carbonate. The demand for Dimethyl Carbonate is about 8,000 tons in India, which is currently met fully by imports. Balaji Specialty Chemicals Private Limited, a subsidiary of the company, manufactures niche products like Ethylenediamine, Piprazine and Diethyltriamine. We expect rapid ramp up in production in FY '21, as our end customers will switch their sources of procurement from imports to Balaji Specialties in the next fiscal year. With these products, Balaji Speciality would be substituting the products that they're currently being imported in India. We undertook CapEx of INR 250 crore from a subsidiary company and have also got Mega Project status for the same. India is currently importing 29,000 tons of Ethylenediamine, which basically goes into end user industry of agrochemicals. UPL, Coromandel and Indofil are the major consumers of the EDA. The other 2 products go into pharmaceuticals, polymers, coatings, et cetera. Balaji Speciality will be the only company in India manufacturing EDA, PIP and DETA. India is importing 7,000 to 8,000 tons of PIP and 3,000 to 4,000 tons of DETA. These 2 products have good demand in other countries also. All these years, these 3 products used to be imported to India. The hotel business is doing well and has started contributing to the bottom line. Hotel business constituted 2.2% of total revenue in Q3 FY '20. The average revenue per room stood at INR 3,610 and revenue per available room was INR 2,177. The occupancy rate in Q3 FY '20 stood at 60.3%. The cash profit from hotel division in Q3 FY '20 was INR 0.89 crore. 10% of total rooms comes from our hotel in Solapur. That's all from our side. We now leave the floor open for question and answers. Over to question-answers.

[Operator Instructions] The first question is from the line of A M Lodha from Sanmati Consultants.

I have few questions. Just I wanted to know what is the capacity of DMF, Dimethylformamide.

30,000 tons.

30,000 tons. And at what percentage this plant is running in the December quarter, sir?

It is more than 30%.

More than 30%. Okay, sir.

We're slowly ramping that. It will go to 30%, 40%.

Okay, sir. Second question is relating to the, sir, Balaji Speciality Chemicals. At what capacity that the new plant is running, sir?

It was running only 10% to 15% now. Because as I told earlier, it will go in full swing from April onwards, as the customers, they were all importing, and their import contract will end by this March.

Okay, sir. How much the ramp-up in the production can we expect in FY '21, sir?

It should go to minimum 15,000, 20,000 tons, 15,000 to 20,000 tons a single product of EDA; and other proportionate products, maybe about 6,000 to 7,000 tons.

Overall, I just wanted to know overall capacity utilization, all the products...

Minimum -- it should be go minimum 20,000 tons.

Overall percentage of capacity utilization tons? Overall percentage of capacity utilization in FY '21 of Balaji Speciality?

Around 70%. 65% to 70%.

The next question is from the line of Jatin Damania from Kotak Securities.

Sir, can you give a highlight in terms of the -- I mean, you said that the -- we operated at 10% to 15% in terms of the BSCL, which is a subsidiary. But how do we see -- because the last quarter or the last quarter con call, you have indicated that there was couple of orders in terms of EDA from the local manufacturers to the tune of INR 40 crores to INR 50 crores. Are they still executing? Or I mean...

Yes. They are executing continuously. I told you very clearly, from April onwards, it will ramp up. The reason is people are already in contract up to the March, for imports.

So that means from April onwards we'll ramp up to the higher level of 65%, 70%, which when -- you tried to say that?

Yes.

Okay. And secondly, I mean, so what happens because if I'm looking on the consol basis, in last quarter also, you had said that despite the decline in the revenue realization, we will see better numbers on the consolidated basis as far as our profit is concerned. But the number that we have reported on the consol basis is almost down by 27%. So what went wrong on the consolidated basis as compared to the stand-alone, sir?

Mr. Jatin, consol, how can you take? This subsidiary has just started. To mature, this investment will take at least a year's time. So next year, you will see something positive from the subsidiary. But otherwise, it is doing well there. I don't think the numbers, as we said that EBITDA will be 18% to 20%, it is there.

