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UFLEX Y2012EarningsCall 15May12

Operator
Ladiesandgentlemen,gooddayandwelcometotheQ4FY12ResultsConferenceCallofUFLEXLimitedhostedbyAlmondzGlobal
SecuritiesLimited. As areminder allparticipant lines will be in the listenonly mode.And therewillbeanopportunity foryou to
ask questions at the end of today's presentation. Please note that this conference is being recorded. I would like to hand the
conferenceovertoMr.SundarSubramaniofAlmondzGlobalSecuritiesLimited.Thankyouandovertoyousir.
CorporateParticipant
Thankyou,.GoodmorningeveryoneonbehalfofAlmondzGlobalSecuritiesLimitedit'sindeedagreatpleasuretowelcomeyou
alltotheQ4FY12earningsconferencecallofUFLEXLimitedwewelcomeMr.R.K.JainGroupPresidentandothermembersofthe
managementteamtothecall.IwouldliketohandovertheproceedingstoMr.R.
K.Jaintotakeusthroughthisquarter'sperformanceandprovideinsightsintothebusiness.
Sir,overtoyou.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Thankyou,Sundar.Thankyouverymuch.Andgoodmorningtoallofyou.AndIwelcometoyouallforthisparticularconference.
And I would like to present before you the Q4 financial year 12 results of the company and the total full year results for the
companywhathasbeenachievedbythecompanyduringthisyear.
BeforeIreallypresentthedetailsoftheperformanceofthecompanyforthisquarterandforthewholeyear.Iwouldliketojust
touchupontheoperatingenvironmentwhichwasprevailingduringthefourthquarteraswellthepreviousyear.
Therestoftheperiodinthepreviousyear.Infactthatwehavebeentakingoverquarterandquarterthattherehasbeenapressure
onmargindownwardpressuremarginonthePETFilm,becauseallofyouknowthatofthePETFilmbusinessduringafinancialyear
'11wasparticularlyhighandwhichwasaneverheardofneverexperiencedoffandtheconsequenteffectofthathasbeentherein
thelastyearthatisthefinancialyear'12.
Andaresultofthatthedownwardpressurecontinuedduringthewholeyear.
Andparticularlythisthirdandfourthquarterwastheworsteffected.
Butontheotherhand,Iwouldliketosaythattherehavebeenasilverlining.Sincethecompanyisdealingintheotherproducts.So
the capacity expansion, the better utilization of capacity. And as a result of that growth in sales volumes has really contained the
damage which could have been much much higher so in the light of this environment I would like to present before you the
performanceachievedthereisquieterendforthefullyear.
The company has done total sales volume of 61,186 metric ton for the fourth quarter, divided into packaging of 11,127 tons and
thefilmof50,000tons.
Thisisbasicallyagrowthofaround20%overthatcorrespondingperiodofthepreviousyear.
Thetotalbusinessofvolumesininternationaldomesticmarkethasbeen33,000approximatelyand28,000fordomestic.Intheratio
of55and45.WhereastheintermsofsalesvaluethenetrevenuehasbeenRs.1,152croreupby23%overthepreviousperiod.
EBITDAhasbeenRs.1,884croreandthenetprofitof51atthegrosscashequivalentof105.
So,theoverallperformanceifyoulookatthenetprofitof51ismoreorlessinlinewithwhatweachievedduringthethirdquarter
too.
Inthiswholeyearforfinancialyear12thetotalbusiness,intermsofvolumesforpackagingwas48,000approximatelyandfilmwas
189,000aggregatingtototalvolumeof237,500approximately.Upup22%overthepreviousperiod.
AsImentionedthattherehasbeenasilverliningthat,therehasbeengrowthinsalesvolume.Soobviouslythesalesvolumehas
grown by 22% for the whole year. Internationally we have done close to 124,000 and domestic volume have been 114,000
approximately.
So,thisisallshowingaimprovementoverthepreviousyear.
Thenetrevenueforthewholeyearhasbeen4,428crore,upby30%.Thevolumehavebeenup20%for22%.Whereastherevenue
intermsofsaleshasbeen30%upto4,428EBITDAforthewholeyearis688crorenetprofitis256andcashaccrualsof433crore.
The total business of packaging and film in the ratio of the sales revenues is for the quarter was around 50/50 where as for the
wholeyearwas47/53.
So as we've been mentioning the packaging is catching up more and more shares is been contributed by packaging business
plusalliedbusinessesofpackaging.Sotheshareofpackagingisgoingintheofthebusiness.
