Tega Industries Limited (TEGA) Earnings Call Transcript & Summary

Welcome to Tega Industries Limited Q4 FY '22 Results Conference Call organized by Orient Capital. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Nachiket Kale from Orient Capital. Thank you, and over to you, sir.

Thanks. So good afternoon, everybody, welcome to the Q4 and FY '22 Earnings Conference Call of Tega Industries Limited. Today on this call, we have Mr. Mehul Mohanka, who is the Managing Director and Group CEO; along with Mr. Syed Yaver Imam, he is the Director of Global Product Group; and Mr. Manoj Kumar Agarwal, Director of Global Finance and Chief Financial Officer and Company Secretary. So before we begin this call, just a small disclaimer, this conference call may contain some forward-looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call. Actual results may differ materially. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. The detailed safe harbor statement is also given on Page 2 of the company's investor presentation, which has been uploaded on the stock exchange and the company's website. Now I would like to hand the call to the management, Mr. Mehul Mohanka, can you please take over?

Thank you, Nachiket. Good afternoon, and a warm welcome to all the participants. I'm joined this afternoon by my colleagues Yaver, who is the Director of Global Product Group; and Manoj, the CFO of the company. I hope by now everyone has had the opportunity to go through our financial results and the investor presentation, which has been uploaded on the stock exchanges as well as the company's website. The financial year 2022 was an eventful one and marked a milestone in our history. As the company listed itself on both the NSE and BSE in December, 2021. As this is only our second earnings call, I would like to give a brief description about the company before we move on to our performance for the fourth quarter financial year 2022. Tega Industries Limited is the flagship company of the Tega Group of companies. The company commenced its operations in 1978 in India. We are the leading manufacturer and distributor of specialized, critical to operate and recurring consumable products catering to the global mineral beneficiation, mining & bulk solids handling industry. Tega is the second largest producer of polymer-based mill liners. We have more than 55 product portfolios spread across multiple geographies. Our products are installed in more than 450 customer sites in about 70 countries. We have close to 18 global and 14 domestic sales offices across the world. With about 88% of our revenues from operations generated outside of India. In this fiscal, despite being faced with multiple macro challenges, we have emerged stronger and are progressing as per our strategic plans. Ongoing supply chain disruptions, rising fuel and commodity costs have had an impact on our margins. Uncertainties related to the geopolitical issues and COVID lockdowns across various countries have created a challenging external environment for us. However, we remain resilient in the underlying strength and performance of our business. We are happy to announce that despite these headwinds, we delivered continuing growth in the fourth quarter of this particular financial year across key financial parameters. We are encouraged by the opportunities in front of us and are committed to building a true homegrown global powerhouse in our industry. We aim to generate value and deliver as per our plans over the long term for all our stakeholders. Now I would like to hand over to my colleague, Manoj, to take you through the financial performance of the company for the period under review.

Thank you, Mr. Mohanka. A very good afternoon to all the participants. I hope all of you and your family are in good health. I'll share the highlights of our performance for the quarter and the year following which we will be happy to respond to queries. For the Q4 performance on a consolidated basis, the company's opportunity net revenue has gone up to INR 290 crores in Quarter 4 FY '22 as against to INR 250 crores in FY '21 Q4, delivering a grow by 16.6%. Operating EBITDA stood at INR 69 crores, which is a jump of 25.2% against quarter 4 FY '22 (sic) [FY '21] same period. Operating EBITDA margin stood at 23.8%. Operating PAT increased to INR 48.9 crores in quarter 4 FY '22, as against INR 41.1 crores in quarter 4 FY '21. On a full year basis, the company reported a revenue of INR 952 crores against INR 805 crores in FY '21, delivering growth of 18.5%. Operating EBITDA stood at INR 183 crores for FY '22, which is 19.2% of revenue. Operating PAT stood at INR 117 crores against INR 136 crores in FY '21. If I had to normalize the PAT, by adjusting non-operating income, the PAT stood at INR 90 crores against INR 85 crores, FY '21. So now we can open for the questions and answer for the participants. Thank you.

[Operator Instructions] First question is from the line of Abhishek Jain from Arihant Capital.

I have few questions. First thing in terms of growth...

Yes, we can hear you.

So what kind of growth we have seen in DynaPrime and what kind of growth we are seeing at other segment side?

