EMS Limited (EMSLIMITED) Q3 FY2026 Earnings Call Transcript & Summary

Good morning, ladies and gentlemen, and welcome to the earnings conference call for Q3 and 9 months FY '26 of EMS Limited. [Operator Instructions]. EMS Limited was incorporated in 2010 by Mr. Ramveer Singh and Mr. Ashish Tomar and is involved in business of sewage solution provider, water supply system, water and waste treatment plants, electrical transmission and distribution, road and allied works, operation and maintenance of wastewater scheme projects and water supply scheme projects for government authorities. Let us now begin with the introduction of the management team. We have with us today Mr. Ramveer Singh, Promoter and Chairman of the company. Also joining us today is Mr. Ashish Tomar, Promoter and Managing Director. I would now like to request Mr. Ramveer Singh, Promoter and Chairman to give his opening remarks. Over to you, sir.

[Foreign Language]

Good morning, everyone. This is Ashish Tomar, Managing Director, EMS Limited. So first of all, I'd like to give a brief introduction about the company. The company was incorporated in 2010 and commenced business in about 2012. We started out with a modest revenue of about INR 100-odd crores and were able to scale it up to about INR 930-odd crores in the last financial year. We primarily execute the projects in infrastructure sector with our focus being in water sector. About 70%, 80% of the revenue comes from water sector and rest is from other infrastructure sectors such as buildings, electricity transmission and distribution, et cetera. Now about the results of this quarter. As you already must have seen the results, the results are much lower than expected. This was due to certain factors which were beyond the control of the company, such as -- because the major revenue of this quarter was expected to come from Uttrakhand. And as you know, Uttrakhand saw unexpectedly huge rainfall and natural disaster in the Q2. So in Q3, our work was mainly focused on repair and revamping of the work in progress. And due to extension of the monsoon to Q3, about 15 to 20 days were lost in the Q3. And after that, when the work resumed, a lot of time was lost to remobilization and repair of the executed works. Because of that -- along with that, almost half of the order book that we currently have, about INR 1,150-odd crores, was procured in Q2 and Q3, respectively, and it is in design phase, in which the expenditure of the company is being carried out, and no revenue can be generated till the execution begins on the site. Apart from that, we would like to reassure you that from the next quarter of the financial year, we would be on our path to recovery and would be back on track. The projects secured by us are with healthy margins, and we would be making it up in the coming quarters. Thank you.

I'm H.K. Kansal, CEO of the company, and would like to answer the questions. Thank you.

[Operator Instructions] The first question is from the line of C.A. Garvit Goyal from Serene Alpha.

My question is specifically to Mr. Kansal. In the opening remarks, management is saying we faced some challenges up to 15 days of Q3, but at the same time in last con-call, when we spoken to Mr. Kansal, Mr. Kansal said, October month, they delivered very good projections, very good execution in the terms of executing the projects. So why -- where is the difference, sir? I'm not understanding. Last con-call you people were very confident and now you are saying Uttrakhand were some issues, and we were not able to deliver the project. So where is the gap, sir? Means, your own words are matching this con-call and the previous con-call.

Okay. I got your point, and I'm H.K. Kansal speaking, again. Actually, in last con-call, we thought that we will cover it up in 2 months, particularly in November and December. But in civil works and on the road works, there was some disaster management also in Uttrakhand and the administration is also with there -- with us because administration always directs that this work has to be started now after the security and safety of the citizens. So definitely, we started in October, first -- second week of October, but it could not be with that pace, which we wanted basically to cover up the things. So it got a bit late. And second thing, as far as revenue generation is concerned, out of those INR 2,200 crore order book, we could start the work of about INR 1,100 crore in Calcutta, Ayodhya, Agra, Fatehpur, which was started in mid of October for design, investigations and all other things and slight procurements also. So we have done the expenditure on these projects of INR 1,100 crores, but there was no milestone achieved for which we could achieve the receivables or could receive the revenue. That is why revenue received is looking less, it is definitely less and margins are even in more pressure because expenditure is done and the receipts could not be made. So that happened. And in civil engineering, there are -- this is not a simple industry, basically. It depends upon so many things. So we couldn't do that. And it is definitely not as per our expectations, not as per your expectations. And let me tell you again that company is not in any type of financial distress or any order book distress or anything, but this is just a phase of time that in the quarter ended December '25, we couldn't perform as we thought and we assured you in the last con-call, and again, we are assuring that in this quarter, we will try to cover certain things. But definitely, now we are of the opinion that in 2 months or something, we will not be able to cover up to that extent. But if you will compare it after the Q4, then Q4 will definitely be better than Q3. And Q1 of the next financial year, we will definitely progress very hard because our order book, which is under design and pre-engineering phases, we will definitely double up a lot of revenue from that. So I think this is the explanation which I can give, and this is from the management side.

