Thank you so much, sir. Ladies and gentlemen, we will now begin the question-and- answer session. If you have a question, please press * and 1 on your telephone keypad, and please wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing * and 1 again. We will wait for a moment while the question queue is assembled. First question comes from Nitin Awasthi from Incred Equities. Please go ahead.
Hello, sir. A few questions from my side. Firstly, could you share the timeline for the pet food plant in Hyderabad?
Yes. See, we are expecting that, see, the land has been purchased and we are in the process of getting the approvals as survey and other things. And also, we are in consultation with Bluefalo Thailand. We are preparing the drawings of the factory and list of plant and machinery, indigenous imported and other civil works, all these planning works is progressing. So, once we start, we are expecting that by end of '26, we should be able to come out with our own production by end up December '26.
Okay. Understood, sir. So, second thing I wanted to ask you was what is our total capacity as of now in the processing segment? And with all those because right now, if I'm not wrong, all our capacities have come on stream, right?
Yes. Which one? You were saying the processing. Processing. Yes, I think Nikhilesh. Yes. Please call me the question, Mr. Nitin.
Yes. So, in the processing side, we were working on additional capacities. So, if I'm not wrong, all our capa cities are completely on stream right now. So cumulatively, what would be our total capacity on the processing side? Avanti Feeds Ltd 9 24.02.2025
Nikhilesh, would you like to take this question?
Hi, Nitin. Right now, like we're scaling up the production, this is a labor-intensive process. We have like over 2,000 workers working at these facilities, so we need to train them and everything. So, I would say currently, during the season, we're at full capacity, off season because there's no raw material during it's a very seasonal business, so we would say about 50%. Net through the year were about 60% to 65% and this will be scaled up to at least 80% in the next 4 to 5 quarters.
Understood. Could you give the number over here, metric ton wise?
Maybe like it's a difficult number to give, Nitin, because there are different products that we run. Like, if you say, like, Tempura would require a lot more manpower and the production would be much slower. So maybe we can have a separate discussion if you send an email to give an exact number on the metric ton. It's a lot of assumptions. So those are the assumptions....
I agree with you in the nature of the industry and the variation in the product. Would it have an impact on the final output? I agree with that. Hence, even if you cannot give a number, if you can give a range, that would also work.
So, we're talking raw material about 28,000 to 30,000 tons in the next 4 to 5 quarters?
On the raw material side?
On the raw material side.
Okay. So of course, there will be deductions from this and the final product will be made? Avanti Feeds Ltd 10 24.02.2025
Yes, depending on what product we'll position.
Understood, understood. So last question from my side, you have in the beginning of the call, there was a commentary in which the major raw materials used in the shrimp feed bit was discussed. If you could just shed some light on the current tanks on all the three products?
See, the fish meal price is slightly going up. It is expected around INR 96 to INR 97. And the Soya remains stable, whereas, what we are worried about is the wheat flour, but we are expecting the fresh crop. So, the wheat flour is around INR 36 right now.
Yes. Understood.
We are expecting a fresh crop in March. So, we are expecting it to little bit reduce. That is the only thing which has been increasing trend. Otherwise, the rest remains stable.
As you know, I may add to what Santhi said. But as you know that the fish meal is majorly dependent on the fish catches and also export market. These are the two criteria for the major pricing influencing factors. So, we have been seeing that status have been pretty good and also because in p roduction in Chile and Peru, which are the major supplying countries of fish meal to the world, they are producing more and there is no demand for exports from India. So that is one of the reasons where the prices are looking more stable with maybe around INR 100, we are expecting that it should be varying between INR 95 to INR 100. That's what we are looking for as far as the fish meal is concerned. As far as the as rightly said by Santhi that we are worried about wheat flour, because India has been producing substantial quantities of wheat. But however, the policy of the government to for food security reasons, all the crop is being purchased by the FCI, by the government by making MSP, minimum support price. And the millers have been given only a limited quota for building and making the flour, and we are mostly buying the flour. So, the prices of these, wheat and wheat flour are dependent on the pricing by the FCI. So earlier, the policy of the government was that FCI was allowed to sell a portion of their total wheat stock at as a open market sale. That was the policy that the Government of India had given to the Food Corporation. But now the government has stopped that open sale and the entire production of wheat is being purchased by them. And we are hoping that somewhere in this year the government may look for a portion Avanti Feeds Ltd 11 24.02.2025 of it to be for open sale, then we have when the wheat is available in the open market, the prices are likely to be lesser compared to the FCI prices. We'll have to wait and see how the number one, the total production, how much FCI policy to for procurement on behalf of the government and what is going to be open sale. So, this is one area where we are really worried, but we looked at we see that it should not go abnormally high. It should be around INR 36, INR 37. It should be INR 35 to INR 40. It should be between that. But it is really, bit of, concern. And as far as the soya is concerned, we are pretty stable, and we have been able to get the quantities. And as you know that our margins are mainly dependent on these raw materials and as long as we see a good margins, as long as the prices remain at this level. I think this answer will answer your question.
