Thank you, sir. Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Saransh Gupta from Swan Investments. Please go ahead. Saransh Gupta Hi, thank you for the opportunity, sir, and congratulations on a decent set of numbers. So, I just had a few queries regarding the industry and the business. So firstly, as you said that the cotton prices earlier our Indian cotton prices used to trade at a premium to US cotton, but right now it is trading at par. So how has this impacted the demand for yarn? I know you mentioned that the demand for yarn is better, though it is also visible in the realization that if we see the realization for yarn has increased, but are we able to pass it on to the customers?

So, the yarn prices are determined by the international cotton. Whatever even if our cotton is expensive, we can’t pass it on because that’s a Indian phenomena only. So, one, the in any case, the yarn prices, whatever is the cotton internationally, that is determined by the international market and even if our cotton is expensive, that has to be borne by us, that’s first point. Two, since the overall demand was better. So, both on account of the demand as well as increase in cotton prices, that could be passed on comfortably to the customer as of now.

Understood, sir. And on the demand side, sir, like how is the dema nd shaping up with US has opened up, right? The demand is, as of now...

The demand of yarn is very good. If you look at most of the US, brands, the first quarter numbers there’s increase of the retail size increased from 4% to 10% of the various brands. The demand from USA is really good and as a result of that, I think the overall textile demand as of now seems to be pretty good.

Understood, sir. Sir, if we move on to the fabric segment, like how is the industry situation panning up right now? Like you said that there was a there is a lag, price have increased, but there is a lag, so how is the customer conversations shaping up?

No, the customer is very clear they don’t want to give any increase, but I think since the raw material prices are increasing, the intermediate product, they don’t have a choice because they will not nobody would like to take the losses. So, everyone is trying to push the prices and some increases are happening selectively. It’s not that the increases are not happening. But as I mentioned, there’s always a lag and whenever you want to do a new business, there’s always a resistance. But with the -- every week, every month, every order, there’s some price increase which we are pushing to the customers.

Okay, sir. And on the spreads side, sir, like have the spreads also improved post tariff, pre tariff on the yarn segment?

Yes, spreads definitely has improved as I mentioned because our spreads was lost was less because our cotton was very expensive. So, since our cotton is aligned to the international market, our spreads are definitely improving.

So, like, if you can quantify that in some number?

If you if you look at the Indian prices today, the cost of Indian prices is about $0.85, $0.87, $0.88 US cents. So, if I convert $0.87 cents, it comes to about $2.35, $0.38 or so. And with the price of 3.30 today, with this kind of a rupee, I mean $0.90, $0.95 spread is available, which four months back was only about $0.60, $0.65 US cents.

Okay, so there is a 50% jump in the spreads that we can say.

From the worst to the best, because this happened slowly. The impact will come in the times to come, but yes, 40, 50% spread improvement is there as of now.

Right. Is this sustainable, like can we go ahead with this number or will there be some correction in these spreads if the prices of yarn comes down?

So, as I mentioned, there are two issues which are beyond our control. One, New York future will come down or not, I’m not very sure, but if New York future remains at these levels, practically the Indian MSP issue or the -- our cotton prices going beyond a point, that issue can be taken care of. But New York future will go up or not is something I can’t really, really predict. Second, on the demand side, as I mentioned since the demand from the China has been good in this period because they are full of orders from the various brands. If you look at -- so I think to that extent it looks like, it can sustain for some period of time.

Thank you, Mr. Saransh Gupta. We request you to join back in the queue, sir.

The next question is from Cheragh Sidhwa from Bajaj AMC. Please go ahead.

Sir, for the opportunity. My first question pertains to the industry dynamics. Sir, as you indicated close to around 11, 11 and a half million spindles are off the market. So sir, as per your experience, let’s assume that these healthy spreads sustained for a longer period of time. How much period would it take for these capacities to come back into the market or is it more structural in nature, people are right now not investing and it might take couple of years to again come back to that 50, 53 million spindle capacity?

