India Glycols Limited (500201) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to India Glycols Limited Q1 FY '27 Earnings Call hosted by InCred Equities. [Operator Instructions] Please note that this conference is being recorded. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Nitin Awasthi. Thank you, and over to you, sir.

I would like to thank the management for giving us this opportunity to host the conference call today. From India Glycols management, we have Mr. Rupark Sarswat, Chief Financial Officer (sic) [ Chief Executive Officer ]; Mr. Manoj Kumar Rai, Chief Executive Director and COO of IGL Spirits Limited; Mr. Akshay Bansal, Executive Director of Ennature Biopharma Limited; Mr. Anand Singhal, Chief Financial Officer; Mr. S.K. Shukla, Head of Liquor Business; and Mr. Ankur Jain, Head of Legal and Company Secretary. I would now like to invite Mr. Rupark to initiate the proceedings with his opening remarks, post which we shall open the floor for a Q&A session. Thank you, and over to you, sir.

So thank you very much, and thank you, everybody, for joining us and hope all of you are enjoying your monsoons. And I'm sure a lot of you are in Mumbai are waiting to welcome Ganpati. So best wishes to all of you. And now what I intend to do is to start with 2 introductions. First is the gentleman, Mr. Gagan Kwatra, who would be handling Investor Relations for us. He has joined us. I'm sure his presence will make us better prepared to deal with our investors and better answer your questions and be more responsive. He had 15 years of work experience in a number of organizations handling Investor Relations and consulting, et cetera, which includes Jubilant FoodWorks, LT Foods and prior to that, some consulting assignments that we did with KPMG. The other gentleman I would like to introduce is Mr. Manoj Kumar Rai, who has joined as the Chief Operating Officer for the Spirits and Ethanol business. As you know, with the restructuring, his role becomes very important. So he's a stalwart in the liquor business, and he will help us answer all the difficult questions that you have for this business. He's got 27 years of experience across engineering, consumer goods, entertainment and beverages. He's a B.Tech from IIT Delhi and a Postgraduate in Business Management from IIM Lucknow. He joined from Allied Blenders and Distillers, where he was the Chief Revenue Officer, led 7 consecutive quarters of profitable growth. And he spent 19 years with Pernod Ricard India in multiple roles. And earlier, he's also worked with Marico, Saregama India, Sulzer, et cetera. So I've taken the opportunity to introduce them. I'm sure you will have an opportunity to interact with them today and more so going forward. With that, let me get started on a quick update on the business. And then we can talk a little bit about restructuring, a little bit about the segments and so on. So all in all, we've had a very strong quarter. So IGL delivered a very strong start for '27 with a double-digit growth in gross revenue, EBITDA and PAT, which was supported by a balanced portfolio and improved profitability. So we've had revenues of INR 1,129 crores, up 8.5% and a record EBITDA of INR 170 crores. So our gross revenue is up 19%, net revenue of 19%, EBITDA up 13% and PAT up 32%. On the business restructuring front, we've got the NCLT approval. Effective date is to be communicated, and we are progressing the actions as per the plan. The business portfolio overall remains well diversified, and you can see that we've been improving our business, making it a better quality business in across businesses and you can see premiumization and margin recovery all across. The Spirits business recorded a revenue of INR 361 crores, up 5.3%, EBITDA growth of 14.2% and the company retained a dominant share in UP and Uttarakhand while benefiting from premium product offerings in these areas. In Chemicals, the revenues increased by 20.6% to INR 362 crores, driven by growth in multiple areas, which include bio-glycol, green solvents as well as performance chemicals. Bio-Fuel reported a revenue of INR 323 crores with EBIT increasing 19% year-on-year to INR 27 crores and EBIT margin at 8.4%. Ennature Biopharma reported its best ever quarter, with revenue rising 65% year-on-year and EBITDA increasing 188%. So this growth has been supported by new acquisitions of customers, several nutraceutical launches, expansion of the nicotine business and in general, improved efficiencies. The finance costs for the company declined by INR 25 crores in Q1 FY '27 from INR 45 crores in Q1 FY '26. And this is on account of debt reduction, which has been supporting the profitable growth as well. Debt levels have reduced during the quarter with debt-to-equity ratio has also improved. And the proposed restructuring that we received NCLT approval is something that we are going to talk about a little more. So all in all, strong revenue and EBITDA growth, strong margin performance, business restructuring on plan. As far as Portable Spirits is concerned, the broader theme of premiumization and market