Shree Pushkar Chemicals & Fertilisers Limited (SHREEPUSHK) Earnings Call Transcript & Summary

Good evening, ladies and gentlemen. Welcome to Q3 and 9 Months FY '22 Earnings Conference Call of Shree Pushkar Chemicals & Fertilisers Limited. This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. [Operator Instructions]. Please note that this conference is being recorded. Today on the call, we are joined by Mr. Punit Makharia, Chairman and Managing Director of Shree Pushkar Chemicals and Fertilisers Limited; along with Mr. Deepak Beriwala, Chief Financial Officer; Mr. Nitesh Pangle, Company Secretary and Compliance Officer; and Orient Capital, the Investor Relations partners. I now hand the conference over to Mr. Punit Makharia, Chairman and Managing Director of Shree Pushkar Chemicals & Fertilisers Limited. Thank you, and over to you, sir.

Thank you. Hello, and very good evening to everyone. We have uploaded our investor presentation and financial results on the stock exchanges and company website. I hope everybody had an opportunity to go through the same. . I will take you through the industrial updates followed by financial and operational performance for our Q3 and 9 months FY '22, and the situation is arriving to normalcy and economic activities are picking up, we are also witnessing business uptick across our business segments. We have been able to increase our sales volume significantly in our Fertilizer segment through our 2 acquisitions of Madhya Bharat Phosphates and Kisan Phosphates Private Limited. An increase of 22% in volumes of Kisan Phosphates resulted in revenue growth of 132% for Q3 FY '22, which includes our revenue from Fertilizers and Animal Health and Nutrition. This is in with respect to the similar quarter in the previous year. Similarly, Madhya Bharat Phosphates Pvt. Ltd saw a growth of 24% in volume, which has resulted in an increase in revenue of 133% for Q3 FY '22 and Q3 FY '21. On the consolidated basis, our total volume has grown by 31% for 9 months FY '22 versus 9 months FY '21. Our volumes in dyes segment grew by 47%, and our revenue from the segment has grown by 60% for Q3 FY '22 versus Q3 FY '21. Friends, Overall chemicals segment saw a growth of almost 25% for 9 months FY '22 versus 9 months FY '21. For our fertilizer business, the overall volume grew by 32%. The boost in volume is also because of enhanced volume from our subsidiary Madhya Bharat Phosphates and Kisan Phosphates, which we acquired in the past, and we look forward to the growth momentum in our overall business in the quarters to come. Since now we have enough capacity and are continuously increasing our capacity simultaneously and the fact that we are present across India with like Kisan Phosphates catering to the Northern and Eastern territories, Madhya Bharat is catering to the Central and Western India; Shree Pushkar, the holding company, catering to the West and South India. We are confident of significant growth in our volume going forward because of the Pan-India distribution and presence in our products across India. Friends, now, let me update you on the ongoing CapEx of our company. Unit V CapEx is almost done. Out of a total plan CapEx of INR 108 crores, we have already incurred close to INR 100 crores up till 31st of December 2021. The dry trial run have been already commenced for the unit, and we are expected to start the commercial production somewhere in Q4 FY '22. This shall further grow our dye volume in coming years. We have also successfully finished installation of our 2 solar plants for electricity generation for our internal consumption under the Open Access Scheme, which will decrease our power costs and increase the margin profile. Total planned CapEx for the 2 solar plants is INR 21 crores, all is only through the internal accruals. Of the total CapEx of INR 21 crores, we have only incurred approximately INR 13.30 crores till 31st of December 2021. The stock exchange notification has been released for the same. There are a few other CapEx plans also going on in the hindsight, which we will speak at the appropriate time, and we will keep all of you posted on the same. Revenue for the quarter for consolidated levels grew by 44% for Q3 FY '22 as compared to same period last year, showing positive recovery signs. On profitability front, our EBITDA stood strong at INR 20 crores for Q3 FY '22. This is an increase of 46% against the same quarter in the previous financial year. Our PAT for the third quarter ending 31st December 2021 saw a growth of 37% versus the similar -- versus the single quarter in the previous financial year. Our PAT growth for 9 months FY '22 saw a significant up move of 129% versus 9 months FY '21. EBITDA margins for 9 months FY '22 was at 15% versus 9 months FY '21. And the PAT margins versus -- and the PAT margin for 9 months FY '22 stood at 11% versus 9 months FY '21. With increasing revenue, we anticipate operating leverage payout, which should flow down to bottom line going forward. With this, I would like to hand over the call to Mr. Deepak Beriwala, who is the CFO of our company, to take you through the financial and operational highlights for Q3 and 9 months FY '22. Over to you, Deepak.

