WPIL Limited (WPIL.BO) Q1 FY2026 Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the WPIL Limited Q1 FY '26 Earnings Conference Call hosted by Arihant Capital Markets Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. [ Ronak Oswal ] Thank you, and over to you, sir.

Hello, and good day -- good evening to everybody. On behalf of Arihant Capital Market Limited, I thank you all for joining into quarter Q1 FY '26 Earnings Conference of WPIL. Today from the management, so we have to Prakash Agarwal, Managing Director of the company; Krishna Kumar Ganeriwala Executive Director of the company. So without any further delay, I will now hand over the call to Mr. Prakash Agarwal, for his opening remark. Over to you.

Thank you, and good evening, everyone. It is a pleasure to welcome you all to our earnings conference call for the first quarter of financial year 2026. Let me first take you through the financial performance of the company, followed by the operational highlights. For the quarter under review, consolidated revenues from operations stood at INR 379 crores an increase of 4% year-on-year. EBITDA was INR 49 crores, which declined by 18% year-on-year with EBITDA margins for the quarter at 13%. Profit after tax amounted to INR 26 crores. On a stand-alone basis, revenue stood at INR 181 crores, a decline by 24% year-on-year, while EBITDA stood at INR 28 crores and EBITDA margins at 15.62% Net profit stood at INR 19 crores. The product division maintained its growth momentum, delivering revenues of INR 65 crores compared to INR 55 crores in the first quarter FY '25. We also achieved the highest ever product order booking in the first quarter of INR 139 crores which has grown our order backlog to INR 411 crores. Product and market development continues to gain further momentum across all sectors. We're seeing a strong inquiry pipeline, especially in the power and irrigation sectors and have received new orders from the Navy for new vessels, further expanding our product range in naval applications. The record order intake this quarter came across sectors with large orders in irrigation and port sector supported by international drainage orders. The domestic project business remained constrained due to sectorial challenges with revenues at INR 116 crores compared to INR 184 crores in Q1 FY '25. Our main focus remains on project completion, which is progressing well. On a positive note, four projects have started O&M this year and another four are expected to be commissioned by the end of the year. The payment situation is slowly improving, and we expect improvement in the water sector in the second half of the year as the Jal Jeevan issues are resolved and fresh tenders are expected for both rural and urban water sector. The international business. Revenues increased to INR 197 crores compared to INR 126 crores in Q1 FY '25 driven by the strength of our new acquisitions. Margins were affected by transaction and legacy costs in the first quarter but are expected to improve and normalize through the year. Gruppo Aturia and MISA are both operating with strong order books and expected to regain growth momentum this year. Gruppo Aturia had a strong order intake in Q1, particularly from the irrigation and water sectors in the MENA region. It has also commissioned its large pump test facility during the quarter with supply of large flow pumps to the Italian government. WPIL, South Africa has strengthened its position in the country's water sector, supplying the largest pumps for the Zuikerbosch pumping station. PCI Africa starts this year with a record order book with strong traction in the Eastern Cape wastewater sector and a robust pipeline across both water and wastewater segments. Eigenbau also begins the year with a strong order book and is expected to ramp up revenues supported by good orders from Nigeria. Meanwhile, MISA, it has been working through legacy contracts and is now actively rebuilding client relationships, which augurs well for future growth. Sterling Pumps Australia operation remains stable with improving profitability supported by higher margins and a better cost structure. Lastly, WPIL Thailand continues to expand in the large drainage sector, which is aligned with the government -- high government's focus on this sector. Now I'd like to take your questions.

[Operator Instructions] We take the first question from the line of Deepak Purswani from Svan Investments.

Yes. Sir, firstly, I wanted to check it out. You mentioned about issue regarding the JJM has been resolved. If you can throw some more light in terms of how we've seen the payment processing at this point of time and whether the receivable cycle has now normalized, and how is the billing is shaping up in these kind of projects at the current juncture? And second part of the question is on the opportunity pipeline, which you -- I mean, there is -- you also mentioned that there is an encouraging pipeline for these projects. If you can give broader sense on that part as that would be really helpful. That is my first question.

