Fine Organic Industries Limited (FINEORG) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Fine Organic Industries Limited Q4 and FY '24 Annual Earnings Conference Call. This conference call may contain certain forward-looking statements about the company, which are based on beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Mukesh Shah, Chairman of Fine Organic Industries Limited. Thank you, and over to you, sir.

Hello. Good afternoon, everyone. Thank you for joining us on our annual earnings call to discuss the business and financial performance of Q4 and FY '24 earnings conference call. I hope everyone had a chance to view our financial results and investor presentation, which are posted on the company's website and stock exchanges. Today, I am accompanied by our CFO, Sonali Bhadani; and SGA, our Investor Relations Adviser, who are also with me on this call. This being the first earnings call, I would like to provide some basic information about our business besides talking about the numbers for the benefit of the wider audience. The global economy in 2023, '24 experienced various dynamics that influenced its performance, political tensions, trade disputes, regional wars and shifting alliances, all these things contributed to economic uncertainty. In light of these circumstances, the India's economy has seen enormous development in recent years. We at Fine Organic Industries Limited are well-established and internationally recognized producer of oleochemical derived green additives based in India. We started our green additives journey back in 1970. We are pioneers in developing unique specialty additives for various end-use applications. We produce a wide range of specialty additives and cater to foods, polymers, packaging, cosmetics, coatings, feed nutrition and several other end-use applications in various industries. Our state-of-the-art production facilities are located in Ambernath, Badlapur, Patalganga and Dombivli. R&D capability is the backbone of our business. With a team of scientists, technologists and engineers in a dedicated R&D center, company serves as a platform to develop suitable and sustainable solutions based on consumers and customers' techno commercial requirements. Backed by in-house manufacturing and design engineering facilities, well-equipped R&D and techno commercial approach, the company provides specialized products and technical services to that end-user industry. Our business has a considerable number of global customers and hence, approximately 52% of our revenue comes from exports into FY '24. Our customers are located all over the world, including Europe, North and South America, Middle East, Asia, Africa, including Japan and China. Currently, the prices of vegetable oils are quite stable because of stable demand scenarios. We do not foresee much volatility in the price further, at least for the next few months. There are some headwinds for exporting goods to Europe and U.S. due to the Red Sea crisis, only the lead time has increased by 1 to 1.5 months approximately. All our plants are currently running at optimal capacity except Patalganga, where there is still some room for capacity ramp-up. We have incorporated a wholly owned subsidiary of the company in the Maharashtra SEZ area. Fine Organic Industries SEZ Private Limited. The land area allotted to us is approximately 30 acres. Once we get the possession of this plot, we will be able to apply for EC and then after getting EC, we will begin setting up a manufacturing facility. This plant will cater primarily to the export market.

Thank you, sir. Good afternoon, everyone. Before I take you through the consolidated financial performance, please note that FY '23 was an aberration. There was a disruption on the supply side, coupled with volatility in the raw material prices. And hence, FY '24 is not comparable with FY '23. For quarter 4 FY '24, our revenue from operation is up by 12% to INR 546 crores in Q4 FY '24 from INR 488.4 crores in Q3 FY '24 and down by 8.3% from INR 596.6 crores in Q4 FY '23. EBITDA for the quarter grew up by 21.4%, [Technical Difficulty] INR 143.5 crores in Q4 FY '24 from INR 118.2 crores in Q3 FY '24 and down by 29.1% from INR 202.4 crores in Q4 FY '23. The EBITDA margin for Q4 FY '24 stood at 26.2%. PAT for Q4 FY '24 was INR 114.6 crores as compared to INR 94.2 crores in Q3 FY '24, which grew up by 21.6% on quarter-on-quarter and down by 23.3% to INR 149.4 crores in Q4 FY '23. For the financial year ended FY '24, revenue from operation is down by 29.8% to INR 2,123 crores from INR 3,023 crores in FY '23. EBITDA for the degrew by 35.7% year-on-year to INR 534 crores in FY '24 from INR 831 crores in FY '23. The EBITDA margins for FY '24 stood at 25.2%. PAT for the year -- financial year '24 was INR 411.9 crores as compared to INR 618 crores in FY '23, which degrew by 33.4% on a year-on-year basis. The ROCE for FY '24 stood at 24.74%. With this, we open the floor for the question and answers.