Thank you. Next question comes from Kamal Sharma, an Individual Investor. Please go ahead.
Sir, my question is about the fish -- sorry, the pet feed business. So earlier you had indicated that you will share the numbers related to the overall market size. And maybe just to add on that, do we have the visibility on what is the kind of revenue that we are targeting in this business segment and the kind of margins that we would get?
Yes. I think do you have or do you have Venkata Sanjeev?
The numbers.?
Yeah. Are we having readily? I think we are also looking for it. We have the data we can share with you. The total in our and we will read it out.
See, the pet population in India is around 40 million. So out of that, dogs are 32 million, which is 80%, and the cats are 8 million, which is 20%. The market size is expected to be around INR 50,000 million, growing at a 20% CAGR year-on-year. So, it is expected to go between 15% to 20%. So, the total market size is around 221,000 or around 225,000 to 310,000 metric tons. So, we are expecting to make an entry into the market. So, we are as of not sure, but the market size is 3 lakh metric tons overall , pet food market. Avanti Feeds Ltd 12 24.02.2025
And can you throw some light on what is the present market situation and what are our objectives to get entry into the market and what are the strategies that we are going to have.
Because on these 3 lakhs also 50% is an imported feed or more than 50% is imported feed.
Over to Venkata Sanjeev?
So as of now, as Mrs. Santhi Latha said, the market size has been increasing at 20%. We've just launched our cat food recently. It's been a month. The acceptance of the cat food is very good. We are placing it in stores, in Mumbai, Hyderabad, Chennai, Bangalore. We're looking to further expand to the North of the country after consolidating in the South. And also, we're g oing to launch -- we have only launched one flavor as of now, and we're going to launch a few more flavors in the coming months and also the dog food maybe by July. How much, what will be the turnovers and the revenue we have to look at after the first 6 months? Because we are also very new to the market and just entering, we have to see the acceptance from the market and etc.
Yes. I may add to what Venkata Sanjeev said that it is true that because we have the new entrants into the market and we are very confident that because the first launch has given us a very promising entry beginning. So, we'll be working on that. And gradually by July, we will get into the dog food also which is exactly the volume wise it is higher 80% total consumption of feed. So that is where the value comes from. And our endeavor is that our brand should be established before we start the production on our own. That makes us much easier to get into the market at higher volumes, maybe down the line by December, by end of 2026. That is what our target has been and we are very confident of it.
And so, does it offer a better margin than our ot her business lines? Or is it similar, lower? What is the expectation?
Yes. Please go ahead. Avanti Feeds Ltd 13 24.02.2025
As of now, we are reporting for the margins would be lesser and also, we are spending a lot on marketing. So, as the volumes go up, the margins would go up, but as of now, the margins, I think, would remain low. We have to look at the first few months to understand how much is the margin.
Yes, the market is something like theta superstore is stock is retail and all of the chain is very big, very long. So, we have to see how much the total margins available, how much sharing among the stakeholders that we'll have to see. And we only rightly told by Mr. Venkata Sanjeev, only our experience in next 6 months or one year will get more clarity on that. Next question comes from Jasdeep Walia from Clockvine Capital. Please go ahead.
Sir, thanks for taking my question. Sir, in the shrimp feed business exports, is what percentage of sales as of now? And do you see scope to increase exports in the feed business going forward in the next 3 to 5 years?
Yes. In the feed export to feed, we are making lot of efforts even to the Middle East, and we are exploring the markets there. So, these are, see, there are Bangladesh is a little always some trouble state which is getting and Sri Lanka is like that. So, initially, we have a very good response from Bangladesh, but simultaneously, we have in Middle East also. We should be able to increase our export sales. And they are giving good results. Venkata Sanjeev, can you throw more light on this export to our Middle East?
So, we've already we're exporting a little bit to the Middle East, and we have gotten good results. We're searching for partners. We're getting a lot of inquiries for the feed. I think we'll start increasing in the coming year.
