Sir, thank you for taking my question. The first query is regarding farm -gate prices. In terms of trends, given that we have seen inflation in major protein globally, could you comment on how do we see farm - gate prices currently? Won't it be denominated in U.S.dollars? In that sense, with the rupee depreciating, shouldn't that benefit have flown down?

See, the thing is, as we know that farm -gate prices, it's actually a balancing factor with the global price and the farm-gate price for the processors and the exporters. There is need to be a nexus between these two major inputs for the processing and exports. It automatically determines the price, what should be the farm-gate price and with the prices that are prevailing globally. Having said that, we constantly monitor these two things. The other aspect which we have to consider is the affordability and sustainability of the farmers to continue this activity. We keep normally both the considerations, and we fix the farm-gate prices from time to time.

Sure. We have seen off late that beef prices, pork prices have been moving up. Globally, we haven't seen that kind of upward move in shrimp. Is there any particular reason why?

I think we'll have to see. We cannot exactly say that. As far as when there is a little shortage of availability of shrimp in the country, they automatically demand and supply. The farm-gate prices tend to go up. When there are good orders for the processors, the shrimp available because of the season in progress, then naturally the prices is likely to go up. When the harvest takes place and the produce comes into the market, the prices tend to come down.This is a natural process going up and down depending upon the availability of raw material and also global demand for a particular kind of the product that is in demand. There is no specific reason that we can attribute for any increase or decrease.

Sure. Sir, my second query is regarding our prices. We do see an increase in the feed cost. Obviously, our margins have come off. Given that input prices continue to be on a rise, any further price hikes we have envisaged? See, Mr. K hanna, the price again, we need to have lot of workings that we have to fix the price on the looking into the affordability and sustainability of the farmer. Also, the governments have say in prices because of the various statutes that are there in the Andhra Pradesh now. All the stakeholders, the feed manufacturers, government, and we are all working the price, how it should be a balanced approach we should take for it. We suddenly increased the wheat price, that is also not advantageous. At the same time, the sustainability of the feed industry is also to be kept in mind. Very actively, the farmers, the Government of Andhra Pradesh and also the feed manufacturers are constant interaction with each other. The government has, in fact, constituted a committee with one of the big four consultants. They are working on that how to handle this at the price because we have to keep in view not only the feed manufacturers, but also to the farmers and also how it becomes a sustainable activity for the farmers. It is an ongoing process. These raw material prices are, as we have seen that they keep increasing phenomenally, particularly in the last one year, particularly like fish meal, soya bean meal , all these prices have gone up. It is not like just because the raw material prices have increased, so we keep increasing the prices of the feed. There is a lot of work that has to be done before we take any increase in the feed. We are trying to balance Mr. Khanna these things, and I hope that we'll come to some balancing figure where the prices are affordable to the farmers as well as it is sustainable for the feed industry also.

Sure. Thank you. Sir, my last query is regarding the U.S. reciprocal tax refund. We have seen a few other companies who have received the refund. In the last call, we mentioned maybe USD 15-20 million could be given to us given that we are the importer on record. Any update on the same, sir?

Still, I think my colleague would be able to give the status, Mr. D . V. S. The CFO will give . Over to you, D. V. S.

Yes, sir. Regarding reciprocal tariff, particularly for seafood industry, that too for India, so now the entries are under ADD and the CVD review, which are under suspension status. Unless the suspension is lifted, the CBP will not process the reciprocal tariffs. As of now, they're all under pending status.

Sure. We would have filed for the refund, right?

Yeah. What CBP said, you can declare the entry, but we will not process it. That's what our legal counsel and even the customs broker said. Accordingly, we have declared the entry.

Sure. That's it from my side. Thank you.

Thank you.

Thank you, sir. Ladies and gentlemen, if you have a question , please press * and 1 on your telephone keypad. The next question comes from the line of Mr. Ronak Shah from Equ irus Securities. Please go ahead.

