Thank you so much. Good afternoon, everyone.

Thank you for joining on Huhtamaki India Limited Q1 CY26 results conference call. We have Huhtamaki India management on this call, represented by Mr.

Kamal Taneja, Managing Director, and Mr. Amit Gupta, CFO.

I would now like to invite Kamal sir to initiate with opening remarks, post which we will have a Q&A session. Thank you, and over to you, sir.

Thank you, Mohit, and thank you, Rutuja. Welcome, everyone.

Thank you for joining the call today. I hope you had time to go through the financials yesterday.

I'll, along with Amit, give you some flavor of how management is doing different things. Before actually I get into the call itself, a couple of disclaimer statements which I think we should talk about.

Number one, we may be talking about future things or share some information with you which could be deemed as forward-looking, but the intention is to share with you as openly as possible our strategy and initiatives. They should not be taken as any advice on any investment you need to do in any securities or solicit any investment from you.

Once again, thank you for joining us. Before actually I go into the main presentation, let me invite Amit Gupta because he's my new colleague who's recently joined as CFO.

Maybe he can introduce himself to you.

Hello, everyone, and good afternoon to everyone. I actually joined as the CFO of the company last month, almost completing a month in this particular role.

I had joined the company, relocating back from Singapore to India. My last assignment was with Procter & Gamble Health Limited in the India health care vertical for the regional finance lead for Asia, Middle East, and Africa.

I started my career primarily in FMCG and health care, worked with ITC, then Colgate-Palmolive, Sanofi, and Procter & Gamble Health Limited first in India as the CFO and executive director on the board of Procter & Gamble Health Limited before moving to Singapore. I look forward to the engagement, and hopefully we'll have some good questions coming our way.

Thank you.

Thank you, Amit. Very happy to have you in the team.

I'm going to start with the the content of the presentation. I hope you had time to go through that, but I'll give you a very high-level information on on what Amit will actually go more details into into the financials.

At a very top line, we actually improved slightly on our sales versus quarter last year. When I say slightly, it's about 10 bps.

However, we improved our margins significantly. Now, we've been saying that for last few quarters that our focus has been on the margin improvement because what we are doing in last few quarters is we've been selective in participation in the business in that that we want to operate in.

We are going after high-value business, which is also consistent with our strategy and and our strength in terms of, the innova- innovation leader in the industry. We really think that we are on a solid ground now, and and gives us a a lot of momentum for growth in future.

Just coming back to the results. We had kind of sales which was stable, but we improved our margins, which was supported by sales mix, like I mentioned earlier, and and also operational efficiency.

We've been actually doing a lot of work in the last couple of years, in optimization, improving efficiency in the assets we have, bringing a lot of expertise from within India and overseas as well. In this quarter, we had a a few one-offs.

Firstly, we had higher interest income, but they were also offset by some non-recurring charges which we've disclosed in the market before. There's also a a a huge charge in Q1 which relates to the depreciation which is related to prior year, and Amit will talk you through that.

In If I can summarize, net sales up by 10 bps. EBITDA improved by 25%, 24.8% quarter-on- like year-on-year, first quarter last year versus this year quarter one.

EBIT went up by 4%, but that's also because of the depreciation that that I spoke to you about earlier. PBT similarly increased by 2.9%, and we were slightly lower on EPS.

Now, all these things we are doing, like I said, we've been consistent in our approach. We are also consistent in our approach on global strategy, which we are very focused on, which is namely on profitable growth, disciplined capital allocation, and much stronger accountability.

With those opening notes, I'm going to hand over to Amit, who is going to take you through the financials.

Thanks, Kamal. Actually the financials for the quarter actually relay the strategy that Kamal just laid out.

On the top line, when we are looking at the top-line construct, we are actually improving by 10 basis points versus last year for the same quarter, and that's again driven by our focus with respect to growth in the selected set of customers and the portfolio choices that we are making with respect to the categories and the customer pool that we are going to service in future. It's consistent with our overall strategies that is reflecting in the top line.

As Kamal mentioned, from a standpoint of EBITDA margins, we are growing by 25 percentage points. This is, by the way, not a standalone improvement in one particular quarter, but we're seeing a sequential growth in our profitability.

Those of you who would have followed our AGM, you would have seen that our profitability numbers have been consistently going up, which actually demonstrates the effective way our strategies is being played and that's flowing through our financials. From a EBIT perspective, we have a one-off.

