Rolex Rings Limited (ROLEXRINGS) Earnings Call Transcript & Summary

Good morning, everyone. On behalf of Equirus Securities, I welcome you all to the Q3 FY '25 post-earnings Conference Call of Rolex. From the management side, we have Mr. Manesh Madeka, Chairman and Managing Director; Mahir Madeka, full-time Director; and Mr. Hiren Doshi, CFO. So without further ado, I would like to now hand over the floor to Hiren, sir for opening remarks, post which we'll have a Q&A session. Over to you, Hiren.

Thank you, Mihir. Thank you very much for arranging the Q3 earnings call with the investors. A warm good afternoon to all the participants, attendees, or investors. Here, Hiren Doshi, CFO from Rolex Rings. I'm there with our MD, Mr. Manesh Madeka, and the Whole Time Director, Mr. Mahir Madeka. As you people are very much aware that the economy or rather in the phase where the overall engineering and these things are being passed and particularly the industries or companies who are a bit of having much of overseas share in terms of their revenue, particularly from Europe and U.S., they are also having some kind of more difficulties or rather more obstacles what they are facing every quarter. They are expecting something better, something new has scaled out. Without taking much of this thing, I'll let you through the financials and the presentation from the company, and thereafter, we can have a Q&A session. I would like to update that revenue from operations for the Q3 of the current fiscal company has recorded net revenue of INR 259 crores or rather INR 260 crores, that is mainly component sales and incentives, which was in Q2 of this current fiscal, it was somewhere about INR 300 crores. And if we compare the same number for the corresponding fiscal for the quarter, it was INR 273 crores. In terms of EBITDA, for the particular Q3 quarter, we have recorded almost 21%, which was 24.4% in quarter 2 of FY '25. And in the corresponding previous fiscal for the quarter, it was somewhere about 20.5%. In terms of PBT and PAT, I would like to tell that in quarter 3 of FY '25, my PBT was INR 45 crores, which was INR 65 crores in Q2 of the current fiscal and INR 50 crores in the same quarter for the corresponding previous year. Here, I would like to tell you, and as we have already submitted a note on our results also that this particular quarter, my PAT has gone down because of an additional extraordinary item provision of INR 18.6 crores, which is amount what we are providing towards the liability of write-off recompense to our lenders for the debt restructuring what we did in 2030. By targeting our revenues, surprisingly, our bearing rings segment is decreasing compared to increased incremental of auto components. For the 9 months, my overall auto component share was 55% in terms of revenue and 45% in terms of bearings. Here, I would like to mention this ratio has just reversed because of the drastic reduction in the overall bearing rings market, whether it is domestic, whether it is overseas. That is because the ratio of auto components has gone up significantly or we can say bearing has gone down. In terms of overseas and domestic operations, my exports were somewhere about 48% for these 9 months and 52% domestically. Here also, we have a bit of a slight change or rather the numbers are sapping over there, where the domestic revenue has increased. That is mainly because of certain auto component business and reduction in exports market significantly for the bearing ring segment. That is why the ratio of 52% is there in domestic and exports 48%. Here, I would like to update our investors that the company is very much confident and positive for the coming fiscal year because of the new awards, new business, what we have already received, the nomination program that has already been received with the company. We have given the indicative or rather almost a forecast of what has been given by our customers for the various geographies that are particularly from Europe, Latin America, North America, and even from the domestic market. If I tell you in terms of segment, there is one big customer having multiple plant locations in Europe and Latin America, they are into auto and even the auto components for the EV, wherein we expect and this expectation, what we have mentioned over here, that is purely on the basis of the nomination what they have told. This particular one customer, it is somewhere about INR 80 crores of the components, which we are planning to dispatch in the next fiscal. For the other customer base in Latin America for the auto components segment, tentatively INR 25 crores of the business or dispatch is additional what we are going to make to this new customer. Again, from North America, another customer, INR 25 crores odd. For Europe, the good part is that we have also developed bearing ring customers also, wherein we are expecting