Okay. Yes. So for the next year, we can assume the revenue of INR 150 crores, INR 200 crores, or it will be lower than that?

It's very difficult to say. We will see. See, what I'm telling is the specialty will go in full swing. We expect some positive from the specialty. And here in the Balaji Amines, like Morpholine, Acetonitrile and DMF capacity increase, all these things definitely should contribute to much better than current year.

So for the current year was, what is the volume we should -- one should assume for this current and fiscal year?

See, for this 9 months, I think we have done 62,000 to 63,000 tons, we have done. There will be another 25,000 tons, about 88,000 to 90,000 tons will be the total volumes.

88,000 to 90,000. Because earlier you were guiding about 90,000, 95,000 tons, so there will be some decline in that?

80,000 to 90,000 tons. And these are all, they are assumptions only.

No, sir. I mean because -- I agree these are all assumptions. We are working on the assumptions only.

Yes, yes.

And sir, secondly, if you look on your EDA thing, I mean, you said that since from the next financial year we'll start seeing a better utilization. Have we signed a contract with the domestic agrochemical industries where we are seeing this?

We will be signing for the quarter-to-quarter. We will be seeing the next month for the first quarter, that is from the April to June.

Okay. So as of now, we haven't signed any contract on this front?

We are giving current -- it is already going -- some quantity is already suppling in the current phase, during this month also.

The next question is from the line of [ Amar Maurya ] from Alpha Advisors.

So firstly, you had indicated that 29% contribution from the -- revenue contribution from the amines business, right? So is this, the 29%, is the revenue contribution or the volume contribution you talked about?

20.9%.

That is what -- is the volume contribution or the revenue contribution?

This is revenue.

Sir, 20.9% of the total consol revenue, is that right?

Yes. This is only amines. You're talking Balaji Amines. We have not considered these figures from the subsidiary.

Yes, yes. I'm not -- I'm just talking about Balaji Amines and only amines business, not even including the hotel business.

Yes, yes.

So basically, sir, then what we are saying is 20% -- 20.9% contribution in amines. And how much would be the derivative? I missed that figure.

36.5%.

46.5%.

36.5%, 3-6.

36.5%.

Yes.

And how much was specialty, sir? Remaining, right?

42.6%.

42.6%. And what would be this number for last quarter?

We'll have to -- last quarter, we'll have to check.

Okay. That is helpful, sir. That is helpful.

You can just drop me a mail. I will give you the full detail.

I will do that, sir. I will do that. Secondly, sir, now in terms of the overall rate per se, I mean, how is the rate in overall product? I mean, is it trending upward? Or is it trending downwards? I mean, I don't want to get into the nitty gritties of all products. But in general, how the trend is now?

In general, I can tell you because raw material prices have gone down, like major basic raw materials like methanol. So -- and proportionately, even finished products also have come down. Margin is intact. That's what I can say.

Margin is intact. And sir, like in Acetonitrile, this whole 9 months, what would be the kind of capacity utilization? And what do we expect for the next year from Acetonitrile?

See 9 months, we have done only 2 months. As I said in my speech, it was only started in November and December. January is running now. So -- and I told you that the 8 tons per day, it is running. We are expecting to increase this in the coming months to 14 to 15 tons per day.

Okay. So when you say coming months, so like in fourth quarter also, in this February, what is the month going on, what would be the current run rate for the Acetonitrile?

8 tons per day.

Okay. Still it is 8 tons, but we expect that by the end of the year, it should be...

Around 2,000 to 2,500 tons per quarter will be there in this quarter.

Okay. Okay. Okay. And sir, then what should we assume for the next, would you say, year as a whole?

See, we are expecting about 15 tons per day. And about 5,000 to 6,000 tons will go over the next year.

5,000 to 6,000 tons for the next year. So basically, then in that case, what we are saying -- we have the total capacity of 9,000, correct, sir?

Yes.

So basically, 60% utilization next year?

Yes. See, this is -- the 9,000 is installed capacity.

Okay. Current would be how much?

