JK Lakshmi Cement Limited (500380) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the Q3 FY '22 Conference Call of JK Lakshmi Cement Limited, hosted by PhillipCapital (India) Private Limited. [Operator Instructions] Please note that this conference is being recorded. I would now like to hand the conference over to Mr. Vaibhav Agarwal from PhillipCapital (India) Private Limited. Thank you. And over to you, Mr. Agarwal.

Thank you, Janis. Good evening, everyone. On behalf of PhillipCapital (India) Private Limited, we welcome you to the Q3 FY '22 call of JK Lakshmi Cement. I need to highlight that JK Lakshmi Cement is also the holding company of Udaipur Cement Works Limited, and therefore, the call is also open for discussion about the performance of Udaipur Cement Works Limited. On the call, we have with us Dr. Shailendra Chouksey, Whole-Time Director; and Mr. Sudhir Bidkar, CFO of JK Lakshmi Cement. I would like to mention on behalf of the JK Lakshmi Cement and its management that certain statements that may be made or discussed on the conference call may be forward-looking statements related to future developments and current performance. These statements are subject to a number of risks, uncertainties and other important factors, which may cause the actual developments and results to differ materially from the statements made. JK Lakshmi Cement Limited and the management of company assumes no obligation to update or alter these forward-looking statements, whether as a result of new information or future events or otherwise. I will now hand over the floor to the management of JK Lakshmi Cement for their opening remarks, which will followed by interactive Q&A. Thank you, and over to you, sir.

Thank you, Mr. Vaibhav, and good afternoon, ladies and gentlemen. This is Sudhir Bidkar, CFO, JK Lakshmi; along with my colleague, Dr. Shailendra Chouksey, Whole-Time Director, welcoming you for Q3 FY '22 con-call. We had the Board meeting yesterday; you would have all seen the results. So nothing much to add. I'll throw the floor open for question-and-answers, so that we have more questions, and we are able to clear whatever clarification or doubts you have with regard to the business or our [indiscernible] Over to -- the floor is now open for question-answer, please.

[Operator Instructions] The first question is from the line of Rajesh Ravi from HDFC Securities.

First of all, could you share the clinker production number and -- yes, for the quarter, was stand-alone and consol?

What do you want, clinker?

Clinker production number for this quarter, stand-alone and consol?

Yes. The clinker production in this quarter was -- for JK Lakshmi was 17.38 lakh tonnes, JK Lakshmi Cement. And as far as The UCWL is concerned, it was 3.08 lakh tonnes.

3.08 lakh tonnes. Okay. And sir, with RMC and noncement revenues?

Approximately INR 100 crores this quarter.

This is what, RMC or total noncement revenues?

Total noncement.

Okay. And RMC will be how much in this, sir?

RMC would be INR 42 crores.

Okay. Okay. And coming to Udaipur Cement, the CapEx, could you explain what is the progress and on the funding of the same?

Yes. As far as UCWL is concerned, this project is of you know as we mentioned last time is of 1.5 million clinker and 2.5 million tonnes of cement. So out of -- while the clinkerization entire will happen to Udaipur, 1 grinding unit of 1 million will also happen at Udaipur that is -- we'll take that as the first phase. And the second phase will involve a split location grinding unit of 1.5 million tonnes in Rajasthan. So the first phase, we have taken up for implementation and out of that INR 1,650 crores, this will cost about close to INR 1,250 crores and the INR 400 crores we have kept for the split location in grinding units. So most of the long delivery items have already been ordered, and we are -- we've already initiated action for seeking the government clearance and clearance from Rajasthan government also. Public hearing has completed. And the approval from airport authority being -- the plant being in proximity to the Udaipur Airport is awaited. [indiscernible] has already started. That is where we stand still now.

Okay. And on the funding aspect?

As far as funding is concerned, this will -- out of 11 -- as we mentioned last time out of INR 1,650 crores of project, this will be funded through a debt equity of 2:1, means INR 550 crores will be promoters' contribution and INR 1,100 crores will be the loan means that loan amount is INR 850 crores. So the financial closure has happened now. We have tied up the entire loan. And UCWL in their Board meeting held on 27th of January has already approved the funding of that INR 850 crores. So we have been able to get very fine rates. On a 15-year loans, we have tied up with the banks and -- which will have above 4 years moratorium and 7 years repayment. And out of the 4 years, 3 years may go in implementation, though the period could be shorter, and there will be 1 year moratorium after the COD, and we are in a state depend on a ballooning basis.

