SHREE CEMENT LIMITED analyst Q&A

Thank you very much. We will now begin the question -and-answer session. First question is from the line of Mr. Navin Sahadeo from ICICI Securities.

Congratulations on a great set of numbers. On the branding part of it, revamping this entire brand exercises have been done, I had two questions. One is, do we have milestone or target to reduce the price gap of Shree or now, of course, Bangur versus a benchmark, let's say, any particular benchmark large company or an average, do we have a target in mind to narrow the price gap? And over what period of time you're looking at? That's my first question. And second is, apart from this brand revamp, are we also looking to touch upon some of the other technical aspects such as, let's say, setting strength of the product or even the blain e kind of things? Are we looking to do some changes with that as well?

Navin, as we said, this is the first phase of the exercise in which the objective is to improve our brand awareness. This is technically what we call the top -of-mind awareness, or TOM, where we have a very definite range that we should go above 50 in the top-of-mind awareness of our brands in the market. Price is a subsequent topic. We believe as we have now established very firm standards on quality of our product. Combined this with marketing, we should be able to improve our price position. Having said that, our first target is to make sure that our premium product, Magna, sells at a better price in the market, in line with the quality which we are offering , in line with the differentiation that we are offering, in lines of initial strength or be it final strength that we are offering in the market. So that is the first level goal, Navin. And I'm sure brand development is a long- term topic in fact . Many brands have invested over the years and to create the kind of position that they today command internationally as well as in India. We will also continue to invest in our bra nds with the objective that our brand should get a position in the market, which is in line with the quality that we offer and in line with the products and differentiation that we are offering.

The next question is from the line of Parth Bhavsar from Investec.

Congratulations on the good set of numbers Sir, I have 2 questions. One is on power and fuel, which has improved significantly quarter -on-quarter basis. And you also mentioned that your consumption cost has declined to INR 1.78 per kCal. So wanted to know like if there's any further room of improvement and if this number would sustain going ahead in coming quarters?

I'm requesting my colleague Mr. Bhandari to answer your question.

Look, you have to appreciate two things. Number one is that the consumption is based on weighted average cost of inventory we carry. The decline from INR 2.05 to INR 1.78 quarter-on-quarter is because the weighted average inventory carry cost has come down. Though the pet coke prices yesterday showed a declining trend from $120 to $110, yet as per our contract s and in pipeline, the fuel cost for this quarter on a weighted average basis, based on the inventory and pipeline inventory, would remain almost the same at about INR 1.78 per kCal. Am I clear to you?

Okay, okay. So it wouldn't go down further at least in Q4, it is...

That is what I wanted to caution you. If the pet coke prices have come down, our procurement prices in future will also come down. However, as I explained, the consumption is based on weighted average cost of inventory. So my inventory in last quarter was at about INR 1.78. And based on the inventory which we have and the pipeline we have, it remains the same for this quarter. Next quarter, it will come down, but that will move in tandem with how the international prices of coal and pet coke changes. Another very interesting development is that the South Africans because of the Red Sea turmoil are not being able to ship it to Europe. So like Russia, they have started offering South African coal at a discount to international price to Indian consumers. So that may also play out, but this will all be next quarter. For this quarter, you please take our fuel cost at about INR 1.78 per kilo calorie.

So the reason I asked this is, I just wanted to know if we won't again see like 1,650 burden of power and fuel cost and I understand the inventory thing and will come down...

Yes. That's what I'm saying. There are 2, 3 levers in that. Please understand that increase in capacity utilization from 72% to 77% has its whole cascading benefits and operating efficiencies, right? So saying that it will go to 1,650 or 1,540 or 1,450, I can't say that. I can say the general trend of a declining fuel cost because of increasing operating efficiency, which is linked to capacity utilization. And as MD was suggesting, we are just confident that 77% should go up only. It cannot come down. So w hat kind of efficiency benefit we get by uptick in capacity utilization is very difficult to determine as of now. I can only assure you that 2 things will help in Q4: One is the fuel cost, but the consumption may decline because of increasing operating efficiency. And the power cost will go down because the 73 megawatts of green power commissioning in January will start giving us benefit in next 2 months. So I must have better operating efficiency, better capacity utilization and lower fuel and power costs. Now how it will play out, what will be the plant load factors of the renewables, it's very difficult to ascertain. But I'm fairly confident that at least this quarter performance should not deteriorate. It may only improve.