[Operator Instructions] The first question is from the line of Nitesh Dhoot from Dolat Capital.

So my first question is on how sustainable do we see this recovery that we've seen in Q4? And how much volume growth can we see from here on that is from Q4 volumes? As I understand it would have been a strong quarter in terms of both export and domestic volumes. So how much ramp-up on capacity is still possible from here on?

So first of all, sustainable about the current situation is as long as you see right now, the raw material situation is quite favorable. And even last quarter was quite favorable and that led us to this situation. I don't -- as of now, I don't see much difference than the last quarter, the raw material prices are quite stable. And demands are also almost more or less similar like last quarter, as like -- at least in April, May, I'm seeing that. So unless there are major changes, I don't think there will be a major difference in this current period also. And regarding the volume and all that, you are aware that we don't normally talk about the volume growth and all that. But just to tell you, in general, you are aware that all our plants are running at optimal capacity, except Patalganga, as I just informed you. But -- so there is not a very huge capacity available as of now to do the more volume growth is expected. But some capacity, of course, will be utilized in coming months when Patalganga is still we have some place to increase the volumes. And again, the global slowdown, which is also continuing. I mean some regions have started picking up, but Europe is worst affected. And I don't think it will come back so quickly. However, the situation in other areas like North America, South America, Asia, other places is getting better, but Europe is still not good. So we have to be patient and wait for one more quarter and see how it goes.

Sure, sir. So one -- so on Thailand, I mean, if you could just update how has the progress been on the Thailand project? So in the last quarter, we had mentioned that we are waiting for permissions. There were some FDA approvals that we are waiting for. So if you could just provide an update on that?

Yes, Nitesh, so you are right. So we were waiting for 2 approvals from Thailand authorities. Out of that, one we already got and one we are about to get in this week itself. And I'm sure our people as I talked to them last week before yesterday, they told me that they are planning to start the commissioning by -- latest by June end. So we are all prepared now because we got one of the permissions that allows us to send us the raw materials to them. So we have started doing all that. And we expect to do the commissioning by end of June '24.

Sure, sir. And just one final question from my side. So any update on the SEZ land, where the final permissions were awaited, I mean the physical allotment of the land. So any progress on that side? Because I think we were expecting it by March end itself to close on that. So where would we be as of now?

Yes, you're right. We were also after that. And I'm happy to tell you that there has been some progress as we understand by our last meeting with them, and they have to just confirm this officially by issuing a letter. So we are just waiting for the letter. Orally, they have done everything that they have told us that it is approved and all that. But you see this is a government matter. We must get the allotment letter and their notice to make the payment -- to make the final payment for the plot. So we are just waiting for that and it should come any day. We are just waiting for that. we are prepared from our side, just waiting for this letter, which should come any time.

Right. So it means from there on, it will take about, say, 4 to 5 months for EC and another, say, 18 months for -- I mean, 16 to 18 months for construction.

Once we get the allotment letter, then only we can apply for EC. Once we apply for EC and once we get the EC, which should be also as early as possible, maximum 6 months, and then we will be able to start the building of the plant.

Next question is from the line of Ankur Periwal from Axis Capital.

Congratulations for a good set of numbers. First question on our business mix of revenue mix in terms of food, polymers, et cetera. Has there been a significant change over the few quarters, let's say, FY '24 versus FY '23 in terms of growth?

Sorry?

Sir, in terms of revenue mix, I'm talking FY '24 versus '23. Is there a shift, a significant shift among the segments?

I don't think so. There may be a small changes, which is normally a part, but we have not done any specific changes from our side. So because as I told you, because of the slowdown globally, domestic market was doing much better. So there might be some product mix that might have changed, but we have not changed because the demand in domestic market is for different products. The demand for export products are also for different products. So this could have made some changes. It's not exactly the same, but we have specifically not made any changes. We don't do such changes by ourselves. It is depending on the market situation. If my export goes up, then that means some products which we are targeting for export will grow up. And when the domestic grows, there are some products where the domestic demand is good, that those products will grow.

Sure. The reason I was asking that was on a consistent basis, we have been seeing an improvement in margins. Even for a full year perspective, we are way above what our historical run rate guidance has been. So any change in thought there in terms of EBITDA margins or gross margins?