There are two things which have changed in this time. One, as per the industry estimates only again, the total number of spindles in India was 53 million. At the same time, the number of mills were close to about 3,000. We understand the 11 million spindles which are off the system, almost 1,000 factories have gone shut down. So which means the overall indirectly, there’s some consolidation of the industry happened. So all these small spinning capacity 4,000, 6,000, 8,000 spindles which in any case was very, very difficult to manage in today’s time, I think that’s one segment which is going off to the system. Two, the industry has passed through a very, very difficult time last two, three years, so nobody is looking at a very big expansions to start immediately. I think everyone is looking at more clarity on the import policy of government and what happens , and my feeling is in case these margins or this kind of a cotton prices sustain for next three to six months. The people will start looking at more projects to come in into this system. If you go about to the machinery manufactures, which are one of the best way to measure what is happening on the industry side, especially on the expansion side, their utilizations have improved, but more from the modernization orders rather than the expansion orders as of now. So people have started talking on the expansion side. As of now there are not really very big projects which have started working on it and I feel maybe next six months, nine months’ time people will wait before they can start up or they start taking up the new projects. Two, industry definitely will be more consolidated. So those 4,000, 6,000, 8,000 plants will never come back into the system and it’s better the organized player comes back to the system, which are more concern sustainable in terms of their profitability extract. The overall structure in my personal view is will keep improving only from here onwards.

The next question is from Falguni Dutta from Mansarovar Financials. Please go ahead.

Yes, good evening, sir. Sir, I have two questions. The first one, ou r operating profits are not -- look as good as maybe people like Nitin Spinners or GHCL Textiles, is it because the fabric price increase will happen with a lag and hence Q1 numbers would show more of it?

Yes, that’s likely to happen.

Our direct export company as a whole has always been in the range of about 44%, 45% plus minus 1%, 2%.

Okay. So this is as a percentage of revenue, right?

Yes.

So this has been maintained. I mean there has been no issue on -- okay. So sir then it is fair to say that we would do -- like since exports have not been impacted so with the fabric doing better, we’ll do much better in Q1? Can we say that, meaning what I mean to say in short, our performance in Q4 was it not as much as it could have been just because of the fabric part which takes a lag effect?

I mean, going by the going by the spread improvements which is looking like as of now, I think most of the most of the textile companies should do far better in the first quarter, including our company -- Vardhman.

Sir and what with these higher cotton costs which have come in, even then it should be okay as you said the current the current cost and current yarn prices, the spreads are okay. So one can assume even Q2, Q3, assuming the current status remains, even Q2, Q3 could be better, assuming the current spreads remain.

That’s true. So assuming the current prices of yarn, current dollar-rupee and the current prices of cotton, it will be better compared to the last year. And anyone or if they have cotton available to them, which is at a cheaper price, that advantage would be -- should be additional available to them.

Okay. And sir, year-end this time , we are having what three months’ inventory or bit more for cotton?

Normally, our normal coverage is 6 to 8 months. Year-end.

Okay. 6 to 8 months’ cotton you have at your end? I was asking that in March we will have six months of cotton will be there?

I am trying to explain you, the cotton in India comes in the month of October, most of this gets vanished by March. So most of the companies on March numbers will have six to seven months’ inventory, most of the companies.

Okay sir. Thank you sir. Moderator The next question is from Prashant Rishi from Cascade Capital. Please go ahead.

Hi, good afternoon, sir. Sir, I just wanted to expand on the last point that you made, since bulk of our procurement has happened by the financial year-end types, so what would be the average cost of cotton that you procured because that will be the base for the cotton for the rest of the financial year?

I will not be I will not like to give the numbers at what cost I bought, but I can give you how the market has behaved in this period. If we look at today’s price of CCI selling, it is INR67,000 a candy. And they increased this price almost by INR5,000 in last one week only. So practically the CCI price one month before was INR 57, INR 58,000. So eventually anyone who has a inventory available in the system will be definitely much lower than the today’s price, which includes us.