Thank you, sir. Good evening, and a very warm welcome to everyone. Our total volumes for 9 months FY '22 grew by 31% and Q3 FY '22, it grew by 5%. On 9-month FY '22 basis, volume in chemicals grew by 25% to 20,000 metric tons. Fertilizer volume for Q3 FY '22 grew by 32% for 9 months FY '22 from 118,000 metric tons in 9 months FY '21 to 156,000 metric tons in 9 months FY '22. For Q3 FY '22, total volume for Fertilizer segment stood at 48,000 metric tons, a growth of 13% year-on-year versus Q3 FY '21. On revenue front, our revenue for Q3 FY '22 stood at INR 137 crores as compared to INR 96 crores in Q3 FY '21, a growth of 44% on year-on-year basis. For 9 months FY '22, our revenue growth stood at 62% from INR 242 crores in 9-month FY '21 to INR 392 crores in 9-month FY '22. Our consolidated EBITDA for the quarter stood at INR 19.7 crores as compared to INR 13.5 crores in Q3 FY '21, a growth of 46% on year-on basis. EBITDA margin for Q3 FY '22 stood at [ 14.3% ] and PAT margin for Q3 FY '22 was at 9% for the quarter ended 31st December 2021. EBITDA for 9-month FY '22 stood at INR 60 crores as compared to INR 29 crores in 9-month FY '21, a growth of 107%. EBITDA margin for 9-month FY '22 stood at [ 15.4% ]. PAT for 9 months FY '22 stood at INR 42 crores as compared to INR 18 crores in 9-month FY '21, a growth of 129% year-on-year basis. PAT for Q3 FY '22 was at INR 12 crores versus INR 9 crore for Q3 FY '21, a growth of 37% on a year-on-year basis. With this, I open the floor for discussion. Thank you.

[Operator Instructions] Your first question is from the line of [ Subham Agarwal ] from [ Aequitas India ].

Yes. Good evening team Pushkar. Firstly, my question is related to the dye and dye Intermediary division. So if we compare the numbers Q-on-Q, there was a significant drop in volumes which is close to 33% as reported. And this is at a time when the rest of the industry reported a growth in volume. So I wanted to know what is the key reason for Shree Pushkar delivering a lower volume in this quarter?

[ Subham ], if you will see that there's an increase into the dyestuff business. And because, we make dyestuff from the basic raw material called dyes intermediates, and since we are backward integrated also, so we produced dyes intermediate also. And the dyes intermediate we produce is first prefer to be consumed for our Dyes business. If you will see that the dyes business has grown in the -- am I right? As ...

Total chemical has grown by 24% on year-on-year basis.

This -- this is dyes and dyes intermediates put together. . If you put on a consolidated basis, then the total overall growth of the chemical business is 24%.

Sir, I wanted to know Q-on-Q basis.

Q3 to Q -- what exactly you want to know?

So compared to September quarter, what was the revenue in our dye intermediary and dyestuff versus what we delivered in this quarter? And there seems to be a cause, so I wanted to know the reason for that.

We have that data right now? What was the figures in September is Q2 versus Q3? Those volume figures are there right now with us?

[ Subham ], in Q3 '21-'22, our dye intermediates sale is 617 metric tons. And in September quarter, it was around 800 metric tons.

[indiscernible] and how about the dyes business?

Dyes business in Q3 [ '2021 ], our dyes business sold [ 12,00 metric tons ] versus in September quarter it was almost [ 1,200 metric tons ].

So means there's overall drop of the dye intermediates of 200 tonnes?

Yes, 200 tonnes.