So, what are exports as a percentage of volumes in the feed business is at what level as of now?
As of now, it is around 1% to 2%.
Avanti Feeds Ltd 14 24.02.2025 Got it. And any target you have there to increase this number to some level in the next 3 to 5 years?
Yes, around 10% we would like to reach.
Okay. Got it. And so, could you also throw light on what has been happening in Ecuador? And what's your sense on whether they will keep on increasing production or there are some, let's say, issues there on the ground on a point of which you expect that the production is going to be a little bit subdued in the next year or so?
Yes. Nikhilesh, please take this.
Hi. So right now, Ecuador is the largest producer of shrimp, let me say, on a normal retail basis. But, however, India and Ec uador differ in the products that we offer. We specialize in, peel and cut material, whereas Ecuador specializes in head on and headless material. So, when we go into India is moving more into value added products and you will see that happening in the next 2, 3 years that India produces more value- added products and gets onto the map. Where Ecuador, because of the limitation of population, that population is about 20 million, if I'm not wrong, whereas India is 1.5 billion. So, then they just don't have en ough of the workforce to do value added and peel and cut material. Even though they do a small quantity, that's not a bulk of the production. So, they...
My question was not on the shrimp processing business. My question was on just the shrimp production part. That's it. So how do you see shrimp production scenario in Ecuador as of now?
It's quite stable right now. There won't be like increasing scaling up the production like 30%, 40% like they were doing in the past. So, we have to see what will happen. But I think it's going to be a fairly stable year for them and not much increases. Avanti Feeds Ltd 15 24.02.2025
Got it. Got it, sir. And sir, also could you tell us when is your fish seed plant coming online? And what are your -- what kind of investments has gone and what kind of peak turnover can that plant produce?
Sir, as of now, we've just started our -- we're going to start our trials. So, after the trials are done, we're going to plan the investment into the plant.
Okay. So, there's no formal investment proposal for putting a plant on the ground as of now? You're just testing the market. That's it?
No. We're testing the feed, sir. We're importing the feed from Thailand and testing it for we're testing the results.
Yes. The acceptance and adaptability of the feed from to Indian and shrimp fish culture. So only once we get -- once we get a foolproof because there are many spaces also. There is not one. Am I right Venkata Sanjeev? There are other spaces also. We have to nearly identify which feed -- which feed are going to be more profitable, more in demand. And, there is a lot of work t hat is going on that trend to see that the fish feed, really, you know, when we start it, it should make a very successful project. That is where our endeavor is that we are working for that. In fact, some samples have already come, and we are now we want to start as soon as possible.
So, once this testing process will be complete, then you would think about what kind of Capex you want to put into this business?
Exactly. So, we have identified certain fish culture farms and with different species, and we are trying to test the feeds of different types for each of these stems. Over period, we will see the results and how it is in cost, results, what is the benefit that is going to come. All these factors have to be taken i nto consideration, an estimate of the market also is required to be did. What pricing compared to the local prices that feed manufacturers are offering. Avanti Feeds Ltd 16 24.02.2025 So, all these aspects we are working on that. And when we come out, we should come out with a good feed where the farmer gets a benefit out of it. That is the work which we are doing on now.
Next question comes from Mithun Aswath from Kivah Advisors. Please go ahead.
I just wanted to understand on the pet food division, you mentioned that right now you are importing and selling in the market. What brand is this under and when do you expect the that food plant to be ready? And how much of that will be used for domestic and exports?
The first question I have indeed, can you come back on that? The plant to which we are expecting is will be ready by end of '26. December '26 where the project will we are working for that. It will be completed by '26 and start December '26 and commercial production will start then. But the first question which you asked, I didn't get it. What was that?
I just wanted to understand what is the brand under which you started?
Okay. Venkata Sanjeev, can you explain that?
I'm sorry to in terrupt, sir. He got dropped from the call. I'm connecting him, sir. Participants, kindly stay connected while we connect Mr. Sanjeev on the call.
The brand name is Avant Furst will be launched the cat food has already been launched and the dog will also be launched on the same name AVANT FRUST.
Okay. And just wanted to understand, this plant that you're putting up is for how much capacity? What is the metric ton?