9,000 is the installed capacity, where we are doing 8 tons per day. That means about 3,000 tons current, which will be done in the next financial year will be 5,000 to 6,000 tons. Yes. And after that, if the prices consists like this, we will go in greater capacities from the next year onwards.

Okay, okay. But then we'll have the...

Sorry to interrupt you Mr. [ Amar ], maybe...

Can I just finish this question? I just -- I'll not ask new, but I just wanted to finish this.

Yes.

Yes. So basically, sir, what I wanted to understand, in this kind of utilization level and the rates which we are prevailing, if this continues to prevail like this, I mean, what would be the average profitability we would be having in this kind of products?

[ In fact, ] Mr. [ Amar ], you and me are not going to say what will be the raw material prices in the coming months. See, every time I'm telling you the same thing, specifically about this Acetonitrile. The current price is not sustainable. Even just a few minutes back in my speech also, I said the same thing.

Correct, correct, sir. That is the reason I'm asking...

Tentative to what we are seeing, this is only 8, 9 months we are seeing this price, maybe 1 year we are seeing this price. Earlier year, if you see it is INR 120, INR 130.

Correct. Correct, sir. That is the reason I'm asking...

The reason, it's very difficult to say.

So let me just understand this, sir. If this product, let's say, reaches at INR 130 or INR 140, the original price, we'll be enjoying the similar kind of average company-level margin or there will be a significant drop?

For us, it will not be there because our contribution is very less of Acetonitrile. It is only the 8 tons per day.

No, today not there, but next year, it will be there, right?

Next year I'm telling you 4,000 tons. 4,000. See, today's margin -- my dear friend, today's margins without Acetonitrile. If it is not there, it will be same like this. If the Acetonitrile is there, it will be plus only. Because the current margin with a very little Acetonitrile, only one month's contribution of Acetonitrile.

Correct. No, what I was asking here is that, sir, let's say, next year, if your Acetonitrile volume is going to go up, and if the prices drops, then there contribution from Acetonitrile will also come. And in that case, do you see -- will you see the margin impact there in that case? Because then next year...

I will not see any impact on the total company. Because as on today, the margins what you've seen in these 9 months, which are not majorly contributed by the Acetonitrile.

So basically, you remain confident on this kind of margin level, right?

Listen to me. Next year, if Acetonitrile is there, it will be plus for the existing margins. If it is not there, then it will be as it is, definitely.

[Operator Instructions] The next question is from the line of Kunal Mehta from Vallum Capital.

Sir, can you just talk about the expansion of Ethyl Amines in the Mega Project Unit 4? How much capacity are we going to add?

16,500 tons.

Okay. So sir, after this, I think you would be the largest manufacturer in India, right?

Yes, with a total of 22,500 tons.

Sure, sir. And sir, can you please throw some light on the cycle which you are in Ethyl Amines? Because in the last few quarters, we have been seeing and looking at the prices. The prices have been fairly good, and the cycle has been fairly good in Ethyl Amines. So can you just throw some light, how do we see the cycle going forward in the next 1 to 2 years and how our CapEx will come on ground?

As of now what we see is perfectly all right. The prices, we don't see that any pressure on the prices. The reason is, today, there is almost 600 to 700 tons of Ethyl Amines importing into the country, which we are expecting that to -- we are going to cater that gap of import. And apart from this, we are looking for some exports also outside the country.

Okay. So [ the present situation should be ] fairly comfortable in Ethyl Amines?

Yes.

And sir, second question...

Maybe first year, first 1 or 2 years, we may not utilize 100% capacity what we are talking today. But over a period of time, I'm talking about next coming 2, 3 years are -- be very brighter on Ethyl Amines.

Sure, sir. And sir, you were initially refiled your application of antidumping duty for the DMF. And I think the customs department has to take a decision in the next 3 months. So can you just throw some light on where we are in that situation?

Already the initiation of the investigation has already started. And they have given [ 30 ] days time, that is up to 15th February the opponents have to answer. Then the authority will take the decision.

Understood. And sir, the present price of DMF is?

