Godrej Agrovet Limited (GODREJAGRO.NS) Q1 FY2026 Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Godrej Agrovet Limited Q1 FY '26 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Probal Sen from ICICI Securities. Thank you, and over to you, sir.

Thank you, moderator. Good afternoon, everyone, and thank you for making the time to join us on this Godrej Agrovet's Q1 FY '26 Earnings Conference Call. From the company, we have with us members of the senior management, including Mr. Nadir Godrej, Chairman of the company; Mr. Balram S. Yadav, Managing Director; Mr. Sunil Kataria, the CEO and Managing Director Designate; Mr. S. Varadaraj, Chief Financial Officer; Mr. Burjis Godrej, Managing Director of Astec Lifesciences; and Mr. Arijit Mukherjee, Chief Operating Officer Astec Lifesciences. As is usually the case, we would like to begin the call with brief opening remarks from the management, following which we'll have the forum open for an interactive Q&A session. Before we start, I would like to point out that some statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the earnings presentation shared by the company with you earlier. I would like to now invite Mr. Nadir Godrej to make the initial remarks. Over to you, sir.

Good afternoon, everyone. I welcome you all to the Godrej Agrovet' earnings call. Before I commence with the business update, I would like to take this opportunity to express our heartfelt appreciation and thank Balram for his extraordinary contributions to the company over the years. His unwavering commitment and visionary leadership marked by wisdom and integrity has left an indelible mark. I would like to wish him joy, good health, and fulfilling experiences. I would also like to take this opportunity to welcome Sunil Kataria, who will take over from Balram. Sunil has had a distinguished track record of driving growth and building high-performing teams and his rich experience will bring immense value to the organization. I wish him all the very best. Now I will comment on the business update for quarter 1 fiscal year '26. Godrej Agrovet Limited reported strong financial performance for quarter 1 fiscal year '26 with notable growth in revenues, profitability and operational efficiencies. The growth in profitability was mainly driven by robust volumes and improved operational efficiencies in the Vegetable Oils business, supported by significant reduction in losses in Astec Lifesciences. The company recorded consolidated revenue from operations of INR 2,614 crores in quarter 1 fiscal year '26 as against INR 2,351 crores in quarter 1 fiscal year '25, registering a growth of 11%. Profit before tax also improved from INR 151 crores in quarter 1 fiscal year '25 to INR 188 crores in quarter 1 fiscal year '26. Coming to the key financial and business highlights of each of our business segments. In Animal Feed, while overall volume growth was a healthy 8%, segment revenue and underlying margins were flat due to lower realizations. Volume growth was recorded across all key categories, led by broiler feed at 13%, cattle feed at 11%, and layer feed at 4%. Our Vegetable Oils segment revenue and margins improved significantly in quarter 1 fiscal year '26 as compared to quarter 1 fiscal year '25, on the back of increased average realizations of crude palm oil and palm kernel oil, coupled with higher fresh fruit bunch arrivals, higher by 50% year-on-year. Oil extraction ratio also improved year-on-year. Stand-alone Crop Protection segment revenue grew marginally by 5% year-on-year on the back of an increase in volumes in the in-house category. Lower net realizations in respect of in-house and in-licensing categories on account of channel mix and higher discounts resulted in the segment margins being marginally lower, but in line with our expectations. I am pleased to announce the launch of a new in-license maize herbicide introduced under the brand name Ashitaka in July 2025. Astec Lifesciences revenue improved by 31% year-on-year, primarily on account of higher volumes in both the enterprise and CDMO categories. EBITDA also improved year-on-year, primarily on account of higher volumes and lower raw material costs in the enterprise category, coupled with better capacity utilization. In quarter 1 fiscal year '26, our Dairy segment revenues remained flat as compared to quarter 1 fiscal year '25, while milk volumes increased by 2% year-on-year, unseasonal rains in the months of April, May temporarily impacted the sale of value-added products, VAP. EBITDA margins declined primarily due to increase in milk procurement prices, compression of markets in key value-added products due to early rains and increased spends in advertising and marketing. The Poultry & Processed Foods segment recorded a decline in revenue and margins primarily due to lower volumes and muted realizations in the live bird category as we continue to focus on growing the branded business and reduce our exposure to the live bird category. GAVL's joint venture in Bangladesh, ACI Godrej recorded revenue decline of 20% year-on-year in quarter 1 fiscal year '26 due to volume contraction across categories in the backdrop of a challenging political and economic environment. That concludes our business and financial performance update for the quarter. With this, I close my opening remarks. We will now be happy to answer your questions. Thank you.

