Good afternoon, everyone. Thank you for joining on Huhtamaki India Limited Q4 CY25 results conference call.

We have Huhtamaki India management on call represented by Mr. Kamal Taneja, Managing Director.

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, Ikra. I hope everyone can hear me.

Good afternoon, everyone. Since this is also our first call for the year, let me start by wishing everyone on the call a happy and prosperous new year.

I hope this year brings you good health, happiness, and success to you as well as your loved ones. As Mohit said, I think before we get into financials, I also wanted to take some time to introduce myself.

I've joined this company on 15th of January, very fast completing one month in the role. My background is that I'm an engineer.

I have a dual degree from BITS Pilani. I'm also a MBA from Wharton, USA and a Six Sigma Black Belt.

In the past three decades that I've been working, I've been fortunate to have served in many senior positions across the global packaging and industrial companies, for example, Johnson Controls, Ingersoll Rand, Amcor, Essentra, and most recently, Laminex Australia. When I say 15 January was my first day at work, it's not entirely true because I also spent good amount of last six months working with Huhtamaki India as an external consultant, where my focus has been to improve profitability through operational efficiency and cost structure reduction.

I'm also very fortunate to have contributed to strong performance in many global and regional businesses. I worked in UK, Australia, India, and Singapore.

I look forward to bringing this international perspective to our company and to working with all of you as we embark on our next phase of growth. As is the customary on these calls, I will walk you through the company's financial performance for the quarter that just ended and also year to 2025, along with some insights into how we fared over the last 12 months.

After I finish, I'll be happy to take calls from all of you. I'm going to begin with describing to you our operational and financial highlights for the quarter four as well as the full year 2025.

As you would have seen from the announcements that we recently posted, our volumes were largely steady or flat compared to previous quarter, but they decreased slightly year-on-year. This is also reflected in our 12 months ended December 2025 with volumes lower than the same period in 2024.

Net sales in quarter four were at ₹6 billion, which were more or less flat versus previous quarter and year-on-year. For the full year December 2025, our net sales were at 23.9 billion, which actually represent around 2.5% decline from 24.5 billion we did in the same period last year.

However, as you would have noticed, our profit before tax, or PBT, for the quarter was significantly higher. We had 410 million profit in Q4 versus 152 million that we did in the previous year in the same quarter.

Compared to quarter three, we were down by 16%, but then quarter three for us was very exceptional quarter as well. For the year ended 2025, PBT before the exceptional items reached 1.57 billion, which reflects a strong 83% growth over 860 million we did in the corresponding period of 2024.

If I can summarize all this, for 2025, in terms of financial performance, our overall volumes were lower compared to last year. However, we had significant profit increase, and that is due to our strategic decisions where we focused on where we played, we optimized our product and customer mix, and we showed strong results also because of steady improvement we did in the operational efficiencies and cost structure.

We are focusing on building high-quality business and refining our product and customer portfolio to support profitable growth. On the manufacturing front, our long-term strategy to implement world-class operations are paying off.

We are seeing real improvements across our sites with better efficiency, reduced waste, and tighter control of overheads. We have also benefited from global expertise of Huhtamaki's plants helping us to enhance our process further.

The results speak for themselves, and this process is thanks to dedication, also due to our excellent team that work with us day in and day out. On the regulatory front, you would have seen notification on labor code, which came out on 21st of November last year, which is actually a very important development.

I'm actually pleased to tell you that we actually took some proactive actions in recent past, particularly in relation to employee liabilities. We expect not a very significant impact to our business moving forward.

Moving to other financial aspects, financial costs remain stable through 2025, which are consistent with underlying debt levels. There is a provision made to interest towards indirect tax matters, but we're pretty happy to say that they are in line with what we expected.

Surplus cash was deployed into bank deposits and mutual funds, generating an average yield which exceeded 6% during the year. Net profit for the quarter after exceptional income and tax stood at 303 million rupees compared to 117 million in quarter four 2024 and 360 million in quarter three 2025.

EPS for the quarter was at ₹4 and 2 paise. For the year ended 2025, our net profit after exceptional income and tax was 1.

1.182 billion or 1,182 million, which was up from 880 million in the same period, which I also made a remark earlier that we had a pretty significant increase in profit for the year. It is also important to note that 2024 figures included exceptional income from the sale of two land parcels in Thane, which itself amounted to 237 million rupees.

