RSWM (NSE:RSWM) Q1 2027 Earnings Call

0:00 Ladies and gentlemen, good evening, and welcome to the RSWM Limited Q1 FY 'twenty seven Earnings Conference Call hosted by RIG Capital. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to Ms. Richa Singh. Thank you, and over to you, ma'am. Thank you, Riyo. Good evening, and welcome, everyone, to RSWM Limited Q1 FY 'twenty seven Earnings Conference Call. Today from the management, we have Mr. Rajiv Gupta, Joint Managing Director Mr. Manoj Pansal, chief transformation and risk officer, mister president and CFO, mister, chief compliance officer and company secretary, Mr. Rakesh Jain, Senior General Manager, Corporate Finance.

1:11 Before we proceed with this call today, I would like to take an opportunity for the reminder of disclaimer related to this conference call. Today's discussion may be forward looking in nature based on management's current belief and expectation. It must be viewed in conjunction with the risks and risks that the business faces and the cause that may cause the future results. Performance and achievements will differ significantly from what may be expressed or implied by such forward looking statement. I now hand over conference to Mr. Rajiv Gupta for the industry outlook. Following that, Mr. Nitin Tuliani will take over the financial overview. Thank you and over to you, sir. Thank you.

1:58 Good evening, everyone. So it is my pleasure to welcome you all to the RSWM Limited Quarter one FY twenty twenty seven Earnings Conference Call. Let me take through the industry outlook and the business environment for the quarter ended 06/30/2026. Our financial results, investor presentation and press releases for the quarter have already been uploaded in the Stock Exchange. I hope you got an opportunity to have a look on these. The global textile industry continues to operate in a gradually improving yet uncertain environment with the demand across the key international markets showing sign of stabilization as the inventory correction has already largely moderated.

2:48 Discretionary consumer spending in the several developed economies remains subdued, resulting in a gradual rather than broad based recovery in textile apparel demand. At the same time, sourcing strategy of global brands continue to evolve with increasing efficiencies on supply chain, resilience, sustainability and value based products. However, on micro level, operating environment during quarter one was influenced by mixed demand trends across geographies. With increase in domestic demand while export markets continue to witness a major recovery with the select customers of ordering patterns. Demand from certain export markets including parts of Middle East remained subdued during the quarter.

3:42 Global brands increasingly focused on reliable suppliers capable of delivering quality, sustainability and product innovation, reinforcing India's position as a preferred sourcing destination. The quarter also witnessed India government's encouraging policy developments, including continued progress on international trade agreements and initiatives aimed at improving raw material availability. At the same time, geopolitical developments including the West Asia conflict contributed to slight gain disruptions and volatilities in energy cost as well. Elevated crude oil prices have influenced input cost for synthetic yarn particularly.

4:30 In addition, the evolving global trade landscape including the recent U. S. Tariff developments may lead to shifts in global sourcing patterns, creating selective opportunities for the competitive Indian textile manufacturers over the medium term. Overall volatility in raw material prices, geopolitical uncertainties and evolving global trade dynamics continue to require prudent planning and operational agility. Now sharing the outlook that we feel for the Indian tester industry, the long term outlook remains encouraging despite the near term volatility supported by strong manufacturing ecosystem, vertically integrated value chain, skilled workforce and improving policy support, structured developments including recently concluded India UK free trade agreement, ongoing discussions on India EU free trade agreement and increasing diversification of global sourcing from concentrated manufacturing hubs are expected to create meaningful opportunities for Indian textile exporters over the medium to long term, particularly for the value added and forward integrated products, improved cotton availability and softer cotton prices supported by favorable policy environment and a better crop outlook are also starting to benefit faster cotton value chain.

6:02 Our strategic priorities of RSWM remains unchanged, strengthening the product portfolio, improving operational excellence, expanding our presence in value added segments and maintain disciplined cost management under RSWM 2.0 initiative. At RSWM, we remain focused on factors within our control by increasing the share of value added products, improving manufacturing efficiencies and strengthening customer relationship across domestic and international markets. We continue to leverage our diversified product portfolio and integrated manufacturing capabilities to respond effectively to changing customer requirements while maintaining discipline on cost and capital allocation. Further, as India, UK phased agreement opens new opportunities for the Indian textile sector, we are actively exploring forward integration activities to maximize our potential arising from this FDA.

