Shri Keshav Cements and Infra Limited (530977) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the Q3 FY '25 Conference Call of Shri Keshav Cement & Infra Limited, hosted by Kirin Advisors. [Operator Instructions] I now hand the conference over to Mr. Jainam Savla from Kirin Advisors. Thank you, and over to you.

Thank you. Good afternoon, everyone. On behalf of Kirin Advisors, I welcome you all to the conference call of Shri Keshav Cement & Infra Limited for Q3 FY '25. From the management team, we have Mr. Venkatesh Katwa, Chairman. Now, I hand over the call to Mr. Venkatesh sir for the opening remarks. Over to you, sir.

Yes. Thank you, Jainam. Good afternoon, everyone, and a warm welcome to Shri Keshav Cement & Infra Limited's Q3 FY '25 Earnings Call. I sincerely appreciate your time and interest in joining us today. Shri Keshav Cements & Infra Limited, what we usually acronym as SKCIL, formerly known as Katwa Udyog Limited, is engaged in the manufacture of cement and renewable power generation and distribution in the state of Karnataka. The cement plants are located in Bagalkot District, Karnataka and the solar plant is located at Koppal in Karnataka. The company supplies cement in North Karnataka, Coastal Karnataka, Goa, and some parts of Maharashtra. So, key differentiator for SKCIL is our unwavering commitment to renewable energy. Since April 2018, we have been meeting 100% of our energy needs through solar power, significantly reducing the cost and reinforcing our ESG leadership. Our cement plants are among the very few in India, operating on 100% green energy, resulting in 75% to 80% reduction in the power cost, a major cost contributor, which has improved our margins. The company has a network of over 350 cement distributors and over 600 retail touch points and about 14 solar power consumers. Looking ahead, we are very optimistic about the industry prospects. The Indian government's continued emphasis on infrastructure development is expected to be a key catalyst for the cement sector. Increased budgetary allocation towards infrastructure projects will drive the cement demand, positioning us well for the future growth. As we move forward, our strategic priorities remain centered on enhancing operational efficiencies, leveraging renewable energy and capitalizing on emerging opportunities in the infrastructure and construction efforts sectors. We are committed to driving long-term value creation for our stakeholders and contributing to India's development journey. So, let me take you through the performance of Q3 and 9 months FY '25. So in Q3 FY '25, our EBITDA surged by about 88% compared to Q3 FY '25, showcasing our ability to drive profitability through operational excellence and improved cost management. Cement dispatches have registered a robust 12.6% growth, contributing to 14% increase in turnover quarter-on-quarter. Further, our solar generation also improved by around 10.4%, reinforcing our leadership in sustainable manufacturing. This increase in solar generation is because we added a new 3 megawatt in August 2024. From a financial standpoint, we recorded a total income of INR 29.4 crores, EBITDA of INR 7.38 crores and EBITDA margin of 26.26% in Q3 FY '25. Our PAT stood at INR 0.6 crores, with a PAT margin of 2.2% and EPS of INR 0.36. On a cumulative basis for 9 months FY '25, we achieved a total income of INR 85.64 crores, with EBITDA reaching INR 20.17 crores and an EBITDA margin of INR 24.2 crores -- 24.2%. So as we approach the question-and-answer session, I wish to convey my sincere gratitude to all the stakeholders. Your unwavering support and active involvement has been an integral part of our growth journey, playing a very crucial role in our success. So, we genuinely appreciate the significant contribution each one of you has made with this company. With this, I'm pleased to open the door and floor for any questions and answers. Once again, thank you for the presence and ongoing support. Thank you. Now the floor is open for question and answers.

[Operator Instructions] We have the first question from the line of Manan from Wallfort PMS. We have the next question from the line of [ Sanjay Shah ] from Magnum Equity.

Yes. So just wanted to understand, like, see, sir, our -- I think turnover is better. I think our margins, EBITDA is better. But, sir, bottom line is not showing any significant growth. Can we just -- what is that we are not able to show that bottom line. What is that factor? Can you just explain on that?