Understood. And sir, any not a very speculative question, but any viewpoint on how US New York Future cottons would look considering the drought situatio n in the US? Will it will it sustain at 82, 83 historically? I mean how do you look at it?

As I mentioned, the drought is not the only reason. I mentioned earlier also drought is one of the reason. Also, the crop in India and Australia was also lower, so the demand supply got readjusted. For the first time after three years, there will be a reduction in the closing stock of cotton. So all these factors and then the synthetic other prices increasing during the possibility of some consumption change or replacement from polyester to the cotton. All those factors have played into this role. So it’s not only the drought condition of USA, but the many factors could have played a role where suddenly people are more optimized or optimism is there on the New York Future.

The next question is from Awanish Chandra from SMIFS. Please go ahead.

Congratulations, management team, on decent performance with gross margin expansion. My first question is related to this one only. If you look at the number, our gross margin was higher quarter on quarter 300 basis point, but due to other expenses, margin expansion was not reflective at EBITDA level. So sir, could you just give a high highlight on what led to great increase in other expense and when it will get normalized if there is something one-off?

Okay. So you know, there has been one item which has been charged to the revenue in this period and the other expenses. Whatever is the foreign exchange position we have taken, that gets mark-to-market on every month-end. So in this period the rupee had moved very sharply. So whatever we have been selling because our policy is whenever we book the export orders, most of the time we like to cover the rupee at the same day. Rupee moved suddenly to INR94.80 or so on 31st March. So whatever we had sold that was required to be making to be normalized on the mark-to-market basis and we provided a loss of about INR57 crores, INR58 crores in this quarter on that. But then the advantage will come to us in the next quarter. Now all our exports will be moving at INR94.80 or, whatever is the market rate going forward. So on that one-time hit it is definitely impacted our margin in the fourth quarter.

INR57 crores, INR58 crores is provided as mark-to-market.

So that will not be there going forward or there will be some reversal of that?

Depending upon at what the dollar-rupee finishes. I can’t say tomorrow it goes to INR97, we might have to provide, it goes to INR98 then that advantage comes in. So I can’t speculate on that, but yes, whatever was 31st March, we have provided for that.

Okay, sir. Sir, second question, you have already highlighted that at March-end everybody ’s inventory is at 6 to 8 month. As a strategy, what would be the number at the September-end? General number?

No, one, I’m not saying everyone had an inventory of 6 to 8 month. I said most of the good textile mills, since it’s a seasonal product, they try to cover their cotton normally 6 to 8 months’ time, but the company to company, it could be very, very different. Two, our cotton, new cotton will start somewhere in October only. So by September, we have to exhaust most of our stock and we have to start preparing for the buying once the once the new arrival comes in. Because we can’t the new arrival will come somewhere in the month of October. And if we have a six to eight months and any factory has a n inventory of six to eight months’ time, they’ll be they’ll be finishing in this period and then eventually they’ll have to buy new cotton starting September, October, November.

Okay, fair enough. And sir, one quick question on the capex side. You talked about increasing your garment capacity which is still a very small part of our overall business. So are we thinking seriously to have major expansion in garment segment and broaden our product profile the way you have mentioned in your press release?

So earlier we were not very sure we really want to expand the garment capacity or not. But definitely the business, whatever small capacity we have doing, we have, they are doing good. So but our costs are very high because the size of the [….] is small. So the first step is let’s make it a little viable unit and in case we can make money on the expanded capacity also, then we’ll look at it differently. As of now, the only idea is it’s a good business where we are dealing with the some of the brands, we are supplying the material to them or we are giving them the final product. So just to serve to that, we’ve decided to expand this capacity so that we are more viable. Whether we’ll do it in a full-fledged basis in the future or not, there’s no decision as of now on that. So it’s the first step where we are looking at whether we can make the business viable. If yes, a fresh view has to be taken by the management. As of now there’s no decision that we’ll be looking at it in a very, very big way. Neither yes, nor. So we’ll look at it or we’ll evaluate it later.

