Dhampur Sugar Mills Limited (500119) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the Dhampur Sugar Mills Limited Q4 FY '23 Earnings Conference Call, hosted by SKP Securities Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Nikhil Saboo from SKP Securities Limited. Thank you. Over to you.

Good afternoon, ladies and gentlemen. It's my pleasure to welcome you on behalf of Dhampur Sugar Mills Limited and SKP Securities to this financial results conference call. We have with us Mr. Gaurav Goel, Managing Director and his colleagues, Mr. Anant Pande, CEO; Mr. Susheel Mehrotra, CFO; Mr. Vinit Gupta, VP Finance; and Mr. Akshat Kapoor, VP Operations. We will have the opening remarks from Mr. Goel, followed by Q&A session. Thank you, and over to you, Mr. Goel.

Thank you, Nikhil. This is Anant, Anant Pande, the CEO. Good afternoon, everyone, and a very warm welcome to all of you at this Dhampur Sugar Mills Q4 FY '23 Earnings Conference Call. First of all, let me inform you that the company successfully completed expansion of its distillery capacity by 130 kiloliters per day on C heavy molasses Dhampur unit. We had mentioned about this during our last quarter earnings call. The new capacity has been commissioned on 1st of February 2023. With this expansion, the distillery capacity of the company stands at 350 KLPD on C heavy molasses. The 100 KLPD grain-based distillery is in the process of commissioning, which is expected to be on stream by the end of this month. For the molasses expanded capacity, our company could achieve the full capacity right from the time of commissioning. Coming to the operating numbers of the company, the company crushed 18.85 lakh tonnes of cane in this quarter, which is higher by about 7.7% compared to the corresponding quarter last year. The gross recovery in this year was marginally lower, 12.38% versus 12.50% in the corresponding quarter last year. Sugar production during the quarter is 1.47 lakh tonnes, which is 83.5% of the production in the corresponding quarter last year. This is lower mainly due to the diversion of around 4.65 lakh tonnes of grain for production of ethanol through syrup. Sugar sales during the quarter has been 0.96 lakh tonnes, which is higher by about 25% corresponding to the -- compared to the same quarter last year. Average sugar realization in this quarter has been INR 34.67 per kg vis-a-vis INR 34.52 per kg in the corresponding quarter last year. Total ethanol production during the quarter is 347.18 lakh liters through syrup route including about 90 lakh liters additional production after commissioning of the new distillery, which was commissioned on the 5th of February. Last year, corresponding quarter, the company has produced 212.93 lakh liters, out of which about 86.93 lakh liters was produced from the syrup. Production and sales of ethyl acetate have been 108.18 lakh kgs and 107.40 lakh kgs. This was against 85.99 lakh kgs in the last corresponding quarter last year. This was the production and the sales was 80.57 lakhs. So there's an increase of about 20.5% in production and 25% in sales. Production and sales of potable spirits have been 3.96 lakh cases and 4.13 lakh cases vis-a-vis 2.9 lakh cases and 3.13 lakh cases corresponding to last year. Rajpura unit has completed its crushing season '22-'23 with 127.75 lakh liters, which is higher by about 6 lakh liters compared to the last season. I would like to now request our CFO, Susheel Mehrotra, to take you through the financial performance of the company. Thank you very much.