Okay. Perfect. Got it, sir. And just wanted to know the capex guidance for '25 and '26.

Listen. Let us put it like this, post Guntur commissioning, I'm not considering Guntur in this plan, we should be having a capex about INR 12,500 crores up to '27. And I have INR 6,000 crores cash in my hand. So I will be needing about INR 6,000 crores to INR 6,500 crores, which should come from internal accruals only.

Next question is from the line of Shravan Shah from Dolat Capital.

Congratulations on a great set of numbers. Sir, is it possible this way we have shared the power revenue and EBITDA for the last quarter, can you share for this quarter?

Okay. And for 9 months?

I need to take it out. I have it. Just give me a second. The power revenue is INR 1,173 crores. And the EBITDA will be in the range of 9% to 10%. Last quarter, it was about 9%, but some benefit has come up because of lower fuel costs. So it should be at about 10%. You can take 10% as a benchmark.

Okay. Got it. And sir, cement realization, you mentioned 3% up for Q2. So it should be INR 4,988 for this quarter, cement realization.

My dear friend, what is happening is because you did not have the power revenue numbers you must have used the consolidated revenue divided by cement only. You knock off 350 from there and then see the numbers are INR 5,006.

Okay. Okay. Got it. And if you can help us in terms of the time line for all the ongoing expansion. So Guntur, will it be starting this March- April?

Yes, this March itself, not April. I'll take you broadly through the numbers. We should be 56 million ton s by March '24; 62 million by March '25; 65 million by September '25; and March '27, it should be 75 million.

Okay. Okay. Got it. So in terms of –- the latest 3MTPA Ras expansion, sir, what would be the capex for that?

The capex for 3 million ton s Ras will be about INR 600 crores because it's a brownfield.

Got it. Got it. So 9 months, how much capex we have done in...

Sir, may we please request you to rejoin in the queue as there are several participants waiting for their turn.

Hello.

Yes sir.

Yes. It is INR 2,600 crores.

Next question is from the line of Prateek Kumar from Jefferies.

Sir, congratulations for great set of results.

I'm happy you liked it.

One second, my dear friend, if you have a doubt on that number, please ask so or we are the best.

Yes, so you are the best. So how do we look at -- like next year is expected to be relatively dull year for the volume growth because of 1 or 2 quarters of impact of demand because of elections. How do we look at demand growth for next year?

Let me put it like this. March '24, we should be certainly 35 million -plus. March '25, we expect to touch the magic number of 40 million ton s. The industry should grow between 8% to 10%. So if I'm 35.2 or something, I may be hardly 1% higher than the industry average growth rate.

Okay. 8% to 10% for this year, you...

No, 8% to 10% next year. This year is gone, whatever. You want the number of t his year, I can give you, add 9 million to the number we have already published and you will understand what the growth is, it will be 35 plus. So we will be at about 11% to 12%.

Okay. And next year, 40 million tons, okay. So we'll be growin g at higher than the industry, if industry growth are 8% to 10%.

We are in line with the industry. In fact, we should be about 12% this year yes. Hopefully.

And just on profitability. So we understand there is some price rollback in the current quarter of Q4. So...

Prateek, let us understand like this. After all, it's a cyclical business, and it is completely dependent on the demand and supply in the market. And you might not have interacted with me earlier . We have never given any price guidance because price is not in t he control of any manufacturer. We have always given cost guidance, I have already stated that my cost should tend to be lower because of the rational explained on fuel and other things. Now it is your call completely as an equity analyst or a cement industry analyst to take a call on where the prices will go. We have never given any EBITDA guidance. We have never given any price guidance because EBITDA is a result of price minus cost. We'll give you cost guidance and we'll give you the general trend of cost. So please excuse me, I will not be in a position to give you a top line or a bottom line number. I can tell you how my cost should be.

Certainly. And just on -- while this question was discussed slightly earlier, on your premium product mix, how is that expected to flow into your EBITDA per ton ...

Let us understand. The incremental revenue reflected in this quarter is because of a better product mix, lower lo gistic costs and higher capacity utilization. The same factors should play out because whatever game we have learned in the last 6 to 9 months should only get improved, isn't it? Learning is a long learning curve. So it should improve. And we feel that on the cost front, there is no reason for us to believe that we will let you guys down. On the revenue, let the market take a call.