[Operator Instructions] The first question is from the line of Abhijit Akella from Kotak Securities.

First of all, if you can -- if it's possible to share any update on your outlook for fiscal '26. You had already shared with us last quarter that you expected 16% to 18% top line growth at GAVL and various business-wise commentary as well. But is it possible -- in light of the performance of the quarter gone by and pricing pressure in some of the segments, if it's possible to update your outlook, that would be very helpful.

So after the first quarter, I think we still maintain the top line growth to be in early teens. And once you come to questions about different segments, we will talk about different segments also. But we maintain the same expectation for profit. We -- and you must have seen that we have grown profit in quarter 1 by 25% over quarter 1 last year.

All right, sir. Just on the Crop Protection business, if I may drill in one level deeper. On the new product, Ashitaka, it's possible to share any outlook or expectations you might have regarding market potential for the product? And we had a target of growing revenues in that domestic business by 30% this year. Yet there is competition and pricing pressure, I guess, in some of our key products. So what would be the key drivers for this kind of growth in the upcoming year?

So, I must brief you that we did not have a very good quarter as far as Agri products are concerned. And we expect that in Q2 since the pina season has not gone well, because of erratic rainfall, we might have some returns in Q2, which will be more than what we had provisioned for. It is only towards the end of August that we come to know because till about middle of August, some season continues in different parts of the country. So by the end of August, we will know that, what would be the actual return. But definitely, we know that it will be much more than what we had provisioned for. Having said that, I must also tell you that the rainfall has been extremely good. And we have several products to be sold in our rabi season. So we expect to catch up in rabi season some of the products. But the kind of setback we have had in pina, cannot be covered by the other products we have. So let us see. I think definitely, we will maintain an EBIT margin of close to 28% to 30%. That is what the indication we had given on steady state, because last year, 40-plus percent was an outlier. But top line growth, we will be only able to come to know once the season is fully over. Having -- since you have asked about Ashitaka, I must tell you, yes, that is a very, very important product for us going forward. Theoretical potential of Ashitaka is about INR 200 crores. And we believe that we will get there in 3, 4 years. But I must tell you, I must marry Ashitaka story with our corn story in the country. Now corn acreages are going up. You know, this year also till now about a 7% acreage in corn has gone up. Prices of corn are very high. It is a very profitable crop for our farmers, largely because of the ethanol story being played out. We strongly believe similar growth will be maintained in rabi also. So Ashitaka potential may be much higher than our expectations in times to come, because we will reduce about 37 million, 38 million tonnes of corn this year, and we will be just hand to mouth, because poultry demand as well as ethanol demand is rising. So my sense is that in 2 to 3 years' time, we have to get to about 45 million tonnes of corn, which will mean that from something like 9.4 million, 9.5 million hectares, we will have to go to 11 million hectares area under corn. So this is the good opportunity for Ashitaka. So we believe that our expectation from Ashitaka will be revised further upwards as the time passes. Regarding the pricing pressure, definitely pricing pressure has come. Because other competitors for the same products have come. Gracia is also shared by the principle with other companies. So definitely, with the competition grows, we cannot enjoy same level of margins. So idea is to expand to different crops. We have already got labels for several other vegetable crops, not only chilli. So we believe we expanded our total expansion in terms of crop and area will definitely maintain great share volumes and profitability.

That is helpful. And on Astec Lifesciences, if it's possible to share your updated expectations in terms of how you're seeing the industry scenario, plus any impact at all of these U.S. tariffs that have been recently announced?

So as Astec is expected to report EBITDA breakeven for this financial year. The volumes of the enterprise products have improved over the last 2 years. But there has been no major improvement observed in the price realization. The gross margins in Enterprise segment are positive in the current quarter, which is a good sign, and it's a sign of recovery. And also seeing raw material prices reducing, which is another positive side. Regarding impact of U.S. tariffs, there is a lot of uncertainty prevailing in terms of what the final tariff rates will be. We understand that trade negotiations are still in progress. We'll be able to comment once we get further updates. But thankfully our exposure to the U.S. in the form of exports is only ranges from about 7% to 10% of our total sales. Our major customers are in South Korea and Japan.