Yes. Thank you for the questions. So DynaPrime, we have growth grown about 33% Y-o-Y from INR 172 crores to INR 229 crores in FY '22. And on the non-DynaPrime mill section, we've grown at about 16% from INR 409 crores to INR 475 crores.

Okay. We have just started looking at the company, if you can throw some light on what kind of -- in terms of our product portfolio, which are the products that are going to be used even if the slowdown is there like [ CapEx ] related and maintenance related, if you can highlight on something on this also, would be really helpful.

So as we mentioned that all our products are consumables in nature and are OpEx-related. So irrespective of any slowdown, our products are used as spares in the plant. So as long as the plant is operating, they would need our products and that's across all our product segments.

Okay. And third is what kind of -- apart from DynaPrime, any other products which you are talking about right now going forward will do very well? And on the margin side, are you facing any pressure on the raw material side?

So in our company, basically we talked about 75% of our volume comes from the mill liner which consist of both DynaPrime and non-DynaPrime. And 25% is consist of non-mill-liner, consist of different product segment, required in mill [ processing ]. We talked about Conveyor product, Screen, Trommels, Hydrocyclones. So the growth will be coming from there as well, but the growth will driven from the DynaPrime going forward because we are basically disrupting the steel market. And the idea is to take over steel market so that's impossible through the disruption of hybrid liner which is DynaPrime.

Okay, margin. What about margin?

Margin basically, as our MD said, that's more of a [ critical ] spares. So we have been able to pass on the prices to the customers gradually. And you will be seeing that on a year-on-year basis, we've been able to maintain close to 60% of RMC margin. This year, we are short of around 2% of our expected 60% RMC margin, with the fact that the increase was abnormally steep, entire year. So it takes 1 to 2 quarters, which is taking 2 to 3 quarters now. So we are lagging about 2% from our target of 60% RMC margin.

[Operator Instructions] Next question is from the line of Amit Shah from [ AD Capital ].

Sir, my question is more around the volatility that we are seeing in currency in the commodity prices. I would like to understand how does that impact both our topline and EBITDA? And are we taking any proactive measures in terms of hedging?

Yes. Let me come to the ForEx part first. So as company, there is a policy of hedging the currencies. So we do hedge the currency on a real-time basis. So as far as our impact on the accounts is concerned on the consol basis of ForEx, the topline has gone up by INR 20 crores on the ForEx translation and EBITDA will be about close to INR 3 crores on a ForEx translation. So on the topline, INR 20 crores. On the bottom line, INR 3 crores, as far as ForEx translation is concerned.

On the commodity prices, yes, we are seeing some volatility in terms of price movements on our input costs. But as we had mentioned earlier, we've always been successful in passing through those increases to our customers. We generally see a 1- to 2-quarter lag in passing on these increases to our customers.

And the pass on is 100%?

Yes, invariably, it's 100%.

The next question is from the line of Pritesh Vora from Mission Holdings.

Sir, I want to understand the working capital cycle has deteriorated. And I am not joined from the beginning, so I missed the call on the EBITDA margin. Why the EBITDA margin has declined this year? And I want to understand why the deterioration of working capital cycle now? Working capital is close to 165 days so is this a norm in your company? I mean, I can understand from 2, 3 years back, it was around 120, 130 days and now it has increased. So what is the reason for this? Working capital cycle?

Yes, thanks for the question. You are right by saying that the norms, what we follow is 120 to 130 days, even FY '21, we were at 130 days. If you see here that the inventory is mainly the reason for the working capital cycle goes up. And it was a strategic decision by the management to ensure that we kept our inventory higher with the disruption in logistic supply chain globally, and we do both export and import for our production purposes. So idea was to ensure production should not disrupt and our customer -- because in a critical spares, we will be able to feed them on time, so that we don't lose them. And hence, this time, we are at about 30 days higher than the normal, which was just kind of a strategic decision. And the second is that what we -- you can also see that because of inventory, what we have with us, it also help us to manage the margin because of the lower carrying cost of inventory, what we were having.

But your EBITDA margin is declined. What is the reason for EBITDA decline?