7:01 This aligns our long term strategy of increasing value addition, strengthening customer relationship and expanding our presence in the high value textile manufacturing products. As we all have been discussing, sustainability remains to be an integral part for RSWM in our long term strategy through increasing use of renewable energy, resource efficacy and circular economy initiatives. We continue to make steady progress on LNG GreenPat bottle to bottle recycling project, an important strategic initiative to expand our presence in sustainable polystyrene solutions and strengthening our ESG positioning. Innovation also remains a key differentiator as we steadily expand our portfolio of specialized yarns, functional fabrics and sustainable textile solutions.

7:53 Our diversified manufacturing base allows us to clear the multiple end use industries, reducing dependence on a single product category or market. We also remain committed to disciplined capital deployment, directing investment towards projects that enhance productivity, modernize manufacturing facilities and deliver measurable returns within the reasonable framework of time. Looking ahead, the structural strength of Indian textile industry combined with RSWM's integrated business model, strong customer relationship and execution capabilities provide a solid platform for sustainable growth. We remain confident that our focus on valuation, operational excellence, sustainability, innovation and prudent capital allocation will continue to strengthen our competitiveness and create long term value for all the stakeholders.

8:45 Now I would hand over the microphone to our CFO, Nitin Pillahani to take over through financial performance for the quarter and then Sergeyas will introduce Thank you. Good evening, everyone, and thank you for joining us today. I will now take you through the financial and operational performance of the RSWM for the quarter ended 06/30/2026. Starting with the business environment, the first quarter of FY twenty twenty seven reflected steady progress in operational performance despite a mixed business environment across domestic and export markets. Demand within India remained heavy across several customer segments, supported by stable consumption and improved order execution.

9:33 Export demand, while relatively softer on a sequential basis, remain in line with the expectations as international customers followed a calibrated procurement approach amid evolving global economic conditions. Our emphasis on product mix optimization, disciplined procurement and manufacturing efficiencies enabled another quarter of improvement in operating profitability, supporting higher gross margins and a stronger EBITDA performance. Moving to the financial performance for Q1 FY twenty twenty seven. Revenue from operations stood at INR $11.61 crore compared to INR $11.42 crore in Q4 FY twenty twenty six, registering a sequential growth of 1.7. Domestic business sales increased to INR825 crore from INR774 crore in Q4 FY 'twenty six, reflecting healthy demand across key customer segments.

10:31 Export revenue stood at INR376 crore, lower than the immediate preceding quarter through the business maintained a diversified customer base across multiple international markets. Gross profit increased to INR $4.66 crores compared to INR $4.34 crores in the preceding quarter, with gross profit margin expanding to 39.8% from 37.4%, supported by favorable product realization, better inventory management and efficient raw material utilization. EBITDA for the quarter stood at INR94 crores, registering a sequential growth of 10.1% and a year on year increase of 16.1%. EBITDA margin improved to 8% compared with 7.4% in Q4 FY 'twenty six and six point nine percent in Q1 FY 'twenty six.

11:24 The expansion in gross margins provided sufficient cushion to absorb higher operating expenses while delivering our healthy improvement in EBITDA. Moving to the operating level, finance costs for the quarter stood at INR31 crore compared to the INR30 crore in the preceding quarter, primarily attributable to the increase in working capital requirements. Profit before tax increased to INR24 crore, representing our Q o Q growth of 33.5% and a Y o Y increase of 153.7%. PBT margin improved to 2.1% compared with 1.6 in Q4 FY 'twenty six and zero point eight percent in the corresponding quarter last year. Profit after tax for Q1 stood at INR 17 crore compared with INR 7 crore in Q1 FY 'twenty six.

12:16 While PAT was lower than the immediately preceding quarter, Q4 Q4 FY 'twenty six had included a significant onetime tax benefit arising from the company's decision to adopt the conditional corporate tax regime under the Income Tax Act 2025. Excluding this nonrecurring benefit, the underlying earnings trajectory still remains healthy. Our priorities for the remainder of the financial year are as under. Our capital allocation philosophy continues to remain disciplined and value oriented, prioritizing investment that enhances manufacturing efficiency, improved product capabilities and generate sustainable returns over the medium term. We remain committed to strengthening our portfolio of differentiated and sustainable products, supported by changing restaurant preferences and demand for environmentally responsible manufacturing.