Our increase was even more significant if you took those exceptional items away. Regarding the debt and liquidity position, the ratio remains stable with the external commercial borrowings, or ECB, of 1 billion rupees being the only debt we have on the books.

Liquidity continues to be strong, and we are also supported by substantial unutilized credit lines and minimal exposure. The working capital position remains strong and actually shows improvement over prior year.

Regarding the sustainability, we made some significant progress there as well. Not just on profit, but also on sustainability.

Starting with safety, you would have seen we made significant reduction in our recordable incident and lost time injuries, both approximately 50% decrease over prior year. In fact, we had close to five months throughout our operation where we had zero-accident or accident-free months, which was actually in itself a major milestone in our workplace safety commitment.

We will continue to work more on that, and our aim is to have zero accidents in all our sites. On the climate front, our targets for Scope 1 and 2 were verified by Science Based Targets initiative, aligned with our 1.5°C goal, and our Scope 3 target remains well below 2°C target.

We have a renewable electricity project undergoing at the moment, which is progressing steadily, and we hope that we have the energy generation from this project in the second quarter of this year. We are putting much more effort into our water management efforts.

Sites, including Khopoli, Rudrapur, and Silvassa, have achieved zero liquid discharge, which in itself is very significant, again eliminating liquid waste, which we are doing through on-site treatment and reuse, again underlying our commitment to sustainable water practices. Finally, our work on product sustainability continues.

In quarter four last year, we reduced solvent consumption across all our sites, which made improvement on our worker environment and safety while also reducing the emissions, again demonstrating our dedication to both people and the environment. Before I close, I want to sincerely thank all our stakeholders on this call and in general for the trust and support you have shown to Huhtamaki and its leadership over the years.

I'm honored to take on responsibility of leading Huhtamaki India into its next phase of growth, and I'm committed to building on strong foundation which is already in place, which is demonstrated in our results for the prior year. Thank you very much.

Hi. Thanks for the opportunity.

Sir, just wanted to know about what sort of capacity utilization we are working on, and I believe since few years, there is no volume growth. If you can give some idea how it would be for next two, three years?

Thank you, Ritesh, for the question. I think why you're asking capacity utilization question is to ascertain whether we have capacity for growth, yeah?

I think I can tell you, definitely couple of things that we have done recently, when I talk about operational efficiency. Obviously, when you are more efficient, you make more room for growth.

That plus inherent capacity we have in the system means that we have enough room to grow. As we also did optimization exercise couple of years ago, and we are pretty certain that for next few years, we'll be okay in terms of capacity utilization.

Reason for my asking about the capacity utilization is though there is a improvement on P&L side, but if I see on balance sheet, your return ratios remain quite inferior. It's still in single digit.

What are your thoughts about it, and where do we see that going forward?

I won't say our return are inferior. I think if you compare what I have seen in the market and my experience from other places that I've worked, I think the return is pretty okay.

In fact, if I compare with some of our competitors in the industry, they're pretty good. Having said that, we can always improve, and that would be our definitely focus as we move forward.

Good evening. Can you hear me?

Yes, I can. Yes, Rajakumar.

Thanks. Thanks for the opportunity.

Sir, sorry about the background noise. Please bear with me.

Sir, just a few questions. The first one is I just want to know how sustainable are your margins?

That is my first question. Second thing, when do you think your top-line growth will start playing out?

Third one is on the US-India trade deal. Any upsides for Huhtamaki here?

These are three questions for today.

Okay. Firstly, Rajakumar, I thought you were allowed only two questions, but I'll answer your three questions.

How our margins will play out in the future, right?

That's correct.

You talked about top-line growth, right?

Yeah.

The third one was

Third one is on the US-India trade deal, how much upside, yeah.

Okay. Great.

How sustainable are margins moving forward? I think what I can say is, because I personally worked on this last year, we made changes to the way we work both in the factories and in our go-to-customer strategies, which are not one-time.

These are sustainable, and the idea was that any changes we do are going to be worth it in the future. Now, one thing we do not know is there are a lot of things that happen which are not under our control, for example, political, taxation you mentioned, and volume in the market, etc.

That varies, and that actually affects the way you do your business as well. All I can say is from our side, we feel the changes we have made operationally and in terms of going to market are quite sustainable.

We'll see how we go, and I'll be happy to report that again in our next call. On the top-line growth, again, my answer would be similar, because there are so many things that we are dependent on, for example, market growth, which segments grow and which don't, how our competitors move, etc., etc., and also regulation sometimes, because there are restrictions or otherwise on where and how we can play.