There is -- EBITDA margin has increased because the raw material prices didn't go up. Normally, the raw material prices go up, but the prices didn't go up and the raw material prices are much better than we expected.

Sure. And how will be the proportion of long-term arrangements now, long-term contracts now in our revenue mix?

Long-term contract, the situation remains the same. Globally, as I told you earlier, with our customers, they are ranging from 3 months to 6 months to 1 year. And for raw materials also for some products, some raw materials, it is 3 months, 6 months and for some raw materials, it is 1 year. So again, it's a mix. For some products, earlier, it was the situation was like that nobody wanted to make any contract. But now that situation has gone since last couple of quarters. So that's not an issue now.

Okay. Fair enough. If you could comment on the competitive intensity of the scenario globally, how are global peers doing, especially on the -- in U.S. or in Europe from a market dynamics perspective.

I don't know about competition, what they are doing. Maybe you can see their results there. I have not seen that.

No. So where I was coming from was the volume -- from a volume or a market share gain perspective, have we seen significant gains since you mentioned U.S. has been doing decent versus...

Frankly speaking, Ankur, I never go bother for all such things. I look after my own business; I don't care what they are doing because their situation is different. Everybody's situation is different. Everybody has to do whatever is best for them. So I really never think also like that. I only focus on my business.

Sure, sir. Lastly, if I may, just on Thailand, you mentioned the commercialization of the first phase, at least by June end. If you could highlight what could be the size and scale of this? And we were also thinking of expanding capacity here? Any timeline for that?

Earlier also, Ankur, I answered this same question quite 2, 3 times earlier to you also. I told you very clearly that this answer -- this small capacity we are standing is a trial production. Once we are successful with trial production, then only we will decide how much additional production we will go for that and all that. This is just the trial production. It's a new product. There are not many people. There are only 2 companies in the world, they are making this product, and we will be the third one. So let us first see whether this product, how much we are able to produce in the existing facility. I told you earlier exactly the same thing. So we need to wait till we come to the conclusion. After starting, it will take another 3, 4 months for us to ascertain what is the -- what we will need to do to get how much production.

Sure. And we already have land in place. So it's just a matter of time when we decide on the capacity expansion there.

Yes.

Next question is from the line of Rohan Gupta from Nuvama.

Sir, on this new product development, so you mentioned that right now, we are almost grabbed with the capacity, except that only on the food grade in Patalganga, we may have some scope for further production. Sir, on the new product development, we have been working on these lines from last 1.5 years to 2 years. Sir, when do you see that we can start giving the sampling or -- because the new product -- new capacities will take time to 2, 2.5 years to come up. So what do you think that this revenue potential from the new product which we have created only after commissioning the capacities only, we can start utilizing that or there is some scope where before that also we can utilize this new product which we have developed?

Are you asking about Thailand plant or Indian plant?

Sir, out of both the plant, I mean.

No. So as far as the Thailand plant is concerned, there is only one product to start with. And that we have got required approvals from our major customers earlier. So there won't be much waiting time for Thailand plant, except some formal approvals and all that, but it won't be a very long time because the customers are waiting for that. And regarding other products, which is a common situation here that whatever products we have been making, we have been developing, we are giving to customers, getting their approvals as and when we are getting the approvals, we start giving it to them. So what exactly you want me to...

But sir with Thailand -- sir, this Thailand plant is a very small to start with, right? I mean the revenue contribution from there will be hardly anything.

Exactly.

Sir, my question was that apart from this Thailand plant, do we have any scope at the Indian plant on the new products which we have developed in the last 1.5 years to start monetizing the revenues...

This is happening. It is an ongoing process. There is nothing new about it. This we have been doing for years. We keep on developing the products. It is going for approval. It takes its own time for approvals, regulatory approvals, FDA approvals, FSSAI, several government approvals and all that. So it's a long process for any new product for food industries or even for that matter, other industries also, we are very much aware that we have to go through the approval process first. And some products are in the regulatory approval stage. Some products are under the customer approval stage. Some products are under FDA approval. So there are different products in different -- at different stages.

No, sir, my question was different, sir. Sir, I was saying that on our Indian plant, we have almost fully utilized the capacity except Patalganga. However, you still will be getting the products approved by the customers in some categories.

So whatever plant...

Is there any chance or scope that we can start monetizing the revenue potential from new products.