Okay. And this rights issue, is there any plans on that?

We will come back to the Board in the month of May when we announce the results with the exact timing and the terms of the rights.

Okay. Great, sir. And last, if you could throw some thought on the fuel price, how much per kilogram costing in the December quarter of per tonne costing? And how is that number in current quarter?

As far as the fuel cost is concerned, we saw the impact of the escalation in fuel prices also impacted us because we have been also -- though that impact is not amounts much because of the old inventory, but it's still impact is there. In this quarter, our blended fuel cost was INR 9,500 per tonne, about INR 6,600 in the corresponding quarter and about INR 8,350 in the preceding quarter. Currently, it is over INR 10,000, as per present fuel cost is concerned.

[Operator Instructions] The next question is from the line of Nitin Arora from Axis Mutual Fund.

The first question is, could you can throw some light on the demand because that's something looks like not improving [indiscernible] mix stock profits there. So if you can throw some light?

Yes. You want some light on the coming quarters, right?

Sir, the coming quarter. If you can throw some light why the demand is not improving in the last 4, 5 months? And what's your outlook on the demand, how one should assume going forward? That's my first question. The second question is, if I look at your profitability, and especially, the EBITDA per tonne, mostly you are touching INR 1,400, INR 1,350 over the...

Your voice is breaking, can you -- a bit louder?

Sure. Sure. What I'm trying to understand from you on the profitability, the EBITDA per tonne for us at the peak when the industry was doing INR 1,400, we were doing INR 900. And when the industry is down let's say, INR 1,200, INR 1,250 we are down to INR 600. Now going forward, if you can help us guide that for FY '23, what's the sustainable EBITDA per tonne one should assume? Should we go back to INR 700, INR 750, which we used to do earlier? That should be the sustainable number? That's my second question.

Well, as far as the first question is concerned, I think the demand got impacted mostly in the month of November. So 1 month alone was fairly bad. And that was because of the unseasonal rains and then reemergence of corona in the North and Gujarat. So the demand hit. Second reason why our volume went down was we had the strike of transportation in the East. So that affected our overall volume. But as far as demand is concerned, the third quarter, I think most of us suffered because of the very poor demand in November and first half of December. But otherwise, October was good, and second half of December was good. And consequently, in the month of January, we saw a good run on the demand. And I'm quite bullish for the demand continuing its trend in the month of February and March. So I think the January-March quarter should see a good improvement over the quarter October to December.

Now as far as the second part of the question is concerned, which is regarding the EBITDA per tonne going forward. So we expect it to be in excess of over INR 850 per tonne, depending on the -- that will be subject to 2 major things. One, how much fuel prices further pick up or settle down or soften; and two, our ability to pass on the cost increase on to the consumer, which will be a function of the demand in various markets where we serve. So we are quite hopeful it should be in excess of INR 850, close to INR 900 going forward.

Just to supplement Mr. Bidkar. See, in the last quarter because of the very low demand, it's 1.5 months period of the quarter, we -- our ability to push prices was not there. And then most of the companies refrained from making any attempt because of the continuing the very cold weather in the entire northern part. Now looking at the current demand, one is hopeful that one would be able to pass on some of these increases in the cost of their input, which has taken place. And if that happens, then obviously, our EBITDA correction should take place.

[Operator Instructions] The next question is from the line of Amit Murarka from Axis Capital.

Just on the cost side, like the WHRS, I believe was about the commissioned in December. So could you just confirm when did it get commissioned and also guide us to your cost savings that you expect to get in FY '23 from this?

This trial runs have already commenced therein. The -- some last-minute hooking is required. But otherwise, that has already been completed as far as the Waste Heat Recovery is concerned. And there, we expect to generate, as we mentioned last time also, a savings in excess about -- in the vicinity of about INR 22 crores to INR 25 crores.

Okay, sure. And could you also just share the debt numbers?

Yes, debt number, we -- as on -- as far as stand-alone JK Lakshmi is concerned, as of 31st December, we have total debt of INR 1,078 crores. And net of cash, it is INR 414 crores only. And if we -- one were to talk of the consolidated debt, it is INR 1,634 crores and net debt of INR 922 crores after taking into account cash and bank balance of INR 700 crores on a consolidated basis.

Got it. And also, could you share the trade mix in the quarter?