leadership continues. On the chemicals front, we've had a good growth across areas, and we'll talk about the factors subsequently. We recognize that our growth will come from new performance chemicals, which right now is small, but I think the pipeline is strong, and we expect it to continue to drive growth year-on-year. As I mentioned, a very strong quarter for Ennature Biopharma and good progress with customers, et cetera. Just to give you a general thing that people generally ask us about is also the impact of the war. Now the war has impacted us in multiple ways, some good, some not so good. So that it is both a combination of headwinds and tailwinds for us. As you know, crude spiked to a 4-year high, so which also meant that crude prices went up, which also meant that some of the chemicals that come into India from the Middle East, for example, glycols and some other petrochemical derivatives were affected not only in terms of supply, but also prices. The rupee hit a record low, but another factor which impacted business is the fact that freight really became even more determining than the prices itself. So freight which are for westbound cargoes have been very, very volatile, going up anywhere between 5 to 20x, which has been, which impacted some of the businesses. So the impact has been that as far as crude is concerned, it had a positive impact on our ethylene oxide business because you see we talked about over the last 3 or 4 years that we had a disadvantage in terms of our bio-based being slightly more expensive than Reliance's EO. Now this is something which was not the case 15 years prior to 2021. However, this changed in the recent past. And for the few months that I'm talking about, we were either similar to Reliance's EO prices or slightly lower, which meant that we had greater offtake for specialty chemicals and greater penetration for some of the glycol, which we sell into India and so on. And the impact on chemicals on the other side, which was that several of our raw materials, propylene oxide, for example, were either completely not available or were prohibitively expensive. So this adversely impacted our businesses in the oil and gas sector where we were supplying specialty chemicals within India. And we also supply oil and gas materials to the Middle East, which essentially completely collapsed because there was no sale happening to that area. And also shipments to U.S., et cetera, became very difficult. So that was a negative impact, mainly impacting the chemicals business. So all in all, high profitability, broad-based revenue growth, a breakout quarter for Ennature Biopharma, and we've maintained the momentum simple. Another thing that we've been talking about is the fact that if you look at FY '22, we had an EBITDA margin of 11%. In '23, we became 13%. In '24, we became 14.2%, '25 14%, FY '26, 16.4%. So the margin recovery story has been, I would like to say based on a strategic plan that we spoke to you about over the last few years, managing our costs better, managing our feedstock better, improving the quality of our business and getting into new areas which drove both growth and profitability. So this is very heartening for us to note that first of all, it has been consistent and stable. So there is sustained improvement in quality of the business as seen in these years. So that's a broader point I'd like to make. Now coming to another important thing as we've got the approval from NCLT for the demerger. As you know, NCLT has now sanctioned the scheme of arrangement on 17th of July 2026. And upon effectiveness, the Spirits, biofuel and biopharma undertaking transfer to dedicated resulting companies. So we start with India Glycols Limited as we have it now, and that is how we've been presenting our results. And this segregates into 3 different entities. One entity remains as such, which is India Glycols Limited as such in the sense of name, which will continue to have bio-based chemicals, specialty glycol, new performance chemicals, gases and any other new areas in the chemical space we may get into. The other big one is IGL Spirits Limited, which will have the portable spirits business, both IMFL as well as Indian Made Indian liquor, but it also will have the biofuels business looking at the synergies of the business, which is ethanol and the fact that a significant amount of ethanol that is produced is actually also required by the Portable Spirits business. The Ennature Biopharma business will continue to have what it has in terms of nutraceuticals and APIs, but the biopolymers business from within the chemical business will now be part of this entity. In order to make sure that our costs are managed well and the expertise to run these businesses are retained within the business, there are, of course, arrangements so that we can continue to manage them with the people that we have without hiring too many different people and managing the overlaps in a good manner. Now let me take a pause and request to quickly Anandji to quickly give you a very high level of financial performance update.