There is about a 88 million INR charge in this particular quarter which is pertaining to the prior two years. Although this is not material taking into consideration the materiality thresholds that we had for the last two years, 2024 and 2025, but we chose to reflect it in the current quarter itself because we don't see this particular charge to be breaching our materiality threshold for the current financial year also.

Fundamentally, we had this particular charge which is reflective of the lower depreciation charge in the prior two years, primarily because of the fact that there has been an error which led to the depreciation calculation on WDV instead of the SLM method which is being done. With this particular charge, we have corrected the books of accounts, both from a P&L and the balance sheet standpoint, and all the reflections in the P&L are coming correct starting from January 2026.

Our EBIT margins because of this has actually improved by only 4%. If I exclude the exceptional item of depreciation, it has actually gone up by 27.8, which is consistent with the growth that we have seen in the EBITDA.

However, this particular charge is actually bringing the EBIT margins down to 4%. Our overall profit and loss for the period is actually about 256 crores, which is almost 2% down versus the same quarter last year.

Again, this has the implication with respect to the depreciation charge that I just mentioned. If I have to exclude that particular charge, the profit before the prior-year postings is actually going up by almost 23.1.

All in all, if I have to summarize from a financial results standpoint, our strategy in play is reflecting in the numbers with a substantial growth in profitability, excluding the one-time corrections of the prior years that we have taken, and the top line, which is holding good in spite of the competition that we see. Moving on to the trends slide, and we actually demonstrated EBIT of about 386 crores.

Again, after taking into consideration the 88 million hit, but if I look at the sequential trends of our EBIT as a percentage to sales, and I take this exceptional prior-period item out of the chart, then we are at 8% EBIT for the quarter, which is in line with the EBIT that we have demonstrated in the quarter four last year and almost 1.7% or 170 basis point higher versus the quarter one of last year. I'll stop at this, and maybe you guys had the chance to look through our annual reports and the financial release, and if you have any questions, happy to address in the later part.

Back to you, Kamal.

Thank you, Amit. I think just to add on what Amit said, you see, in terms of our ways of working, we are always declaring results based on ethical solutions and make sure the integrity is intact and the transparency to the market as well.

I think the other thing I want to note is, which Amit alluded to, is in terms of the return on sales or EBIT percent, which was at 10 8%, which is where we were in good old days. That's coming back to the comment I made earlier where we said that we think that we are in a pretty solid situation at the moment, and this gives us a lot of positive momentum for growth in future.

Actually, there's one more thing which I'm very excited about, which is on sustainability. I want to share a few good stories that we have going, similar to what I mentioned in the last quarter as well.

When we look at our climate ambition and sustainability, we look at it from a four-pillar point of view. First pillar for us is people, right?

Now, when we talk about people, we invariably talk about safety and well-being, right? Actually I'm happy to report that we had substantial, significant improvement in safety incidents.

Actually, our total recordable incidents year on year improved by 67%, which is great achievement and not just in terms of numbers, but behaviorally, I see a lot of improvement in our plants, in our offices, where people are taking time, thinking, and following the processes, the behavior patterns, and the initiatives we have to make sure that we reduce risk to our people. The second pillar is on what we call as climate pillar.

This is about what we do for the environment. I'm also happy to report that we actually engaged in a formal agreement for developing a solar captive electricity project in our Kapoli plant.

That's been signed, it's being executed now, and we expect to go live in next few months in second half. We will start reaping benefits of that as well.

The third pillar, we call as nature pillar, which is focused on water. Again, Kapoli, Rudrapur, Silvassa, they continue to develop a zero liquid discharge status, and we are looking at eliminating waste and liquid waste in other plants as well.

The last pillar, which is what we call as product pillar, again, huge progress there, and our focus there is improving the solvent consumption, and I'm happy to report also that we have done a lot of work on that. We've installed a lot of equipment, we spent some capital in solvent cooling, for example, and all our plants right now are reducing solvent as we speak, and very excited about that.

The other thing we also doing on the product pillar is actually we are increasing more PCR, or post-consumer recycled, content in our products, which is also in line with our objective to meet long-term sustainability goals, and also being ahead of the regulation which we see coming up in India in future. I think in terms of reporting, I think you've seen our calendar.

Our next reporting is going to be end of July, and we'll talk to you a bit more on our results in second quarter. That's all I wanted to share.

Mohit, if you want to maybe ask people for questions?

Yes, please.

Hi. Good afternoon.

Thanks for the opportunity. Actually, I just wanted to understand, I have two questions.