Yes. See, we are working on those details, because we want to see what type of feed, how it should be, how much capacity depending upon the market. So, we work what is Avanti Feeds Ltd 17 24.02.2025 optimum capacity, what we can produce and what type of machinery and all those things, we are working on that. Maybe next week it will take about minimum I think 3 to 6 months to complete concrete numbers on that. So, and that's we have started just now the cash. We will also see the market reaction, how much we are able to take and all these things, what is the requirements and then we decide what is the numbers because there are already well-established players in the market. So, we need to compete with them. So these are it will take some time to give you the numbers.
And so the pet plant, the pet food plant, that is mainly for the domestic use itself? You will not export?
No, it is only -- for the present, it is only for domestic market, because as just now my colleague told, so there is a lot of demand for pet food in India itself. There is a growth of pet population and also the demand for free readymade food that we were giving it. So, the I think we need to have -- need to concentrate more on the domestic market now and establish our lands, then we c an think of exports. As of now, we don't have plans to export.
Correct. And during the 9 months, we've seen good margins on the shrimp feed business, but the shrimp processing business has remained under pressure. So just wanted to understand what is the outlook for the coming year?
I think I made this remark in my earlier question that the margin mainly depends on the raw material prices. We have seen that. I think if you look at our track record for even nearly past 3, 4 years, we have seen that the price is going up and coming down because of the raw materials. So, the raw materials really have softened and it is now like fish meal and soya, these prices are good, because all the three products fish meal, soya and wheat flour constitute the major portion of the raw material. If the raw materials prices are stable, we continue to maintain the percentage. Maybe it is ranging from maybe 7% to 10% we keep our margins. It all depends on how the raw material prices are.
Right. I'm talking more on the processing side. We've averaged between 13% to 15%. But I think this year, 9 months, we're at 11%. So just wanted to get a sense on that part of the business. I've seen on the shrimp speed side, you've seen... Avanti Feeds Ltd 18 24.02.2025
I'll answer that question. So, see, the duty CV D that was imposed by the U.S. Government, it's a new duty, right? If you remove that duty, I think it's like, you know, it benefits the margin to move up. So that's an important factor. But this duty is periodically reviewed, where we give our arguments to the U.S. Department of Commerce, etc. And then it's usually, like in the past, we've seen that, you know, they devise it depending on the quality of information, given and it includes the government, the association, the different stakeholders, etc. So, in the short term, even though there's a margin pressure, in the long term, this will slowly stabilize, point number one. And point two, see, like price increase is a gradual process, the price transfer into the consumer. It doesn't happen overnight. So slowly the price transfer to the consumer is happening. We can see that by higher, like higher prices in the U.S. market and buying levels at a higher price currently. So, this is a slow step by step process. So short term, there might be pressure, but long term, again, it's going to be, again, stabilized and get back to normal.
Great. And just my last question is just on the shrimp feed production and sales. We've been offering from FY 2018 about 430,000 to now 530,000 and FY 2022 was 540,000. I'm just trying to understand what is the kind of growth that one can envisage over the next 3, 4 years? Is it going to be a little cyclical up and down? Or is it going to be at least a high single digit growth on a year-on-year basis?
See, I think there are several factors to answer this question. The one is that the basic thing is the area of culture, the year -on-year basis. So, once the area of c ulture increases, automatically the feeds consumption also increases. That is number one. Number two, even in the culture also, it is not necessary that every farmer who has a farm, the pond will go for culture. It depends upon the market price. What is t he farm gate price? And the third one is the climatic conditions which will have a great influence on the culture. So, see, there is always these factors keep the entire aquaculture activity in more or less the same level stable with 5% to 10% up and down. There will not be a serious I mean the big jump of 20%, 25% year-on-year basis. It will be stable because the area is more or less stable and the climatic relations keep changing and the market prices are volatile. All these things into consideration, we do not exactly say that this is going to be the trend which is going to increase. And as Mr. Nikhilesh said, the global market is also there. So, these factors will actually rather work, influence the total production of the shrimp feed in the country yea r-on-year basis. So, we normally expect see the next year we are expecting about a 5% or 10% increase. That's because this year the culture is good; the prices are good. So, this year, we are Avanti Feeds Ltd 19 24.02.2025 expecting that it will be better by 5% than last year. That is how the projections and values are made for the feed.
Right, sir. So, I'm just trying to say longer term for the company as a growth driver, obviously, these businesses of shrimp processing and shrimp feed will be stable. Would the growth drivers be your pet food and the fish feed foray that you're looking to enter? Those would be the growth drivers?
