Thank you. Good afternoon to all the listeners on the call, and thank you for joining our call.

This call is about the Q1 results for Jain Irrigation, and today we also had our Annual General Meeting followed by the board, and in the board the results were approved. As, as we spoke, I think sometime in May, it was anticipated that the first quarter will be a muted quarter.

As a company, overall our revenue has been about 2.5% less than the same period last year at about ₹1,500 crore, and within the within different segments, I think Hi-Tech segment registered a de-growth while Plastic is almost similar to the last year's same period, and Agro Processing registered significant growth due to additional beverage business and some growth in our overseas markets. While all overall revenue has remained similar, there was a reduction in EBITDA because especially standalone India business, we had less fixed cost absorption because of lower volume due to volatility linked to raw material prices and demand postponement, and that has resulted into lower EBITDA, especially in the Hi-Tech division.

In fact, Plastic divisions improved its EBITDA, and Agro Processing also had seasonality issues to register lower EBITDA, and impact on the forex side was negative compared to the similar period last year. All in all, reduction in EBITDA temporarily in this quarter, but we believe we should be able to catch up in the second half of the current fiscal year to cover what is lost.

In terms of when I look at the margins, Hi-Tech division delivered about 14.4% margin versus similar period at 16.6%, approximately 2% reduction, and Plastic in fact improved by about a percent or so from 10% to 11%, and Agro Processing also came down by about 3%. Post all of these changes in the margin profile of company, adjusted PAT after adjusting the non-cash NCD interest unwinding, adjusted PAT at about ₹3 crore versus last year's ₹30 crore, but company has still remained profitable.

Overall when we look at this quarter, the revenue we have been able to almost maintain at similar levels, EBITDA margins are down by about 2% or so, but mostly linked to unabsorbed fixed cost, which can be captured in the second half, and adjusted PAT has remained profitable. We had In April, month of April when we were there, we felt that situation was going to be much worse.

I think May and June we did better, July continues to be remaining good, things are definitely improving than how the year started, especially due to volatility linked into the business. Now, while this is consol results, on a standalone basis again, majority of the de-growth this quarter particularly came from standalone business, and while overseas consol business and business of food base company has done well.

If we and even on standalone basis, on adjusted PAT basis, company has remained profitable and also having the good cash. If I look at cash flow statement, the EBITDA of ₹164 crore, almost about 78% of EBITDA we have been able to convert into cash flow.

That is quite a positive sign in terms of, managing management of the working capital which we have done, I think that's a that's a big plus. This was possible due to further improvement in working capital cycle.

If we if we look at on consol, the entire company basis, net working capital last year this time, June '25, was about 210 days, and this year it is come down to 183 days, so that's a significant improvement during over last 1 year. Even at on a standalone basis, it has come down from 296 days to 283 days, so that's a big improvement.

If I just compare with March '26 also, it was 186 days and now it is 183, so that's an improvement. Now, and this is despite all the volatility which was out there.

In terms of, business potential in terms of looking forward in the remaining three quarters, second quarter typically also remains mute because of the rainy season, and but the good news is, there was a fear that huge amount of this super El Niño will emerge and that would have a disaster in terms of total rainfall, but we have seen good level of rains in July that would mean, the farmer got adequate adequate moisture into their soil for the crops to sustain themselves, and it is expected over next couple of weeks some good rains will continue in the country. By and large, there was a big deficit in June because of the delayed onset of monsoon that has that was kind of covered partly into July, and we hope also into August.

The news about the monsoon and the weather and the climate change is not as bad as it was forecasted. I think that's a positive thing as far as we are concerned for the rabi crop and for the next year's summer business.

This would be very positive. Majority of dams in the country have, water levels filled up now 2/3, 67%, and by the end of the monsoon if they do hit 80%, 85%, that means adequate water availability for irrigation the next hot summer also, which is positive.