Absolutely. So typically, you're always going to be seeing good EBITDA levels that is because of the solar plant that we have. But the bottom level is typically a derivative of this pricing of cement, which we see currently. So for example, our pricing compared to 9 months last year and compared to now, the realizations have gone down by almost 8% to 9% for us. And this has been an industry standard. But the biggest difference is the EBITDA margin exclusive on cement, what the major plants are generating is upwards of INR 700 to INR 800, whereas in our case, it is less than INR 50. That is mainly because we are -- we will be switching over to the new plant in March now. We have just now completed the CapEx in December, January, and we are in a process to switch over to the new kiln. So with the new kiln, what we expect is the power consumption will go down, the fuel consumption will go down, and then we will have similar EBITDA margins like what we see in the industry level. So with that, we would be expecting a better PAT margins. So to again rephrase the answer on what you asked, it is mainly because of very less net realization that we are getting, particularly in South, which is affecting our PAT margins.

Okay. So can we understand like basically, your solar is trying to make your margins better as per current status and your cement is not that great right now.

Correct. As of now, yes. Correct.

So now coming to that macro again, if this is happening, my question would be like is there any industry headwinds or I mean, basically the orders or the offtakes are not happening or what else?

No. For Q3 and pretty much 9 months of FY '25, most of the issue had to do with the realization itself and particularly South where realizations were hit even more harder. So just to give a perspective, which I did some calculation while we were working on this, so in South, like I'll give an example. In South, the EBITDA margins have come down by almost 40% per tonne. Quarter-on-quarter EBITDA margins have increased by 22%, but we have registered our EBITDA per tonne margin by almost -- sorry, EBITDA by almost 86%. So, PAT is a clear cut derivative of the realization what is happening. Q1, Q2 was extremely bad, mainly because of election and then the monsoons. Q3, the flag end of Q3 showed some kind of an improvement. And Q4 has shown the very good offtake for all the cement plants in the country. But Q3 was -- most of the Q3 had very, very bad realization. So even on quarter-on-quarter, our net naked cement rate has gone down. So had we got the same price like what we had got in FY '24, our PAT margins would have been at par with the industry or better than that.

Okay. Sir, and like what you said in the prior question was like your new capacity is coming down, correct? So basically, I think what you said is in March, probably we can expect that new capacity to be added.

Correct.

So again, your first quarter and second quarter, means after March, there will be a first quarter and second quarter, correct? So how do we see that now? Like see, after adding a new also, so what type of margin appreciation or what type of order intake? What would be the whole idea about now going forward after -- means March?

Okay. So with the new kiln and all the new infrastructure coming online in March, so let's say, when we're talking about Q1 and Q4 FY '26. So, we are going to see improved margins from currently. Initially, the teething issues what we might likely face like typically any new machinery will have some initial hiccups. So once the kiln starts running smoothly, we are -- we will be looking at the same EBITDA margin like most of the South players upwards. For example, last year, for Q3 for these kind of prices, what we see today, assuming that these prices continue to remain as it is, the South-based industries are doing an EBITDA of around INR 422, whereas the top 18 cement plants all over India, which constitute 80% of the national capacity are doing an EBITDA margin of INR 620. But if I just select the South out of that, they are doing around INR 420, the way we see it in Q3. So, assuming the prices remain same, we will be at par with them. That is what I would be saying. And of course, cement prices are going to be showing an upward trend in FY '26 because current prices are definitely not sustainable. Consolidation is almost done. So, there's going to be a price discipline. Government is already spending on the infrastructure. So it's a matter of time when we start getting realizations just like last year or even better.

We have the next question from the line of [ Deep Parekh ] from [ Broacha ].

Sir, as we know that you have increased your capacity from 0.35 million tonnes to 1 million tonnes per annum capacity right?

Correct.

So, sir, I just want to know that at the financial year '26 end, how much percentage you will utilize?

So typically, any cement plants and basically, what we have done is we have projected -- to begin, we have projected 50% utilization. But if the market demand increases, there's always a scope for improvement. But to be on the safer side, we have taken 50% capacity utilization.

Okay. Understood, sir. And how it will impact the financial of the company at the end of financial year '26?

So with the new kiln and the new machinery, 2 things are going to happen. One, the fuel consumption will go down on a per tonne basis, per tonne of manufacturing of cement. Even the power price is going to go down. So, what we are having -- see, today, if you look at our EBITDA margins, we are one of the highest in the cement industry, almost 25%, 26%. That is solely because of solar. So, once I remove the benefit of solar out of this -- out of the equation, we have to be at par with other cement plants in the South. So once that adds up, plus we have a benefit of solar. Together, we are expecting a good bottom line in FY '26, mainly because of the new plant and reduced consumption of fuel and power.