The international domestic in terms of sales revenue is 40/60 for this quarter whereas for the whole year it's 44/56. So
internationalisgrowingasyouknowthatmoreandmorecapacityforthefilmareaddedintotheinternationalmarketsotheyare
contributingtotheoverallrevenue ofthegroup.So,asaresulttheinternationalrevenuesare growingthe share ofinternational
revenueisgraduallygrowingagainstthedomesticmarket.Whiledomesticisalsogrowingbutinternationalisgrowingfaster.
So, this is what has been the overall performance of the quarter. And on the other end this company had planned for certain
expansions during the last year. Al those have been well completed in time. The total projects which were in Egypt was CPP
plant,andspecialplant.Theyallgotcommissionedaspertheschedule.
EveninIndiatheprojectforexpansionofpackagingbusinessplusthebusinessweretrue.
Alsogotcompletedduringthelastyear.Asperthecurrentyearexpansionwhichare tocompletecompanyhadplanned forthe
newprojectatPolandandKentucky.Theyallaregettingcompletedwithfullspeed.
PolandisexpectedtobecompletedbytheendofJune12andKentuckyisexpectedtocompletebyDecember12.AndIamsure
thatwiththecompletionoftheseprojectstheserevenuetheywillalsocontributetotheincreaseintherevenuesandthevolume
ofthecurrentyearworkings.
Totalcapacityaftertheseexpansionswillbetakenintoaccountasofnowandbythefinancialyear'13isexpectedtobeforthe
packaging businesses 67,000 tonnes for the PET film will be close to 256,000 tonnes and BOPP should be around 81,000 tonnes
bothinIndiaaswellininternationalmarket.
ThisPET filmof256,0000tonnemakeasignificantpositionintheinternationalmarketmaybethird or fourthlargestoneofthe
largestplayersintheinternationalmarket.
Having said which was not very encouraging as I mentioned because of mixed scenario prevailing during the whole of the last
year.Butontheotherhandmakesthatthebetteroutlookforthecurrentyear.
We expect that these sales working volume and the value are expected to grow around 30% and equally the net profit also is
expectedtogrowsomewhereon55%to60%inthisyear.
AndasaresultofthisearningpershareisalsoexpectedtobearoundRs.55toRs.60ashare.Asagainst,Ithinkforthecurrent
yearwhatweachievedisaroundRs.35pershare.SoIcanonlysaythataswearegoingforwardwithourplanforthecompletion
of various expansion program expect that operating environment both in the Indian and international market is expected to
improve.
As a result of it this year looks to be far better than what we could do in the previous year. So, just explanation I would like to
commentImycommunicationandspeech.Thankyouverymuch.

QuestionsAndAnswers
Operator
Thank you very much sir. We will know begin with our Question and Answer session. [Operator Instructions]. Our first question is
fromthelineofGauravSinghofBonanzaPortfolioLimited.Pleasegoahead.
Analyst
Goodmorningsir.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Goodmorning
Analyst
Sir,ifyoucouldgivemethescenarioforBOPETfilmasintherealizationthatwe'veclockedinthecurrentquarter
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
The realization has been announced under 103 to . And we expect that this current quarter is expected to be better than this
whatweachievedintheMarchquarterandfromOctoberonwardsIthinkweshouldbequiteclosetothenormallevelthisiswhat
hasbeenthefeelingasweareoperatingthemarketthatisdomesticmarketandinternationallyalsowehaveseenthatthecurrent
quarterhasshownquitegoodimprovementandweareaddingtowardsthenormalfee.
So obviously the price is one has to see the pricing with reference to the input cost so what when I say that normal it means the
gross margin or the EBITDA margin per kg. So we are heading to the normal towards the EBITDA per kg and both in the
international market as well as the domestic market. So hopefully I think this should we should be able to catch up to the normal
levelbySeptemberendormaybeearlyOctober.
Analyst
And,sirhowistheBOPPfilmscenario?
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
BOPPisdoingverywell.ImeanevenlastyearIthinkthatsitewasmajorlycomingoutofotherproductgroupaswellastheBOPP
betterthanthenormal.SothatcouldalsocontainthelargePETfilmdownwardmargin.Andthisyearalsosofarithasbeengoing
fine more or less at the same level. And we expect to have the same pricing and the margin level of the BOPP to continue in the
currentyeartoo.
Analyst
So,currentlywhatwouldbetherealizationforBOPP,isthat
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
BOPPissomethingaroundRs.135kg.SothatisthenormallevelwhatwasthereduringthelastyearwithRs.1orRs.2hereand
there.