And just one last thing for me, before I get back in the queue. Just within the Vegetable Oil segment, what would the percentage share of value-added products be within total revenues? And also profits, if it's possible to bring those out?

Today, 80% of our sales is now value-added, which is mostly choline, serine, and PFAD, because I must also tell you that you need to understand one thing about this business. Today, it is -- actually, government dropped the import duty on CPO by 10%. So earlier the differential between refined and CPO was 8.75%, which went to about 18% plus. Then suddenly refinery has become profitable. And that is why we are passing all our CPO through our refinery. However, if you take the last year's case, it was not the case. Last year, the refining margins were either very low or negative. So we disposed of most of the oil at CPO, because our focus is to maximize profit. So this will be the, I would say, entrepreneurial decision we will have to take month-on-month, quarter-on-quarter in this particular business. The incremental profit of the Refinery segment is about INR 1 crores to INR 1.5 crores depending on -- 1% to 1.5% depending on prices. To add to our value-added story, we are in the process of setting up a CPO refinery which will come into production in Q3. And in Q4, we will also be starting interesterification and hydrogenation, which would also enable us to get into further value-added products which would be like bakery fats, shortenings, et cetera. So I think we have started this journey. And our strategy is to convert more and more of our crude palm oil and palm kernel oil into value-added products.

[Operator Instructions] The next question is from the line of Aejas Lakhani from Unifi, AMC.

Balram, sir, on -- firstly, on animal feed, could you just explain that comment that is there in the PPT, which states that you all have had a higher utilization of the vendor invoice discounting, which resulted in higher input costs and lower finance costs. So could you please explain that?

So in the past, this is Varadaraj. In the past as well, we have sort of from time to time taken benefit of the vendor invoice discounting program by taking extended credit on our purchases. Now what it does is that whenever you take extended credit on our purchases, that cost goes and sits as part of the material cost, thereby impacting the segment results, okay? And that is the reason why we have sort of talked about the underlying segment margins as well. Trust, this clarifies the question.

Okay. Okay. Sir, the second question is on palm oil. Could you first call out what is the quantum of FFB bunches that we got in this quarter?

Sure. Yes. So FFB improvement is 52% over last year. And Q1 FY '26, we got back in 78,000 tonnes. Q1 FY '25, we got about back in 17,000 tonnes, which is a 52% increase. I must say that this is an extraordinary quarter as far as palm oil palm business is concerned. Because we have never seen such a good FFB arrival in the first quarter. It is because of -- largely because of early rains. I must also say that we are seeing extremely good oil extraction ratios in the first quarter, which we had never seen in the past. In quarter 1 of FY '26 we had, 18.37% oil extraction ratio as compared to quarter 1 of FY '25, which is 17.98%. So, but I must tell you that, this trees are, trees they may produce early, they may produce late, but they are likely to manage and produce the same quantity, with normal productivity increase, which happens with age and management. So my sense is that this year, we are expecting about 15% to 18% increase in FFB arrivals over last year.

Understood. And sir, given that the first quarter was much better in terms of procurement. Does that mean that the second quarter will be affected for any reason? Because second quarter seasonally is the best quarter for us?

Yes. So today, we definitely see that FFB arrivals continue to be at last year or slightly more than last year level. But it is early to judge because there was a lot of rain in our areas in July. We feel that Q2 will definitely be the top quarter. The rain delay it has been historically. I'm very glad to report that OER continues to be all-time high, which is coupled with extremely good prices because of several reasons. So we believe that from a profitability point of view, quarter 2 will also be extremely good.

Sir, I want to ask another question on OER. So just sir, because the OER in this bunch of arrivals is on the higher side, is it a fair assumption to make that for the balance part of the year also, the OER expectations on the higher side of 19.8% versus 8%?

It is a fair assumption. Because that is the pattern we see every day, that our lowest OER is in the monsoon season, when the bunches are wet. And after that, once monsoon season reduces and the temperatures become slightly more benign, the oil content increases. For example, I must tell you Q4 FY '25, the OER was 19.66%. So as compared to that, Q1 is lower, 18.37%. But I must say that this year, we are going to have an extremely good year in OER. As you know, OER is direct injection into our profitability.