When you say Q4 will be better than Q3. Q3 is already, I would say, like very lower level, right? So even if you are doing the normal execution, that will look like, it is better than Q3. So can you put a number to it? Like means, whether the situation is improved now? From when the situation was improved? From when the recovery started? Is it from the January month or from the February month? So can you give some color on that?

Yes. Actually, there are 2 things. If we compare Q4, Q3 from the last Q3, that is Q-o-Q, then we are definitely not to the expectation. As far as PAT or EBITDA is concerned, this is in line with the industry, but this is not in line with our records. Actually, we have done, in the last 10 years, PAT around 18%, 19% or 20% EBITDA -- 26%, 27%, which is not in that line. Still, if you compare it with the other peers, that is in line with the other companies, but not as per our expectation, definitely not. So we have now started our pre-engineering in certain projects that is of around INR 1,100 crores project. Engineering is in the approval phase, but it may take another 1 month-or-so and then we will start generating the revenue because once the work will come in the field, then the revenue will be generated. So Q4, we will get better. And Q1 of the next fiscal year, we will overtake it definitely from the previous year. So that is what we can -- we are a bit conservative for that because we are not giving any aggressive guidelines for this quarter, again, because this is civil engineering work, it takes time to revamp for pre-engineering. And eventually, this is the cycle that INR 1,100 crores, INR 1,200 crores new projects are falling in this quarter, previous one and this one. So that takes around 4, 5 months to give the revenue. Otherwise, expenditures are always there for investigations, for soil investigation, for design, surveying and everything and revenue starts coming after 4, 5, 6 months. So previously, what used to happen, one project has come in 1 quarter, 2 projects have come in another quarter. And now the 4 big projects have come in this quarter only. So this is looking like that, but we are very sure that we will not disappoint any of you or any of us and we will definitely do whatever we are committing, but next quarter will not cover the entire thing of the whole year. So it will start aggressive cover up from the Q1 of the next fiscal and covering in the Q4 also in comparison to Q3 of this year. Thank you.

The next question is from the line of Kaushal Sharma from Equinox Capital.

Can you please tell me what is the current order book as of December 2025 and what kind of order inflows are we expecting in next month to 2 years [indiscernible] EBITDA margins?

Unexecuted order book is around INR 2,200 crores as of now.

And what kind of order inflows are we expecting going ahead?

We are very aggressively bidding now because Delhi Jal Board had started tenders, you must be knowing, and we are bidding in about INR 2,000 crores tenders in Delhi Jal Board and other places. So we are expecting it to enhance in last 3, 4 -- in the next 3, 4 months by about INR 1,000 crores.

And sir, what is current bidding pipeline as of now?

Around INR 4,000 crores.

Okay. And what is our winning ratio on an average?

Actually, our winning ratio used to be 15%, 10% to 15%. But as competition is increasing, we have become a bit aggressive for that, and we are planning to get our win ratio enhanced up to 20%. So INR 1,000 crores we are just planning, and we are still bidding and bidding in every place. So INR 1,000 crores, we are expecting in the next 3, 4 months to achieve the order.

Sir, as you said that there was a challenging phase in Q3. But if I compare Q2 to Q3 performance, the sales grew around 15%, but our cost of raw material grew around 25% and the other expenses grew 34%. So could you please highlight what kind of key expenses in other expense has grew a lot more than sales growth and the cost of...

