Kiri Industries Limited (532967) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Q2 FY '24 Earnings Conference Call of Kiri Industries Limited. [Operator Instructions] Please note that this conference is being recorded at this time. I would like to hand over the conference over to Mr. Amit Thakkar from Valorem Advisors. Thank you, and over to you, Mr. Amit Thakkar.

Thank you. Good evening, everyone, and a warm welcome to you all. My name is Amit Thakkar from Valorem Advisors. We represent the Investor Relations of Kiri Industries Limited. On behalf of the company, I would like to thank you all for participating in the company's earnings conference call for the second quarter and half year of the financial year 2024. Before we begin, I would like to mention a short cautionary statement, as always. Some of the statements made in today's earnings call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. Audiences are cautioned not to place undue reliance on these forward-looking statements in making any investment decisions. The purpose of today's earnings conference call is purely to educate and bring awareness about the company's fundamental business and financial quarter under review. I would now like to introduce you to the management participating with us in the conference call. We have with us Mr. Manish Kiri, Managing Director; Mr. Jayesh Hirani, Senior Manager, Accounts and Finance; and Mr. Suresh Gondalia, Company Secretary. I would now request Mr. Manish Kiri to give us his opening remarks. Thank you, and over to you, sir.

Good evening, everybody, and welcome to the earnings conference call for the second quarter and half of the financial year 2024. Let me first brief you on the financial performance of the second quarter and half year of the financial year 2024, followed by the operational highlights. On a stand-alone basis, during quarter 2 FY '24, Kiri attained sales revenue of INR 151 crores, which grew by about 7% year-on-year basis, and incurred an EBITDA loss of INR 19 crores. Net loss for the quarter was INR 34 crores. Coming to half year numbers. Company attained stand-alone sales revenue of INR 293 crores, lower by approximately 6% year-on-year and EBITDA loss of INR 31 crores against EBITDA loss of INR 64 crores in the same period of the last financial year. Net loss was INR 35 crores versus net loss of INR 70 crores in the same period of the last financial year. On a consolidated basis, quarter 2 FY '24 revenue stood at INR 231 crores, which degrew by about 5% year-on-year with an EBITDA loss of INR 10 crores. Net loss for the quarter was about INR 27 crores on a consolidated basis. Coming to half year numbers. Complete attained consolidated sales revenue of INR 458 crores, lower by about 12% year-on-year and EBITDA loss of INR 8 crores against EBITDA loss of INR 16 crores in the same period of last financial year. Net loss was INR 42 crores versus net loss of INR 53 crores in the same period of last financial year. On consolidated basis, the major reason for negative EBITDA was sluggish demand and lower capacity utilization, with conversion costs not getting fully absorbed, and the most importantly not being able to pass on to the finished product prices. The share of profit of associates includes the share of profits of DyStar. which does not have any impact on the valuation of the stake of Kiri in DyStar. The value of Kiri stake in DyStar is USD 603.8 million determined by SICC by judgment dated March 3, 2023, for the execution of the buyout ordered and upheld by the Supreme Court of Singapore. On a stand-alone basis, EBITDA margin are negative in quarter 2 on account of sluggish demand, slight material margins and continuing higher and higher legal costs. The financial performance is sensitive to dynamic global markets. Industry has also been facing challenging times for about 4 years. The sluggish demand and volatile raw material prices have increased the payment cycle and reduced inventory churning. The company expects it to improve in the coming quarters, and the payable cycle is expected to normalize in the near future. With regard to DyStar case, on basis of company's consequential order application filed in the Singapore International Commercial Court, and as per the directions given by SICC in the case management conference, all submissions related to our applications to be completed by all parties on 12th January 2024, which is on track and final hearing on our application for the constitutional order is to be fixed -- is already fixed on 24th to 26th January 2024. With that, I would now like to open the floor for any questions. Thank you.

[Operator Instructions] The first question is from the line of Priyansh who is an investor.

Yes. My question is that regarding this, where do we stand in terms of service of core documents on those 2 Chinese gentlemen and the lady? And why it's taking so long already 4 months passed?

Sorry, you are referring to Singapore court, which is what you are referring to?

Yes.