Sure, sir. And sir, what is our average realization per shirt? Ballpark number?

Okay sir. Okay sir thank you very much for answering my question all the best.

Sorry it is $7.5.

Okay sir. Thank you and all the best.

Thank you, sir. The next question is from Yash Jhunjhunwala, as Retail Investor. Please go ahead.

Hi, thank you for the opportunity. Sir, can you tell me what was the average spread earned by us in FY26?

I can’t say what was Vardhman spread, but the industry spread for th e year average will not be more than $0.65.

$0.65 cents. And the current market conditions, you were saying tha t the spread has increased to about $0.90 to $0.95?

Correct.

Okay. And sir, my second question is that when the in the last two years when cotton globally was cheaper than cotton in India, because of which and our cotton yarn realization is linked to cotton globally, I’m sure the industry must have made representations to the ministries regarding this disadvantage that Indian spinners had. So what , what like , anything structural that has happened to address this gap, that disadvantage that Indian spinners had?

So India, most of the industry, we’ve been going to the government and we’ve only one request made to them, that you allow the duty-free import of cotton in India. That will have a balancing effort automatically. Because if CCI buys all the cotton or majority of the cotton, then whatever is there, so there are two ways of looking at it. One, the CCI sells it at a normal basis so that there is no disadvantage to the Indian spinners, that could be one. Two, to have a price right price discovery, you allow the duty-free cotton to happen in India. So that automatically will happen in the times to come. So the industry issue is only and only we’re not talking of MSP, we are not talking of increasing or we are not talking of not supporting the farmer. The industry viewpoint is simple that the cotton should be allowed in India duty-free so that the price discovery happens automatically. And Textile Minister is totally aligned to that, they’ve already written couple of times to the Agriculture and to the Finance. No decision is happened, but I’m sure at least our ministry is aligned to our thoughts.

Okay. And my final question is on the all the FTAs that have been signed with the US, with UK, with EU. Let’s say that the demand for this for all the , all the textile industry from India it improves, but because of this cost disadvantage will we be able to compete in case cotton again like there is duty-free access, duty-free import is not allowed of cotton and then again you all fall back into that same problem of high cotton prices?

You know, there are two things we are talking to the government. One, as the demand would increase on account of the FTAs, definitely we will be requiring more raw material, be it synthetic, be it cotton. So whatever cotton we have, it may not be sufficient for us to supply it in case the garment exports or the home textile exports increase a big way from India. So both the logic we’ve been giving, one is on the cost pricing that are we should be competitive. Second, on the availability of raw material. Because any , any industry if they are putting the capex, the raw material should be available at the international competitive price. So these are the both the issues can be taken care of if they allow the duty-free cotton to India. So let’s see what happens. But government, but one good thing in between what is happened is that the CCI pricing policy this year has been good and they’ve been selling the cotton based upon whatever has been the long-term alignment of Indian cotton with the New York future. So to that extent there was no disadvantage for most period last six months to nine months, that’s why the industry is in a better condition. I should give that credit to CCI for that.

Okay understood, thank you. Those were my questions.

Thank you, sir. The next question is from Resham Jain from VVD Asset Managers. Please go ahead.

Hi, Neeraj. Good afternoon and thanks for giving us a very detailed update. I have one question mainly with respect to the announcement which government has made yesterday, Missio n for Cotton Productivity. But what I could see in that is that it is not talking about the introduction of the new variety of seeds, but it is largely talking about all the farm improvement practices and stuff like that, high-density planting and all. Do you think that if India has to move from 450 kg per acre to let’s say even to US level of 700 to 800 levels, will this suffice or what is your thoughts around this?