We can monetize only the products which we can make at Patalganga, not anymore. Other products, we can monetize to the extent whatever spare capacity we have left. Some capacity is still left in some plants. So we need to see which products are coming and what -- which we can offer. And -- but yes, for Patalganga plant, whatever approvals we are getting, we are having sufficient capacity for some products, which we can monetize. It's not all.

Got it, sir. Sir, on this Thailand plant, any investment you have finalized that over next 1 to 2 years, how much investment we have planned to invest?

I told you earlier a few times, Rohan bhai, that this is a very small plant, and we are first starting whatever the existing capacity we have, we are just making small changes here and there to start the trial production. And then once we do the trial production, we will observe it for a few months and then only we will be able to decide how much new capacity we will put up and what will be the investment and all that. For that, you need to wait till 3, 4 months after we start the plant.

Okay. Sir, on a domestic front, you mentioned though the demand still remains strong. Maybe in global front, except Europe, all other markets have started recovering.

Yes, other markets have started recovering, but not Europe as of now.

Okay. Sir, in the other markets globally, except Europe, have we come back -- have we reached back to the -- I mean, '22 level or still that we are below those levels in other markets except Europe?

Sorry, just a minute, I couldn't...

So I was asking that in except Europe, in international markets, have we gone back to '22 levels? I mean -- or still we are in volume terms below those levels?

As I told you, Europe is still not back on the track. Other markets, now I don't remember the demand in '22 and all that 2 years who is going to remember all such things. So now it is getting back to normal. And I don't believe in going back to the history and all that for business. Business, you see the present and the future, not the history.

Okay, sir. That is absolutely fine.

[Foreign Language]

No, sir, I was just looking that -- fair enough for your point is...

At least, I never look at all those things. Look at the future, what you can do, what are the opportunities, not at the past.

Fair enough. Sir, on this Patalganga in a food grade, all these are the new products which we have developed. Do you see that we can fully utilize the Patalganga facility by end of this year or there still will be some...

No, no, no. It will take -- I think we started it in March '22. So it will take another 2, 3, 4 years, I don't know exactly, but not so soon.

Okay. So another 2 years, it will take to fully ramp-up...

Minimum. Maybe more, maybe more, maybe 4.

Next question is from the line of Krishan Parwani from JM Financial.

Just one question from my side. So at the current capacities, what is the peak EBITDA that we could generate? That's all.

What's that?

Peak...

I'm saying at the current capacity that we have...

Sonali -- I'll let Sonali answer the question.

Sure. The EBITDA depends on many factors, Krishanji. They are revenue, raw material, your prices. There are many external environment also which impacts the EBITDA numbers. So as we say, with the historical experience, we know that 20%, 22% has always been our sustainable EBITDA margin, which we have always achieved. except that FY '23, which we said was an abbreviation because the factors were quite out of control, whatever good or bad. So we need to observe for another time, another quarter, a few more quarters to see what is the sustainable margins going further. And the peak has to reach yet because all other plants are running at optimal. We have some rooms in the plant. And Patalganga is still just started, and it will take, as sir said, Mukesh bhai just said, it will take another couple of years or more to get to the full capacity levels.

[Operator Instructions] The next question is from the line of Varun, an individual investor. [Technical Difficulty] As there is no response from this participant, the next question is from the line of Sachee Trivedi from Trident Capital.

Can you hear me all right?

Yes.

All right, Sachee.

Very nice to -- and, Sonali, thank you so much for hosting an investor call. I think this is a huge step in your journey as a public company, and I applaud you for doing this. I know it can be very painful, but I hope you will bear the pain for being able to reach out to a wider investor base. The question that I have is, in terms of your products, where do you see 5 years out, as you are looking at your R&D and as you are creating and building new products, where do you see opportunities? What are -- what is exciting you now as you look at your product development 5 years out?

Yes. Sachee, after -- I mean, you are considering me to see 5 years. You will see that we will remain in the oleochemical derivatives, oleochemistry line, at least. So because we still believe that we have a lot of things to do in this chemistry in this line of products. Of course, there are some more products which we need to produce, which we are not producing currently and I'm awaiting the new land whereby we can commercialize those products. We also certainly will have the plant in outside India considerable capacity. That is also I'm considering it. And of course, the new plant here in India as well as outside India, these 2 will be definitely there. And in addition to that, I'm also trying to expand our product range in the same chemistry, although there are not many opportunities, but we are trying our best, and we are looking at some acquisition opportunities also. So if it materializes, then we will -- you will see Fine Organics further strengthening the global business because we believe that there is a great potential in this chemistry, and we would like to definitely cash in on our technical expertise and commercial experience to achieve our dreams.