That's something we're going to watch out for. I can tell you number one priority that we have in our business, not just in Huhtamaki India, but also Huhtamaki globally, is to drive profitable growth in future.

Your third question on US-India trade deal that you mentioned, I don't know, fortunately or unfortunately, our total impact is only 1% of our sales. If we say our ₹2,400 crore our top line, only 1% of that business is through US.

We hope we can increase it with this trade deal, but we'll see how it goes. I think for us, it's a very small impact, if I can say that.

Okay. Thank you so much.

Sir, just on this margin part, there are no one-offs in this quarter, right? We can expect this margins to sustain go forward.

No, not at all. We had a significant one-off last year, as I mentioned earlier, but not this year.

Okay. Thank you, sir.

Yeah.

Thank you for this opportunity and hi Kamal, this is first call, very nice talking on to the platform to you.

Thank you, Vipul.

First question is I believe just wanted a confirmation. Per the annual report of 2024, the ₹100 crores ECB from the parent was supposed to be repaid by 7th of February this year.

I suppose that transaction would have gone through, which would significantly decrease the balance sheet.

This is before my time. Can you hear me okay, Vipul?

I can hear you loud and clear.

Alright. We had ECB of 100 crores, like you say, 1,000 million in quarter three last year.

The balance of that is actually scheduled to be paid in 2027, June 2027, because that's in line with the regulation, I believe, right? That's what we are following at the moment.

Hopefully Okay.

No, I thought the annual report mentioned it was scheduled to be repaid in February of 2026. There is some confusion, probably.

Q3 2024 is when it was supposed to be.

No, the annual report mentions that, I'm just picking up from the annual report.

Okay. Vipul, why don't I check that, and maybe you can contact our investor relations.

Again, at the end of the day, it's pretty insignificant, it's not really material in terms of size of business we have, yeah?

Fair enough. Fair enough.

Second question, on a net cash basis, we have now significant cash lying with the company. Obviously, it continues to be accretive, as the years and the quarters go by.

Huhtamaki India has historically been an acquisitive company in terms of M&A is concerned. Just was curious to understand your thoughts on this piece.

Yeah. Firstly, thank you for noticing that.

It's much better to be cash rich than otherwise, isn't it? I think we would assess that.

I've been only on the job for 2 minutes, 1 month or so, I haven't assessed that. We will take a view on that as we go.

At this moment, our focus is organic, and that's what we are focusing on. If some opportunities come, we'll never say no, but at the moment, that's not our focus.

Now, that also means what we do with this cash moving forward, right? We will assess it as we go through the year.

We are also assessing things like what kind of investments we need to do on our operations at the moment, although I don't see any significant capex for this year. We'll see, and if the opportunity comes, we'll do either organic or inorganic investment, but I think it's too early for us to commit on anything.

Fair enough. One last piece, although you've just mentioned, and I appreciate the fact that you're just new to the job, but last year, on one of the calls, I had made this specific reference, and also in the AGM, I had put that before the independent directors, as well.

If you compare the flexible packaging margins which your parent reports vis-à-vis what we report here, because in India, it's the listed company is only flexible packaging.

Our

margins are pretty lower than what the parent reports, and probably one of the reasons for that was the very high, I would say, information technology cost which we pay to the parent. It's quite a dichotomy that India being a very high software services nation, we still have to bear such high information technology cost, which are as huge as our EBITDA sometimes, in a particular quarter.

Would appreciate you putting your hands on that as well, and probably negotiate with the parent, because ultimately, time and again, this will come up for the minority shareholders, as well. We've been a shareholder for long in Huhtamaki, and we really like the company, we're really excited by the space which it is in, and the growth potential where you guys fit in.

It's just that the sheer amount of this which is paid to the parent and which hits our P&L obviously is impactful. Would appreciate if you can also, probably next time around, have some thoughts on that.

Thanks, Kamal. Appreciate your thoughts.

Sure.

Actually, maybe I will elaborate on that as well, because ever since I've joined, I'm getting these questions, as well. I'll tell you a bit about my experience, but also tell you a bit about the differences I see flexible market in India versus overseas, yeah?

One thing I can tell you, the India market, just for FMCG or packaging industry, is so much more competitive compared to anywhere else in the world. What kind of products you see in the market from our customers, the price points they have, etc.

Obviously, when they are catering to those kind of consumers, there's also pressure on us to kind of be very, very competitive. I think if you're comparing margins India versus overseas, there's a significant difference in what they do.

