Q1 2027 Chaman Lal Setia Exports Ltd Earnings Call

August 7, 2026

Speaker #1: You are muted. You can mute or unmute yourself by pressing star 6.

Speaker #2: How many people are already on board?

Speaker #3: Sir, around 34 are there.

Speaker #2: 34 are there.

Speaker #3: Yeah, yeah. So, I'll begin the call. I'll just get the recording started. Just a moment.

Speaker #1: This meeting is being recorded.

Speaker #3: Ladies and gentlemen, on behalf of Captify Consulting Investor Relations team, I welcome you all to the Q1 FY27 post-earnings conference call of Chaman Lal Setia Exports Ltd. Today, on the call from the management team, we have with us Mr. Rajiv Setia, Joint Managing Director and CFO, and Mr. Ankit Setia, Whole Time Director.

Operator: Ladies and gentlemen, on behalf of Kaptify Consulting Investor Relations team, I welcome you all to the Q1 FY27 Post-Earnings Conference Call of Chaman Lal Setia Exports Ltd. Today on the call from the management team we have with us Mr. Rajeev Setia, Joint Managing Director and CFO, and Mr. Ankit Setia, Whole-time Director. As a disclaimer, I would like to inform all of you that this call may contain forward-looking statements which may involve risks and uncertainties. Also, a reminder that this call is being recorded. I would now request the management team to brief us about the business and performance highlights for the period ended June 2026, the growth plan and vision for the coming quarters or the year, post which we will open the floor for Q&A. Over to the management team.

Operator: Ladies and gentlemen, on behalf of Kaptify Consulting Investor Relations team, I welcome you all to the Q1 FY 2027 Post-Earnings Conference Call of Chaman Lal Setia Exports Limited. Today on the call from the management team we have with us Mr. Rajeev Setia, Joint Managing Director and CFO, and Mr. Ankit Setia, Whole-time Director. As a disclaimer, I would like to inform all of you that this call may contain forward-looking statements which may involve risks and uncertainties. Also, a reminder that this call is being recorded. I would now request the management team to brief us about the business and performance highlights for the period ended June 2026, the growth plan and vision for the coming quarters or the year, post which we will open the floor for Q&A. Over to the management team.

Speaker #3: As a disclaimer, I would like to inform all of you that this call may contain forward-looking statements, which may involve risks and uncertainties. Also, a reminder that this call is being recorded.

Speaker #3: I would now request the management team to brief us about the business and performance highlights for the period ended June 2026, the growth plan and vision for the coming quarters or the year, post which we will open the floor for Q&A.

Speaker #3: Over to the management team.

Speaker #2: So I welcome all for joining us, and I would like to thank everybody for investing and having trust in our company. The last quarter was a quarter which happened during the war between Iran and the USA.

Ankit Setia: I welcome all for joining us, and I would like to thank everybody for investing, having trust in our company. The last quarter, this was a quarter which happened during the war of Iran and USA. It had different kinds of challenges. If I talk about my company's performance, because of this war, there was absolutely no effect. The sales went fine. There were no claims, there were no containers which got stuck anywhere. It was a smooth quarter for us. Two, three days ago, somebody very senior from MSC Line, shipping line, was in our office, and he highly praised about the company's way of working. They said the way Chaman Lal Setia Exports Limited has diversified their export business, the way we are capturing multiple ports all over the world. He said that this way there is no other company working.

Speaker #2: So, different challenges and company performance—in fact, the war had absolutely no effect. The sales went fine. There were no claims. There were no containers which got stuck anywhere.

Speaker #2: So it was a smooth quarter for us, and somebody very senior from MSC Line, the shipping line, was in our office and he highly praised the company's way of working.

Speaker #2: They said the way Chaman Lal Setia Exports Ltd has diversified their export business, the way we are capturing multiple ports all over the world—like he said, in this way, there is no other company working.

Speaker #2: So it gave us great confidence to listen to that. So this is what I wanted to say. Chacha, if you would like to add.

