Indo Farm Equipment (NSE:INDOFARM) Q1 2027 Earnings Call

0:34 Good afternoon, everyone, and welcome to the Q1 FY twenty seven earnings call of Indo Farm Equipment Limited. We sincerely thank you for joining us today. During today's call, the management will discuss the company's operational and financial performance for the first quarter of FY twenty seven, followed by an update on key business developments, strategic priorities, and the outlook ahead. This will be followed by an interactive q and a session. Before we begin, I would like to remind everyone that certain statements made during this call may be forward looking in nature. These statements are based on management's current expectations and assumptions and are subject to various risks and uncertainties. Actual results may differ materially from those expressed or implied.

1:20 Participants are advised not to place undue reliance on these forward looking statements. Please also note that this conference call is being recorded for compliance purposes. Re presenting Indo Farm today, we have with us mister Abhir Singh Harwalia, chairman and managing director mister Anjul Harwalia, whole time director mister Essen Singla, finance head, mister Varun Sharma, chief financial officer, mister Napreet Kaur, company secretary and compliance officer. I now invite the management team to deliver their opening remarks. The presentation has been shared with the exchange. Following their address, we will open the floor for the q and a session. Thank you, and over to you. Good evening good evening, and welcome everyone to this earning conference call for discussing the result of q one twenty seven.

2:13 Along with me, we have our whole time director, Anshul Karvalia, mister Subong Karvalia, executive vice president, mister Varun Sarma, chief financial officer, mister Sam Singla, finance head, and miss Napreet Kaur, company security cum compliance officer. The company financial results for the quarter ended June 2026 have been June June... Have have been circulated and uploaded on the stock exchanges and the company website. I will summarize the key highlights of our financial performance in the quarter ended June 26 on stand alone basis. Revenue from operation, q one FY twenty seven, one zero four point nine three crore in comparison of 91.26 crore.

3:07 Year on year growth is 14.98%. EBITDA, 13.09 crore. In comparison of 11.81 crore year on year. The growth is 10.84 crore. Tractor segment revenue, 52.08 crore in comparison of 38.21. The growth is 36.29%. And the crane segment, 52.86 in comparison of 53.05. This is almost flat. And growth outlook, the company maintain its earlier guideline of f I twenty six twenty seven and expect to achieve overall revenue growth of around 20 to 25% for FY 2627.

4:04 With the tractor, revenue is expected to grow around 25 to 30%, and the crane crane revenue is expected to grow around 15 to 20% from the existing plant with expected EBITDA margin in the range of 20... 12.5 to 13% on stand alone basis. About the dealer dealer network, the comp... The number of dealer in the quarter ended at 26 are around two fifty plus consisting of tractor division dealers around two twenty five, and crane dealer is around twenty twenty five numbers. Regarding the new project at... Coming up at the nearby site, The civil work...

4:49 Construction work of the main set, including the pre engineering building structures and related infrastructure at the booth site is in full swing. Order for major machinery have been placed, and almost all the machines are ready. Expected to start the commercial production in the month... In this financial year only, but we are expecting by end of November, the commercial production can start. Regarding tower crane, already technology... We have already acquired the technology as explained in the last meeting also, and now successfully developed and tested our first tower cranes prototype. Clear comprehensive evaluations across structure integrity, operational efficiency, reliability, and safety, meeting the highest industry benchmarks.

5:43 With testing now the... Is totally complete. We are fully geared for the commercial production in the current financial year. Thank you very much. And now we can take up the... Any any specific questions regarding this? Oh, thank you, sir, for the opening remarks. We'll open the floor for q and a session now. Participants who wish to ask a question are requested to use the data center. We'll take the first question from mister Rahul Gupta. Hello? Yeah. Mister Rahul Gupta, please. Hello, sir. Am I audible? Yes. Yes. Sir, in q four, crane profit... Profitability was impacted by higher steel cost and the transition in the new emission norm that you mentioned.

6:38 So have this cost increase now has been fully passed to to the customer, or you should expect the crane margin to normalize from q two? I think from q two, it'll be it'll be maintained because the demand in q two is looking promising. It's better. And whatever time, almost three quarter it has taken to stabilize the things because the change was big from from emission number norm, term three to term five. To this this quarter onward, because the demand is increased, then these... Everything can be passed on, I think, to the customers. Okay. And, sir, my second question is, as you mentioned in the last call that our delivery would start from q two FY twenty seven, and you already had a small order book or single digits order book.

