Thank you. Good morning, everyone.

On behalf of Kirloskar Brothers Limited, I extend a very warm welcome to everyone for joining us on our call today. I hope you've had an opportunity to go through the financial results and the investor presentation, which have been uploaded on the stock exchanges and the company's website.

On this call with me, I have Mr. Alok Kirloskar, Managing Director, Kirloskar Brothers International B.V.; Ms.

Rama Kirloskar, Joint Managing Director, KBL and MD, Kirloskar Ebara Pumps Limited; Mr. Bhavesh Chheda, Chief Financial Officer; Mr.

Hemant Shaligram, our Associate Vice President; and Strategic Growth Advisors, our investor relations advisors. Speaking about our Q3 FY '26 performance, let me begin my remarks by giving some business highlights, which are in line with capital goods industry trends.

For the quarter ended December 31st, 2025, our consolidated revenue stood at ₹1,116 crores. For the 9 months of FY '26, revenue was ₹3,123 crores.

While the quarter continued to be marked by some external challenges, however, our diversified business model and disciplined execution helped us maintain stability and position the company for stronger growth in the coming quarters. Our standalone performance was temporarily affected due to an overall slowdown, and additionally, our dispatches and further manufacturing was held back due to non-release of JJM funding to our dealers.

However, demand across both small pumps and industrial segments remained healthy, demonstrating the inherent strength and resilience of our diversified portfolio. Excluding the small pump business, as we never give a order backlog in that business or a pending order statement, the standalone order book stands at ₹2,438 crores, a strong 25% growth over the previous year, underscoring a healthy pipeline and sustained customer confidence.

Domestic subsidiaries have registered a revenue growth in quarter three of FY '26 of around 10% on year-on-year basis. On international business performance, our operations in the US and the Netherlands delivered strong year-on-year growth of 15% and 155% respectively.

This impressive performance was driven by the execution of orders along with improvement in overall product demand. South Africa also continued to perform well in constant currency.

The UK operations continued to face temporary softness due to uncertainty in the UK government's energy policies. However, the UK order book is higher than last year by 10% due to focus on diversified market segments, and the overall international order book remains strong, expanding 13% year-on-year to ₹1,289 crores.

These results reaffirm the strength of our global presence and our ability to capture growth across diverse markets. EBITDA for the quarter stood at ₹161 crores with margins at 14.4%.

For the 9 months of FY '26, EBITDA was ₹412 crores with margins at 13.2%. The year-on-year moderation was primarily due to changes in product mix and adverse operating leverage.

Importantly, the underlying business fundamentals remain strong, supported by stable volumes and a strong order pipeline across segments. During the quarter, we also recorded healthy order inflows across both domestic and international markets, reflecting continued customer trust and demand momentum.

This strong inflow, combined with our growing order book and diversified portfolio, gives us high visibility for sustained performance in the current quarter—in the coming quarters. Looking ahead, we are optimistic about the growth trajectory of our business.

With a healthy balance between domestic and international markets, a robust order pipeline, and continued focus on operational excellence and customer engagement, we are well positioned to deliver sustainable and profitable growth in the periods to come. That's all from our side.

We can now begin the question and answer session. Thank you.

Hello, good morning, sir. Am I audible?

You are. Good morning.

Yeah. Sir, when we interacted in the previous concall in early November, as per your comments, it was very clear that H2 would be much better than H1.

Going back to our historic stated aspiration of growing double-digit every year, this year we expected in this quarter that the revenue growth would be much better, say at least close to double-digit that we have stated. Can you please help us understand granularly sector-wise where there were some disappointments or what didn't go in our favor?

Sure. We've always said don't look at us quarter-to-quarter.

We've also given you the kind of behavior the company exhibits on the revenue side with around 19% in the first quarter, 21% in the second quarter, third quarter is around 24%, and the remainder is in the last quarter. This has been the historical trend, and I continuously point this out in the last few quarters that don't look at us quarter-to-quarter.

Coming to the quarter, as I have said, JJM continues to be an issue. State governments were supposed to fund the rest of the money.

Some of you might think that we take JJM orders directly, but like I said a few quarters ago, we do not take any orders directly from the state government or the central government, and that's why we do not participate in the KUSUM program or the JJM program directly. We do this with our dealers.

These dealers are long-term dealers working with us for many generations; some of them are with us for four generations. We ensure that their financial health is also maintained.