Sir, thirdly, could you tell me about Crop Protection. Actually, what went wrong in the Crop Protection this year for us, because the season has been fairly good. So was it to do with the channel, the product, could you just speak a little more on the segment?

So I'm saying that we are -- we were better off in terms of market information. Most of our programs -- digital programs had already been initiated and had reached certain levels of maturity in tracking of our stocks, et cetera. And we have improved our sales and distribution. Everything according to me was right, except the -- this season is very unique. So the rain started early. There were a lot of rains. And the sowing also started. And most of the sowing was completed about 1 week or 10 days before the time. Now our pina products, particularly Hitweed Maxx is to be sprayed at two leaf level. Now that is the level where you need certain amount of irrigation for this herbicide to be effective. Unfortunately, for about 3 weeks, there was total dry period in the areas of Vidarbha, Marathwada and several parts of the country where cotton is grown. You must have also heard about reports that, just because of the dry period, there has been resowing in several areas as far as cotton is concerned. And not only us, anybody -- all the companies which have been in the early-stage herbicides for the cotton, they have had a huge amount of unsold material in the market. Having said that, I must say that this is one of the issues with this business. And that is why efforts around to balance the portfolio improve. Today, we are very skewed towards kharif, but most of the products in pipeline are also focused at rabi crops. Rabi is increasing in salience over the past year as far as this business is concerned. And we believe that rabi will be equally balanced in 2 years once the new molecules, which are in the different stages of registration are launched.

I'd like to add that as regards Hitweed and Hitweed Maxx, this being -- we are in the midst of the season and as the season progresses, we will get more and more clarity in terms of what is happening in terms of the inventory in the market, et cetera, yes.

Understood. But sir, this is -- I mean, in the earlier part of the call, you said that maybe you may have to take some returns in 2Q, and this will be more than provided for. This is a little conflicting to what you mentioned earlier. So could you please clarify?

So we will be still maintain that, we will have returns. It is the tail end of the season. But the only thing is that, even last year also, we have seen that surprisingly, our liquidation was much more than what we expected. So that is why we are a little cautious. But I still reiterate that the returns will be more than expected. How much more is something which we will only be able to tell towards the end of August. You also remember one more statement I made, which was resowing of cotton. So even the cotton season in some of the areas is delayed. So -- but it is so vast and the kind of information which is needed to be able to predict all this is not there. So that is why it is very difficult to take an informed guess on what percentage of returns, et cetera, at this time of the year.

Understood, sir. And sir, Gracia, you said that Nissan has given it to other competitors. So could you explain, I thought that the in-license products were -- the arrangement was such that they used our distribution network, and that was mostly exclusive to us. So for what period do you have the exclusivity? When does it then get open to competition? And given that Gracia was very important in the scheme of things, could you call out what was the size of Gracia and the Crop Protection business? And how much do you think that will get diluted by incrementing? [Technical Difficulty]

Ladies and gentlemen, the line for the management seems to have disconnected. Please hold while we reconnect. Ladies and gentlemen, the line for the management have been connected. Thank you, and over to you, sir.

Sorry, we call disconnected. Can you please repeat the last question, because we were not able to hear the last question.

Sir, my question was that, Balram sir, made a point that Gracia is now being shared by to other competitors by Nissan. So I just wanted to understand the kind of arrangement that you have with Nissan? Is it that these products are exclusive to you for a certain duration? Is that like, sort of, is it product by product, because they are leveraging of our distribution network. So some semantics around how the relationship works? And secondly, could you call out what is the size of Gracia in our Crop Protection business? Because it's a material product for us. And Incrementally, how much runoff do we see from that product?

Gracia in business. So okay, as far as the in-licensing is concerned, no Japanese company nowadays gives exclusivity to anybody. The only difference which has happened in last year is that earlier the other company used to be given material through us. Now it has been made direct. But definitely, that was part of the deal that eventually, they will service at least two partners in the country directly. Rashinban, we have exclusivity for some time. I think 2 years or 3 years. So exclusivity for 2 years in Rashinban. I think, 3 years in Rashinban. But we'll revert on that, but we have some exclusivity there. Even Ashitaka, which is another molecule from anothere Japanese company, which we are launching today in different brand name, it is with one more partners. The salience of Gracia last year in the quarter 1 was 18%. This year, quarter 1 is about 5%.