We had the total trade of about 54% in this current year. 54% is trade and 46% nontrade.

In Q3, right?

Overall, yes. Overall in the current year.

For the 9-month's period? Okay. It is 9-month's. Okay. Fair enough.

[Operator Instructions] The next question is from the line [ Yashwanth Kumar from Axis Securities ].

Sir, within the month of October, the 70 days, there were no production. So how much volume we would have lost because of that?

Because of the transporter strike, it was there for 30 days. It started around 19th of October -- September and continued up to 18th of October. So it was -- the impact was about 18 days for the current year -- current quarter as far as October-December is concerned, that too at about our plant only. So the impact was about 110,000 -- about 1 lakh, you can say broadly.

Okay. Okay. And sir, any price increase that you have taken in the month of January in our markets?

Yes. We have taken minor increase of about INR 5 a bag.

Okay. This is in all markets where you operate, East, West and North also?

Yes. You can say that.

Okay. And sir, how has been our premium cement sale during this quarter out of the CRISIL?

We are doing more than 25% alone, all markets combined.

Okay. So it has gone down because last quarter, it was around 30%, I think?

I think 30% was excluding the East, where our premium cement is lesser, but now cement is taken overall, is about 25%. Expecting a further increase there.

Okay. And sir, my last question, how has been our fuel mix during this quarter?

Sorry?

Fuel mix during this quarter?

Fuel mix was basically, we were using about 60% petcoke, 30% coal and 10% other biomass, et cetera.

[Operator Instructions] The next question is from the line of Mangesh Bhadang from Nirmal Bang.

Sir, a couple of questions from my side. Sir, firstly, on the fuel prices. So last time around, I think you have mentioned that we have fuel till Jan and Feb. So the impact would be limited. So is that -- was that basically the volume perspective or even the price was locked? That is the first question.

That was volume. Price was, obviously, we were procuring as and when based on the current market price only. But yes, the -- in the current quarter, our price was what we hit in the P&L was INR 9,500.

Okay. And sir, if you can give that the sale price -- sorry, the fuel mix that you gave, is it possible if you can give it for North and East, it is would be really helpful?

Sorry, come again?

The well mix for North and Eastern operations?

We generally don't give planned, right? But generally, just for the information of you and everyone, coal consumption is more in East because of their proximity 1 and to the linkage which they have. But generally, we don't share it region-wise. Broadly, I've given for the company as a whole. [indiscernible].

Okay. Sir, secondly, the cost item, which is purchase of traded goods, I think the highest that we have reported. So...

Sorry, can you repeat your question?

Sir, purchase of traded goods, the cost item in the P&L is the highest that we have reported, almost INR 120 crore. Is it largely because of the clinker purchases that we have to do on -- for the northern operations?

It is also what we are -- also at times procuring and getting clinker from Udaipur and getting it grounded at our locations in Gujarat to enable them to meet their and -- Gujarat needs. So that is...

Okay. So inter-company is also there?

Yes.

Yes. It's actually a part of our synergistic operations that we resort to the traded goods.

So overall, when we report the consolidated numbers, those get eliminated, obviously.

Okay. But sir, I just wanted to understand what would be the clinker purchases that you will need for this year?

We don't need any clinker purchases per se. It is more to take care of our logistics improvement -- cost improvement or cost reductions so as to say. Now if you can well understand if Udaipur was to sell in Gujarat, instead of they're transporting the entire cement from their plant to Gujarat, it makes better sense for them to sell -- transfer only clinker, which is only 17% of the cement and then use grinding facility -- our grinding facility where the flash is available and then save on 30% of the logistic cost. So that is how we are doing. Similarly, if we were to sell something in the -- closer to their plant, we also procure from them. So that is how the overall logistic cost rationalization is happening and market rationalization. So there's nothing called a requirement of clinker to be bought as such because our grinding capacity and clinker would be good enough to take care of our demand requirement in our regions.

Understood. So given the current clinker capacities that we have, what is the maximum cement production we can do, sir, for both? So we have -- probably, we would be doing somewhere around 10 million tonnes to 10.5 million tonnes this year. Where can it maximize?

It can certainly go maybe 12-plus million tonnes close to about...

Okay. But that assumes clinker from UCW, right? Higher -- much higher amount of clinker from UCW, right?

Yes. The combined clinker and the combined cement that can be made.

Yes.