Number one, I just wanted to understand a bit more on the raw material situation post-war. What has been the impact on the costs of the raw material?

Are we getting any availability? What is the situation on the ground?

Yep. You had a second question also?

Sure, I can ask that as well. Second, I just wanted to get better understanding on the demand and actually, post-war, which segment are we seeing demand from, and how is the cost increase or the cost situation affecting the demand?

Sure. This is Kamal.

Thank you for the question, Aaryan. I'm going to start and Amit, feel free to jump in.

Your first question was on the raw material situation. Firstly, the situation is changing every day, as you can imagine, due to the political situation there.

What we have seen in last I think it started end of March, we see prices going up significantly, and then we see kind of a bit of a, let's say, tapering, and we are even seeing sometimes the price are changing again negatively and positively. I think overall, we have probably low to medium double-digit raw material impact on our products overall.

The good news there is firstly, there's no issue with availability. Being a large multinational company, we have resources, we have the procurement power, I guess, to source these materials from different parts of the world.

Availability is not an issue. Sometimes there's a delay in shipments because especially if they are coming from overseas.

I'm also happy to report that we've been very successful. Actually, our team did an excellent job, procurement, supply chain, sales team, we did an excellent job where we passed on most of these costs to our customers.

In terms of impact to us, probably we don't feel much impact in terms of margins, etc., but I think we would know more as we close second quarter because that's where we will see the most impact. I think your second question was on demand, how's the demand growing or reducing because of this.

Firstly, as you can imagine, a lot of our customers were in kind of a panic situation, they came to us and asked for more volume, and then they realized that the volume was not there, it's kind of stabilizing at the moment. We don't see any significant change because of this situation, but we do see a demand growing as usual, like you see in every quarter in the industry.

I think you must be following up with other FMCG customers we have when they declare their results. Usually, 6 5% to 7% is the increase every year.

Some customers increase more, some customers do less. For example, the large customers that we play in usually they are less, maybe 2% to 3% to 5%, and then you see regional customers, smaller customers, who are growing much faster because they are coming from a much smaller base.

Anything to add, Amit, on that?

No, Kamal. I think you covered it well.

Thank you. Hope that answers your question, Aaryan.

Sure. If I can just squeeze in one more question, please.

Just on specifically raw materials in terms of packaging films and paper, etc., the cost increase, how much percentage cost increase are you seeing in these products, for paper and packaging films?

I wish I could tell you, Aaryan, but it's kind of confidential because it's competitive in nature, I would not like to disclose that. I think we do pretty good job being a global company on getting the best material and availability in the market.

Understood, sir. Sure.

Thank you, and all the best.

Thank you.

Thank you.

Yes, hello. As per the annual report, it's mentioned the Indian flexible packaging industry is going at a 12 10% to 12%, and if your volumes are declining or it is staying stable, do you mean that you're seeing market share with the players or unorganized players?

Look, thank you for asking question, Viishnu. I think, again, this is consistent with what we have been saying.

The market, I don't know, is 10%, 12%. I think it depends on which segment you look at, etc.

Like I mentioned, they are kind of two different segments that we see in the market. There are large multinationals, for example, Unilever, or Mondelez, or Nestlé, and then there are smaller, not so small, Indian players, but also smaller Indian players who are operating more into regional markets, smaller markets.

They may increase or grow faster than the others, right? Because, like I said, they coming from a smaller base, and probably if you accumulate all this volume, it looks much bigger than the growth that the multinational customers see.

Now, what we've been saying all these, at least for last couple of years, that our focus has been very selective. Our, let's say, sweet spot or our strength is innovation, premiumization, sustainability, where unfortunately, we only have select customers who are interested in those value propositions.

With them, I think we are growing pretty okay. Now, selectively, if we do not participate in other segments which are not aligned with our value proposition, sometimes it may seem that we are not growing with them.

I think I'm, like I said earlier, I'm pretty happy with where we are today. I feel we are much more stronger now than we were before, which gives us actually good ticket to grow from, and we doing a lot of good work with our customers especially on the sustainability front, and we hope to grow in future in line with market expectation.

Maybe just to add on to this, when you're looking at the market per se, the definition of the packaging market where you actually included paper also, you refer to paper also, it's not comparable to the segment that we play in. There is no lateral equation that you can draw from the overall market growth to what is being reflected on our side, and hence that correlation is a bit inconsistent.

