Chambal Fertilisers and Chemicals Limited (CHAMBLFERT) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Chambal Fertilisers & Chemicals Limited Q3 and 9M FY '25 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Rishab Barar from CDR India. Thank you, and over to you, Mr. Barar.

Good day, everyone, and thank you for joining us on the Chambal Fertilisers and Chemicals' Q3 and 9 month FY '25 earnings call. We have with us today Mr. Abhay Baijal, Managing Director; Mr. Anand Agarwal, CFO; Mr. Anuj Jain, Assistant Vice President, Finance; Mr. Tridib Barat, Vice President, Legal and Company Secretary. Before we get started, I would like to point out that some statements made or discussed in the conference call today may be forward-looking in nature and must be viewed in conjunction with the risks the company faces. Chambal Fertilisers and Chemicals does not undertake to update them. The statement in this regard is available for reference in the presentation. We will begin this call with opening remarks from Mr. Baijal. I would now like to invite Mr. Baijal to share his views. Over to you, sir.

Thank you, Rishab. Good day to everybody, and a warm welcome to all of you participating in this call. At the outset, let me wish everyone a healthy and prosperous 2025. During the quarter, on a stand-alone basis, the company has achieved an EBITDA of INR 843 crores as against INR 724 crores last year. This is a growth of about 16%. A profit after tax of INR 505 crores as against INR 404 crores last year, which is also a growth of 25%. For the 9 months, the company achieved an EBITDA of INR 2,619 crores as against INR 2,199 crores last year, which is a growth of about 19% and a PAT of INR 1,557 crores as against INR 1,245 crores, showing a growth of 25% Y-o-Y. At the consolidated levels also, the company has performed well during the quarter, registering a PAT of INR 534 crores as against INR 459 crores last year, which is a growth of 16%. For the 9 months, there was a PAT of INR 1,519 crores as against INR 1,179 crores last year, which is showing a growth of 29%. Our urea operating units operated at optimal capacity. Production during the quarter stood at 9.18 lakh metric tonnes against 9.1 (sic) [ 9.19 ] lakh metric tonnes last year Y-o-Y. Urea sales stood at 9.88 lakh metric tonnes against 8.92 lakh metric tonnes Y-o-Y. Subsidy receipts too continue to be timely. We received INR 3,350 crores approximately in subsidies during the quarter 3 of financial year '25. Of course, these numbers are there for you to see in the segment results, but I would like to highlight the performance of our Crop Protection Chemicals and Speciality Nutrients. It continues to be quite encouraging. During the quarter, CPC SN revenue stood at INR 255 crores as against INR 203 crores last year, which is a growth of almost 26% Y-o-Y with a contribution of INR 68 crores against INR 49 crores, which is a 39% increase. For the 9 months, the revenue was INR 887 crores as against INR 745 crores, showing a growth of 19% and a contribution of INR 232 crores as against INR 168 crores last year, showing a growth of 38% Y-o-Y. In the quarter under review, we introduced 2 new weedicides. Today, we have a CPC product portfolio that spans 13 states, 64 offerings covering fungicides, weedicides and insecticides. We are also working on a range of new products, which have been introduced in Kharif and Rabi. Some of the products are Generation 1X, that is products which are of the latest chemistries in collaboration with our partners. Our strategy continues to focus on creating partnerships and alliances for introducing better chemistries and increasing the width of our offerings in our channel. I would like to highlight that we have made a strong beginning in biologicals and they are increasingly gaining importance in the crop protection space. Our biological fungicide and nematicide will be shortly introduced to address farmer pain points for nematodes and disease control, for which internal field tests have been successful. The other product lines in biologicals will gain importance as green and sustainable technologies become increasingly important. One of the highlights of the quarter was that Chambal Fertilisers and TERI, which is the energy resource and resource institute entered into an agreement for research to establish the CFCL-TERI Center for Excellence for advanced and sustainable agricultural solutions. This is significant in the background of food security challenges due to an increasing population. The success of our Uttam Superrhiza offering and encouraging response to biogenic Uttam Pranaam biogenic nano phosphorous gives us confidence in our ability to promote sustainability through bio-based agricultural solutions in India. TERI, as you know, is a pioneer institution in this area and Center of Excellence aligns closely with the Government of India's BioE3 initiative, which aims to promote bio-manufacturing industry. Under the arrangement, TERI will be doing research in the Center of Excellence to develop new products whereas the IP rights will be jointly owned between CFCL-TERI and Chambal will have exclusive commercial rights globally on the products, which are developed over a period of next 5 years. The laboratories and equipment are more or less in position and the work will start in earnest from March onwards. We will also be focusing on entry into hybrid and research variety seeds for which substantially and it will complete our agri inputs profile. We expect to start sales and marketing of hybrid wheat, mustard, millets, et cetera, in the next financial year, starting from Kharif '25 onwards. In the non-urea space, our product portfolio approach continues, and we will be -- I will be -- I'm glad to inform you that in IMACID, our joint venture, the expansion project from 5 lakh metric tonnes approximately to 7 lakh metric tonnes have been approved by the Board. As we speak, work is going on to implement that particular project, not only on the phosphoric acid expansion, but also to attend to the deficit in the sulfuric acid plant. The total investment in those areas will be about $173 million, which will be completed by '27, '28. As far as volumes for our Farmer Connect Seed to Harvest harvest program is now going, we are also placing a great amount of emphasis on communication and reaching out to our stakeholders and partners. Besides the Hello Uttam Experts at all 4 locations received more than 9,000 calls and queries. So this happens to be a very important program for us to assist our farmers and to get specialized knowledge across to them as to how to use products. And we are also, as part of our Seed to Harvest program, which is a key focus area for Chambal, we undertook more than 2,500 farmer meetings, conducted 3,500 demos and analyzed 98,000 soil samples for macro and micronutrients. The Technical Ammonium Nitrate project is progressing quite well. Statutory approvals are in place. Equipment has started to get received. You must have seen photographs showing the extent of the civil and other construction works have been completed. And we are very confident that we would be able to start the plant in January '26. Cumulative expenditure as of December 31 has been INR 466 crores. In January '25, we have spent a further sum of INR 75 crores, making it a total of INR 541 crores. I have spoken about IMACID that continues to do well in terms of its current performance. And as we go forward and complete the project for expansion, IMACID will be one of the largest phos acid producers in the world with 7 lakh metric tonne capacity and with some of the most -- the lowest capital cost per tonne of capacity added. We continue to -- we look forward to continue to create value. With that, we are now happy to take your questions. Thank you.