So if you look at the -- and if you read the previous disclosures, when this case management conference took place somewhere around August, there was a time line which was decided by the court. And the time line was spread over till January 12th to submit from both the sides, the pleadings, the responses, the expert's opinion, the skeletal argument, the closing argument. There was a fixed time line decided by the court, and the same time line is being followed right now. There is not a change at all. And if you look at the hearing date, the hearing date is fixed. Now, what is the hearing for, you have to look at our detailed disclosure made earlier. Our application consists of 2 things. One is to transfer DyStar cash to Kiri to do a capital reduction or sell the company, liquidate DyStar and pay Kiri and fulfill the legal obligation. Also, Kiri has demanded interest in the application. So these are the main 3 parts of our application. And that is what court is going to decide on the hearing on January 24 to 26, 2024.

Sorry, sir, my question was different. I'm sorry for that. My question was regarding the service of court documents for the enforcement of legal cost like the service of document were to be affected to Mr. Ruan Weixiang and Ms. Fan Jing. So like this service of court document has happened or not yet?

That is a different track. So you are talking about the examination of judgment letter. Yes, it has taken place. The service of summons has taken place for Fan. Service of document has taken place for Senda also. And there is a hearing fixed on November 14, which is next week for their examination.

And sir, what about Mr. Ruan?

And Ruan, the service has not taken place yet because it seems that Ruan is running around while we are chasing him. So hopefully, we should be able to affect the service soon for him, too. We are in the process and all efforts are being made right now. If you go to Supreme Court's website, you will see the hearing date fixed at November 14, which is like next week.

So, sir, since you couldn't service the document on Mr. Ruan, so does it have any impact on this legal cost enforcement?

Well, we want -- I mean, Ruan is also an important person to be called and to be examined, right? So it is important for him to appear at some point in time without running away. And it is important for him to show up in the court. So we hope that we would be able to successfully legally serve to him. He has already been emailed. I'm sure he's aware of it. But legal serving, we will try to achieve as soon as possible.

So just for understanding, sir, for enforcement of legal cost, do we mandatorily need their appearance for the examination? So whether we will also need the single kind of examination of judgment debtor for the main case of $603 million also?

The $603 million, no. I think there is a confusion which you are having. $603 million in recovery and enforcement of $603 million is being affected by our application for the consequential order for which the legal process is already on. There is no requirement of enforcement of -- I mean, for the judicial examination of the -- of the debtor for 604, already they are in the court. Ruan has already submitted affidavit in the court, right? And our response affidavit would be fine. So, for 604, the court process is already there, right? It is not needed for that. It's mainly for the legal cost, where this is taking place.

Sir, like, can you please also just ask your executive team to make some submission to stock exchange regarding the basic or important contents of the affidavit, which they have filed because like, so far, we are like -- we do not know like where do we stand because these guys are running away, so that shareholders and investor can know that okay that how is the -- how is the progress going on.

As I mentioned to you the important date for the shareholders now because the submissions are going to get completed on January 12, and January 24 to 26 is a date, right? That hearing is the most important hearing, and that hearing will also include the legal calls-related matter. It will also include 604 as the buyout and it also relates to if the interest is awarded to Kiri. all these points and whether DyStar is to be sold, whether the receiver is appointed, whether the liquidator is appointed on DyStar, all these decisions would be made based on the hearing on January 24 to 26. So that's the important date now.

Very good, sir. Sir, my last input here is that, like I was just making some research on this thing like so I just came to know that like somewhere it was mentioned that since these guys do not have funds in Singapore, they have to bring either from Hong Kong or from China. So for this, they need the approval of Central Bank of China. So there is some dilly-dallying happening there. So here, I just want to bring to your kind attention and give a humble suggestion here that suppose if the Chinese government is not giving approval for them to make the payment of $600 million, I will just request that we have to be firm because our Indian government in a similar kind of international arbitration case, recently or I will say, 1 year ago, our government has paid $1 billion to Cairn because -- like because Cairn won the case of this retrospective taxation in the [indiscernible] Court and our central government has paid $1 billion, like their own money they paid to them. So what I'm saying, that they like whatever kind of like pressure they can give, we should not come to any compromise, reduce the amount or whatever thing. We should get the full amount.

Absolutely, sir. Of course of course, of course. So we are fully geared up. We must get full amount and we must get interest also because it is our right. They have operators. So there is no question of any compromising or any settlement or anything like that. It is what the court has given as a final verdict. We are entitled to receive and we must get that amount. I 100% agree with you. No doubt about it.