The the reduction in the revenue in the June was partially caused by postponement of purchase decision by customers due to very high prices, and second, it was also because the delayed onset of monsoon, farmers were not ready to sow their, crop, and of course then they couldn't also take the irrigation systems as well as pipes. Since then, as I said, July has been better.

We have registered already positive revenue growth in July as against, April to June quarter of significant revenue growth here, and August and September also seem to be good. Especially, but especially we think with the kind of negotiations we are doing also with institutional customers for larger diameter pipes, we see a lot more kind of suppressed demand coming through.

Now subject to a little bit more stability on the geopolitical event, then oil stabilizes and then polymer prices come down a little bit more than where they are, I think that would, give that trigger momentum for the growth into the business. Reasonable quarter, but, far more needs to be done in the second half of this year, and that looks good, the signs from the indicators are positive.

In terms of, as I already talked about, cash flow was positive this year. In terms of overall cash flow, we have been able to generate post working capital changes has been positive.

We have been able to maintain margin except small reduction linked to unabsorption of fixed cost, and that can be covered in the rest of the year. In terms of the, the main major issue which I think is there is on the balance sheet.

This year with about ₹690 crore of debt of the NCDs falling due in the current fiscal, partly in September, partly March, approximately ₹230 crore in September and remainder in March of that ₹690 crore, or maybe I think ₹680 crore now approximately. We believe that, as we have said this earlier, company would be able to take care of these obligations in the current year through its cash flows, and company is also pursuing other alternatives as backup plan, just as a matter of prudence in terms of to ensure that come what may, company does and will ensure that all obligations are paid on time, as we have done in last 4 years.

In terms of rest of the the capital, in terms of working capital, that is being, managed properly. I think we have good support from current working capital banks.

They have approved additional limits, new limits. I think that thing is going well, and I think bankers understand what has happened due to this West Asia crisis, the impact when suddenly if your raw material prices go up by 50% what happened.

They have provided necessary support to the company to, come through this crisis and come out well, and so we're very thankful to them. At the same time, we're quite optimistic about remainder of the year.

Overall, overseas plastic business did well, it's approximately significant growth of 40% or so in terms of revenue, and because of that performance, I think overall EBITDA margin for plastic have improved in this quarter for us. In terms of structurally where we're going, I think we are entering into a cycle post this season where every single product line of the company, whether it is about irrigation business, piping, solar pump, tissue culture, food processing, we're seeing growth opportunities, so quite positive there.

As I said, this first first quarter was combination of postponement of decisions by customers due to high prices, delayed onset of monsoon, less sales related to the project category, which is like company's, considered decision to, get out of that particular type of business, as well as almost limited billing related to solar pump business, which will pick up in the second, third, and fourth quarter. I would say that overall, while one quarter first quarter results are muted, but we remain confident on the rest of the year.

Within when I look at the details of the business, within even retail business, I think we did quite okay in our hi-tech business in like Maharashtra or in western parts of the country. Even in north, the business grew.

The business which did not grow was which was linked to kind of government subsidies, where we had opportunity to take revenue, but that would have meant a lot more impact on the cash flow and long receivables, we chose not to do that business. Otherwise, I think this revenue negative growth what you see would have been actually covered.

Easily we could have sold ₹50 crore, ₹60 crore more of micro irrigation, but that would have meant much many more longer receivables, and especially this year with so much of debt due, we're choosing to pick up business which is more and more cash flow positive, of quick quicker turnaround and cash-to-cash cycle. That is where it is, and in terms of overall receivables were compared to March were down by about ₹25 crore in June, and we'll continue to see between September, December, and March that to further go down, and those extra collections would get used to honor the necessary debt obligations which company has.

In terms of structurally speaking, while the polymer prices went up, we have been able to pass on majority of the increases to the customers, and if and when prices of polymers do come back, we think that would spur the overall demand into the business. We're looking forward to get that done.

This is where kind of, the first quarter's balance sheet, P&L as one would call it, in terms of overall business cycle, and I think we're getting into a stronger business cycle going forward. With that, I will stop here.