INR 30-odd crores of revenue for these new customers in the next fiscal. Again, in domestic also, we have gotten nominations from foreign auto components to the tune of INR 10 crores something that we are planning to dispatch in the next fiscal. Same way in the domestic bearing ring segment, again, almost INR 7.5-odd crores something what we are planning to dispatch additionally in the next fiscal. I would like to say that, as I mentioned, that all these orders are either from the new customers or the new programs given by our existing customers. So this is all put together somewhere about INR 175-odd crores business. Definitely, it will be added to the annual revenue of this fiscal in FY '26. Particularly when we are initiating the project, generally, the first year, the project volume or the ramp-up is to the extent of 25% to 30%, something like that. Here, I would like to indicate that when I'm saying 25% to 30%, obviously, if these things go up and then in FY '27, again, the company would be having maybe 50% to 60% of the ramp-up to these new programs. In terms of bifurcation or revenue mix in the application, again, my passenger vehicle segment has increased, that is 46%. Industrial, 17.3%. Here, again, the bearing ring industrial overseas business is significantly affected. That is why the percentage has gone down. In terms of commercial vehicles, SUVs for the domestic or in the U.S., we are almost at par and we are at the same level, which is 29%. The EV and hybrid segment is somewhere about 7.7%. If I talk about total revenue from the operations for the 9 months, it is INR 871 crores, which was in the previous fiscal, INR 1,222 crores. Again, not forgetting that, outside overseas revenue is somewhere about INR 420 crores in the 9-month figure and INR 450 crores for the domestic till the date of December '24. The same number, it was INR 636 crores in the previous fiscal for the overseas business and INR 586 crores for the domestic business. Comparing the annual numbers of EBITDA, for the 9 months, the company has recorded EBITDA of INR 207 crores, which is 23.3%. Last fiscal, it was INR 277 crores, which was 22.4%. Here, we had a bit of additional EBITDA margin. Talking in terms of PBT or PAT for the 9 months, the company has recorded INR 119 crores of PAT vis-a-vis PBT of INR 177 crores. It was in the previous fiscal INR 156 crores PAT and PBT was INR 242 crores. The reduction of PAT, again, as I mentioned to you, is an additional provision of INR 18.6 crores and a bit of reduction in the overall revenue of the company, which has also a bit increased my fixed cost absorption. That is why the number has been reduced. Operating cash flow, the company has a sound cash flow. Even in the first half of this fiscal, the company had almost INR 124-odd crores net operating cash inflow, which is, if I'll say, as of December '24, it is something between somewhere about INR 150 crores to INR 160 crores of net operating cash inflow. Debt, needless to say, for the last almost 1, 1.5 years, the company has been into net negative debt and the company has significantly reduced or rather what you can say, it's a 0 debt company and the company already has some kind of cash surplus with them. Obviously, because of my PAT reduction and having such kind of extraordinary provisions for the ROR and the things, my ROE for this fiscal, we are expecting a better downside. If we compare the quarterly revenue of these particular 2 quarters, I was almost down in terms of total revenue, reduced by 5%. And if we compare the corresponding quarter of the previous fiscal, it is somewhere about 8% compared to December '23. And in terms of the overall 9 months number, my overall revenue has just reduced by 2.9%. Profit before tax compared to the previous quarter, has almost down by 10%. If we say for the 10% that is comparing to the December '24 vis-a-vis December '23 vis-a-vis December '24. In comparison to quarter 2, it was INR 65 crores, and it has reduced to INR 45 crores in this quarter, mainly because of certain fixed cost absorption and a bit of additional depreciation and due to the certain level of change of product mix. Revenue, as I already mentioned, comparatively, we are almost on the same verge that we had for the fiscal '24. I'm talking about annualized numbers. So we are planning to have more or less the same kind of number. But as I said earlier, the company is very positive for the next fiscal as we got these nominations, As I already mentioned, we got the orders and confirmed dispatch planning from our customers, which would be implemented, and would come to the paper in the next fiscal. These are the numbers on the balance sheet, which we have already given in detail. I'll not take these numbers individually or rather this number in detail. Thank you very much for your patient hearing. Mihir, I request that you initiate the Q&A.