Because, sir, like we India are like much behind than China in terms of this prosperity of the economic wealth. So even when India can pay $1, for them is nothing and like the Chinese government is not paying, like the company is paying, they have to only give the permission to transfer, that's it. So, I noticed it somewhere so I thought I should bring to your kind attention.

No, I understand. And we also know this very well. And it's a very good point you raised, and it is an excuse. There is no evidence anywhere that Chinese government has denied or Chinese government has given instructions not to honor Singapore court order. I don't think even Chinese government has given anything that suggests to dishonor Singapore court's order...

Absolutely, I agree sir. Same thing I am saying because like since India is also a sovereign country, China is also sovereign country. They have to follow this like this world economic rule, sir.

Correct. And they haven't said that they will not follow. They haven't said it. It's only the ill intention and bad intention of these guys who are trying to raise these excuses, which they give and we don't agree with that.

My last question, if you allow, sir. Like our main business is in deep red. So what kind of, is like, road map do you see to turn around and bring it in black, sir?

You are talking about the domestic business, correct? .

Domestic. Yes, sir.

Right. Actually, as you can see that compared to half year last year, this year half year is better, but still not to the satisfaction. And we have done a lot of changes in terms of reducing our costs, reducing expenses, and you will see in a quarter or 2, we should be on track. But at a lower demand, at a lower sale, we have adjusted ourselves to the new reality. And we don't see that the textile consumption and textile has improved. And unfortunately, dyes business is highly dependent and reliant on the textile business. So, from that perspective, we hope that the overall industry recovers, which is going through a very bad phase right now and 2024 can be a hopeful year. But if not, with our own improvements, with our own changes, with our own change of products, implementation, which we have done, we should be able to come to profitability very soon.

And sir, in the quarter gone by how much the legal costs were included in the P&L?

Legal cost has been quite significant, in fact. And for example, on a consolidated basis, if you take out the legal costs, we are already breaking even there as of today.

Okay. Okay. Okay. Very good. Just my last question. Regarding since our dye business is down here. So how the business of DyStar is performing? Like if DyStar is making profit in the quarter? Or like how are they doing like?

DyStar business is also reduced. And if you see the disclosed results of DyStar, it has also gone down. The numbers have gone down. The sales has gone down. So compared to $1 billion annual sales, the current projections of DyStar appear to be around $800 million. But anyway, the existing performance of DyStar or current performance of DyStar or DyStar's profitability, it has nothing to do with Kiri anymore. We are just consolidating because we continue to be shareholders. And as a beneficiary to the profit of this company, Kiri has nothing to do with the economic performance of DyStar. Kiri is only entitled to the buyout amount, which has been decided on third July 2018 valuation. So, that is the amount that Kiri is entitled for, irrespective of what DyStar's business performance is up or down.

Yes. Fair enough. So, like you mentioned, sir, like to Mr. Ruan like he already submitted his affidavit for the main case. Since the affidavit was submitted by Ruan or by his legal representative to the same person who couldn't like serve the court document for the legal proceeding?

The -- for the current legal proceedings or representing Senda, Ruan has submitted the affidavit.

No, no, what I'm saying for the legal costs, we have to also like to...

Mr. Priyansh, I'm so sorry to interrupt you. In order to ensure that the management is able to address all the questions, can you please rejoin the queue, please? [Operator Instructions] The next question we got is from the line of Mr. Ayush Tandon from -- he's an individual investor.

Congratulations, Mr. Kiri, for all the efforts that you have been doing for the DyStar matter. I have 2 questions. In the previous call, you had mentioned that DyStar has about $350 million in cash in its books. First question is, how are we ensuring or how are we gaining comfort that the cash in DyStar is not being dissipated because that is quite critical to our recovery?

So to give you the latest number, that cash has increased from $350 million to $460 million now. So cash and cash equivalent in DyStar has even increased post that as we speak as of today. And we have been participating in DyStar's Board meetings. We have been keeping watch on DyStar's cash. And until now, no cash has been dissipated. So cash is still in DyStar, and the recent submissions from DyStar to the court has also confirmed that this cash is available in DyStar.

Okay. That's very heartening to know, Mr. Kiri. The second question is that, one of the prayers in respect of the suit that we have filed is about either winding down the company to sell the company and recover funds or selling the company as is on a going concern basis. My question is, in the absence of the Longsheng Group, what is the ability of DyStar to just stand on its feet and continue as a going concern? Because assuming the court eventually gives an order to sell off DyStar to a third party, in reality, do you see a third party coming in and stepping into the shoes of the management in the absence once Longsheng is out of the picture? Do you see any possible -- yes?