I would again thank you for patiently listening to this update on quarterly basis, and we look forward to taking any questions you may have now. Thank you.

Hi, sir. Thank you for the oppor—

Hello? I can't hear you.

Hi, am I audible?

Yeah.

Yeah. Sir, I was trying to understand, in terms of government receivables, did we get any during this month, and how many more projects are left to go in terms of completion?

These two questions.

I think last quarter we received approximately ₹60 crore from the government, and I think month of July another ₹25 crore, ₹30 crore have come through from the government. We see that as the rest of the year goes, it will continue.

In terms of the projects to be completed, I think hardly now, and you saw the total billing on the project was maybe ₹24 crore or so for the quarter. I think second quarter could be maybe little even less.

There's one active large project, which is in Pune for water supply, where we still need to do, I think, triple-digit billing going forward, the remainder part. Most of other projects like 98%, 99% done, very small amounts are still left.

Sir, how much more scope of work is left? Hello?

In the other projects, apart from the one project in Pune, I think total billing left is about approximately closer to ₹40 crore, ₹50 crore only.

In terms of the working capital we need to spend on it, is there more to go?

No, I think we don't have to spend any working capital. It's mostly the last-mile connectivity, etc.

The material supply, the component supply, all of that has already happened. It's mostly service-related remainder of the work, which is co-dependent on something else the awardee has to do, the Tward Board or the Irrigation Board.

They need to provide certain things for us to do the last connectivity, but no working capital is required to complete the remainder of billing.

Understood, sir. Out of the number of projects we did, how many of them had an O&M component, and is there an O&M component with these projects?

Can you come again the last part of your question?

Yes, sir. I was asking if there's an O&M component to these EPC projects and will there be some remaining work we need to do over the next few years out of the overall project values we probably recognized over the last few years?

How much more is yet to go?

I think out of the 70 projects, like 72 projects which we have completed or in process of completing, I think about 10 to 12 project have O&M over next I think 2 to 3 years. On that O&M, if we need to spend money on O&M, we are also going to bill that, right, in that given year.

This is the O&M total, our experience on the remainder projects over last I think 7, 8 years, the total spend on O&M is quite light. It's not going to impact either my working capital or cash flows materially.

Understood, sir. One last question with regards to so over the last few years, I think we had few additions because of increase in cost or completing the project.

Were these clauses actually built into the initial contract or were these afterward negotiated?

When you start the project, right, it's a tender bidding process. You do based on the scope of the work, and then what happens when you actually go and do the project, because in one project we are doing 100,000 acres, you always find certain things which were different than what were presented in the tender document.

In that cases, then you go and seek cost-plus from the tender authority or your customer saying that there are changes than the original scope and therefore we need to do more billing, and then they do give the additional escalation as it is called. Some places there is a cost escalation, some places there is a change of the scope, but I think if I go back in terms of totality of the question, by and large what we originally anticipated and billed, we have been able to get, and whatever extra we needed to spend because change of scope or delayed, for that we received escalation or cost increases.

That has worked out fairly I think even in terms of the profitability coming from this project. What has really hurt or impacted company is the delayed cash flows and delayed cost of interest on if you've not received money in time, but the total billing which we did is in line with, or with the changes have been paid for by the customers.

Understood, sir. Sir, but one question regarding

Yes, sir.

Good afternoon, sir. Am I audible?

Yes. Good afternoon.

The company still has to repay near ₹74 crore in rest 9 months of this financial year. By seeing the present state of affairs, it seems very difficult to repay or fulfill these debt obligations.

What are the options available with the company? Is the company thinking for some asset monetization or taking new loan to repay this debt obligation?

In fact, if you see over last 3.5, 4 years, 3.5 years rather, company has repaid to the banking system approximately ₹1,300 crore, and with now having completed the projects this year to pay whatever is due, the NCDs which are falling due, we feel fairly confident of doing so. In terms of options available to the company, one, the first and most important option is internal accruals.

