Sandeep bhai, thanks for the opportunity. It's very nice to note that you are no longer alone while addressing the meeting. You have your second son also joining and I don't want to compliment him too much today, but he's done a good job. My question is on the paint industry. Two years ago, when you acquired this company, we had a godsend opportunity with one major cement player wanting to enter this field. He entered the field and at that time I remember asking this question, don't you think this could be a big disruption and opportunity for smaller players? Today we have a situation where the plant is operational, there is disruption in pricing The e stablished players are talking of taking price cuts initially to sustain the market. Do you think the next 12, 15, 18 months will be a time for you to enter this market in a big way, capture pockets of the market and this could be the game changer for Astral Paints? Mr. Sandeep Engineer Speaks Yeah, when we acquired GEM and in very short time, in maybe a month, the announcement came from the big business house and they have also come with their products. But basically, the news around disruption, they might have told that their pricing are not a disruptive pricing as of now. As of now, they are fighting against the biggest paint company of India. And we are also studying what the launch is happening, how their schemes are happening, how they are going to approach the market. But when we see ours elves in this market, and with the adhesive dealer network which we have almost now, it is going to touch 200,000, 2 lakh adhesive dealers. And we did a survey, almost 60 to 70% sell paints. And we are still very, very niche. And we would not do any disruptive business. When we acquired Resinova, the same challenge, people said that there is a huge company in front of you. And how will you succeed? And we said, we'll go in our way, we'll create brand, we'll create our space. And we said that we'll keep gr owing at 20 -25%. So our still target here is 25 -30%. We have astral brand well established. We don't want to go and do any cash burns or not go into any fights. Still with all these happening last year, JEM itself had 17% plus EBITDA. This business if rightly done can be always 14-15% EBITDA which people doubted when we had even adhesive that how will you have so much EBITDA. So we are not going to push, put money behind it, be aggressive without any reason and do any unordinary expenses. We will grow. This year we will reach 300, 325. It's an ideal number. And from there we will keep growing at around 25-30% which is because the size is small, which is a good number for us. Let the top people have their own things going on. We'll make our own way. Because I'm seeing that we have a better way. Yesterday I met 350 dealers. And there is a lot of clusters. When this cluster happens, their margins have come down. And they have fight going on. And with that, we'll make our own way. But what we can tell you, all of you, is, today also I met a big fund and you want the baby to be born, tomorrow it should start walking, third day it should start running and fourth day it should start building the muscles. I said give us three years. The baby is getting developed bu t the patience of the market loses very fast and this fiscal you will see the difference in paint. You will see the growth, much growth in adhesive, much better growth in faucet. We are not magicians here. You come, I told them that let's extend the seat a nd see how things work. Because it doesn't work with magic. Business takes its own time, but we are very cautious. Why we presented both of them that we have now a team of people who are going to run it. It's not, we have concerns of many companies who don't have people to take over. And still, you trust them. Here we have people and bandwidth. Please trust us to keep growing at the right pace. We won't overshadow anything. We won't overcommit anything. See, when things run here and there, a few parameters keep going here and there. But the company is not shaking. It's still cash positive company. It's still with certain unexceptional expense come of 25 years celebration. Everybody started shaking. But it happens, 25 years people have stayed with us. We celebrated with the smallest guy and we spent 35 crores for that. Gives us a big reward with the dealers. Today when we had multiple dealer meets of this celebration, you see the amount of business we are getting from the next day. So don't worry about paints, we won't be doing any disruption. We will go phase wise. It will go very perfectly when you see our paint going.
Astral Limited analyst Q&A
Sir, last question on the O-pipes that we are talking. Could you give us some sense of the ductile iron pipes, typically we also hear of very large diameters. So whether it will come in all those sizes, it will come in the mid-size, where would this be an advantageous? Mr Kairav Engineer Speaks So, first phase we are launching up to 12 inches and after that maybe we will go to higher dais. Major demand is up to 12 inches, 315 mm is the major market for this and it is a replacement for ductile iron pipes that are used typically for fresh water supply. And, this is different from the null sejal pipes. DI is a pressurized application. So, OPVC is also a pressurized application. And, it is typically used in, which is, it's not the same. You know, using HDP in agri for null sejal and using ductile and OPVC in freshwater supply is two different categories. So, by getting into OPVC, we are unlocking a new growth driver for the company. And there are many plastic pipe players who have already announced their entry into OPVC. There is a BIS standard also developed for this particular product. And majority of the market leaders and majority of the bigger players are going into this. So this will also see going ahead maybe not immediately, but in the next 5 to 10 years, shift from metal to polymer. Thanks.