The present prices are more than INR 75.

Okay, sir. Okay, sir. And sir, in the present quarter and the next -- in the Q3 and Q4, do we have any contracts in Balaji Specialty for supplying to -- you mentioned 3 customers, UPL, Coromandel and Indofil, what is status there?

Not contracts, but we have supplied almost to 1,500 tons. And this month -- this next 2 months also we'll be supplying another 1,000 tons.

Okay. Okay. And sir, in this plant -- the same continuing question, in this plant, what level of capacity utilizations will be breakeven? So can you breakeven at around 50% utilization, when we reach that utilization in the next year?

That depends upon the prices and margins. But with looking at the current situation, it should be 50% -- 50% to 52%, we should be in a position to cater even installments also.

The next question is from the line of Sachin Kasera from Svan Investments.

Sir, I was referring to your second quarter conference call transcript wherein you had indicated that for the full year after the second quarter, we should be very close to reaching a turnover of around INR 1,000 crores. And you were very confident because of the incremental volumes from Morpholine and Acetonitrile. Going by the 9 months number that we have done, it looks very difficult that we should be able to achieve it. So you still stick with that guidance of INR 1,000 crores for FY '20? Or you think we need to scale down the numbers?

Yes, the numbers, Mr. Sachin, you are right. Even whenever I'm telling, I'm telling you subject to the market prices. This time also, there is a reduction in the raw material prices, whereby finished product also has come down. And if you see the volumes, quantities increased by 7.5%. Then there is a growth of 7.5% of production, 7.4% is the volume growth is there. Values -- that's the reason we have improved the margins. So basing on this, if the prices improves, then there's a possibility to go up. But you are right that it is very difficult to reach INR 1,000 if the current prices trend is like this.

And sir you had also mentioned that while not -- okay, we can send this miss because of the lower realization. But you had also mentioned that Q3 performance will be better than Q2 and Q4 will be better than Q3. But if we see the Q3 numbers, both in terms of EBITDA, absolute EBITDA, not EBITDA per ton, and even in terms of volumes, you are lower by around 1% to 2%. So if you want to -- you would like to comment something on that? What exactly has happened that the performance has been slightly below what we thought you would deliver in the third quarter?

No. Volumes, I think, if you take the average [ car ], this total of first [ 2 ] quarter has hit there very badly, which you know and I know very well. Because of that, the average has come down to 7.6%. You have seen the quarter...

I'm talking of absolute volumes. Second quarter, we did 21,376 volumes. This quarter, we done 21,160. And you know Morpholine and Acetonitrile, we were expecting better volumes in third quarter over second quarter. So -- but despite that, the overall volumes are lower by around 200 tons.

Third quarter, we could get only November and December for the Acetonitrile. Morpholine, yes, we have done. But we could not do the other products like our DMF and all, they were not done very well. Now those products, every product has improved. So probably, we expect the next quarter should be better than this third quarter.

Okay. Because I think earlier, you are looking at...

Sorry to interrupt you, Mr. Sachin. May we request that you return to the question queue for follow-up questions as there are several participants waiting so that...

Sure.

The next question is from the line of Sunil Kothari from Unique Investments.

Sir, my question is related to this recent development related to the chemical industry not able to supply enough to pharma intermediates and all, and they are not also getting from China. So in this situation, do you see any big, larger opportunity in a structural manner, which you -- basically, you are already supplying 50% plus to pharma. So are you seeing any major opportunity in this situation because everybody wants second options to China? So your thoughts on any strategic thinking on those lines of development?

Not only intermediates, but it will be there on the specialties like NMP, NEP, Morpholine. Those products may get. But as of now, we are not seeing because this current situation we have seen for the last 10, 15 days, but everybody will have the inventories, minimum 3, 4 weeks will be there. If the situation continues like this from the China, probably, we may get a good opportunity coming -- maybe coming weeks, I can say.

Okay. Yes. And sir, second question...

As of now, people are still having inventories.

Sir, my second question is any guidance in terms of volume for next year, 2021, Balaji Amines and subsidiary, Speciality Chemicals, only volumes?