[Operator Instructions] First question comes from the line of Prashant Biyani with Elara Securities.

Sir, congrats on a good set of results. Sir, regarding our trading business, how much of the additional INR 3,500 per tonne of DAP subsidy have we booked in Q3?

Not completely. I'm told roughly 80%, 85%.

Okay. Sir, seeing your EBITDA per tonne for traded fertilizer, it does not look like we are making money on DAP. Would that assessment be right?

DAP is a very zero-sum game at the moment, and we don't have -- we haven't done too much of DAP. I think the total sales in the quarter was about 1 lakh tonnes, plus or minus.

That is only to have the portfolio approach rather than anything else?

See, we are traders -- rather we are importers and sellers. We don't have the cost structural problems. We have to see what we can do in terms of the total portfolio approach, and we have done what we felt was necessary to keep the channel lubricated.

Okay. Sir, I missed your opening remarks on IMACID capacity expansion. There was some patchy voice. Can you please repeat it?

I am just saying that we have -- the Board there has approved the expansion from 5 lakh metric tonnes to 7 lakh metric tonnes. And there are 2 parts to it, the phosphoric acid plant and the sulfuric acid plant, which is a concomitant facility, which is needed to support the production. So in the first phase, the phosphoric acid plant will go into production maybe by end '26 or maybe early '27. And the other part, which is the sulfuric acid plant, the studies for narrowing down the cost is still on, but we are quite hopeful that, that will also be done. And taken together, the total cost of the expansion is about $173 million.

$173 million?

$173 million.

Okay. And sir, what led us to configure some changes in the TAN plant and these changes are the things, which are causing the delay or something else?

No, no. These changes are necessary to get operating efficiency when you do warm ammonia. Otherwise, just to give you a small understanding of this. You -- first, if you have to store back the ammonia, you have to basically chill it. Instead of that if you are able to directly pump the ammonia into the system, whatever is being produced online, then you save energy in that. That's a very simple process that has to be done. Second part is that looking to the fact that LDAN that is light density ammonium nitrate is going to play an important role going in the future. We have to make provisions in terms of layouts and other such things. So that engineering took about 1, 1.5 months or so. It does not materially...