The philosophy of the company is that we should focus more on the areas where we have, we are strong. Like organic growth, let us say feed, feed related, food processing, these are the areas where we have lot of experience, expertise and they are good collaborators with us so that like Thai Union which can in association with them we can only glow in these areas. For example, in marine products we have already the export market, value added products we are increasing on that trend. And simultaneously we are also working on the domestic market and this is going to be a very really good business, but it requires lot of work because it has to be on par with the pricing levels in the local markets. So, it is our endeavor to keep on these things expanding. And also, pet care is another very big and very good area where we can really achieve becau se we have the experience in our dealership network or in the feed manufacturing and raw material, economies of raw material, all these factors go a long way in really strengthening our pet food also. So, I think fish feed, pet food, then the domestic market will be the future growth drivers for us so that we can strengthen our value to the company and shareholders of course.
Thank you. I request the participants to restrict with two questions in the initial round and join back the queue for more questions. Next question comes from Sameer Deshpande, an Individual Investor. Please go ahead.
Hello sir, congratulations for the excellent results. And from your commentary, it seems outlook seems to be good for the coming quarter and the next year also based on the current raw material prices and the culture is in which has become on a good note. I wanted to know what are the exports as a percentage of our sales? With the last year, we had INR 5,500 crores of revenues. So total exports were how much?
20%. Avanti Feeds Ltd 20 24.02.2025
And out of the USA continues to be a large market for us, about 70% of that?
And so, the as you mentioned that this controlling duty, which was levied on our Indian product was higher. So currently the margins may be under a bit of a pressure in the short run till the prices improve in the U.S. market or we are in a position to reduce our costs by some means, is it correct?
Nikhilesh, can you answer this question please?
Yeah. There are two things that we're doing. First, we're reducing and trying to optimize our costs. That process has already started. Yes. That's point number one. Apart from our general cost optimization effort, like we're putting it as one of our main goals for this year. Second is concentrating on higher value products, which don't attract duty. So those are the -- that is the second. We've always told in the past several quarters that value added products is what we're focusing on. So that's what we're doing right now. So, to mitigate that risk. And the third one is also that we're focusing on other markets. In the past, we used to have a lot more focus into U.S., but now we're looking a lot more into other markets as well. And you can see it over the past few quarters that the U.S. Market share has been coming down slowly from what it was averaged in the previous years. So those are the complete time deposits that the complete time deposits. Exactly.
Europe and Middle East and etc, which you mentioned.
Exactly. And Asia, yes. Avanti Feeds Ltd 21 24.02.2025
Okay. And the custom duty in the budget was reduced on two products significantly from 30% to 5% or 15% to 5%. Does it help us in any way reducing our raw material cost?
Yes. See, as you're referring to the raw materials, so but the raw materials did really affect not much becau se the effect was in fact the reduction of custom duty on feed import is actually a disadvantage for us, because if the 15% or 5% have reduced, so the imported feed competition will go up. So, in fact we have made a representation to the government because India has adequate more than adequate, the capacity to produce Shrimp Feeds. So, much, much higher more than 5x, 6x annual consumption we have got the production capacity. But we told them that there is no need and already most of the foreign companies which are known for this feed are already present in India. And so, they are already producing the feed and supplying to the market. So, we need not have to import and take concessional rate. The prices we have brought to the notice of the government. It will take its own time to realize that and take corrective action. As far as some, most of the products is raw materials nowadays we have started when we are using domestically. And, very limited items are being imported. We have got good fish meal, I mean, good fish oil, good fish lipid oil. We have got mineral health, vitamins and premixes. Everything is available in India now. So, there's not much of imposed involved and it does not really make much difference by reducing the duties on that.
Can I ask a last question? It is regarding this PLI benefits, which we have been receiving. So, did we receive anything in this quarter? And where it likely to be anything in the coming quarter also?
Yes, D.V.S Satyanarayana will tell you.
So PLI is not a quarterly benefit. Basically, there's an annual incentive which is given by the government on incremental sales as per the guidelines of PLI. So, for the year -- yes, for the last financial year, we have filed the application with the government. It is under review, so which is being expected to be released in the month of April 2025.
April '25. So, it is not likely to receive be received in this year? Avanti Feeds Ltd 22 24.02.2025
No.
Okay. And is it quite substantial, around 20, 30 or INR 20 crores, INR 30 crores?
No. It is not substantial.
Next question comes from Sachin Pal from MC Research. Please go ahead.
I just wanted to understand what's the, scenario for the production as well as the and get an outlook on the...
Your voice is not audible.
Your voice is not audible, So I request you to speak bit louder.