Of course, let me just address your questions in 2 parts, okay? Number one, our prayers, because Singapore Act defines the remedies for operation, for minority operation. And in addition to buyout, another remedy is winding up, the liquidation of the company. And winding up also includes selling company as a going concern. So any liquidator being appointed would make his first attempt to sell the company as a going concern, right? So under -- even under the process of winding up, the first effort would be made to sell the company as a going concern. So that was the first part. And second part, see, we don't see any problem for any new buyer who take over DyStar to be dependent on Longsheng. As a matter of fact, we strongly believe and we know the operations, we know the current purchase of DyStar from Longsheng, I personally believe is also inflated to some extent. I -- that is my personal opinion, correct? And if any third party who purchases DyStar doesn't need to necessarily buy from Longsheng. There are many other disperse dye suppliers. And the one category of products that DyStar purchases is disperse dyes. And there are many other suppliers of disperse dyes, producers of disperse dyes available in China. To give you one more example, even before Longsheng was acquired by -- I mean, DyStar was acquired by Kiri and Longsheng, Longsheng was not a supplier to DyStar, by the way. And still DyStar was doing -- operating for more than 30, 40 years. So not necessarily that DyStar is dependent on Longsheng, there are other available suppliers. And if Longsheng wishes to supply, it can also supply to DyStar, even after it has been taken over by somebody else. So I don't see dependency on Longsheng China for the new buyers for the operations of DyStar. And by the way, there are no plans of DyStar operation in China anymore. It is 0. All manufacturing facilities, which are operating as of today are all outside China.

One quick follow-up question, well, this is the last one. So, in respect of the cash that is sitting in DyStar, are we aware if Singapore laws permit the sort of capital reduction that we are asking for, which is going to be in the range of $350 million or $400 million because I'm assuming you would need to leave some cash in the company?

So we have requested the cash to be transferred to Kiri for capital reduction, it's $282 million. So we have also allowed enough room when we suggested this number so that DyStar's operational continuity is not affected. So out of $460 million, we have requested $282 million, and then it is prerogative of the court, if court is deciding for capital reduction to how much, to what extent or what amount is to be ordered.

[Operator Instructions] The next question is from the line of Raghav Hans, who's an investor.

Hello, sir. Am I audible?

Yes, Raghav ji, please go ahead. We can hear you.

Sir, I wanted to understand a couple of things regarding the DyStar case only. So is there a criminal liability on Senda for not complying with the Singapore Court's order? Or is it only civil liability?

We strongly believe that there is -- there would be criminal liability if the contempt of court is triggered and contempt of court is proven in the court, right? So the first step, which we talked about, the judicial examination of the judgment debtor, right? So that is the first step to establish and to check to the extent what criminal liability can be imposed on Senda and its directors for not complying with the orders. But yes, contempt of court is one of the enforcements that we are seeking already.

Right, so -- but they are actually not complying with the court's order, right? That's why the enforcement proceedings are there. So once you've filed the enforcement proceedings also and even if then Senda does not comply, will that be considered as contempt of court? Or I mean, how far do we have to go?

Well, I think as far as the legal cost is concerned, right, we strongly believe that they had -- Kiri strongly believes that there was an intent problem. And that is where the criminal liability is on them, as far as the legal court is concerned. But again, even for the civil, and even for the 604 and the buyout order, Kiri has clearly indicated and given evidences that there is enough cash in DyStar. There is more than enough cash in Longsheng. Longsheng is having more than $1.4 billion cash. DyStar is having sufficient cash. DyStar is 0 debt company. There is enough financial strength of the company, which is Senda's asset, can raise enough funds to pay and honor the buyout order. Even court in its judgment has also mentioned that there is no evidence before the court that there are -- they cannot comply the court order. The financial ability is already there we all believe and established. Now even though having financial ability is furnished and not paying and honoring is actually triggering and would be eventually end up having criminal and the contempt of court liability on Senda, too, for buyout order.

And any indication from Senda side whether they're like informally or anything in the court itself because there are a lot of talks in the court. So are they saying that they will not comply with the order or they are saying that they will, in fact, comply with the orders. It's just that they need some more time?

Till now they are saying that they would comply with the orders.