[Operator Instructions] So the first question is from the line of Jason Soans.

First, Hiren, I just wanted to know the absolute numbers, the usual breakup that you give for bearing wings and auto components, domestic and export. So for 9 months FY '25, what would that be in scrap export incentives?

Okay. In terms of domestic bearing rings, my 9-month number is somewhere about INR 247 crores. In terms of domestic auto components, it is INR 134 crores; export bearing rings, INR 116, 1-1-6 crores. Auto components overseas, INR 303 crores. Scrap is INR 59 crores for the 9 months figures and export incentives are somewhere about INR 12 crores for these 9 months.

I assume that income wouldn't be there.

No, income is not there because that is being nullified against my power and fuel costs.

And sir, I just wanted to understand our bearings performance has taken a hit. Similarly, the industrial contribution also has gone down. So I mean, when we look back at it, we have looked at the big 3 doing significant CapEx for localization in India. So I just wanted to know what is scaling the segment. Is there some delay in the CapEx plans? Why do you see some industrial weakness pulling the bearings? Just wanted to know the reasons.

Yes. Truly saying and seeing that the big players in our bearing ring segments are in the expansion mode. But let me tell you that this expansion has significantly reduced the pace of this expansion, and they got certain deferments also because if you see their domestic or rather their overall numbers are also got hit in this particular third quarter, and the things have been deferred and it is going through a bit slow compared to the earlier one. And with one of our main customers when we were just checking, they have also cut down their CapEx in 2 phases with something that they want to do in one phase. Now they have deferred by almost 6 months to 1 year, again, depending on and looking to the overseas scenario, particularly from the Europe market. So there is a slight reduction and slight deferment of this program. I would like to request Mr. Mahir Madeka to throw some more light.

And one of the biggest bearing players in the world, recently, they have acquired a very big group. So now the group is having a turnover of I can say, 50% to 60% of what that group was doing earlier. So they acquired that group, and that is the reason there is a delay because a very big team from them, visited our facility recently. And now what they are saying is that from this year after maybe 2, 3 months for our financial year it will start from April, May, the things are going to move fast because now they have merged and they have already made the plans to expand in India and to move some of the facilities from Europe and some other continent, they are going to move here in India. And also they are going to have some additions.

So, just some color. I mean, the progress is slow domestically as well as more, but it has more to do with the international demand being slow, especially in Europe demand is weak.

In Europe the demand is weak. And due to that, it has an impact in India.

And sir, just also with regards to this INR 186 million, which we had booked for the ROR expense, do we anticipate any other charge in this year itself? Last year, we had this charge of around INR 320 million in the last quarter, Q4. So do we expect any more charge for this ROR going into Q4?

Yes, Hiren Doshi here. See, what we did or on the basis of the approval letter from CDRL and the sacrifice that these lenders have made, what we are in impression and what we got some kind of feedback and some kind of guidance in this matter that maximizes what we are expecting the liability for this kind of thing is to the extent of INR 50.60 crores. So considering that we have provided when we got a letter from our lenders, though the lenders have demanded significantly high. But because on the basis of the agreements on the basis of the sanctions and the approval letter of CDR, we have positive confidence that it would be restricted to INR 50.60 crores. And that is why we have provided the entire amount. Now while calculating these things in detail while negotiating with the lenders, they may, going to us a bit on that, some additional component on the delay of this from 2022 to 2024 or 2025 till the time of final payment. So those things, which is a bit unexpected or rather not able to tell you as of now.

But just to clarify, INR 50 crores, INR 60 crores, which you mentioned, so INR 50 crores have been taken off, INR 32 crores in last year, so that INR 50 has been covered, but you never know with the negotiations, more expense could be incurred, right? That's what you're saying?

Yes. I think by the end of next quarter end, maybe by March, though we are pushing with our bankers to close it down even before the end of March, and we would like to pay off the claim of ROR or rather it will open many doors which are closed as of now. So we are very much pushing rather behind with the all lenders.

And just lastly, I just wanted to understand in terms of, sir, you have mentioned you have won quite a few orders in the last 2 quarters. So any revenue guidance you want to give for FY '26 and '27?

I already told that this INR 175 crores, something is the starting size or rather the volume of the business in the first year. Now in more than 50% of the project, the value that I have shown is somewhere about 30%, 35% of their peak revenue. Generally, in the second fiscal, that 30% figure will go up to 50%, 60% or something like that. So if I do not release the precise number, we are expecting INR 175 crores additional of somewhere about 25% to 30% additional supply for FY '27.

No, you just mentioned that 25% to 30% of the first year ramp-up is 1,750 ramp-up will double it, right?

May not double it exactly, but it will go up to say somewhere about INR 250 crores.

[Operator Instructions] Our next question is from the line of [ Nikhil ].

Just one clarification. You mentioned the INR 175 crore order book that you have given for FY '26. That is the annual value and you expect 25%, 30% of that coming in FY '26? Or is it the 25%, 30%?