Okay. Sir, if I can just ask the last question? So this is any consultancy charges that we have -- we paid this time around and what it will be for this year?

Sorry? Come again?

Any charges to consultants?

No, no. We -- that is long over. Nothing has been paid during the year to any external consultants.

[Operator Instructions] The next question is from the line of Sanjeev Kumar Singh from Motilal Oswal Financial Services.

Sir, I want to understand about cement prices and your realization. So in last 2 quarters, I believe, that realization for the company has gone up by around INR 200 per tonne. 2Q also, there was an impact of lower prices; 3Q also, we had lower prices in the East region. So what has contributed to this realization growth?

Yes. In the last quarter also, there was some price increases in terms of markets. So it was not that there was no price increase that we've made. But we could not take a uniform price increase, number one. Number two, we could do some improvement in our logistics in terms of direct sales, some higher percentage of trade and so on, and where it could get to higher prices. So it's a mix of efficiency improvement and some price increases this year.

Okay. So it's also because there have been improvement in trade sales, you are saying?

Yes. The improvement in trade sales as well improvement in the direct dispatches to the parties.

And in this quarter, can you give some sense how regional prices moved in the East, West and South and North region where you're operating?

Well, in East region, we have seen a price increase of about INR 10 in the month of January, and we are expecting a further increase. In South region also, we are expecting a price increase of about INR 8 to INR 10 a bag. Other states of the country are very minor. So I wouldn't comment there. These 2 states take about 70% of our contribution. If I come to North-West, we are starting to increase of about INR 5 in the northern market. And I expect a price increase of -- further about INR 5 to INR 10 between February and March.

Sir, I was asking about price movement in 3Q, the quarter which has gone by.

Yes. I think I told you about Q3. We have seen some price increases in the East, some in -- about INR 5 in North and about INR 7 to INR 8 a bag, which we'll have.

Okay. Okay, sir. Got it. Also, can you give consolidated sales volume?

Sorry?

Consolidated volumes?

For this quarter, yes, we had separately mentioned about 24.59 lakh tonnes for JK Lakshmi including clinker and 5.59 lakh tonnes for Udaipur. If one were to eliminate the interunit, then on a consolidated basis, we have clocked 26.14 lakh tonnes, which includes 23.43 lakh tonnes of cement and 2.71 lakh tonnes of clinker.

The next question is from the line of Ashish Kejriwal from Centrum Broking.

Sir, this question is on the CapEx. The CapEx, which we are doing of UCWL. Able to share the time line for that as well as how the CapEx is going to shape in FY '23 and '24?

FY '23 is concerned, we may be doing close to about INR 200 crores in the current [indiscernible]. Moving forward maybe INR 1,000 crores will get spent in FY '23.

Okay. And when our grinding unit and...

Balance in FY '24.

When our grinding unit as well as clinker unit is going to be commissioned?

Yes, yes. You're right.

Sorry, I didn't get through it.

Yes. We expect the first phase to get commissioned sometime by '23, and immediately, thereafter 6 months later, depending on when we form the second phase 2 of that, that will happen maybe 6 to 9 months thereafter.

Okay. And sir, second question is about the price increase. Is it possible to share, as compared to Q3, where our price stands now after what we have increased in January?

No, after January, we have -- now only second day -- third day of month, we don't have any clear visibility right now, but I expect the price increase will take place sooner or later in the month of...

My question was till now, that is the price increase, which we have taken in Jan versus [indiscernible] stand now?

I think I answered in the previous response to previous question that we have taken a price increase of about INR 5 in North.

That is from December exit price, right?

Yes, yes, yes.

So what was the December exit price as compared to Q3 average?

That I'll maybe just see on this.

The next question is from the line of from Nishanth [indiscernible] Capital.

Yes. Just a follow-up question from the previous participant. So as you have mentioned that you have commercialized the 10-megawatt WHR at Sirohi plant, so is there any further plan of WHR going ahead?

No. As of now, whatever maximum based on the gases which get emitted from the plant is concerned, we will not have any additional WHR at Sirohi. But certainly, when we do additional clinker line at Udaipur, it will have a commensurate 6, 7-megawatt of the gallery at Udaipur. It is linked to the clink. If only when we are expanding the clink or increasing its capacity, then based on the gases emitted, you try to capture them and create the capacity for Waste Heat Recovery. In our case, out of the 3 clinks which we have at Sirohi, we were having Waste Heat Recovery on 2 of the clinks. Third, we were using for drying flash. Now that we have now converted and put up a separate dryer for drying the flash and now setting this Waste Heat Recovery at the third clink also. So this is a maximum we can go as far as waste heat is concerned at both clinks and Sirohi. Udaipur, as I mentioned, will add another Waste Heat Recovery during the clinkerization line.