As I told you, there are 3, 4 phases of any project. Once the tender is awarded, agreement is made, then the extensive surveys are started and certain procurement, certain vendors are decided. So on site, certain deployment of the employees has to be done for proper monitoring and licensing with the government agencies. So there are expenses in investigations, surveys, and we have to start some procurement also, which are the delayed things. For example, I have to lay the 100-kilometer sewer line, so 100-kilometer procurement of pipe or manholes, I cannot make in a single stretch. So we start doing it after tentative finalization of the designs. But for that, that is not a milestone in the eyes of the government authority. So the payment doesn't come as a revenue or even as a receivable because there are certain milestones, though it is an item rate contact, but certain items have to be executed. So it is not converted. So expenditures are shown, expenditures are apparent in the balance sheet or in the account, but receivables are not. That is why our EBITDA and PAT has impacted that much. So this will recover, but definitely, it will not match with that 18%, 19% PAT as in the previous years because competitiveness is increasing, definitely. So it may remain around 15% as an average for this year.

But sir, the expenses booked in the P&L is against the sales that you executed and booked in the particular Q3. So the expenditure pertaining to that sales should be recorded in the P&L. So that's why I'm asking the sales growth is 15%, but your cost of raw material and the other expense grew faster than sales.

So that is because some expenditure was done in about 50% of the our order -- against 50% of our order book, which is at the stage of design and engineering. So we cannot book receivables or bill it to the department, but we have to book expenses in mobilization, site establishment, procurement of raw materials, et cetera. So going forward, when in the next quarter, as the billing starts, we will be able to bill revenue against the expenditure already carried out. I think -- and that would also lead to improvement in the margins.

So what kind of EBITDA margin we are closing in this financial year? What is our expectation in terms of EBITDA and PAT for financial '26?

Yes. For financial '26, we expect it to be above 15%, that is PAT; and EBITDA in excess of 22% to 23%.

And sir, what is our current trade receivable as of December 2025 and what is the portion of more than 6 months?

I'll just check it and tell it to you. Please hold.

And the ratio of unbilled revenue as well showing in the balance sheet.

Yes. So the unbilled revenue is about INR 283 crores.

Okay. And other receivables, other financials?

Approximately INR 500 crores other receivables.

And more than 6 months, sir?

More than 6 months would be -- almost INR 120-odd crores is less than 6 months and other than that, it is more than 6 months out of INR 500 crores.

So sir, more than 6 months is quite heavy in our trade receivables. Are we expecting any provisioning or something or any challenge are we expecting over there?

The INR 500 crores is the total sum of all the receivables that includes unbilled and billed also. So the unbilled portion is INR 283 crores. So unbilled is INR 283 crores, less than 6 months is about INR 116 crores, 6 months to 1 year is about INR 23 crores, 1 year to 2 year is about INR 87 lakhs. That is all.

The next question is from the line of [ Udit Mittal ] from [ Mittal Family Office ].

Yes. Sir, I just wanted to inquire about your interest cost. I was looking that your interest costs have gone up significantly higher. So what's the level of current debt and what's the borrowing plan going forward? Is the company facing any working capital issues?

Yes. So the interest costs have ballooned because of a loan of about INR 25 crores that we took against the HAM project that is in Mirzapur-Ghazipur STP Private Limited, which is a subsidiary of EMS Limited. So that was a HAM project for which we have taken this loan. So that would lead to -- would have led to escalation in the interest cost.

And what's the level of current debt?

Yes, I'll just answer that. So that would be around INR 700 crores is our exposure to the banks, which includes INR 650 crores of nonfund-based bank guarantees and about INR 50 crores in shape of cash credit limit and that -- this loan that I told you about.

So any plans of further borrowing or something like that?

No plans on expanding in our borrowings. The facilities that we have are sufficient for execution of our projects.

One more thing I just wanted to know, recently, you had given a disclosure of the promoter holding getting pledged. So what was the reason of the pledge? And is there any time line to reduce it?

Yes. So sir, we took a loan of about INR 210 crores, out of which we have already paid about INR 70 crores, and the current outstanding stands at INR 140 crores. Within this financial year, we will reduce it to about INR 100 crores and by next financial year, this would be settled. So this was secured to make some investments in the promoter side. No company funds were involved in this. The loan was in personal capacity only.

The next question is from the line of [ Ahmed ], an individual investor.

Yes. So firstly, I want to touch upon the last question that was asked by the participant -- investor. Firstly, [Technical Difficulty] 2 quarters ago...

[ Ahmed ], there is a lot of disturbance from your end.