Look my personal views can be a little different than what you are thinking. So one is, if we look at the overall lesser crop in India, one is the seed quality, second is the practices and third is the land holding because our land holdings are also very sm all in India and any kind of automation may not be possible there also. Looking at the total crop in India, it’s 30 million bales and almost 6 million farms farmers are producing that, so that means average per farmer we have only 5 bales. Whereas you go to the US or to Brazil or to Australia, the number is in in thousands of bales, not less than that or maybe in lakhs of bales. So eventually even if so we are looking at seed, we are looking at productivity, we we are looking at processes, but the holding is also playing an important role in terms of the overall optimization. So going to a US level of 700 or the Brazilian level of 2,000 I don’t know, but definitely we can improve upon it from where we are. But again going to I mean today Brazil is at 2,000 and they’re still optimizing, they’re still looking at more experimentation, they’re still looking at what more can be done. Our cost will definitely be expensive going by our land holdings also. Having said that, we have to start somewhere. It’s a good initiative which the government has taken and I’m sure if we are taking we can take this 450 to even 550, we can increase our productivity by 20% which will give a relief to the overall cost, as the MSP is dependent is dependent upon the cost to the farmer plus 50% remuneration. So if their cost come down, definitely it will have an impact into better realization and a better cost for the industry as well.

Understood, sir. Sir, the second question is given that now the expectatio n for next year overall for the industry is looking quite positive and we have already done modernization capex largely in the last two, three years, which will bode well for us. But beyond this, are you looking for , because you need to plan from now to utilize that incremental cash generation. So from a capex perspective, are you planning anything?

So two things. I think you're right and not only us, most of the industry is waiting because the situation is a little better after a long time, so everyone is trying to look at whether it's sustainable or not. But in between, one, we have taken up one open-end project which was hold on, so we are likely to restart that. Also, we have taken a new piece of land in PM MITRA Park in Madh ya Pradesh. That land is likely to be given to us as per the government promise as of now by December or January this year. So once the land is available to us, we'll start working. We a re already on the drawing boards, we are putting up some ideas and maybe next two, three months we'll finalize those ideas also and by that time we look at a sustainability of the system also. And not only we, there are many players we are looking at because this FTA demand will start happening somewhere 15 months down the line. And India, if we have to prepare within next two to four months, we'll have to start looking at what all is required in the country and all the good players have to prepare themselves so that those capacities could be put in. We are also gearing up ourselves and I'm sure next two, three months we'll finalize our plans as well. On the spinning side. On the fabric side, we in any case hav e a surplus capacity, so we'd like to utilize it next six months and by the time we utilize it, w e'll definitely there are some ideas in our mind what to do next in the next financial year or so.

Okay. But in the existing set of verticals only like yarn, fabric, you'v e ventured into a little bit of synthetic?

Yeah, as of now, we are restricting ourselves to this only as of now.

Okay, sir. Thank you. All the best.

Thank you, sir. The next question is from Rudraksh Gupta from Navneet Investment Trust. Please go ahead.

Hi. Very good afternoon and thanks again for the detailed explanation . Sir, I have two questions. One related to what you explained that India should have had a spinning capacity of 58, 59 million versus operational today at 41, 42. Given the environment where spreads are expanding, the cotton prices have actually aligned of India and international, which actually solves a big problem, a potential FTA with Europe and UK which is an incremental positive to play out like you're suggesting over 12 to 18 months, and an incremental development in terms of, you know, if the import prices or the import duties are actually dealt with correctly by the government. This is the most promising commentary, if I may say so, that I've hea rd in a long time, along with a very wide gap of required capacity versus available capa city at play. Would this really mean that a very large expansion of capacities can come through over the next three, four years if the cycle sustains, the import duties are taken out and the FTAs actuall y start to bring in benefits? And I will bring in my second question after once I hear from you.

