Clean Science and Technology Limited (CLEAN) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Q4 and FY '25 earnings conference call of Clean Science and Technology Limited. We have with us on the call Mr. Siddharth Sikchi, Executive Director and Promoter; Mr. Sanjay Parnerkar, CFO; and Mr. Pratik Bora, Vice President. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Siddharth Sikchi for opening remarks. Thank you, and over to you, sir.

Thank you so much. Good evening, everyone. I am extremely happy to connect with you all to discuss the business performance for the company for quarter 4 FY '25. So let me first start with the business performance. FY '25 has been a milestone year in the company's history with extensive business transformation, which let me highlight. Number one, company recorded highest sales volume across its key products. Led by superior R&D capabilities, company developed highest number of products during the financial year. These include the entire HALS series, DHDT, which is a pharma intermediate and BHT, along with 2 new products in the Performance Chemical segment, which are slated for commercialization in FY '26. The addressable market is set to increase by over USD 1.5 billion, underpinned by commercialization of new products, which will position the company on a strong growth runway in the coming years. Company developed entirely new value chain and complex chemistry capabilities to launch these new products. Some of the key chemistries which the company developed include, triphasic catalytic ring formations, which is also called condensation reactions; hydrogenations; esterification; polymerization; hydroamination; and chlorination. Let me talk on stand-alone financial performance. Starting with Q-on-Q comparison on sequential basis, revenues increased by modest 4.5% to INR 238 crores. EBITDA and PAT increased to INR 105 crores and INR 79 crores, respectively, implying an EBITDA margin of 43.8%. On Y-o-Y basis, the sales increased by 7% during the quarter and the revenue growth is primarily led by increase in sales volume. Let me speak on the consolidated financial performance. Company recorded INR 256 crores sales for quarter 4, which is 14% higher on an annual basis and 8% higher on a sequential basis. The consolidated EBITDA is INR 105 crores, implying 41% EBITDA margin. Let me speak of the newer HALS segment performance. For the quarter, HALS sales value is broadly in line with the last quarter and blended realization is approximately INR 425 per kg, while the RMC portfolio is around 65% level. For the entire full year FY '25, the HALS sales volume was roughly 1900 tonnes, which gave us a sale of roughly INR 80 crores. Successful validation by key customers based in Middle East, Southeast Asia and Europe are lead indicators pointing to sales momentum acceleration going forward. Sales profile. The revenue contribution from Performance to Pharma and Agro and FMCG remain at 69%, 19%, and 12%, respectively. During the quarter, Performance Chemical sector has been the key revenue driver, followed by Pharma and Agro segment. On CapEx cycle, Clean Science invested INR 215 crores during FY '25 in our subsidiary, Clean Fino Chem. Construction for the new Performance Chemical product, which is expected to commercialize by Q3 FY '26 is on track. CapEx for Performance Chemical 2 has started, and we expect the plant to commercialize by Q4 FY '26. On ESG, we are pleased to report that the Board has recommended final dividend of INR 4 per share. Total payout ratio is higher at 22% for FY '25 compared to previous year. Led by strong focus towards cash conversion, the cash balance continues to be meaningful at INR 400 crores despite increased payout ratio and sizable CapEx in the new subsidiary. With this, I conclude my opening remarks and look forward to the Q&A session. Thank you so much, guys.

[Operator Instructions] The first question is from the line of Ankur Periwal from Axis Capital.

Congratulations for a good set of numbers. First, on the HALS bit. So you mentioned revenues were largely flattish Q-on-Q, but at the same time, seeing new product approvals coming in. Yes, am I audible?

Yes, please repeat.

Yes, sorry. So I was just saying on the HALS bit. So while the quarterly revenues were flattish, there has been sort of new product approvals, as you highlighted, from multiple geographies. So 2 questions. One, the distribution network tie-up that we had done earlier, how has been the progress there, and are you satisfied with that? And secondly, from a ramp-up perspective, what time lines are we looking at?