Got it. Got it. And basically, Fine Organics, I think if I were to define it in one sentence, it is an oleochemicals expertise company, which is taking this chemistry to -- whether it is food, whether it is polymers. And given the ESG initiatives across the world, given the awareness that people have for safe chemistries, I think this is an exciting space to be in. So I mean, you obviously -- you have great operational expertise that is reflected in your asset turns and CapEx. And these are slow-moving areas, right? So I don't expect anything to change overnight in 1 year or 2 years. I think we are always looking 5 years out, 10 years out. So I appreciate your very candid answer to this. So thank you so much.

Yes, thank you Sachee.

[Operator Instructions] Next question is from the line of [ Suvan Dey ], an individual investor.

My name is [ Sovan Dey. It's not Suvan Dey. It's Sovan Dey ].

My apologies.

So I just wanted to know that what are the current challenges company is facing during the export market?

Just a minute. For our products, you are talking about the challenges in export market, right?

Yes, Sir, challenges in export market.

There are so many challenges. You would like to meet me and listen; it will take a few days of nonstop talking.

Just the key challenges sir. I want...

Right now, there are challenges, especially one is the global slowdown. Now the world is coming back to normal, except Europe, everything else is getting slowly, it's getting normal. That is number one. That is the one challenge. Second is this Red Sea crisis and all that, that is, okay, it's a challenge, but not so big challenge like 2022, '23 after COVID when there was a big disruption. So although there is a disruption, but now it looks quite small because we have seen the much bigger one. So that's not a big issue. But this is definitely an issue. Third is, it takes very long time for the approval of our products abroad because all these customers, what we have are the global customers and they have very long approval times. And most of our products required a lot of regulatory approvals. So the delay in commercializing the products because of regulatory approvals is one of the biggest challenge. And not only for exports, this challenge is also for domestic because here, we are -- I mean, there are some government procedures, which is also one of the biggest challenges here for our domestic market also. And not -- because that is for export also because we don't get the land so easily here for chemical industry. So that I would consider the biggest challenge than any other challenges. That challenge affects both domestic as well as exports.

Okay, sir. I have another question for myself. Is that -- is there any specific reasons for like the aggressive borrowing repayment? Like the current borrowing is like totally approximately 0, the short-term borrowings and long-term borrowings. Those are totally 0. Is there any reason behind that to repay the debt?

So yes, we took this loan. We took this external commercial borrowing when we were coming up with our third Ambernath facility for the expansion. And we phased it out for over 4 to 5 years of repayment, which got ended in December '23. So it was over a period of 4 to 5 years, we made quarterly repayment.

Okay. Got it. And another thing is that I am seeing in the reports -- previous year reports that it's approximately INR 175 crores in the fixed deposit in March -- 31st March 2022. And currently, it has been increased to multiples like 31st March of 2023 has INR 422 crores in fixed deposits. And what is the current situations of the fixed deposits like as of 31st March 2024?

The surplus has increased approximately somewhere to INR 900 crores. Currently, there is the cash on the books in the line in the fixed deposits.

And may I know the reasons why it is aggressively increasing from INR 422 crores in 2023 to INR 900 crores?

The cash flows are increasing. All the plants, as Mukesh bhai mentioned just a couple of minutes back, all the plants are running at optimal capacity. And even the last plant, which started in '22 is on the ramp-up stage. So they all are running at optimal capacity and the cash flows are coming in for the company.

Also, I just wanted to know that like how it is look like, [ breakup ] INR 900 crores totally for 12-month long-term deposit or is the short-term deposits? Or I just wanted to know that what is the like interest rate interest rate yields of that -- interest rate yield of that INR 900 crores deposits?

So they are equally divided amongst 3 months, 6 months, but not for long term, say, 1 year. But the average rate of return because every deposit is being placed at different point of time, so average rate of return is around 7%.

Average return is 7%. Okay.

Next question is from the line of Nitin Agarwal from DAM Capital.