The next question is from the line of Jashandeep Singh Chadha from Nomura.

Mr. Chadha, get well soon. You can get the conference call transcript.

Congratulations on a great set of numbers, sir. Sir, you have explained the power and fuel cost. I just wanted to understand the logistics cost, I think a couple of quarters back, a lot of initiatives were told to us that will be taking to reduce the logistical costs, one being putting up railway siding at various plants. So how is the progress on that if we can get an update...

First, all of you have to appreciate that when there is a churn in the organization, it takes its own time to settle down and become stable. On logistics front, what has really happened is that because of induction of professional managers, we have been able to cut on lead distance, and we have been able to optimize the cost also to some extent. As far as railway siding is concerned, we are progressing on it. I'm on record with you that by March '27, we should be 80% to 90% dependent on our own railway siding. We are working on it. The progress is going on. Railway siding, the biggest hassle is acquiring that particular parcel of land, which becomes pricey because people know that you need that land so we are working on it. Purulia we should be able to, which is in East India. We should be able to compl ete it before September this year. And balance, I'll keep you updated. This is a quarter -on- quarter progress kind of a number. You can't pin me down, please. March '27 is the target.

Right. And sir, one clarification I want. So by FY' 26, 75 million ton capacity, you should have around 20 million to 20.5 million ton s in East. And on back of that, you have around...

Right, sir. And on back of that, the backing up clinker is around 9.2 million to 9.5 million tons. So will we have a situation of clinker shortage given 1.8 Clinker factor.

You have to understand. Is world is going to end? Right. So 80 million is my target.

And is there any preferred pecking order on that or you are still there on...

Pecking order is clear. Kodla is number one. And second is, of course, Ras, my north plant. For a nother grinding unit, we will reassess the position . The grinding unit addition in the East is happening between '25 and '26. So, we have time for that. That is a brownfield. There is no shortage of limestone. A kiln can be set up in 18 months, what is the problem my friend?

Next question is from the line of Rajesh Kumar Ravi from HDFC Securities.

Rajesh, how did you like the numbers?

Fantastic numbers, sir. That is what I was trying to start with, is a great set of numbers. Congratulations to the team. And sir, could you share what was the trade mix and blended cement production in this quarter?

It was about 76:24, if I remember correctly.

Trade mix, okay. And blended?

Blended cement.

Yes, blended cement share?

One second.

And also fuel mix?

See, the thing is that I have the fuel mix paper. Yes, I'll ask Mr. Jajoo to reply. Subhash Jajoo: Yes. So blending ratio was around 72%. And our fuel mix for this quarter is 73% pet coke; coal 15%; and alternative fuel around 12%.

Sir, this year, 9 months of total capex you mentioned?

I said INR 2,600 crores.

And full year, how much will we spend, sir, this year?

The remaining 3 months, how much capex we are charging and this INR 12,500 crores, which will be subsequent for next 2, 3 years, how will that...

In this quarter, we expect about INR 600 crores to INR 700 crores of capex.

Okay. And this INR12,500 crores for next 3 years?

You understand. I am adding 6 million next year. We do simple math.

Okay.

Total 56 by March’24 and 75 by March’27, So roughly 18 million tonne capacity addition will be there.

Right.

In 18 Million, Greenfield is only one . Let it be, we don't get into th e Greenfield - Brownfield issue. Simply divide12,500 by 18.

Okay.

Multiply 6 million ton next year.

Okay.

6 million tonne in 25-26 and 6 million tonne in 26-27. So, take one third for each year. It will come to around INR 4,500 crores.

INR 4,500 crores. Okay. And sir, this logistics cost, which you mentioned, you already addressed that this is now because of your various initiatives. And this number should remain steady?

For this quarter, yes, I'm telling you that this number should remain steady. It's not improving.

Incrementally, it can only go down. Is that understanding right?

Look at it. What are the elements in my cost, brother? The most important element is fuel, power and logistics. Fuel, now we are seeing a declining trend. In power , green energy or renewable energy share is increasing, logistic we are working on, and railway siding expected shortly at Purulia plant. So it should be declining.

Mr. Jajoo will address this. Subhash Jajoo: The demand trend in the last quarter , it was best in the North India. East was a bit weak. So our sales grew by around more than 10% in North. And in East, it was around 2% to 3%. South, the growth was around 10%.

