Thank you so much. Good morning, ladies and gentlemen.

Thank you very much for continuing to show an interest in our company and being with us here today. We closed a good quarter, and overall now the highlights for the quarter have been: first, of course, we signed the technical assistance agreement for the forging unit with Aichi Steel, Japan.

The forging project is going on as scheduled, and looks like the project cost is going to be a bit lower than what we had estimated. We'll update once we have a better fix on the numbers, but clearly, the project cost is going to be less than what we had estimated.

As far as this quarter is concerned, volumes have been good, and price revisions have taken place because costs had gone up. Some prices have been agreed.

Some are in the process of agreeing, meaning the OEM has agreed to a particular amount, but is likely to further increase the price because other companies have not accepted that type of increase. Anyway, that will happen when it helps.

Demand scenario is good. We are, in fact, finding it difficult to meet the requirements of the customers.

We are scrambling how we can make sure that we are able to increase capacity further. We have applied to the Environment Ministry for approval to increase capacity to 360,000 tonnes of melting.

Right. That will happen when it will happen.

Meanwhile, some of the other things that we have been doing is the new reheating furnace has been stabilized. New NDT line will be commissioned by September or October of this year.

NDT will be commissioned by September-October of this year. After this, the smooth flow of production will improve.

Currently, we continue to have a pileup of material that the customer wants, but because lack of testing capacity, is not able to go through. Even peeling, we need to get some peeling work done outside.

All those things will come in-house, and the table will improve. The product mix improvements is in second half of this year.

Solar plant, we've got a full quarter of savings. We've had two or three quarters this quarter, and roughly 43% of our total power consumption is coming from solar.

There have been, particularly, the government policy, we can enhance the solar zoning project. We expect in about a year or a year and a half time, we'll be going ahead, and we'll be increasing the capacity by almost 50% of our solar plant.

That will add to the bottom line, and to reduce the carbon footprint. Already our carbon footprint is below 0.5, significantly the best among Asian companies in terms of carbon footprint, and so our carbon footprint has been reduced.

This gives us a very strong position for export to Europe. Overall, EBITDA numbers have been in our range of 8 to 11.

We would like to remove part of EBITDA for your calculation purposes, because some of the EBITDA, other income, is from the earnings we have got from the [unclear] of Aichi in our joint venture. [unclear] and if we remove that, it comes to about 10,800.

I'm quite confident that next year we can improve our range. Today our range is 8 to 11, but next year we should be able to increase the range from 8 to 12.

That is as a result of cost reductions and bigger production, fixed cost being spread over a bigger volume. That's all from me in the opening remarks.

One last thing, as far the new steel plant is concerned, we are partly reconfiguring the plant to reduce carbon footprint further and improve energy efficiency. Things like scrap reheating, which was not envisaged earlier, and some other equipment that we had not envisaged earlier, extra testing lines, where we had planned only one continuous testing line for the new plant, but seeing the way market is changing and demand for continuous testing and automatic testing lines, we need to add more lines, which means the project cost is going to increase, as well as the capacity will increase in this plant.

Again, details are still being worked out. I think by next board meeting, we will be able to have clear picture, and we'll present a refined project with increased capacity, and try to keep cost per tonne similar to where we had envisaged, maybe a little higher because of Iran war, metals have gone up everywhere, as well as rupee has depreciated.

The cost of machinery is going to be also greater somehow. Those are being worked out, and we will have a better estimate in the next quarter.

As of now, we are still on track to commission the project in the financial year '29-'30. That's all from me for now in opening remarks.

Sanjeev would like to add some numbers, and then we can have our Q&A session.

Thank you, sir. Morning, ladies and gentlemen.

On the numbers for the quarter, this quarter we have achieved 59,000 tonnes of sales, higher than the corresponding quarter of last year by 6.5%. Revenue from operations is at ₹486 crores, higher by 12%, a combination of both.

One is because of higher volumes and secondly because of increase in sales prices. As a result, our EBITDA this quarter is ₹68 crores for the quarter, and ₹41 crores is the PAT.

Overall, EBITDA per tonne as such has also increased to ₹11,700 per tonne. PAT is ₹41 crores in this quarter as against ₹34 crores in the immediately preceding quarter and ₹20 crores in the corresponding quarter of last year.

This is all on the numbers for the quarter, and now we can open for the question-and-answer session.