Thanks for the opportunity. Sir, my first question is on thefeed division only.When we see the first quarter 17% YoY volume growth, it is quite steep hike. When we are highlighting aspiration of around 5.85 lakh MT of feed in FY27, it implies like 5-6% sort of annualized growth. Just want to understand on the ground how the farmers are looking at the current shrimp activities. When we see the second half of FY26, we have relatively lower base. Still, we are a bit conservative on that front. Just want update on that. At present, the shrimp culture activity is very good. The farmers are very happy that the culture is progressing very well with the climate is also favorable. Farm-gate prices have also been have gone up. That is also very attractive. The agriculture is going very progressive very smoothly. We hope that throughout this year, that is till December, the completion of the second season also will be like this. But only concern is about the cost. Cost is the only concern because the cost of feed is going up. Simultaneously, the price of the farmer , cost of production also goes up. Hopefully, the farm -gate prices will support the farmers with the reasonable return. This keeps going. Also, we hope that in the days to come, maybe some sort of price stabilization in the raw materials also will take place and things will fall in place in the rest of the year. That's what we are hoping for the things to take shape in the coming months.

Understood. Just on the cost front, where we are seeing a steep hike into the key ingredients. How we are expecting FY 27 to look like? Because as you are highlighting, the price hike is bit stringent thing considering the government intervention. First question, have we taken any price hike in last three, four months? Are we in consideration to take that? Second part, in the formulation front, are we evaluating some sort of option to mitigate the such current steep volatility into these ingredients?

Price hike we have taken. I think the dates we will be able to do it July 10.

19th June 20 -- we have taken a price hike.

What can be the extent of the price hike?

Around 10%, we have taken.

In terms of the formulation, are we looking at to evaluate some other options as well considering the current steep volatility, which we are seeing for last few odd quarters?

Yes. We are working on the quality aspect along with the formulation , so that we mitigate the usage of the raw material and all will be concentrate the raw materials price will remain stable.

The most important thing, Mr. Ro nak Shah, see, while we always focus on research to how best we can give the best quality without compromising on the quality of the feed and its performance, the FCR, etc. We see how best we can take the cost, reduce the cost of production by various methods and wi thout compromising on the quality. But one thing is very important to note here that the prices have gone up so phenomenally that the increase should be something very, very high, which both the industry, the farmers, feed, government, everybody exporters are taking it very seriously how toorganize this. For the first time perhaps, this thing has happened with such a steep increase. They are trying to find some solution whereby balancing act takes place. There's some price mechanism were determining on the major inputs like fish meal, soybean meal , and wheat flour, they take as that how whether there can be a mechanism by which the variance of the prices will take a way in the price feed price. That's what the government is very seriously working. Even the stakeholders are also acceptable to that kind of a formulation, which will help both the farmers as well as the feed manufacturers. I think that exercise is going on. Put together all, maybe we'll be able to come with some solution in course of time. But it is really a concerning factor for the farmers, for feed manufacturers, everyone. We hope that the prices of the raw material also in course of time is stabilized. Where we'll find a place in a situation where everyone is comfortably placed to carry on their activities, the feed manufacturers, shrimp farmers as well as the processors.

Understood. Just to summarize, the second quarter can be again a larger pinpoint before the benefit of the price hike plus any incremental government intervention will play out. Is the understanding correct, sir?

Lastly, sir, our PetFood Division. Any update on how the CapEx cycle looks like and what sort of investment we have put in till date?

My colleague is here. He will explain.

We are estimating around INR 175 crores investment in a pet food. Till now, we have purchased land around INR 25 crores worth of land.

Got it. That's it from my side. Thank you, sir.

Thank you, sir. Ladies and gentlemen, if you have any questions, please press * and 1 on the telephone keypad. I repeat, if you have any questions, please press * and 1 on the telephone keypad. There are no further questions, sir. Shall we proceed to conclude the call?

Now I hand over the floor to the management for closing comments. Thank you, ladies and gentlemen. It has been very good points that have been raised by some of the investors, and we tried our best to answer them.If you have any specific questions, you may send mail to us, we will give you information. With this, we conclude this investor con call. Thank you very much.

Thank you, sir. Ladies and gentlemen, this concludes your conference for today. We 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 pleasant evening.

1. This document has been edited to improve readability 2. Blanks in this transcript represent inaudible or incomprehensible words