Ankit Setia: It gave us great confidence to listen to that. This is what I wanted to say. Chacha, if you'd like to add.

Speaker #4: Yes. With the separate risk, we are working—this is what we have been doing for years altogether, and this has really paid off now, when the war situation is going on.

Rajeev Setia: Yes, with the spread risk we are working. This is what we are doing for years altogether, and this has really paid now when the war situation is going on. The movement to Middle East is low. Of course, through Red Sea, the countries like Egypt, Aqaba port, Jordan, and Lebanon is doing well. This part, it slowed down now. Let's hope it goes well. Our 500 tons shipment to Jeddah is moving in a day or two, so it's going. Let's see. This part is not as good as it used to be, but the other part of the world, like US, Canada, New Zealand, Europe, Russia, African part, we are all over.

Speaker #4: The movement to the Middle East is low. Of course, through the Dead Sea, countries like Egypt and this Aqaba Port, Jordan, and Lebanon are doing well.

Speaker #4: And this part is slow, it's slowing down now. But let's hope it goes well. Our 500-ton shipment to Jeddah is moving in a day or two.

Speaker #4: So, it's going. Let's see. This part is not as good as it used to be, but the other parts of the world, like the US, Canada, New Zealand, Europe, Russia, and the African part, we are all over.

Speaker #2: So, last quarter we had zero shipments to Iran. That is why you can see there is no effect.

Ankit Setia: Last quarter we had zero shipments to Iran. That is why you can say there is no effect.

Rajeev Setia: When we have shipped to Iran? Never.

Speaker #4: When have we shipped to Iran? Never.

Ankit Setia: Yes.

Speaker #2: Yes. Let's move on to the Q&A.

Rajeev Setia: Yeah.

Ankit Setia: Let's move on to the Q&A.

Speaker #4: Yeah.

Rajeev Setia: Yeah.

Speaker #3: Sure. All those who wish to ask a question may use the option to raise hand. In case you are unable to raise your hand, you can drop a question in the Q&A box.

Operator: Sure. All those who wish to ask a question may use the option of raise hand. In case you are unable to raise hand, you can drop a question in the Q&A box, and we'll ask your question on your behalf. I request participants now to raise their hand.

Speaker #3: And we'll ask your question on your behalf. I request participants now to raise their hands.

Speaker #5: Yes. Good afternoon.

Surbhi Mishra: Yes, sir. Good afternoon.

[Analyst 1]: Yes, sir. Good afternoon.

Rajeev Setia: He became responsible. I shall not talk to him. Madhusudan Kela.

Speaker #4: Clicking this button, I cannot talk to you. Sir, will the first question be from—

Operator: Sir, we'll take the first question from Madhusudan Kela. Manish, you can go ahead.

Speaker #6: Manish Keller? Manish, you can go ahead.

Manish Chira: Yeah. Hi. Thank you for the opportunity and congratulations once again, displaying a solid performance both on top line as well as bottom line. I have a couple of questions, sir. One is, in your commentary, you talked about again elevated ocean freight costs. Again, I understand all of this is because of the geopolitical situation. Again, were we able to absorb these costs? Were we able to pass it through the customer? That's the question. That's one. My second question would be, we also talked about doing good purchase of low-cost inventory. This was highlighted on the previous call. Are we still holding on to any low-cost inventory and if yes, what would be the quantum? And do we expect Q2 realizations to be strong as well, going by the current rates of Basmati rice?

[Analyst 2]: Yeah. Hi. Thank you for the opportunity and congratulations once again, displaying a solid performance both on top line as well as bottom line. I have a couple of questions, sir. One is, in your commentary, you talked about again elevated ocean freight costs. Again, I understand all of this is because of the geopolitical situation. Again, were we able to absorb these costs? Were we able to pass it through the customer? That's the question. That's one. My second question would be, we also talked about doing good purchase of low-cost inventory. This was highlighted on the previous call. Are we still holding on to any low-cost inventory and if yes, what would be the quantum? And do we expect Q2 realizations to be strong as well, going by the current rates of Basmati rice?