Good morning, sir. Congratulations for the good set of numbers.

Am I audible?

Yes.

Sir, I wanted to ask a question regarding how we had projected very high growth in exports. Could you quantify how much exports were in this quarter?

I didn't hear that party. Read your question, please.

We had projected very high growth in exports. Could you quantify how much sales was export?

Anything in exports? How much is our exports?

The total exports still accounting for about 6% to 7% direct export, and another 5% is going as indirect export which is going to Aichi through their trading arm in India. What we are finding is that our estimates of direct exports of steel were off.

More and more customers are wanting to buy from India, but they are wanting to buy components and forged products from India. A lot of our customers are exporting products to Europe and to the US,

yes.

What we will start doing, I think a valid question you raised, from next quarter we'll try to calculate, and it'll be an estimate, that how much of our product is actually getting indirectly exported out of India as components.

Thank you, sir. That's very helpful.

Sir, I had another question. Sir, with the partnership with Aichi, could you quantify what is the business concentration per client?

Because Toyota is a partner of Aichi, if I'm not wrong.

Business concentration is—

Is the growth large with— No,

no. Business concentration, we are very well diversified across customers.

Our increased focus, as we go forward, the concentration in Maruti as a customer will be our target. If we're able to achieve that, that's a separate issue.

We will try to continuously increase business with Maruti as a greater share of customer. As of now, it's a very small percentage as a forecast here.

We don't have any concentration risk.

Sir. Sir, if I can ask another question?

Please, can you come back? Because there's a queue.

Sir. Sure.

Sure, sir. Thank you, sir.

Hi, sir. Two questions.

One is, and I joined late, if it is at cost of repetition, then sorry. Then the status of the expansion of the existing plant from 3 to 3.6, if you can share an update on that.

Second is on the land acquisition for the 5 lakh 5 million plant that we are planning.

The new plant is 5 lakh tonnes, not 5 million. 5 million will get into

the big, big, big boys

area. Land is in the last stage of getting finalized.

Machinery is also in the last stage of getting finalized. Hopefully, by August end, latest by mid-September, we should be able to finalize everything.

Got it. On the EC application from 3 to 3.6?

We have made the application. In all probability, in next 3, 4 months, we should get the approval but again, till you haven't got it, you haven't got it.

Fingers crossed. That time, we'll reach close to our actual production capacity, because we had never, never imagined we will reach this level.

I can publicly thank my team, who have done great work figuring out how to keep improving productivity to reach here. Now, all this is helping us in the new plant.

In the planning of the new plant, as I said, what was to be a 5-lakh-tonne plant is going to be significantly bigger than that. Of course, we have to make some more investments in that, and cost per tonne will be lower than what we estimated earlier for the new plant.

As I said, wait for next quarter, we'll have better estimates, expert-level estimates.

Got it. Can I ask another question or should I go back into the queue?

Come back in the queue, please. Sure.

Sure.

Good morning, sir, and congrats for the great set of numbers. Sir, my question is regarding this next project, 5-lakh-tonne project.

You have said that by first quarter, we will be able to start the production of this forging unit. What will be the exact diminution of the cost, reduced cost?

Can you give some light on that? What are the other projects, apart from this forging project, what about the other projects?

Forging project is likely to get commissioned by last quarter of '27-'28. Then the plant will take 6 months to 1 year, because it's a totally new product.

Customers need to come and see the plant, and then approve it, and then business will start coming. Revenue for that will start coming from the year 20 maybe at the end of '29 and/or '29-'30.

Project cost, as I said, is lower than estimated as we have been able to negotiate better terms, and some equipment that we've seen as Japanese equipment, we are able to find Indian substitutes for that. Overall, those costs have been estimated.

In the next 3 months, by next quarter, we'll have a far better grip on the total savings. As of now, we can say from the ₹475 crore that we had estimated, there is a substantial saving from that.

The saving is more than 10% as of now.

Okay. Nice, sir.

Sir, second question is regarding this expansion in the current project. When you expect that to start, the lines for this existing project expansion?

The

new steel plant, we expect to start by end of '29-'30. So, 6, 8 months to stabilize the plant, and '30-'31 we'll start getting revenues from that.

Q1 of '28, sir? No,

no. This is '29-'30.

It's a new steel— It's a new steel plant. This is a new steel plant.