But their actions are too negative.

Their actions, we don't trust. So we told the court that don't believe these guys. They have been telling this last 2 years. Even though they say that they will comply with the orders, there is no intent to comply the order. And that intent is proven by not paying legal cost. If you really had an intent to comply with 604, you would have paid legal costs by this time.

About $8 million of the legal cost, right? That's what we are referring to?

That is why our consequential order application, enforcement application proceedings are already progressing in the court as we speak.

Okay. Understood. And we cannot -- does the Singapore Court have the jurisdiction to attach the physical assets of DyStar in case...

Singapore court has jurisdiction to essentially attach their shares in DyStar and also DyStar shares in the subsidiary of DyStar both because all subsidiaries are the -- are under the Singapore legal entity.

The next question is from the line of Sukhbir Singh from SMIFS Limited. Hello, Mr. Sukhbir?

Hello. Am I audible?

You are audible. Go ahead, sir.

Yes. Can you please provide us some outlook regarding the dye and pigment industry domestically and globally also?

I think the -- if I give you the overall perspective of dyes as well as pigments because both industries are not doing well currently, and probably going through one of the worst times in the history. The consumption has still not picked up because textiles is not doing well. And because of that, dye industry, which is highly dependent on textile, has been impacted. To give you certain numbers, the export of dyes and dyes-related products has reduced drastically and some product categories reduced up to 40%, 30%. In reactive dyes, it is almost 40% down year-on-year average basis, right? So, there is a significant reduction in exports of dyes, number one. And that has also created a pressure on the prices in the domestic market and in the domestic sales and also the price levels in India have been impacted due to lower demand in exports markets. Number two, China is also an influencer in this industry, and China is facing a downturn. China is having direction in its own consumption compared to Chinese capacity. So they also have pressure to export. And Chinese prices have been quite low for almost 2 years now. Much, much lower prices compared to what we have seen before. So, Chinese prices in global markets are also putting kind of a cap for Indian products not to allow to have price increases beyond prices coming from China. So that angle is also affecting overall the industry not to have the margins, adequate margins what we desire for.

Okay. So sir, is there any visibility in the near future or like after like 8, 10 months, any gradual recovery?

Our internal discussion with many customers in many jurisdictions, the places where dyes are largely consumed like Bangladesh, Turkey, Central America, everyone is expecting 2024 second half to have a very strong recovery somehow. So people are expecting that the downtime will still continue at least for a quarter or 2. But then we are looking at quite a strong recovery later on. And there could be a logic because we also see that the stocks are running out. We have seen that even in forward supply chain, textile stocks are running out, inventory levels are very low. Even at dye production levels, people are not keeping raw material inventory anymore. So across the chain, inventory levels are almost hand to mouth. And that will also trigger another spur of demand to have more and more volume pickup we can expect in 2024, either second half or maybe after the first quarter. We will see how soon it comes, but there has to be recovery in 2024 because this thing has been continuing too long by that time.

[Operator Instructions] The next question is from the line of Mr. Rahul Jain, who is an individual investor.

Sir, my question is, a few months back, you had filed on the exchange that you have hired a Queen of England's Council on your legal team to add some fire path. How is that progressing? And what is the broad sense from lawyers regarding this case? And what are our chances? And by when can we see a resolution? I mean just to understand that since you're spending so much on legal fees quarter-on-quarter and we've in fact increased that in last few months.

Right, right, right. And yes. So if I -- so the -- if you look at the legal team, which we have strengthened, and the opinion from our legal team is very strong. And we are in the final phase of this enforcement and where we fully trust Singapore system and Singapore judiciary that eventually, there has to be a resultant outcome of the minority operation that Kiri has been suffering for almost 10 years now, okay? So it has been established that since 2013, '14, Kiri has been under minority operation, suffering from Longsheng. And 10 years is a very long time. Now if you look at even after the conduct of Senda, even after court's final judgment, even after sitting on a very valuable asset, even after sitting on so much of cash, do not express an intent to honor the court, and which is not a good thing, which is not nice. And I think everyone in the legal system, judiciary, all probably, by the hearing on January 24, 26, might think that enough is enough. I mean, you have dragged this for so many years, not only Senda's fault, but the court process also continued. But I'm talking about after the final decree, after the final judgment, after November last year, after March this year, you have dragged too long, and not to comply with the order. So this has to come to an end, either DyStar's cash has to be transferred to Kiri or DyStar needs to be sold or wound up and the legal obligation must be completed. That decision has to come in the first quarter of 2024. And I'm sure court well do a justice. I'm sure court doesn't want their order to be a paper order, and not actually enforced and executed it is in nobody's interest. So the hearing from January 24 to 26, court is going to take call on all of players. And we hope that there are sensible decisions made in the judgment, which allows the receiver, which allows the liquidator to get into DyStar and to execute the court orders because just leaving to these guys, they are not going to do anything. So the sensible way, what Kiri has proposed is take away capital reduction objective from Senda or the sale of the company and put it to a third party, which directly reports to court.