Okay. So I would like to make one correction. All the data and facts you've given is correct except one. When I said the capacity should have been 60 million, it should have been going by the tradition or the conventional increase which happens every yea r. Whether we require 60 or not is a separate question. So we were at 53, normally we were adding 2.5 million spindles every year, so we should have reached 59, 60 against that, we are at 41. Two, the Indian spin ning capacity, lots of spinning capacity was very, very unviable, inefficient, which is going out of the system. So if we look at the total demand in India today, 41, 42 million spindles are sufficient as of now for the country and that's why our margins have become better. Now going forward, as the expansion will happen by the way of more FTAs and the demand coming in, we definitely require more spinning capacity. Whether it is 60 million or 45 or 50, that, depends, that will depend upon how much new business we can generate with these FTAs. But definitely there is a scope for this India, for the country, if with all these FTAs coming in, if the demand on the garmenting and home textile increases, definitely on the spinning side we will be requiring a much bigger capacity as a country. And the good part is all these smaller players have gone out of the system, so now the new expansion hopefully will come more in the organized hand, which means there will be a better competition compared to the very, very unorganized competition.

This sustains profitability for the industry and helps capex build ing as well. Fair. Sir, the second question is more related to this situation where geopolitics is what you re ferred to where, you know, some countries who are also manufacturers and exporters have been having issues and those issues in my understanding have worsened in the current West Asia war, if I may say so. Is that correct as an understanding and is there a further weakening o f other Asian competitors which will give a sustained advantage to India? Is that a fair assumption or an understanding or that is something where we can see a comeback from them very quickly?

You know, if we look at the spinning sector, the four countries are or a five countries are taking 90% share in the spinning. China, India, P akistan, Bangladesh …and…Vietnam. These are the five countries which are taking care of almost 80%, 85% of the world spinning capacity. Let's look at it one by one. China, they started reducing their spinning capacity almost 15 years back. From a peak of 112 million spindles, they are today do wn to 84 million spindles only. Though they've announced some capex in the Xinjiang area where there are lots of cotton, but at the same time, the government of China this year has officially an nounced that we want to reduce the cotton in the Xinjiang area and we want to move m ore on the food articles as the country will be requiring more food grains for their consumption. So which means the cotton will come there also and if we look a t last 10, 15 years as I mentioned, their peak capacity from 112 million spindles have c ome down to 84. So which means they will not be expanding , which means we can, the inference could be that they'll not be expanding in a big way. Second country is the Pakistan. Now Pakistan again if you look at their own issues and concerns, be it political, be it power availability, be it or any other factor, I think there is the limitation, so they will also not be expanding their business in a big way to cater to the international demand. Third is the Vietnam. Now Vietnam already is a very small country, small population and they've done fantastic job in the textile starting from spinning to the garmen ting. As their per capita income has started moving up, there is more interest of the people to go in for the electronics and the service industry there also. So with a small population, we d on't feel that Vietnam will be increasing further on the spinning side, rather whatever is there they can at best utilize that, not likely that they'll be expanding the spinning business to that extent. Fourth is the Bangladesh. Bangladesh is very strong on the garmentin g after China they are number two players, almost $ 54 billion to $55 billion worth of exports they are doing on the garmenting side. The spinning capacity today is about 14 to 15 million spindles and the utilization is not more than 55%, 60% even as of now. Becau se of, they are very strong at the garmenting, some groups have gone back-to-back where they've put in a spinning capacity, but spinning is a very, very large capex required, you require , and they don't have cotton, they'll have to import everything. So eventually it looks like the major spinning expansion may not happen in Bangladesh also. But on the garmenting side, they may continue to grow. As a resu lt of that, they'll be requiring good quality yarn as well as the fabric from out, they may require, so to that extent they'll have to depend upon someone else. And the last out of these five is the India, which is today the best plac e because we are number two spinning capacity in the world. Even with the 41, 42 million spindles, we are second largest in the world today in terms of technology, in terms of cotton availab ility and in terms of the overall clusters in the geopolitical, I think we are definitely better placed. Now I can only hope that India should be in a position to take full advantage of this situation. The only caveat I have in mind is that the raw material availability a t international competitive prices, which we have been talking to the government and we are hopeful that the government looking at the overall potential will definitely understand and look at something like this.