Existing capacity in the expansion in the existing capacity, 3 lakh to 360 tonnes? That,

once we get the approval, only then we will have to invest some money, so that will take some time. Till we get the approval, we can do nothing.

Just to add that for the current year, we don't have any capacity constraints because whatever our plans are there for the current year. We have enough licensed capacity.

Once this approval comes, it will be helpful in the next year.

Next year. Right.

Thank you, sir. Thanks.

Again, congrats for a good set of numbers and for your hard work. We salute you.

Thank you.

Hello. Am I audible, sir?

Yes. Please, go ahead.

Yeah. Thank you very much, sir, for this opportunity.

Sir, just wanted to understand, now you mentioned we don't have any capacity constraint this year. What sort of volume growth

we are targeting for FY27? We are targeting for this year, we're targeting about 250, 255,000 tonnes for this year.

Mhm. Next year, we will cross 270.

270.

Okay. In terms of growth, we are still quite nominal, right?

The growth for FY28 itself is what, 7%, 8% only. What will drive our revenue growth?

Will it be more value addition? How should one look at revenue growth?

I think, see, what we're looking at in this year is diversifying away into non-automotive steel now. The whole category of non-automotive steel that we were not investing earlier, one, we didn't have the capacity to, we did not have the technical capability in the equipment.

Ingot casting is a route which is used for many of these products. Ingot casting is something that we plan to establish the plant by third quarter of this year.

By fourth quarter, we hope to stabilize. This year, we would have established and stabilized the ingot casting.

Now, we intend to get into die steels. India today imports ₹1,000 crores worth of die steels.

That's a big area for us to grow and do. That is die steel.

Railways, the pitch for axles, there is a big demand for steel for that. Windmill shafts, there is a big demand, a lot of it gets imported.

We will be moving in a lot into import substitution. Earlier, we didn't have that capability.

By end of this year, we will have that capability. We will start a second engine of growth.

Today, we have only automotive steel as an engine of growth. Tomorrow, we will have a second engine, which is non-automotive steel.

Once the forging plant comes up, then the third engine of growth. The fourth engine of growth will come up maybe a year and a half down the line as we start working towards aerospace and steel for nuclear plant, and so on.

That is a fourth lever of growth, which will take a few years for further development. That is the thinking of going ahead.

Just now we are constrained because our capacity is 3 lakh tonnes, which is the licensed capacity. We can't go more than that.

We can keep saying that you are very conservative, growing only 7%, 8%, but when that is our capacity, we can't go more than that. We are also examining can we import billets from outside and roll it outside and do some job work and develop that market.

If we are able to find a credible source, and because you have to have complete supply chain for that, if we are able to do that, then we have a chance of growth again. Meanwhile, what we will do is, if we don't have growth possibility, then we work on internal, how to keep improving margins and better product mix.

Meanwhile, the new plant will come up. Once the new plant comes up, then there's massive growth possibility.

That's very helpful, sir. My second question is on your Japanese tie-up.

We have done this tie-up. What sort of potential is there?

Can you throw some more light, how are we looking at the tie-ups that we have done?

For example, approval for Toyota, which happened for global approval, we got because of that tie-up. The approval for localizing imported steels for a customer like Maruti, they're getting because of our partners.

Then there are internal improvements in terms of overall quality, safety. Many other improvements that are happening.

Toyota in India is expanding. TKM is expanding with a new plant in Aurangabad or what's it called now?

That Huh? Chhatrapati Sambhaji Nagar, right.

Anyway, Aurangabad, the earlier Aurangabad. With the new plant coming up, they are looking at us for more steels, but Sambhaji Nagar, where very clearly, they need more green steel.

We are the only company which can provide green steel with all the approvals. As green steel becomes more and more important, we become the only players which can provide that.

With our expansion coming up, we will be very well-placed. Most companies have targets by 2030 to have a large part of green steel coming in.

Circular economy is Maruti. I'm reasonably confident if we'll get this approval.

Again, I said, till we have not got this approval, we don't have it.

Okay. Understood.

Understood. That's very helpful, sir.

That would be it from my side. Thank you so much.

Hi. Good morning, sir.

Sir, a couple of clarifications. Sir, in the opening remarks, you mentioned that the greenfield plant, we are looking to increase the capacity from 5 lakh tonnes, and because of inflation in metals and INR depreciation, the cost will increase.

Is this the right understanding?