Analyst
Okay.Andsir,ifyoucouldgivemetheEBITDAperkgbetweenpackagingandplasticfilms.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
PackaginginfactifItellyouthepackaging,therearesomanyotherincidentalproductlikemachine,hologramandwhatyoucall
therotogravurecylindersallputtogetherbecauseIdon'tknowseparateinpackaging,laminateandtheseitemsterm.
So,theEBITDAhasbeenaroundclosetomorethanRs.100forthisquarterandplasticfilmhasbeenaroundRs.12akg.
Analyst
Okay
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
So,IthinkpackagingwhatImeansoitshouldnotbemisunderstoodbecausethisistheaggregateofthetotalactivitylinkedtothe
packagingmainlaminateproductplustheotherancillaryactivitywhichwedothemarginofthosealsotheprofitofthosealsoare
addedintopackagingbusinessmarginnumbers.
Analyst
Okay,sir.SironemorethingintheeffectivetaxrateIthinkthisquarterwehaveclockedaeffectivetaxrateof31.4%
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Whichis1.1%approximatelyyeah,youareright.
Analyst
Couldyouexplainhowwhythisthinghasgoneup?
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
You know what happened that when we do some kind of a calculation we have to do the calculation on
quarteronquarter.
Analyst
Okay.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Therearesomechanges,whichtakesplace.So,obviouslyifyoulookliketotalaveragetaxrateforthewholeyearisaround18.5%.
Analyst
Yessir
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Right. So, this is basically based on certain profits earned on each quarter so I can't explain beyond this may be some kind of
deductionandotherbenefitswhicharethere.
Thoseareaccountedfortherearesomelossescarriedforwardwhicharetakenintoaccountwhenyoucalculateoneachquarter
So, but yearlyyou have tolook at thetotalimpactifthose benefitsget exhaustedbythird quarter orsecond quarteras thecase
maybethentheincidenceoftaxgoesupintheremainingquarter.
So,thatcouldbethereasonbecauseourtaxexpertsthetaxexpertsinthecompanytheworkoutthiscalculationandbasedonthat
weunderstandthatwhateverbenefitwereavailabletothecompanygotexhaustedinthefirstthreequartersandthenthisquarter
whateverprofithasbeenearnedislargelysubjecttothetotaltaxbility.Buttheaverageisstillcomingtoaround18%18.5%.
Analyst
Sogoingforwardwecanassumeitat18%
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
GoingforwardIwouldwon'tsaythatitis18%becausewehavemultiplelocationssothisistheneteffectofthetaxsomeofthe
territoriesarelesstaxedandsomeofthetaxesaretheseareknowntaxDubaiandallthat.
So,itshouldbesomewherearound20%maybearoundthatmuch.
ThatwouldbegoingupaswearegoingforwardbecauseIndiaisalsobecomingmoretaxable.So,obviouslytheintereston
taxisgoingtobehigher.
Itisaround20%youcansaythatthisyearweexpectthattaxwillbe
Analyst
Andsirwhatisthestatusofthewarrantshowmuchofithasbeenconvertedandhowmuchisstillpending
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Theoutstandingwarrantwhichwastheretheyallhavebeencanceledonlywehadconverted35lakhwarrantsinthebeginningand
1lakhwarrantshavebeencanceledthemoneywhatwaspaidasanadvancehasbeenforebiddedbecauseifyoulookattheoverall
positionofthepricingandeverythingitwasdecidedbythepromotersnottobasicallysubscribebasicallytorulesoftheSEBI
thevariableamountoflosshastakenplacewithpromotersonaccountof75crores.
Analyst
Okaysir.Thankyousir.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Thankyou
Operator
Thankyouverymuch.[OperatorInstructions].OurnextquestionisfromthelineofofPrimeSecurities.Pleasegoahead.
Analyst
Goodmorningsir.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Goodmorning
Analyst
Sir,justafewbookkeepingquestions.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Yes,please.
Analyst
Couldyoujustbreakupyourrevenueof'11,90croresintopackagingandplasticfilms.
Iunderstandpackagingwillhavemanyotherthings,butthatishowyouhavebeengivinghistorically,right?

R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Well,forthisquarter1,152,Igotafigure1,152becauseyouwhentheypublish,butIamjuststickingwiththe
Analyst
Okay,okay.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Ourratioisaround5050.
Analyst
5050?
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Forthisquarter.Forthiswholeyearitis4753.
Analyst
1153?
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
4753forthewholeyear.Butforthisfourthquarteris5050.
Analyst
Okay,okay.FairenoughandsirifIamnotwrongyousaidpackagingmarginsatEBITDAlevelisaroundRs.100
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
EverythingasIsaidagainIamreminding
Analyst
Itincludesmanyotherthings.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Includesmanyotherthings.Soobviouslyifyouaskonlythepackagingprobablyitwillnotbethathighbecausetherearesomany
other activity which areonly added interms of profit. Thentheir quantities are not added to the packaging business. So obviously
therateperkgitlookstobeveryhighbuttheunitsaredifferent.