Thanks for the opportunity. Girish from Morgan Stanley. Wanted to under stand the adhesive portfolio for FY24. If you split the performance for international and India, if you can help us with the revenue and EBITDA margin. And you also mentioned in the commentary that there's going to be the dahej, which will be the only plant running right now, going forward. So, the impact cost for shutting down, is it likely to come through in Q1 again? And if there is any one -off in Q4, if you'd like to comment on that, that's the first question. Mr. Hiranand Savlani Speaks First of all, it’s not going to be a big effect on shutting down the plant because most of the machinery we have moved to the new location. So, it's not going to affect too much, maybe few crore rupees, 2-3 crore or 5 crore max. It's not going to affect much to the size of company which we are today. The revenue from the last year from India operation was 960 crore and the EBITDA was 151 crores. So, close to about 15.7% EBITDA was there from the India operation. The biggest ch allenge which we faced and the GP, the best part that GP was improved from 34.72% last year. The UK did around 355 crore rupees last year. Again, that EBITDA was just 19 crores. Last year EBITDA was 34 crores. This year EBITDA was 19 crores. Almost half EBITDA. That was the pain point for us because of the inventory losses at the UK level. Otherwise, GP in that business has also improved from 33.42% to 35.57%.
So, what... What is the normalized EBITDA in UK business that we should expect going forward? Mr. Hiranand Savlani Speaks So, we are expecting close to about, double digit, close to about 10% EBITDA next year. Next one, you have 500 crores of cash.
Just wanted to understand your CAPEX program for this year and next year and if you can break it down into various business segments to the extent that plans are formed up now. Mr. Hiranand Savlani Speaks So like we are, initially we have chalked out the plan which can take away the 300 crore rupees of CAPEX. But if the demand scenario is going to be high, which is there are high probability, then in that case we may increase also. So like we have planned out Hyderabad and the Kanpur plan in two phases. That is 40 plus 30 in Hyderabad and 30 plus 30 in Kanpur. Okay. Now if the demand scenario will be robust, then we can prepone also. It depends on the demand scenario. So roughly about you can say major chunk. 250 crore kind of will go to the pipe and 50 crore will go to the other businesses.
And there was a comment t hat you could expand in Central India also. So that will be the next phase. Not this year. Mr. Kairav Engineer Speaks This current CAPEX is only two plants. But Central India is a vacant geography for us. So after these two plants, the Kanpur and the Hyderabad plants are done, something might be on the cards for us in central India but it is in the nascent stages of just thought process. Mr. Hiranand Savlani Speaks Still we have not identified the land also.
Okay. And just final question on OC PVC. If you could quantify any opportunity size, the pricing or I am sure the margins would be accretive. So you spoke about ROC being better because the capex intensity is lower. Mr. Kairav Engineer Speaks So yeah. So we are our OPVC capex typically we are going to invest one-fourth of what our peers have invested in OPVC. Because we have not bought a licensed machine from any manufacturer. Neither we have done any contracts with them. And on the realization side, I think it is too soon to comment that what the realizations of this product line would be. But since it is a technical product and a technology driven pro duct. It will not be like a agri pipe or a HDP pipe which are sold at R plus basis. There is a lot of technology behind this. So it will be selling at a premium price though it's a PVC product.
Good evening. Good evening, this is Heth Choksi from Devend Choksi. Thank you for the presentation, Sandeep bhai, Kairav, Saumya and Hiranand bhai and thanks for inviting us. A few questions, first around the entire theme that how Jal Jeevan Mission conceptualized in 2014 brought around the entire pipe water to the villages of India, we see a similar theme of pipe gas in the next 10 years. So, could you talk a little bit about how would you be wanting to capture this theme of pipe gas business especially going forward? The second question is around, we've seen how George Fisher involves and we have seen how Jubirit has created value in the insulation piping business. I think I remember last time in the last analyst meet, you spoke highly about the aluminum coated insulation pipe for the hot water segment. So could you just throw a little bit light on that space as to how would you want to capture that theme? Because that product is a very premium product, but eventually you want to bring unit economics to India. So that would be really helpful as to how would that market eventually evolve. The third question is around adhesives and sealant business. Look, honestly, you have been very strong in the piping business over the last 15, 16 years. But to replicate that similar kind of a distribution, the kind of a reach, the just-in-time product to the market, it requires a little dedicated effort in which I'm honestly seeing great effort from the team. But do you think that creating a separately listed company with a very dedicated, separate distribution network, still relying on the cross synergies of the parent business can support your expansion because your vision is very big, the addressable market is huge but probably the ability to cater to it in the right time at the right moment might be the influenc ing factor around the growth. So that was one question and the fourth question is on we've seen how some regional players like Sera Chem in Chennai or in Tamil Nadu segment having a really dominant position in the niche silicon sealant space, where DAO is really a significant player. So how would you want to really work on this space going forward? Because I think the regional players are having a lot of impact on the industrial applications. So I think a little bit light on that aspect would really help. Thank you for that.