Thank you. Good afternoon, once again, and a very warm welcome to our earnings call for Q4 FY '23. Coming to the performance of the company. Our Board of Directors approved the financial results for Q4 FY '23 on 7th May this yesterday. On a stand-alone basis, income from operations during the quarter ended March '23 stands at INR 756.9 crores, which is higher by 32% as compared to INR 574.66 crores last year. PBT is at INR 78.7 crores, which is higher by 56% compared to last year. PAT is INR 57.9 crores, higher by 76% and cash profit is INR 81.7 crores, higher by 45% as compared to last year's same quarter. The inventory valuation rate is INR 32.9 per kg. The closing inventory as of 31st March '23 is 1.2 lakh tonnes as against 2.05 lakh tonnes closing inventory as on 31 March '22. This is lower mainly due to diversion of 4.65 lakh tonnes of cane for production of ethanol through syrup. Let me now take you through the business line performance. During the quarter, our revenue from sugar business is INR 590.3 crores, higher by 45% as compared to corresponding quarter last year. Revenue from power business is INR 94.6 crores almost at the same level as corresponding quarter last year. Revenue from ethanol business is INR 192.7 crores, which is again higher by 68% as compared to corresponding quarter last year. Revenue from chemical business is INR 85.9 crores, higher by about 9% as compared to last year's same quarter. The higher profit during the quarter is attributable mainly to ethanol INR 43 crores vis-a-vis INR 29.3 crores and chemical INR 6.9 crores versus INR 0.1 crores last year. This is partly offset by our lower profit from the sugar business, which is again mainly because of diversion of syrup to ethanol production. Coming to annual performance. Income from operations during the year ended March '23 stands INR 2,840.8 crores, higher by 29%. PBT is at INR 215.1 crores, higher by 5%. PAT is at INR 150.3 crores, higher by 2% and cash profit is INR 229.8 crores, higher by 3%. During the year, our revenue from sugar business is INR 1,937.2 crores, higher by 33% as compared to same -- as compared to last year. Revenue from power business is INR 217.1 crores, marginally improved by 2% as compared to last year. Revenue from ethanol business is INR 596.1 crores, higher by 40% as compared to last year and revenue from chemical businesses stand at INR 2.4 crores, higher by 9%. Now coming to the consolidated performance. Income from operations during the quarter stood at INR 764.6 crores, EBITDA is INR 107.9 crores. PBT is INR 81.5 crores, PAT INR 60.7 crores and cash profit is INR 84.5 crores. Income from operations during full year ended March '23 stands at INR 2889.5 crores, higher by 33%. PBT is INR 222.8 crores. PAT is at INR 158 crores and cash profit is INR 237.5 crores. So these are our financial numbers on a broad level. Thank you once again for joining us on this conference call. We'll be happy to answer any questions that you may have. Thank you.

[Operator Instructions] Our first question comes from the line of Aman Sonthalia from AK Securities.

Sir, my question is just last year, the inventory cost was much lower than this year. So what is the reason behind this higher inventory cost, sir?

So the only reason for that is the transfer pricing. So last year, the transfer price that we have done because [Foreign Language]. So we have only done syrup and the transfer pricing has been at INR 1,300 while being INR 1,500 last year. So because of that, we have seen the COP of sugar go up. But if you see the COP of our syrup ethanol, that is only at 48.8. So that is why you have seen that switch happening from one side to the other side. So that is the only reason why the COP of sugar has gone up.

Okay, sir. And sir, what is the bagasse price we have taken into account?

INR 100 per quintal.

INR 100 quintal.

Ji.

Sir, whether we have sold any bagasse in the market also?

No, we have not sold anything in the market as of now. We have sufficient fuel stock as on date. We will be seeing around August after we see exactly how much of fuel we all need. We do believe that we may have some surplus, but we don't plan to sell any fuel as on date till the end of August.

And sir, what is the current steam consumption on a unit price?

So Rajpura plant shut on the 10th of April, while Dhampur right now is running at about 32.5% to 33% is the steam at Dhampur as on date.

33% steam consumption is there. So very, very low.

Yes, it is -- I mean as what we had spoken about this also earlier. And then we said that last year, we worked a lot on steam efficiency, and that is what we've been able to achieve.

Sir, what it was last year?

Last year, our average was about 40%.

Okay. So it's a significant fall from 40% to 33%. Great achievement, sir.

Thank you, sir. Thank you.

Sir, next year also, most of the sugar companies are working with this Chandigarh-based company on this steam saving. So we are also going for further efficiency on this?

So we will carry on always, Aman ji, year-on-year, we will try and bring our steam lower. But right now we have already achieved what we had to. We're still working on now the mathematics as to how much of CapEx we will have to do to bring it down further and whether it makes sense or not. So that work is still in progress. But yes, Rajpura unit, we are doing some work there to bring it down even more there. But Dhampur, we are not sure whether we will put any more CapEx on steam for the year '23, '24.

Okay, sir. And sir, the current green prices, how is the margin if we make this ethanol from grain?

See, ethanol from grain, again, Aman ji, will vary year-on-year. But right now, the grain prices have again dropped. The price of [ BBDA ] seems to be stable. So as I said, I mean, as what was said by Anant, our plant will start by end of May. So we do believe there is sufficient margin as on date to make from grain as of now. But again, grain prices and [ BDGS ] price fluctuate a lot. But still, even after that, there is sufficient margin that we believe that we can have from there also.