They place orders on us. We have always looked at the fact as whether they are going to get the money because we do not want to just push out equipment and have them have a cash flow situation and destroy their business.

JJM actually was a large disappointment with us because we felt that that would come through in this quarter. That hasn't.

The company has not produced against certain orders, and it is holding some inventory so that the dealers are not saddled with that inventory. That's one of the main reasons for that.

Number two reason is that the company has always been conservative with its order book, with its order intake, even in large projects. We do not book orders, though you see a large order booking, we do not book orders unless they're confirmed with advances, especially for large pumps.

Though the order book is large, there are orders which are still not recognized. We also informed last time that there is a foundry ERP being put into the system, SAP system, and this will give us higher efficiency.

It will give us great material visibility of materials that are being used and enable us to ensure that the right orders are made at the right time. We've had some hiccups in that, but I can report over here that by the end of last quarter, the system is performing much better because now we are able to identify waste and also reduce costs.

As an old company, we continuously try to improve our operations, bring in the latest technology in order to ensure that efficiency are improved in all our processes constantly. I hope that answers your question.

Certainly, sir. Sir, if you can quantify this impact due to ERP implementation, say in terms of revenue or profitability, how did it affect us for the quarter?

What I can tell you is that normally we need about 700 castings per day from our cast iron foundry where we have implemented it. We had dipped to about 200, 300 castings per day.

That would have had an impact of about ₹50 crores in revenue.

Got it. Got it, sir.

Sir, in relation to this, do we stand by our aspiration of growing double-digit for current financial year, FY '26 over FY '25?

I have said that we will always try to go for double-digit growth. As you may be aware, we place priority on cash flow, profitability, and revenues, in that order.

Okay. Sir.

I have a few more bookkeeping questions. We'll fall back in the queue.

Thank you so much.

Sure.

Good morning, sir. Am I audible?

Hello, is it okay right now?

Okay. Thank you for the opportunity, sir, and good morning.

Sir, my question regarding this other expenses in the standalone entity, that is there is a significant decline. What is the reason for that?

What is the percentage of reduction in sales in this year particularly for the JJM project payment issue? If you can quantify, it will be helpful, sir.

Could you repeat your question, please? I didn't—

Yeah. The decline in other expenses in the standalone business in this quarter, substantial decline, what is the reason for that?

Okay. I think it was the decline in the other expenses because we could able to recover our old outstanding, which was lying with our customers.

This quarter, we got a success and we could recover a material amount from our old outstanding from our customers. That way—

Okay. Okay.

Whatever the provision that was there in the other expenses got reversed.

Manage expenses also we have controlled.

Controlled.

The other efficiencies we improved, because of which the other expenses has gone down.

Okay. Thank you for the clarification, sir.

Sir, can you please quantify what is the reduction in revenue or some impact of revenue due to the Jal Jeevan Mission payment issue? If you can throw some light on this, in this budget they have increased the same allocation they have made for Jal Jeevan Mission and they've spent very less.

What is the ground reality? Can you please throw some light on that?

Because of JJM, we believe that the revenues have reduced by ₹50 to ₹100 crores.

Okay.

As far as we know, this JJM was supposed to be financed by 80% by central government and 20% by state governments, and it affects mainly the water and irrigation sector of the company. The central government has made its money available.

Unfortunately, as you're aware, the state governments' finances are not as good as they should be, and therefore, they have delayed it. There was some controversy about the process not working properly.

I think the investigations that the central government has ordered are over, but what has happened is that I guess now that they have started releasing the funds, the state governments are unable to put up their part, which is resulting from some of the schemes that were announced by various state governments,

like

Ladki Bahin and I don't know whether there was a Ladka Bhau, but there was definitely a Ladki Bahin scheme. You must be aware, because it was also reported in the newspapers, that the contractors in Maharashtra have sued the Maharashtra government for non-payment of ₹92,000 crores or something like that.

As a company, we are very careful, and therefore, nor do we want our channel partners to get into trouble.

Okay. Okay.

Sir, regarding the non-India business, the margin has actually contracted in this quarter because you said that is a very good quarter for the international business, but still the margin is low. What is the reason, and what is the guidance for this margin going ahead?

You're talking about the international business, right?

Yes. Yes, sir.

I'll ask Alok to respond.

