Thank you. Good afternoon and welcome, everyone, to our quarter one financial year '27 earnings conference call.

We hope you have had a chance to review the presentation of our results, which is also available on our website. I will touch upon the financial operations of the company and then open the floor for Q&A session.

Revenue from operation was at ₹815 crore as compared to ₹945 crore. EBITDA was at ₹285 crore as compared to ₹332 crore.

Operating margin stayed at about 35%, the same level as last year, slightly above. Net profit was at ₹271.3 crore as compared to ₹316 crore.

The cash on books stands at ₹267 crore. Coming to segment-wise revenue break up, non-cotton revenue was ₹601.57 crore, and cotton revenue was at ₹213.43 crore.

Cotton stayed as the level of last year. Major highlights: El Niño brought a weak monsoon, and quarter one had one of the shortest sowing windows of recent seasons.

With less rain through the quarter, farmers bought fewer premium and high-value products. Our new cotton products did very well.

They now make up 40 37% of our cotton sales, against 22% last year. This is a big jump in single year, and it shows the farmers are choosing our newer hybrids, despite challenge from illegal cotton and reduced sowing acreages.

Our new single cross maize hybrids are doing well. They now make up more than 20% of our maize sales.

A bigger share of maize now comes from our newer and better products, which gives a stronger base to grow from once maize sowing returns to normal. Maize was slow this quarter because of the deficiency in the rain.

Karnataka is our main maize market, and only about a fifth of the land has been sown by mid-June. Rain returned in July, and we expect maize demand to pick up in quarter two financial year '27.

We launched two new hybrids paddy products: KRH 7344 and KRH 7227. In their very first season, they brought in 62% of our new product sales.

This is a strong start for our new rice products. Our export business grew close to four times, from ₹1.1 crore to ₹5.79 crore.

Demand from overseas market is clearly building, and this is an area we will keep pushing on. Operational highlights: Operating margin held steady at about 35% through the quarter.

In cotton, the company has built a strong base in the northern markets of Haryana, Punjab, and Rajasthan. Hybrid rice stayed our largest non-cotton segment at ₹247.07 crore, in a quarter where rice sowing area in the country was lower.

Selection rice revenue grew marginally to ₹159.07 crore, holding up despite poor rain in the rice-sowing areas. New bajra hybrids now make up 65% of the bajra volumes, up from 61%, with volumes sustained through the season.

Vegetable seed revenue was at ₹15.08 crore, with few new varieties going into the coming season. If rainfall improves during quarter two financial, we expect some spillover demand.

The growth story stays intact. We are working on new variants across all our seed segments, and we will keep raising their share in maize, vegetables, rice, and cotton.

I would now open the floor for question-and-answer session. Thank you.

Yeah. Hi, sir.

Thanks for opportunity. Sir, if I see your numbers in the last 10 11 years—

Sorry, can you be a bit louder?

Yeah. If I see your financials in the last 10 11 years, we had reached a profit of around ₹300 crore in 2015.

After that we were building our non-cotton business, our vegetable business, and which we have grown to a significant size. Still we are not able to cross that peak profit in the last years.

Is it because we couldn't get any hit hybrids like Money Maker or ATM? What kind of challenges we are facing, and what do you think we can achieve in the next let's say three to five years?

Rightly observed. If you see from 2014-'15, the profit remained in and around the ₹300 crore in most of the years.

If you see the product mix wherein the cotton was contributing around 80% in 2014-'15 and the margins were pretty high there. Coming back to this present season, if you see the mix has changed, wherein cotton only contributes close to 20% and 80% is non-cotton segment.

Even cotton margins shrunk to much lower than what we used to have, even though we were able to maintain those margins at a 35% EBITDA for the first quarter. Leaving apart this year, if you see in the last years we were growing in non-cotton segment and we were declining in cotton.

By seeing the current season, which is a very challenging season for us, this is the first time where we are seeing this type of season where across India we have seen monsoon deficit till June 15th, which has disrupted the cropping patterns and the farmer choices. That's making an impact.