No, this is the INR 175 crores. See, I said even that in certain programs, the first year is 50%, 60% of what they are asking. So obviously, it would not be double in the next year. But the overall number of INR 175 crores, what we have mentioned, I am expecting an additional INR 50 crores to INR 75 crores in that volume considering all these programs for the next fiscal.

And sir, you mentioned that these are completely new orders. But in your existing business, there will obviously, every year, there will be some business that will kind of go off. Typically, is there some sense as a percentage, how much business does it kind of typically expire and you have to kind of replace it?

See, we didn't have much of the business expiring. It is basically the reduction of the overall volume of a particular program or a particular product. Now if I tell you in terms of bearing rings, none of the bearing rings components, what we are supplying to our customers who are into industrial applications and so on. It's not like that one particular ABC component is what they were asking, now it is 0. But the volume has significantly down. You can say 50% down.

Because their volume has been reduced, decreased.

And the earliest program, which is expiring is somewhere about maybe in 2028 from one customer. But by that time, we will be having new programs or new plans for the same customers.

But just kind of understanding this bearing rings exports decline that you've seen, is this kind of across customers? Or there was someone customer you mentioned that there have been some issues there where they've kind of done this merger. Are you seeing this kind of volume decline across customers?

If we say the majority is from one particular group of customers. But again, in other customers also, we are facing a reduction of 25%, 30% over there. But one particular customer might be reducing 45% to 50%. But the other customers also have some kind of reduction to 25%. So overall, all the customers are facing this downfall.

And is it fair to say this decline is also a function of the destocking that would have the end market demand wouldn't be this week?

Now the destocking would not be much of an issue. But overall, their production schedule, their dispatches to their principal OEMs, and this thing, those were significantly reduced.

Last question then going forward, when do you expect this to kind of bottom out and probably stabilize and then kind of start increasing going forward? I mean is this decline kind of continuing for like maybe a couple of more quarters? How are you looking at it?

Sir, it is a bit difficult. You better know how the situations and things are moving overseas. And this particular downfall major chunk is from overseas and again, from Europe and the U.S. continent. And because of the disturbance over there, it is a bit difficult to tell you that it may last for another quarter or so. But as I told you we have also added one couple of bearing ring customers for the European market, which may give some kind of recoup or some kind of recompose. But to get back to the normal level of my overall bearing ring business, I think we need a couple of quarters or something like that.

No, I mean, I was thinking that you'll be getting purchase orders or something. Which, at least we can get some understanding of some trend that, okay, this is now kind of stabilizing at a particular level.

See, as of now also, the indication or the forecast that they have given for the March quarter or something like that, we have some kind of positive move over there, but not in a significant way.

We have our next question from [ Abhir ].

My first question was on our ROR provision, which is less than the ROA that the bank made of INR 83.6 crores. So on what basis are we assuming that the bank will forgo its principal amount? Or are we thinking of adding incremental provisions as we go forward?

As I mentioned earlier also that in my CDR approval or rather the CDR sell the particular package, it was approved, wherein the sacrifice value was stated bank-wise, lenders sacrifice, which are aggregating to INR 50.6 crores. And now the demand that the bank has raised, even as you are specifically asking for INR 83 crores, even in that INR 83 crores, we have already raised our observation concerns with the couple of banks, which is to the tune of somewhere about INR 10 crores to INR 11 crores, which they have charged in excess, which they have recovered in excess. And that definitely, we are going to get that rebate into our overall [indiscernible]. Now coming back to INR 73 crores to INR 50.6 again, the method of calculation, what they did and the method of calculation what company did with the help of certain consultants is again debatable and it would on the discretion of the lenders, and we are going to -- once we sit on across the table with them, that will be finalized. And obviously, if any additional this thing, that will come to the coming quarter. We expect, as I told you earlier also that we are pushing this thing to finish it by March '25 or so as any company would like to settle this thing with the one short payment, kind of OTS this thing. So we are expecting much of the rebate or a waiver in that particular amount of INR 73 crores, which we have requested to the lenders.

My second question would be, are we losing any kind of wallet share with our clients given that there's a 50% kind of decline in export bearing? Is that something we should be concerned about?