Okay. Yes. Coming to that. On EBITDA Side, there's two reasons. One is as I said that because of the abnormal increase in the prices in the entire last year. So as our MD said that generally, we pass on the price in 2 quarters. What -- quarter 1, quarter 2 kind of lag is there. But this time, it's taking 1 more quarter, so you will find there's a lag of about 1.5% on the margin side, which we need to pass on. And second is that the logistic cost, our logistic cost is again going very, very high, which is about 1.5% incremental logistic cost to revenue. Now as we said last time also that we cannot -- and we'll not be able to pass on the entire logistic costs burden the customers. So that hit coming to us. And what we see also this entire H1, this year also, this logistic cost will be challenging for us. So if we talk about this normalization of 1.3% into [ 2%, 3% ] we are at about 22.5% EBITDA.

Okay. But I could see the -- some of the previous years. For example, your EBITDA was in '19, '20 is around 16%, and previous to that '18 was around 13%. I think IPO here was abnormal and your operating margin has increased to 24%. So are you confident that would you be able to maintain such a high margin or you go back to your normal '19, '20, 16% margin?

So our normal EBITDA margin [indiscernible] to 21%, 23%, and in our IPO also, which said the same thing. We are an operating leverage company. So any increase in volume gives us a good point of EBITDA margin to us. And even last year also, the normalized EBITDA was 22%, which we've already said in our call to the investors. So we are of the range of 21% to 23% kind of margin, which we believe that we should be in that range. Of course, there are certain kind of headwinds this year, as I said, because of the abnormality in the commodity cost and logistic cost, otherwise, the range should be around 21% to 23% going forward.

Okay. And how is our -- I understand our Chile plant is just starting, right? So how do you see the volume growth going forward? And how do we assess the growth of the company going forward?

So our new project in terms of the new green-field plant has not yet started. So I just wanted to correct -- make that factual correction. But despite of that, though that's planned for the subsequent year. The traction for our product lines in Chile is definitely good. I mean most of the growth that you see in DynaPrime that we earlier spoke about and Hybrid lining system has come from that jurisdiction. And we remain buoyant with the fact that the market is growing very well for us.

Where is the new...

I would request you to please come back to the queue. The next question is from the line of Abhishek Poddar from HDFC mutual fund.

Sir, regarding the DynaPrime, if you could share some plans regarding what internal targets you are looking at for growth in '23, '24?

I think the initial call and even in IPO, we had said the growth in DynaPrime will continue to be at the CAGR between 25% to 30%. And that is what we are. We are delivering that this year also. And -- for the next couple of years, I think we will be on the same trajectory.

Understood that. And the product mix change, meaning DynaPrime being a higher contribution to the overall revenues, what impact does it have on operating margins?

So I think the -- as far as DynaPrime is concerned also, the margins are similar to the as that of the other mills also. So the difference will not be too much as far as the margin is concerned. Again, as far as quarter-to-quarter, this thing is there, we will be looking at how we are passing on the cost increase if further cost increases are there in the next 2 quarters. So I think margin will be as what it is there, both for DynaPrime and for the Non-DynaPrime mill products.

Understood. And for the ForEx part for the full year, is it there in other expenses and what amount it would be for '22?

In other expenses, it is about INR 2 crores impact on for FOREX.

For the full year, sir?

For the full year.

If you can give a number for '21 also, sir?

'21 will be around close to INR 1.5 crores.

The next question is from the line of Bhavin Vithlani from SBI Mutual Fund.

Could you help us with what has been the growth in the non-mill-liner business? And if you could give us a flavor about what's the contribution of some of the critical segments in that, which is like the trommels and chutes, et cetera..

So I think in the non-mill section, we have grown year-on-year by 6.2%. And major contribution has come through the mill and trommel, okay? And hydrocyclone has also picked up over there. These are the 2 major component on where the growth has come from.

Sure. So what we've been given to understand, these are actually the -- these products have a pull factor like the customer -- kind of accepts the Dynaprime and there is a tendency to kind of accept some of non-mill-liners like hydrocyclones, trommels, conveyors, et cetera. Do you see that this growth can actually accelerate in years to come?

I think this question, we have taken up in the last call also. I -- what is going to happen is that we are in the acquisition state as far as DynaPrime sites are now. So our concentration on is there to get into the major mines, and we get a market share on the DynaPrime. Once the DynaPrime we established over there and we -- it will follow up with the other product line. And it's right to say that going forward, we will get some tailwind on the -- non-DynaPrime products, once the DynaPrime products are fully established in the state, which we have accessed now.