This is one of the year where we should not take into consideration. If you see the portfolio levels, if you see the other levels, even in this tough conditions we were able to do well and with the products what we have and with the research what we have spent in the last years and the hybrids which were developed in the research are doing very well and they are very encouraging.

This is just one off a year, and this should not be a benchmark for the performance.

Okay. My second question is we have entered into export market for quite some time.

We have grown in that area also. Are we facing any challenges in those region?

Because in one of the call, I remember you have said that gaining farmers trust even in India we are an Indian company which took so long. Are we facing such kind of challenges in the export market?

Second part of the question is in exports maize and rice are two big crops. We have talked about Philippines, Vietnam, or Thailand to grow our export business.

We had sent some samples for trial. We got good results.

It could be around ₹100 crore revenue in the few years. What's happening on that front?

If you could just let us know.

Now we are growing in vegetables. We are growing in export market.

The conditions here and there remains almost same. To say that in terms of farmers' choices, they will see the performance and then only they will adapt it.

In few countries, you need to give trialing as well. That trialing we have completed in Philippines, Vietnam, and Indonesia there.

Now we are sending material there. We are getting good sales there.

Still we stick to that growth in export market. Reaching ₹100 crore in vegetable shouldn't be a difficult time in the coming time.

Okay. Sir, we have done a commendable job in the past years to build our non-cotton portion of the business.

My question on the cotton business, as we know that this business does not have significantly lower margins than the non-cotton business. Have we lost focus, or let's say are we focusing less on this?

We are giving less importance to this business? Because there are many factors like illegal seeds, capping of prices from the government, and we haven't come up with such new hybrids in the last many years in the cotton business.

Just to add on the part in the last two years, we have seen we have huge inventory, around ₹1,200 crore of inventory we have. On that front, could you please let us know something?

Coming back to the cotton question first. Yes, cotton, we have lost market share in the last seven, eight years.

We have, I'll just correct you, we have developed many hybrids in the past three, four years. If you see the growth in northern India, we have grown, even though if you see the overall sales as a flatish one, but we are grown in northern India in terms of we have almost doubled in northern India in terms of cotton with a small base.

Those are all new hybrids and we are doing very well. When you come down to Gujarat and Maharashtra, the rainfalls were very low, scattered rainfall initially, and then the illegal BT.

This all has impacted to some extent. As I said that this is one of the year where we should not take as a benchmark.

We are very confident with the new cotton hybrids. Even in the sale, you have seen the contribution of the cotton hybrid, new cotton hybrids.

We are fairly confident that we will go back to our market share what we used to have earlier. We are very confident about cotton.

Even though the margins are lower, but the market size is very big and we can't ignore cotton as such. Cotton is a very big market, and we are very strong in those markets.

We are working and we'll be working in cotton segment also. Coming back to inventory, yes, compared to last year, we have roughly ₹200 crore of more inventory when compared to last year.

That is because we anticipated a good season and good growth this year. Because of the El Niño effect and the delayed rains, scattered rains here and then, that has impacted the sale.

Anyhow, that's a part and parcel of the business. We'll manage the inventory.

Inventory is pretty much stored properly. We'll be reducing our productions next year, we'll not take up the production what we have taken up this year.

That's a continuous process. We are monitoring it.

No worry as of now to maintain the inventory. It's for the holding time what we have.

Sir, just a follow up on the market share part. Loss of market share in cotton, we had lost market share in Andhra Pradesh and Telangana.

Rasi is a market leader in all over India, just wanted to know what is helping them to gain more market share? Is it better farmer connectivity, or are they a better brand, or just wanted to know?

Basically, if you see in the last four, five years, I don't think they have increased the market share. At the most, they have maintained or declined in terms of market share.

The cotton market also slightly declined in the last three, four years. The illegal cotton has also gone up.