Perfect. So with respect to the distribution setup model, we set up some distributors over the last 2 quarters. However, out of some of those distributors, we realized that some of them are not effective as we had expected. So in those geographies, we are relooking and refinding some of the distributors. So this is part of the business cycle. So you appoint few distributors, but you realize at a later date that they are not as effective as you would have wanted them. They were also keen to partner, but eventually, for whatever reason, for resource problem, they also decided that maybe they are not able to allocate enough time. And hence, that process in some of the geographies have restarted. However, some of the distributors have become very active and are trying and have also got approvals in some of the large accounts globally in their particular area. To give you a little flavor, in FY '24, we did about 600 tonnes of HALS sales, whereas in FY '25, we did roughly 2,000 tonnes of HALS sales. So this is approximately 3x. And going forward, in FY '26, our target is to touch 4500 tonnes of sales. When I'm talking, it's in cumulative with all together. So from INR 25 crores of FY '24 revenue, we came to roughly INR 80 crores, and we [Technical Difficulty] in FY '26.

Sorry to interrupt, sir, but your voice dropped in the middle.

Sir, if you want to repeat, just the last part.

Okay. Ankur?

Yes, just the last sentence. So from INR 25 crores, we went to INR 80 crores in '25, on '26 -- the number.

And for '26, we are expecting closer to INR 210 crores.

Okay. That's helpful. And our earlier target of full ramp-up in HALS, so give us a run rate, we are broadly looking at FY '27, '28 for that at the current capacity?

FY '28. So the total capacity is 10,000 tonnes.

Correct. And when do we decide to go for, let's say, the Phase 2 of HALS expansion? Will you wait for more approvals coming in or a ramp-up actual sales happening maybe '26 end? What's the thought there?

See, once we start getting majority of approvals globally, once we start seeing decent ramp-up, when we start seeing that, okay, we are seeing about 60%, 65% capacity utilization scenario, that is the time we should go for Phase 2. Phase 2 will be far more pointed because we will not get into products which are lower margin accretive compared to the higher series. So Phase 2 will [Technical Difficulty] to be a little more optimized.

Sure. Your voice got cut in the end, but I understood. So focus will be on the high-margin products there.

Absolutely.

Sure. When we look at the international markets, especially the ones wherein the distributors are working with, what is the typical product approval cycle that we are seeing? Obviously, it will vary from product to product but on an average, 3 to 6?

3 to 6 months, product to product; 3 to 6 months.

Okay. And just lastly on this, the breakup, 600 tonnes in '24, 2,000 tonnes in '25, what will be the export breakup here for both the years?

The export is not as large. Domestic is large. But going forward, there will be more export coming into it.

Okay. Fair enough. That's helpful. Secondly, if I do your consol minus stand-alone numbers, Q4 looks like a positive EBITDA versus negative EBITDA for the last 2, 3, whatever quarters. So am I looking at that right that we are breaking even and this is largely HALS, right?

Yes, yes, yes. This is largely HALS. The new other products have to ramp up.

Lastly, on the balance sheet side. So working capital has inched up a bit for the full year. Is it largely because of your product mix changing or higher contribution from HALS versus earlier years, especially the receivable part?

So what is happening is we have started producing HALS on larger scale. So the stocks are higher, but the sales are comparatively lower. So HALS is built for [Technical Difficulty] So this is a minimum quantum.

Fair enough. So fair to say that once we see a ramp-up in our HALS volumes, let's say, by FY '26, we -- the working capital should come back to the normal range, 22% range.

Yes. Right.

Congratulations once again.

The next question is from the line of Arun from Avendus Spark.

So when we said majority of the 2,000 -- 1900 tonnes volume that we sold is in domestic. Does it mean that we have largely saturated the domestic demand from their...

Not really. We have still got, I think, only 50% of domestic market. There is still 50% domestic market left. Of course, we are not envisaging that we will get all the domestic market, but there is still quite a bit of room to capture in domestic market itself.

So what is reasonable share that we can expect from the domestic market?

65-odd percent.

So basically around another 300, 400 tonnes we can hope to saturate the domestic market. And of course, that also grows at a certain rate.

Yes. That is also growing at a certain rate, yes, absolutely.

Specifically on Q4, when we said sales is almost same between the Q3 on a sequential basis. But why is that subsidiary revenue is higher than almost double of December quarter? Any particular reason?

Arun, that subsidiary revenue, you're right, has gone up from INR 10 crores in Q3 to INR 21 crores in Q4. But I mean, at a group level, that sales is in that range of INR 22-odd crores. That's just because we have a facility for INR 770 in the parent and the subsidiary company both, right? So we produce more from the subsidiary company, and that has led to a higher sales from the subsidiary company for HALS. But at a group level it's close to INR 22 crores.