Next question comes from the line of Jainam Ghelani with Svan Investments.

Congratulations for a good set of numbers. So I have a few questions about TAN. So sir, currently, what could be the domestic demand for TAN? And how much of it is being imported?

My understanding is that domestic production, all told is close to 1 million tonnes. Imports could be varying between 200,000 tonnes to 400,000 tonnes depending on what positioning happens. That is how it is. There is increasingly demand in terms of infrastructure development, in terms of mining, in terms of border roads, in terms of cement production and so on. So all of that is contributing to the growth. And government's CapEx investments is one part because it's mostly infrastructure related. It is taking its -- it is casting its pressure on the demand. So that's how it is. The growth is, I'm told, close to the 6% CAGR.

Okay. So sir, we are also -- we are expanding into TAN and our competitor is also expanding into TAN. So do we see an oversupply situation in the near term?

There could be going forward in the next 2, 3 years because other capacities are also coming, assuming that they do come. But it will still be a stable market in terms of -- it is not going to be very long in the sense that there is not too much of overcapacity. But it also depends on what person and what cost structure. So I think that's where Chambal will score.

Okay. And sir, what could be the EBITDA per tonne we can expect in this project?

You will have to wait. We will reveal that when the time comes.

Okay. And sir, would we be backward integrating into ammonia too, for this project?

We're conservative in terms of planning projects, and we have a certain payback number of years in our mind when we do this project and we are confident that we will be reaching.

[Operator Instructions] Next question comes from the line of Harmish Desai with PhillipCapital.

Sir, my first question is on the IMACID expansion. Sir, how much CapEx do you expect to incur in this expansion?

I think I told $173 million.

Okay. I'm sorry, I must have missed out. Sorry for that. And sir, what is our total CapEx that we have incurred in 9 months apart from the TAN CapEx?

I will ask Mr. Anand Agarwal to answer.

Harmish, so current year, we have actually invested around INR 357 crores of CapEx total, out of which TAN is around INR 250 crores.

Understood, sir. And sir, in TAN, so now we have shifted the date to January. So how much time will it take for us to ramp up the project? And any expectation of contribution from the TAN business in FY '27?

Yes, '27, we will definitely have. Current year, we are not being too aggressive on our number, but obviously, we want to ramp it up in the same month as such. So it will get ramped up very soon.

I'll just make this point that the date of that in January '26 is the date of commercial production delivery. That means it meets all parameters in terms of capacity, in terms of efficiency, in terms of quality. This was a trial opening from January '26.

Got it, sir. And sir, you mentioned in your presentation that we have achieved -- our energy efficiency has increased by 3%, so how much does it translate in terms of increase in EBITDA?

See, this is -- I'll just give you -- this is a rough computation. 3% saving on some INR 5,000 per Gcal.

Okay. Got it. And sir, if you can just help us with the volume numbers for Gadepan-I, II, and III?

That, I will ask Mr. Jain or Mr. Tridib.

Gadepan-I in the quarter, we had production of 2.96 lakh tonnes and Gadepan-II 2, 2.67 and Gadepan-III 3.55. So total put together, we had production of 9.18 lakh tonnes.

And sir, the gas cost for Q3?

Gas cost for Q3 is about $15.85 per MMBtu on NCV basis.

[Operator Instructions] Next question comes from the line of Prashant Biyani with Elara Securities.

Sir, what would be the mode of our share of IMACID investment?

We don't have to invest, they have got enough cash.

Okay. So dividend receipt and all those things will continue as they are continuing?

Dividend will go up and down, but we may take dividend and then reinvest back into them. That's up to us, what we want to do. That's a tactical decision from time to time. And let me also tell you that the Chambal is quite serious in looking at ensuring phosphate supply or securing phosphate supply chains in phosphate-rich countries. So there are discussions on. We will inform you from time to time as to what we are and what our progress on that matter is.

Right. Sir, what kind of urea volume run rate can we have in Q4? Last year, Q4, there was some lower number for some reason.