That we maintain the inventory.

Yes, sir.

Okay, okay. [ Subham ], I have understood the subject. Basically, as far as the dyes is concerned, we are almost the flat in a similar manner. As far as the dye intermediates, you will see that there is a drop of around 200 tonnes of the sale levels. And if you look at our closing stock valuation also, that is high because we are holding the stock shock for that much of intermediate because by the end of 31st of December, there were certain inventories lying in our company for the dye intermediates because at that particular time, the demand was a bit slack and the prices were a bit slack. We preferred to hold back the stocks instead of selling that.

Okay. So, you see, the reason why I'm asking that is most of the peer results that have come out, whether it is [ Borden or CD ] or Bhageria, all has reported significant growth Q-on-Q.

If you compare with the Q2 versus Q3 of this financial year, you will see that there is almost a flat revenue. Last quarter, we did around INR 137 crores on a consolidated basis, and this year, we did around INR 135 crores on a consolidated basis. I would like to add here is that regarding the competitors, I would not like to comment on their performance, [ Subham ]. We can explain and discuss about our performances.

Okay. Okay. No problem. So going ahead, how do we expect this chemical division to deliver from Q4 onward? Because right now, we see there is a few raw material pressure. And you -- as you already mentioned that you are looking at some flat demand. So can we expect further growth and given that our new capacity is also coming up?

Yes. If I give you a bit of fair idea on our performance of Q4. And in this Q4, generally, the best period amongst the whole 4 quarters. And we believe that in Q4, we would be doing much better than what we did earlier in Q3 as well as Q2 also. And if you talk about the whole year basis performance, like the last year, company did INR 350 crores on a consolidated basis. This year on 9 months basis, we already did INR 391 crores on a consolidated basis. As we have said earlier in our previous con call that somewhere close to INR 550 crores of the total revenue company would be doing. And we are strongly confident that we will do that number. There should not be any issue. If you see that from INR 350 crores to INR 550 crores, there's almost jump of INR 200 crores, which may around 70% or so jump into the total revenue. As far as the profitability is concerned, last year on a consolidated basis, company did around INR 28 crores of profit of this PAT margins. And in these 9 months, the company has already done INR 41 crores of the PAT. So we believe that by the end of this year in comparison to the last year, company would be doubling its profitability, either more than doubling its profitability.

Okay. That sounds perfect. . And so again coming on this dye intermediates division, compared to China. So as of now, we are taking few raw material pressures as well as logistic costs have gone up, correct? So right now, because China is our biggest competitor, how do we fare in international market currently? If you can explain a bit around it, it will be helpful.

See, [ Subham ], my personal opinion is that as far as the dyestuffs and intermediates are concerned, China is no -- is not that big competitor what has been defined by you. And yes, I would not disagree with this fact that China is not a competitor. Yes, China is a competitor, but we need to understand clearly that the cost of production of Chinese products with comparison with Indian manufacturers, their cost is much higher. If you look at the data for the past 3, 4 years or so, you'll see that -- import comparison then to the earlier period is much lower from China as of now. Only the consumers who are exporting dyestuff since they have their advanced licenses. Because of the advanced licenses, they are importing some of the Chinese products like [ H and Para Base ]. Otherwise, overall, if you see that on a net-on-net basis, China -- India is an exporter for dye intermediates. And -- as far as the dye is also concerned, I don't think, in my personal opinion, that there is any kind of competition from China, which used to be earlier in the period 2015 or '16 or so.

Okay. Fair enough. And lastly, on the new facility. So what's our internal expectation of ramping up this facility? By when can we achieve that?

Your question is pertaining to Unit V?

That - that's right.

Unit V is almost done, [ Subham ]. We've already started the dry trial runs of the plant. And internally, we had decided that by the first or second week of March, we will be commencing the production of Unit V.

Okay. Okay. And now coming to the Fertilizer division. I mean, if we see the volume decline Q-on-Q. So last quarter, we reported 54,000 tonnes, and this quarter, we reported 48,900 tonnes. So -- and there seems to be a significant drop in revenue as far as Madhya Bharat is concerned based in the number reported in your presentation. So what was the reason ...