Understood, sir. Understood. And one last question, sir. That in cement industry, average profit per tonne is around INR 700 to INR 900 per tonne, right, sir? And Shri Keshav Cement is now at INR 100 to INR 150 per tonne. Then at the end of financial year '26, what will be the expected improvement in this margin?

So it looks like you are referring to the EBITDA per tonne margins. So for example, now, like just in the previous question, I probably answered this. Again, I'm repeating. I mean, just to make sure that we are on the same page. So if you look at the top 18 cement brands all over India, which constitute 80% national capacity, EBITDA per tonne in Q3 was around -- Q2 was INR 620 and Q3 was around INR 719. This is national average. If you look at clearly at the South, the EBITDA per tonne is around INR 422. But if you look for the 9 months for this year only for the Southern region, the EBITDA per tonne, they have realized is INR 463. So, what we will be targeting -- ours is around INR 50 or even less. So what we will be targeting is to be as close as or equal to what we see in the South or even better, plus we also get a benefit of solar, which I'm not counting these margins.

We have the next question from the line of Manan from Wallfort. We have the next question from the line of [ Mahesh Seth ], an Individual Investor.

Yes. So, my first question is that cement revenue contributed around 76.34% in Q3 FY '25. So, what are the key trends in cement demand that you are observing?

So typically, Q1, Q2 was definitely very bad. Q2 mainly because monsoons, plus the Central Government had just formed. So, there was no impetus from the industry. Q3 was just beginning to show some kind of discipline in the volumes, but something really happened by the last week of December or first week of January. So Q3, I would say the prices stopped falling. That was one good thing about Q3. In Q4, what we are seeing, even though the prices have not increased significantly, but volumes, you would see an increased -- improved volumes across for all the cement plants. So, these are pretty much the trend what we're looking. And since the consolidation is complete, we are hoping that there is going to be a better price discipline and the realization is set to improve by the end of FY '26.

Okay. And also the solar energy revenue contributed around 15%. So, do you expect this contribution to increase in the future? Or are there any capacity expansion plans?

So solar, as we start with the new plant and 50%, 60% or even 70% of the generation we -- when we reach 70% to 80% of our cement plant utilization levels, then of course, there won't be any solar revenues coming into picture. But it does not mean that we would lose out on the EBITDA because even the figures, what I'm speaking today is excluding the benefits of solar. So, even what would typically happen is we will be getting the power at less than INR 1.50 once the entire power is used for cement plant. Regarding expansion, yes, the Board and the company is thinking of adding more solar capacity. But as such, as of now, nothing has been finalized. Maybe by next quarter, we will have some answer to the -- to our plants and expanding on renewable power.

Okay. Got it. And sir, my last question is that is the company considering any partnership or government incentives to further expand solar power generation?

No. Company -- I mean, as such, company does not get any kind of incentives specifically on company-wise. Lot of times, government does some kind of a -- they incentivize certain industries to promote them, like solar was -- renewable power was promoted in 2014 to 2018 in Karnataka. So during those times, anyone who set up the plant did have benefits. So as such, I would say even today, the policy of Karnataka government regarding renewable power is still positive. And I see that is going to be a good vertical to be saddled into. So, company will look into these things and then continue to grow. Even with these current policies, there is a scope for the company to add more capacity.

We have the next question from the line of [ Prashant ], an Individual Investor. As there's no response, we'll move on to the next speaker. We have the next question from the line of Aditya Roy (sic) [ Aditi Roy ] from [ Patel Advisors ].

Congratulations, sir. My question is what were the cement prices in the reported quarter compared to the same quarter last year? And what are the current prevailing prices?

You're talking about cement pricing, right?

Yes, sir.

Okay. So in Q3 of FY '24, the -- what I generally use the word naked cement grade is because it excludes logistics. It excludes the tax and everything. So, naked cement price of Q3 FY '24 is INR 3,761. Now it is Q3 FY '25, INR 3,302. So if you look at pure realization standpoint, it has reduced by 8%. And industry has reduced by around 10% to 12%. So, we are at par over there. And similarly, the price compared to the previous quarter also, it has reduced by 1%. So, these are the statistics. But in Q4, we are -- we will be looking at some kind of an improvement in both the pricing as well as the dispatches.