13:12 India's position as a preferred global sourcing destination continues to strengthen supported by its integrated textile value chain, improving policy environment and growing emphasis on quality, reliability and sustainability. Looking ahead, our priorities remain clear, enhance operational efficiency, strengthening customer relationship, improve product realization and maintain financial discipline. With that, I conclude my remarks. We thank all our shareholders, customers, business partners, lenders and employees for their continuous confidence and support. We will now be happy to take our questions. Thank you very much. We will now begin the question and answer session. The first question is from Amit Gupta from ICICI Securities.

14:35 Go ahead. Yes. Good evening, sir. Am I audible? Good evening. Yes. Okay. Thank you. Thank you for the opportunity. Sir, my question was on the like initiatives to develop new products. So if I recollect, last year, there was like a joint development agreement with Pirla Cellulose to develop a specialty like fabric or epixylate application on graphene technology. I believe there was some further progress as well to like with some tie up with Villacellulose and then further I think there was some tie up with salon related entities. So my question was, what is the update on this particular initiative which was taken last year? Is it gaining traction? Or it needs not be a meaningful like special application to textiles, so to say? Is it really evolving to make a difference or it's not as great as maybe initially thought?

15:43 So, thank you Amit for the very important structure of business. MPD has been focused and last year when we started working on graphene and we had to tie up with Villa Cellulose for the viscose application of this graphene based fiber. So as RSWM is a part of LNG Beelwara Group, so we are going to have graphene plant, which will offer graphene and we'll be using this for fiber, both in blister as well as viscose. And then finally, having impact on both PV blister and viscose yarn separately. So this project is very much on. We are working on the same development task process.

16:33 One round of product from Grasim, Zilara Cellros has arrived. There has been certain further improvements targeted. Similarly, on solicitor side, we are doing a lot of development in house. So this is a project which is going to take some time, we are definitely on it and we expect fairly good developments in days to come. Very helpful. So just to follow-up on this, very broadly by when can you expect some revenue traction or commercial, what do you say, adaptation of this initiative or it would be still like now a little difficult to hazard a guess at this stage? So I will not be absolutely clear on this, but I expect within this financial year we should get it rolling.

17:24 Understood. And my last question was, is there any thought or a study as to how big the total addressable market for this particular initiative will be? That will be my question. Thank you so much, sir. So in fact, this is not a product which already is used commercially very aggressively. So there is a potential to use in all possible uses of fabric at this point of time. This is one of the very, you know, high potential product will have many performance as well as medicinal beneficial attached to this product. So I think market will be really, really big. Now how quickly and how efficiently we are able to capture it is yet to be, you know, evaluated.

18:12 So let us first, you know, master this product, then we'll assess the various applications, and then we'll work out the market of the same. Understood, understood, sir. All the best and again congratulations on good set of numbers. Thank you, sir. Thank you, Amit. Thanks a lot. Thank you. The next question is from Prerna Junjunwala from Lara Securities. Please go ahead. Thank you for the opportunity. I just wanted to understand the demand scenario for yarn and fabric business separately in terms of how the prices are moving and how volumes are in the current quarter, whether it's the growth or it is flat?

19:01 Some color on granular volume and price details would be helpful to understand the results better. Birna, thank you for your question. I could get the first part, which is market outlook on fabric and yarn. I could not really get the second part of your question if you can elaborate. If it is only subset of the first, then I'll be able to answer. If there is something else you want to target in second question, please elaborate again. Second question is on volumes. What are the volumes in yarn and fabric businesses and how the prices have moved during the quarter? And how are we seeing them in current volatile times in terms of that's what my question was on the second part.

19:51 Okay, fine. So the quarter under review has been really, really volatile. We had all sort of variables affecting us. This West Asian what crude prices, thereby, prices went up very, very high in March, so started impacting volumes in April, May and June Q4. The prices for clistered fiber went up as high as to the tune of 30%. So thereby uncertainties did prevail in terms of buying from customer end. Customer stocking went to the lowest level for pricing. Everybody was concerned about this.

20:37 So business during this quarter was more on the lead building. Tool lifting has been average because the prices of yarn were pushed accordingly and the fabric business was still having further challenge because the prices were not easily absorbed in the downstream further. So it is slightly more stable now. The prices have been more or less stabilized, but the volatility still continues because the crude prices are still fluctuating very high degree. So overall, you look at the demand side, both international and domestic demand has been volatile, but domestic demand has been comparatively less volatile than international demand. So, thereby, in synthetic yarn business, RSWM could do reasonably good sales in this quarter and the current quarter is also going in more or less same way. For cotton and menage yarn, the quarter under review, that means the first quarter has been really good because of the delta between yarn prices and cotton prices and the spread because of certain amount of stocking that every company does was good.

