So, basically, you want the Performance versus...
No, I agree with you because of the Hydroquinone prices going up, it definitely helps us in MEHQ. But also, to be honest, with the capacities of Hydroquinone in China, and they are not as impacted with the raw material prices to that extent, which we have in India. So in view of this, we have to calibrate our prices in a manner that we are able to balance all the positions and still keep our market share within China as a market.
Perfect. So, with respect to the distribution setup model, we set up some distributors over the last two quarters. However, out of some of those distributors, we realized that some of them are not effective as we had expected. So, in those geographies, we are re -looking and re-finding some of the distributors. So, this is part of the business cycle. So , you appoint few distributors , but you realize at a later date that they are not as effective as you would have wanted them. They were also keen to partner , but eventually for whatever reason, for resource problem, they also decided that maybe they are not able to allocate enough time and hence that process in some of the geographies have restarted. However, some of the distributors have become very active and are trying and have also got approvals in some of the large accounts globally in their particular area. To give you a little flavor in FY '24, we did about 600 ton of HAL S sales, whereas in FY '25, we did roughly 2,000 tons of HAL sales. So, this is approximately 3x. And going forward in FY ‘26, our target is to touch 4 ,500 tons of sales. When I am talking, it is in cumulative with all together. So, from Rs. 25 crores of FY ‘24 revenue, we came to roughly Rs. 80 crores.
Ankur?
The dollar depreciated to INR 87 levels. So, we have not increased prices, our prices have still remained at similar levels whereas we continue to see increase in volumes, but of course as you said, there has been a slight reduction in raw material price and of course the dollar impact naturally has given us the edge.
So, on performance segment, our utilization is around 65 %-70%. Pharma, agro is also around 65%, FMCG is around 80%. Regarding P-BQ because we are still struggling, and we are not able to achieve the quality which is needed by the customer so we have now decided to drop that product entirely. And in the same facility, we will be starting another product which is called as Barbituric acid, which is an intermediate used to prod uce pigment yellow. And this product is not made in India, it is currently imported from China. Our product from lab and pilot has been approved by large customer like Sudarshan Chemical and we expect to begin this production of Barbituric acid in the next 3 months. So, same equipment of Para Benzoqunone will be converted into Barbituric acid, so no CAPEX, a little bit here and there, but we will start with this new product.
No, I don't think t he understanding is right. We had touched about 80, 90 tons a month, which now we have at about 125 tons a month.
200 tons is aspirational. I mean, eventually, we want to reach 200 tons.
These are futuristic statements, so we would like to avoid making such future statements.
See typically if you see our past record, this is as per our past record , our asset turn h as been close to 2.5 to 2.7, so based on the investment which we have already made, hopefully in the next 2 years to 3 years, the topline should be closer to Rs. 800 crores based on the investments which we have already made this is again as per our past records.
No, Sanjesh, it is a very generalized statement because we have seen capacities of, say, diphenols, which has come up over the last few quarters in China. And even in our pharma intermediaries we see Chinese had raised up capacities. So there has been a stiff competition. And I think it is a very common phenomenon in all chemical segments at the moment.
On percentage-wise, yes, we are on pre-COVID levels. But of course, the absolute numbers are lower because the prices have fallen significantly, right, because of the current scenario.