Now, obviously, our company does more than flexibles overseas, I think it's hard to compare product by product and because of geography how that moves, yeah? Your second question on the charge from group, etc.

I think that's what you are referring to. I'll tell you about my experience.

In my previous company, when I was in UK, we actually looked at divesting part of our business, and we had a lot of these centralized costs which were actually given to different divisions. After the divestment, there was a huge issue when the independent company actually started running their own business independently, because they realized that the cost structure, etc., they expected through divestments was much more than they expected.

I think a lot of times we actually underplay how much important these charges and these help support that we have. In our company, I talked about operational efficiency improvement, IT systems that we change, and just the innovation part, that is so useful for us.

Again, I'm not saying that there's nothing we can do about that, but that is something very important to us, and I really value that, yeah.

I appreciate your comments on that, but the fact is that if you circle back on calendar year 2024, we paid 80 crores for a 2,000 crore for a 2,400 crore company. There are so many multinational companies listed companies which are there.

Frankly, haven't seen this kind of number which is in consonance with the margins which the company makes. The point was that it seems a little too high, and if your team can sort of look at that and probably renegotiate with the parent, because it says IT support, one of the reasons why we're paying so high.

Would really appreciate that. The number itself is so huge.

Annual report for '25 hasn't come through, can't really comment on that. For '24, and the point which we made to the chair as well, I don't know what's come out of that, but just put that across to you as well, yeah?

Thanks, Kamal. Appreciate your thoughts.

Noted. Thank you.

Previous question about the ECB payment, right? I've just got the note here which is in our annual report, which says the first tranche was due for repayment in December 2025.

However, this was prepaid in September already, and I think that's where the confusion is coming from. Second one is due for June '27, right?

That is where the difference is.

Fair enough. Fair enough.

Oh, fair enough. All the Thank you.

Thanks for this opportunity. Sir, though new to the company, but you were with the company for some time, you must have some strategy planning for the growth and all.

We are seeing this company the revenue or turnover struggling around 2,500 since last seven, eight years, and definitely we are losing lot of market shares to other player. Is there any goal plan or strategy where you want to at least grow with the market or outperform the market?

Yeah. Thank you, Sunil.

Very good question. Now, I can't comment on previous years, but I know for 2025, we had a very clear strategy on where to go or where to play, right?

Which meant that there were some businesses that we were doing which were not profitable or low profitability, or segments where we thought we were not well-positioned, we cautiously took a decision not to play with them. Probably that is one of the reflections which is in our top line, right?

What I can say moving forward, we have a very clear business strategy, and there are three priorities that we are looking for. Number one is profitable growth.

Number two is capital discipline. It's good to grow, but we ought to also have to make sure that we are disciplined in how and where we spend the money.

Very third thing which I have been working on in last few months that I've been associated with the company is on the accountability, which is how do we take the ownership of what we do, etc. Now, this is what we can do on our side, how it impacts our top line, etc., we will see how it goes.

We can only control these three things, and that's what we are focused on.

Thanks for that. Second question relate to one of the product you introduced was blueloop.

How is that performing and how you see the future for that? Also any other new product which can be introduced from the basket of the parent to in India, the growth can be accelerated?

Yes. Very good question again, Sunil.

Blueloop, yeah, we've been talking about this for a very long time. I think as a company, we have very strong faith in this product, because it's actually kind of a game changer in the industry, because it's sustainable, it's recyclable, it's good for the environment, good for our customers as well.

Unfortunately, what's happened over the last couple of years is that the expectation we had in terms of growth has not come through. It is either a reflection of maybe a bit of slow adaptation from our customers, and also maybe regulations which have not been very strict, and customers have been kind of delaying those goalposts that they have over the years.

Having said that, we have been holding steady on the asset utilization. At the moment, we are still looking at 25%, 30%, which is not bad, but we are also in consultation with a lot of our customers, which are going through trial phase, prototyping, etc., etc.

As these things take a while, because it's a core marketing function of our customers that they're looking at, and we are hopeful if not soon, in the long run, we'll be very successful in this.

Any more product?

Yeah. Actually, even the previous call Vipul asked about the charge we pay for the group.

Actually, there are so many products we transfer from overseas every year, and there's a lot of infrastructure, knowledge, resources required to do that. We maintain doing that, we keep on doing that every year, and again, although I can't tell you specific before we launch them, but there's always a pipeline of products that we are introducing every year, especially support from overseas.