Smaller players are also coming up. Based on the hybrid performance, the hybrids are doing well, and they are accepted, they are grown.

These are all old hybrids there. We have not seen any new hybrid which have taken market share in the last three, four years.

Okay. Thank you.

I can get back in the queue.

Yeah. Hi, sir.

Good evening.

Yeah.

Sir, as the season was not that good, have we also got hit on our margin for a particular crop which is compensated by other crop? Is there any crop where we got a low margin versus last year?

No. If you see the margins, in fact, expanded.

Even though the sale declined, the EBITDA margin is slightly expanded. If you see the other expenses like the salaries and other expenses were up compared to last year in terms of the percentages, but in terms of the gross margins, it is up by 2% to 3%.

In anticipation of a good season, we deploy many people across, and we couldn't sell as that. That has slightly impacted our margin, but, in fact, we would have done more margin than last year if all the season was good.

Okay. Thank you.

Yeah. Hi.

I had a question on subsidiaries, okay? In one of the recent calls, we stated that our subsidiary also sell seed, and we have multiple hybrids.

Launching all hybrids through Kaveri is not viable. Out of let's say four, five hybrids are there, one or two can go to subsidiary.

I could not understand why all cannot be sold through Kaveri and why not choose best two, three hybrids and put our entire efforts with focus behind doing rather than diversifying our energy across multiple products and at multiple places through subsidiaries or all that. Some clarity on that will be helpful.

That all depends on the company strategy how they do it. For us For us, if you take Kaveri as such, Kaveri focus only on those hybrids.

Even though subsidiaries are there, we are competitors in the market. They operate as a different companies, the team is different, all the efforts are different.

Only the research is Kaveri, but all are independent companies and independent subsidiaries. Those are all competitors in the market.

We are putting our full effort across all hybrids. Whatever sale is booked in the subsidiaries are also are all independent sales.

I could not understand what are the benefit of that strategy, because when we see companies let's say in FMCG or any other agrochemicals also when we see, companies have multiple products for the same issues and multiple brands also which get sold through the same company. Why does this strategy is more helpful of selling through subsidiary and competing with our own subsidiaries?

Some thoughts on that will be helpful. That is what I am trying to understand.

The business of FMCGs and seeds is altogether a different business. Because seeds seed farmer only pick up by seeing the performance of the hybrid.

India has got many climatic conditions. Seed hybrid perform differently in each segment.

There are very few hybrids which are successful across all zones. When we have me-too hybrids, we need to discard one hybrid and market only one hybrid.

That discarded hybrid will go to the subsidiaries, which operates independently and we get market share. For example, if you take this year also, the hybrids what we sold in For example, you take cotton hybrid, we have sold around 10 to 12 lakh packets in in subsidiaries.

That's an other added advantage for the Kaveri Seed Company, wherein the cost and everything gets The research cost and the production cost will be beneficial for the Kaveri Seed, as we may not be able to market all those hybrids. It's all a me-too hybrids, basically.

Some hybrids perform differently in different segments, they take advantage of that. If you want to do in one company, we need to discard those types of niche market hybrids, which you don't want to do.

Again, that's what I was saying. Again, that depends on the strategy of the company.

Okay. One more thing—

One more thing I'll just add on to that. Even the Indian farmer usually try different products.

He will not go for one go. For example, if they have 10 acres of land, even though he's very much used to one hybrid, even in that way he tries another three or four hybrids of different companies or other same company.

When we say the new cotton products or any let's say bajra, new hybrids, the new product would mean launched within three year, five year, or what is the duration or how?

Basically, three years.

Okay.

Developed in the last three years.

Okay. Whatever is launched in three years is we say new product.

Yeah. Yes.

Okay. In cotton, when we have seen the new products growing at a very quick pace, are we getting some pricing premium also in those products, or the price remains subdued only for those products also and if they replace the older ones, okay, and I think they would be replacing, that's why their share is continuously increasing even when our revenues in cotton and some have not increased?