So regarding the JJM, the JJM projects are being reviewed in the first quarter since the budget announcement. The government set up a committee to review the JJM schemes and future financing. Apparently, the review has been conducted and the final report submitted, and we expect a clear direction going forward. But I think it will be on a positive note, and we expect the results of this review to start giving -- taking shape from second half of the year. Payments -- some payments have been released, and we expect the major chunk of payments to be released shortly also as this review has been conducted. Hopefully, there is the ambiguity has gone and we will have a clearer picture in the second half of the year. The tender pipeline has been slow and is expected to pick up post this review. So again, from the second half. There were a lot of work to be done in the Jal Jeevan Mission also and in the urban sector. So we should see a good inquiry pipeline.

So from the execution point of view, how should we see this year as a whole for project division? Would it be better than last year this year? Or there would be still some sluggishness throughout this year also?

It should be at the same level as last year or a bit improved this year because -- as the cash flow situation improves, going forward. We are focused on our project execution because we want to complete them contractually and also move into O&M. It's -- the challenge remains for newer contracts as the landscape becomes clearer. But for this year, there is no challenge.

Okay. And sir, second part of the question is on the -- you also mentioned that we are looking at some opportunity from the Navy side of the business on the pumping business. If you can give a broader sense on this, what are the size of the project, which we are looking at out and what would be the typical education cycle for this project? And what would be the kind of margin they would enjoy for next three to four years?

The Indian Navy has taken up a large plan to modernize and to a large manufacturing plant for a number of vessels over the next 50 years. So we have been aligning ourselves with the Navy's needs and getting our products approved. And as the vessels are coming into manufacturing, we should see a good amount of business increasing the trajectory going forward. But what we want to say is that we are increasing our product range and that will place us well to exploit the opportunity in the sector.

Okay. And just last part of my question is on the -- any update on the South African acquisition? I mean if you can give a broader sense, what is the currently revenue run rate we should expect from South African acquisition? And what is the order book at this point of time we have and whether the acquisition process is consolidated or how should we see entirety?

So as you see in the presentation, we have now split up into two parts. If you see that we have mde it into the product division, which has got India domestic and international. And in that, you will see the Q1 performance was INR 141 crores revenue in international and INR 65 crores in domestic. So it's a 2/3, 1/3 ratio and the order backlog for products was about INR 10,530 million, for products. This is, again, INR 411 million in domestic and INR 642 million in international. Similarly, in projects now, we have shown that the revenues for Q1 were INR 116 crores in domestic and INR 56.6 crores from international primarily from South Africa. And the order backlog is INR 3,200 crores INR 1,260 crores is from domestic and the balance is from international. So you can see that there is a shift towards -- we are now in the project business, we are getting to a ratio of about -- already this year, it was 75%, 25%, 75% domestically, 25% international. And we are targeting to bring this to 60-40. That means domestic 60% and 40% on international. The order book, if you see, is in the similar lines.

Okay. And on an annualized basis?

So on an annualized basis, you can assume the same picture. You will -- so this is -- I think the picture will evolve, but you will see that our revenue this year is INR 197 crores from overseas and INR 181 crores from domestic. I think this ratio of 50-50 will be maintained throughout the year. So there is a jump to [Technical Difficulty] with these targets.

And all the consolidation for the acquisition has been already completed in this quarter in South Africa?

That's the thing. So we had a lot of challenges this quarter because, say, PCI Africa, we consolidated only for one month because the transaction completed in May. Similarly, there were some transaction in legacy costs in the Eigenbau, MISA and PCI. So all are completed now, and now we see good traction going forward for the rest of the year.

[Operator Instructions] The next question is from the line of Ravi Naredi from naredi investments.

Thank you, Prakashji, to give the opportunity to me. This is -- our top line is same, but bottom line is down heavily in this quarter. So any specific reason, as I have join the call late, so if you already replied I feel sorry.

So I think there is no reason. I think it is -- as we have explained, one of the issues is that the overseas operation is now a significant part of the revenue. For example, it is INR 197 crores and INR 181 crores is domestic. The overseas EBITDA for this quarter came down to 11%. Our typical is between 16% to 20%. So this has happened because there were some costs in the first quarter, and the revenues are -- were not aligned. So as the acquisitions are now consolidated smoothly, we should see this improving. And by the year-end, we expect to go back to our normalized level EBITDA levels. [indiscernible] because of the transaction.

Okay. And sir, due to heavy rains this year in India, how we see some division in nine months?