Okay. Great, sir.

Thank you very much, and all the best.

Thank you.

Hello? Thanks for the follow-up.

Just two more questions. The first one is Mr.

Kamal, I want to know what are the current tailwinds and headwinds that you are facing, and what would be your priorities for 2026 to kind of address or make use of the tailwinds?

I'm just noting down your questions, I don't forget them. Okay.

I think tailwinds and headwinds, I think maybe I can say a bit about tailwinds first. I guess, if you look at the market potential we have in India, right?

As now India is fourth largest economy in the world. There's a organic growth which is kind of in the business, in the market.

Good thing for us is that there's a big business to be aware of. I guess the headwinds are always around regulations or political environment, taxation, government policies, labor codes, all that kind of stuff which are not under control.

I think there are also things like changing packaging requirements by customers. One example I gave, the question on blueloop as well, although we want to do a lot more work on blueloop, but we can only do as much as our customers pull from us, and as much as we can educate them on the value of driving that.

I think those would be couple of big items on my mind. Your second question on priorities, I think I've said that a couple of times already.

There are only three priorities, we want to keep it simple: profitable growth, capital discipline, and accountability. We'll be driving that through '26 as well as in near future.

Okay. If I can ask one more question, this is on the recent senior-level changes.

I see the CEO, CFO, and the sales head, all have kind of left the organization in around the same time. Just want to know any specific reason why such big exits are happening around the same time?

I don't think there's a systematic approach on changing CEO, CFO, etc., etc. I think one thing I know is if that didn't change, I won't be here on the call today, so that's a good thing, I'm not complaining about that.

I think one thing I know is no person is bigger than the company, right? We have a very strong base, very strong principles, operations in the company.

I do not think it makes huge difference on how we perform in the market. Those principles guide us, those visions, those missions that we have in the company, they guide us as we go forward.

They would remain. Frankly, for us, we do not know and we don't want to dwell on what happened in the past, but what we are focused on is how we do in the future.

Again, what we say, profitable growth, capital discipline, and accountability is what we going to drive going forward.

Okay. Thank you, sir.

Thank you so much for taking my question. Is that audible?

Yes, absolutely.

Thank you. Kamal, I have a question for you and all the best for your new stint.

One question which I have on the consumer side company, the commentary which we're hearing this quarter, is that little bit upbeat on the volume growth post GST and they're saying that there's going to be change in terms of demand side outlook and also looking to increase the ad spend. That's what we are seeing in the consumer company commentary recently.

Do you see that as that kind of momentum you can also see because you cater to so many FMCG companies? You see that kind of momentum you are visualizing last one or one and a half months?

Absolutely. Firstly, those reports are all over the place, we definitely know how our customers are doing, especially the large and regional customers.

What you would also see, Vikram, in that is that some of these larger FMCG players are actually growing a little slower than what we see from the regional customers. Smaller brands, they are probably doing much better in terms of growth than the larger brands, right?

Now, our positioning in different customer segments are slightly different, right? We are looking at where our strengths lie, where our value of our products, services meet them better or the other.

In terms of GST initiatives, etc., I think in what we are seeing as our customers or our products positioning, we are not seeing any significant change at this stage. For us, it is not so material at the moment.

Again, I think our focus is to position us even better as we go further, and as long as we can focus on where the growth is coming from, and that would be our focus.

Sure. Is it fair to assume you mentioned earlier question that the margins which you generated in this calendar year has no one-offs, is it fair to assume that this near double-digit EBITDA margin can only see improvement if the demand on the consumption side recovers or improves?

Is that correct to assume for the current year?

Vikram, as we never make any forward-looking statements, I would not comment on that.

No, sir. You said the current year margins are no one-offs, right?

It means it can be

The current year performance has no one-offs.

Yeah.

I can't comment on the future, but like I said, those three focus areas are our priorities.

We'll just

continue to build on that.

I have one confusion on the slide number seven what you mentioned on the cash level. You're saying ₹298.9 million in bank balance, and also I to add mutual fund into that, total comes around 480 4,800 million, or it's total?

298.9 is total, or it includes the mutual funds, or it's a separate from mutual fund? On slide seven.

Both are separate.

Okay. The total balance is close to ₹480 crore or 4,800 million, right?

That's right.

Super. Thank you so much.

All the best to all of you. Thanks.

Thank you.

Good evening, sir. Am I audible?

Yes.