So less volume sales in the parent level, that's the reason.

Yes, that's correct.

Okay. But we thought we have saturated the capacities in the Unit 4 -- sorry, Unit 3. So does it mean that it's not -- is there any reason for such rebalancing?

No, we are taking certain products in the parent company, in the Unit 3 for the HALS facility where the hydrogenation chemistry is available. So that's why we moved 770 in the subsidiary company. We are pivoting to some new products. We are just trying it.

On the export market, I think we are focusing more on the distributors. Siddharth, what about the direct sales to the big enterprises?

No, no. I meant distributor is important business for larger accounts, the big companies in Israel, some big accounts in Greece, some big accounts in Europe, or in other parts like Middle East, we are talking directly to them. So there is, again, same network, larger accounts, plus all these larger accounts also wants to deal directly with the manufacturer. So in that case, we are talking direct, but also trying to set up distribution network because that is very important in these businesses because there are even small customers in quite a part of the world, which has to be catered only by distribution network -- I mean by stock and sale.

Okay. This is mainly because of the -- being export, because in domestic, if you are -- if I'm right, we have done largely a direct sales, right? This we can't replicate in the export markets?

Not possible, boss, because different languages, different geographies, different time zones; people want just-in-time. In India, it is possible. I mean we can ship material anywhere within 4-day window, but that we cannot do in some part of America or some part of Europe or any other location, right?

And in your presentation, even in your opening remarks, you mentioned that record sales. Does it mean even in MEHQ and BHA, in our traditional products also, it's a record sales quarter -- this quarter?

Yes, all our traditional products is also mentioned.

Yes, traditional all our products, other than HALS.

HALS is also highest actually. So yes, all segments.

So how much room we have in MEHQ and BHA to further increase sales in '26?

We have -- 70%, 72% capacity utilization. So we still have window there.

Okay. And any market share gain which is possible in this year, given that competition has also said that they will also be placing their volumes in the market, export mature markets?

See, till date, we have not seen the competitive product, but I think it's still premature to say. I think let us wait for another quarter to decide what's going on actually.

The next question is from the line of Abhijit Akella from Kotak Securities.

First one, just a clarification on the opening remark regarding the expansion of addressable market by $1.5 billion that you alluded to earlier on. This is exclusive of HALS, right? Just to understand.

No, no, no, inclusive of HALS and inclusive of the Performance Chemical, which are about to commercialize in this financial year, both of them including -- inclusive of both of them.

So this is the total global addressable market.

Yes.

HALS volume is about...

Total for both Clean Science -- $1 billion.

HALS volume is about $1 billion -- $1 billion out of that, right? Okay.

Yes, closer to that.

For HALS, the average realization of INR 425 that we are making at this point, should we expect that to improve significantly in the next couple of years as the business ramps up?

Yes, 100%. Of course, it has to improve because the higher range products, which have now commercialized will start being sold in the market.

So what would be a good number to work with for at full utilization?

So you can assume about INR 500, INR 495, INR 500.

For FY '26.

For FY '26.

There is scope for further improvement.

Yes. So at peak earning, still looking at, say, INR 700 crores, INR 800 crores from HALS, overall, or is that a bit on the higher side?

It's on the higher side. We are looking at about INR 560 crores, INR 570-odd crores.

And did DHDT contribute much in this past quarter?

Zero. We still are facing some teething issues. The product -- the chemistry, which was done in lab and pilot is behaving very differently on plant scale. Every day we are learning a lot of new things about it. So probably it will take at least 4 weeks more to set right the process before we get into commercial scales.

And just last thing from my side. On the 2 new projects, Performance Chemical, I guess one is coming up in 3Q and then the other one is 4Q?

Yes, about August, you can expect that we'll start by August this year, so about 3 months from now. And other, we are expecting to start by February '26. So additional 6 months from that day, from August.

Got it.

So this is a very exciting year. I mean a lot of new products are coming online.

Yes. And just wondering if it's possible to share a little more detail on these 2, especially the -- there was one product that was catering to water treatment. So any sense of the capacity over there, the addressable market?

Both are around 10,000 tonnes capacities.

Will come late.

Okay.