And sir, what is the current recovery -- gross recovery compared to last season, sir?

So we're almost at same as what it was last year. We were actually exactly the same till around the 2nd of May. But 2nd of May, we had very heavy rains at Dhampur due to which, for the last 3, 4 days, our pollen grain has dropped, but we believe that now that the rain has stopped suns and weather has improved, that we will come back to the same as last year in the next 2 to 3 days.

And sir, one last question, sir. How this [ Bindal Agro ] plant will affect our pressing in the next season, sir?

Sir, for surely, some part of our cane will go to the Bindal Agro plant, which is coming up, but we have already made our own plans to try and ensure that we do not crush lower than what we will crush for the year '22, '23.

Yes, sir. And sir, if happens, how it will impact Western UP, sir, where our plants are located?

Sir, Western UP is not the area where this new plant is coming up. It will impact the 4, 5 of us who are there. But I think there is sufficient quantity, and we will have to see as to how much of that version gets stopped for [ Kolus and Kankansari ], which happens as of now. So -- but...

No, I'm talking of El Nino, sir.

Oh, El -- no, again, we can talk about it as much as we like. I don't see any real impact of that as on date whether we are -- our area. But for surely, what we are surely working on is on cane development, where as of now, all plants are only on 238 and then taking [indiscernible] from Western UP. East has changed, but west is still on 238. We have a plan in the next 3 years to at least have 50% other varieties of cane in both our plants.

[Operator Instructions] Our next question comes from the line of Sanjay Manyal from ICICIdirect.

Just a few questions on the sugarcane crushing front. Currently, this year, we had 29 lakh tonnes kind of crushing. So would it be safe to assume approximately 2%, 3% increase will happen next year -- financial year?

Very, very early days, but yes, that is the plan. This year, we will crush, you are right, close to about 39. Next year, the plan is for surely to take it up higher. But again, I think that in July call, I'll be able to answer that better once we see the final planting numbers and also the monsoons. So in July, I'll be able to exactly answer, but yes, we do expect and hope that we will crush higher than what we did for the year '22-'23.

And given that prices have moved up to INR 3 in the last 1 month, your current sugarcane juice divergence is approximately 24%, 25%. Does it make sense to sort of bring it down to maybe 20% or below, given the prices, sugar prices have moved up a bit might probably an overall scheme of things would be profitable to sort of sell more sugar?

See, as of date, that will always vary. We will always know that during the summer months, sugar prices go up. Syrup or B-Heavy, how much we make is basically to balance out the feedstock that I need to run my chemical or my ethanol plant for the whole year. So that is how we balance our sells out. But as of now, also with the present price that we have of sugar, we still don't see there is any sort of loss to do syrup out of the same.

But proportion you believe should remain 25-75 rather than less than that?

Roughly, yes.

Okay. And if you can just give a guidance for the full year volume for the ethanol for '24 and '25?

Excuse me, [Foreign Language]?

Volume [Foreign Language].

So basically, we all do -- we all expect to produce over 12 crore liters next year ethanol. Overall, we will do 15 plus, but that we will need [ E&A ] to also take care of them [indiscernible]. Ethanol -- so for OMC over 12 crore contract is what we believe that we will do for the year '23-'24.

Right. Just last one. Our overhead spend this year was somewhere around 190, what I believe a lot of this would be because of the freight. Now given the fact that you anyway would be carrying lower inventory, export possibility probably the next year would be very limited. So will that overhead spend come down given that freight will not be there?

See, again, I think that the export front, again, very, very early days to speak about, but I still believe exports will happen. How much they will happen is anyone's guess right now. Last year, we did 11 million tonnes. This year, we've done 6 million. Next year also seeing the cane drop as of now, exports will happen. So the freight cost doesn't really matter. See, New York is at its near high almost right now. So it makes sense for India to export if we have a surplus next year.

Yes. But from the Dhampur's perspective, I'm saying it probably -- wouldn't it make sense to sort of sell the quota and sort of continue to sell in the domestic market and probably save on the credit cost?

Absolutely. So these options are always open. We will be starting all these options, vis-a-vis what is the price that we can have in New York, vis-a-vis what is the price that we get if we sell our quota. So all options open for us as of now. So we are in a sweet spot.