I think as we have mentioned, the product business is very strong. We see very good outlook, the order book being at record levels and projects. We are really -- yes, the rains have affected a bit of construction for us, but we want to see more clarity on these Jal Jeevan and AMRUT schemes, which we should see in the second half of the year. So we are very optimistic about the second half of the year.

The next question is from the line of Saket Kapoor from Kapoor & Co.

Sir, firstly, sir, if you could just give what are our receivables from the Jal Jeevan Mission as on the closing balance of March 25. And as on date, how much is the closing balance. And what quantum of work have you executed for this quarter?

So we don't have it clearly as far as Jal Jeevan itself is concerned, but our -- we received some funds in the month of July itself. So that is quite very positive. And we see this further traction improving in August and September. So we see a positive movement in the outstanding going down. And we are focused on completion. So our projects are significantly advanced now. We are at most of our -- older projects are at 60%, 70%, 80% completion. So we are into completing them and putting them into O&M. But we don't see problems regarding the existing projects. And we see the cash flows are stabilizing in this quarter itself. And we are concerned a bit about the outlook for the sector, the domestic sector. However, we -- with the policy statements we see, that also should be optimistic in the second half. But as a company, as you can see, we took a very important stand to de-risk ourselves, and we built up a good project business in international project business, which today will be 40% of our project revenues, which will de-risk our business model.

Sir, if I remember correctly, something around INR 400 crores to INR 500 crores were the receivables. Can you give a ballpark number and also the July number, just to understand the gauge of fund, because across the board for Jal Jeevan, whether it is EPC players, whether it is product player, everybody are of the same -- of the same view, that funds have been stuck and the receivables are mounting up. So if you could just give some color? And secondly, on this order book position, what is the executable period for the project part, sir, I think so the closing order book of INR 2,200 crores, I think so -- INR 3,200 crores is there, out of which INR 2,200 crore...

You are right, INR 2,260 crores is our domestic business, in which we have approximately INR 1,750 crore of construction contracts and the typical time frame would be -- so you can see we have still got two years order book at a revenue of INR 800 crores.

Okay. And for...

The payments we have received, payments in April and in July. So our outstanding as a company has come down by, say, 25%. 25% to 30%. So we are quite positive that this situation will further improve, and we are not as distressed as we were in -- feeling in March.

And sir, for the international order book, what is the execution -- what is the executable period on INR 940 crores?

Approximately, you can take that you're looking at there is a bit slower because the projects are a bit longer between, say, 2.5 years, it's about 2.5-year order book, 2.5 to 3 years. But a lot of new contracts are also in the pipeline there. So very, very positive. The international order book gives us great confidence.

Any color on the bid pipeline, sir, you can give on the international...

International order book-- international bid pipeline. A lot of projects are in LOI stage, which we will be reporting soon. The domestic bid pipeline is quite disturbing.

Yes. No. Any numbers you can share for international, just to get a gauge what -- where are we present and what is our win ratio?

I think the win ratio is quite high and significant because our companies are very strong in their sectors and in their markets. I think we will come with more clear definition as the quarters go by. But as of today, you can see that we have INR 940 crores order book there and a good amount of LOIs maybe a similar amount of LOIs in the pipeline. So you should see good order booking and revenues down the line.

Sir, a small point on the margins, I think so to the earlier participant, you did mention that going forward, we will be returning to our EBITDA margin which used to be I think so, 15% to 18% was there should be the number we should look. This quarter was lower at 16%, I think so. No, lower than that. It was slightly lower than that.

So domestic was 15%, 15.1 odd I think percent which should go back because again, the first quarter is a bit erratic. And I think we will be in the higher range between 15% to 20% as we normally are. We don't see any concerns on margin.

And the console part?

International fell to 11% because of certain one-off costs, which will get normalized in the balance three quarters.

So as a year as a whole, sir, on a consolidated basis, what should be the EBITDA margin for both the division taken together? What should be the ballpark number?

Same or improved from previous years.

Okay. And on the incremental volume, sir, what should we anticipate, since only we are in the three months into the year in fact, 4.5 months into the year, but still on what top line we did last year -- what should be the growth -- should be or the incremental execution scale should be for the current financial year?

We will see a good amount of traction in the international operation, you can take the first quarter as a guideline there.

Both in the product and the project business?