So this would be 5-megawatt, right?

6 to 7 megawatts.

Okay. And anything on the solar side?

Solar, we already have -- come -- we had already had one 10-megawatt at Udaipur. We have in November also commissioned an additional 5 megawatts of solar power. And we also have 1 solar power at -- in Jodhpur, which we were earlier building, we are trying to see if we can use that for our Sirohi plant, which is 6 megawatts. Then some small solar plants are already there, 7, 8-megawatt each at Sirohi and Durg.

The next question is from the line of Shravan Shah from Dolat Capital.

Sir, the first, I just wanted to reconfirm the numbers in terms of CapEx for the UCWL. You said that INR 200 crore will be spent in FY '22 and INR 1,000 crore in FY '23.

Yes. Balance in FY '24.

Okay. And till now in 9 months, how much CapEx -- overall CapEx we have done and how much are to be done in the fourth quarter?

As per -- you are talking of the UCWL or JK Lakshmi?

JK Lakshmi -- both. Even for UCWL how much we have done and for JK Lakshmi, how much till now we have done and how much to be done in the fourth quarter?

Out of INR 200 crores, which we are planning for UCWL [indiscernible] INR 100 crores has happened already up to December and INR 100 crores is happening in the current quarter. That is as far as UCWL is concerned. As regards JK Lakshmi, the only project which is left is the Waste Heat Recovery that has broadly been commissioned. So we have already done in the current year about INR 70 crores on that project, plus around INR 30 crores normal CapEx, so INR 100 crores CapEx we have done -- normal CapEx especially. Balance about INR 20 crores to INR 25 crores of CapEx -- normal capital expenditure could happen in the fourth quarter as far as JK Lakshmi is concerned.

Okay. Okay. Okay. Got it. Sir, the other question is in terms of the trade mix you share for the 9 months. So if possible, if you can share for the third quarter? And the related question is, sir, for last so many years why our nontrade -- or maybe a trade sales is only 54%, 55%? When can we see that inching up to 65%-plus? Because even if the larger companies, if you look at UltraTech also, despite so much capacity, they are able to have a 65%-plus kind of a trade mix. And -- so that's the structural thing that I wanted to understand.

One is constantly making attempt to making this trade sale. And so I think everybody's aim is to take to 60%, 65% is what you're pointing. And as far as third quarter is concerned, it was in the same line of about 54%.

Okay. Okay. And sir, what was the late distance for this quarter, sir?

It was I think about INR 400 crores.

[Operator Instructions] The next question is from the line of [indiscernible].

Sir, my questions have been answered.

Sir, we proceed to the next question is from the line of [ Prashanth Kumar Srinath of Axis Securities ].

Sir, only 1 follow-up question. So what has been our railroad mix during this quarter?

Railroad, we see at southern to East is concerned, we don't have a railway side, so 100% is that is concerned is on the road. And here in North, we mostly do by road, but at times, we always have...

About 24%, 25% by rail.

The next question is from the line of Rashesh Shah from ICICI Securities.

Sir, my question is with regards to your cost of production. How much cost increase do we expect in the fourth quarter? As we have already said, we have already utilized the full low-cost fuel inventory till the month of January and Feb. So just wanted some -- your perspective on the cost.

This quarter, we had at INR 9,500 per tonne. It may go up by about INR 800 to INR 1,000 per tonne as far as fuel cost is concerned, and that will have the impact on the cost of production.

The next question is from the line of Shravan Shah from Dolat Capital.

Yes. Sir, even in this quarter, you said now the demand is looking improving. So for full quarter, because previously, we said that in the second half, we are looking at 8% volume growth versus the last second half, but now do we think that we can do a growth Y-o-Y in the fourth quarter also?

Yes, yes. See, we'll certainly do Y-o-Y growth in the fourth quarter. I mean until unless something like a pandemic recurs or something. Otherwise, in normal circumstances, we expect that growth in the fourth quarter also.

Okay. Because last year fourth quarter was exceptionally good. So that's what I was trying to understand.