21:58 So in second quarter, it is still doing reasonably good so far. So volume both in yarn and fabric are reasonably good, but the challenges continues to be there in second quarter as well. Sir, if you could elaborate on the numbers that will be helpful in terms of yarn volume during the quarter and how it has grown for Yarn and Fabric Food businesses? As you want number in terms of So we... Volume. How much metric tonnes of Yarn will you have sold and what kind of volume you would have done in the fabric business?

22:46 So I am not saying the figures in terms of the volume, but I can share with you that the capacity utilization has been in mid-90s. So we perhaps in Milan, it was around 90 to 93, in synthetic yarn around 96 and in cotton yarn, it was around 98. So all the businesses, the stock has been maintained and the volumes have been utilized fairly nice. In fabric business, in denim, our capacity again has been in 90s, whereas in knit business, it has been in mid-80s. So I think that is probably what you intended to get from this. Is that number in terms of production? I'm not, you know, having a discount on can calculate this. No problem. So next question is actually on the recent joint venture that you have signed for government unit in Denning.

23:50 Wanted to understand what will be your share of JV? And when this unit is likely to commission plus what kind of revenue potential, what capacity of Denning government in terms of units would be there? Some color on this JV would be really helpful. So Premise is too premature to really have the final figure on this. Today is the first day we discussed this in Board and we have got the principal approval from board for this JV. The state percentage sharing is still under discussion, but RSWM will be a major majority shareholder in this. So we'll be able to work on this.

24:37 So the vision for garmenting will be in phases. In the first phase, we may go up to five lakh pieces per month, which may further be added in two more phases in the coming period. So this is online in line with what we have been discussing in last four, five investor call meetings that we see potential in garmenting and downstream expansion from RSWM. RSWM has been doing fiber. We have been doing yarn. We have been doing fabric. And now logical expansion of this is going into garmenting. Understood. So this unit will utilize your fabric capacity that you have internally or you would be looking forward to manage it as an independent unit of garmenting? As a principle, we we keep all our businesses independent.

25:39 If the quality and the price is matching, we will sell internally also. This is not a dedicated garmenting unit for our own capacity. We are open to buy from outside and wherever we require some particular fabric from outside, we'll buy. Wherever it's the same fabric, both internal and external will compete and depending upon the commercial viability, we'll have the decision. So this is not a dedicated garmenting line. We'll be open for buying from outside as well. Understood. So would you be also interested in doing net commenting as your net fabric capacities are also in place and the logical extension for net fabric business is ideally commenting.

26:27 So any color on that? So at this point of time, it is for denim. Sorry for denim. You know, our exposure in garmenting will start with denim. In second or third phase, we may consider the knit also. But at this point of time, the first phase clearly is for denim. Understood. And I would also like to understand the fact to the food grade chip business that you are entering, if you've already started allocating capital to it, about 100 crores or it has been allocated already as I see in your results.

27:14 Sorry, my name may be wrong in capital allocation. Minute. So, Prela, I can update you on B2B project, which is making, you know, food grade granules, which will be used for creating the bottles. So we have started this project. This is project is on ground in reality. So we have the civil construction on. We have placed orders for all critical machines and project is likely to be completed in fourth quarter this year for trials and commercial production may happen in quarter one of next generation.

28:01 Okay. And so here what is the kind of revenues or margins that you are seeking to generate largely because this is a new business, new category, The clients will also not be textile clients. So any tie ups with any customers that you have done to escalate the utilization level? So this will have 50,000 metric ton per year capacity, and we'll be expecting a revenue of 500 CR from the project which we are implementing as a first phase of B2B. And normally, this industry clock EBITDA of around 15%.

28:48 Correct. Okay. 15% EBITDA is the general margin. Very fantastic. Okay. Yeah. And any tie ups you have done with any customers to, scale up utilization? You know, we have not done any tie up, at this point of time. We are, largely focused on creating world class facilities, which will have a state of the art machinery and also one of the best product in terms of quality in India. So at this moment, more focus is that maybe in the due course, we go for some kayak. At this moment, we have not done any time. Understood, sir. Thank you and best wishes. I'll come back to you for any further questions. Thank you. Thank you, Brenna. Thanks a lot.