How is the pricing and profitability for these products or the newer products? Some thoughts on—

In cotton, the MRP is capped. In terms of the realizations, we are almost in the top three segments of the cotton seed where we realize higher than many other companies.

Okay. One more thing: with later rains coming, do we see any hybrids which are or any change in the cropping pattern which might benefit for a shorter duration crops, let's say vegetables, which generally have a three-month type of timeframe?

Any product or any place where we can benefit?

Not much. For For us, vegetable is a very smaller segment, even though that might come this quarter, but is a very quarter it's very small segment which may not add up much for us.

For us, Karnataka is a major state where still we are waiting for the rainfall, and now the tanks are full, getting full now. In that segment in Karnataka, what we believe is that we have not lost sales.

It can come again in terms of maize. That that's a positive point what we see is that we can get back Karnataka sales.

Other part we may not get back, but in Karnataka we can get back. The other thing is that now with excess rains and heavy rains in the last couple of weeks, most of the tanks are full in most of the parts, leaving the southern part like Karnataka or Andhra or some parts of Telangana.

Northern India mid part the tanks are full. Leave So in that way, that rabi might be a bit encouraging this year.

If you see the maize price, in the start of the season it was only ₹16, ₹17. Now the maize price is also around ₹27, ₹28.

Even most of the rabi is comes from maize crop, maize should pick up in the second half.

Okay. Let's say the exports last year, how much was to Bangladesh, and what is the outlook overall for the exports, and especially to Bangladesh with the current situation in exports?

I don't have the exact split for state as of now, but definitely from last year we will grow at least 25% compared to last year or as overall exports.

Okay. I'll join back in Q4 for further queries.

In Q1 numbers, if I compare the seed revenues of other large companies such as Bayer, such as Advanta, their maize seed revenues almost grew by 20% plus, while we had a 40% decline. Can you help me pin down why this big difference in performance?

Basically, they are very strong in the other parts of India. We are strong in southern parts of India, especially Karnataka, Andhra, Telangana.

These parts we have received lesser rainfall. That's one of the impact what we should see.

If you see last year, the 25% to 30% of sales came from Karnataka last year in terms of overall kharif season.

Okay. Right, sir.

Even we are strong in areas like Madhya Pradesh as well, where the acreage has grown. Were we not able to perform well in those markets?

Because the numbers are quite divergent: if one was at 40 minus 40, they were at plus 20. I'm just trying to understand apart from Karnataka, were there any other reasons?

There are mixed views in some pockets. For example, we are grown in Rajasthan.

We are grown in other parts of northern India, but not in the states of Madhya Pradesh, Maharashtra, and Bihar. Especially in Maharashtra and Madhya Pradesh, we were not able to do well.

If you see the overall acreages, Madhya Pradesh is the one where we have seen a huge increase in acreages.

Yeah.

That we were not able to capture. That's the only area where we have absorbed.

Whereas if you take Maharashtra and other parts, it remains same or came down. The major increase is in Rajasthan and Madhya Pradesh.

In Rajasthan we were able to capture, but in Madhya Pradesh we were not able to do that.

Sir, is it a problem that we don't have a product, let's say, for those geographies, or—

Yes. Yes, that's the main reason.

Okay. Okay.

Understood, sir. Sir, secondly, you spoke about the fact that rainfall has picked up in Karnataka and, maize acreages, which was like down 15% at the start of July year on year, if you look at the cropping now, maize acreage is down only 4% year on year, as per the latest government data.

Do you expect to cover up a large large part of your sales in Q2 and in Q2 especially for kharif?

Basically, if you see Karnataka now, even now in some parts of Karnataka where the maize grows in, still the rains are not there. The dams at Tungabhadra getting full now.

Now in the last couple of days, the maize seed is going up. In Karnataka, usually they have a habit of sowing maize across the years, during entire year.

Whatever we have done last year in Karnataka, still we are confident that we'll do, but it will be in quarter two or three, and it just take to see.