Yes. We have the concern.

Okay. And then sir, when we said INR 850 to INR 900 EBITDA per tonne, so that to start from the first quarter of next year? Because as you said, the cost would be in increasing in this quarter also. So this quarter also, we can see a lower number on EBITDA per tonne?

See, our endeavor would be to clock that number in the fourth quarter as well. It remains to be seen whether we are able to pass on full impact, but surely, for sure, we should be able to be in that range in the FY '23.

Closing looks too better than the Q3 because there will be an impact on the volume as well.

The next question is from the line of Himanshu Yadav from Edelweiss Wealth.

My other questions have been answered. Could you just repeat the stand-alone sales for the production numbers for clinker and cement?

Stand-alone of this cement and clinker in the quarter for JK Lakshmi was 22.26 lakh tonnes was the cement sales, and 2.33 lakh tonnes clinker sales, total 24.59 lakh tonnes.

The next question is from the line of Keshav Lahoti from HDFC Securities.

Yes. Just wanted to check out something with you. As you mentioned that prices are increased by INR 5 in Jan and you expect [indiscernible].

Mr. Lahoti, I'm so sorry to interrupt, but you're audio is breaking up, sir, we're unable to hear well.

Is it better now?

Yes, sir. please, go ahead.

Yes. So I just have one question. As you mentioned that prices have increased by INR 5 in Jan, and you expect the prices to further go up by INR 5 to INR 10 in Feb and March. Don't you think we need a bigger price hike as there is a fuel cost pressure and also there is a pressure in freight costs because of strike -- the transporter rate has increased. What is your take on this?

Yes. Of course, there is a need for a higher increase in the demand. One is looking at how things shape because even now the -- once the demand really picks up in the first week -- after 5th of February, then I think we'll have a better visibility as to what is the likelihood of a higher price increase in that. INR 5 to INR 10 more or less conservative side.

The next question is from the line of Prateek Kumar from Antique Stockbroking.

Sir, just one clarification. When you say that [indiscernible] of INR 850 to INR 900, is that stand-alone you're talking about or consol numbers?

Sorry, it's -- come again.

When you say EBITDA per tonne expectation of INR 850, INR 900, are you talking about stand-alone numbers or consol numbers?

Stand-alone.

Stand-alone. And when you talked about INR 1,000 inflation in realized cost price -- realized cost of fuel. So on a per tonne basis, that would be around INR 100, INR 120 maximum?

No.

INR 80 to INR 85.

Maybe INR 100.

INR 80.

INR 80. Right. And any other cost inflation, which we can expect in any other line item?

This is because of this fuel cost increase, the cascading impact on: one, the power cost; two, the diesel price and the freight is always there, plus the blended cost of the raw materials. Some impact could be there. But major one is what we have told about the fuel cost.

We take the last question from the line of Rajesh Ravi from HDFC Securities.

Talking on the price increases in fourth quarter, what was the quantum of price increase so far in the Eastern markets?

Well, as I mentioned earlier, we have been able to take a higher price increase. While in case of Chhattisgarh, we have taken a price increase of INR 5 and another increase around INR 10 is on the average.

Sorry, INR 10 on an average you're saying?

No, it's just about -- we have taken...

Sir, your voice is not audible, sir.

We have taken that increase of INR 10 in Chhattisgarh only recently, a couple of days back. So let's hope it stabilizes.

Okay. So on over and above the first INR 5, another INR 10 hike in this month?

Yes. That's what we are expecting.

Okay. And if you would have the numbers for the noncement revenue for the September quarter?

Sorry?

Noncement revenues and RMC revenues for September quarter, if you would have it handy?

INR 92 crores as against INR 100 crores this quarter.

INR 92 crores. And RMC was -- how much in that?

INR 37 crores.

Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Vaibhav Agarwal for his closing comments. Thank you, and over to you, sir.

Thank you, Janis. On behalf of PhillipCapital (India) Private Limited, I would like to thank the management of JK Lakshmi Cement for the call, and many thanks to the participants for joining the call. Janis, you may now conclude the call. Thank you very much, sir.

Thank you. Thank you, everyone. And Thank you, Vaibhav.

Thank you. Thank you, all the participants, and thank you, Vaibhav.

Most welcome, sir.

Thank you. On behalf of PhillipCapital (India) Private Limited, that concludes this conference. Thank you all for joining. You may now disconnect your lines.