Closer to commercialization.

And closer to commercialization I think in the next con call, we'll give a little bit more picture on the Performance Chemical products.

Great. What sort of market share we will be targeting?

Once we -- I think next con call, we'll have far more better clarity on commercialization, actual dates, volumes, and also what markets. So we will give more detail during that period of time.

[Operator Instructions] The next question is from the line of Naushad Chaudhary from Aditya Birla AMC.

A few clarification. On the R&D side, if you can share how much we have spent in this financial year on R&D, the recurring.

INR 5.5 crores.

INR 5.5 crores. And we have roughly 90 staff in R&D, right?

Yes, sir.

INR 5.5 crores, this entire is recurring expenditure, right?

Around INR 3.5 crores is the revenue expenditure and balance is capital expenditure.

Which is one time.

So with this, the rough calculation suggests roughly INR 4 lakh, INR 4.5 lakh average cost per staff in R&D. Is this the industry standard? Because if we look at the other companies like SRF, PI, even at very, very large scale, their R&D cost per staff is substantially higher versus our numbers. How should we read this?

You should be happy. We are saving more money.

With higher productivity.

With higher productivity.

Despite 9 PhDs, we have -- and smaller size of R&D team, shouldn't this be at least at par of industry, because in terms of percentage of PhDs also looks 10% of the R&D staff, which is quite decent.

I think important is output rather than quantitative. I think you should focus more on qualitative rather than quantitative.

I'm just trying to understand how are we able to manage it at substantially low cost versus how the industry is operating?

Naushad this number which you calculated, this is an average number. However, there are resources which are, I mean, cost-wise at much higher number than what you have calculated, because this is an average number.

So there are chemists, also basic chemists.

Yes.

So freshers, just passed out of from college. So that is also getting included in your 90 count. And that is also pulling down the average.

I was talking about the average cost of the PS as well, but anyway, we'll take this offline.

Sure.

The next question is from the line of Prasad Vadnere from HDFC Securities.

Sir, I wanted to get more understanding about which type of files we are looking to push in domestic market apart from HALS 770?

HALS 622, HALS 944, HALS 119, HALS 783. All of them are domestic market as well, right.

The next question is from the line of Rohit Nagraj from B&K Securities.

On the HALS front, we've said that we've touched about 2,000 metric tons and domestic demand will be about 2,500 metric tons. So which are the key markets for exports that we are looking at? And in terms of competition, how is the strategy placed for the same?

So Europe, U.S., Middle East, South Africa, so these are some of the markets which we are aggressively getting into; apart from India, of course; India is a home ground, yes.

And there, in terms of competition, what are we looking at? Because I think the competitor would already be present there. So what are the sales factor?

There is advantage, non-Europe, non-Chinese.

The second question is now next year, you alluded that we are expecting about INR 210 crores from HALS. What is the kind of EBITDA margins that we are looking at? And in FY '27, when we'll further scale up, what is the kind of EBITDA margin we probably will be based on the operating leverage?

No, no. So at company level, we look for 40% EBITDA margin because it's not only HALS, it's the pharma intermediates and Performance Chemical one, which are more margin accretive compared to HALS, which will lead to better margin at the company level. So we look forward to around 40% EBITDA margin at consol level.

That's for FY '26, '27, I guess, right?

That's for FY '26.

Okay. And on the consolidated?

Yes, that's on a consolidated basis.

Right. And on consol level, next year, FY '26, what kind of growth we are looking at?

So at consol level, for the parent company, its existing products which are growing at industry growth rate of 5% to 6%. And for the new product launches, there will be a significant growth in terms of sales value, which will absorb these overheads and depreciation cost. So I mean, the growth rate could be in line with what we have recorded this year, which is in the range of 18% to 20%.

That's on the consolidated level you're talking about?

Yes.

Yes, yes.

The next question is from the line of Krishan Parwani from JM Financial.

Congrats on good set of numbers and breaking even in the subsidiary. So just a couple of points from my side. First, have you started production of barbituric acid?

We will start by August -- month of August.

And on the BHT, have you seen any contribution or not yet?

We have already sold some quantities in the U.S., and you will see progressively the volumes are increasing over the next few quarters.

That's great. Coming to HALS, so I wanted to understand at this point of time, which grade do you think could go in Phase 2?

Sorry, go again?