I think majority of the margin contraction, as you can see in the papers, is come from the UK business. That's mainly, as I had mentioned even in the previous analyst meeting, the UK power prices are around ₹30 a unit, which is £283 GBP a megawatt hour.

Major industries which are power-intensive, which are steel, glass, or petrochemical, or regular chemical productions, companies like Ineos, which are, of course, in the news, INEOS, if you want to look it up. Most of them have said they have suspended their production in the UK.

As with many of these entities, we have long-term framework contracts on the service side. The revenues on the service framework contracts in the energy-intensive segment of our subsegment of our business has reduced because most of those plants are only idling right now.

That's why it has reduced the sale and hence also reduced the margins correspondingly. The margins on the service business are larger, and so the hit, of course, also is larger on the margins of the UK business, which is where majority of our service business sits.

That said, we have diversified our portfolio, and recently we have won the United Utilities framework contract, which is also a very large framework contract with a water utility. Our focus has been now to de-focus energy-intensive industries in the UK for service and focus more on the essential industries to ensure that the net-zero policy that the government is following does not cause further damage to us.

Okay. Okay.

Thank you for the explanation, Alok. What is the guidance there, and whether we are going to be a beneficiary on this Indo-European Union tariff deal, anything you can say?

I think you would have seen that even with the 50% and effective 60% tariff of Indian goods on SPP USA, we have still shown growth in the USA business. Like I said at that time, it really doesn't make a difference whether there is a tariff or there isn't.

I would say, on balance, yes, if there is a tariff, it's a little better for us because it protects our business in the US.

Okay. Okay.

That means the margin, EBITDA margin in international business will reverse in Q4? Is it the right understanding?

No, I think we have shown better EBITDA margins in our US business in the quarter where there was 50% tariff, as you can see, and we've also shown higher sales. My point being that having the tariff is good.

If the tariff is not there, it's all right, because it doesn't matter. There's not a quarter-to-quarter point, but there is a long-term point.

From a long-term perspective, if there is a tariff of more than 20%, it is good for our US business because our US business remains protected in America. If you're just asking quarter-to-quarter, yes, maybe having a lower tariff quarter-to-quarter may be slightly helpful.

Okay. Okay.

Okay.

Yes, hi. Good morning.

One on again India standalone. Ex-JJM, actually if you look at the order book or inflow, all of that has been growing strongly over the last 3, 4, 5 quarters.

If you can just highlight ex-JJM how are things panning out in our customized or engineered-to-order pumps, the industrial pumps basically?

You're a little unclear.

Sorry.

There's an echo, and so if you can talk a little slowly.

Sure. I hope this is better.

My question was on the standalone ex-JJM, your industrial, engineered, customized pumps. If you look at our order book, order inflow, all of them have been growing strongly over the last few quarters.

Given the JJM issue, it's not getting reflected in our execution. If you can just talk about how has that been ex of JJM, if you can show some numbers, how is the execution on the revenue side?

Sure. I'll I'll go quarter I'll go segment by segment.

Some of our businesses are relating to the small pumps segment. I think that has grown compared to competition.

It has grown by 10% year-on-year. This is the small pump segment.

We are one company which doesn't, like I said earlier, doesn't participate in KUSUM. What we understand from the market is that our competitors in this segment who participate in KUSUM, actually the rise in their sales is only is lower than us, but it is supported by by KUSUM sales, which includes not only pumps, but also includes the entire system.

That takes care of the small pump segment. The other small and medium pump segment, which is mainly affected by the foundry ERP, the order booking is good, and we expect that as now the foundry has shaped up and we are able to monitor exactly what is going on, exactly costs, etc., etc., we expect that we will be able to execute the orders for the sectors of industry, building and construction, and the customer service and support, spares, which we have I think shown separately.

The rest are lumpy businesses, oil and gas, and marine and defense. As you have seen, the order inflow, though lumpy, is now getting to be less lumpy, and there has been strong order inflows coming in.

Large pumps, which uses a very different foundry, which where we still not implemented the ERP system, which we plan to do in the coming year, has not been affected. The order inflows are good, but that, at the end of the day, most of the customers are government and they like they most of the dispatches take place in the last quarter.

I hope that explains the entire company.

Yes, fair enough. Second question to Alok.