Correct. That's right.

Okay. Sure, sir.

Sir, you mentioned that FY28, you'll be increasing the EBITDA per tonne guidance from 8 to 11,000 this year to 8 to 12,000. Can you quantify that or can you give us a color what will be the key drivers for this increase of ₹1,000 per tonne?

The key drivers are three. First, that we will have a bigger production, and therefore, the fixed cost will be spread over a bigger

volume.

Two, there are operating costs that have come down and that are further coming down as we go ahead. We can see all those things happening as we go along.

Third will be we still have job work and outside processing going on, which will start coming down from second quarter partly. No, not second quarter, from third quarter, you'll see that coming down.

Okay.

These are the three levers. The fourth lever will be in a year's time roughly, we'll have to see.

We have not given an exact forecast of when the new solar plant will come up. When the new solar plant comes up, again, there'll be cost savings based on the level of that.

Okay. This is just a brownfield expansion of the solar plant which we have right now?

Or it's

a new solar plant? It will be new solar plant capacity.

With similar cost savings.

No, because now the government has changed the rules. The cells have to be, as solar panels are locally made, the cells have to be also locally made.

The cost of panels is now higher than earlier.

Okay.

The savings on account of the solar will be lower than in the first phase which came up.

Right. Sir, just one last question from my end.

We are working with a European OEM to supply materials. Any update on that?

I don't have an exact update, but that should happen by later part of this financial year.

Okay. We expect to start commercial supplies to them in H2?

Yes.

Great. Sir.

All the best, and thank you.

Samples have gone. All samples are going on track.

Yeah. Hi.

Thank you for the opportunity, and congratulation on good set of number. I just wanted to know how does this EBITDA per tonne drive into your company which is within the range given?

What makes you the change of range this time and what to be the outlook going ahead?

Why we stick with our range is because we deal with auto OEMs. The auto OEMs change the prices upwards or downwards based on raw material parameters.

Because of cost, raw material cost goes up, therefore, they would increase the price of steel. That gives us a range.

We remain protected within a range. Every few years, the range gets bumped up or lower depending on market circumstances.

In addition to that, as I said earlier, with an increased production, cost per tonne comes down. With the current modernization that we have done, certain costs have come down.

Yields have improved. We've already said that earlier.

With the new reheating furnace, yields have improved, and they have improved. Then outsourcing that we are doing, the job work that we're doing, that is going to come down.

These are the factors, and that gives us the confidence. Then with the new solar plant coming up, that will add further.

Once the solar plant gets commissioned, then we will like to change the range to 9 to 12 rather than 8 to 12. For next year, it will be 8 to 12.

I hope, all goes well, the year after that, we should move to 9 to 12. Then the other kicker that's going to come in once we are able to establish our die steels and railway steels, these are all high-margin products.

Very difficult to make. Now, fortunately for us, Aichi, our partners, they make die steels also.

It is very, very important for die steels to have a foreign know-how. We have our partners, Aichi, who know this business and they are the largest forging company in Japan.

They have about 150 or 170,000 tonnes of forging in Japan. They are about 50% market share in Japan.

They use their own die steel in their forging. It's tried and tested in their in-house.

That know-how is going to be available with us.

Got it. For our new complete greenfield plant, what are the next foot steps to check, let's say, from 1 to 2 years of perspective?

The next steps to track will be purchase of land, second is placing of orders, third is status of environment clearance, and then it's progress of the plant.

Got it. Thank you.

Funding is not a problem for us, because, one, we already have a reasonable funding available with us already. Cash has come in.

Second, sometime next year, depending on when we need the funds, we will be doing a capital raising. Both the largest shareholders, Vardhman Group and Aichi, they have given their commitments for putting in as much capital as required.

Then we are also in touch with certain large institutions. There is certain appetite to put money in the company.

Raising equity is not a problem. Then we're in touch with banks.

Debt is also not a problem. Funding is not a problem.

Lastly, Punjab government, because we intend to put up this plant in Punjab, is very keen for this project. Government support is also fully assured.

Got it. Thank you.

Hi, sir. Am I audible?

Yes. Please, go ahead.

Most of my questions are answered. Just one clarification.

You said the brownfield capacity will require the environmental approvals. When do you expect those to come by next quarter or 3, 4 months?

What will be the ramp-up for the revenue to kick in?