29:35 Thank you. Before we take the next question, a reminder to participants that you may press The next question is from Pushkar Jain from Milli Capital. Please go ahead. Hi, sir. Thanks. Good afternoon, opportunity. I would just like to ask you the guidance on 77. Sir, can you be a bit louder? Your voice is not properly audible. Can you come in here? Is this audible now? Is this audible now? Yes, yes. So I was asking you about the growth guidance for the year and the margins that we expect for the full year, EBITDA margins. So, Pushtar, that is a really forward looking thing. I can only promise you that the performance of the first quarter is positive. We have improved almost 12% over the previous quarter in terms of cash profit and EBITDA is 94% CER, which again is around 8%.

30:46 So if you look at business wise, outlooks remains positive. And as a prudent management, we are fully working in terms of operational excellence and for rightful deployment of all resources. So let's keep our fingers crossed. We expect all quarters to be similar or better than this. Right. So the like the growth did not come from the export segment, right, in this quarter. Like the top line was impacted due to the export demand, right? Yes. Thanks a lot. As you know, geopolitical situation, so there is West Asia conflict going around, delayed transit period, long transit and then high freight.

31:46 So a lot of uncertainties impacted all this growth for this period. The next question is from Avinash Nartha from Parami Financial Services. Go ahead. You. Am I audible, please? Yes, please. Go ahead. Yes. I have three questions. The first is, look, your fabric segment EBIT level profit, which is like even Stevens, there is hardly anything. So is there a change in transfer pricing? Last year, I could see whether to the extent of INR35 crores, INR36 crores. In this March quarter and June quarter, there is hardly anything as far as the PPIT segment results is considered. That's question number one.

32:43 Okay. So should I respond to this in the... Yes, yes. We can take it one by one. Will be better. Observed absolutely right. The quarter in this discussion has been tough for fabric business because of global uncertainties and the tariff things which happened earlier. The demand, particularly in knitted fabric was subdued. Customers were operating at fairly low level of production. So thereby, the demand and the cost led pressures because of increased prices of fiber, gas prices, freight prices, diesel chemical prices, everything put very adverse remarks in terms of cost.

33:32 And thereby, this quarter, a lot of pressure in terms of cost and the demand side resulted in low EBITDA margins for fabric. So this is applicable to both net and denim, but more so in net because denim, we are equally balanced for export and domestic. In case of net, most of our customers are dependent on exports. So, government is whom we are working closely, they are export oriented and their demand was affected. Fortunately, for last two months, we are seeing positive demand, lot of inquiries and outlook seems to be better for current quarters. So basically, so which means the yarn has done even better because fabric not only in June quarter, March is also negative to the extent of 2 crores?

34:31 Yes, Yaan is doing better because overall demand for Yaan was still good, Sabrieg had more challenges. The second question is relating to power cost. We can see on an absolute basis over the last two, three quarters power cost coming down. Give us a sense related to the per unit cost or what kind of reduction has already been captured by your investments into renewables? And over the next seven, eight quarters, what is the further reduction which is possible? This is my question number two. So the impact of the efforts being done in the energy in terms of going more for renewable sources is something which is now reflected. Second, lot of effort has been done by each production team to reduce the consumption.

35:25 So, it is a combined effect of both of this. But just to share with you, our renewable energy now has improved from last year of mid-20s to mid-40s. In the current quarter, we are even going around 60% of power consumption from renewable sources. So this is a result of the effort which we started last year that is reflecting now in per unit cost will keep on varying month to month because both solar and wind will change with season. So overall for the year, you will find really good difference, but on month to month and quarter to quarter, you may still have the deviation. Sir, on an annualized basis, if you can say, I can understand about solar wind seasonality, if you compare 27% to 26% compare, what is the likely reduction?

36:17 I mean, the broad range is also okay. Given the same kind given the targeted growth, what kind of power reduction we are targeting internally? So I expect it will be anything more than INR 1 per unit on an average year over year basis because of impact of all these renewable sources we are using. So in absolute rupees crores, it will be how much? Impact of 10 is already seen I'm saying impact of 10% is already seen in the current quarter results like power and fuel were INR123 crores in last quarter versus INR112 crores which we are reporting in current quarter. So almost a 10% decrease is already there. So over the next quarter, you will see a further decrease.