7:35 Is the order pipeline at... You said that the commercial production will be start in November. So on what basis you said that you start the commercial production in q two by '27 last one? Because the machine is already tested, and we are... We we have started manufacturing the... This fabricated components in house. Some components we are getting from outside like other... Our company are importing from other country. So those component, once expected, basically, then we'll... I think we'll finish this 10 machines first lot, and we are expected to make this in... Within this quarter to complete this other 10 machines.

8:23 Of course, it is subject to subject to receipt of these few components which are expecting from outside. Yeah. Okay. So, sir, when will you receive the machinery? Machinery, you know, almost machines are ready. Once the, you know, the flooring is totally complete, civil work is completed, then we'll... Expected... We are expected to start getting machinery in the month of October. October, I think, the machine will start coming. We'll be able to install the machine in October. And can you give me the guidance of q two FY twenty seven and the whole year? The guidance is from this old plant.

9:13 We will... We are going... We are expecting a growth of... Overall growth of 20 to 25% put together Tectra and Cain. Okay. And and the new plant, we were considering some numbers of q four only, basically. K. And, sir, what are the key major reason that your tactile capacity utilization is not going towards? It it is... You know, since last three quarters, if you see, the tech tree is growing reasonably very well. So almost 35% plus, it is growing. Suddenly, growth will not come because the dealer network has to be credited. It will take little time. So making a dealer, it's it's a bit little complex process because we have to see he has to be serviced also. He should be equipped with the service. Our product is basically where customer is buying, he is taking a decision of ten year.

10:10 So this this this take little time, this process. But these are things already started moving since last three three three to four quarters. Or a year... Every quarter, we are making good work. Okay. And, sir, your green dealers is 25. Is is is still stagnant? So is there any addition or not? We we we will definitely add on dealer once the capacity come in place. Because sometime, if the more orders we are getting, we couldn't able to supply. This doesn't give a good message in the market. So simultaneously, we are in search. We are looking for it. Basically, first, we fully load those existing dealers. A new dealer definitely will be added, and some dealer we are making also, but we are replacing some dealer also. Because now we are prepared that the new production plant will be operational.

11:03 In that situation, we have to keep other more performing dealers. Earlier, our our, you know, thinking was if some dealer is there, basically, not to replace because we are not prepared to supply them enough quantity. So now we are prepared, and we are replacing those dealer also. The similar in tractor and crane boat. Yeah. Sir, as per new emission on that action construction and main direct to segment, they started the price hike. So do you take any price hike or not? The crane price hike is there. For tractor tractor, I think emission norm started one or two year back. That that is industry has taken.

11:50 And we'll also take according to the industry only. If the industry go for price hike, then everybody increase. It's depend on the input cost. Oh, yeah. Okay. Okay, sir. Thank you, sir. That's it from my side. Okay. Thank you, sir. Now move on to the next question from mister Sandeep Kumar. Hello? Yes. Yes, sir. Yes. Yes. We can hear. No problem. You can start. Yes, sir. Sir, my question is whether on crane segment, that our y o y growth is kind of flat. To compare to our peer as crane, they have done around 20%...

12:35 More than 20% growth. Our is kind of flat. More that our dealer dealers are, like, kind of stagnant, like, 15 to 25 only from RHP days. Like, after CapEx, our our quantity will be, like, one two eight zero two, almost 5,000 units. Like, we told this dealer expansion, especially in South India. Like, how how we are planning to absorb this massive capacity with this stagnant dealer? Or, like, any... Are you done any plan, like, number of dealers by end of this financial year, especially in South India? Like, what plans are? Subam, would you like to explain this? Hello? Hello? Subam. And and you, sir. So, sir, our crane sales is flat mostly because we are working at our full capacity only in the plant.

13:26 So whatever the sales was last quarter, this year, we were only able to match it because of being at the almost similar capacity. But we are further decluttering, and this quarter, we are expecting reasonable growth. And for the dealers also, as sir explained earlier, we are, sir, appointing certain new dealers also and shutting down some old ones, which were not able to deliver and perform as per the new plant and company's expectations. Some media allocations have been revised, and we have a plan... We have a good plan, which we will start executing, you know, once the new plant... The commercial production will start from the new factory. We have a road map to appoint approximately 60 plus dealers to cover the whole country. And as of now, you know, once the new plant will start delivering, I think we are on track to reach there.