So, I will answer the piping side of the questions that you raised. So gas piping, yes, you are correct that there will be a shift. See, Europe, they use polyethylene and polybutylene pipes for gas applications. And India is still using metals. So gas side, t here will be a move to usage of polymer pipes. It is still in a very nascent phase. And we are actively keeping a watch on the developments on this side. It's too soon to commit to any sort of a capex till there are proper standards and proper uses and pro per authorities willing to accept these products for the gas transfer application. Because India, the thing is that, you know, foreign and all, they have set of standards. So they are very comfortable using polymer products. But in India, you know, people are always scared that it's a polymer pipe and we are using it for gas. What if there is breakage? What if someone drills through it? What if there is a leak of gas? So all these things come up in people's minds. So we are actively watching this space. We are not saying that, you know, if tomorrow this space develops, that we will not enter it. We will definitely enter it. But it is still in a very nascent phase. So, we are just keeping a watch. And you asked about the aluminum composite pipes. We already have the CPVC aluminum composite pipe for hot water supply. And we are also going to launch the PEX, aluminum PEX composite pipes, again for hot water supply, with a differe nt set of fittings that do not require the solvent cement crimping method as well as push method. So there are two ways to do the fitment of this particular product categories. But again, it is a very premium product. It is something that is selling at almost three times to three and a half times of a CPVC pipe. So the takers for this particular technology will be very limited in a cost -conscious country like India. But nonetheless, since it's a new and upcoming technology, we are committed to launch these products and manufacture these products in India very shortly. Mr. Sandeep Engineer Speaks Please wait. Folly Oliphants will give you a good news. Every child if I make, I am born today, then you will start eating my head from tomorrow. So we'll give y ou some good news as time comes in this fiscal. A lot of things are coming in new ways for a lot of applications and we are there working on many, many new products. Okay. Mr. Hiranand Savlani Speaks So, regarding your second question was the George Fisher wall kind of things. So wall business, I think we have recently taken the entry and we are really doing great. We have already crossed three-digit marks. So that business is anyway doing good. But still we have not explored the opportunity for the export market. Once we will be exploring that export opportunity, this number can be any number. Because huge demand is there. So, keep patient because it's a new business for us but doing great into that business and going forward also we are expecting that we are going to do reasonably well in that business. I am very happy to announce that recently Astral has opened up the office in Dubai. So now Astral focus is going toward this export market also. And we are going to bring lot of new projects from the G ulf region also and that we are going to support so many products. It's not only VAL. This can be a CPVC also, it can be a Drain Pro also, it can be a Silencio also. Multiple products, even ADC also we are selling into the Dubai market. We have appointed the distributors over there also. So now focus is moving toward that direction also. But it always, it takes time. So give us few years, definitely we are going to do a good job into that category also. Regarding your another questions of adhesive and a sealant, a separate company so you can give a more focus and all. I am sure you have not seen the number of our this business. Last 10 years, our growth is 17% CAGAR, including UK. UK geography is growing hardly 1 or 2% in the GDP terms. Including that also we are growing at a 17% CAGAR. So which is one of the best growth I can foresee in a country like India into particularly that category. Where the big giant is there, no one is even dare to do 500 crore business against them. And we are today close to about 1400 crore. So we have done a good job. Yes, definitely we can do still better. And we are trying hard that we can do further better into that segment. But you know, any brand journey, initial journey is always a push journey. The moment pull start, number move very fast. So we are almost on the verge of pull side. Now Bon dtite brand is very well recognized. You go into the Mumbai city, every shelf you will find the Bondtite brand. That is what a big achievement for a brand. So pull will come and that will take this business to the next level of 3000 crore. So it's a question of only time. And Saumya, you want to add anything? Mr. Saumya Engineer Speaks You mentioned about the sealants and the application of sealants and how you will go into B2B. B2B, correct? Yes.