Hold on. Hold on, which number he is talking about?

Fertilizer is 48,000 tonnes in this quarter. In September quarter, 54,000 tonnes.

In September, it was 54,000 tonnes. So that's a seasonal issue.

Yes. Yes.

See, [ Subham ], that's a seasonal impact.

Okay. And what was the revenue reported this quarter for Madhya Bharat -- for this quarter?

Revenue for this quarter with Madhya Bharat is ...

INR 26.5 crores .

Yes. INR 26.5 crores in comparison with the last year quarter of INR 16 crores.

Okay. And stand-alone fertilizer?

Stand-alone, means you're talking about Pushkar?

Yes.

Do we have the figure of that?

Yes. INR 17.12 crores in Q3 '21-'22. Out of [indiscernible]

Got it. Understood. And in the Slide #12, there is a mention of capacity buildup in fertilizers from 402,000 tonnes to 590,000 tonnes. So I wanted to understand if there is any further CapEx that we are doing? And if you can explain this buildup?

Yes. As of now, we are ramping up our capacities of fertilizers at 2 different places. A, it is in Kisan Phosphates Pvt. Ltd. Right now, the installation capacity of Kisan is 100,000 tonnes, which will be ramped up to 132,000 tonnes. Secondly, our another facility of Madhya Bharat, that is at Deewanganj, which we haven't started. We -- Though we tried to start it earlier but we couldn't do so because of some other issues. And that Deewanganj plant is of 132,000 tonnes of capacity. So all put together, there will be incremental size of SSP of fertilizer of around 164,000 tonnes.

Okay. And stand-alone, we have 147,000 tonnes. Okay. Got it. So ....

And even on SSP, if you talk about, it is 100,000 tonnes plus some other intermediary products like • sulphate of potash, NPK, and all put together 145,000 tonnes -- 149,000 tonnes.

The next question is from the line of Sumesh Guleria from Green Portfolio.

My question is, again -- my question is on the capacity side. So our Q2 presentation had some different numbers, and now Q3 presentation has some different numbers. I'll give an example, Chemicals was supposed to be around 30,000 tonnes by financial year '22-'23 in Q2. But in Q3 presentation, it states 38,260 tonnes. So is it something that we are planning some additional CapEx over here? Or it's some clerical error?

Hold on, Sumesh, let me see what the -- is that.

[indiscernible] fertilizers.

Can you -- Can anyone tell me?

Yes. So Q3, it's Page #12, sir, of the investor presentation. And Q2, it's Page #18.

Page #18.

Yes, Q2, it's Page #18; and Q3, Page #12.

One second, one second.

In the meantime, Sumesh, our team is figuring out your question, we'll come back to you on this question. In the meantime, can we have the next question?

Yes, sir. My next question is on the Deewanganj plant. So tentatively, when can we expect that to start?

We're targeting to start Deewanganj as early as possible, Sumesh. We've already obtained all the necessary approvals for starting of the plant, and the plant has been fully updated. Even some kind of approval and certifications that are required from the Department of Fertilizers, that has been also done. And we are facing some -- few local issues at that particular site, which we are in the process of this -- resolving them. We believe that this should be resolved as soon as possible. But somewhere, I hope that somewhere in April or May, we should be commercially operating the Deewanganj site.

Okay. Sir, one request -- I just have 2 questions. So one request, like, if possible, could you please update the plant-wise capacities that you have right now over the website or either on the exchange site so it will be easier for us to analyze the whole thing? Because this -- because there are so many plants. Sometimes ...

Again, I guess, you're talking about all the products at all the sites, or the particular fertilizers you're asking about?

Yes, yes, sir. So you can -- we can analyze. So right now, just like I told you the clerical error, we are kind of seeing right here right now in Q2 and Q3 presentation. So it makes a bit difficult for us to analyze, if possible.