Okay. The second question is if you can just help us what has been the growth in the Chile. So what's the revenue and EBITDA current year versus last year in the Chilean subsidiary?

Bhavin, I can take this question. So Chile has grown at around 25% this year on the topline side. And on the operating profit side, that Chile has done about 19%.

Okay. And how do you see the growth going forward? And what is the current capacity utilization? You did mention about a greenfield expansion there?

We are just expanding the -- I mean this quarter, we are going to expect the capacity over there by -- addition of another press. And -- at the end of the year, by the end of the year, we also plan to add another couple of places. So we -- based on the development that are taking place, we are taking action on the increase of the capacity in Chile.

Sure. And on the freight side, last time you had mentioned that we are focusing, and the endeavor is to actually move the contracts from CIF to FOB, so that the freight impact doesn't come to us. So where are we in that journey?

So Bhavin, as I said last time also, we are trying to kind of discuss customer wherever possible to convert into FOB but not many of the customers have come to FOB because they see the landed cost. So though, we have been able to move some of the customers, but that's not kind of help us to reduce logistic cost, per se, because ultimately, customers talk about the landed cost. So it is not kind of happening very, very fast in terms of changing the incoterms. And as you know, the business that we can't press them to change the incoterms. So we are doing kind of the multiple actions in terms of -- either trying to convert to FOB or asking them to or requesting to share then kind of logistics cost to some extent. So with that, we are doing some kind of price aspiration -- but even having said so, the entire logistic cost pass on, which -- is still be difficult.

Sure. Noted sir. Last question. What has been the revenue and margins for Australia and South Africa?

So for South Africa, the revenue jump was about close to 35% Y-o-Y. And EBITDA was 17.5%. Again as I just said that, for us, EBITDA margin, looking at subsidy-wise will not be the correct way because there are many -- shipments happened from India also. So volume-wise, they have grown up by 33%, as far as Africa is concerned. And Australia also grown up about 40% on the top line side. And EBITDA, they have come to now positive. Earlier they were breakeven. There at about 3% EBITDA this year.

The next question is from the line of Neeraj Prakash from White Oak Capital.

I just wanted to know if you can break up the volume and value growth for the fourth quarter as well as well as for the entire year.

So for the entire year, if I break the volume growth, the volume growth is about 10% and the price is about 6% and exchange is about 2%.

And for the fourth quarter?

Fourth quarter is -- last year fourth quarter. Volume growth is about 5%, price is about 10%, and exchange is about 2% quarter-on-quarter.

Understood. And on the margin front, I just had a follow-up to maybe a previous participants question. in terms of the gross margins, what would the differential be between DynaPrime, the non-DynaPrime and the rest of the portfolio. And I think if I am not mistaken, you mentioned that DynaPrime and the Mill liner portfolio is growing faster than the non-mill liner portfolio. So as this mix improve, should we see this gross margin in the longer-term trend above the 60% number?

No. So as Mr. Yaver said, that the Mill liner margin, both for DynaPrime and non-DynaPrime will be more or less same because the idea is just to go into the market and increase the market share -- and the non-mill liner, again, it depends on the acceptance of DynaPrime in all the mills where we are running now and that give attraction to increase a non-mill product mix in those plants. As far as margin is concerned, non-mill generally carries a little higher margin than the mill segment. But overall, you talked about RMC margin, 60%. That is what we are aimed for.

But you are correct that if the overall growth in non-mill does happen as we have planned, the margins will improve beyond the 60%.

Sorry, the growth in the Mill liners or the non-mill liners ?

The non-mill.

Okay. And in terms of the EBITDA margin translation for this, we've seen in the fourth quarter, you had a very strong EBITDA margin performance close to 24%. A lot of people was driven by the operating leverage and other expenses, is this something that is sustainable going forward, assuming you maintain this level of sort of revenue on maybe a run rate basis, maybe now just in maybe seasonality? Is this sort of operating leverage sustainable in this sort of 23% type of margins sustained assuming steady state gross margin and i'm not taking into account fluctuation raw material prices?