South including West. Subhash Jajoo: South and West is combined.

Okay. South and west together, okay. Subhash Jajoo: Yes. So this is on a sequential basis. And if you consider on a year-on-year basis also, North was the best-performing market with around 12% to 13% growth, similar about South. And East was a bit down at around 7% to 8%. Overall, the growth was around 11%.

Great. Great. So East also you witness 7% to 8% growth? Subhash Jajoo: Yes.

Okay. And industry, what would have been the numbers are broadly? Is there any understanding on the industry for East? Subhash Jajoo: I don't have the individual region- wise number, but I think the overall, the growth is around 8% or so.

Next question is from the line of Satyadeep Jain from AMBIT Capital.

A couple of questions. One on just I'm not sure if I missed it, but any comments on the income tax demand that we saw the notification. Can you provide any comments on your side?

Mr. Jain, you will appreciate that we are covered under LODR. Any development on that part legally requires me to send a disclosure within 24 hours to stock exchanges. If we have not sent a disclosure, then obviously, we don't know and no development has taken place to the best of our knowledge.

Okay. Secondly, on the cash position, can you give us...

INR 6,000 crores as on 31st December.

Next question is from the line of Rangan V., an individual investor.

Hello, Rangan here.

Please tell, Mr. Ranjan

A very good set of numbers, sir. I'm a very long -term investor about 33 years in your company. I appreciate the company because due to capacity increase, the sales should grow not due to the price increase. And I find the depreciation was about 1,104 Cr in the 9M FY23, and it has decreased for the 9 months FY 24 from 1,104 Cr to 986 Cr what is the reason? Like what is the cost per unit of the cement produced, started reducing like that and what will be the current year, current next quarter also will be much better than the present on that is what I believe. And I appreciate the dividend aspect of it. A company like ours it should be difficult when I ask for the split something like that. See, okay. On the dividend front, you have given a good dividend. I appreciate that. I wish you all the best, sir. I don't have any questions. Cash conversion cycle also how many number of days can you tell me that?

Just give me. Let me address one question at a time. As far as depreciation is concerned, please note that Nawalgarh’s commercial production started on 22 January. No depreciation has been reflected in the 9-month period. In this quarter, you will have a much lumpier depreciation number because of Nawalgarh and commissioning of Guntur. Okay. This is one part of the story. The second one was -- can you please repeat your questions because I tend to forget what all you had asked.

Per tonn of cement, how much electricity units are consumed.

Units,you mean to say power units?

Yes. Power units.

About 68.

About?

68.

68, very good, very good. Fantastic. No doubt. And what about the cash conversion cycle? I mean, how many number of days?

That is the industry standard or...

Well, we have not compared. And we'll get back to you, Mr. Gagandeep if you can send a mail to the CFO of the company.

I'm not Gagandeep, I am Rangan from shareholders. I'm not Gagandeep, okay.

I'm sorry, Mr. Rangan because we had introduced somebody as Gagandeep. Never mind...

Yes, look, I'm Rangan R-A-N-G-A-N. Okay, I'm a shareholder.

yes, Mr. Rangan. Because I was al so wondering, Gagandeep is a North Indian name and your accent was South Indian. So I was kind of confused but I can -- Mr. Rangan, the cash conversion, please send a mail to CFO. And we'll see that it gets replied tomorrow because you want me the industry norms also, which I don't have ready.

Next question is from the line of Devesh Agarwal from IIFL Securities.

Sir, a couple of questions. First on the branding. If you could share, are we kind of holding some of our brands into t his new brand strategy that we have of Bangur and Bangur Magna. So some of our premium brand, are we holding into that?

First of all, please be clear. MD sir has explained that earlier our brands were Jangrodhak, Rockstrong, and Bangur, something like this. Now, from class I mean, all the sub products are the same but instead of the name Shree, we are using Bangur as the generic name and then we are classifying all these products. Magna is a new introduction. Magna is only for premium quality cement.

So Roofon will continue, sir?

No. At the moment, we have 3 variants at one price point, which is Jungrodhak, Powermax and Rockstrong. We have the premium as Magna.

Understood. And sir, second qu estion, if you could share the geo mix in the quarter, that will be helpful.

Yes, Mr. Jajoo will give it to you. Subhash Jajoo: Yes. The geo mix for the current quarter is roughly 60% is from North, around 28% to 29% is from East and roughly 12% is from South.