Yes. The first quarter is a good guideline. We are very happy with the numbers we achieved in the June quarter as far as revenues are concerned, and this should be the guide for the rest of the year.

You are alluding to the product division or the project part, sir or both? Or the International?

Product, project, international all combined. The international, product and project, that revenue has jumped up to INR 197 crores from INR 120 crores. So I think this growth should be maintained throughout the year.

Okay. And lastly, sir, on the NSE listing part, I think, to investors and the analyst community were hoping for some retraction on the NSE listing of our stock going ahead. So any thought process or are we in the process of doing the necessary to get ourselves unlisted?

Actually, it wasn't a priority for us. We were really focused on stabilizing and consolidating our business. As the year goes by, we will again look into this. We had -- so it's not been a priority for us.

Okay. Kindly it-- sir prioritize it, I think so the type of investor base and the segment where we are, NSE provides a bigger landscape than BSE sir. So kindly look at...

My point was that we had quite a concerning period through the last one year. So we have been -- we had a period of change where we were dealing with this Indian project cash flow challenge and growing the international business with, I think, very good acquisitions. So that has taken up some time. And we will now go back to relooking at this.

Two small points. Sir, what is our net cash on the books currently? Or what is the cash and debt number, if you could share?

Can I come back to this point a little later?

Yes, sir. And one more request, sir. Our presentations are uploaded just 15 or 18 minutes before the call commence. So either of the same, either a call can be shifted by 40, 45 minutes so that we can go through the content?

It's great idea. I think we will try to keep it at 5:30, because we are seeing our Board meeting is taking a bit longer so we will upload it at 5:35.

I will join the queue for my follow-up, and I hope that we gain traction. But sir, Q2 will be, I think, so on the execution scale, would be lower because of the monsoon impact or the catch-up would be there from the international order book execution?

I think that we will see traction, the international traction will pick up. As I mentioned, we just have one month performance from PCI Africa which is a very significant contributor to our revenues and same with all our international businesses, they pick up in the second half of the year. So third -- our second and third quarter is their peak period. Especially the December ended quarter is very big for them.

Okay. So the contribution would be much higher than [indiscernible]. Okay. Sir, I'd just wait for that debt and cash number, and I join the queue again, sir.

[Operator Instructions] The next question is from the line of Vineeth Lambu from HSBC Asset Management.

So out of this INR 2,200 crores, what would be the [ OAM ] -- O&M order book, sir?

About INR 530 crores, I think.

INR 530 crore. So in fact, we haven't won any orders this quarter, right?

We've got some amendments, but no order wins for the last-- quite some time now.

Okay. And about the receivables, I don't know, I have heard the number, if you have any number as of quarter 1?

Well, receivables are improving. It has peaked in March, and we received payments in April, May, June, July. And so by July, we are in a better position by 25%, 30%, it has gone down.

So, further it is expected to improve in August and September?

Yes, yes, of course.

So the -- right now, so the only problem is from the project win perspective, this is mainly because of the [Technical Difficulty].

So this should also help our interest costs to reduce going forward, which has, you know affected our PAT. And only problem is that though we are optimistic because this being a policy issue, when the projects are restarted, they will be done with the bank. So hopefully, we'll be able to rebuild our order book.

Okay, so in the second half. And the other thing is other expenses have increased by 30% to 40% in the range of 30% to 40%. This is mainly because of the one-off costs in the international acquisition?

Yes. Yes, we have -- you see the international acquisitions have taken place. Their cost structure has merged with us, but the revenues will -- it's -- our businesses are quite cyclical. So a year is a better way to look at it. Because most are project revenues. So you will see it as a year, it will be -- the margins will improve and normalize.

So it will take another one, two quarter or from second quarter, this margins...

Yes, it will start from second quarter. The first quarter, as I mentioned, only one month, we got because of the acquisitions.

So this 11% of the international margins would go back to 15% to...

Yes, that will improve.

Margins will not be a problem. Quarter 2 as usual because of the rains and all would be a dull quarter, right?

So as the international segment will be strong, they are not affected by rains.

The next question is from the line of Deepak Purswani from Svan Investments.

I wanted to seek little more clarity on the international project part of the business. If you can give some a little more clarity on all three acquisition, what was their annual revenue at least for the last fiscal year. For example, PCI, Africa, what was the last year's [indiscernible] number or FY number and MISA Italy and Eigenbau acquisition, what was the annual revenue? And how should we see the consolidation in --. probably PCI Africa would be consolidating -- consolidate only for the 10 months, right? And rest of the remaining two acquisition would be for the 12 months?