I understand. So what we will do is that, right now, our Investor Relations team is sitting also into the room, and they are a part of the conference. I would request them to share with you the individual capacity-wise of the products as well as the plant-wise also. That will -- I think that will remove all the confusions also if it is there within us or with you also. And let me tell you, Sumesh, that all put together, we are operating from 9 different sites. One site in Haryana, 2 sites are in Madhya Pradesh and remaining 6 in Maharashtra. And we have multiple products and multiple plants within the company. We will make a proper excel sheet and our relationship -- and our Investor Relations team will share that statement with you. I think that would be all right.

Yes. Yes, sir. That will be very helpful, actually. So just one last thing. We are not doing any further CapEx, right? That whatever we planned earlier in Unit V Deewanganj and Kisan Phosphates, that -- nothing new is coming up right, sir?

Sumesh, if you have seen and if you have heard my speech in the beginning, we have said that certain more CapExes are under planning, which we'll be discussing at the right time. But yes, definitely, once we successfully commissioned Unit V, we'll be doing so.

Sumesh, in our chemical sector, total capacity was 14,000 metric tons FY'21, but we are planning to start commercial production of [ Unit 3 ] in March '22. So the increase of total capacity in chemical sector is 24,000 metric tons. So total capacity will be 38,260 metric tons in chemical sector.

Okay. So Unit V will contribute around 24,000 metric tons, right, sir?

Metric tons capacity.

Okay. And Fertilizer as well?

Fertilizers, means is -- FY '21, it was 402,000 metric tons. But for FY '22-'23, it will be 590,000 tonnes, which increased by 32,000 tonnes in Kisan and 132,000 tonnes in Madhya Bharat.

Okay. So earlier in Q2, we had a clerical mistake because then it was showed like from 330,000 tonnes, we will be moving to 483,000 tonnes.

Yes, yes.

Am I correct, sir?

You are right, Sumesh. There was some mistake and typing error from our side in our Q2 presentation, and we apologize for that.

No, it's okay, sir. And thanks for the IR agencies one, like putting the plant location over the investor presentation.

The next question is from the line of Forum Makim from Equitree Capital.

Congratulations on a good set of numbers. Sir, my first question is related to Unit V. In the last con call, we had mentioned that we would start the commercial production by the first week of Jan, but now we are saying by March. So what is the reason for the same?

Well, let me tell you, first of all, on Unit V front, we are delayed. So there is no doubt about it that we are delayed. With a good number of days, we are delayed. We -- earlier during our various conference calls, we have been coming out with dates -- for these expected dates for starting the production. Unfortunately, we couldn't meet that. Whereas we earlier planned that we'll be doing in January. But in January, we have already started our dry trial runs. Now, unit is completely commissioned. When I say the dry trial runs, it is basically starting off a plant without any raw materials. Means it is a testing and checking of the -- of all the equipment, utilities, pipelines and all the electrical, everything. Because once we use the -- once we put this chemical, so before putting the raw material for chemicals, we need to have a dry trial of the plant, which is already going on. And now I don't think there should be any other issues or any further delay by starting the plant in March.

Okay. Okay, sir. And sir, could you give the unit-wise capacity utilization, like Pushkar, KPL and, like, Madhya Bharat?

Last question, when Mr. Sumesh wanted a similar kind of a statement, and same thing. I think we should put -- we will put on the company's website also, with all the plant-wise and their location and their products and their capacity size.

No, sir. I'm asking about the capacity utilization for the quarter.

Capacity utilization for the quarter. Do we have right now? [Foreign Language]. Where is that? Hold on. Yes, Deepak.

Sales percentages ...

Tell the percentage as well. Yes, go ahead. Go ahead.

In SPCFL Q3, our sales percentages fall on capacity basis for dye intermediates, is 30%; for dyes, it's 80%; for Fertilizer it's 33% on quarter-on-quarter basis. In Kisan, our capacity fall is 72%; and in Madhya Bharat, it's 63%.

One point where you to see that -- that the dyestuff -- the dye intermediates. When we say 30%, Deepak is telling you the figures of the sales basis, not on the production basis. Because most of the production of the dye intermediates, we use into the dyestuffs also. As I said earlier that we have carryforward stocks also. I think the perfect idea would be to give you the production figures, that will give a proper data about the capacity utilization. Do we have the production figure, Deepak. [Foreign Language]. No problem. We'll share it with you, that's not a problem.