When it was asked about promoter's pledging [Technical Difficulty] that this financial year it will be reduced. But from 11%, it has gone to 24%. So there is no synonymity with the earnings call and how the things pan out. And when we are looking at the last conference call that was Q2, so it was a range, and we took it at face value. And in this quarter as well, again, now when we are doing this con-call, it is already 1.5 months that is passed, so you already have a visibility of Q4, likewise you had the visibility in Q3 for the Q3, yet you went ahead and guided for a better Q3 and now we're looking how the Q3 is looking like. Now you have the visibility of Q4. It doesn't cost much to be transparent, that is what we would expect, at least. So borrowings have increased, the revenues have gone down, now I want to check whether this phase wherein we were doing somewhere around INR 1,000 crores a year, whether that phase is passed and is this a new normal or probably we're going to touch upon that kind of a revenue again?

Actually, we couldn't get the full question, but what we could get is that probably you are asking that in the last con-call, which was somewhere middle of the October or in the middle of the November that we would have known the situation about this quarter's results also. That is what probably you are asking and why we couldn't project better than what we have done? I think this is a question if you can confirm, and then I will try to answer it.

Yes. That is one question. And the other question was that like you have said that you will -- by FY '27, you will reduce -- the promoters will reduce pledging to 0. Now when the pledging is somewhere around 28%, it was 11% in Q1 and it was communicated by end of FY...

We are very sorry that your voice is not clear, and we are not getting the things, basically. That portion I've got and I...

Mr. [ Ahmed ], I request you to rejoin the queue. The next question is from the line of [ Nishita ] from Sapphire Capital.

Sir, I just wanted some clarification. You mentioned that in FY '26, we can end at an EBITDA of 22% to 23% and a PAT of 15%. But in Q3, I could see that we've done a PAT of 10% and an EBITDA of around 15%, 16%. So are we confident that we can get to these margins in FY '26 as a whole? Because even in Q2, our margins were under pressure.

Yes. Madam, actually, this is very evident. This is not a free-flowing industry basically, not works on a daily basis or a weekly basis. What we do, actually, I have told in the earlier conversation or in some question-answer session that in this quarter, that is Q3, in the month of October, we have started 3 big projects that is about 50% of our total order book that is about INR 1,100 crores we have started the work. One of the order of INR 700 crores at Calcutta, one INR 100 crore in Ayodhya, one INR 100 crores in Agra, and two INR 100 crores for Fatehpur. So once we get the LOI and get the agreement done, so there are so many things we have to mobilize on the site. First is the investigation portion; second one is the hutment of the labor and other infrastructure, office, et cetera, we have to establish. So eventually in this quarter, we have to do this for the 4 big projects. So our expenditure have been made, but that is not tangible for getting the revenue or the billable amount. That is why in this quarter, it is looking like PAT is around 10% and EBITDA is 15%. And this is a routine process that if we go in the next quarter -- in this quarter that is running quarter or in the next quarter, so revenue will be more than the expenditures in the ratio-wise. So we will definitely get it more than 15% or at least 15% for this financial year. And otherwise, for the next thing, we will remain about 17%, 18% of the PAT as we have done in the history of the -- 10, 11 years of the company's history. So this is eventual portion of this quarter. So on 9 months basis, it is still 15.86% PAT. So we are not behind 15%, if we take the 9-month period. But if you take the quarter only, so I have explained it that in a quarter, you can start certain projects which have the expenditure side stronger than the receivable side. So that is what happened in this quarter. So it's a routine in civil engineering projects sometimes. Thank you so much.

Okay. So in general, so like you mentioned that we have the current order book of INR 2,200 crores. So is that a routine process that once we start the project, the revenue -- we'll start booking the revenue post 4 months of like starting the project?

Yes, yes. This is cyclic. Once we execute the work, we get the receivables and the 90 days we take as a receivable amount. So this is 60 days to 120 days, and sometimes we -- as an average, we take it 90-day period after expenditure. So 90 days revenue, that is 3 months working capital, we always require. Say, INR 1,000 crore turnover, so we require mostly INR 250 crores as a working capital. Minus INR 250 crores, minus 20% EBITDA that is about INR 20 crores we have to have in our hands as a working capital. But this figure fluctuates a lot quarter by quarter because civil engineering projects on ground, they may face so many problems. Sometimes the land is not cleared, sometimes as we have seen in these 2 quarters that rainy season has affected so much in Q3 -- in Q2, it was affected so much. In Q3, we tried to revamp it and to reorganize it, but once there is a heavy rain, there are some disasters also. So the administration, which look after the development works, they also give the priority to the disaster restoration. So that took some time and certain times, we were stopped to do the work. And that is why this quarter -- otherwise, we assure you that this quarter will be much, much better. And we will definitely be on our pace that we will outpace from the Q1 of the next financial year. There is no doubt about it. And our order book is also likely to get -- because we are aggressively bidding now in Delhi Jal Board and other states also for Amrut 2 and DJB fundings.