If the approval comes in, then we will up the sales target for next year from 270, we will up it up to something like 290, because we can improve production up to a point without any further capex. Beyond that, we will need capex.

Moment we want to finalize everything for the new capex and sign it immediately once the approval comes. It'll be roughly a little over a year for the new capex to come in.

We should be able to reach 330, 340 in the year '29-'30, '28-'29. '28-'29.

Okay. Also you mentioned that you're looking at a non-automotive areas and for this year itself and so.

Is there a potential upside also coming from there?

Yes. Just to give you an idea, currently our average price is about ₹85,000 a tonne.

Die steels are about ₹2.5 lakh a tonne, non-ESR. As we get into ESR, if they cross ₹3.5, ₹4 lakh a tonne.

The volumes are small. Price is high.

Of course, there's a lot of heat treatment, and you need pressing and other things, there are other processes. It's not that the profits jump up by that much.

The costs are also higher to make it. The margins definitely are higher in those products, and the sales value per tonne is higher.

Okay. The die casting plant will also come up in '28-'29, right?

No, no. There is a forging plant, which is separate.

Die steel is a steelmaking process. For that, you're putting in ingot casting, which will be ready by second half of this year.

In Q3, we should have the ingot casting ready. Now, then it is a stabilization process, learning this thing and so on.

That should take 6 months. In the financial year '28 '27-'28, we should have production of die steels as a regular thing.

Okay.

All this will be within the overall limit of 3 lakh tonnes. Okay.

Till we get environmental approval.

What will happen is that mix is going to improve.

In terms of growth, the inflection point will come up from FY28 onwards, right?

If we get the environmental approval, '27-'28 will improve automatically. Then again, the throttling of sales that we have, that 7%, 8% kind of a thing, that limit is gone then.

Okay.

Just now we have a limit that we can't do more than that.

Okay. Thanks.

Hi, sir. Good morning here.

Congrats

on a good set of numbers. I just want to know the export volume guidance for Hello?

Go ahead. Can you

just let me know the export volume guidance for this FY27, sir? How much is towards Aichi Steels?

The export volumes are small. It is about 7%, 8%.

No need to track it specifically, and it will not be very high. At max, it will be 10%, because as I said earlier in the call, we made a mistake in our assumption.

At that time, we assumed exports will take a bigger chunk. Today, we're finding we are not able to meet the requirements of our existing customers.

Exports is not high on our agenda. Whatever is growing organically will continue to grow a little bit.

Out of this 7%, 8%, Aichi is about half?

Yes.

A little over half.

Together, that direct and indirect put together is in the range of 9% to 10%. Yes.

Sure. Sir.

Got that. The numbers are small.

I'm saying there's no need for you to track that specifically.

Got that,

sir. Yeah.

Aichi is less than half, sorry. Aichi is about 40% of this export.

Total export.

Got it, sir.

One more interesting thing, I think, which is a follow-up of all the questions that you have raised. When we are talking of this non-automotive steel, which is whether it's die steel or railways and so on, initially, these volumes are going to be low.

What we are doing is we are creating an option that once a new plant comes up, then we have the capacity. Once the business has been established, and we have seeded the business, to grow after that faster becomes much easier, which will help us in filling up the capacity of the new plant faster.

That is the other objective of why we are pushing so hard on these products right now. Yeah.

Next question, please.

Hi, sir. Just one question.

In the deck, we have mentioned that for the long-term aerospace and everything else, it would be under a dedicated JV. The question around that is is there a shortlist of player identified, or is it probably Aichi?

Purely legal terms, there will be a separate subsidiary under a JV structure, or is just a technology JV that we are aiming? Like we have with Aichi that they take stake, and then they transfer the technology.

We are talking to a few people. We are looking for more people.

This will be a non-Aichi JV. The partner Aichi is strong in automotive steels.

They're strong in stainless steels, and including medical steels, and as well as they are strong in die steels, though the volumes are not that big, because they use largely for internal consumption. For the advanced metals, that is we have the Advanced Metals Division, we will be looking for a partner outside.

That process of finding a partner will take its own time. It'll take a couple of years.

We are in no hurry, because, one, it's a slow process that finding the right partner with the right understanding is important. This is just a directional thing that this is what we want to do in the future.

For your forecast, for looking at valuation, etc., for getting a handle on numbers, this numbers will be too small and will be outside your horizon to think too much about. It will be a separate company.