Okay, sir. And lastly, sir, we see this stock in purchase of INR 50-odd crores in the quarter. So in the past, you had told us that there are some coal shipments that we have sold, which gets reflected in this line item. So what was this in this quarter? Subhash Jajoo: Yes. For last quarter, it was pertaining to some coal sales. But this time, the INR 52 crores, yes, it is for some clinker purchase.

Next question is from the line of Amit Murarka from Axis Capital.

So on the cost per se, there is obviously a big decline in freight. You mentioned that it is because of the distance. What was the lead distance in the quarter? And what would have been in previous quarter or last year?

Look, I think previous quarter was about 472. And this quarter, it has come to about 448.

Okay. And is there any expectation of it to come down further?

Obviously, everybody is working on that my friend. And the biggest advantage will be when we commission our grinding units in diverse geographic locations. G rinding units are wheel and folk only. So the number of folks you increase your lead distances go down.

Right. Got it. And also on this power as well as the coal trading that has happened. So on coal, like we believe it was a one-off, right, so going ahead...

We belong to the philosophy that money doesn't make anybody's pocket. We got an opportunity, we did it. If we get another opportunity, we'll try to do it. But that is not the focus area.

Okay, sure. And power, what was the sale in this quarter number of units?

I don't know about the number of units. It's 350 crores. I'll send you the data.

Okay. Okay. And lastly, South, the plants that are coming up Dachepalli and all. So like what will be the target market? Why I ask that is generally like those markets in Andhra and all have been earning lower margin per se, what would be the pricing of branding strategy when you go into those markets?

Amit, you have to understand two things. One is Guntur. So draw a circle of 450- 500 kilometer on all sides of Guntur. With a dia of 500 km. That is the natural market. My lead distance is 448, on average it will be 450, it won't make much difference. But the idea is that when you try to assess the market of any cement plant, then 450 to 500 is the maximum lead distance you can transport economically. Am I clear to you?

Yes, I get it. Yes.25

So, according to that, that market is defined. Now if you want specific details state wise then I will ask the marketing people and tell you. We know that there can't be a lead distance of more than 500, because then cost economics deteriorate. So the plant is there to make money, what to do.

Sure. And just last question so that you are close to reaching 80 million ton s now. So based on your current limestone reserves and all, like what is the further scope for brownfield left now like in all these...

Have you visited Ras, Amit?

No.

So if you come and see, assume that we don't work without 50 years reserve of limestone. 50 years is the minimum benchmark to set up a plant. Because you make much more money by multiplying at the same site. That becomes a brownfield expansion. So, if I have a reserve of 50 years then I have to work accordingly. Like in Guntur, we have put up 1.5 million clinker unit and 3 million is cement. So, depending on the limestone reserve, we can expand by1 million or 2 million. I haven't calculated it specifically. So generally ,we don't work without a 50-year reserve.

Next question is from the line of Rashi Chopra from Citi Group.

Most of my questions are answered. Just on the green power, what was the percentage in this quarter?

We are at about 58%.

58%. And the 73 megawatts that you added is, how is...

This is in January only, Raashi.

So this is waste heat or...

No, no. These are renewables -- sorry, Nawalgarh is there. So Nawalgarh waste heat is there, which is 33 -- no, 33-megawatt is the solar. Okay 33 megawatt, sorry. I stand corrected. 33-megawatt of waste heat recovery in Nawalgarh and 40 is solar.

40 is solar. And then I missed this in the beginning, how much more is getting added over the course of next year?

Well, we are going to add about 133 megawatts of addit ional capacity, out of which whatever is tied up with the kiln, they would be there. And I can give you the exact numbers, one sec. In 24-25, 52 megawatts of solar.Nothing in wind. And 33 megawatts of a waste heat. This is it. And please remember the 73 is not the end for this financial year. We are expecting to comission a 6-megawatt wind power at Maharashtra. So this year, total addition on green energy, sustainable energy, whatever you want to call, will be about 80-megawatt and 133 next year.

Sorry, the 133 next year, just have a breakup of 52 as solar and 33 WHRB

It is 94 MW Solar, 33 MW WHR and 6 MW Wind.

Total, okay. Understood. Got it. And just one more question. What was your premium product percentage this quarter?

It was north of 9%, I think.

Okay. And FY '25, the target is 15%?