I mean, yeah, the competition from the... Mr. Saumya Engineer Speaks So, basically, there's application of sealants. You know, it's B2C and B2B. B2B is directly to industries. So, we do both. We do both. And B2C will be our focus because we are a retail-focused company when it comes to adhesive business and will be the same when it comes to the paints. We reach to around 2 lakh unique outlets every month with loyal outlets Growing every month on month who are billing with us regularly, so we'll be focusing on our distribution and strength of distribution But as I rightly sa id that sales marketing is creating the category creating the application Application banayata category bana. So we'll be focusing on creating applications. I'll give you one example is for Jio, you know fiber optic market fiber optics so Jio, Airtel and T ata, we are one of the biggest suppliers for them, for their repair kits. So, that's how we are going into segment by segment, understanding, developing that application and then ending over. It's a little different because application to application, there is a change in chemistry, there is a change in the packing size, there is... So, it's not fit to fit method for everything. But yes, mass is retail. for sealants and we'll go head on with the competition in the retail. Thank you.
Thank you. All the very best.
Hi, sir. This is Ritesh from Investec. A few questions. First for Sandeep Bhai, I think on one of the slides we have indicated 10-11 percent industry growth. It was not specified whether it was volume or value. If you could specify that and, in that context, do we have any aspiration on maintaining market share or increasing it and would you want to revise your volume guidance which historically we have indicated around 15%? So that's first question for you. Second question for you again and Hiranand bhai, two years back we had given a number of 1500 crores of top line within four to five years. If we could spell where we are on the journey and are we still retaining that target? That's the second question. Third, aga in, specific to Sandeep Bhai, I think Kairav did indicate that we have around nine verticals. Just wanted to understand what sort of management structure we have and how it folds into Kairav and S aumya and into you and Hiranan d Bhai. I think this is first set of questions. I have a few more. Mr. Sandeep Engineer Speaks The market, we have been guiding at 15 to 20% growth, but on the higher end, we will always be 20 and we will always want to be above 20. So that is what we are looking at. And this year, as we look the polymer scenario, I think the guidance of the higher end will happen. So, safely, we don't want to give absurd number and tomorrow you all run and something happens to the stock and then we don't deliver. We have always given a guidance and delivered. So, yeah, it's a 15 20 percent but 20 is all I'll just add to this. Mr. Kairav Engineer Speaks Ritesh bhai Industry is supposed to grow at between 10 -12% volume and our indication to the market is between 15-20% volume for this year. We will observe the trend for H1 and based on the trend of H1, like we rev ised our guidance last year, we might revise our guidance based on the movement of A, the polymer price and B, the demand. Mr. Sandeep Engineer Speaks And second question for me was about the bandwidth of the people.
Yes, sir. Mr. Sandeep Engineer Speaks So, bandwidth of the people, yeah. It is always a challenge today. One, people and one, to maintain people. But by God's grace, today, in all our segments, we have the best of the best people. The bandwidth of the people, say, if you say in the pipe, we have. you can come and meet some of them are very, very good people from the trade also. And today the pipe heads are come from real companies who are from B2C. General trend was to take all the people from the same pipe industry which go around. We change the trend. We have people who have come from different B2C segments, deliver the best results. Adhesive, we have one of the best teams today in place for every vertical in adhesives, be it the maintenance and wood and everything. Paint, we have Mr. Ram. We especially brought him here because a lot of people would like to ask questions. He has 25 years of experience plus in paints. And in narrow leg, he has been there for almost how many years? Narrow leg only. So it's a big journey for him and well connected with the market. The technical guy in paint also has a big journey. So he's also a very good person. Similarly, we had concerns abo ut our faucets, about sales. So the concern was addressed, we made changes and we have Mr. Khurana who is again 25 plus years in the same trade. So yeah, bandwidth is proper at present. We keep our fingers crossed that we all remain together as a family and deliver things.
And sir, on market share, how do you look at it? The reason to ask is... Mr. Sandeep Engineer Speaks Which market share do you want?