I'm just saying at this point of time in the HALS, which grades do you think you could go for expansion in Phase 2?

It could be the higher one, like HALS 944, HALS 119, and the newer ones which we are trying to make, which are HALS 2020, and these are all high polymeric HALS.

Okay. So basically targeting like the $8, $9 per kg kind of products, right?

Absolutely.

Just one clarification on HALS. I think I missed your earlier comment. So you highlighted 10,000 tonnes of sales with probably about INR 570, INR 580 a kg realization. So that comes out to about INR 580 crores sales. Is that the peak for HALS by FY '28 from the INR 300 crores CapEx equity.

Yes, more or less.

Current realization.

At current realization, of course, if the realization increases over the period of time, then this realization will also improve.

Got it. And plus whatever capacity that we have probably, INR 30 crores, INR 40 crores, of HALS capacity in Unit 3. So that's -- that's all correct?

Yes, yes.

The next question is from the line of Shiwani Kumari from Monarch Networth Capital.

Congrats on good set of numbers. Most of my questions are asked, but a couple of them is, one, could you give a split between price and volume growth in FY '25?

So around 17% -- around 25% was the volume impact and realization, and lower realization offset that impact by around 8%. So that's how you see around 17% growth in the sales for full year FY '25.

Sure. And I just wanted to reconfirm that for the 3 new products, which is DHDT, BHT, and barbituric acid, we haven't had any significant contribution in FY '25. Am I correct?

Barbituric acid is in Clean Science, which we expect to start in August. BHT, yes, it's a small product -- I mean, a small contribution this quarter. And DHDT, as I mentioned, we still are facing some teething issues in the facility. So hopefully, in the next couple of weeks, we expect the plant to start commercial production.

The next question is from the line of Abhigyan Srivastav from Marcellus Investment Managers.

Congratulations on the good set of numbers. I have 2 questions. The first question is, why has COGS gone up this quarter?

So the reason is the product mix that has led to a higher RMC as a percentage of sales during this quarter. So if you know, there has been a meaningful growth in Pharma segment, where the margin contribution is lower than the Performance segment. So that has led to a slight increase in the RMC as a percentage of sales.

The second question is, what are the key cost items that are driving up the other expenses? And are these cost items recurring?

So actually, if you see sequentially, it's CSR expense, which has led to a higher other expense. That is the only item which has led to an increase in the other expense; otherwise, the other expenses are in line with last quarter.

The next question is from the line of Rohit Nagraj from B&K Securities.

For the follow-up. For FY '26, given that the 2 Performance Chemical projects will be capitalized, what is the overall CapEx number that we are looking at?

INR 300 crores overall. And for FY '26 could be between 200...

FY '26, INR 300.

FY '26, INR 300 crores. Sorry.

Beyond that, we don't have currently any projects which are slated for FY '27 as of now?

No, no, we have. But we will announce once let these 2 big products come online, and then we will announce the subsequent CapEx'.

Right, right. No announcement as of now?

So, no announcement as of now.

Generally, from an announcement to the actual commissioning, it takes about 12 to...

9 months.

The next question is from the line of Jason Soans from IDBI Capital.

Question. Sir, just wanted to...

Mr. Soans, You're not audible. Could you please repeat your question?

Yes. Am I audible now?

Yes, sure.

Just wanted to understand, sir, before we started HALS, I mean, we used to clock in margins of around 43%, 44%, okay? Now I understand with the new HALS and all our margins have taken a slight dip, which is in line with our strategy. But now coming from 42%, 43%, or 40%, is that a fair enough -- I mean, going ahead, 40% should be maintained. I was just under the impression that when you talk earlier HALS, you have probably clock targeting margins of 15% to 25%. So I actually expected a sharper margin drop on a consol level. But it seems like we are doing better than expected. So just any reasons for that same for the same?

So Jason, we have never alluded to any sharp dilution in the margin. We have always maintained that EBITDA margin could remain in that narrow range of 38% to 42% plus minus 1% or 2% to 40%. And as this new Performance Chemical and pharma intermediates products scale up, we expect margins to improve because these are more margin accretive compared to HALS. HALS is important from a point of view, it will give us scale benefit.

TAM. The TAM of HALS is the largest. So the ramp-up is -- I mean, each block can give equivalent of INR 500 crores revenue, whereas the other product TAM are smaller.