Second option is collection of the older legacy receivables. Third option is the part amount can be some level of asset monetization, such as surplus land.

The fourth option would be refinancing. There are multiple options available to the company, and as a prudent policy, in consultation with the lenders, we're working on all of these options at the same time, and we feel very confident that there won't be an issue.

Sir, second question is regarding the old legacy receivables. These were something around ₹800 crore to ₹900 crore.

Out of those old receivables, how much the company is expecting in this financial year, that is financial year 2026-27? How much out of this ₹800 crore to ₹900 crore would be recovered?

I think our target this year was about ₹422 crore to be received. ₹60 crore we already received in the first quarter, and for remainder of 9 months minimum, and this I'm talking minimum, target is ₹380 crore will come from that in total.

Yes.

Okay. Thank you, sir.

Thank you.

Hi. Thanks for the opportunity.

My question is relating to slightly more strategic. While we've done excellent job in terms of reducing the DSOs and working on a tight ship, Jain Irrigation looks like a very asset-heavy, but cash-light company, and for historical reasons.

I've been an investor right from the time it was ₹125 the share price and went through ₹3, and now whatever it is, right, today. I've gone through the whole cycle.

Why are we not doing the same kind of a campaign what we did for the pivoting our business model from a project business to a retail model, and also from running a very tight ship in terms of the way working capital is? Why are we not identifying non-core assets, which doesn't impact revenue, which does not impact profitability, and go on a little aggressive monetization model?

Even the Tamil Nadu land, which we thought will be over by May, we haven't heard anything from it. That's my first question.

Second, I can answer both together?

Okay. The second question is with respect to the food business, right, the agro processing.

If we remove the beverage, because this is a new business which was not there in last quarter, if we remove that line or if you can just give us a revenue, what was the revenue, that would be great. Just a third follow-up slight one, what are the 180 days plus receivables or maybe 180 or 240 days, whatever the way is, if we can get the receivables which are old due, that will also give us some kind of a figure how it is moving.

Yeah. Thank you.

I think there are three questions there. In terms of monetization, I think, as I said, with whatever we have done, we have repaid to banking system ₹1,300 crore through changing of the business, pivoting business, and we did generate significant amount of free cash flows during this period of time to be able to take care of the debt, and that process continues in the current year.

I think from next year, you'll start seeing the dividends, which will come from positive cash flow, which go into the growth of the company. In terms of the monetization, right, we've gone through two cycles of monetization.

I think first monetization we did in '22, '23 period. At that time, the debt was ₹7,000, today it is a little bit less than ₹4,000, and we did do monetization of significant amount of our overseas business, etc.

Right now, because of the restructuring which was done along with the banking systems, there were limitations of what you can do and you cannot do because of the framework of the restructuring which existed. I think from next year, value-based monetization, which can create growth for the company, will happen.

In terms of the Tamil Nadu land, it got delayed somewhat, and I think maybe I referred to it. It was also elections there in April, May, which took place, but it is certainly happening.

Again, we are working with lenders, and I think that should get hopefully delivered in the current quarter. We are on to it, right.

The whole idea is that once we pay off these NCDs from next year, standalone India business basis, there is no debt to pay except the normal continued working capital which is renewed every year. Then the debt is still left in the food business, and as over last I think 1 year, we have taken decisions to take the food business to the next level by introducing the new beverage business and so on.

The beverage, your question was that we did approximately ₹60 crore into the food business in April to June quarter into that business. In terms of the receivables which are above certain period of time, mostly the government-related receivables are above 180 days.

They are either linked to the project EPC business and/or linked to what we call where state governments place order on the company on behalf of the farmers, governments of Andhra, Telangana, Gujarat, or Tamil Nadu, and sometimes their receivables take time to come through. This is industry-wide.

It is not just a Jain Irrigation. That's the way business is conducted for all the irrigation companies in those particular states.