Thank you, sir. So the net revenue in IGL Spirit for Q1 financial year '27 is INR 694 crores and the EBITDA of INR 120 crores, margin at 17.3%. But this 14.7% in Q1 financial year '26. So this is 14.7% growth in the EBITDA inside [indiscernible]. India Glycols net revenue is INR 345 crores, up by 24%, year-on-year EBITDA is INR 40 crores which is 5% up year-on-year basis and EBITDA margin is 11.6%. The Ennature Biopharma net revenue is INR 90 crores, which is up 53%. EBITDA is 10% -- INR 10 crores, which is almost about 100% year-on-year growth and EBITDA margin is 11.1%. So overall, if we compare the net revenue for the company as India Glycols on consolidated basis is INR 1,130 crores, which is up by 9%. EBITDA is INR 170 crores, which is up by 13% and EBITDA margin is 15% versus 14.3% in Q1 last year. So overall, the tremendous growth and good -- very good performance.

Thank you, Anandji. Now considering that it is Friday evening and we are supposed to talk about segment, we will start with [ IGL ] Spirits. So I will request my colleague, new colleague, Mr. Manoj Rai to give us an update on Spirits, which is obviously doing very well. [indiscernible] like to know.

Thank you, and good evening to all of you. Well, when we look at the numbers first for IGL Spirits, an extremely healthy quarter. We bifurcated the IGL Spirits business into 2 parts. One is the main Spirits business and the other is the Bio-Fuels business. Spirits business had a net revenue of INR 371 crores with an EBITDA margin of about 22.9%, which is an improvement of 207 bps. When I further bifurcate this into IMFL and non-IMFL business, it's the IMFL business which shows promise. We have grown 26% year-on-year in terms of net revenue, doing 1.4 million cases, which is a 55% growth over last year. In the non-IMFL business, our revenues have more or less remained stagnant. We are at INR 279 crores with a volume of 7.5 million, which is a 6% growth year-on-year. When I look at the Bio-Fuel business, it's a 7% growth in net revenue at INR 323 crores with an EBITDA margin of 10.8%, which is an improvement of 250 bps. Now that's quarter 1 performance. And if we have to look at how the business outlook for IGL Spirits pans out for the rest of the year. I think there are 6 or 7 main pivots on which the outlook for IGL Spirits looks encouraging. The first is when we look at the IMFL growth, you saw a 26% growth particularly in geographies where we are operating in industry or defence canteen outlets. As [indiscernible] declined [indiscernible] for considering which the kind of movement in the industry and our growth [indiscernible]. This is further going to get accelerated it was -- there are quite a few launches planned. There are launches planned in Deluxe Whisky segment. There are launches planned in the semi-premium Vodka segment, which will improve our market [indiscernible]. We would want to focus more on the white spirits business, if we look at the [indiscernible] category, it's the white spirit business which is [indiscernible] and we are strategically based with our portfolio in this particular segment. We expect to garner the higher share [indiscernible] segment. So there are many times when people build brands in the premium and the semi-premium segment. Rather than building we have entered into a strategic partnership with Amrut where we've acquired brands from them and we do the distribution and marketing for them in the selected states. And you would be pleased to know that the kind of aspirations that we have in the premium whiskey segment as well as the single malt segment [indiscernible] well. We are looking at doubling our volumes in the Amrut whiskey segment, the 3 whiskeys that we make with them. And we are looking at a healthy 10,000 plus kind of volume as far as the single malt is concerned in the states where we operate. The other big pivot through which growth could be driven for IGL Spirits would be through geographical and channel expansion. Our bulk of the business currently is focused in 3 states, which is UP, Uttarakhand, Delhi. It just touched the tip of the iceberg in the states. There is, these are big states in terms of industry size and we will look at deepening our penetration not only through our existing portfolio, but also through other offerings that we have. Apart from this, there would be inorganic gains coming in from introduction of new brands and introduction into new states. We are looking at Defence giving us an all-India footprint with the introduction of 3 to 4 new brands. While we see there are already 3 brands that are approved and there is one on the anvil. We have had a long-standing relationship with Bacardi close to about 15 years. And you would probably know that we are the only one in the country which has exclusive facility for them in terms of spirit maturation. This reinforces our position of being a trusted partner as well as the fact that we can comply with world-class manufacturing practices. The fact that we have captive high-quality ENA and we have enough and more capacity available ensures that this gives us the cost advantage in the states that we operate and protects our margin. We manufacture one of the best qualities of ENA, and we are one of the largest manufacturers, thus giving us consistent quality and sustainable cost leadership. What is heartening to also know that in the states where we operate in the non-IMFL segment despite a declining market where most of the big players in the markets have declined. We continue to maintain our strong position in both UP as well as Uttarakhand, primarily led by the fact that we have built brands in this non-IMFL segment, something which was unheard of in the past. One of our brands, Bunty Bubbly, you would have heard, has shared -- has received various accolades, including being appreciated by Limca Book of Records as well as Asia Book of Records. The fact that despite the increase in the number of players in the non-IMFL segment, we continue to hold a dominant position as far as our shares in the market is concerned, speaks volumes about the kind of quality and the kind of brands that we have here and the strong marketing effort that goes behind this. All this naturally gives us a very encouraging outlook for FY '27, and we expect to deliver an EBITDA in excess of INR 500 crores. Premiumization, which I spoke to you about and continued growth in not only the operating states, but also the inorganic growth in the new states that we entered would eventually lead us to becoming a debt-free company from '28 onwards, and we are targeting an EBITDA in excess of INR 100 crores in the next 4 to 5 years. If we do this, we would probably see one of the top 5 Alco-bev companies in this country. Ruparkji, I hand over to you.