See, what happens is, in this last quarter is that we go under what we call the annual turnarounds. Last year, we had 2, Gadepan-I and II. This year, we have only 1, Gadepan-III. So I would only hazard a guess, assuming that the plants run full capacity, we will -- if you minus the amount for INR 3,500 per -- 3,900 tonnes per day for Gadepan-III for about 30 days, that's the kind of minus that you will get. But there are 1 or 2 niggling problems, Gadepan-I and II, very short shutdowns will be taken. So I would guess between 1 to 1.5 lakh tonnes from the normal run rate.

Right. And sir, you told this year, G-III will go under shutdown, if I heard it right.

Yes.

Okay. And sir, how much is the net debt at the end of Q3 or net cash?

Cash is high. Cash is high, I think, to the tune of INR 2,500 crores.

INR 3,000 crores.

Sorry, INR 3,000 crores.

Okay. And sir, for -- within CPC and SN, what could be the breakup of CPC and SN revenue on an annualized basis?

I think it is -- if I'm not wrong, either 65-35 or 70-30. Depending on which quarter we sell.

Okay. Sir, again, a recurring question after the expiration of G-III benefits, first of all, we don't know how much the benefits will reduce by, but any further plans or decision if we have taken on how are we going to compensate that through any of the growth projects? You also mentioned about securing the phosphate supply for India, so when can we hear something on that?

This is very soon, but it depends on negotiations.

Outer time line of this?

I can't say that. That's very difficult to say because when you are dealing with foreign partners, where it ends, how it ends is one doesn't know, but we are quite on the way to touch that and there is active interest on both sides. That much I...

This could lead to some investments in India or internationally?

It will lead to international investment.

And we will secure the supply chain until the end or...

It depends. See it is not only for India, it's a global business.

Right. So would there be a role of government as well?

I don't think so.

[Operator Instructions] Next question comes from the line of Dhruv Muchhal with HDFC AMC.

Sir, just on Prashant's earlier question. So the P acid, you mentioned is for global supply or we can think of this as downstream for the NPKs that you may put in or just from largely global supply?

We already manufacture 5 lakh tonnes in the market. 70% to 75% of that material comes from [ Bihar ]. Balance 20%, 25%, 30%, depending on supply circumstances is transferred to CP sometimes, which they use for their global supply. In this additional 2 lakh metric tonnes, we have to see how we can find the markets to absorb these quantities either in India or abroad. But given the fact that, as I told you, this is the least capital cost project or rather in the totality of the 7 lakh tonnes, one of the least capital cost projects, most efficient also. We have a very good price advantage in terms of how we -- the fixed cost that is loaded on. So of course, the other costs in terms of the cost of rock and so on, these are variable costs. Fixed cost-wise, it is also one of the most efficient one. So that gives us some advantage. And how we parlay that in terms of the world supply, that is a question of marketing it's between the partners, how we will go about that. If the Indian market is ready to pay the necessary prices, why should we send it to...

Sorry for my lack of background on this. So whatever IMACID expands or sells, the marketing right for that is with Chambal or the responsibility is with Chambal, is it?

It is between the partners, but OCP is the need in that one. And what is to be -- and then there are -- somewhere there are long-term supply agreements, arrangements with Indians. So that continues, but if there are anything excess of that, it can get transferred to foreign supply.

And sir, the other thing was just on the cost, probably not as relevant for you, but because that goes in the JV. But you mentioned 175 -- around $173 million, which is about, say, at the rate of 83 is about INR 1,400-odd crores. Sir, some of our peers domestically are expanding P acid at -- phos acid at about -- of a similar capacity incremental in sense at about INR 200 crores, INR 300 crores. So the additional amount is because of the sulfuric acid, is it?

Correct.

Okay. And sir, the other thing was on the energy efficiency gains. So in your presentation, you mentioned 3% improvement in energy efficiency and 125 metric tonne per day of incremental production. So sorry, again, a simple understanding lacking is, does both of that flow into our EBITDA or something has to be shared with the government? I mean in terms of our math to understand what is the incremental EBITDA gain, 3% of energy cost and 125 metric tonnes of incremental production both adds to the EBITDA. Is that the right way?