Sure.

And -- sorry, plus HALS has exposed us to a very different variety of customers, different chemistries, which will be useful like, for instance, on hydrogenation chemistry has been useful to getting into newer products.

Sure, sir. Yes. So I got that. And just sir, I just missed the volume and the realization breakup for -- if you could give it for the year also, if possible?

Yes, yes. So that's what for full year FY '25, 17% increase in sales was led by volume, 25% impact was volume, while lower realization offset the positive impact by around 8%. So that's how we come to a 17% increase in sales.

[Operator Instructions] The next question is from the line of Rohan Mehta from Ficom Family Office.

Am I audible?

Yes, you are.

Perfect. So firstly, I wanted to understand what your outlook is for BHA and TBHQ from a global standpoint? And secondly, are you evaluating customized antioxidant blends for, let's say, some key clients basically forward integrating into antioxidants?

No.

And if so, what is generally your margin profile under these blends?

No, we are not getting into blends. That's what our customers do. We don't like getting into our customer's shoe.

And what is your outlook on TBHQ and BHA?

So TBHQ is a decent -- I mean, both the products are decent products. I mean they are growing at about 4%, 5% industry standard. TBHQ is quite an edible oil business. So as edible oil production increases, TBHQ consumption increases. BHA is more about pet food consumption. So as that increases, BHA increases. BHA plus BHT go hand in hand. So yes, there is a decent and good outlook for both the products. Both have different avenues, different markets, but both are growing at 4% to 5% industry norms.

The next question is from the line of Agam Shah, an individual investor.

A quick question, can you talk on the CapEx for this year as well as for FY '27?

So this year, CapEx, we just mentioned 2 Performance Chemical, one starting in August, one starting in February. FY '27, we will announce probably 6 months later.

So in terms of amount for this year would be INR 150 crores?

INR 300 crores.

INR 300 crores.

And so all together, this year CapEx plus FY '24 and FY '26, so when can we reach, let's say, the inflection point and all the products start kicking in and the growth kind of shoots off?

So all put together is what you are asking us?

Yes. So all put together where we can the growth really takes off?

So it should be -- I mean, in terms of revenue?

Yes, revenue.

2,500 tonnes -- INR 2,500 crores to INR 3,000 crores.

And that should be reaching possibly in the next 3 years? Or how should we look at it?

Too much forward statement. We are trying our best.

The margins can also increase at that time?

No, no, no. I mean these are only -- I mean, if we are -- we would want to maintain similar margins, it would be 1 year at a time. I mean it will be great to hold such margins already in the business.

The next question is from the line of Jason Soans from IDBI Capital.

Again, I just wanted to know, sir, I mean -- some time back, MEHQ, we were seeing some weakness in demand for MEHQ. Of course, realizations were down. I believe they are still kind of soft and we are more volume driven. Now I just wanted to understand, are there any tailwinds for MEHQ to grow ahead in conjunction with more consumption of acrylic acid. Any tailwinds you see from that perspective? And again, some time back going, we had -- yes.

So we are -- based on volume opening remark that our volumes have been the highest in the history of the company, okay? Prices have been the lowest. That is why you are seeing these numbers. But in terms of growth, I think for MEHQ, it should be around 4% to 5% on a year-on-year basis.

And so -- and those -- and previously, again, in some few calls back, we had alluded to those issues around guaiacol due to the cost syrup, et cetera. Have those been -- that's all been ironed out, right?

All resolved.

All resolved. Okay.

The next question is from the line of Shiwani from Monarch Networth Capital.

My follow up question. So I just wanted to get sense of the 2 Performance Chemical, which will be commercialized in FY '26. So if -- what's the asset turn we are expecting? And I think in FY '26, there won't be any significant revenue contribution. So in FY '27, how are we looking at contribution from these 2?

I think we will talk about the performance chemical closer to the date. So we'll take one product at a time. So I think the first one, as I said, is going to start in August. So in the next con call, we will talk a little bit more on the product.

Thank you. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to Mr. Siddharth Sikchi for closing comments.

So thank you so much, all of you, for your time to attend this con call and understanding more about the company. I think with this, I close the meeting. Thank you all, and have a great week ahead.

Thank you. On behalf of Clean Science and Technology Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Thank you.