I understand. My question is in a broader sense, do you see the court being more sympathetic to expedite this case, seeing the kind of minority operation Kiri has [indiscernible].

Court is very sensitive. If you look at the last few judgments, court has clearly written that this has been a long-stranded battle. Court has also recognized the extent of time these legal cases have taken. So court is very sensitive to this. And if you look at the way court has given time lines, in the last case management conference till January 24, it's all very strictly followed. Court has not allowed undue changes in the dates since August till date. And you will see that the hearing will also not be changed. It will happen. So court, I think based on the conduct of the court to be fair, based on the discussion that took place in the case management conference, court is very sensitive and court is concerned on the execution of the order very much.

Okay, sir. Sir, that is helpful. And I hope 2024 is the year when you can kindly finish all this pain not just from the cost side but also for the business perspective.

The next question is from the line of Priyansh, who is an investor.

Sir, I was just trying to understand this before -- sir, I was just trying to understand myself that because in this -- in your announcement dated 25th July mentioned that they need to serve this court document on both Mr. Ruan as well as Ms. Fan. So during our discussion, you mentioned that the court document has been serve on the Senda as well as Fan. And then you also mentioned that Ruan has already given affidavit for the like -- for the first $603 million. So I was just thinking that if -- that when Ruan has submitted affidavit either through himself or through his legal representative like lawyer. So why can't we serve this court document to that lawyer who has submitted like his affidavit to the court because he's representing Ruan.

Right. So we did that. So Ruan has represented -- a very, very important point, and we did the exact same thing. So we -- Ruan in affidavit and the submissions in SIC court, the main case is represented by Rajah & Tann. So our lawyers approached almost 3x to Rajah & Tann, okay? And also informed Rajah & Tann that you are representing him in other cases, right? So you take this summon, and they specifically instructed our counsel that they do not have instruction to accept the summon. They do not have instruction to represent Ruan in this case. We have also got confirmation from Rajah & Tann that they have instruction to represent Senda, right? So that is -- that also shows the kind of conduct coming from them. And court, I'm sure will have disliking with the way this conduct is happening. So the lawyer comes and says that, well, I represent Senda, correct? I am responding you within 3 hours of serving Fan. Still I'm saying that I do not represent Ruan. And I am still submitting the Ruan's affidavit in the other case, where I'm representing Ruan. You see?

Like this is what I want to clarify what you said.

That shows the kind of hypocrisy that these guys are presenting. But well, it's all there on the records. Let the court what kind of conduct we are dealing with here.

What remedy we have, sir, on this one? Like can we go back to court? Or like generally, what happens in such cases, where like, for example, this party is not receiving the summon, then they like -- through this executive [indiscernible] or whatever, this summon is like affixed on the premises of the like, for example, of the parties, and it is considered as duly served. So can't we go like this? Or if I'm not able to do like this, for example, then what's the remedy? How is it going to affect our case?

Right. So we are doing it. And we are also updating court. Court will see that Kiri has made enough attempts, and then court will take a call at some point in time, that well, Kiri has made enough attempts, and they have to go with ex party.

Thanks a lot for all your efforts, and we hope that like with your leadership and the leaders -- and the legal team, we are like working with, you will definitely bring our $600 million nothing lesser.

Thank you, sir. Thank you. Justice is served when we receive money, not before that.

[Operator Instructions]

I think there are no further questions.

As there are no further questions, I now hand the conference over to Mr. Manish Kiri for closing comments.

Thank you all for participating in this earnings conference call. I hope we have been able to answer your questions satisfactorily. If you have any further questions or would like to know more about the company, please reach out to our Investor Relations managers at Valorem Advisors. Thank you very much. I wish all of you Happy Diwali and prosperity for you and your family. Thank you very much.

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