Yes, please?

FY'25 is 15%, the target?

If 15 happens, who is going to disagree?

One would hope and one would try, but we can't give you a numbers at this moment.

Next question is from the line of Prateek Maheshwari from HSBC Securities.

Congratulations on a very good set of results. Sir, I had a question on the premium brands and the branding that has happened recently. So one of the comments earlier made was that there is -- first of all, there is a brand recall that is increasing. The other thing is also the quality that has improved. So on the quality asp ect, I just wanted to ask like what has changed and like if that would also result in an increase in cost, making the financial or something like that. And that is one aspect. Also, when I say the brand Magna versus your base brands, the price difference i s closer to INR 55 to INR 60 per bag. And when I compared it with the other players, may have a premium brand over at INR 30, INR 35 per bag high. So about double digit gap difference. So is that sustainable? How are you guys looking at it, sir? That was my first question.

The premium price gap with your base product across geographies is based on what kind of a market pull you are able to create. We are today anchoring it at a certain level you have seen that about INR 55 higher and we are s eeing some, I would say, encouraging results. And this is a journey. It's a journey as the brand equity develops, we would also be investing in what more we can do on the product quality, what we can do on the services, what we can do on other facts. And as we develop then over a period of time, this price will stabilize. So we are -- what we are seeing today is the first level anchoring of that price in the various market. But this question would be better answered in about 1 year time of where it is sett ling, where is it that we are able to create a better value of both volumes and price.

Yes sir. On the same -- to ask on the quality question, sir, does the quality improvement also driving...

Quality is a continuous journey. It's a journey which, as we said in the conference call last time also, what we have done is to create a very strong set of proper function of R&D at our head office. The purpose is to initiate those actions by which we are able to improve quality while not increasing the cost, increasing the cost and improving the quality is very easy one. But our challenge is that we are addressing through our R&D of how do you increase quality going beyond what has been done for many other years without increasing the cost of the product.

Okay. Sir, the other question that I wanted to ask was on your capacity footprint, which will kind of increase from around 50 million to 75 million ton s. You rightly said that increase brand unit footprint will drive down the lead distance. As of the moment, sir, you know what the footprint is and how those footprint is changing. So any targeted reductions in lead distance from the current 450 levels that you guys already mapped?

Look my friend, we have already reduced it by about 25 kilometers. Major reduction will come on commissioning of our various grinding units. However, we have got a highly professional logistics team now who are continuously trying to improve on the lead distances. It is al so dependent on what is the trade -off or delta in profitability between premium cement and our standard quality cement. If I -- the name of the game is make money. It is from lead distances and other things are explanation to cost. If by sending to a higher distance we are making more money because the realization is better, we are not averse to that. Neither you should be because the bottom line ultimately matters. So, all these finer details as the business model of premium cement itself is evolving, you will have to keep on checking with us on these parameters quarter-on-quarter. And we will be happy to report, they will get reflected in our bottom line If you are asking how it will go, it is difficult to say. India is one, but each region has its own dynamic, own market, all kind of premium and non-premium cement. Now, if I tell you, you'll be surprised, the highest percentage of premium cement being sold in India is in a state called Bihar, of all manufacturers. They sell highest premium cement in Bihar. This is surprising.

Okay, sir. Another just on the AFR targets, I think you had the interim target of 15%. Just where are we on AFR usage as of now?

Look, alternative fuel o r TSR, whatever you want to call it, is completely dependent on the cost economics. By doing TSR, whether we say we don't save or what kind of risk are associated with handling those AFRs, it depends on period to period. Yes, we are committed towards a bet ter or a more sustainable operation environmentally, but we were nothing 5 years in my previous innings with the company. We did not even think of alternative fuel and all these things. As the model developed, we also started getting accustomed to all this, and we have started working on it. Now let us see.

As the fuel has fallen to 1.8 or something, is it kind of not making much lesser sense now because a lot of other players have...

No, no, we understand. You got us onl y this much that we have enough commercial prudence to do the AFR only if it is commercially viable.

Ladies and gentlemen, due to time constraint, we will take this as the last question for the day. I now hand the conference over to the management for the closing comments.

Thank you very much, my dear friends. It was a pleasure interacting with you after a long time. Let us do it more often. And thank you indeed for your good words. Thanks.

Thank you very much. On behalf of ICICI Securities, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.