That amount is approximately, I would say, total outstanding related to this farmers being placed order on as on behalf of the government is approximately ₹500 crore. Out of that, I would say about ₹300 crore would be above 180 days, and there is ₹800 crore to ₹900 crore we talked about of the government receivables, which is also above 180 days.

About ₹1,100 crore is about 180 days. Look at overall net receivables for June were 1,975, out of that, almost 55% are linked to these issues, and the remainder would be the normal domestic receivables or export receivables.

Sir, just a small follow-up, sir, on the last

No, it's just a suggestion.

Just wanted this to be included in the investor presentation as a follow-up so that we don't have to ask this question, at least for this year. That's the thing, yeah.

We will keep that up. Thank you.

Hello. Hi.

My question relates to the Hi-Tech division. We have seen a significant de-growth this quarter in Hi-Tech, and we are consciously reducing the project division within this.

However, having said that, the non-project part of the Hi-Tech is also implied to be not growing significantly to offset the de-growth in the conscious strategy of reducing the project. Where are we and why we are having a significant, almost 22% YoY de-growth, and of course, on an EBITDA level contribution, it's about more than 30% de-growth.

Can you throw some light on this, please?

That's a good question in fact. If I look at the Hi-Tech division, right, there are three parts to the division in terms of product line.

One is micro irrigation or the drip irrigation, tissue culture, and the solar solar pump business, and the projects which are there. If I if I break up that 22% reduction in revenue, the retail business, which would cover the MIS, the tissue culture, solar, etc., that de-grew by about 17%, and the project, which is by design is going to go down, de-grew by 63%.

Let's focus on the retail business, which grew de-grew by 17%, between the three product lines. MIS, which is the drip irrigation business, it de-grew by 16% from ₹438 crore to ₹368 crore, and the reason it de-grew, as I said, because of the delayed onset of monsoon, the normal the sales which were going to happen in June did not happen, and they have been postponed to the current quarter, and that would be covered in the current quarter.

The second part, which as I said, that the polymer prices went up 50%, we had to pass on the price increases, some of the customers decided to postpone the decisions till the polymer prices come down. We think this is one-off.

In fact, if I look at '25 to '26, micro irrigation and, this Hi-Tech division grew for the whole year more than 20%, and current year also we are planning that the business would grow, and this this quarter was a an anomaly. Similar thing, tissue culture business de-grew by 10%.

Again, the farmer could not sow the, plant because there was no irrigation, no water available, and that's why it was a 10% reduction. Solar goes by order to order, right.

Last year, we had we grew solar business by 300%, solar pump business, and this year so and the March quarter was a big quarter for us. We're focused on the first quarter and even July, August to recover all the funds after those, from the solar pump business, and then so you will see significant growth coming from solar pump from September onwards.

Partly what you've seen is linked to, the volatility in polymer prices, partly postponement of purchase decisions, and partly the solar business seasonality, which will be pick up post September. All in all, I think we feel because this is the most important business in terms of profitability, that this would be business which would maintain more than double-digit growth for FY27, and in terms of you mentioned profitability, the Hi-Tech margin, right, went from 16.6% to 14.4%, about 2.2% reduction.

That was due to, the volume growth being not there. Our guidance for the whole year is that the margins for what we typically make would be maintained in this business.

On full-year basis, you're saying that despite this fall or 2%, 2.5% on a company-level de-growth, we are maintaining a full-year revenue as well as margin of 20% revenue growth and margin of 12.5%, 13%?

I think we have said double-digit revenue growth because the situation is still not that stable, but in terms of overall margins, right, the consol margins last year in this quarter were 13%, but we came out at 11% across all divisions and businesses. I think this reduction will definitely be covered, and in terms of overall margins for FY27, we should do despite with all the changes and volatility, we remain fairly confident to maintaining at about I think 14% on standalone and approximately 12.5%, 13% on consol basis.

Okay. Lastly on the

Sure.

Good evening, sir. Thank you for the opportunity.

Am I audible?

Good evening. You're audible.

Please go ahead.