Okay, sir. And I have one last question. How does the company plan to navigate pricing pressure in a competitive market?

So, cement is at some point, apart from being brand-driven, cement is being used by many institutional players who will go with the quality and the commercial aspects. So, we are able to make some inroads over there. So in spite of all these challenges, the company has maintained its market share and we have still maintained our pricing based on our competition. So, I'm pretty confident that with this and future expansion, the company will continue to grow.

We have the next question from the line of Manan Vandur from Wallfort PMS. The next question is from the line of Sanjay Shah from Magnum Equity.

Yes. Just to -- a follow-up question. What is our, basically, solar installed capacity now? The overall capacity I'm just talking about in the solar, this thing?

So the overall capacity as on date is 40 megawatts.

Okay. And this is all basically for our internal consumption, captive?

No, no, no. Currently, we are consuming around 50% internal consumption and 50% we are selling it outside. So once our new plant comes in, maybe almost 90%, 95% we'll captively consume and 5% we will continue to sell outside.

Okay. Okay. Got that. So basically -- but are we expanding in solar further? Or this is what we are envisaging right as the current [ sector ] evolves?

So the management is of the opinion that we should keep continuing to add more renewable power capacity because now that there is a requisite experience and there is a requisite understanding of this industry. But no decision has been made for new capacity, but there is a discussion going on. So if something does come to that point, we will definitely mention it to the shareholders.

Okay. And sir, basically now our -- basically capacity utilization on the overall now -- all the 3 segments or the overall -- what is that basically? What is [ finally being ] done there or any bottlenecks or further we need to figure? Or what -- can we just throw some light on that part also?

So, you're talking about capacity utilization of cement or solar?

Cement. Solar, sir, we understood now, but basically more cement.

So, cement Q1, Q2 and most of the Q3 was not very encouraging, but we made an average -- I think Q3 showed a 65% capacity utilization compared to 76% of Q3 FY '24. But like I mentioned earlier, it is mainly because Q1, Q2 had election and then monsoon in Q3 was just the beginning of the new political dispensation and spending. So the capacity utilization remained at around 65% as opposed to targeted 80%. But Q4 is already showing promises. So, we will be able to beat the trends in Q4.

We have the next question from the line of [ Suraj Singhania ], an Individual Investor.

Sir, my first question is the decline in EBITDA and the increase in raw material cost versus potential operational challenges and what measures are being taken to improve operational efficiency and reduce cost in cement production?

Yes. Thank you, Singhania ji. So typically, the margins or EBITDA is hitting mainly because of the realization of cement prices. So suddenly, there is an increase in capacities everywhere, but also there is a consolidation going on. Everyone wants to capture the market share, which is why there's a lot of pressure on EBITDA. And if you look at the industry trend, you see EBITDA going down for everyone. And that is definitely a concern for everyone. But again, some of the factors like election and monsoon is out of our control. But now that the government is beginning to spend from Q4 onwards and then further in Q1 FY '26 onwards, we will be able to see that recovery happening from now onwards.

Okay. And as you said, current market conditions affecting the cement business, so what competitive strategy are you employing to maintain increased market share?

So currently, what we have done is the company is aware that we will be having 1 million tonnes from -- by end of March 2025. So, company has already begun to work on hiring the best talent in the industry. We're already reaching out to a lot of new dealers in a lot of new institutions. And there is constant efforts to make our existing dealers speaking to their customers. So there's a lot of -- including digital marketing. So, company has taken various steps to reach out to the end consumers. And we are already seeing that some kind of a benefit from beginning of Q4 onwards. Even though prices have not increased significantly or remain flat, but we have seen a significant improvement in the dispatches. And with this strategy, we'll continue to work to make sure that we dig deeper. And there is a certain competitive advantage that our company enjoys, which is, we are targeting and focusing on the closest market where our logistic costs are lower. So, we are at a better competitive advantage. And it is definitely helping us to improve our market share like we have seen in Q4 or beginning of Q4 as of now. So, these are some of the steps company is taking and company will continue to invent and reinvent to make sure that we -- our capacity utilization, sales, dispatches, everything improves.

We have the next question from the line of [ Priya Jain ] from Green Capital.

I would like to know what's the current working capital cycle?