Sure. Sir, now, you've ended Q1 with a 14% sales decline—

The sales I'll just correct. The sale in Karnataka we might able to recover, but the sale in other parts for the kharif that is already lost.

Whatever we have done in kharif in maize, that we might recover in Karnataka.

Great. Sir, if I then were to look at the full year for FY '27, you've ended Q1 with a 14% sales decline.

Do you expect to say close this year at last year's sales level, or will you have that minus 10, minus 12% decline still by the end of the year? What's your view on that, sir?

Definitely the margin will be lower than what we are shown in the first quarter because as we are expecting some spillover sales, and the second year second rabi should be good because of the maize prices. It should it should narrow down to, but what extent, that we need to see.

It's not it should not I should not bua, but definitely it should be the gap will narrow down.

Understood. Understood, sir.

Understood. Sir, just one last question on cotton, sir.

In our previous interactions, you spoke about that this year there was an expectation that the illegal seeds would come down. The illegal seeds has again gone up this year.

Do you see further threat, or let's say do you see this becoming a even bigger problem going ahead? What were the reasons why the illegal seeds went up while our expectation was that it would come down?

Basically, it was because of monsoon. As the season gets prolonged, as the monsoon gets delayed, the farmer compromises on the seed.

If you see northern India, which was earlier than the monsoon, we were able to do well.

Mm-hmm.

Whereas in states like Gujarat, Maharashtra, these are impacted a lot. Especially for us, Gujarat was impacted a lot this year.

Okay. Okay.

Sure. All right, sir.

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

Yeah. Hi, sir.

Can you hear me?

Yeah.

Yeah. Hi, sir.

Sir, thank you for taking my question. Sir, just two from my end.

Sir, firstly, you highlighted that there's a chance that we may recover sales in Karnataka. If you could just quantify how much we've done last year versus how much you've done till now, so that we can just have a sense on what is the scope of recovery, please.

That's number one.

Last time in the kharif, we had done close to 2,600 tonnes in Karnataka. This year, we have only done 1,500 tonnes in Karnataka.

We are down by around 1,100 to 1,200 tonnes only in Karnataka.

You're confident that we—

Which is close to ₹40 to ₹60 crore of sale.

I'm sorry?

Which is close to 40 to 50 ₹40 to ₹60 crore of sale.

There's a chance that you may still be able to recover?

As of now, we are pretty confident because we don't see any alternate crop coming there.

Understood, sir. Sir, secondly, while you've given some color on margin, if you would like to throw some light on how we should look at the overall revenue growth for the year?

As I said, I just answered an earlier question. If for the rest of three quarters, it should not come down, because as we see the Karnataka sale coming in the next three quarters, and rabi should be well because of the maize prices and because majority of the contributor is maize in the second half in the next three quarters.

Definitely the sale will be higher than the last year three quarters. The revenues will narrow down from this level.

To what extent it will cover up, that we'll see.

Right, sir. Just one last from my end.

Any new hybrids or any performances of any field trials that you've been doing across crops that you'd like to highlight?

We are doing across all crops. If you see our results also, majority of the contribution, even in maize, rice, or bajra, or even in cotton, it's all the contribution of the new crops.

We were very bullish in the start of the year. We thought all the hybrids will do well, but unfortunately the season has not come up as anticipated.

That's fine. We're in a business where we are prone to this type of monsoon, but that's fine.

This one one off a year a tough year, but overall we see a very good growth and we are pretty confident of our hybrids and we see a good growth in the coming years. We are not worried about in the longer or mid or longer term period.

Right, sir. Any color on how our product pipeline is also shaping up?

It's excellent. If you've seen the last 8, 10 years, the product line what we have right now is one of the best in the last 10 years.

Unfortunately, that is not turning up into the sales because of the various reasons. Might be season, but something else.

Definitely that will definitely come up and in the next two or three years that will definitely reflect in this revenue turnover.