14:15 So you're telling, like, with 60 dealers, we can observe all these 5,000 units. Am am I right? So it... So the current capacity... So from day one, we will not get the full capacity. Yeah. Will it it will go on phase wise. So this road map, what we have is to get... This is the bare minimum dealership which is required to cover the full country. So as, you know, we open the new areas and new markets, and if the population is increasing in certain place, then maybe then we have to further break that dealership into two or three parts depending upon the volume. So when we can expect this also. Yeah. Yeah. When we can expect the 60 d... Dealer by end of this year or next year? It is... So, you know, sir, appointing dealer is not a very...

15:03 It is not about appointing dealer. It has to be a good dealer also who has... Who's aligned with company's expectation and who's able to deliver. If it is just about appointing dealer, we can appoint, but we need to find the right partner who can perform as per the expectation of the company. So it will take some time. It can take maybe a year year and a half to reach that level, but we are on track. Yes, With respect to crane growth, you told you told, like, we are running in full full capacity. I think, like, we have some some cap... Factor capacity. I think we are utilizing. Right? Like, Nava also told, like, we will grow it in crane, especially, like, 15 to 20% growth. So in order to get this 15 to 20% growth, I think we should utilize this existing capacity only. Right?

15:50 That... That's that's growth. May I reply? Because the last year, because of this emission on came, then sale was little bit little affected also in this next month, basically. Okay? But now now this... That's... That air is already clear, and acceptability of new emission norm is already gone in the market. And seeing the number of last month, July and August, the kind of response we are getting, so the growth will start coming. Maybe first quarter, it is a flat. Therefore, we are we are expecting around 15 to 20% growth. Because the last three quarter three quarter, because of this emission norm, the sale was little, you know, remain sluggish.

16:35 Some... Whatever capacity we have to enhance in the existing plant, that we have already done. Okay? But as far as tech tree is concerned, tech tree is having different line. But is capacity in is not a issue. That is not in... Interlinked with the crane this thing. But some area of crane has been... Has been utilized for making some fabrication here and there. That that will continue till the new plant start. Yeah. So, like, till the new plant start, we can still do a 15 to 20% growth with our own capacity. Right? Yes. Yes. Yes. Yes. So with respect to CapEx, like, still we are on 45 crore in deposited in banks. Like, can we utilize this 45 crore within q three so that we can start commerce... Commercialization within January at least?

17:27 You know, the majority of machines... Know, some machines, instead of buying, if we need 10 machines, instead of buying 10 machines, 10 machine we need when we produce 5,000 cranes. Maybe maybe we'll buy six machine or eight machine. So the the... It will take little more time. But for our production, it will be sufficient. All sufficient machine, we are going to buy, and all... Almost those... All machines are ready. Maybe maybe we'll utilize fully if the... If if the supplier is asking the increase. If not asking increase, make... Maybe we can defer for three more months till March. We'll renew everything.

18:16 Okay, sir. That's it from. Thank you. Oh, thank you, sir. We'll move on to the next question from mister. Hello? Am I audible? Yes. Yes. Yes. It's you. Yeah. Could you give us some perspective on the target penetration of finance within Indo Farm sector sales? You will be able to explain a little bit. Is it... I think around 20%, 25%? Around 20%, sir. Around 20%. We are doing around 20% of new tech flow of Indo Farm.

19:08 Balance, we are refinancing the tech flow of all the brand... Old tech flow of all the brands because the inventory is getting piled up our dealers, our channel partner. And when they are doing... Selling the tech in exchange scheme, then they are taking tech to back of any brand. So their their old tech, we are financing all brands, but new tech, we are financing only Indo Farm. Okay. Okay. One more question from my side. Given the company's focus on increasing utilization, at what approximate volume level does the factor will not start generating meaningful operating leverage? It it is operating leverage?

19:54 Yes, sir. No. The business is still making the... It's a profitable business, a bit of positive at this level also. But this year, we are expecting around the growth around 30%... 25 to 30% year on year, we are expecting now. Okay. Okay.. Yeah. Thank you. Thank you. So we have a few questions in the q and a tab. I would request mister mister Omkar to please unmute and ask the question. Mister, please unmute your... Okay. In the meantime, I'll take the question from mister Manas.

20:53 Hello? Am I audible? Yes. Yes, mister Manas. You can speak. Hi, sir. Hi, sir. Sir, can you give me a time frame by which we can see the new production starting in the new facility, the one that we are working on? I have already given the the expected time in November this year. We are planning to start the commercial production. Okay. And this is for both tower cranes too? Or tower cranes are included? Yes. Yes. Yes. Yes. Tower crane, we are trying to build up in the old factory little bit numbers so that, you know, it will start going... We start selling some numbers in the market.