Thank you, Manoj for a very [indiscernible] update on the Liquor business or rather the Spirits business, including Bio- fuels. I will talk a little bit about the India Glycols a bit as per the new structure, which is essentially broadly known as the chemicals business. So for the chemicals business, the net revenue at INR 332 crores was up 25% year-on-year with an EBITDA margin of 11.4%. And for the small gases business, it was INR 13 crores with an EBITDA margin of 23.1%. Overall, this business had quite a good quarter both in terms of volume and value terms. If you look at some of the core businesses, for example, green solvents of glycol and glycol ether, the volumes were up 6%, the value was up 13% and gross margins close to 50%. For the glycol business, value up 83% and similarly, very strong growth in gross margin. The Performance Chemicals business grew by 40%, which was lower than what we had targeted essentially for some of the reasons that I articulated. Exports suffered to Middle East as well as other countries and some raw materials became prohibitively expensive and supply chain disruptions, so which had flattish contribution. We saw some growth in terms of EO sales that we sell to the joint venture as well. Now talking about going forward, it is a business that is very resilient and we have a strategy on how we will build it. So in terms of looking at this business, we would be leveraging the fact that we are the largest supplier of bio-based specialty chemicals in the world combined with our joint venture. And we are the pioneer in manufacture of bio-based EO, glycols, glycol ethers and perhaps the only 2-scale supplier of these products in the world. I'm aware of 1 or 2 more people who entered industry, but none of them make, first of all, to this scale and all these products. So we see in terms of our drivers, one is our strength in process chemistry, product development, applications and partnerships. So a lot of our new value-added chemicals are being driven by innovation and applications where we are essentially moving from product to good products to differentiated products to understanding applications to solving problems through collaborative projects through strategic projects. And you can see that all for us in terms of what we are doing. So we've entered several new spaces. For example, we became the first ever company to manufacture bio-based amine. We started supplying small quantities, and I'm sure over a period of time, it will be a good opportunity to grow. Similarly, we also became the first company in the world to supply CarbonSmart ethoxylates and glycols, those small right now, but these are technologies for the future, and that is something we look at. We are building on supplying our green solvents business into various end applications like crop protection, food, pharma, personal care, et cetera. As a part of our new strategy, a lot of our growth will be hinged on innovation that we do with good partners and also grow with them. For example, we will not necessarily become the supplier to every end consumer throughout the world, but we will definitely be partners of choice. And some of the names that I can give the [indiscernible] say we've got strong collaborative partnerships, not the supply partnerships are BASF, Dove, L'Oréal, Unilever, [indiscernible] and many others. So that continues. The other thing, I have some kind of aspirations to share with you. And the aspiration that we are looking at is to deliver an EBITDA of about INR 200 crores and -- sorry, an EBITDA of about INR 400 crores and the business which is approximately INR 2,500 crores in the next 4 to 5 years. That's an aspiration. I mean I would like to underline it again that's not a projection. Now having said that, this is a plan that we have made product by product, customer by customer, and