Okay, sir. Okay. And sir, could you share the export breakup for our chemical business?

In Chemicals business, still 9 months 2021, '22, total export is INR 69 crores.

For 9 months.

For 9 months.

And for Q3?

Only for the Q3, how much?

INR 24 crores.

Okay. And we are exporting completely from Pushkar, or also from ...?

Yes. There are subsidiary units that are into the fertilizer business and there's a domestic indigenous production, and it is consumed domestically also -- itself. So the export business is only into the Pushkar, and that too also the Chemicals and Dyestuff division.

Right, sir. Sir, how is the current demand and pricing scenario for both our segments, fertilizers and chemicals?

In comparison with the last year 2021, we believe that the business is good at this point of a time. If you go through our earlier discussions and various inputs to the investors, we have been always saying that when the Unit V would be started somewhere by Q3 or the January, then we'll be doing INR 550 crores of the business all put together, which includes Q4 result of Unit V also. Now, without Unit V, company would be able to cross INR 550 crores.

Okay.

Right? So I think that this all data clearly provide that the business of the company is good comparing to the last year. And as we said earlier that the whole business and the economy is coming back to the situation. In profitability terms also, company is doubling its profitability than in comparison to the last year. And revenue-wise also it is almost 70% up. Plus Unit V, which would be operational in March this year.

Right, sir. Sir, I have 2 more questions. So what is the impact of the lower fertilizer subsidy on the entire fertilizer demand and on your business as well?

Can you repeat this -- your question, please?

Sir, in the budget, there was a lower fertilizers subsidy given, right? For this -- for the ...

It has been provision made by the government of India.

Yes. So how will that impact the overall fertilizer demand and also your business?

This is a personal opinion I'm sharing with you, that though the government is trying to -- and they have provided for a subsidy reduction in this budget, right. But how that is going to happen, how that is going to -- this impact the fertilizer business, is yet to be seen. But what I'm looking for the next year or for the next season is that there is acute shortage of the fertilizer. There's acute shortage of fertilizer raw materials also. I believe that the cost is going up, will go up, and there will be a concern on the supply side. Demand side is also going to be bullish because of the low supply of imported fertilizers like DAP, MOP and urea to India. Secondly, now the government is also emphasizing on replacement of indigenous fertilizer than in comparison with the imported fertilizer. If you will see that against one tonne of DAP, government is proposing to use 3 tonnes of SSP. So means if a business of, let's say, around 100,000 tonnes of DAP is short supply, then ultimately, there is a market creation for 300,000 tonnes of SSP. So you have to see how the government is planning, and I can't comment on this part. But I don't think that there is going to be any hardships into the fertilizer business. Rather, I see a great outlook, especially for the fertilizer business in next seasons.

Right, sir. And sir, you've been able to pass on the higher raw material costs in this quarter, like it's pretty obvious. So do you think we'll be able to do the same for the next quarter as well?

I don't see any issues into that. This has been a continuous efforts into the business. If not Pushkar, then everybody -- then say, any other company also, which has already resulted into our results for these 9 months also. And business is there to make some money and that too also with ethical trade practices. Nobody pays out from his own pocket.

Right, sir. Just the last question, sir. What is your 3-year plan?

3 years -- I don't have -- I don't want to discuss at this point of a time because it will be too early for me to discuss about the 3 years' plan. But what we are planning for at least next year, for '22-'23, that this year, we'll be crossing INR 550 crores. We are targeting for crossing -- we are targeting for touching INR 1,000 crores at least for '22-'23. This statement, I'm giving you with full responsibility.

[Operator Instructions] The next question is from the line of Bhagwan Singh Chodhary from Sunidhi Securities.

Sir, just a question on this Unit V; 2 questions I'm having. One, related to the products, I think we have not discussed much about the product, what kind of product we are about to produce in this? And secondly, how is it going to ramp up on quarter-over-quarter after -- once it commence?