Yes. I got your point. And my last question is that you mentioned we can get INR 1,000 crores in the next 2, 4 months. So in FY '26, what will be our exit order book, can we expect it to be around INR 3,000 crores?

Our exit order book, if we are having INR 2,200 crores -- we will grow -- as per order book is concerned, we will grow by about 40% to 50%.

The next question is from the line of [ Azhar ], an individual investor.

All right. So first of all, I would like to say that it doesn't take much to be transparent. That is the first thing. Now when we look at earnings call of Q1, promoter pledging was somewhere around 11% and it was guided that it will be reduced by FY '26. Now it is below 28%, and you're saying that it will be reduced FY '27, that'd being one thing. So the commentary is not synonymous with what is happening. Now looking at the earnings call of Q2. In Q2, it was mentioned you already had the visibility like you have the visibility now for Q4, you had the visibility for Q3, but yet you chose on certain hypothetical assumptions that you will be probably rebounding. I just want to understand is this the new normal or probably we are crossing that INR 980-odd crores of financial year figure, let's say, in FY '27 or FY '28, do you have that kind of visibility? I understand there was rain issues in Q2, now you're saying that there were delays in Q3, you expected something that didn't pan out. Looking at your competitors, Q2 rain didn't affect them; in Q4, probably the numbers are better both in terms of bottom line and on the top line. That's all.

Yes. So first, I would like to explain or give answer to your second question. So sir, I would request you to please understand the nature of the business. The projects that we get vary from year-to-year and state to state. So as a coincidence, the major portion of the revenue that we expected to book was to come from Uttarakhand as about INR 800-odd crores in excess of our work order comes from that state. The work that we do involves digging up of roads and laying the pipeline in that area. Due to unexpectedly heavy rainfall and the land slides and natural disasters that took place in that state in the Q2, we expected it to recover by Q3, but the disaster management taken up by government that took some time more than what we expected, and we could not execute or book revenue in that state. So that is for -- but on overall business side, we think we can resume our pace by next quarter. This quarter would likely be still be affected. As far as, sir, loan against share is concerned. Out of INR 210-odd crores that we took from NBFCs, INR 70 crores has been paid. We are committed to bring it down to INR 100 crores by end of this quarter. And the loans -- the shares that are pledged will -- can only be released after we pay the whole amount.

So I would like to have a rebuttal over here. Now that you have the visibility of Q4, and you say Q4 will still be affected and Q1 onwards you will outpace. So does that mean we are looking at FY '27 crossing INR 1,000 crores of revenue? That was -- we did INR 980 crores of revenue in FY '27, does -- can we safely project that FY '27 would be better than FY '25? FY '26 is goner. Looking at Q2 and Q3 FY '26 is a goner...

Yes, sir. Yes, FY '27 would be better than FY '25.

Correct.

The next question is from the line of Amit Agicha from H.G. Hawa.

Yes. Sir, what is the long-term strategic rationale behind entering the flex sheets and paper products?

Yes, sir, can you please repeat the question?

Yes, sir. What is the long-term strategic rationale behind entering the flex sheets and paper [indiscernible] and what would the revenue and EBITDA targets [indiscernible]?

Yes. So as we have already clarified this in previous calls also, we took that factory from NCLT to put it as collateral with banks against our nonfunding bank guarantees, et cetera, as collateral. So that land came with an established factory. So we initially were not enthusiastic to run it. But since it was a running factory, when we realize that it can give us a profit of about 5% in revenue -- over revenue in that business also. So that is an additional benefit to the company. It is self-sufficient. It does not require any funding from the company. So we are letting it run and if it maintains this profit or it improves, then much better, but we would not invest any further money if it starts to decline. So that we would like to clarify.

And sir, can you brief us like what is the employee size and what is the output that is being generated there? And what was the investment done?