We are not losing our wallet share. As I told you earlier also, it's not that some products they were sourcing from me now have started from somewhere else. There might be what you say, out of 10 components, maybe my customer might have discarded the product and they may got these products from somewhere else, something. But again, that is very few components in being and in the particular bearing ring segment but apart from that, we didn't have to reduce the wallet share. But the quantum of the volume has gone down. That is the main reason.

So once it will be up, definitely, again, we will have those orders.

And my last question would be on the falling EBITDA margin. So is it just a function of scale that despite our power and fuel cost, it's going down? Or is there something else there?

Definitely, the major portion is decreasing the scale. And again, I would like to tell you that a bit of change in product mix, particularly in this quarter, the December '24 quarter, has impacted. Again, apart from that, the renewable energy revenue, that is from windmills and solar, is something slowdown period for this particular segment. And whereas my certain fixed cost has already been there and those are being less absorbed. So these are the multiple reasons for a reduction in my overall EBITDA, Q-on-Q basis.

The next question is a follow-up from Jason.

Sir, I just wanted to ask since we have exposure to both bearings and automotive components. With the increasing adoption of EVs, just wanted to know, does that open up more opportunities for us and more precision auto components or bearings, I think more to do with auto components. Just wanted to know your thoughts on that in terms of better and higher engineered products, and higher margin for EVs, especially.

Yes. See, Jason, if you have seen that the new program, what we have awarded, there are 3 to 4 programs, which belong to the EV segment. But let me tell you the way we were expecting and what we were envisaging the curve of moving the EV segment up, that has also been what you see is a bit stagnant as of now. But on the same side, what we are getting opportunities for the passenger vehicle and rather the non-EV or IC segment the overseas and domestic both. So there is a demand in terms of those kinds of vehicles also. Definitely, we are open to have EV hybrid both, and we do have that kind of versatile capacity. But as of now, the new order, what we are winning, that is, you can say, almost 65% for the other than EV hybrid.

So you're saying the new orders basically are for the non-EV segment, right?

Non-EV is somewhere about 65% compared to the EV segment. Even in one of the major domestic players of car manufacturers, the way they came up or rather the way they have exposed to this thing that EV would be that. Now what they were expecting, again, is not as per their expectation, but being slightly having an upward trend in the coming quarters. And I have mentioned in my list also that one of the domestic O2 customers for the EV, we got an order.

So this is a ramp-up year for that customer, and we already started. So from next month, we have a good volume for them, and it is going to ramp up. In that also, the EV volume is 66% and 33% is the IC volume out of what they are giving us a schedule. And they are showing that the car has got a very good response and they got a good order book. And so it is good. So from next month, our bulk supply is going to start.

This customer, which you just spoke about, that's more on the domestic side or on the [indiscernible].

So we have our next question from [indiscernible].

So my first question is on the tariffs, I think U.S. tariffs might be in other countries. So what is our stance on that? And will it affect our export business since exports are a 55% revenue mix?

As of now, the tariffs and the HSN, particularly product-wise list what they have published out or they came out. Fortunately, there is hardly one component wherein we may have some kind of duty hike would be there. But again, that will not be affected in overall value and even to my customer because that's not a very big significant volume or significant value over there. So as of now, we didn't have much of any negative as far as this tariff declaration is like to say.

And the second question was what kind of recovery time line-wise if you could guide us considering the reduction in volume, when do we expect some uptick or some positive move in terms of volume delivery for us?

We expect in the next fiscal, as I mentioned to you that with the help of the additional new program and the additional volume to be increased, the scale of the economy will increase, which will give me the top line, bottom line push up in the next fiscal.

Around 15%, 20% revenue growth, is that right, in 2 to 3 years?

Yes, yes. We are expecting the same.

And margins coming back once the scale comes back to around 22%, or 23%?

Yes. 10%.

We have our next question from Dhruv Bhatia.

Sir, two questions. You have talked about an annually business expected from '26 indicative of about INR 175 crores. In your best understanding because of the uncertainty that's there in the overall demand across different regions, what is your probability of converting this INR 175 crores into actual revenue? I mean is there the visibility confirmed there for having this entire INR 175 crores converted into revenue or is there a risk of this getting postponed to some extent?

Sir, as of now, the forecast and the dialogues or rather the conversation with these customers and the way they are approving the PPAP and all these things in a quick manner. Again, no doubt, my customers have given me some additional or rather higher numbers of this forecast. But conservatively, what we tried to mention or this INR 175 crores, again, if you ask me to the best of this thing, I think we didn't expect maybe deviation of 10% or more than that.