I think Kamal covered well the strategy that we are playing on, and the results of that strategy are clearly visible and consistently visible not only in this quarter, but even in the last year.

Okay. The other income has also doubled versus last year.

Can you provide any split for that? What is driving that growth?

Yeah. Other income in this particular quarter actually includes an interest on the income tax refund which we have received in this particular quarter, plus there's an increase in the FD interest.

These are the two big components which is leading to a higher other income. Plus we have FX gains which is actually from the exports that we are having.

With the rupee actually getting weaker, we are having these gains which are flowing in and reflected in our other income. These are the broad three components which is driving our other income pool.

Amit, however, we also have several one-offs which actually netted off that. It's not that we are improving our margin just because of that.

Understood. Thank you.

Good afternoon. Thanks for the opportunity.

Kamal, the question is, I think you guys have fixed the margins, which is good to know, but just want to know when do we see this anemic growth being corrected? How long do you think that will happen?

Thank you, Rajakumar. We get asked this question.

This is my second quarterly call, and I believe you know that I'm only on the job for the last 3 months or so. Not even 3 months yet.

It is 3 months actually, sorry. It feels like a long time ago.

I think it's a very valid question. We get asked that a few times in the past as well.

Like I said, I can't disclose the exact numbers, and hopefully you see that in future. I can tell you we are laser-focused on profitable growth, which is also our corporate strategy.

That is the reason we are here, and we are forming a very strong team, we are getting closer to customers, we are trying to understand their needs, we are innovating, etc., etc. Hopefully there will be a result in near future.

Okay. With this inflation on this raw material happening, do you think that will at least help us in terms of the top line?

Because you said margins will be protected.

Because they'll be passed through to the customers. Like I said, there'll be no impact or virtually no impact on our margin because of that.

Top line definitely you would see just virtue of that, barring any market changes, etc. At least that one we would see, but we are trying to grow on top of that as well.

Okay. Any upside on the rupee depreciation going forward?

Fundamentally, the way we are constructed, we have a good representation of the exports in our overall business. The rupee fluctuations actually works both ways.

When you look at month to month and quarter to quarter, while from a last year's standpoint the rupee is devaluating, but from a quarter-on-quarter basis there are a lot of swings happening. We continue to expect both helps and hurts from the FX movements because we have a good chunk of our imports from raw materials, although our net position is still positive on the FX.

We cannot comment with respect to the future implication of the FX, but yes, it will be in line with how the market and the rupee behaves versus the global currencies.

Okay. Just couple of questions, housekeeping questions for the CFO.

First one is, can you quantify what is the amount of interest on the income tax refund that you mentioned?

Yeah. It's about 6.5 crores that we have received.

Yeah.

Okay. Okay.

The next question is, if you look at the other expense, there is a jump quarter on quarter from 95 crores to 106 crores. What is causing this movement?

Fundamentally, I don't think so the jump is substantial. From the baseline of 95 to to this is is not a major jump.

Looking at it from a short-term perspective of a quarter may not be relevant, and we're not looking at, a substantial increase in in our in our operating cost. We are actually, on on a percentage to sales, we are actually, coming our expenses are coming down.

I would not like to comment on the individual elements contributing to it, but what I can tell you is that our expense ratios are in line with with what has been in the past and in fact decreasing going forward, and our our profitability numbers are actually showing the way that we have been able to drive profitability with the with us a flat amount of sales, which is again a reflection of the efficiencies that we have in the operations.

Okay. No, the reason why I asked is Kamal mentioned that there are some one-off non-recurring expenses also in the quarter.

That is the reason, where is that item sitting?

Yeah. The one-off non-recurring expenses as we were talking about are basically with respect to some of the provisions reversals in the base that we have, as well as the interest income that was there.

We have depreciation of about 88 million INR for the prior two periods that we have actually charged to the P&L. Some of these, the biggest item on all of this is the 88 million INR depreciation that has been charged.

There was also a property charge,

yeah. So...

Okay. Thank you so much.

All the best.

Hi. Am I audible?

Yes, Vipul.

Thanks for the opportunity. Kamal, I had a couple of questions for you.

You alluded earlier in the call that post the war, end of March, and now you've seen 10 to sort of I would say double-digit inflation in the raw material cost. Just wanted to understand how fast is the transmission of these RM costs to our customers?

Because I believe there will be a pass-through arrangement, and a lot of companies, a lot of products, there have been force majeure declared. I believe that you said that there is ample availability, I assume there will not be any force majeure, at least on the raw material basket which we have.