And last bit, if you can just tell me what is your guidance for the debt level, overall debt level for '24?

So we do not have major CapEx plans for the year '23, '24. CapEx plans are limited because we believe that we have sufficient capacity as on date. Our total debt...

Will be INR 230 lakhs.

Will be -- it should be -- it will be lower than what it is for the year '22, '23. So we will be keeping more debt what that we will take.

[Operator Instructions] Our next question comes from the line of [ Vinay Malotiya ], an investor.

Many congratulations on the fantastic results. I just have one small doubt on your segment-wise revenue and profits compared to '21, '22 versus '22, '23. Last year, we posted a revenue from ethanol as INR 426 crores and had a profit out of it was INR 131 crores. This year, we see a fantastic 40% growth in revenue, but the profit remains same. So is there any particular reason for the same?

See, [Foreign Language]. So the only reason, as I said earlier, is transfer price. So last year, in the year FY '21-'22, our transfer price from 6 months for B-Heavy was INR 800. And then for the balance, 6 months was INR 1,025. While this year, our transfer pricing of B-Heavy has gone up to INR 1,100. That is one of the reasons. And the other one is we have diverted -- last year, we only ran syrup for about 25 days for the year FY '21-'22, while for the year FY '22-'23, we have run for almost close to 180 days. So that is the main difference that you have seen in the -- that the profit margin has come down. It is only due to transfer price.

Our next question comes from the line of [ Udit Gupta ], an investor.

Sir, my question is, sir, what are the future expansion plans in sugar or in ethanol? Or what are you thinking of any of those things?

So as of now, as I said, that our capacity is up pretty -- we have got sufficient in Dhampur, Rajpura. So we really do not need to do any CapEx as of now. The only effort and the only sort of focus that Dhampur has as of now, has to become how to become more efficient, what we spoke about earlier last year, we worked on steam. This year also, we'll be doing on steam, how to make our breakdowns lower and in Rajpura especially how to make our cane growth higher. So I don't see any need for us to do any major expansion for the year '23, '24. We are sufficient capacity in all the plants.

So are we thinking of a sugar refinery or grain basically or nothing of the sort?

No. So grain is already there. So grain base, as I said, we have already done a 100 KL of grain base, which will come on stream by end out of May 2023 itself. So within 3 weeks, our 100 KL grain will be back -- it will be on stream.

Okay. And sir, you were just talking about the financials of the grain base. Can you please repeat it once more? Like what are the...

Yes. So grain base as on date seems to be good. I don't see any challenge on that front. But again, as I said, as soon as our plant starts, July, I will be able to give you exact numbers of our COP, everything else. But as on date, what we have worked on paper, grain-based makes sense for us as we have our own fuel. We don't have to buy coal or anything else because the biggest cost for a grain-based plant, a stand-alone grain-based plant is the fuel cost.

And sir, are we looking at it as an optionality or are we thinking of running it from day 1?

Both, both. So we have both the options and that is why we put up the plant. We will run it or at least we have the options. So in case, we believe that we can make more money out of grain and save on the B-Heavy or syrup for the next year, we will see like that. But for us, you are right. Grain is an option. It is not...

So we are doing our feedstock planning also in such a way that we have that flexibility. So we have done the B-Heavy plans, stock plans in such a way that if grain for some reason doesn't become very viable, we can switch over to B-Heavy. We have done that contingency planning. So we are going to be carrying some stocks [indiscernible].

So basically, sir, in July, you'll be able to give us a better picture about...

Absolutely. Absolutely.

And sir, about that the Bindal plant, which is just coming, which you just spoke about, sir, can you expand it a little more like are we expecting a hit on our crushing or like there's enough to -- for every one or something like that?

So see, for surely, as on date, our cane area will be cut. We believe it will be about 25 lakh to 30 lakh quintals of cane of ours might be cut for that plant. But we have already made a plan B where we will be able to make up the 25 lakhs to 30 lakhs from other areas that we have not focused on as of now. So that's why I said Dhampur, we are going to crush 260 lakh quintals in the year '22, '23. And next year also, even after the Bindal plant is there, we all will try and ensure that we do not crush lower than what we have done this year.