Analyst
AndsircouldyougiveussomeproductionguidanceforFY13andFY14
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
For'13Itoldyouthatoutlooktobemuchbetterthanwhatwehadexperiencedinlastyear.
AndIhadalsomentionedthatweareexpectingasalesgrowthofaround30%bothintermsofvolumeandvalue.
Netprofitisexpectedtobehighercomparedtothelastyearby55%to60%.
Analyst
Okay. Sir, what I wanted was hard production number. So just to give you roughly in plastic films. Can we expect around 2,40,000
tonnesputtogether.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Plasticshouldbelastyearitwas188,000asImentioned
Analyst
Yeah
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Thisyearweexpecttodosomethingaroundmorethan275,000to280,000
Analyst
Okay275,000to2,80,000
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Andpackagingfrom48,000wedoexpectedtodoaround60,000
Analyst
Okay
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
That'sthereasonIsaidthatthegrowthisgoingtobe35%morethantherevenuegrowth.Thisisbasicallyisthesilverliningforus
because that's a winningpointthatdespitethe factthatthe operatingenvironment is not beengood for thePETfilm andothers
sometimes it keep changing but the sales growth continues to take place so that basically saves us from the sharp drop in the
bottomline.
Analyst
Andsirnowthesincethewarrantshavelapsedsirhowdoyouplantofinanceyourfurtherventures
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Nothisisbeingdonebasicallyallthesehavealreadybeendecidedtobefundedpartlybyandpartlyanyothernewprojectwill
come that has to be made out of largely from the accrual because they won't be very heavy expansions been undertaken by the
company.
Aswegoforward.Sotheywillbeinlineotherwise.Thenwewillseehowthefundsomeinterestingorveryimportantthings
come in which are going to be strategically good for the long term point view may be some kind of acquisition so at that time
pointwewilldecidewhotobasicallyplantheraisingoffundsfortheequityormaysomeothermethod.
Analyst
No,no.Iwasnotsayingfortheventurethatyouhavenotyetdeclaredinpublicdomain.Iwasmoreontheventurethatyouhave
alreadydeclaredinthepublicdomain.So.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Wehavealreadyfinalizedbecausewearefundingoutofaccrualaswellasoutofthe
Analyst
Okay.So..
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
projecttheyhavealreadybeeninthecrystallizeandformalizedlastyearitself.
Analyst
Nono.SirthenwhatcouldweexpectincreaseindebtforFY13andFY14around500croreeachyear?
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Letmetellyounotmuchbecausetherearesomerepaymentsalsotobemade.So,onthewholethetotaldebtletmejusttell
youisgoingtobeuptobyRs.400crore.Afterthattherehastobeadrop.
Analyst
InFY13?
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
FY13wouldbeincreasedby400croreboththeKentuckyandPolandthedebthasnotbeenfullyreflectedinthelastyear.Because
theyarestillunderimplementationinthe currentyear.WeexpecttocompletebyJuneandDecembersomajorportion of debtis
goingtocomeonlyinthisyear.
But,youknowletmetellyouthedebtequity.Ithinkmoreimportantisthedebtequitythattomelooksinabsolutetermsand
goingupbutonthewholemydebtequitycontinuestobelowerthisiswhatwehavebeensaying.
Analyst
Okay,okay.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
isgoingtobemuchhigherthanthetotaldebtof23,24whateveritcomesto.
Analyst
Andsir,thistimearoundyouhavenotpublishedyourconsolidatedbalancesheet,socouldyoujustgiveusyourbalancesheet
onthisthingoryouaregonemailitseparately
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Wedon'tdothatbecausethisisonlyaprovisionalmanagerwewanttodotheauditedonebutwecanjustsendyouoryoumay
asksomethingsoIcantellyourighthere.
Analyst
Okaysiractuallyitwouldbehelpfulifyoucouldjustsendusyourprovisionalbalancesheet,consolidatedbalancesheet.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Wewillsendyouthatwe'llsendyouthebriefofthebalancesheetwewon'tgivetheasitisrequired.
Analyst
Yeahweunderstandthatitmaynotbeasperthelatestschedulebutevenbroadlyaspertheoldschedulealsoisfinewithus.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
We'llgiveyouthebreakupofthatconstituentsofthebalancesheet.So,thatyouunderstandwhatiswhatintermsofassetsand
termsofliabilities.
Analyst
Okay.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Okay.Sothatwewilltelltoyoumaybetodayitself.
