Thank you very much. We will now begin the questio n-and-answer session. The first question is from the line of Tanya Chowdhary from Investec. Please go ahead.

So right now, we have not yet consolidated the numbers as the transaction is yet to be completed. And hence, no contribution of the Jayhawk's revenue or profit has been added to this quarter's results or the nine-month result that we have announced. And going forward, once we conclude this transaction, which we are expecting as Anand Bh ai said over next a week or two or couple of weeks, we shall be then adding it to the next quarter's numbers appropriately.

All right, sir. Thank you so much.

Thank you. The next question is from the line of Ha rsh Shah from Emkay Global. Please go ahead.

Thank you so much for the opportunity, sir. So my q uestion was, what are your plans strategically with this asset we are acquiring?

Okay. So let me take a stab and then probably we ca n add further as well, but let me start with first that if you see, we have been clearly focusing on expanding our footprints in US as an end market. And especially we were looking at a Perform ance Materials business which we were expanding, which has expanded over the last year or two or more and we expect it to continue. But with the acquisition of Jayhawk, things happened to us very significantly. One, we get a critical manufacturing asset base in US, which is a very important asset that would be there, especially when we are looking at attract ing clients in the US market. As we are able to offer a very strong local supply chain for them. Second, if you look at it, Jayhawk has a large par t of the revenue coming from US and from the Performance Material business, which is largely int o semiconductors, into aircraft business, aerospace business, into Pharma, EV and electronic automobiles industry, which will be very helpful to expand the portfolio. Third, also if you look at it from a supply chain point of view, we are able, we will now be able to offer a broader and a wider supply chain to our end customers where we can practically can start from Tanfac and build it from Anupam and go f urther to Jayhawk. So it's a very strong platform that we are offering. Third, if you look at it from a technology point o f view, they have very strong few technologies that they have especially in the high purity busine ss and which is what we think will help us in terms of you know, leveraging it to offer a basket of products to our end customers. Also one more thing is that they have validation w ith lot of very high end customers in US, which typically takes a long period for any company to get validated, which further will enhance the speed at which we can you know, expand our business in US. So overall across asset, across supply chain, across technology, across customers, and across portfolio, we will be able to leverage the whole platform and offer a broader, la rger, stable supply chain offering to our customers. I hope that helps.

Thank you.

Thank you. The next question is from the line of Di sha Samir Maheshwari from Niveshaay. Please go ahead.

Thanks for the opportunity. So now while the proces s optimization capabilities and Tanfac's backward integration in the fluorine chemistry are clear strengths. So now could management please share any additional factors that made Anupam the preferred choice over the two to three other established global players already manufacturing LiPF6?

Yes. So see the whole approach that we have taken h ere of offering a full supply chain, A. B, coupled with the technical capabilities that Anupam has of doing multiple chemistries, both put together and at scale. These three typically helps any customer to work with us who can offer a long-term supply chain solution. This project we have been working with them for a long period of time and today now the large multinational has offered us to work with them and that's the thing. So if you were to ask me, there are two or three br oad ones. One, technical capabilities across multiple chemistries. Two, the access to supply chain. And three, an effort of over years together to work with a multinational company like that and references that we have created that as a very reliable, sustainable supply chain partner is what brings us to being a preferred partner with these customers.

Okay. Thank you, sir. And the next question would b e like we've seen US players increasingly seeking Indian suppliers for LiPF6 to diversify fro m SEOC countries. So however, Anupam's recent LOI is with European players like Elite, who may lack a similar regulatory mandate. Now assuming the end product is not getting consumed in US. So could you please elaborate on why these European partners selected Anupam beyond process optimization and Tanfac integration, especially given China's pricing dominance?

See, I would not talk about the other part of the w orld, but let me talk about ourselves and why this has happened with Elite. The point I was makin g earlier also is that every customer, today see if you look at it, there is a whole scale up happening and everybody will need a large quantity of volumes here. And when they need large quantities of volumes with a full ramp up, they would need suppliers who has a strong credible supply chain solution. Th ey are not looking at somebody who can import from somewhere and then process it. It is a full supply chain first. So that is very, very critical and especially when you are into a B2B kind of a business and especially a new age business where you need to ramp up quickly, that happens even more. Second, what they will also need is that do we have the chemistry capability to optimize as we go. So if you see historically, we have been able t o demonstrate to all our customers that we have been able to achieve a strong cost optimizatio n and process optimization which plays the cost curve as we scale up. So that again helps them. Also if you look at the case in the point that we were talking about, we had recently announced another announcement which was with Elementium of U S. So it is not as if that we are only working with an European partners, but also with an American partners and all of them are looking at working with us because again as I said, I'm repeating myself but it is supply chain, assets on ground, chemistry in place and cost optimization and process optimization that we can offer. So I think that's what I can say and that's how we see it.

Okay. Thank you, sir.

Thank you. The next question is from the line of Si ddhinathan from JM Financial. Please go ahead.

Yes, hi sir. Thank you for taking my question. Just a one from my side. Could you please give some clarity on how much improvement has been in yo ur working capital days and what your targets are for FY27 and FY28?

Yes, sure. So as of now, we are around about workin g capital intensity for the consolidated would be around about 250-odd days and we expect th at in the near-term we should be going towards 220, 200. And as you said '27, I think '27 we should be below 200, around 180 days or below is the management's focus and target here. An d we can talk about it, talk about further you know, plans as we go, but this is the -- as is plan.

Understood, sir. Thank you and best of luck.

Thank you. Thank you.

Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments.

Thank you. On behalf of the management of Anupam Ras ayan India, we thank all of you for joining us for our post earning calls today. We hop e we have been able to address majority of your queries. If there are any further queries, you may please reach out to E&Y, our investor relation partner for any questions and we will be happy to answer offline. We now close the call. Thank you everyone and have a good weekend.

Thank you very much. On behalf of Anupam Rasayan Ind ia Limited, that concludes this conference. Thank you all for joining us today and you may now disconnect your lines.