21:39 Okay. But the the real production line will be starting the new factory only. Okay. And, sir, you just gave the guidance for the tractor around 25 to 30% year on year. What would that look like for the cranes? The main... This new factory, if we consider that this is running on the peak numbers, so this this number will continue from this old factory and from new factory, then we'll start maybe in first year. We'll take only... In the first quarter, take around 30%. Similarly, around 30% capacity utilization. Maybe quarter on quarter, we'll increase it, basically. So 30% utilization of the new capacity after the new Yeah. New capacity, 3,600 cranes. Yeah.

22:32 Okay. Okay, sir. Thank you so much, sir. That's all for myself. Thank you. Thank you, sir. And move on to the next question from. Hello, sir. Yes, ma'am. Crane dealer count has been stagnant at 25 plus for the three consecutive quarters against a greater target of 50 plus. How many crane dealers were added in q one, and what is the rating factor if production capacity is about to more than doubled? Ma'am, the first, it is not going to 10 level because already around thousand plus crane, we are making here and selling these cranes from these dealers.

23:24 And gradually, the new plant total capacity will be 3,600 numbers. Okay. But that is going to utilize. It will take little time. Maybe maybe the first first quarter, I told, maybe around 30%. Maybe the next quarter, it may be 35, 40%. Like this, it's gradually grow. It will take average 40, 45% in the next financial year, 2728. Then then it is it is... We have to sell maybe around $3,300 almost, that kind of number in that first year. Okay. And then maybe next year, it will be more. Selling these number again, we need around maybe twenty five twenty, 25 dealers.

24:10 And these dealer also, ma'am, the existing dealer also, we can increase their capacity sometime because if they bring the bigger order, which we can't supply promptly. Therefore, with this dealer also, they are also not working on the peak capacity. So there also is a space is available. Yeah. And these 25 dealer, maybe maybe once the the new plan start, we we can appoint maybe in one year time... Six months to one year time. Yeah. Okay, sir. Adding dealer not a big issue. It's only it's only we have to match with the production and then adding that channel.

25:00 She... Thank you. Sir, we have a follow-up question from mister Manas. Yes. Hello? Am I audible, sir? Yes. Yes, miss Manas. Sir, just one last question was there. Can you give me an EBITDA margin guidance for the f four twenty seven? Like, for the last year, I think it was around 14.6%. So what would we look like on the FY '27? This should be around at 12.5 to three... 13%. A Yeah. 13%. Mister is talking talking about the control... At control levels there. At the control level, it it will increase.

25:45 It is 10 loan, I'm telling. 10. Okay. Sir, on the consolidated... Level. So on the consolidated model model model model model model sir. Similar the last year. Similar. Okay. 14 to 15%. Yeah. Okay. Thank you, sir. Thank you. Thank you, sir. Sir, we have a few questions in the queue and the tab. The first one is how many units we sold in q one of five ninety seven for both segment crane and tractors? Singh, Raji, do you have number handy with you? Ma'am ma'am, can you take if we can share these numbers? Whoever wants?

26:32 Okay. Sure, sir. Okay. We'll take the next question from. Hello? Am I audible, sir? Yes, ma'am. So my question is, could you please share the tractor and crane volume sold during q one FY twenty seven along with y o y growth in volumes? Ma'am ma'am, we'll share this number. We can take this email. And,, can you... Will you share this number later on? Yeah. If not, you'll the details to you.

27:20 We'll we'll we'll share this number, ma'am, with you. Okay, sir. I also have another question. The tractor business continues to have significant available capacity. What is the current utilization level? Madam, current utilization level, if you consider in tractor, it it is around 35 to 40%. But some of the... Many of the component of crane also, we are making in house. So if you consider all everything, it depend, you know, ma'am. Assembly capacity may be working only 30, 35%. Okay. Okay. But the machine shop capacity, we have added many more component of crane in house. There, we are utilizing almost 85% machine shop fully capacity we are using. Maybe some shop capacity is less utilized, but the majority, the investment there in the machine shop, that is almost fully utilized. Eighty eighty... Up to 8085%, it is utilized.

28:20 Okay. Also, sir, what what do you expect? What what will be the capacity by the end of FY twenty seven? Capacity of tech Yes. Ma'am, Tetra tech? Capacity, we are not increasing. We have got almost 12,000 number capacity that we are not increasing now. And enough enough space is available for the growth. Okay, sir. Thank you. So the next question is, how do you see volume growth in tractors and in green, and what kind of edge over our competitors we have? Means what our offering makes... So customer can switch in tractors.