Analyst
Todayitself.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Thisisyoursecurity,wewillsendittoyou
Analyst
Yeah,I'lljusttospeaktoMr.Khanafterthecall.
CorporateParticipant
That'sgreat.That'swonderful.YoucanjustleavemeIthinkyoumusthavingit.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
alreadyInoted,Iwillforwardittoyou.
Analyst
Okaysir.
CorporateParticipant
Okay.Thankyou.
Analyst
That'sallfrommysideasofnow.IfIhaveanyotherqueryI'llgetbacktoyou
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Doletusknow.Thankyou.
Analyst
Thankyousir.Andallthebest.
Operator
Thankyouverymuch.OurnextquestionisfromthelineofMr.MangeshofAlmondzGlobal.Pleasegoahead.
Analyst
SirGoodmorning
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Goodmorning
Analyst
IjustwantedtoknowthecontributionfromournewlylaunchedcapacitiesinFY13
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
FY13orFY12,
Analyst
FY13goingaheadsir.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Thecontributionmeans.
Analyst
Howtheyaregoingtocontributeinourtotalproduction.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
AsImentionedinmypreviousreplytoquestionraisedbymyfriend.Whatwearesayingthatthefilmbusinessisgoingtogrowfrom
188,000 tonnes to 275 plus. So now you can see that how this volume is going to grow. And this all is partly by the new capacity
whicharesellingintheduringthefinancialyear13forPolandandKentuckyplusthecapacitywhichwassetupduringfinancialyear
12.
Soit'saggregateeffectoftheallwhichisgoingtogrowthevolumeof plasticfilm from188,000to 235,000,280,000.Equallyfor
packaging for 48,000 to 60,000 12,000 tonnes increase is also going to be additionally contributed by our new facility set up
Jammu2andJammu3andJammu1.
Sowecanexplaintoyouthecontributionoftheseadditionalinvestmentonlyintermsofgrowthcomingintothevolume.Sothisis
growthweareexpectingfrom236,000tonnewhatweachievedduringthelastyeartogouptosomethingaround345,000tonnes
duringthethecurrentyear.Whichisalmostin100,000tonnesofadditionalvolumewhichwearegoingtohavewhichisgoingto
becontributedadditionalbythenewcapacityaswellasgrowthoftheexistingcapacity.
Analyst
Intermsofsircompetitiveenvironmenthowtheothercapacitiesarecomingintheorcompetitivemarket
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Youmeantosayfilm
Analyst
Yeah
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Packagingofcourseisnotmuchasweknowit'sthedifferentbusinessbutPETFilmIthinkaftertheexperienceofthepreviousyear
wherethepressurehasbeenthereandmarginshavebeenathittherockbottom.
Last new comer who had decided we had planned to set up they had all suspended their plans and we don't expected any major
investmentsormajorprojecttocominginbothinIndiaaswellasintheinternationalmarketduringtheyear'13and'14veryfew
other players are going to be talking like we are talking about expansion in the America and very selectively the international
playersalsoarelookingatsettingupnewcapacities.So,wedon'texpectthattherewillbefloodofcapacitycomingin.That'sthethe
reasonweexpectthatthiswillrectifythegapsbetweenthedemandandsupplyintheglobalmarket.
Hello?
Operator
Sir,pleasestayconnectedactuallythelinefromMr.Mangeshhasbeendisconnected.Inthemeanwhilewejustcheckifparticipants
haveanyquestion.[OperatorInstructions].Mr.Mangeshdoyouhaveanymorequestion.
Analyst
Noma'amthanks.
Operator
Thankyouverymuch.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
Thankyou.
Operator
[Operator instructions]. As there are no questions from the participants. I would now like to hand the conference over to Mr.
SundarSubramanianforclosingcomments.
CorporateParticipant
OnbehalfofAlmondzGlobalSecuritiesIthankMrR.KJainanditsmanagementteamforgivingustheirvaluabletime,providingus
withdetailinsightsaboutthecompany.Iwouldalsoliketothankalltheparticipantsforjoiningthecall.Thankyouverymuch.
R.K.Jain,GroupPresident,CorporateFinanceandChiefFinancialOfficer
ThankyouSunder.Thankyouverymuchtoallofyouwhohadbeenthereonthecall.Andcallcoordinatortoo.Thankyou.
Operator
Thankyouverymuchsir.OnbehalfofAlmondzGlobalSecuritiesLimitedthatconcludesthisconferencecall.Thankyouforjoining
usandyoumaynowdisconnectyourlines.
CorporateParticipant
Thankyou.
Operator
Thankssomuchsir.