Yes. So we've always maintained that in our business, anywhere between 21% to 23% EBITDA is a sustainable range. Of course, given where the operating leverage is Q4 it's a good reflection of how operating leverage impacts our EBITDA positively. So -- but we do have, as we have earlier explained that the lumpiness in the business that you cannot take 1 quarter and multiply by 4. We tend to see the first quarter to be a bit slower than the rest of the quarters, and we see the revenue and EBITDA trend up starting from Q2 onwards.

Sure. Just a last clarification from mines is, I didn't catch -- what is your normalized working capital cycle going forward?

130 days. 1-3-0.

The next question is from the line of Alisha Mahawla from Envision Capital.

Sir, just wanted to clarify the greenfield.

Can you please speak a little bit louder ?

Am I audible now ?

Yes.

. Just wanted to understand the greenfield key takes that we were talking about what is the quantam we're looking to incur and by when it is expected to come on the stream?

So we are looking at about $20 million of spend for this greenfield and this will target to comissioned some time last quarter of FY '24, or first quarter of FY '25.

Okay. And what did we say our contribution from DynaPrime to our overall revenue was?

It's about 25% mix of overall revenue.

Sure. And we expect this to continue to grow at 25% to 30%? This isn't volume terms what you were referring to?

Yes. So that is what is our aim to grow about 25% CAGR for the next few years.

Sure. And while we have done about the 10% kind of volume growth in '22. What is the kind of volume growth we're targeting for '23?

So again, we can't give any forward-looking statement here in this call, but the aspiration is to grow -- overall the company, in a double digit growth.

Next from is from the line of Pritesh Chheda from Lucky Investment Managers.

Sir, just a clarification. So in case of DynaPrime, our sector dependence will largely be mining. Right? It will be the sag mill and largely related to gold and copper and iron ore, right?

Yes, largely dependent on gold and copper. And you're right, it will be major segment. Larger operation with a sag mill is a very high-end diameter, we have also a ball mill of similar sizes of 18 ft and above. So we are looking at both ball mill and sag mill combination for DynaPrime for large copper and gold operations.

And what will be your sector dependence be in case of non-DynaPrime and non-mill liner?

For non-mill liner, again, there -- non-DynaPrime again in copper and -- you see copper and golds, which we said because of the volume that copper and gold has. So Mill lining business is close to around 75% to 78% concentrated in copper and gold. We have other sectors, but platinum or zinc, or led or uranium, and I didn't know because of the nature of available iron ore. Grinding is quite limited to only a few territories. So dependence on copper and gold will continue to be very high because today, 75% lining business is concentrated in copper and gold. For non-mill, we have a range of this thing. It's iron ore steel plant, aggregate and power and cement.

Okay. So what will be your growth expectation in case of non-DynaPrime and growth expectations in case of non-mill liner?

So as I said that, as a combination, we are looking at double-digit growth. And maybe we don't intend to give any forward-looking statement in this call but the idea is to carry over with the growth in all the segment with the kind of this [ special ] growth from DynaPrime.

And my last question is sir, in case of DynaPrime, where are we in the scales in terms of the sales cycle with our customers? Or at what stage are we with the customers because my understanding is that, globally we're fairly strong, larger customers in the 75% of the area, which you mentioned was just copper and gold. Where are we in terms of product trials, product acceptance, product -- in these larger or more significant customer. And I think, they also would have mine-wise approval. So if let's say, if it is a [ bulletin ] and [ BHP bulletin ] and if it's a [ BHP bulletin ] Australia or a [ BHP bulletin ] Latin America, both of these have to give separate approvals to you. So where are we in the whole sale cycle?

As far as DynaPrime is concerned, if you see for the past 3, 4 years from 0 business in 2018, we have come to close to now $32 million, okay? And today, the number of sites in which this is working, a lot of traction is happening globally on this. So customers are -- started looking at this as a product which has delivered in the last couple of years. So going forward, this will accelerate. And number of -- we have also increased the concentration of marketing effort in non-Latin area -- Latin American area so that our base as -- sorry the trial and other discussions are -- is on a now wider base. And that is the reason we are continuously looking at then in the growth in the next 3, 4 years will continue at that 25% to 30% CAGR rate.

Okay. And when it comes to this greenfield expansion at Chile or, let's say, any expansion that you do. These would be facilities which could do both, Right? They could do the DynaPrime and non-DynaPrime mill liners. Right?

That's correct.

The next question is from the line of Balasubramanian from Arihant Capital.