Sir, my first question is in line with the previous caller only. Previously we used to deliver the margins of 9% to 11%.

Is it fair enough to assume that we can do it in coming years?

That's a question or I would repeat the same answer. I can't comment on forward-looking, like I said before, but then again, all I can say is that we going to continue focusing on those three areas that I mentioned before.

Okay. Sir, what would be currently market share of Huhtamaki?

That's a very complicated question. I wish I had a clear answer.

Mehul, we work in a very fragmented market, right? If you look at our competitors, our customers, it's so difficult to have a like-to-like comparison.

If you look at, for example, some of our bigger competitors in the market, they may say some numbers, easy thing for us would be, okay, add them up and say what's your market share, etc. However, some segments, some spaces that they work we don't work, etc., etc.

Frankly speaking, it would be very difficult for me to actually tell you what our market share is and increase or decrease in future. Like I said before many times, can only assume that we will focus on profitable growth in future.

Okay. Sir.

Thank you.

Thank you, Mehul.

Am I audible, sir?

Yes, Zaki, you are.

Am I audible?

Definitely.

Yes, sir. I think congratulations on a very healthy year gone by.

Sir, going back to the question of royalty, what would be the royalty paid this year to Huhtamaki, sir, in terms of software charges, as well as the other payments? That is my question number one.

Number two is, sir, wouldn't you see a company the pedigree of Huhtamaki, wouldn't it be fairer for the company towards the minority shareholder that they take out money as dividends rather than these kind of payouts, sir? I would request you and the independent directors to impress upon the board to take this forward, sir.

Thank you.

Thank you, Zaki. First, your question on royalty, actually we do not pay any royalty, it's zero.

I think that is very clear, right? Now,

That royalty means whatever payments towards software expenses and costs for centralized services, sir.

You mean cost charge to the company for the services they provide.

That's about royalty kind of payments, sir.

Okay. For me, royalty is slightly different.

That's if you are a franchise and you're paying to your parent company, etc. Anyway, I think there's a charge, and I told again although we can't tell you exactly what it is, but I think this is pretty common.

When you have a large company, you take on resources, you make use of resources which are available to you globally. Actually, I can even argue that there's economy of scale, and you actually benefit from that rather than other way, yeah?

Now, your second question on dividends for minorities, I feel we do pretty good dividends over the years, and actually every time we have something special, we actually do a better dividend than previously. We will continue doing that.

For the next couple of years, again we will reassess how we're doing, and if we need to make any changes, I'm sure, Zaki, you'll be the first one to know.

Yes, but sir, do put it forward that it is a slightly largesse kind of payment, whatever.

Yeah.

Expert or otherwise, it is slightly largesse. To earn 80 crores, you pay 80 crores.

Yeah.

There would be fairer means to take out money, sir. Just put it forward as a request from minority shareholders.

Thank you, sir.

Will do, Zaki. Noted.

Thank you.

Thank you.

Hello, am I audible?

Yes, Sheetal. Yes, you are.

Yes, sir. I just have one question, sir.

Sir, what external environment you aspire for our company to grow in volume and revenue, sir, keeping the margin intact, sir?

Oh, I aspire for many things, Shetal. I want our customers to double their volume, double their profits, etc., etc.

I think again, it's a joke, but I hope this growth that we are seeing in the industry grows. I hope we have a fair, well-regulated environment.

I hope that we get more and more aligned with the sustainability targets that we see in other parts of the world. I hope our consumers who are consuming our products and our customers' products, they get better and better products as they go.

I also hope that they have more buying power in future, we can sell more to them.

Sir, that has not happened since last four, five years. Do you expect it to happen in the coming future, sir?

Like I said, I just hope, right? I do not know.

I think it's unfair for me to do expectation otherwise. Shetal, there are so many things which are not in our control.

Like I said before, all we can control or all we can manage is to make sure our priorities are right, and our priorities are definitely for future profitable.

Because full marks to the management on margin front, sir, you have achieved that. To take the company to the next goalpost na, sir, unless volume and revenue increase na, we will remain as we are there only, sir.

That's why I am asking you, sir.

No, Shetal, I noted your point. Again, like I said, we want to grow, and that's our priority, yep.

Yes, sir. We are investor since last long time, sir, and we expect something to happen for that, sir.

All the best to you and your team, sir.

Thank you, Shetal.

Thank you, Ikra. Thank you, everyone who joined the call today.

I again wish you all the best, and I look forward to talking to you again soon. Thank you very much.

Bye-bye.