I'm quite confident that we should be getting there. And in addition to this, we are working on new technologies we have not built in because we are not in a position to develop numbers there. These new technologies are, for example, looking at utilizing carbon, producing viable low carbon footprint products and some of them can be transformational. Considering that they have not matured right now, I'm constrained to neither the deal what we are doing now I'm not in a position to give numbers. But the reason I'm highlighting this is that we are building this business on the back of innovation, on the back of sustainability, on the back of strong partnerships. Of course, some things succeed, some things take -- takes time. But given the fundamentals of what we are doing and given what is happening in the macroeconomic environment and the trust of sustainability, I'm sure this business is positioned to build on very well from here. So all in all, renewable materials is a strategic advantage, not just a credential, a point that I would like to emphasize. There is a structural shift towards specialty-led portfolio, and this will keep on showing more in numbers. Performance Chemicals or value-added chemicals is moving well, and we've got a strong pipeline and expect it to continue to become an important part of the chemicals business. And I already spoke about innovation being something that we are genuinely doing very well and our collaboration with the people, which will help us drive growth. Now coming to another interesting segment of ours, which is Ennature Biopharma. So Ennature Biopharma as I mentioned, achieved its best ever quarterly performance at INR 83 crores, growth of over 30% in the prior quarter. Thiocolchicoside sales registered a robust growth of 26% over the prior quarter, previous quarter, supported by a strong order pipeline, improved price realization. However, the raw material availability and pricing continues to be volatile and a challenging Q2 as well. In nicotine, there has been growth and there has been capacity expansion. Nicotine sales grew 2x quarter-over-quarter driven by customer conversions in Europe. Nicotine crude processing operations, we also started in our Kashipur plant, adding significant capacity. And we continue to focus on strengthening our branded nutraceuticals portfolio through various strategic initiatives. So in short, when we come to Ennature Biopharma, the story is there is sustained growth momentum. We've expanded in an important area, which is nicotine, both in terms of sales as well as capacity. We continue to focus on strengthening the branded portfolio. We are taking several actions, for example, new service rate approvals, et cetera, for global market penetration, driving customer and product expansion. And the long-term value creation will continue to happen through disciplined allocation of capital. In terms of our aspiration for EBITDA, I think over the next 4 or 5 years, we are aspiring to do INR 130 crores to INR 150 crores EBITDA. Now I underline this again, this is a call that we are having before the bifurcation of the businesses and we are sharing our aspirations with you. And we are conscious of the fact that when we put up a number here, it is something that we will hold on to us. But again, this is an aspiration. This is not something that we are giving as a projection. Of course, it is not out of the blue. This is based on an exercise given by people. The world is so dynamic. There are so many things happening. But we did think that you wanted to ask us about what your aspirations are. So I will not qualify this as a plan or a projection. But yes, we are happy to share these aspirations. This is from my side. For some more on financial, Anandji, would you like to say something? Otherwise, we will go on to take questions.