Balaji Amines should do around 105,000, that means 1 lakh -- we will cross 105,000 tons from the next year. Specialty, we should do minimum 15,000 to 20,000 tons.

15,000 to 20,000. And that will be good enough for specialty chemical to breakeven and make profit at bottom line even?

Definitely.

The next question is from the line of Ashwin Reddy from Samatva Investments.

So I wanted to get some thoughts on the raw material front because you have 2 big events. One is the Iran event, which probably should have caused the prices to spike, while the China event, I'm assuming, it should have probably kind of [indiscernible] the costs. I don't know how it -- what is the reality. So I wanted some thoughts on your expectations for the next 2, 3 months on the raw material prices?

See, this China, we do not know the -- they called of up to 9th, 10th, they're talking. After 10th, if they open, so there should not any problem because there was a inventory. People will be using the inventory everybody is having. So there should not -- which will not give the much impact on the price or even supply side also. But Iran, every time this happened every year, there will be 1 or 2 incidents, these type of things. And this time, the first time we have seen. If this will go seriously, then probably the prices may go up for the raw materials like methanol. But as of now, it is in the same level of INR 20, INR 22. We have not seen major changes. For the past 2, 3 weeks also, we have not seen any major change.

The next question is from the line of Kavan Pandit from Latin Manharlal.

So firstly, I just wanted to ask some questions on volume basis. Sir, Morpholine, how much have we done till now, till Q3? Hello?

Ladies and gentlemen, the line of the management is disconnected. Please hold while we reconnect them. Ladies and gentlemen, thank you for being on hold. The line for the management is now reconnected. Thank you, and over to you, sir.

Yes, Mr. Pandit.

Hello, am I audible, sir?

Yes.

Sir, my question was on the volume front. For Morpholine, how much have we done till Q3, 9 months?

About 5,000 tons.

5,000. So around 3,000 tons to 4,000 -- 2,000 to 3,000 tons more in the next quarter, or is that correct, sir?

5,000 to 5,500, I do not have exact figure. I'm just giving you approximately between 5,000 to 6,000 tons we might have done.

Okay. And so what would be the rate, would it be around INR 140 or something?

INR 135 to INR 140.

INR 135 to INR 140. And sir, current prices for Acetonitrile?

Acetonitrile is INR 250.

INR 250. And sir coming to the raw material side, I understand that the prices are not in our hands. But can we look at some alternatives or something which would help us protect our price or something?

For which raw material you're talking?

Methanol.

Methanol we have already done. My current shipment has come from Saudi Arabia.

Saudi Arabia.

Which is under unloading, yes.

And is that on a month-to-month contract basis? Or how are we...

Not it is on spot basis only. Because this Iran issue is not permanent. So we made the alternate arrangement for this 1, 2 months, we made these arrangements.

Yes, okay. And sir, you said we started exporting Morpholine, so how much have we done in terms of tons?

Would be 100 tons per month, you can say.

Sorry, 100?

100, 120 tons per month.

Okay. And with the recent developments of the coronavirus. Is that going to affect us in any way?

We will see. Anyway, they say that they will open from the 10th February. If they open, there will not be any impact, major impact. If that continues, probably, yes. There will be some impact on the prices, prices may go up. It may be advantage in some sense like products which are not coming from China, our own products, then it will be advantage to me. If some matching raw materials is not coming, then, again, my product will not go. So that will be negative.

All right. And sir, could you give me the domestic to exports mix for us for the last 9 months?

Around 20,000.

Okay. And also going forward, like...

Mr. Kavan, I make a request that you return to the question queue for follow-up questions.

Can I just complete this question. This is just my second question. I will just complete it and I will get back on queue. So, yes, so going forward, FY '21? Where do we see the exports figure going?

Maybe we'll see around 20 -- between 20% to 25%.

The next question is from the line of Amandeep Singh from AMBIT Capital.

Sir, can you help us understand how the current prices of Acetonitrile has moved sequentially? And till when do you expect global supply constraint to remain?