37:06 Yes. So I could see that. So that's why my question on a full year basis on INR, crores, what is the broad range of savings we can do over INR 26 crores? In rupees, crores, what kind of savings we are targeting in power cost like full year basis, did INR $4.94 we reported INR $4.95 crores under power and fuel last year, March ended 03/31/2026. So on in rupees pro basis... Yeah. Vinash, this is a function of three things.

37:51 Number one is number of units consumed, and number two is the kind of, you know, utilizations we clock in all of our manufacturing units, And number three is power unit cost per unit of power. Now if you look at the efforts that we have done in terms of reducing the power cost, I think that should give us advantage to the tune of 40 crores for the year. The rest overall number will depend on if we increase more units and add more spindles or add more machines. That may still go up. For No. So I understand. For the same amount of utilization, A is your cost per unit coming down, which you mentioned, 40 crores. So that's the minimum reduction we could see for the same utilization.

38:43 That's right. Okay. And this ramp up of this pet project, like you had mentioned INR500 crores on a decent utilization with 15% EBITDA margin, So '28, we are likely to start this in first quarter twenty eight. So what is the kind of utilization rate? How are we mapping the utilization for this, PED? Okay. So, Vinash, I'll request Mr. Manoj Bansal to respond to it. See, the first year is going to be 75% and probably will scale up the entire production in three years. So third year probably will be full potential. We're going very conscious. We understand the industry standard. So 75%, 85 and then probably up to 90, 91%. So three years will take the scale of the entire full production.

39:36 Understood. Can you come once again? Sir, we have considered all the trials and everything because this is a food grade product. So we need to take all kind of trials, all kind of certifications before we actually approve, etcetera. So we've been very conscious, understanding the industry, there are no standards we are proceeding as I've mentioned to you. Right. And this government business is slightly more labor oriented and requires a very different kind of operational skills and management. So do we intend to do a new team under this JV? Or can you just spend one minute more on this? Although I understand this is slightly very early, but if there is a thought towards Yes.

40:31 No, you are absolutely right. This is a new venture and new business for RSWM. But we definitely will be hiring a competent team which will be doing this. So, we'll take care of all the challenges that this business involved, including the skilling and taking care of the quality standards. So we'll also try to work very strongly in the machine design, fairly good degree of automation and then the skill level of course has to be topmost priority. So all those things we'll try to take care of this while planning for execution for this project. Okay. One last question. In your Slide number 14 where you speak about your expanding meeting operations, So you're saying that the expected benefits are likely to reflect from Q3 FY twenty twenty seven onwards.

41:25 Can you just quantify or qualitatively and quantitatively this INR92 crores investments in knitting capacity, what kind of benefits can we see in the second half? See, currently, we have capacity of six fifty tonnes. So after this expansion, probably we'll be touching on 900 tonnes per month. So in 900 tonnes, 150 tonnes of BR printing, which is not there as of now. So one of the benefits which we envisage is printing, so our product mix will get enriched. So this is how we have actually planned. So first, the product mix gets improved and then obviously our offer to the different customers, so we can actually give a complete range. So these are two benefits we are in staging and that's why we're saying we are actually expecting that in Q3 probably we'll this expansion will complete and we'll start getting kind of trials and then obviously scale up of the production.

42:21 So if I got it right, you're saying from six fifty tonnes to 900 tonnes and this will you have a value add of one over 150 tonnes of printing. Is that correct? Two fifty tonnes of printing capacity, exactly. Absolutely correct. Okay. Okay. One request to the management, presentation upload and this was scheduled at 05:30. I mean, as investor fraternity should have at least one hour of time to scan through the presentation. It makes more sense so that it leads towards a meaningful discussion. If you can leave forty five minutes. So as Raj, your point is well taken. Normally, schedule this call on the next day, but because of certain other engagements, such three engagements, we had to schedule it today itself.

43:10 Board meeting continued till around 04:00, I think, sectorial team, 04:15. So sectorial team tried to delete it immediately after that, but point well noted and we'll take care in future. Thanks a lot and all the very best to the entire team. Thanks a lot. Thank you very much. That was the last question. I would now like to hand the conference over to the management team for closing comments. So in closing, I extend my sincere gratitude to all our employees, stakeholders and partners for their unwavering support. With collective effort and a shared vision, we are all well positioned to drive innovation, strengthen our market presence and deliver sustainable value.

44:00 The road ahead holds great promise and we are confident in our ability to grow and succeed in the years to come. Thank you. Thank you. Thank you very much. With that, we conclude today's conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.