Is the transmission of these costs pretty swift, or is there a lag, which means that at least for the next quarter or short term, we will be facing to absorb these margins? Second question I had was that the annual report mentioned that the 100 crores which we were supposed to pay back our parents in February '26 has been amended to June '27.

I just wanted to understand the reason for this, because I understand there is no liquidity risk, but it just inflates the balance sheet, and from a ROCE perspective also, it brings down that ratio.

Yeah. I think we'll let Amit answer you on the 100 crores first, then I'll come back to the raw material.

Yeah. Hi, thanks for the question.

From a standpoint of the loan, that specific loan that you talked about, this is a ECB loan from the parent, which is covered by the RBI guidelines on the tenure for the repayment part. We have paid a part of it, a part of it still remains, which has to be paid over the period of time as prescribed

by June '27.

This is subject to the limitation that we have based on the RBI guidelines. I think that's the reason why this is still reflecting, but as I mentioned in the AGM also, from a standpoint of our service cost with respect to this debt, it is benchmarked to the returns that we are earning from the fixed deposits which are being maintained.

There is no kind of negative impact with respect to this particular loan.

Thank you, Amit. Vipul, on your question on the RM cost pass-through, how swift we are, etc.

Firstly, I think your question was what's the impact, because it cannot be instant, right? Once you get the RM increase, we increase our price as well.

Because we looked at our inventory, current inventory, old inventory, new inventory, what we need to order, etc., etc. We take a pragmatic, almost like a average cost view on what we have, and we went with the price increase accordingly to our customer, yeah?

Because there'll always be a mix, right, of inventory which we bought at a lower price and the one which we got at a higher price. Now, we have the fortune of actually seeing how our parent company is doing with the other regions as well.

Actually India was one of the first ones compared to the other regions to implement this price pass-through, and we were very quick. I think it's also because we are so focused on our bottom line, and as we've been growing that for last few quarters.

We took a very, very swift action on that. In fact, by end of March, we had almost all our future orders locked in with the new pricing.

Now, this pricing is not just one time also, because a lot of our customers actually have access to the availability and the pricing situation themselves. We have been very transparent with them, and whenever there's an adjustment, we are also very quick in adjusting our price up or down depending on how they are moving.

Actually I would say in my experience what I've seen over the years, I think this is the one of the best practices we had in India in terms of the price realization because the raw material cost increase.

Yeah. It's really fantastic to hear that at least from what I understand, that at least we've been able to protect our per-kg realization, if I may.

That's heartening. Amit, the other request I had is that, and I also mentioned it, I believe, in the earlier calls also, when the company makes the presentation, you guys also plug in the other financial income as part of your operational EBITDA.

Whereas most companies are quite discerning, and at least as analysts like us also, we review them, we review the other non-operational or financial income separate. I would request if you guys can consider this aspect when you make the new presentation in the future.

Thank you so much.

Yeah. Thanks.

Thanks again for the input. I'm actually looking at the unaudited or the audited results that we have released yesterday.

Other income is actually separately called out. Is there a specific kind of a disclosure that you

No, no. In your presentation today, your operational EBIT and operational EBITDA, that actual number is not, most analysts would remove the other income part, which is non-operational or financial in nature, which is reflected in the notes, your audited results.

That is where I was coming to. Yeah.

Okay. Noted on that.

Point noted. Thank you.

Thanks. Thanks.

Thanks for the opportunity again. Actually just, thinking from it in this perspective, would you say that the war, the inflation caused due to the war rather, has been kind of, blessing in disguise for you?

Because, you guys would have seen higher prices, and it would margin you are saying it would not hamper, but obviously you would see higher income, right? In terms of, versus the regular packaging players which we have, what would be your high-level opinion there?

I think what you're saying is, comparatively, being a bigger organization, do we have advantage, right? That's what your question is, right?

Kind of, yeah. That too plus the overall inflation being good for you because it leads to higher revenue, that way.

I think, yeah. Maybe there are probably two questions there.

Let me address the higher revenue because of inflation, right? That is true.

When we are passing on higher costs to our customers, obviously our revenue would increase. Again, we are a company, we are very transparent with our customers.

We value their partnership, they value our partnership, and most of the times, actually all the time, we are very transparent with them when we incur increased costs. It's also in our contracts to tell you the truth.

They understand that we are passing on the exact costs or very similar to that. Actually the revenue goes up, but actually it doesn't make much difference to the margin, right, because it's just pass-through.