Okay. Just a question on this old receivables.

I know we talked about how much is receivable, how many projects we are doing. Do we have any doubtful project where we may have to write off certain amount?

I know, historically we haven't written off any significant amount as of now, but do we see any negative surprise somewhere going down the line, probably next 9 months from now, which may have a slightly negative surprise for us?

No, I think when we looked at and reviewed all the projects, and this goes back to '21, '22, that period, and historically, right, these projects were built and so on. At that time, we took a conscious call, we reviewed all the projects, and at that time, we had made necessary provisions in the books.

As these receivables which are standing, good receivables standing in the books at the end of June of 1,975, we do not anticipate There is always few crore here and there, but we do not really anticipate any material or any significant write-offs at all from project. All the project receivables which are there today in the books, what we are looking for, what is not already been provided, are good to go and they would be received.

Now, it has been partially time, the delay in getting project completed, the restructuring of businesses, all that happened partly because state governments have been prioritizing a lot of freebies, they do not pay the EPC contractors, etc. This is not just our case.

I think if you've been reading news in the past about Karnataka or Maharashtra, like ₹80,000 crore not paid or ₹100,000 crore not paid and so on. We have seen movement, right.

As I said, just last quarter we received ₹60 crore, and we are hoping at least minimum ₹380 crore in the remaining 9 months, which we are now quite confident of because things have really progressed fast. Just to summarize, no hit on the project receivables, and a significant amount of collection this year.

Okay. The second question is on the working capital lines.

I'm talking about the standalone working capital. The 4 years it has its own cycle.

With its separate working capital lines, but if you see standalone business, our working capital like ₹1,500 crore, ₹1,600-odd crore. If we compare to some of our competitors domestically, our working capital requirement seems to be slightly on the higher side.

Do you want to pinpoint any specific reason why we are on the higher side in terms of working capital requirements with respect to our competitors?

When the known I think listed competitors are mostly in piping business, and their working capital cycles on piping side on the plastic piping side are much lower. If I really dissect my working capital also on the similar basis, you would find that also we are actually in line or in fact we did some internal comparison.

In some cases, we are even better compared to listed other organization. Where we have a higher amount, right, you mentioned ₹1,500 crore, ₹1,600 crore, is mostly comes from the legacy receivables of the projects, where there are long-term receivables, also this I talked about where state government order on behalf of the farmers and we get paid between 6 months to 1 year.

That is where our working capital is higher. On irrigation company business, there are very few, I would say, listed entities, and of the size and scale what we have.

That's the main reason. I think when we, maybe in sometime next year we talk about FY28, once the project receivables are off, you would see that while overall we have improved from where we were, it would substantially further improve, especially receivable cycle.

All right, sir. Thank you for the opportunity, and good luck for Q2.

Thank you. Thank you.

Hi, sir. Good evening.

Thank you for the opportunity. My first question is so given that so far the refinancing of debt has not happened, I'm sure there would be a reason for that or some pushback from the bank.

I'm curious what is the pushback that you've been getting so far? Also linked to this, what will change now that gives us the confidence that the refinancing will happen?

There is no pushback. I think because the payments are only due in September, right, end of September, the first payment, and the next payment is due in March.

We are definitely within the timelines to get this done. We have not only that we have negotiated, we already have a couple of term sheets in hand, and discussions are ongoing.

As I said, that regardless of refinancing, I think company will have adequate internal cash flow to honor the obligation.

Okay. Got it.

Sir, but for the land monetization you did explain, but even the IPO has not fructified in a year and a half or so. What is the delay there?

What is the reason for the long delay, and does the PE partner not have a timeline by when he has to exit and all? What is the scene there, and what is the reason for the delay in the IPO?

It's been like very long delay.

Okay. This is about the food business.

I think, the total expected issue or IPO on the food business was comparatively of a smaller size, in terms of the exit of the existing PE player plus additional fundraising, let's say primary for the company. The total expected figure was around, let's say, ₹1,000 crore.