Alok, keeping the drop that we've seen in SPP UK because of we have said this over multiple calls, the issues that persist there, is it fair to say that this now forms a new base for us and then we have to grow something from here? The challenges that we faced, let's say, 10, 12 years back in terms of oil and gas, now this is a new challenge that we'll have to navigate through and then we'll have to figure our ways from around here?

Or do you think there's still pain left to be felt?

I think that, yes, oil and gas was, like you said, a structural challenge, and it really impacted the company. If you remember, oil and gas constituted almost 65% or 70% of the company's business when you included the product and the spares business from oil and gas.

As you can see, when the oil and gas business collapsed, the company was in loss. Today, even though there are a lot of headwinds, significant headwinds in the UK, I don't think the company is doing badly per se.

Yes, it's not doing as well as it did last quarter at the same time last year, but it's not doing badly per se. It's still profitable and it's cash generative.

I would say that probably it's a mid-term to short-term challenge, and with where the energy prices are. We have enough levers of building our service business outside the UK as we have done before because, as I've mentioned, we have framework contracts with PETRONAS, we have framework contracts in Azerbaijan, and in other regions.

We will continue to do that in energy-intensive industries outside the UK. Inside the UK, like I mentioned, we're now more focused on essential industries.

Our service contracts will come from power plants, from water utilities, like I just mentioned, we won United Utilities a few weeks ago, which is another big water company. That will be our focus because, while the current government is in charge and Ed Miliband is focused on net-zero, the energy prices are going to be out of the roof.

As the country looks towards going towards deindustrialization, there's no need for us to focus on energy-intensive industry because that would not be a good strategy. Does that answer your question?

It does. That's great.

Thank you and all the best.

Thank you. My questions are kind of follow-up on the earlier questions.

Just first to confirm the number you mentioned for JJM impact was around ₹50 to ₹100 crores. Is that correct?

Yeah.

Okay. Sir, this state-driven business will be like this also even as goes ahead.

Even if it improves for a quarter, in the longer run it is bound to be like that. Given that, how do we plan to deal with it?

Where do we expect the growth to come from if JJM is going to be like this?

You just faded off towards the end.

I'm asking if JJM is going to be like that, we can't expect to the state funding to be smoother anymore going ahead also. How do we plan to deal with it, and our ambition to grow double-digit, how do we plan to do that if JJM is not giving us much growth?

Yeah. As we move towards Viksit Bharat, the water supply system has to be improved one way or the other.

The fact remains that while we deal with dealers and not with the state government, infrastructure will have to be provided to make our cities livable because urbanization is also taking place, and like it or not, these pumps are going to be required. We believe that we have the best model of addressing this challenge.

We also have the highest market share because of the quality and reliability of our products. I'll get back to my original statement: don't look at performance quarter-to-quarter, look at the nation's requirements, and understand that our pumps are going to be required one day or the other.

It may be late now, but I believe it will be sooner than later. I'm not that concerned about it.

There are many projects in various states for water supply. Water and industry also supplies pumps for flood control, which is a major sector where, again, we give the best solutions.

In fact, I don't know if you're aware, for large concrete volute pumps, we are the only suppliers in Thailand for flood control. We expect that as global warming effects and climate change effects take place, these requirements are there.

Again, once you bring the water, water needs to be taken away and disposed of properly. Treatment plants are also coming up, which are separate from water distribution projects.

On the other hand, you would have seen that the company has developed new kinds of products for other sectors, the products coming from the same plant. The submersible turbine pumps that have been developed for oil and gas sector, we believe that there is going to be good market for that, and that will take care of our growth.

Okay. I understand that we just kind of focus on quarterly performance.

I think as a company there will be seasonality and all, but if we look even at the execution, it has to go on quarterly basis, right? For the last three quarters, I think we have only managed to execute around 30% of the order book while it used to be well ahead of 34%, 35%, and maybe ahead of 40% in the Q4.

That drop, do you expect it to improve from the Q4? Do you think we'll be able to execute more than 40% of our current order book in the Q4, given that the ERP issues are getting resolved now?

You are asking me to make a forward-looking statement. I will continue with my statement that we will strive for double-digit growth.

On the execution, shall it improve or not? At least you can comment on that.

I have already informed you that the foundry performance, which had deteriorated in the third quarter, has already been taken care of, and we expect that things will move forward from here.

At the start of the Q4 or is it middle of the quarter that it was resolved?