[Operator Instructions] Our next question comes from the line of [ Sunil ] from Nirmal Bang Securities Private Limited.

And congratulations on good numbers. Sir, can you give a clarification that the cane area for the next year has higher in the next year? Or it's more of a similar?

See, the cane area for Dhampur is almost going to be the same. Rajpura for surely, we are hoping it to be slightly higher than what it was. Again, planting is still on as we speak, even though a major part of the planting is over. But because of the rains that we had last week, planting got a bit sort of slowed down. But planting has again started and seeing the planting and what rainfall we get, July, I'll be able to give you all a far, far better idea about the total cane area that we expect for the year '23, '24.

And for overall UP, what's the outlook?

It looks to be the same as of now. I mean it is very hard. Again, early days. We have not got numbers as of now. As I said, planting is still on all over UP. So extremely hard to say as of now that what will be the overall number. Do not have an exact idea as to how much planting is happening in East and in Central UP. But whatever I've heard, planting seems to be healthy. So I don't expect the cane crop to be lower in UP for the year '23-'24 as of now.

And sir, about the export, how much exports volume is there in this quarter number?

No, we don't have any export for Q4. So in the 31st March, we had no export. We already did our exports in Q3 and then we sold our quota also in Q3 itself. So our Q4 has no exports.

Okay. So pure domestic sales realizations?

Ji.

Okay. So we will be building up from here in the next quarter then? The last question -- yes, realization is expected to be higher in the next quarter then?

Yes. But surely, prices have improved from April onwards.

Sir, last question relating to this grain base. I think it's a multipurpose like you can use both grain or whatever the B-Heavy?

Ji, [Foreign Language]. So grain, what we have put up, the 100 KL plant is, as I said, is an option that we have, whether I want to use B-Heavy, whether I want to use syrup, whether I want to use grain, that is the option that now we all have got. So this is a great option to have because I can always plan vis-a-vis sugar price and how much India is going to make. So grain is going to be a great option that we will have from the end of May itself.

And sir, you talk about fuel -- captive fuel. That is bagasse, you will be using in that?

Yes, yes. That's right.

Whatever bagasse you now are selling in the market will be consumed internally and that can give you additional earning on that basis?

So we are not -- as I said, we are not planning to sell any bagasse as on date, even though we may have some surplus, but that [ call ] Dhampur will take only at the end of August.

But by the time your this crane-based plant will start so that will need the...

[Foreign Language] sufficient fuel for both for B-Heavy and for grain. We don't need to buy any fuel from anywhere. So we have saved sufficient fuel to run on B-Heavy, grain, any other -- so we have no issue at all on the fuel side.

So if we talk in such a way that like if you sell the bagasse in the market and if you consume it yourself, then how much more realization you can get in bagasse?

Bagasse, as of now, we all believe that if we -- see, again, if I sell my fuel and if I don't have fuel, then my plant will stop, whether I run grain or I run B-Heavy. So it don't really matter. So it makes more sense for us to utilize our plant than to close the plant. So you will always get a better margin as on date, what is the present price of fuel that we can sell. It makes better to do it for captive than to sell to a third party.

Whether we run grain or we run B-Heavy, the steam consumption or the fuel consumption would still be there. So we have done our fuel planning in such a way that either option we use, our fuel will be sufficient for the entire year running.

So you don't have to buy it from outside?

No, no.

Our next question comes from the line of [ Gautam Daria ] from Nalanda Securities Private Limited.

I just want to know what are the current spot prices of sugar? And what was your March exit price ex-mill?

So the current price of sugar is about INR 35.8 to INR 236 and our average for March was INR 34.6.

And do you expect it to go up more in May with summer demand?

No. I expect prices to be pretty stable from here. INR 0.50 plus/minus, that will always happen. But if you are asking if I expect the prices to go up to INR 38, INR 39, I don't.

And these are all sugar prices, right?

White. White. White.

Our next question comes from the line of Aashav Patel from -- I'm sorry, Mr. Patel has dropped his line or has left the queue. We move on to the next question. It's from [ Udit Gupta, ] an investor.

Sir, the bagasse prices, have they come down because of the recent fall in the coal prices or something like that?

No. Bagasse prices, as far as what we know are still in the range of about INR 300 to INR 350 per quintal is the price of that even as on date. So we have not seen any prices drop, even though we are not either a buyer or a seller of that, but still, this is a price range that we all have heard of.