[Foreign Language]. And as far as the ramping up, the capacity and the revenue is concerned, Unit V will easily generate a revenue of INR 250 crores. Since we are already on to the phase of the dry trial runs, we believe that March [Foreign Language] Right. I believe that somewhere by March, everything would be started [Foreign Language] Furthermore business growth in terms of organic and inorganic are also under process, which we would not like to discuss at this point of a time until unless we get our approvals from our Board. [Foreign Language]

Got it. Got it. So sir, just on the same. [Foreign Language].

[Foreign Language]

Got it.

[Foreign Language]

Got it, got it.

[Foreign Language]

Got it. And sir, just your comment on ...

[Foreign Language]

You mean, [Foreign Language]

[Foreign Language]

Okay. And sir, your comment on this dyestuff outlook, be pricing-wise? Because last 2, 3 years have been quite soft. How do you look now onwards because there is a lot of ...?

[Foreign Language]

Got it. But there is a lot of excitement in textile side. [Foreign Language]

[Foreign Language] textile sector, they are also doing good. India [Foreign Language]

That's why you -- I'm asking ...

[Foreign Language] Why we are not sold? Because we believe that in quarter 4, there will going to be better pricing. [Foreign Language], yes, there is going to be a positive outlook, why to sell the material at cheap.

Got it.

The next question is from the line of Forum Makim from Equitree Capital.

My questions have been answered.

The next question is from the line of [ Varun ] from [ Sharmas ]. Mr. [ Varun ], there is some disturbance from your line. May we request you to please rejoin the queue. We cannot hear you, sir. The next question is from the line of Samarth Singh from TPF Capital.

Could I please get the 9 months Fertilizer sales between Pushkar and Kisan and Madhya Bharat?

Do we have those figures right now?

9 months Fertilizers sales?

In all the 3 companies.

Yes.

[Foreign Language] total of -- total quantity. Total quantity value [Foreign Language].

Yes. In Fertilizers, in Shree Pushkar stand-alone, total 40,000 metric tons sales. In Kisan, 9 months totaled 62,000 sales. And in ...

9 months [Foreign Language].

9 months, 62,000 metric tons. And in Madhya Bharat, 9 months total sale is 48,000 metric tons.

So [Foreign Language] tonnes.

Total approximately -- Yes.

Around 150,000 tonnes till 9 months.

So we had -- at one point, we were hoping to get 1 lakh tonnes out of Madhya Bharat for this year, out of which 20,000 tonnes would come from Deewanganj. So that's why -- that is not coming. But so 80,000 tonnes from Madhya Bharat; and Kisan, we had, say, another 80,000 tonnes to 85,000 tonnes; and Pushkar, 65,000 tonnes. So ...

We have already -- let's go one by one, right? Hold on. [Foreign Language] See, in Pushkar, we have already done 40,000 tonnes, still we have 3 months going on. On a monthly basis, we are dispatching around -- like in January, if I talk about, we did a dispatch of around 9,500 tonnes in Pushkar stand-alone itself. So now, the Pushkar is close to 50,000 tonnes, further, we have 2 months more in our hand. Now if we come to Kisan. In Kisan, there is a capacity utilization of 83% in Kisan up until 9 months. And I believe as far as the capacity, the situation of 83% individual-wise is concerned, is a great achievement. Somewhere in Kisan, we'll maintain the same pace in the next 3 months also. And somewhere around 84,000 tonnes of the SSP, we would be doing in Kisan for the full year. And comparative to the last year of -- we had the figure of last year? I don't remember the last year's company-wise figure right now with me. But as far as the business-wise is concerned, Kisan was around INR 70 crores of the total business in last year 2021. And in '21-'22, in 9 months itself, Kisan has done a business of around INR 90 crores. Further 3 months, still there are in our hands. We believe that Kisan would touch INR 125 crores of the total revenue in this month in comparison with INR 70 crores of the revenue in the last year. As far as the Madhya Bharat is concerned, since it was -- since this is a full year on of Madhya Bharat, and till 9 months, we have done close to 48,000 tonnes, 3 months still are there with us. I believe that close to 75,000 tonnes of SSP business we would be doing in Madhya Bharat. Unfortunately, Deewanganj, we are not ready to start with some other local issues there, which would be starting next year. Next year, we'll be getting a full year operation of Madhya Bharat including Deewanganj also.