On polymers, basically. If you look at it... Plastics. Mr. Kairav Engineer Speaks If you can see, Hiranand bhai presented the CAGAR. So, last... It's about 21% was the volume CAGAR in the last five years. So, I think we have outgrown the industry as a whole in the last five years. So it is very indicative that we as a company are very aggressive to gain market share and to grow our reach and our networks. So that aggression and that pace of outgrowing the market will continue and we want to gain market share in the next five years also. Mr. Sandeep Engineer Speaks If you see the pipe industry, we have given 24% growth, but the best EBITDA in the segment. Now you want to give 40% growth and the lower EBITDA, then you are doing government business. These businesses which you see in Jal se Nal or gas and all, you have to invest looking at the long term. Those businesses are going to be gone in 4-5 years. Those are not permanent businesses. In India, Jal se Nal is done, then from where will we do Jal se Nal every day? There is no water in Bangalore. It is being sold on the money of a bucket. So, these projects we are going to come, but we are looking at alternates also for the application. Tomorrow I want to make an alternative for that application, that it can be used in the industry, where it can be used. So it's a long sustainable thing. There were many products in PE came for say rainwater harvesting. Harvesting got over. We are thinking in a very big rational way of bringing all our produc ts. That is what goes in our thought process on the long-term horizon of 10 -15 years, not a short-term horizon. Mr. Hiranand Savlani Speaks So Ritesh, you know Astral by nature is a very conservative company in terms of guidance. We don't want that over night our share price goes up by way of giving a higher guidance. So we always give the guidance which is do able. And whenever the time comes and we see that the market is good, we can anytime revise the guidance. It's not that management cannot revise the guidance also. Last year we have given the 15% volume guidance. Half yearly when we see that we did around 28 -29% kind of volume, we immediately revise our guidance to 20%. And actually, we deliver 23%. So, guidance can be revised also. But you know, we are working in so many variables. And now variable is not restricted to the India. Variable restricted to the globe. So anything can happen anytime. So very very difficult for us to predict what is going to be there next 12 months down the line. Who thou ght, any analyst thought that 10% kind of price rise can happen in polymer in one quarter time? No. Even company never expected. So these kind of variables are there within that we have to perform. So we have to be always conservative. We don't want unnecessary our investor make losses. We are not that kind of company who make the losses. We give the higher guidance and then don't deliver and then ultimately our shareholder make losses. Because ultimately analyst will project higher number because they ha ve to extrapolate only in excel. In real world doesn't happen like that. So because of that they will do like that way and then number will never come. So we are very clear that we will give whatever it is do able. That only we are going to guide. And we have clearly, categorically said that once we will complete six months, we can revise our guidance upward. That also we have communicated today also in the media also, in G News also I have given categorically answer that we can revise. It's not that we are restricting ourselves to the 15% or a 20%. It can be 25% also, it can be 30%. We are prepared. We are having capacity. We are having cash flow. So nothing is going to stop us for the higher growth. But at the same time, we want to work judiciously and in the interest of our shareholder. Secondly, your question was our original marks of 1500 crore from the new business. We are very well on track. We have not shared the number. But next time in the presentation, we will give the net number also what level we have achieved. We will not be able to give the breakup of individual category. But definitely whatever we have given the guidance of 1500 crore from the new businesses, we are going to achieve in next committed time. Regarding your another question of management bandwidth and all, you are very well aware our employee cost are going up because we are adding a lot of senior level positions in our organization because we are preparing ourselves for the 10,000 crore marks. So we are preparing ourselves in the management bandwidth side also. We have already appointed the CTO level person. We have already appointed the CHRO level person. These positions were not there in the organization. So all these new positions are getting created and th at's why you see our employee costs are also going high. But this is mainly because we are forecasting our doubling the turnover from here from the next five years. That's why we are preparing the base for that and we are creating the management. Today our employee costs may look higher but once the number will start coming, this will be automatically absorbed and that will be coming to the normalcy what we are used to do earlier. So we are mentally prepared to aid the management bandwidth and that is, on that line only we are working right now and two gentlemen are in front of you. They are already working hard, on an average 14 to 15 hours both are working, so nothing to worry on the management side.
Just two quick questions. ANP spends, would you like to quantify? I think Hiranan dji gave a number of 179 crores. How do you see this number? Mr. Kairav Engineer Speaks ANP, like Hiranandji said, most of it was due to the one-off of the 25th anniversary. If you look at the core brand spends and advertisement spends, we have not increased from what we have been doing. It has always been in the same ballpark. Budgets are made accordingly. And coming into this year, I think A&P spends will be rationalized aga in to what they used to be as a percentage of sales. So, it is not that we have done a lot of TV ads or it is not that we have done, like... Actually, in fact, starting from this year onwards, we are also coming out of the brand ambassador spends because n ow we have reached to a certain scale where most people are aware about our products and we want to save that money and use it. towards, you know, developing the newer categories within the particular vertical.