So, our current working capital cycle is around -- inventory levels are about 150 days to 160 days. Our current working capital cycle is around 20 days to 25 days.

And how does it compare to industry peers?

We are at par with the industry. If you look at all the major plants, the top 5 plants also, everyone has an inventory level of between 150 days to 160 days, which is the same in our case. And they might have -- big brands will have a little smaller working capital cycle. So, maybe 10 days or 15 days lesser. Otherwise, pretty much for our size capacity or the Southern-based capacity, the working capital cycle is pretty much similar.

Okay. So, I would like to understand like how the company is addressing the impact of inflation and energy cost on profitability, especially when we talk about cement industry?

So, Priya ji, one is the inflationary trends that affects all the industries. So, one of the reasons why most and almost all, I would say, including major to minor plants, there was a difficulty in Q1, Q2 and Q3. Everyone had to face that burnt, which is why consolidation -- there is a big consolidation phase going on last year. But regarding the pricing of electricity or power, 2 components come into mind. One is fuel and another thing is electricity. I'll be happy to announce that we are the only company in the country to reach 100% renewable power consumption. We are the first company in the country. In 2018, we achieved that. 100% power is from renewable means. And today, our cost of renewable generation is less than INR 1.50, whereas the cost of power outside by DISCOMs is upwards of INR 7. So that's a huge benefit the company is going to continue to enjoy. So regarding fuel, again, this is -- it is going to cut across all the cement plants. And in our specific case, I would say till now, we were utilizing our kiln inefficiently, which is why we have gone for this CapEx. The CapEx is complete. It's just that we have to switch over to the new kiln by March. The reason we could not do kiln now is again because dispatches hadn't improved and we didn't want to have any kind of impact on dispatches when the market is on the upper trend. So having said that, with the new kiln, our fuel cost consumption also will go down. And we should be at par in the industry, plus there are going to be benefits of renewable power, which only our company enjoys in the entire country right now. So, I hope that addresses the question you were asking.

[Operator Instructions] We have the next question from the line of Prashant, an Individual Investor. [Operator Instructions] We have the next question from the line of Manan Vandur from Wallfort PMS.

Sir, first question would be that could you please give us what were the volume for Q3 FY '25 versus Q3 FY '24 in terms of selling the tonne and also 9 months for year-on-year?

Sure. So the volumes of Q3 FY '24 was 68,610 tonnes and Q3 FY '24 was 58,960 tonnes. So, there is a dip of around 14%. For the 9 months, I think -- I don't know exactly, but we have remained on the similar -- it's around 100 -- I can do a calculation here. So for 9 months FY '24, it's around 174,000 tonnes and similarly almost 173,600 tonnes for 9 months FY '25.

Okay. And the 68,000 tonnes, you said was for FY '25 or '24?

68,000 tonnes is for Q3 FY '24.

'24. Okay.

68,610 tonnes, yes. And Q3 FY '25 is 58,960.

Okay. So the volume also took a hit.

Yes.

Okay. Understood. Sir, next question is I think you -- last call, you said that our kiln and everything is ready. And we also had another problem with some government having our power lines. So -- and then you said that we will commence mostly by January, but now it has come to March. So, can you please address all of this that why are we starting at March now? Then what happened about the government giving the power line?

Absolutely. So finally, we received the new power line by end of January. As such, the kiln and everything is ready right now. Now, what has happened is suddenly, there is a huge increase in dispatches from January. And once we start doing a switchover, it might take about 25 days for us to shut down the kiln. So, we will not have any production of the clinker during that period. So had we taken this last quarter when the sales was low, it would have helped us. But now since we're reaching over 90%, 95% capacity utilization, we don't want to have any kind of a gap for dispatches. That is why company is waiting to start the future process by the end of February or first week of March. Within 20 days, 25 days, we'll be switching over to the new kiln. That's the only intent. Otherwise, as such, the kiln in all the project is complete for commissioning.

Okay. Understood. And sir, earlier you had said that we will do 50% utilization in '26. So that was of the whole 10 lakh you're saying, right? 10 lakh tonnes?

Correct. Correct.

Okay. Understood. And sir, earlier, just I know that you earlier also said that right now, we -- the industry leaders, it is at INR 430, INR 460 something EBITDA per tonne in the South side. And in generally earlier, we used to be -- we, as in, not us, but the industry used to be around INR 900 per tonne, something like that. So, do you think that the industry would shift towards that again in the coming some time?