I can't say anything about the quarter.

Fine.

Right? I can't say anything about this quarter.

No, but the issue, whether it got resolved at the end of Q3 or start of the Q4?

I have said that the performance of the foundry, where we needed 700 castings per day, went down to 200 to 300 castings per day, and I also informed you that towards the end of the quarter, it has reverted to where we wanted it to be. I think I can't say anything more than that.

Fair enough. Thank you.

Good morning, and thank you for the opportunity. My question is about the data center opportunity that we are tapping in United States and other geographies.

What are the plans to explore the Indian market, that we have seen many hyperscalers are entering in India also?

Yes, the data center opportunity is also coming up in India. As you know that on the contractor side, there's AdaniConneX, and there's obviously many announcements coming up in Andhra Pradesh about Google and other entities setting up data centers.

We work closely with the big consultants, people like AECOM and Sudlows and others. Usually we look to ensure that they are aware of our capabilities.

Because they are aware and they have worked with us, we are one of the preferred vendors when these projects come up wherever they are, it's not just India. As AECOM, as an example, I'm using AECOM as a name, works worldwide on data centers.

Because we are approved and supplied to many of their data centers or where they are consultants, automatically you get the inquiry and you're on the preferred vendor list. I would say our focus is not specifically India or any place for that, but of course in India, because we have a base, we are reaching out to AECOM and other big players in the Indian geography as well as in Southeast Asian markets because many of the offices in the region, either the offices in Southeast Asia look after India or Indian offices look after Southeast Asia.

I would say that is our focus areas. Yes, as I mentioned last time, we do have good opportunities given that we have supplied to a large number of Amazon as well as Meta as well as Equinix data centers in the US and also in Southeast Asia.

We are looking forward to new opportunities here. Just to put in context for you, at the moment there are 4,000 data centers operational in America and there are 2,000 data centers which have already received planning permission.

In comparison to that, there are currently 20 data centers seeking planning permission in India. Just so that we understand the difference of scale.

My next follow-up question on that. What are our view of the nuclear opportunities that are happening in India?

Nuclear opportunities. Are

we seeing the nuclear energy that government is pushing to have a larger energy mix? How

we are seeing that opportunity? We're quite bullish about that opportunity.

As I have mentioned earlier, we historically have been on the secondary side. We have been on the primary side for the fast breeder reactor, and we also have developed the primary heat transfer pump for the fleet order requirements.

The pumps that we have developed have been hydraulically proved, mechanically proved, and I think this was a prototype pump. The performance was far better than expected, far better than expected by NPCIL.

One change that we need to make is the material, which we believe that we will be able to do that as well. We believe that we will be participating in the primary heat transfer pump for the fleet order.

That being said, let's understand that no single company will get all the orders because government cannot, when it's putting up so many power stations at one time, cannot depend on one company. The other pumps that were required, there were three other primary circuit pumps that were required.

The company has invested by itself, because the company invests close to 2% of its turnover on R&D every year, we decided that since the opportunity is large, we will make two more types of pumps. Both of them have, I believe, passed all the tests required by NPCIL, those also will be considered by the players who participate in putting up power stations.

There's one more pump that is required on the primary side, that also should be getting ready in this quarter. This is as far as the primary circuit of the nuclear power plant is concerned.

On the secondary side, we have a full suite of pumps that have been used for the power stations, and especially our large circulating water pumps, which are known for their reliability. I'd like to mention it over here, the first pumps that we supplied to what was then Bombay Suburban Electric Supply are running at almost the same efficiency, and the spare parts that were supplied with the pump in 1994 have still not been used.

They're absolutely reliable, and they are what we call lowest life cycle cost pumps, no requirement of spare parts. I think we have also told you a little earlier that on the thermal side, we have been working with Adani Power.

We have been favored with orders for the first few stations, and I think it's only because they have seen the performance of these pumps, which will last longer than the life of the power station. The company's products are known for high efficiency and high reliability.

I think we've also told you that we were the first ones in the world to make pumps which meet European efficiency standards before any of our large European competitors. We work in a way that ensures that the customer gets value for money, and despite being not L1, we get orders.

Thanks a lot for the insight. That's all from my side.

Thank you once again, sir. My question was on the progress that we have made on IOCL retail pumps order, how we have executed till now, and do we expect more such orders in coming periods?