Full year for the 12 months.

Okay. So can you please give the entity-wise revenues for last fiscal year...

Approximate revenues I have indicated in my previous investor presentation, if you check it out, you can see it. I don't have it with me now. But in March, I had indicated approximately, I think, INR 400 crores something.

Okay. Okay. And on the margin profile front for this project part of the business, in the international division, we expect that will also come back -- I mean India part of the business, that would be close to the 15% to 20% kind of range, which we have been maintaining.

Yes, yes absolutely.

Okay. And sir, what was the one-off cost for this quarter? What was the amount?

Sorry?

This quarter, there was some one-off costs related to acquisition. What was the amount?

No. It's different types of -- one is the currency loss, which is an M2M transaction. Some are -- some legacy contracts, which we had in the company like MISA, which we had to bear, so it's difficult to do, but you can assume that, that has affected this margin, which is at a lower level right now.

Okay. Then, sir, finally, on the project part of the business. Last year, in the domestic side, we did somewhere close to INR 860-odd crores. This year is roughly INR 900-odd crores and then INR 400 crores kind of this international part of the business. Would that be a fair assessment in terms of the revenue for FY '26?

I don't want to give that figure. What I want to say is that the overseas business, as you can see this quarter, it has jump from INR 120 to nearly INR 200 crores. This gives a good outline that the overseas will now be about 50% of our business. The domestic business, as I mentioned, the product is very strong and should keep up the growth. And the project, we are confident of completing the contracts. However, it is subject to the scenario. We are optimistic, but it is still subject to the synergies.

Okay. Okay. And sir, on the product side of the business, how should we see growth trajectory in each domestic and international business. If you can give broader color or sense for that kind of business as well, please?

I think the product side is very strong. And the international project side is very strong. The product domestic has been a very surprising up move, which we are seeing now. It started off last year and it's continuing. So very, very pleased with that. And the international business, as we have mentioned also is now the Middle East, North Africa region is supporting us South Africa is supporting us. So very positive outlook and very -- as we have shown by the project order backlog internationally, that is also looking very positive.

Okay. And sir, final part of my question is on the pipeline of acquisition. Is there any further acquisition we are exploring? Or at this point of time, we are done and then would be looking at first place for consolidation of these acquisition and the would probably exclude more, if you can give a broader sense on that pipeline?

Yes. We want to -- we are looking at further opportunities for acquisition because we feel we have consolidated this well, and we as a company are very satisfied with our acquisition process and consolidation process, and they have been relatively smooth and we still have considerable funds available after the Rutschi transaction. So I think it's just opportunities. We are very selective because we are looking at opportunities which have long-term profitability, good valuation and which are where we can add value by using synergies.

And sir, any thoughts on increasing the stake in some of the existing international subsidiaries where we have somewhere close to -- in some of the acquisition, 54% to 63% stake. Are we looking to make it wholly owned subsidiary at some point of time? Or how should we see as invested?

It's a capital usage, which we have to consider we basically -- we have a 60-40 ratio in Singapore with the promoter company. Now whether that is an efficient use of capital, we have to review. But today, our priorities are on growing the business because we sold one business, and we generated significant cash and we want to deploy it to grow the business.

[Operator Instructions] The next question is from the line of [ Deviyash Jain ], an Individual Investor.

The first question is the Q1 presentation highlighted several global megatrends for example, the LNG planned build out any infrastructure boom. So how is WPIL tailoring its R&D road map and product development priorities to capture these dramatic opportunities? And what new offerings can we expect by Q3 FY '26?

Sorry, I didn't understand your question, please. Can you repeat?

So the Q1 presentation highlighted several global megatrends like the LNG planned build out M&A infrastructure. So how is WPIL tailoring it's R&D road maps and product development priorities to capture these opportunities?

WPIL has a very strong R&D and product which is supported by our European operations. We work on our own targets, which are primarily-- like right now, we are focused on naval product development -- which is a focus area for us. We are focused on the drainage product development which is another area which we see sewage and drainage and Navy. These are the three segments we are presently focused on. And our focus keeps going as per client requirements. We are product leaders in our segments.