Yes. So, I was saying that I just wanted to understand what's the outlook on the production as well as, the farm gate sizes on the domestic front. Since we've had a pickup, we had a close-up in terms of shrimp feed volumes in Q1 and that has kind of picked up. We have exhibited a 14% growth in shrimp feed volumes in Q3. So how does that translate into probably the farm gate prices and the production on the domestic front?
See, we are expecting that 2025 should be stable, stable year without much worldwide. At least for the first crop, our expectation that it should go on smoothly because the farm grade prices are as of now is good and the feed prices are also good and the climatic collisions are also good. They are able to really go on stocking very, I mean, aggressively in the last one month. So, we expect that the first crop, which will go up to June, July will be very good. That's what we are expectation. But of course, always with this thing that anything can happen like climatic conditions may change or form gate prices may change. And but by and large, we see that first crop will be very good. And if the same levels of prices are Avanti Feeds Ltd 23 24.02.2025 maintained, even the second crop also will be good for total makin g the year 2025 definitely stable than last year and maybe slightly more than last year.
Could we see some softening on family prices on domestic fronts since the feed volumes have picked up and the production is anticipated in 2019?
Your voice is again breaking.
I was saying that could we see some softening of the prices on this farm grade side since that the volumes are picked up on the shrimp feed side so.
No, that's why it is very difficult. I think Nikhilesh.
Could you repeat the question?
Could there be some softening on the farm grade prices since feed volumes are picking up and the overall production levels are anticipating to pick up in the next 3 to 6 months?
We don't have any we don't anticipate any major price decrease. Our policy as a company is to ensure that the farmer gets a fair price and we sell at a fair price in the market as well. So, we don't anticipate any large price decrease at the farm get price.
Okay, understood. And the second thing is again the digital shrimp processing side, so we've had a spike in the straight cost internationally. So how is that shaping up?
I'm sorry, I'm not able to hear you. Avanti Feeds Ltd 24 24.02.2025
I was saying that on the shrimp processing side, the margins have been impacted by higher freight costs. So how have they been trending recently concerned that there have been some opening of the Suez Canal and there has been some reduction in the freight ship internationally?
So, I don't think still there is large number of shipments passing through the Red Sea Suez Canal area. The prices are still firm, but we hope to get a lower reduction this year when things normalize. Like the Middle East has been quite turbulent the last year with the Israel war and everything. So, nothing really changed in that part. But we hope that this year, the price has been softer on the freight.
Okay. And what would be the freight cost as a percentage at this point?
Mr. Sachin, your voice is not audible, sir.
What would be the freight cost as a percentage at this point of time?
Do you want to answer that, D.V.S? Yes. It is around 8%, 8% to 9%.
The last question of the day comes from Tom A Kadavil from Geojit Financial. Please go ahead.
Hello. Regarding the pet food, do we have any planned Capex? And what is the total Capex already done? Or what is the planned Capex for FY '25, '26?
Capex, we have already incurred a land purchase about around INR 36 crores. Further, the plant and machinery will be around INR 60 crores. See the major expenditure so far has been on the land. We have acquired about 30 acres of land, near Hyderabad. The Avanti Feeds Ltd 25 24.02.2025 so we have bought the land and we're now getting it surveyed and all those things are happening. But the work of, you know, preparing the drawings and civil works, planted machinery imported, the and domestic machinery, all these details are being worked out in consultation with the Bluefalo Limited Thailand. So, it will take some time to give the exact numbers as to the cost, what is going to be the cost of the project, how much is the civil works, how much mister other utility buildings. All these things, I think it will take at least four, three, four months for us to come to a definitive number. They are at least the projected numbers. We'll be able to share with you maybe next or after that quarter meeting.
Okay. And one more question was regarding the CVD. You had mentioned that some higher value products will not attract CVD. Is it RTE products?
Nikhilesh?
No. I t's not RTE products per se, but it's a higher value product, like value added products, like, ready to fry, something like that.
Ready to fry?
Yes. It's like see, it's value-added products as a category, right? Like you look at breaded shrimp or like something like a tempura or a samosa, something like that. It's not just commodity shrimp, it's value-added shrimp.
Thank You.
Thank you. Ladies and gentlemen, this concludes your conference call for today. Thank you for your participation and for using Door Sabha's conference call service. You may disconnect your lines now. Thank you, and have a good day.
1. This document has been edited to improve readability 2. Blanks in this transcript represent inaudible or incomprehensible words.