Right, sir. Thank you so much, and wish you all the best.

Yeah. Hi.

Am I audible?

Yeah.

Just a couple of questions. See, earlier you said that if you look at our financials over a very long period, the mix has changed from cotton to non-cotton.

Now if you look at this particular quarter, despite cotton share increasing where margins are lower, our gross margin has increased. Is it largely because of share of new products in each of the category improving further, or was there a element of price increases or if you look at the two, three years back, we had seen a very material increase in cost of production for seed.

Is it normalization of that, or is it share of new products increasing, any color in that?

Rightly observed. In fact, if you recollect last call, also we said that the cost of production is lower than compared to previous year.

That has added up. In fact, realizations of most of the crops are down when compared to last year.

Okay. If you still compare to the—

We had an advantage in terms of the cost of production. That has contributed for us the increase in the profitability.

If you see the cost of production is down by 2% to 3% compared to last year, even though we realized lower at the dealer's end.

What do you mean by we have an advantage in cost of production?

What I mean to say is that the if we have realized ₹100 last year for product, this year the realizations are down by 2% to 3% compared to last year. The cost of production, even at this lower realized rate, the cost of production is lower than last year.

To say that cost of production is 4% to 5% lower than last year and the realizations are 2% to 3%. Even in that stage, we are able to maintain that 3% growth in that of the cost of production.

Right. Do you see further—

I don't know whether I was able to communicate it properly to you or not, but the realizations were lower by 2% to 3% than last year.

No, I got that.

In terms of actual figures from the channel.

Got it. Do you see scope for further normalization in cost of production?

Compared to say 2015, do you see a scope for further normalization in the cost of production not just for us, but overall in the industry?

It's normalized last year. If we laterly talk of the next year, we may not take up the production what we have taken up last year because we have huge inventory, the production will be very minimum for the next year.

The cost of production what we have incurred last year should be more or less same for the next year.

Okay. Okay.

Second question is see, if you look at between 2020, we had tried in non-cotton. We had some good success in maize and rice.

There was quite a volatility in sustaining the sales because the regional contribution was quite high in one, two southern states, say for maize and same for rice for us. Now if you look at the current year, even understand the season is bad, but in a down year, the most of the volumes have gone back to the leader or the top two players, right?

If how to look at next three, five years kind of a horizon, how should we understand one, the regional concentration and the seasonal concentration for the non-cotton portfolio, say maize, rice? How do you see that evolving?

If you see, we are not regionally concentrated. If you see cotton, cotton is in different states.

Maize, it is in different states. Sunflower is in different states.

Rice is in different states. We are across India.

The only issue is that India is a vast country. We need to have a suitable hybrid for those segments.

In kharif, we are pretty strong in Karnataka, Andhra, and Telangana. In rabi, we are strong in Bihar, UP, and some parts of Maharashtra.

Madhya Pradesh, we are slightly weak. That hybrids, we need to launch it.

We have hybrids in Madhya Pradesh also, but they're all pretty new, we couldn't do that. That's one of the reason.

If you take other crops, if you take rice, even in this tough conditions, we were able to grow in rice. With a big market share.

We are one of the largest player in rice.

Okay. Got it.

Similarly, in terms of say maize or rice, especially maize, if I look at on an annual basis, last year we did something like ₹400 crore of sales. How would the product portfolio be distributed say kharif, rabi, and spring?

Last year we have introduced some products in spring. Earlier we were not that big in spring.

The results were good in spring corn. That's just last year we have done some sales.

In kharif, as I said, we are pretty strong in the southern states. In rabi, we are strong in northern states.

Now the hybrids which are there, we are concentrating both kharif and rabi. Most of them are single cross hybrids.

We'll be catering to all the markets in India now. Most of the hybrids are new.

It need to be just get more visibility at the farmers' level. That's the reason it will take some time.

Otherwise, in terms of the portfolio, in terms of the pipeline, in terms of their performance, we are pretty much bullish.