It is already 4:30, I'll request for the Q&A.

[Operator Instructions] The first question comes from the line of Ragini Ramkumar from [indiscernible] Capital.

Am I audible?

Yes.

Yes, ma'am.

So I have one question, it was regarding [Technical Difficulty]

Sorry, your not...

Sorry to interrupt ma'am. Your voice is not audible.

Is this audible now?

Yes, please.

Yes. Sir my question was regarding the guidance for Portable Spirits for the rest of this year and the next financial year?

Yes, so what's the question....

So my question is regarding the guidance for Portable Spirits for this financial year and the next financial year?

You want the numbers or you want the performance?

Performance and numbers both.

So when I look at the EBITDA numbers, we've already shared that with you we are looking at an EBITDA in excess of INR 500 crores, of which INR 120 crores is something which we have already delivered in Q1. When I look at the volume, we are looking at doubling our volume from what we delivered last year. The basis for this doubling of volume is, I told you, deeper penetration in the states -- core states where we operate with a larger offering of brands, particularly in the Deluxe Whisky segment, Rum segment and the Semi-premium Vodka segment, which have healthy margins. This is at a time when the industry last year or for the last year has been showing a CAGR of 4% to 5%. The outlook for next year, we expect to continue to grow in healthy double digits. Does that answer your question?

Yes, sir.

The next question comes from the line of Saket Kapoor from Kapoor Company.

Congratulations firstly to the team for very strong set of numbers and also deliberating on the fact on revamping the entire investor presentation and making it concise and also relevant for us by giving us segment-wise numbers, our aspirations, which were all not present till the last presentation. So kudos to the team for doing a commendable job. Sir only on the [indiscernible] part, if you could just explain to us what is the annual going ahead in terms of the CapEx that we have planned for the current year, and you have mentioned about the contribution for the first quarter. How is this going to scale up with the introduction of new products and the customer engagement which you just outlined? And what should we aspire for this [indiscernible] what are the pillars, some more color on this.

Since you asked me to talk about aspiration, I will talk about aspiration. Just one second. So the -- as far as CapEx is concerned, I do not expect a huge amount of CapEx happening this year. So there will be incremental CapEx, but we are talking about perhaps INR 5 crores, INR 10 crores, maybe INR 15 crores, INR 20 crores based on the plans that we have right now. Now if we...

Hello. Sir your voice is...

So it is not a very CapEx-intensive model as of now. But as our businesses grow, we will continue to have modular expansion. This is not a business where we expect suddenly a INR 400 crores, INR 500 crore plant to be put up, not right now, unless we are looking at some ways to technologies to be invested, but that I don't see happening for the next 2 years, maybe after that. And as far as the aspiration is concerned, this is dynamic as we work on these projects. We aspire to be INR 150 crores plus in this year. And we aspire that in 4 or 5 years, we see this business to be possibly INR 500 crores -- INR 600 crores to INR 700 crores business. But what is important is from a profitability perspective, we expect that a business which is, let me just check what the margins are, which is close to maybe 16%, 17% right now. We expect that by 2030, 50, we will do significant efficient and customs to improve the quality of the mix as well as pricing for the innovative products. And we expect newer feedstocks, which will be more viable. So I expect that by, in 5 or 6 years when I'm talking to you about the turnover about this time, our gross margins will be closer to about 30%.

Okay. Okay.

I think Saket [indiscernible] aspiration. People are asking guidance and giving aspiration.