Thank you so much. Mr. Sandeep Engineer Speaks And take the last question because almost six o'clock or two more. One is there and one is there.
Thank you for the opportunity. Amit Purer from Ilaria Capital. Sir, just on your comment on infrastructure pipes, you highlighted that that is a growth opportunity and we acquired rex and you said that has done very well. Has it grown ahead of the company average or any ballpark number if you could share the outlook for that? Mr. Sandeep Engineer Speaks So we won't give you the breakup of the number but it has grown much better last two years. Not only I can say it's projects which are the infrastructure project of the government but we worked with the projects of various builders and got the product accepted. So now the growth of this pipe is 30-40% comes from the private businesses from various cities and equally it is growing with the government projects. It is growing at a good pace. Mr. Hiranand Savlani Speaks So it is higher than the one normal businesses.
Okay. And, and just working capital cycle Mr. Sandeep Engineer Speaks it's much better. Because we do you know. Mr. Hiranand Savlani Speaks Astral is very, very careful about the working camera that's why many businesses will leave i t. Because we are very clear that we don't want to do the business at the cost of balance sheet. So we are very clear. We will be happy with one or two percent lesser growth, but we will not dilute our balance sheet. We don't want to Mr. Sandeep Engineer Speaks We are supplier of a special product we made for the bullet terrain project. It was approved in Japan. And we are one of the suppliers for that. So that's a niche product which we have made for them. Yes, last.
Hi sir, good evening. This is Rahul Agarwal from Ikigai Asset. Sir, one question I had on adhesives. The Dahej plant has just started. I think your focus will be to ramp it up next year. I understand the long-term guidance of 15-20% of the segment growth revenue. But just wanted to know, like a bit shorter term, next two years, would Adhesive see higher than normal growth, you know, purely from a volume perspective? I understand the pricing is up and down. But that's one question I had, purely from a next two-year perspective on Adhesive, please. Yeah, yeah. Mr. Sandeep Engineer Speaks, Obviously, it will be growing at a much higher pace in volumes. Much, much higher pace. And the Dahej plant is having a good capacity. So it will be... helping us to grow much faster. The initiative of New Bharat now has started seeing results for us. So basically, one more reason also for this manpower jack-up cost which has come is that the New Bharat initiative, it comes like people come first or the business comes. When you see number, you feel, no, people should not. But people come first, then the business comes. Now we have also Faucets which is going to, that cannon has to fire this year. Obviously, the manpower cost will go up. Paint, similar you will see for one or two years. When you see consolidated, it looks little higher. But yeah, we have put people on the ground and adhesive will grow at a faster volume pace in this year and coming years also. Mr. Hiranand Savlani Speaks Even if you see last 4–5-year CAGAR number, that also adhesive, India operation is growing faster than the pipe. But that, because of UK, if we consolidate the number, now you feel little lower than the pipe. Otherwise, India operation, it is, we are doing much better. And if you compare with the peers, you will immediately come to know what is the difference. So, we are continuously gaining the market share.
Sure. So, essentially it means that 20 -25% is what we could essentially see this year, right? Purely because a new plant has started. Mr. Hiranand Savlani Speaks Yes. India operation, you can still expect that 20% plus. Right. But overall console base, 15 to 20% will be there.
Sure. And lastly, just as a bookkeeping question to Hiranand bhai. Sir, paint car revenue EBITDA, if you can share. And for the bathware business, I think you shared the top line, but if you could give the EBITDA, please. Mr. Hiranand Savlani Speaks, So, bathware, I think we lost close to about 17-18 crore last year, EBITDA level. And top line on a net basis after GST, discounts, all was around 60 to 63 crore rupees. Gross was much higher. And painted total revenue was around 185 crore rupees and EBITDA was somewhere around 14.5 to 15 percent.
Okay, thank you so much. Mr. Sandeep Engineer Speaks Okay, thank you. Any other questions? I am here, so you can meet me in person. Thank you very much all of you. Mr. Hiranand Savlani Speaks Thank you everyone. Thank you. Mr. Kairav Engineer Speaks Thank you everyone. Thank you.