Yes. So we purchased that land for about INR 60 crores. And currently, it's market value would be almost 100% higher than that.

And sir, may I know the location, sir?

It is in -- near Kanpur in a town called Fatehpur about 120 bighas of land.

And sir, the employee size and the production, like I think so INR 25 crores is the revenue we will show this quarter?

Yes. Employees, I think, are somewhere between 50 to 100 employees, mostly semi-skilled and technicians.

So sir, in your view, do you think this can be scaled up?

Sir, it might be possible in the future. But till now, I think that plant is producing about 800 to 900 tonnes of output and it can reach an output of about 1,100-plus tonnes in the coming financial year.

The next question is from the line of C.A. Garvit Goyal from Serene Alpha.

In continuation with the earlier participant, I think she asked about the exit order book for this financial year and you said 40% to 50% growth. I think the answer was not what she was expecting. So can you just clarify what is the expected order book that you people anticipating after execution of this quarter and maybe the new order inflows that you are anticipating in the next 2 months? So what will be the order book look like as on 31st March 2026?

That is -- we are having the order book of more than INR 2,200 crores as of now. We are expecting INR 1,000 crores, but that would not be a date like 31st March because that could come in the first week of April, second week of April or something. Because bidding process sometimes get litigated also. So we have bidded, but we are expecting the order book to increase by up to INR 3,000 crores in the Q1 of the next financial year, that is for sure, because we don't want to give much optimistic guidelines type of thing that 31st March couldn't be that date because sometimes you bid and there is some dispute and there is some dispute resolution boards where it goes and the final LOI or agreement is performed, it may take 4, 5 months altogether. So we are bidding. There are some bids under pipeline, some under technical evaluations and different stages. So in Q1, we will definitely have the order book of around INR 3,000 crores because INR 2,200 crores and in this quarter, we can exhaust it by INR 200 crores almost. And of course, we can have INR 3,000 crores in Q1 of the next financial year.

Got it. And secondly, on the pledge part, means I maybe missed the earlier communication on that. Can you please clarify what is the exit purpose of this pledge?

Yes. So that money was used to invest in lands and properties.

No, what kind of land and properties?

In individual capacity, not in terms of company.

So that means the promoter is basically pledging the shares to having his own land and properties in the personal capacity, that's what you are saying?

Yes. To start -- that is for a real estate business.

Okay. Means, I'm trying to understand like why are we doing so? What is the thinking process behind it? Because on a listed shares, we are pledging it and buying the properties in the individual capacity.

So the shares that are listed are also his own personal shares. And we have already reduced it by almost 1/3 and it would be...

No, no. Firstly, you increased it, then reduced it, right?

Yes, yes.

So still, it is more than what we were having 2 quarters back, isn't it?

Yes, sir.

So I'm trying to understand what is the thought process? Like why -- when are we planning to reduce it to 0%? Like again, earlier participant also mentioned about it. He said earlier we were speaking about FY '26 end and now we are speaking about FY '27 end.

Yes, sir. We have already -- we went up to INR 210 crores of money borrowed. We have reduced it to INR 140 crores. We have repaid about INR 70 crores of the principal amount along with interest. And we are planning to reduce the principal amount to less than INR 100 crores by the end of this financial year and repay the whole amount in the next financial year. The shares that are pledged with can only be released after we repay the whole amount.

As there are no further questions from the participants, I now hand the conference over to Mr. Ashish Tomar for closing comments. Over to you, sir.

So as -- I am H.K. Kansal speaking, CEO of the company. So as closing comments, definitely, we couldn't meet the expectation in this quarter as a result and PAT, but we can assure that we are on the right track and right path. We are aggressively bidding. Company is not in any financial distress or any type of distress. And we will definitely revamp it in this quarter and next quarter onward of the -- you mean first quarter of the next fiscal, we will see high growth and everything will be perfectly matched. Actually, we have also faced the same situation after the COVID, and we fall in 2021 and '22. But we maintained the growth of 20% in '23, and we covered it up in the 8 years span -- of the 8 years span. So we are confident that in this year, if we are not able to match with the expectation, we will definitely be aggressive on next year and next year, we will do the cover-up of the whole things. Thank you so much.

Thank you. Ladies and gentlemen, on behalf of EMS Limited, that concludes this conference. Thank you for your participation. You may now click on the exit button to disconnect. Thank you.

Thank you.