Yes, sir. Everything taken with pinch of salt. I can understand. Yes.

Sitting here in the investment call, it's important for me to make sure that I...

Correct, sir. Correct, sir. So sir, as on date, can you give, you have the ballpark number of how much we have invested in our Ennature segment from the date of inception?

See, there are -- in terms of the core plant expansion that we've done, we've not invested too much. We used some of our existing assets. And as far as new plant addition is concerned, we are probably talking about INR 50 crores, INR 60 crores.

Okay. And sir, I think sir in your presentation, we have, I missed your point on the JV performance. So how have been the performance? I think the numbers are good there also. So how is the JV going to perform going ahead? And I think some milestones will also be achieved this year in terms of we receiving some more payments. So some color on the same?

Yes, the joint venture for the reasons that I mentioned to you has been doing well. So what has driven growth in the joint venture is the fact that the disadvantage on ethylene oxide pricing has been reduced because of the current scenario. So that has driven good growth. So compared to Q4, for example, the net revenue of the JV went up by 21%, which is very good. EBITDA also went up quite significantly in high double digits. And compared to the last quarter, the growth is not as high in numbers, but the JV is doing well, both from Kashipur as well as from product from Clariant that is sell in India. And what we also see is there is a greater thrust on exporting product made out of India into other Clariant customers worldwide. So in short, I think it is heartening for us to note that despite some of the toughest years that IGL had over the last 3 or 4 years for reasons that you well understand, the JV performance, by and large, has been on track. We all were very concerned when our ethanol prices went up, our EO costs started to become less competitive to us. But I think actions in terms of improving the product mix, working closely with our customers, importing wherever required, trading in some areas and with a bit of good luck right now, I think the JV is doing quite well, not only for the quarter, but for the time that we've seen. Anandji, would you like to add something.

[indiscernible]

So for this quarter on the JV front I think -- so we have posted INR 21 crores profit -- on the profitability front. So -- sir are these numbers sustainable going ahead -- I think this is a significant jump if you take the last year realize number was INR 46 crores, INR 47 crores and Q-on-Q also, we have seen a good jump. Last -- year-on-year comparison is flat, but only wanted to understand the color and the nature, as you mentioned just now that we can expect the trend to continue. So that understanding is correct?

Saket, look, maybe I will not split too many hairs. But by and large, it is a fair assumption. See, if I get my numbers correct and Anandji can correct me, the PAT number was closer to INR 19 crores for the same quarter last year anyway. So INR 21 crores this year is not something which is completely out of the blue or completely unexpected. Just the fact that it has been a good quarter and there have been some tailwinds, which is fine. But I think there are reasons, and I deliberately delved into saying that I'm not only talking about the JV performance for the quarter, but broadly, if you take an overall picture for the last 4 years, it's by and large been as per plan or perhaps better despite the significant headwinds that we faced, so -- which I do take some consolation from.

Right, sir. Thank you once for a very revamped investor presentation. There are lot of input for us to ponder upon.

So which means that Gagan is doing a good job right from beginning.

Yes, sir. It's a commendable one. I must use the right word here. [Foreign Language]

[Foreign Language]

[Foreign Language]

So Saket, sorry I'm being on the lighter note, but that is me.

[Foreign Language] nothing more to add to it.

[Foreign Language]

The next question comes from the line of Vignesh Iyer from Sequent Investments.

Sir, my question is on the IGL Spirits segment. Two questions from my side, sir, firstly sir can you share numbers for Prestige & Above segment specifically if you could in terms of what is the number of cases and what was the growth in that category specifically?

When I look at the IMFL segment I gave you a number of 1.4 million, Prestige & Above it's roughly 0.5 million, and this is almost double of what it was last year.

Sorry, I missed the last part, sorry.

This is almost double of what it was last year in the same period. 0.5 million Prestige & Above.

Okay. Prestige & Above is half of the total cases and which is double of what you did last year is what you said, right?

Yes. Yes.