Okay, sir. Sir, secondly, WPIL's consolidated working capital deals have trended upward over the past two years. So what specific initiatives such as supplier financing, digital invoicing or contract structuring changes, are you going to optimize receivables and payable cycles?

So we have got a significant of debtor pile up with the Jal Jeevan Mission, which is now reducing over the last three months, and we expect it to completely normalize in the next three months. So we don't see any major challenge.

The next question is from the line of Saket Kapoor from Kapoor & Co.

Firstly, if you have the numbers with you in terms of the cash and the net -- the cash and then the debt number. And sir, secondly, you mentioned about our international acquisition of the Africa acquisition, because of which the legacy cost has been booked and the turnover is not commensurate to the same. This is what the understanding is to be taken?

Yes. We have said that there are certain -- you see the turnover is INR 197 crores for one quarter, and the EBITDA is INR 21.7 crores. So there are some legacy costs and some exchange losses, which you can see there. These have affected the first quarter. And within the balance three quarters, if you normalize to the normal range, which is high end of 15 to 20.

And these numbers are booked in the P&L in the other expenses and the employee benefit expenses or where should we look at for these numbers? The other expenses is not commensurate to the...

The administration, we have got -- suppose one is we have some administration costs and certain cost in sales like some contracts which have had losses in the old contracts, which we took over then there are certain -- the personnel and administrative costs are not commensurate because the revenues have not been fully reflected, which will be reflected in the going forward. So I think you have to be patient and wait for the next three quarters.

Sir, so we've got your point very clear, but what all these people are looking is, if you can give us a number so that we can just model it out as a one-off number for the first quarter?

Yes. I don't have the number. I would say that it is affected. The EBITDA levels are affected because all heads are affected marginally and they are -- so it is looking at it was lower, and it will normalize because our normal levels are higher. Our business levels are higher. And actually, our international acquisitions are higher margin than our domestic. So you will see the benefit in -- you will see the effect. You can imagine this is the first quarter where all key businesses have been consolidated. So it is quite remarkable that we could buy these businesses starting from last year, I think, October, November. And in 6, 8 months, we have bought the businesses, consolidated them and stabilize them.

Yes sir, your point is very well taken, but we were -- we people, who are only looking for just the one-off number, okay you don't have them, but that would have sufficed a lot of the margin compression for us. That was the only reason why everyone of us is just looking for that part. So any ballpark number would have helped us in getting a sense of what led to the lowering of the profitability? And secondly, the thought process on the cash and the debt number, if you can share?

That is, roughly about INR 200 crores net cash is there in the books. And I think this was as of June and further as we have received outstanding, as I said, on Jal Jeevan significant amount. So it is further improving, and you will see it quite significantly improved by September.

Okay. And sir, how much have we spent on these international acquisitions of the three of them in total.

Roughly about INR 100 crores.

Roughly, how much sir?

INR 100 crores.

INR 100 crores we have spent on the total acquisition side. That is our cost of...

Yes. Approximately.

I think sir, I'm getting the numbers wrong. Is this African acquisition and all everything put together is only worth INR 100 crores?

Yes.

Okay. And the asset side of this business, which we have acquired by these payments in terms of the infrastructure and the asset under these companies? How much -- what should be the balance sheet size?

We don't have it with us. You will see it in the next quarter when we give the balance sheet.

Okay. So to take home the point is that things should normalize for the international business going ahead in the second quarter itself. And margins will also take an uptick for the domestic operations, we need to wait for how the government ramps up again the Jal Jeevan scheme with the type of deliberation that are going on. This should be a good understanding for -- to take home.

The product segment of the domestic operations is very strong. The project business is stable for -- in line with last year. But further improvement and further visibility down the line, we should see in the second half. The international business has -- the acquisitions have shown up to some extent here, the margins will also show up in line with our general trend because that is our targets on those businesses. Higher, much higher. So they will show up in the coming quarters as the businesses play out. And we are generally buying businesses at very good valuations. So that is our main focus. We did not overpay.

[Operator Instructions] As there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments.

So thank you all for participating in this earnings conference call. I hope we were able to answer your questions satisfactorily, and at the same time, offer insights into our business. If you have any further questions or would like to know more about the company, please reach out to our Investor Relations managers at Valorem Advisors. Thank you, and good evening.

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