It will be a JV, because nobody will pass their know-how without being an equal partner in it. Once we find the right partner, we make an announcement.

Understood. That's it.

That's from my side, sir. Thank you.

Hi, sir. Am I audible?

Yes.

Firstly, sir, congratulations on great set of numbers. Most of the questions are answered already, but just a few questions.

You mentioned that better realization came from OEM price revisions during the quarter. Could you help us understand whether these revisions are largely complete or should additional pricing benefits accrue during the year going forward?

For Q2, we've asked for further price increase. Q2 process will happen later.

Q1, the price settlement has been complete with some of the OEMs. Some of the OEMs it has been not complete.

It is likely to be higher. The Q1 price settlement is likely to rise higher.

If that turns higher, then our ask for Q2 will come down a bit. Q2 numbers will not change, except that certain profit of Q1 will be spilled over into Q2.

Okay. Sir, another question.

Following the commissioning of a block and reheating furnaces, what is the current rolling capacity utilization? Beyond operational efficiencies, are there any bottlenecks remaining before the plant reaches its designated utilization?

Yeah. The rolling mill after the commissioning of the reheating furnace has reached capacity of 3 lakh tonnes of input.

The way our team is working, we're confident we will hit 330,000 tonnes capacity of input. We already considered a 10% higher production.

Again, I said, it is constrained by licensed today. It's running at full capacity utilization.

Okay. Sir, last question from my end on the forging and machining project with Aichi Steel.

Could you elaborate on customer qualification timelines? Should we expect commercial supplies immediately after commissioning or will there be a lag to ramp up before meaningful revenue contribution?

Ramp-up will be gradual. We're already talking to customers, and we're starting because see, we are very lucky that because our partner already there, we're already sending steel to Aichi.

They get forged from there, and they're going to send to customer for approval. Approval will have happened.

Those things will shorten the process of ramping up. It will take time, because it's a new business.

We have to learn this business, and the customer have to get confidence also. Their confidence is high, because Aichi is already an expert in this area.

This area and this method of doing some of the product that they will do for the customers is new. It has been appreciated, but they have to see this in action.

Correct, sir. Over the next 2 to 3 years, we can expect the margin to grow majorly because of the cost optimization as well as the value-added business like our EBITDA per tonne, right?

That will be a very important. Again, the three areas of EBITDA margin improvement: one, volume increase and therefore spread of fixed costs; two, operational improvements and therefore some operational cost cutting down; and third is job work reducing and therefore those costs coming down.

In addition will be the fourth part of solar, which will happen a little over a year from now. It'll be the second half of 20

'27-'28. Also modernization, which will also impact the

10%. Start happening by '28-'29.

By near year, we should try to modify our range from 8 to 12. We like to remove 8 and stay with confidence of 9 to 12.

Okay. Thank you so much, sir, for the opportunity.

Thank you.

Good morning, sir. Am I audible?

Yes. Please, go ahead.

Just two questions on the line. Congratulations on the great numbers.

The question on the line: one is that what is our current order visibility from OEM customers? Secondly, what is your outlook on steel realizations over the next two quarters?

One, there is no system of a very strong order book. We're completely booked out, and we are refusing orders.

Having quite a strong order book or visibility, we are currently having trouble meeting the requirements of our customers. Demand is very strong.

No customer gives a long-term orders that, okay, you have this much coming in in the third quarter or fourth quarter. All depends on their volumes.

The customers are steady. It is all repeat business, which comes in.

Next volume increase is going to come from the commercial production beginning for the import substitution for Maruti, which will start happening the fourth quarter of this financial year. That's what I can say.

On realizations for the next quarter, again, we are asking for the price increase from 1st of July.

Q2 will be higher in prices.

Realizations will be higher in Q2 than Q1.

Q3 depends on how raw material prices continue to function. More or less, as of now, Q3, we don't expect a major change.

Then they'll be at the same or a little bit higher, a little bit lower. Q2 definitely expect an increase in prices.

Okay. Sure.

Thank you so much, sir, for your clarification.

Ladies and gentlemen, thank you once again for continuing to be very strongly engaged. The kind of questions you've been asking us means that you have deep interest in our company, and you're forcing us to think and find out answers and be ready for next quarter when we come back again.

Thank you so much, and we hope to continue to perform steadily and improve steadily.