Thank you, sir. That's very, very helpful once again.

Yes, good evening sir and thanks for the opportunity. Sir, you have outlined lots of reasons for the tailwinds for the industry. My question is more from the next season perspective, do you think that next season cotton also gets impacted because of the weather conditions in the […..]?

Yeah, so there are two factors. One is a physical cotton, second is a future cotton. So whatever is the weather conditions announced today, it’s already captured in the future prices. And going, going by the situation if things goes, worsen, it can increase, if things become better or the more rain happen, it can soften also. But cotton is one product where based upon the future events which are likely to happen, it’s already capturing into the market very, very well.

So from cotton prices perspective, you think that the [ …..] is already captured in the cotton prices from international perspective, right?

As of now yes, but definitely there are , so one is the more news coming in based upon that whatever condition can happen. Second is the possibility for the hedge fund or the speculative funds which is beyond control of any one of us.

Right. Sir, second question is that while the spreads have increased almost by 40%, 50% from their lows, what has been the spreads at the peak in the past and do you think that the spreads can rise further from the current levels as you move ahead to the next season?

Most of the times if you last look at last 20 years except the, the years which could be very good were very good, that the $1 spread is always considered to be good for the spinning industry.

Okay. So with rupee depreciation, that will add extra to the earnings of the spinners for the industry, correct?

It should normally because our cotton is about 50% to 55% of the total finished product. So whatever with the rupee changes happening, the cotton will align to in US cents very, the cotton gets aligned to US cents very fast because anyone who is buying here will always look at New York Future and the landed cost in India based upon the US cents, but whatever is the value addition that advantage comes in with the with the weaker rupee.

And sir, my next question is do you , up to what time do you expect this spreads to sustain, meaning do you think this to sustain from one to two quarter persp ective or, or maybe four to five quarter perspective? How should we look at that?

Today things are good, it's really, really difficult for me to say w hether New York Future will remain at these prices or what will happen to the China or the war, so it's very difficult. But I can say as of now things are looking nice and there doesn't seems t o be any big concern. Rest, it's very difficult for me to predict whether it can be for five q uarters or one quarter or two quarters, but as of now and I can tell you most of the spinners from India in export market are sold for three months as of now.

From that perspective, definitely seems to be a better place. Yea h, from that perspective, it's a better place. But then the cotton prices or the demand structure or a nything happening on the war side, there are so many factors today that anything can play anything. But yes, in Indian context, with the, with the closed down of part of the capacity, it can be better placed and also we have a better situation going forward because of the FTAs and next 12, 15 months definitely things are likely to be better only for India, Indi an garmenters and the home textile. So to that extent, we are optimized or we have a optimism to that extent as well.

Thank you, sir. Due to time constraint, we will take this as a last question. I now hand the conference over to management for the closing comments.

So I think we’ve tried to give based upon our judgment our thought process we’ve tried to give whatever best knowledge we have, rest the events occurring in the across the world are so fast, so many that it’s impossible for anyone to understand and know the impact of that on the overall industries. But definitely as I mentioned, after long after two, three years, there seems to be some respite to the industry, again for the reason as I mentioned that our raw material became more competitive. And with the better and with the better demand and the les ser capacity, we are definitely better balanced as of now. I hope the next year should be better year for most of the textile companies including Vardhman and in the meantime, most of the industry very, very opti, has a optimism based upon all the FTAs which the government has done which is which could be a major growth engine for our garmenters and the home textile. And we being the textile producer or textile material supplier to them, if they do well, definitely our company can also do well. So thank you very much for your confidence and your supp ort always. Let’s hope things will be better in the next times to come.

Thank you, sir. On behalf of 360 ONE Capital, that concludes this conference. Thank you fo r joining us and you may now disconnect your lines. Thank you.