29:16 I think, basically, they are asking about the USP, like, we are different from our competitors. Anshul, I think... For tractor, Anshul, you can share the information because Anshul is responsible for tractor sale. Sure, sir. So so to explain you about tractors, so first and foremost, we have the company of one of the largest tractor ranges in the country. We manufacture tractors from 16 horsepower to currently 100 horsepower, 100 being under testing. The complete range is available in four wheel drive also. And since, you know, a lot of our production is done in house, we are slightly competitive over our competitors also. We have slightly more room for customization as per the market needs, again, because of the backward integration that we have done in our plant. And currently, we have every feature that the Indian tractor customer requires.

30:03 So we are at par with every major tractor there in the country, and our bouquet of products and our power and our full mileage has always been at USPs. So currently, the company is going through a mass demonstrations of these... Of our product features at village level to make sure that our USPs reaches the customer. So we have a good product. We have sold over one lakh tractors since the company's inception. It is just about now reaching more and more markets. Thanks. About Oh, go on. About the crane Sir, mister Yong, Yush wants to ask the question himself. Yes, mister. Oh, yes, sir. Please unmute yourself and ask the question.

30:52 Yugesh, sir, please unmute yourself and ask the question. Hello? Hello? Hello? Yes. Sir, you're not... You're only audible. Yes. Fine. Sir sir, my question is basically, obviously, we have better product. But in terms of how do we market and how do we service, what makes a difference? Because end of the day, it's a consistent business year over year. Right? And that's how we continues to grow. But in terms of difference, rightly mentioned, can be a better power factor and plus customization we can do.

31:40 But in terms of scale up, sir, how do we do that? And what's stopping us today? Because one is financing. Completely agree. Leadership is agree. But apart from these two things, these are... Do you think these are the only two things just stopping the the tractors group? You guys... May... Let let me try this question. Yes. Yes. You know, is a product basically, which is which is... This decision taken by a customer, he has to see the ten year service. He has to see how many Tetris population is available. He has to see if our neighbor are having different kind of brand because they are influenced by the neighborhood. And and when we appoint a dealer, the new every brand has to have a little struggle.

32:30 Okay? But that little struggle is there. But it is not that... It is not impossible. And the way we started growing at 35, 40% quarter on quarter, so it is a good sign. We have broken those barrier because we are offering a better product. We are offering at the competitive pricing. And now the big bottleneck of retail financing also, we are supporting them. If you do three things, but it will not separate it immediately. You know, immediately, we'll start making 12,000 tech, and we'll able to sell. No. Because the channel has to be credited. And the Yes, has to go in the market, sir. If it might... If I'm... We are appointing a dealer, he's not suddenly start selling many tractors. Every relay is he give one tractor, two tractor. Selling one or two...

33:18 First two tractor is a little difficult. If the feedback goes, if the if the neighborhood, they check up, if we demonstrate, those kind of thing, but it will take little time. But the but the way is clear. Since last four quarters, after this IPO, we got some money also in an... Our NBFC. So now the things are moving in the right direction. Okay. Just just just to have, again, my... I have one one question on this. Based on your expectation, let's take it two years back, what was your expectation today? And are you happy with your performance? For the technical growth, we are happy. We are we are okay. We we... Let... This growth should continue rather this should be... For the momentum to momentum to be given.

34:06 And because we have already started working on dealer network, and we have already started working on export also. Okay. So it will definitely support us. Export will also certainly support us in long term. Okay. Next next, crane. Crane, there is a sudden issue came the change in emission on from drum three to drum five. There, the... Almost all the player in construction equipment affected the numbers. So we will not remain, you know, of... We were with them only, basically. So that was the reason. So now this quite low onward, we are expecting the crane growth will also come, and tech is already growing. And, sir, you... I'm asking you, let's say, three to four. I I completely agree because of this issue, and and we are sorted the issue. Right? So from here, maybe one or two what I'm not asking. But structurally, because, again, we keep talking about India growth story and all, but that's fine. But, love, in terms of how how do you see road map three to five year? That's it.