Mukesh bhai, as you mentioned, the new capacity in Maharashtra SEZ will likely come through only towards F '26 end or in F '27, given the timelines you mentioned. So over the next 2 years, sir, would there be a lot of focus on optimizing the product portfolio going for relatively higher-margin products to maximize the utilization of the capacity? Or how should we think about the -- how would you go about optimizing your capacity utilization, sir?

As of now, we are optimum -- we are at the optimum level. There is some space in for some products, but we don't like to optimize and change the product mix and all that because we have a strong commitment to our customers, long-term customers. So we don't take the short-term decisions. We continue to cater whatever is our commitment given to the customers, and we continue to meet their demands. So even though sometimes it is not in our interest but looking at the long-term interest of the company, we continue to support our customers, whether it is domestic market or whether it is export market, we focus more on less. We never focus on changing the product mix to suit us. We have to -- we work accordingly to suit the market, suit the customers. That is what has been our -- always our philosophy.

But then some of the newer products, about the value-added products that you are developing, you'll probably get them into production only when the new capacity is available subsequently.

Yes, majority -- some of the new products which we had developed 5 years ago for us, those are the new products, which were developed 5 years ago. So many of them are getting commercialized. And not all of them, but many of them are getting commercialized, many of them are getting regulatory approval, customers' approvals. And when this starts, it starts in a small way. It doesn't start in a very big way in our kind of business. But slowly, we do take up those products. If we have the production capacity available, production infrastructure available for those products, we continue to cater to those type of incoming demand for the new customers and the new products. So that we always continue. We have already planned for them. And whatever is being developed today, then it will come on commercialization only after 3, 4 years after we get all the regulatory approvals, regional approvals, customer approval. So it's a long way to go.

And Mukesh bhai, on the new capacity that we'll put up, are there any thoughts on what could be the potential size in terms of our current capacity?

Yes. We are very clear about it, but I cannot talk to you unless I get the allotment of the land. Once I get the allotment of the land, we will announce whatever we have planned, how much investment we have planned, all these things we will announce once we get the allotment.

Next question is from the line of Devendra Chawla from Prasun Exponentials.

I just wanted to know about the different uses of cash in the company moving forward because now the cash position in the company has become relatively large. You had mentioned an acquisition and a couple of CapEx. Is there any other uses of cash that the company will be having moving forward?

See, this cash we have kept because we are waiting for this plot to be allotted. So we will require a lot of investment to be done. So that's why we have kept it ready. Second, we are also considering some acquisition opportunities right now. So we need to keep some amount for that also. Third is we are also considering to put up a plant outside India. So there also, we have kept some reserve funds for that. So I think we have already enough plan to utilize this cash. In fact, we will have to borrow more money. Once all this land allotment and everything is done, we will need to borrow this money -- more money than whatever is reserved now. That reserve money, we have to keep it because of the ongoing opportunities we have.

Understood, Mukesh bhai. And Mukesh bhai, if you could just tell us a bit about how do you think about acquisitions? So what's the kind of businesses that are of interest to you? And what is it that you expect Fine Organic as a company to gain from doing acquisitions?

So there are not many acquisition opportunities, honestly, in our field. But yes, there are some. And we are looking at some of these where we are getting certain advantages, which is complementing to our product range, complementing to our chemistry, gaining the additional markets, customers, business in kind of the products what we are regularly making, we might be getting some benefits. So we are definitely looking for some -- such opportunities. And fortunately, there are some opportunities on which we are already working. But we don't know. So far, we have not done any acquisitions so far in our history, but we are open footed, and we are actively evaluating these opportunities.

Understood. And how do you think about valuations while looking at an acquisition? And do you look at mainly profitable businesses or even loss-making businesses?

We are not looking at all the loss-making and all those companies. We are looking at a good companies having good product range and good infrastructure suitable to us, nothing more than. We don't look from the financial point.

Ladies and gentlemen, due to time constraints, that was the last question of the day. I now hand the conference over to management for closing comments.

So thank you, everyone. I hope we have been able to answer all your questions satisfactorily. However, if you need any further clarifications or you want to know more about the company, please contact our SGA team, our Investor Relations Advisers. We will continue to arrange earnings call once in a year at the end of the financial year. Thank you so much. Thank you.

Thank you.

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