What merchant bankers advised that, the market maybe last couple of months things have slightly improved, but compared to expected valuation for last four quarters, market had really gone down. I think let's say end of December, this is no, a year ago, 15 months ago, merchant bankers had given us some indications of likely valuation of the food business, which was in fact higher than even the valuation of the main main company based on the comparables and what not.

Since then, that valuation went down considerably generally in the market because, whatever the market scenario was. I think there were pending few hundred, more than few hundred DRHP filed, but people were not bringing IPO.

All that statistics you guys know. Their advice was to actually to wait and watch, and meanwhile some of our new business was, taking place like beverage business, etc., we stayed focused on that.

I think, as we go along, as we move forward post September, as the if the market improves, that's something would be seriously looked at. I think, I'm thankful that our pre-investor there is patient because they are looking for good value, and underlying business, I think again, as a as a unique business of a certain scale, size, including global, opportunities within that business, we think, eventually it should get a good solution.

Got it. Got it.

Thank you. I'll come back in the queue.

Thank you. Thank you.

Hello, sir.

Yes. Yes, Ankit.

Sir, my first question is, sir, why there is a loss of PAT when the revenues are not down, sir? How much more quarters we have to, sir, this unsustainability investor we have to follow, sir?

Aren't we as a investor, we want sustainability as a company, shareholder in Jain Irrigation. Sir, please can you explain, sir, this?

Hello? Yeah.

This particular quarter, as I explained, was a much higher cost of raw material and lower business out of the India segment, which is traditionally more profitable. As I explained earlier in the call that that's a temporary phenomenon, but for the whole year, we should recover.

For whole year, right, we should do better than the last year in terms of profitability at PAT level, and on adjusted PAT, we are still positive if we take off the notional NCD interest cost. I am with you, right.

With all the effort which we're making, the idea is that company should not only generate the good free cash flow, but generate at the PAT level EPS. That's where we are going.

I think what we have not been able to do in the first quarter, and I think second quarter is always mute, but you should see improvement in the second half of the year.

Okay. Sir, the memorandum that you done for the coffee business, has the revenue started flowing?

What is the new biochar plant that you have started? What kind of business is that, sir?

Can you explain, sir, this?

Yeah. Coffee, we have received the first orders from the Coffee Board, so that revenue has started.

In terms of the biochar plant, as we deal from farmers. We buy from them fruits, vegetables, etc., apart from selling them irrigation.

Biochar means that we are buying from farmers the waste, agriculture waste, corn cob or the cotton stalk or mango stone, etc. Adding value and going through a digester where you create biochar, which would be used again partly as a media in our tissue culture business only, and partly given back to the farmers for the soil conditioning and so on, which will generate again higher productivity for the farmers.

It is a business where you're creating wealth from the waste. On the top of that, you will get the carbon credit.

The whole process of getting carbon credit takes about 6 to 9 months once, but once it starts, it keeps moving. It's a value-added business.

I think opportunity is very large because India is one of the largest arable area in the world in terms of agriculture. A lot of waste is being generated, and that waste, you read it right in Delhi and other places, all this stuff being burned and that creates all the pollution.

This way, if you can take all that waste and convert that into biochar, it's a win-win situation for everybody. That's the business.

We're starting with, as I said, mango stone, a corn cob, and a cotton stalk, and then we would look at other waste agriculture materials. It's a very exciting project.

You would start seeing, because project has recently started, any impact on numbers from the next fiscal, and that further cements our relationship with the farming community and helps us to create more value.

Sir. Aren't you think

Again, I would like to thank, all the all the to all the participants, and especially for all the questions. I'm sorry, one or two questioners couldn't complete them, and you can separately reach out to us to with their question and we would be very happy to answer.

Overall, I think we're very confident for the rest of the year. This first quarter was things were a bit beyond our control, and we are very confident on, honoring the debt obligation.

We don't see that as an issue, and second half, I think we will be having really strong numbers. We thank you again.