And because you have won these orders maybe in the last year or so, do these orders come at a profitability at where we stand today equal to worse off or better off than what we have been doing in the past?

Yes, yes, definitely because the orders what we are getting or the customers what we try to have, we will be having the same kind of margin. And we are not compromising on the margin front as far as this thing because of our high technology and high precision level, we are able to get the optimum margin.

And sir, the last question, because when all your customers, a large part of them are global companies and they have plants across different regions. Generally, the thought process of any global player would be to first absorb existing capacities in different regions to a certain level where fixed cost gets covered and then you start ramping up, right? And hence, because if Europe is soft and many other regions are soft, they would want to get catered to and ramp up those capacities more than what India could. So, in that context, is there again a risk of you being able to service their requirements because it could be coming from some other source?

See, first of all, we didn't foresee much of the threat as far as their own capacity for forging and this thing because a couple of big players have already announced that they have started closing down their forging facilities and maybe a couple have already started to close their entire plant, and they are moving towards India and low-cost country. So, we didn't expect much of these disturbances as far as their capacity of forging or this thing because there are hardly 1 or 2 players are there having a couple of plants in which they are able to produce this rings or auto components. So we didn't expect much of the thing.

So we have our next question from the line of [ Kushnar ].

So my question was you mentioned that I think out of 10, one product was given to some other competitor. So, was this due to some quality issue from our side, or was the other have a locational advantage or anything like that? If you can elaborate on that?

Yes, I will request Mahir Madeka to take this.

This statement, it was because of maybe out of maybe 10, maybe 1 or out of 50, maybe 2 or 3 maybe the customer has diverted due to maybe pricing or whatever, never due to quality. But 99% of whatever bearing ring business is down, it is not because of the diversity like shifting from one supplier to another. It is because really their market scenario is not good and they have lost the business. It means their customers like OEM, what they predicted the volumes or what they were having the volumes month-on-month, it has been reduced. So, the moment that will pick up momentum will come, definitely, that business will again start with us only. 99%, they are not producing the bearing at the moment. Yes. So you might have heard also in last week I can say last 6 months or so, my customer has even stopped their line, many lines for 15 days, 1 month continuously. Every month, they were stopping the line for 15 days, then they run for 15 days. Again, they will stop for 15 days. Otherwise, they cannot stop the line even for an hour. It is a huge cost to stop the bearing line for 1 hour.

[Operator Instruction] [Interpreted] So there are two questions from my side. So, sir, basically, the orders that you highlighted, so do we require any additional CapEx on that or are we already equipped?

No. We are already equipped with these things. And for this volume, we didn't require significant CapEx, maybe to the tune of INR 5 crores, INR 7 crores, something that we are going to have it. But down the line, 1.5, 2 years when this volume will be multifold, then we may need the CapEx. Again, not a significant CapEx, but maybe to the tune of INR 20 crores to INR 30 crores or something like that.

[Interpreted] And sir, based on this, like any revenue guidance for the fourth quarter? Are we on track to go towards the INR 300 crore-odd figure in the fourth quarter? How is the traction right now?

Yes. So broadly, even initially, I told that my annual number is something that I'm expecting with the last fiscal number. So, we are trying our best to match that annual number and cross this INR 300 crores in the last quarter.

That's all. As there are no further questions, I will hand it over to the management for the closing remarks.

Thank you. Thank you very much for their patience in hearing for this investor. I would like to request our MD, Mr. Manesh Madeka to say a few words and to closing remarks on that.

Looking to the current minister what we have got and the submission is going on, we feel that in the future, we may have good business with good profitability because most of the nominations, we have got from auto component for Europe and USA. So many nomination projects are going on at present we are submitting samples. As you know, in automotive, it takes 1 year, 1.5 years to start the bulk supply. So, we are very hopeful that our future is bright.

Thank you, sir. So, this marks the end of the call. April 2027, we expect very good growth in financial 2027. 15% to 18% growth we are expecting next year. Looking at the nomination of what we have been we have received.

Thank you, Manesh, sir. Thank you very much for your patience hearing. And if there are any further queries or concerns, I request team Equirus or the particular attendees, they can send an e-mail to us and the company is going to reply to that. Thank you. Thank you very much. [Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]