Okay. And sir, could you call out Gracia for the full year in FY '25 and how you expect it to run off in '26?

FY '25 full year was 18%. FY '24 was 29%. Last year, Q1 was also -- sorry, but last year Q1, this year Q1 same at prices. And now we have more labels. So my sense is that, if the season is good, the salience will also be beyond 18% according to us. And it will be need also, because since the Hitweed, Hitweed Maxx have not performed, in case you have to recover lost ground, it has to be with -- from the products like Rashinban, Gracia, Ashitaka, Bounty combined double, all these products will have to be sold in higher quantities than we have budgeted for.

Understood. And sir, finally, on Dairy, just could you call out what has been the VAP share for the quarter? We were expecting our EBITDA margins to be in the 5%, 6% range and building on that incrementally. So what happened really because, something seems to be a miss?

Yes. So I must also tell you that we are glad to say that our salience continues to be at 42%, which was at the last year level, considering there was a lot of unseasonal early rains, which definitely hurt the drinks business -- flavored drinks business in the segment. The second thing is that we have started investing on brands. Our ad spend in the first quarter are INR 5 crores higher than the last year. And I could say that those results will be seen in future because that is the strategy. Last year, I must tell you that our EBITDA margin, including working media are close to 6.5% to 7%. And we will be able to maintain that easily and probably once our value-added products post advertising, the salience goes up. We are aiming at another percentage of 1.5% improvement in EBITDA plus working media margins in time to come. So the entire effort of this business is now to increase rapidly the value-added products business. And we are budgeted much higher salience in the coming years, going up to 50% salience value-added products in 2 years.

Understood. But sir, just a follow-up. You're saying that even after the ad spend, you are likely to do 6% to 7% EBITDA for the full year FY '26? Understood. And sir, finally, on chicken -- on live birds, what is the proportion now in the business?

So let me just repeat. It is 6% to 7% including working media entering media.

6% to 7% is including the media spend. So if I exclude the media spend, then EBITDA is expected to be reported. Okay. Fine. Okay. I understood. And...

[indiscernible] from the annual basis.

Okay. And sir, just for chicken, could you call, what is live bird share?

Yes. So live birds share, as a strategy, we have started bringing the live bird significantly. And that is why the top line growth of this business is affected. But we are glad to say that live bird share is 15% of the total sales, 85% today are value-added products.

[Operator Instructions] The next question is from the line of Aman Vora from Premium Capital.

My first question is about Astec Lifesciences. It's good to see an improvement in volumes, but does our outlook for FY '26 remain the same? And how do we plan to use the proceeds from the recent rights issue?

So, this is Varadaraj. As far as the utilization of the recent rights issue is concerned, the same is being used to repay all our debt, which are there in the books. And that is what the primary purpose of the rights issue has been. As regards to the other questions, Nadir sir.

So we should report EBITDA breakeven this financial year, which is a significant improvement over last financial year, and we are aiming for a turnover of INR 500 crores.

All right. My next question is in regards to the Astec's CDMO business. Which geography is currently showing the strongest traction in this CDMO business?

So the CDMO business is quite diversified across various geographies. We're targeting the major European innovation as well as the North American innovators and the end product goes into multiple geographies. So all are important. We have strong existing relationships with Japanese and Korean companies. Now we're targeting more of the Western innovators.

That sounds great. And in regards to the corporate structures review, can you please update us on any incremental on like any -- anything incremental on the strategic review of the corporate structure of the business to enhance shareholder value, something we discussed in the past?

So I think the step one was the major step, where significant investments have been made. We own 100% of Godrej Foods, 100% of Creamline Dairy now. This idea was that we just wanted to keep, make the ownership very clean so that whatever portfolio decisions we need to take in the future, we don't have to take anybody into confidence or seek permission from anybody. So I think this is the first significant step, which has been -- which was the material step because in total, we have invested close to INR 1,250 crores in last 6 months in buying out partners in these two businesses. So I'm saying that keep [indiscernible] on more to follow.

The line for the current participant is disconnected. The next question is from the line of Siddharth Gadekar from Equirus.