Okay. That's very helpful. And Deewanganj's capacity, 50,000 tonnes?

Deewanganj [Foreign Language] basic capacity and everything is around -- of -- is around 132,000 tonnes. But there is a space constraint where we are in mid of the execution of documents for purchase of the side by lands also. And in next year, we would be -- we are targeting hardly 60,000 tonnes, but slowly and gradually it will be ramped up to further capacities also.

Okay. That's helpful. And any -- what is the outlook on rock phosphate pricing? Has that come down? Or is that still going up or stabilized?

Still going up.

Okay. And the budget has reduced the import duty on that?

We discussed this subject 2 questions before also. And now the government has reduced the subsidy, let's see how it goes away because I personally believe that there is acute shortage of fertilizer in the country. So ultimately, that hit has to be either taken by the manufacturers or by the farmers or by the government. Let's see where the wind blows.

I was talking about the import duty on rock phosphate. That has been reduced, right?

That's already 2.5%. That was in the beginning also. Nothing else has been reduced. There is no further import duty reduction has been done on rock phosphate because earlier also it was 2.5%.

Okay. And just last quarter, I think you had mentioned that you would see the benefit of higher H-Acid and Vinyl Sulphone pricing starting in this quarter -- quarter 3. But our EBITDA is more or less flat between the second quarter and third quarter. Could you just comment on that?

I just said that the pricing of the intermediates is still softer. During the last question asked by Mr. Bhagwan, the same addressal was said. But as of now, also, the intermediate pricing and the dyestuff pricing are on a softer term. We believe that in Q4 or the Q1 next year, it should start ramping it up because the business and textile business has just started coming back to the normal sale.

Okay. Just 2 more questions. One was, could you just stand what percentage of our dyestuff sale, branded versus B2B?

What percentage of dye. Your question is what percent of the dyestuff sale in Q3?

In general -- sorry, Q3 or for the 9 months?

Yes, utilizing almost 80% of the dyestuff capacity. We are close to selling around 300 tonnes to ranging 400 tonnes of dyestuffs per month against the installed capacity of 500 tonnes. So there we're utilizing almost required level because in case if we just make one product or 2 products in dyestuff, we can easily cross 500 tonnes. But since we are [indiscernible] registered company, we have got bundle of products, we make various colors, we do branding our own self also, we sell in retail also. So achieving 100% capacity of dyestuff is not possible. Therefore, since we have to produce a few more colors. So we are doing around 80% of the utilization, and that's a good achievement of the utilization of the capacities.

So what percentage of dyestuff sales is branded versus unbranded?

First of all, we don't do anything unbranded. Right. And out of this, I think it should be around 60% business is in our own brand called Dyecol. And balance 35% to 40% business, we are doing for a multinational company across the globe, and this is what it is. And as far as unbranded is concerned, we have nothing product called unbranded with us.

And last question for me, in -- on presentation it -- on Slide 7, in consolidated metric tons of chemicals sold, in the last quarter we had shown a total sale of 12,786 metric tons for the half year FY '22, and this quarter, we are showing sales of 4,575 metric tons. So that totals 17,361 metric tons for the 9 months, but we are showing it as 21,068 metric tons.

Hold on let me see. I couldn't see what it was. Do we have the reply right now in front of us? Or should I request him that we'll -- we can get that?

Yes.

My team is figuring it out that. We'll come back to you on this part. Will that be okay?

Yes, that's fine.

Ladies and gentlemen, this was the last question for today. I would now like to hand the conference over to Mr. Punit Makharia for closing comments.

With the growth opportunities we foresee across all our segments and completion of all our projects, we believe that we are ready for the next level of growth, and we will position to capitalize for this opportunity. Thank you, friends. Thank you, everyone, for joining us. I hope we all have been able to answer all of your queries. If anything left out, we will come back to the gentlemen personally and explain them what it is. In case you require any further details, you may please contact us or Orient Capital, our Investor Relations partners. Thank you very much.

Thank you. On behalf of Shree Pushkar Chemicals & Fertilisers Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.