35:08 Simple. In terms of profitability also and volume growth. Three to five year, a tech tree business, we are very sure around plus 30% growth will continue. Okay. Okay. For as far as crane concern, this capacity of one thousand one thousand one hundred, 200, the old plant, it will continue. Next plant will be 3,600, which is a big plant. There, in three year, we are expecting to utilize our capacity up to tune of maybe 60, 70%, around 70% plus minus little bit. 70 to 80%, we can try. Balance depend on the market conditions and everything, you know. But we are hopeful. In the way, in the next three year time, more than 70%, seventy seventy to 80%, we will be operating on that capacity.

35:59 Okay. And, sir, who who... In cranes, who do you think you are the closest competitor in in company? There is a... There are two two two competitors. Both are based. One is a escort... Escort's concern... Conception. So that is not a really big competitor with us, basically, because they are selling product only to premium. Okay. There is one more competitors. They are... We are we are selling on similar kind of pricing. Mhmm. They are they are either our only one competitors, which we feed. Okay. So, sir, if I take... Look. I'm not asking any type of target or guidance.

36:44 Based on our discussion, we can easily assume 20 to 25% volume growth over next three to five years. Right? You you can calculate, ma'am. But the new plant, our volume will come... It is going to a decent. And existing plant, crane will not give more addition, but tech plant will give 303035% plus growth. Yeah. Yeah. Okay. Which we are expecting assessing that current situation, market situation. Mhmm. Okay. And since in... Basically, in tractors, made more than 50% in house. So there will be big operating leverage in tractor. Right? If if the utilization process, this ticket is 60, 70%. Yeah. Profitability will be great. Right? Therefore, with the less number, we are we are always remaining the profitable even in the less numbers.

37:34 Profitable is one part. I'm thinking more profitable. See, we are discussion is more profitable. Definitely definitely the... When... Definitely when number will increase, the the fixed fixed cost remains same. Yeah. Yeah. Little variable cost will increase. So definitely the beta and everything will improve. Okay. Okay. Thank you very much, sir, and all the best. Thank you. Thank you, sir. We have a follow-up question from mister Omkar. Sir, please unmute yourself and ask the question. Hello? Am I audible? Yes. Yes. Yeah, mister Omkar. Hello, sir. Thank you for the opportunity. As we are coming up with large capacity in cranes, how much we are spending in sales and marketing? Are we spending enough to scale up both brands INDOFARM and INDOPOWER?

38:24 As far as crane is concerned, once the new plant will start, we are adding manpower... More manpower more manpower so that, you know, we'll be able to separate in other area where we are not presented at this moment. Because we are working only maybe twenty twenty, 25% area, the balance area is vacant. Although our machine has been tested and tried out across the country, because if you are selling machine to a a North based contractor and he's he's doing the construction across the country, he's taking contact across the country. So machine is known, popular, but we have to create their sales and service network. Main important become... Sales is... We can do it directly also, but service become very important.

39:13 Therefore, the new team is being also appointed, And this existing network also, when we offer them that the enough machines are available in the plant for sale, definitely, they are also going to add on the business, increase the business. Now sometime we are concerned if we are getting a bulk order from some some part of the country that we cannot execute because of our capacity constraint. We are fully prepared. The way... The kind of product we have created, it it is very well acceptable in the market. In some part of market where we are available, we are having major markets here. Okay. And how much pricing hike we have taken in our cream segment?

40:01 And how much commodity cost has impacted us and our business, and how much we are able to pass on that cost? Almost with this quarter, q two quarter, I think we'll be able to recover our... That cost, whichever the increase was there. Because the demand is now better, if the demand increase, then only one can, you know, take that price advantage of the input cost. Okay. Our peers have taken multiple price hikes to... So we can also expect some price hike segment? Yeah. Yeah. Some price hike we have taken in past also, but further price hike will take in this month now, coming months.

40:54 Yes, sir. Thank you for... That's from my side. Thank you. Thank you, sir. Oh, thank you. With that, we have closed all the questions. I would request the management team to please share the closing remarks. Yeah. So I just Thank you. On behalf of the Indo Farm family, I'd just like to thank everyone for their fruitful insight, feedback, and the questions. And we look forward to the next phone call, and hopefully, whatever that has been discussed, you will see a positive trend for the company. Thank you so much. Thank you. Thank you, ma'am.

41:42 Thank you, everybody. Sir, on behalf of Infoto, I would like to express our sincere gratitude to the management team of Indo Farm Equipment Limited for taking the time to share the company's performance initiatives and outlook. We also thank all the participants for such an engaging session. If any question remain unanswered, please feel free to reach out to us on the email IDs given in your chat box. A recording of this call will be made available in due course. Thank you once again for joining. Thank you. You may now disconnect.