First one is CDMO business. Last year, we did roughly around INR 204 crores revenue. What is the target for this year? And where do we see us going into FY '27 and '28 on the CDMO business?

So we're aiming for a revenue of over INR 300 crores in CDMO business, CDMO and new products. And that should be about 65% of our total sales.

And sir, beyond '26, any items on this business?

I think, it depends on the pipeline, and we will keep you posted as it matures because the gestation period is where it is. So we will look to grow more than 30% every year. Let's see where this goes as the base increases.

We do have 10 molecules in our pipeline, we should be commercialized after FY '27.

Sir, secondly, in terms of the enterprise business, we were talking about doing some resetting to the plants and trying to diversify away from these legacy products. Where are we on that or that is still a status quo?

So now all the new projects which will be commercialized is based on the old plant only. So all the refitting once we told that there are new projects on pipeline, whenever the commercialization starts, the refitting will be done.

In fact, if you're looking at the website, you will get information about some of your own plants, the new plants which have come up in the last 2, 3 years. That's been the CapEx, which has been mentioned earlier. And it is those plants, which will be used for the new CDMO of products.

And most of our plants are multipurpose plants. So it can be used for a little bit of resetting, it can adjust to any products.

The next question is from the line of Rinki Shah from the [ Boarding ] AMC.

Just wanted to understand the guidance for breakeven in Astec Lifesciences for FY '26, but we have a significant share coming from CDMO, 65%. So at what kind of spreads are we seeing the triazole business? Like in terms of, if not the app amount, but like direction? Are we seeing any improvement in the triazole spreads throughout the year? And if we are not looking at that and if we see supply not moving, so are we going to probably take a call on the triazole business?

So we expect the triazole business to continue. It is an important cash flow generator for the business. So we are going to put our efforts into growing sales on that. We're already seeing improvements in gross margin for the business, improvements in raw material prices, which are coming down. And we're putting a lot of efforts on growing sales in these businesses in key geographies. And we also want to use triazole as a platform for the CDMO business to do CDMO based on triazoles and similar chemistries. So that will continue to be important for us.

Got it. But sir, in triazole, if you're looking to do CDMO in triazole, we don't have many new molecules apart from there's only one which is launched by Corteva in 2024. And the last one was authentic anisole in 2019. So the scope for growing CDMO work using triazole as a platform seems to be limited.

So there is hope for that. We see other companies doing that on exclusive contracts for triazoles. And Metconazole, we consider in the enterprise, the new enterprise products in CDMO category. So we're happy to aim for exclusivity with anyone who wants that. Additionally, they are pharmaceutical intermediates that are in the triazole class. So that is something that we can look into it.

[Operator Instructions] The next question is from the line of Pavan from Nayan M. Vala Securities.

Am I audible?

Yes.

So my question was on the oil business. So what was the FFB arrival in our FY '25 for full year and the extraction ratio also?

I'll give it to you in a minute.

And what can you expect in extraction ratio for FY '26?

FFB arrival in FY '25 was 536,000 tonnes. Oil extraction ratio was 19%.

And what is our expectation for FY '26 oil extraction? You have given an 18% guidance.

We have already grown in quarter 1 by 50%. But overall, we will grow between 15% to 18%. And OER will be better than last year. That is what our expectation is.

And in terms of realization, considering the drop -- import duty drop by the government, what we expect to realize?

So as I already said that we have shifted to refining where there is no drop in import duty. And I've already convinced that we will take the call whether to sell CPO or to sell refined oil depending on how the refining margins are. We have that flexibility.

Okay. And in terms of Crop Protection standalone, what do we expect in top line growth?

Top line growth, we're expecting about -- as of now when things in -- particularly in Hitweed and Hitweed products did not look to be very -- don't look very encouraging. But we have several products which will be sold in the next 6, 7 months.

Hello. Sorry, I couldn't hear you, your expectations.

What we are saying is that, we are still assessing how this pina season or Hitweed, rabi, back season is going. I think the best assessment will be made sometime after 3, 4 weeks, once we know what is the situation of current stocks in the market, et cetera. I would not hazard a guess right now.

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

Thank you. I hope we have been able to answer all your questions. If you have any further questions or would like to know more about the company, we would be happy to be of assistance. Thank you once again for taking the time to join us on this call.

Thank you, sir. On behalf of Godrej Agrovet Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.