Yes, they add to the EBITDA, but you made an important point as to whether some gain sharing thing. Yes, there is a gain sharing formula. And on the additional production that we do, it goes beyond the RAC. And as you know that there are 2 parts to the compensation to the plant. One is up to RAC and one is beyond RAC. While the energy efficiency works on the entire production, the additional production works on the beyond RAC. So depending on how the other things, factors play out in terms of the price of imports of urea and the dollar and so on and so forth. That could vary. But so far, as we are continuing to improve on efficiency, and that's one of our target -- target strategy in sense, and we'll continue to improve regardless because we want to be prepared for a day when this may get decontrolled and we should be, in terms of cost structure, one of the finest cost structures all over the world. So in that sense, this is a priority project for us. This -- not only this, but going forward, we have planned up 3 or 4 other projects, which we'll see if this happens episodically because we first establish a base and then you again see from that base, how much we are going to do. So this is a continuous kind of process, but it takes place every 2, 2.5 years on the basis of what studies we do. But coming back to your question, EBITDA positive, yes. And to what extent that is a question of how the circumstances play out insofar as gas costs, dollar, what is the cost of the Gcal and so on. So it is -- to that extent, some of the factors are not under our control, but what we really want to do is to keep pushing the barriers and the envelope down and down and down. That's what we will do.

So if I understand, so as per the mechanism, 3% of the saving -- the energy efficiency savings 3% that you mentioned, that is direct -- that flows completely to you. There is no ambiguity. The 125, whatever incremental production, that depends upon market forces, multiple variables as it happens?

I'll just -- there's the energy gain and some amount of gain sharing is there. But since it is a consistent policy for every tonne for tonne or every Gcal for Gcal, you will get a certain amount of composition.

Got it. And sir, last question, if you can share, what would be the ammonia profit this quarter and for 9 months, surplus ammonia?

Probably, see this year has been a little soft. Even, I would say, we have done, I think, about 80,000, 81,000 tonnes of sales -- 80,000 tonnes of sales. I think reasonable 4-digit profits are there.

[Operator Instructions] Next question comes from the line of Harmish Desai with PhillipCapital.

So my question is on seeds. You mentioned that the new focus area is going to be seeds going ahead. So any update on that?

I just mentioned that we have tied up and in terms of wheat -- hybrid wheat, in terms of millet, in terms of maize, in terms of mustard.

Understood. And sir, the increase in NPK volume, now there's not much change in subsidy. So sir, what has led to this increase in Q3? And do you expect this run rate to continue in Q4 as well?

Q4 normally is not a quarter for sales of NPK. The sales will start basically from first quarter of next year, which is when the Kharif really kicks in. Whatever sales we do a little bit of MOP and all that, it is small, small places where small, small demands come in from traditional crops or sometimes [indiscernible]. So it's not really a quarter where you will do sales. But coming back to what you said about NPK, let me show you that we have tied up some quantities for the Kharif in the NPK side, and we are adequately stocked for.

Understood. And sir, my last question is on LDAN, which the delay in the TAN project is because you guys are trying to accommodate the LDAN equipment. So earlier, the plan was to just introduce SDAN. So going ahead, it is going to be SDAN and LDAN both, when the -- once the TAN project is commissioned?

Let me just clarify to you. We have made a provision to install LDAN equipment alongside the original configuration because if we had not done that, then we would have to take a very long shutdown sometime in the future or to shut the plant for 4 months, 6 months, 10 months in order to incorporate those things, which was -- therefore, we had to intervene. It's like this that if you want to build a 4-bedroom house, you have laid the foundation for 3 rooms. The fourth room will be added as and when necessary. So to create that position, we had to change equipment orientation through some reengineering of both. I hope I've made myself clear.

Next question comes from the line of S. Ramesh with Nirmal Bang.

Congratulations on your good results. So if you look at the Crop Protection business, in your expansion to INR 1,750 crores by '27, the delta in terms of the contribution is declining as a percentage. So is that something you are making on a conservative basis? Or is there a reason in terms of your product mix and your reading on the market? How should we see that?

Again, it is a question of representation, whether we are presenting it in terms of gross or net. I think I'll ask Anand to explain what is happening because what's really the projection that was given was, I think, on the business gross sales. And what we are reporting in this segment is on the basis of net sales, which is after trade discounts and all that. That's where the difference.

Yes. But in the Slide 6, if you see between -- see, if you look at revenue and contribution for FY '24, the percentage margin is more than 25%. And if you see the target revenue for '27, INR 1,750 crores and the contribution target of INR 310 crores, the percentage margin is declining. And if you take the delta...