Okay. And sir, for the sugar prices that you just spoke of, sir, the domestic quota, which has been increased for the month of May and there was an increased quota for April, sir. Has that had any impact like has the prices fallen in the last 15, 20 days or something of the sort?

No, the prices have stayed stable.

So we are not seeing any such impact of this increase on domestic quota?

No.

[Operator Instructions] Our next question comes from the line of Kruttika Mishra from Sharekhan by PNB Paribas.

Sir, just a couple of questions on the margin front. So for the current quarter, our gross margins are down by around 500 basis points. So if you can just help out, what is the reason for the same?

So it is only on transfer pricing, what I spoke about, the transfer pricing of syrup and of B-Heavy that we did vis-a-vis last year is the one reason why you have seen the margin drop. The other reason is if you see overall, our country, our CL sales have gone up. So that is why the revenue side is up, but the margins on that has stayed the same. So because of these 2, you have seen the margins drop. But overall, the margins have dropped only because of transfer pricing, not because of COP going up.

Okay. All right. For the full year also, that would be because a reduction from operating margin was around 300 basis points for the full year. So for that also, it would be the same or there are any other...

No, same.

Okay. So mainly because of the transfer pricing that the margins have taken ahead?

Yes.

And for the coming year, I know it's too early, but for the coming year, since our margins have gone down to around 10.6% or 11%. So for the coming year, how do you see -- do we expect any improvement or how would...

Next year, we expect because our new distillery has been commissioned, so we will have the benefit of operating it for the full year. So margins will definitely improve. And the country rigor, which is a drag on the margins will remain more or less in the same range. So I mean that will also contribute to the higher margins in the next year.

Our next question comes from the line of Aman Sonthalia from AK Securities.

Sir, there is talk of increase in MHP. So what are the possibilities, sir?

I don't see it happening. I really don't see it happening, my friend. We've been talking about it now for the last, I think, about 3 years. So -- but there have been talk. There have been some press notes which are out, but I think it's a long shot as of now if we believe that MHP is going to be increased. So my personal view, I mean, I can be fully wrong on it, I don't think it will.

And sir, what are the chances of price increase in this SAP increase in the coming season, sir?

Aman ji, I don't want to -- I hope not, but again, early days. 2024, we'll have the general elections also. So I'm not -- I don't have a view on that as of now.

Our next question comes from the line of Aashav Patel from Molecule Ventures.

Sir, to summarize the call so far, as you have explained, within the segments, the sugar sector -- the sugar segment has seen a larger input cost and we don't really expect the prices to move or be firm up from here given the political scenario. Can we expect -- and the entire growth and profitability improvement would largely come from the ethanol segment. Is that correct understanding? The sugar segment is not expected in terms of profitability to reach to the previous, say, a year back level?

See, again, out here, the profitability because of transfer pricing has got moved. So earlier, the profit that would have -- you would have seen on the sugar side, now you will see it on the ethanol side. So that is the only shift that you will see happening from the year 2021 -- from the year '21-'22, then to '22-'23 and changing even more in the year '23-'24.

Okay. Got it. Got it. And sir, can you please explain how you have mentioned that one of the key reasons for increase in the inventory cost was higher syrup usage? So can you please explain? I'm little new to that concept, why it increases our inventory cost?

So basically, what happens is, is that when you -- whatever is your transfer price, so when you do COP or sugar, if you transfer syrup, so sugar, the cane cost and the manufacturing cost stays the same. And the transfer pricing has a huge impact on the COP. So in case the transfer price is higher, so if I want to transfer price the syrup at a higher price, my COP that I have as of 31st March would be lower or the other way around. So that is how it will just change.

Sure. Got it, sir. And sir, you have mentioned that CMP around ex-mill CMP is to around INR 36 right now. What would be our COP for sugar right now?

INR 32.8.

As there are no further questions from the participants, I now hand the conference over to the management for closing remarks.

On behalf of Dhampur Sugar Mills Limited, we would like to, once again, thank you all for taking your time out for this conference call. If you have any further questions, please feel free to contact us either by phone or by e-mail. You can also visit our website, www.dhampursugar.com and post any queries you have and we will get back to you as soon as possible. Thank you.

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