I'll give just a summary of what's happening in the oil and gas sector. In general, for API and non-API, we are seeing expansion in refineries.

There is a BPCL Bina-Vadinar expansion happening as well as Kochi refinery, IOCL has a few expansions. We are focusing on all these projects.

Other than that, we're also concentrating on offshore floating platforms, other applications in the fertilizer segment as well for ammonia, carbamate, lean and semi-lean amine solution, and we also see an expanding export market. For the retail pumps that you are talking about, we have already supplied quite a few.

I have mentioned this many times is that generally around 30,000 such quantities are ordered every year from various PSUs, so that would be the total potential. Of course, they are also putting up many more petrol stations, so that should increase in the future.

We have already developed and supplied, and they are working. We are taking a conservative approach there because this is a new product for us, and we want to ensure that everything goes smoothly.

Got it. Second question was in the PPT, slide number eight, in this elimination line item, which normally used to be for the quarter in a single-digit crores, but in this quarter the EBITDA for elimination has risen to ₹56 crores.

I just wanted to understand, is there any change in the strategy or transactions that take place between various entities of the organization?

No, I think there is no change in the accounting policy as such. I think it is the effect of that.

It is the impact of the regular transactions. I think it is mentioned in the detailed notes in the financials.

I'll check. Secondly, can you please quantify the reversal of provisions, the receipt of erstwhile debtors for the quarter in standalone entity?

I think it might be around ₹40, ₹50 crores that we could able to collect from our old customers, of which we have made the provision in our books. We got this money, we reversed that one.

Between ₹40 to ₹50 crores, is it right?

Yeah.

Okay. My last question was to Alok.

We have been mentioning that our focus has been to grow the Benelux region through various products as well as service offerings. The Dutch entity has been reporting very good growth numbers since last few quarters.

I just wanted to know update over there, what efforts we are taking, and also in connection with the fish-friendly pumps that we have been talking about, where we have been expecting some orders, if you can please highlight on that.

Yes, the Dutch entities, they are, like we said, focused on water as well as services and also contracts. A lot of the contracts the Dutch entities do come from Turkish contractors because Turkish contractors at the moment are the most aggressive in Eastern Europe as well as CIS countries.

I would say those are where a lot of the contracts come from, and also from Spanish contractors, big contractors like Técnicas Reunidas. There are quite a few projects going on, I would say, through these European contractors, for projects mostly outside Europe.

I mentioned last time one major project, which is called Stegra, which is a project for green hydrogen for steel production. It's what they call green steel.

We were the first pump company to get this reference in Europe for green steel with Stegra. We believe a lot of steel companies will start moving towards green steel, and our reference here will be very useful because of the use of hydrogen in the production of steel.

I would say there are some projects like this which are doing well. We do see traction on water supply in Benelux, especially in Netherlands and in Belgium.

At the same time, there is going to be, like the UK, which I mentioned, the AMP8 cycle, there is a new cycle coming up in the Netherlands this year, and we hope that we should get some momentum from it later this year or next year. There are quite a few opportunities there on the water side.

Fish-friendly projects, yes, they're both coming up in Benelux as well as in the UK. The UK has also recently adopted the European fish-friendly norms.

I understand from the numbers put up by the Environment Agency, because fish-friendly pumps are going into canals and things like that, they don't come under the water utility companies, they come under the environment agencies. A lot of these fish-friendly pumps are going to be changed by Environment Agency, and I understand that almost actually over 300 pump stations are being evaluated just in the UK for retrofits to fish-friendly pumps.

Yes, we do see opportunities there. We have sold, as we already have sold a few in the Netherlands.

We have operational references in the Netherlands for these kinds of big pumps. Yes, I think we are still looking forward to more opportunities there.

I would not say they are at the level that we are expecting at the moment because I think these are projects and they take time to fruition, but I think the government at least has put the regulation that they have to be done. We hope that we will start seeing them coming up in larger numbers maybe later this year or next year.

Thank you very much. Yes, yes, that does.

Thank you.

Thank you. Thank you, everyone, for joining the call today.

We trust the discussion provided you with a comprehensive overview of our business and address all your questions. Should you have any further queries or require any additional clarifications, please feel free to reach out to SGA, our investor relation advisor.

We sincerely appreciate your continued trust and support. Wishing you all the pleasant day.

Thank you.