Okay. Thank you.

Hello. Can you hear me?

Yeah.

Okay. Thank you for taking my question, sir.

Can you mention again how much is the cash on the books and what is the expected cash on the books by end of quarter two and about how much cash outflow we are going to expect for the buyback if it is really?

One thing, we have a cash of close to ₹265, ₹270 crore ₹270 crore as of 30th 30th June. By next second quarter end, there may not be a much significant cash increase, maybe ₹20, ₹30 crore plus, close to ₹300 crore, not much.

Coming back to buyback, that's again a board decision. We'll see whether if the board recommends we'll do and what amount they decide.

That we'll let you know once it's finalized in the board.

That answered my question. Thank you.

My second question: for the last 10 years also, we didn't see much growth in sales or profit, it's close to inflation only. How do we see our future for let's say next 5 years or 10 years and what would be the drivers?

I've answered this question at the start of the call itself, but anyhow I'll answer once again. I said that the from the last 10 years, it looks like we remained same there in terms of the revenues and profitability, but the product mix has changed and the margins in the cotton have shrunk by more than 15% to 20%.

Like earlier it was 35% in terms of the EBITDA, now right now it's only 15% in terms of EBITDA. Even in that tough conditions, we were able to shift our focus to non-cotton crops, and we were able to manage the margins.

Going forward, we see growth in both the segments, cotton and non-cotton segments, as we have very good hybrids in the pipeline. This year we thought of a good growth this year, but unfortunately we couldn't deliver that because of various reasons, mainly monsoon.

Going forward, definitely we are confident that we can deliver both revenue growth and profitability.

What would be the contribution from export look like?

In the next three years, we said five years. In the last year, we said that five years we'll reach ₹100 crore, but in the next three years we'll reach ₹100 crore, both in terms of vegetables and rice.

What is the margin expectation?

It will be in line with what we get now. It should be in between that 25% to 30%.

Okay. Thanks very much.

Mithun sir, if I look at the presentation, you spoke about two new products in hybrid rice, which almost were like 53% of your sales— 62% of your sales: KRH 7344 and KRH 7227.

62% of the sales is a new product, new product contribution.

Yeah. Out of the ₹247 crore of hybrid rice, 53% came from 62% came from new sales, new products, right?

That's what it means.

One problem. This is only for the new products.

62% hybrid rice contributed This is only for the new products, not for the entire portfolio.

Okay. Okay.

Then my question will not stand, because I was about to ask that 62% of your sales would come from new products, is that for It's not that case, right? Fair.

No, no, no.

What would be the contribution from these products then? Would it be like 10%, 20%, 30%?

It should be below 20%, 20% to 25%. I'll give the exact number, but majority of that is the previous old hybrids.

These are the new hybrids in different segments, where we see a lot of potential in that.

Okay. Sir, Are they replacements for 468, or are they, in a different market altogether?

These are altogether different markets. Most of the new launches cater to different markets.

Sure. All right, sir.

Thanks for the clarity.

Hello, sir. Earlier you kind of saying that—

I'm using the handset. Can you hear me?

Yeah.

Yeah. Sir, earlier you are kind of saying that you'll do about 18% to 20% for the next two, three years.

I know unfortunately this year kind of lost due to the weather condition. Otherwise, your target is on is intact the coming years because of the new things?

Still we maintain that 18% to 20% going forward. 15% to 18%, that's what we said.

Still, even though this year a bad year, but with a line, with the pipeline and the hybrids what we have and with the new launches and the performance of the new launches, definitely in the next two to three years definitely we will be able to recover that. In the longer or mid or longer term, we are not worried about that.

This year slightly we are down compared to previous year and we are not maintained our expectations. This was one of the year for us.

It's safe to conclude that the next two, three years we'll continue to grow?

Yeah. Definitely.

From the last year level?

Yes, yes, yes.

Okay. Thank you, sir.