I think revenue, yes, but I guess as investors on the call here, you're looking much more on margin itself. I think that has minimal impact, if anything.

Your second comment was, where does it put us compared to other competitors who are smaller, who do not have the reach, for example, in terms of buying power or having the availability, etc.? Definitely I would think so.

That's the case with us because we have the global resources and the reach where we can source many of these raw materials from alternative sources. Pretty happy about that, actually the way we handle the whole situation.

More to go. Who knows where it's going to end up, but right now, I think we are sitting in a good position.

Yeah. I would also like to confirm that war is not good for anybody, and from a standpoint of the business, we are not profiteering from the war.

We are finally operating a business where we are transparent with respect to the cost increases and the pass-throughs that we do to the customers, and this particular piece has no implications from our EPS standpoint. We didn't had war last year, we didn't had the war impact in the quarter one of this year, but we have expanded our margins consistently.

Fundamentally, from a standpoint of the operating discipline and our strategy of expanding the margin, that's reflected irrespective of the war, and a top-line inflation because of the price correction is not impacting us.

No, no, obviously, obviously. What I meant it as in, let's say your revenue is 100 and you have a 20% margin, then your profit is 20.

If the revenue only becomes 200, then at 20% margin, you earn 40 rupees. I'm not saying because of the war, but in some way inflation is beneficial for you is what I meant.

I think I got my answer. The operations have been very well-managed.

Thank you.

Thank you.

Yes, sir. Thank you, sir.

Sir, I wanted to know at what capacity we are running our plants?

Mr. Modi, I think what you meant is the capacity utilization,

or? Utilization, sir.

Okay. I think again, competitive in nature.

I can't give you exact number, but I think we have a lot of room to grow, if I can say that. Yeah.

Capacity is not a constraint at the moment.

That's what I wanted to know, sir. Yeah.

Thank you.

Thank you.

Thanks for the follow-up. Kamal, the first question is, are you looking at any inorganic opportunities?

Thank you for the question, Rajakumar. I think it's like somebody is asking you to run before walking.

I think we are trying to strengthen our organization, we are trying to strengthen our operations. I think we are very happy with what we have done so far.

Again, the results will show in future, but I think at the moment, we think there's enough demand in the market, there's enough opportunity that we can grab in the market which is aligned to our value proposition. I think the short answer is not at the moment, but if something comes up, we would definitely look at that.

Right now, it's not in our radar at the moment.

Okay.

Organic growth is a lot of room to grow,

yeah. Yeah.

Okay. The second question is just looking at the shareholding pattern, I don't see much of institutional participation in our company.

Just wanted to know any plans on that? Do you engage with the institutional investors?

Because given Huhtamaki is a multinational company, it's very rare to see MNCs having no institutional participation. Just wanted to get your comments.

Thanks for the question again. The choices with respect to the investors in a particular company is not kind of determined by the company, and it depends upon the individual choices that the institutions would like to make.

It's not that we don't have any institution investors, and the shareholdings of the institutions across the scrips keep moving. We don't kind of engage with respect to either

Soliciting investors.

Solicit any kind of participation from specific set of investors. I think I would rest it at this, but it is entirely market-driven.

Okay. No, the reason for asking this question is because your stock is poorly valued.

It's almost trading at 1x book. That is unheard of for a multinational company.

If you have institutional interest, then the liquidity in the stock will be more and you will enjoy better valuation. The question is coming more from that standpoint.

Yeah. Looking at the way our EPS and the return on capital ratios are improving, we believe that the valued investors will look at it differently.

We don't solicit any kind of engagement on that piece.

Okay. Thank you.

Yes. Sir, my question is regarding you have put aside assets for sale.

What are those assets? Guidance you have already told, but what are those assets and where are?

Sorry, Anil, we didn't get your question. Assets, did you say assets, or?

You have put aside assets for sale, na?

Assets for sale.

Current assets, other current assets. Some parts...

Yeah.

Land and buildings.

Yeah. We have a property in Daman,

basically

we have actually put up on sale. We have curtailed our operations there and it's related to that.

Okay. Thank you, sir.

Best wishes.

Thank you.

Thank you, Rutuja. Thank you all of you for joining the call today.

Appreciate your support, and there were some very good questions asked in this call, and I look forward to engaging with you along with Amit next time. We hope we answered all your questions satisfactorily, and like I said, thank you very much once again, and we look forward to talking to you again in future after the second quarter.

Thank you very much.

Thank you.