The additional larger plant in Chile is like what kind of CapEx and what kind of timeline...

Sorry. Can you please little louder. We are just struggling to hear you?

Yes, sir. Sir, in the largest plant in Chile -- additional largest plant in Chile, what kind of cost estimations and what kind of timelines you all have and what kind of demand you are experiencing in Latin American markets? And what is the revenue potential from the additional larger plant for the next 3 years?

So as I said, for Chile, we're talking about close to $20 million of spend for the new CapEx greenfield project and that we are targeting to commissioned some in Q4 FY '24 or Q1, FY '25, as a target. And that will take up our capacity where we are today to [ 3 fold ] from there itself. It will take up the capacity to about $70 million. 7-0. And I could not take your second question, if you can repeat that?

Yes, sir. Sir, like this plant majorly focused on which market?

So this plant will take care of the entire LatAm region, South America, which consist of Brazil, Chile, Peru, Argentina. So the entire LatAm, they will cater.

Sir, what kind of demands you are experiencing right now?

So, as we said, that demand is absolutely in line what our expectation, and we are distupting the steel market. So we are pretty sure that demand will be in our favor going forward.

The next question is from the line of Roshan Paunikar from JM Financial.

Sir, can you give me over wise breakup for the last year in terms of revenue?

What do you want? Sorry.

Over wise break up.

What break up you are talking about? Over wise break up revenue or what?

Revenue.

So over wise break up, as Mr. Yaver said that about 72%, we are supplying to copper and gold together. And there's 28 mix of the company, many of the minerals, let's talk about, iron ore, platinum, titanium, diamond, zinc. So mix is in that range of 72% in gold, copper and about 28% rest of the commodity.

All right. My second question is in terms of DynaPrime. Sir, how many sites currently are using DynaPrime? And how many new sites are under the prospects as in under the trials and other processes?

So DynaPrime, as far as the customer is concerned, is also a journey where he is going through different process of trials and a larger portion of mill as an order and then it goes to the full. So as of now, totally around 45 sites are there where we are working with DynaPrime in various stages, including trials and where we are getting orders also.

Okay. So this includes -- this 45 number includes the sites where we are already supplying and which are...

Yes, it includes that. It includes that.

Okay. Okay. And then the CapEx estimates for FY '23 and '24? That will be my last question.

So CapEx estimate for FY '23, we're targeting about close to INR 70 crores in our CapEx, majorly in Chile, which includes land also, an amount INR 30 crores of sustaining CapEx and the same will be for FY '24.

Next question comes from the line of Bhavin Vithlani from SBI Mutual Fund.

Just one question. So, Metso in its earnings call, mentioned that we have been exiting Russia. And Russia is about EUR 500 million of revenues out of EUR 5 billion of revenues they do. Are we actually taking any actions to see that we can capture some of the market that these large multinationals will vacate in Russia. I mean, any trial runs, any customer discussions underway at that, because it is a substantial opportunity that can come our way as some of these multinationals like Metso and Sandvik are exiting in Russia.

No. So that's correct. I mean, though we see also ourselves as a multinational, but Russia and the entire erstwhile CIS region is a very lucrative territory for us. And as we continuously watch the geopolitical situation in that geography, we do have plans to grow. And the growth plan is irrespective of whether any of our competitors or peers stay or exit. But as you have rightly mentioned, I mean, with what's happening in that region, it has created a larger opportunity for us.

Any discussions that are underway because these companies will be exiting over the nect 4 quarters. So any opportunity that you see? And will that result in an accelerated growth, maybe 1.5 years down the line?

Yes. So we already are in that territory for over a decade now, and we have existing relationships with customers in that region. What we do anticipate over time is for them -- to increase their spend with us.

In the interest of time, this will be the last question. I would now like to hand the conference over to Mr. Nachiket Kale for closing comments.

Right. Thank you, everybody. Thanks for participating on the call, and driving a valuable discussion with the management. We really appreciate all your questions. For any queries, you can get in touch with us. We, Orient Capital, our Investor Relations advisers to Tega industries. Our details are available in the presentation. Again, thanks a lot for the management for the time and thank you everyone. Please take care. Have a nice day.

Thank you.

Thank you very much. On behalf of Tega Industries. That concludes this conference. Thank you for joining us, and you may now disconnect your lines.