In that INR 1,750 crores number, you deflate it by about 20%, 20%. You will come to the numbers we're talking about.

Okay. Okay. You're saying that there is a difference in terms of the revenue reporting. Okay, fine. So...

In terms of gross basis or net basis, when I just explained to you that when we are doing it in the segment results, it is on net basis. For the sake of consistency and not to make a variation, they decided to keep sticking to the...

The earlier number we had told, however, that was a gross number. And what we have to put up in our accounts is a net number. And that is the difference, so it will be somewhere around 20%, 22%.

So are you saying that FY '24 number has to be deflated or INR 1,750 crores has to be deflated?

INR 1,750 had to...

Projection number. Projection number.

The projected number has to come down.

Fair enough. So if you look at your overall strategy for the Crop Protection business, how are you reading the current pricing environment and the demand growth? And in terms of the top line growth for next year, what would be the kind of percentage volume growth you can get? And to the extent that there could be some continued pressure on pricing, what will be the revenue growth on a given volume growth?

We continue to grow at the rates that we have been doing, in fact, try to better it. That's my brief to the team. Therefore, if I -- if you recall in my opening statement that we said that we are now starting with Gen 1X molecules, and we are creating strong alliances with companies, which have got research base. And therefore, we are introducing those new products and, therefore, expanding the portfolio with at least 3 to 4 new products every year. So that is what our strategy is, and that will give us the growth. Plus there is -- as we widen the channel, as we take more wallet share in the channel, the growth will come from there. So we feel that we will continue to grow in the this.

Yes. So if you look at the 9-month revenue growth, 19%, Q3 growth is 26%. Can we get the breakup in terms of how much of this is volume growth? Because the reason why I'm asking is on this base, if you look at certain volume growth, if there is some price decline, the top line growth might look lower. So on this, if you can give us the volume growth out of this third quarter and full -- 9 months revenue growth, that will be helpful.

I think you can discuss this offline with Anand. He will give you this -- how much was volume and how much was price, that you can discuss with Anand.

Okay. Okay. Fair enough. So in the TAN project, if I may ask, if you look at the long run economics of that business, what is the utilization you require to get to a threshold IRR of around, say, 14%, 15% that you may expect in that?

See Chambal believes in running it 100% plus. First of all, that is what it is. As far as the IRR is computed, it is computed on a conservative business. And that -- I would say that they have got a certain breakeven number. I won't tell you what the breakeven is, but it is -- we will be operating even if it's 80%, 85%...

Okay. So finally, in terms of the thoughts on capital allocation, you're going to get incremental cash even after the TAN project is executed. And given your portfolio in terms of a subsidized business, your trading business, which perhaps is a little bit more vulnerable to the global prices and the Crop Protection business, which seems to have its own legs. So incrementally, in terms of your focus, where will you allocate this capital once the TAN project is completed?

I think I just made a mention of global phosphate supply chain somewhere. I think that will be one of the breakthroughs that if I could -- the company could do during this time. That will create a very strong base for Chambal to be a global phosphate business. And that is one area we're definitely looking at. Seeds is another area we are looking at, where we will start with the introduction -- reintroduction of Chambal back into market and then take it forward from there and add value one way or the other going forward. So that might require some inorganic movements into the market. So those are things that -- and as I said, the biologicals is one of the very key areas that we are working in. And we believe that we will be creating a very strong pipeline of products for the research. There is a very systematic program being run there with targeted products, which will come out in '26-'27, '27-'28, '28. And there is a very large ambition out there to go up to almost INR 300 crores, INR 400 crores of biological sales. And those will be increasingly important elements in what we are doing. And as far as Speciality Nutrients are concerned, we will be creating some very specific grades and all that. So those things are being cooked as we speak, and we will definitely keep adding to the portfolio.

[Operator Instructions] Ladies and gentlemen, as there are no further questions, we have reached the end of question-and-answer session. I would now like to hand the conference over to the management for closing comments.

So thank you very much, gentlemen and ladies, for your patient hearing to our conference call. We hope to be doing -- continue to do well and continue to serve the investor community. Thank you very much once again for this participation.

Thank you. On behalf of Chambal Fertilisers and Chemicals Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.