Absolutely. So, I'll give a perfect math on that. So again, I have done a study on top 18 cement plants covering 80% of national capacity. So 9 months FY '24, industry generated INR 1,065 EBITDA per tonne and the same industry in 9 months FY '25. In '24, they generated INR 1,065. In FY '25, they generated around INR 800 per metric ton. This is the entire national level. But if you look at the South, EBITDA per tonne generated by the South-based leaders, they generated around INR 462 per metric ton for 9 months in FY '25. So eventually, this has to come at par with INR 1,000, but again, it is a derivative of the price. What the management thinks is because the consolidation phase is almost over, most of the small plants or most of the plants with whom generally we tend to compete have been taken over larger plants, which generally have a better pricing discipline compared to smaller plants. Having said that, it will have a tandem effect on ours -- plant like ours. And once the realization starts growing, then we will -- again we'll see an upwards INR 800 to INR 1,000 EBITDA margins like what other plants are showing. So, I'm pretty hopeful. But again, it is a speculation that we think based on our current trends, what we see in the industry.

Correct. Got it. So sir, for 9 months FY '24, can you give the same for South all plants, just as you said for 9 month FY '25?

So, 9 months FY '25 is INR 462 for South and 9 months FY '24 is around INR 650. It's INR 750 for FY '24.

INR 750?

Yes, yes.

Okay. Okay. Understood. Sir, why do we -- generally, why is the South side realization is lesser than the rest?

So when we talk about the rest, Northern averages, like prices of cement on Eastern side or deep down South are generally very high because cement clusters are located in Southern pockets of the country. So, I would say like there's no -- if you look only at East, it is going to be much higher. If you look at only at West, it could be a little lower. And another reason is South generally tends to have very high capacity compared to other areas because bigger cement clusters India in like what you said, Gulbarga regions and Patas regions.

We have the last question from the line of [ Madhav Soni ], an Individual Investor.

So my question is, are there any strategic partnerships or acquisition plans in the pipeline that would significantly impact your business operations or market reach?

No. Currently, we don't have any acquisition plans in cement sectors and not that we are looking at renewable power as well. But if there is some scope, if we see that there is someone who wants renewable sector, management will be keen to look at it. But currently, with the current renewable impetus, I don't see anything happening in renewable, but nothing is similar as such.

Okay. So tell me how does the company adapt its production and field strategy to cope with seasonal or regional demand fluctuations in the cement industry?

So, company has made its own name. We already have our own loyal customer base. And with the current marketing and sales effort that we are doing and the new kind of marketing we are doing, we are improving the market share itself. And typically, we are adding the same based on how South plants are adding. Typically, I've noticed in the past also cement is a product which is required by everyone. So with a little discount here and there and with a good rappo with the end consumers and a lot of institutional buyers would like to buy, not necessarily go for a very high-priced branded cement. If we -- when we match the quality and equivalence, they tend to buy from us. So, even though it's a challenge with the new capacity, but I don't see a difficulty. And we are already seeing that with the new sales and digital marketing that we are doing, the sales has already improved this quarter.

Okay. The final question I have is in light of the unaudited financial results for Q3 and 9 months FY '25, could you provide any reasonable financial guidance for the full fiscal year?

So, I would say on approximation, since Q4 appears to be great so far, if that continues, we will be able to -- we may not be able to reach the EBITDA levels like last year again because a significant portion of this year has gone in low price realization. So EBITDA-wise, I don't see a significant impact now, knowing very well that our new kiln has not yet been operational. But typically, I would say our top line should reach the level what we did last year or maybe a little higher and our bottom line might improve because volumes would be bigger in Q4. Otherwise, till the new kiln starts, I wouldn't see a huge, what you call uptrend in the figures for FY '25.

Ladies and gentlemen, that was the last question. I would now like to hand the conference over to Mr. Jainam for closing comments.

Thank you, everyone, for joining the earnings conference call of Shri Keshav Cement & Infra Limited. If you have any queries, you can reach us at [email protected]. Thank you, everyone, for joining the conference call. Thank you.

Thank you again. Bye-bye.

Thank you. On behalf of Shri Keshav Cement & Infra Limited, that concludes the conference. Thank you for joining us, and you may now disconnect your lines.