Speaker #4: Yeah.

Speaker #2: Thank you for the opportunity, and congratulations once again on displaying a solid performance, both on the top line as well as the bottom line. I have a couple of questions, sir.

Speaker #2: One is, in your commentary, you've talked about elevated ocean freight costs again. I understand all of this is because of the geopolitical situation.

Speaker #2: So, again, were we able to absorb these costs? Like, were we able to pass it through to the customer? So, that's the question. That's one.

Speaker #2: And my second question would be, we also talked about making good purchases of low-cost inventory. This was highlighted on the previous call. So, are we still holding on to any low-cost inventory and, if yes, to what extent?

Speaker #2: What would be the quantum, and do we expect Q2 realizations to be strong as well, going by the current rates of mass materials?

Speaker #4: Yes. Your first question is about ocean freight. We are quoting only FOB these days and telling the buyers we will ship CIF, of course, because we have to secure our cargo also with the insurance.

Rajeev Setia: Yes. Your first question is about ocean freight. We are quoting only FOB these days and telling the buyers we will ship CIF of course, because we have to secure our cargo also with the insurance. The actual ocean freight as on that date will be added to the price to make it CIF. We always tell them, we give you the price. Because you are yet to sell. We have sold you and you are yet to sell. You are in a better situation than us despite paying ocean freight. Everybody knows ocean freight has gone up, and accordingly they factor into their prices and sell. The demand is there, it's an essential product. Demand is too much. Other question, we built up huge stock of low prices, and starting from the commencement of season until mid-January, we bought a lot of rice.

Speaker #4: And the ocean freight, well, the actual ocean freight as on that date will be added to the price to make it CFR. And we always tell them, we give you the price—whatever—because you are yet to sell.

Speaker #4: We have sold you, and you are yet to sell. You are in a better situation than us despite paying ocean freight, but everybody knows ocean freight has gone up accordingly.

Speaker #4: They factor it into their prices and sell. The demand is there. It's an essential product. Demand is too much. And another question—you know, we built up a huge stock at low prices.

Speaker #4: And starting from the commencement of season until mid-January, we bought a lot of rice. We still have reasonable quantity with us at the lower price, and whenever the prices went down in this period also—because when there was good news from the war side, the prices used to go up.

Rajeev Setia: We still have a reasonable quantity with us at the lower price. Whenever the prices went down in this period also, because when there was good news from the war side, the prices used to go up. When any eventuality happened, like a resume of war, whatever unfortunate we should say, the prices used to come down. We got opportunities to procure also. In all, we are in a very good situation to sell.

Speaker #4: And whenever any eventuality happened, like the resumption of war or any other unfortunate event, we should say, the prices used to come down. We got opportunities to procure also.

Speaker #4: So, all in all, we are in a very good situation to sell.

Manish Chira: Thank you, sir. If I can squeeze in one final question. While sales increase, the volumes reduce. Do we expect volumes to be soft in Q2 as well?

[Analyst 2]: Thank you, sir. If I can squeeze in one final question. While sales increase, the volumes reduce. Do we expect volumes to be soft in Q2 as well?

Speaker #2: Thank you, sir. If I can squeeze in one final question: while sales increased, the volumes reduced. So, do we expect volumes to be soft in Q2 as well?

Rajeev Setia: Q2, it's very little premature stage to comment because it's just beginning of Q2. Demand is there. Demand is there means buyer and seller are confident about the business. Now it depends upon the logistics. This war is receding slow day by day, let's hope good time comes, ocean trades come down, or the movement to all destinations is in order or going quick, the business can happen anything. If the slowdown remain, then it can hit also. It's premature to state. Still we have to consider.

Speaker #4: Q2—it's a very premature stage to comment because it's just the beginning of quarter two. Demand is there. Now, "demand is there" means buyers and sellers are confident about the business.

Speaker #4: Now, it depends upon the logistics. I mean, this war is receding slowly, day by day, and let's hope good times come, ocean freights come down, or the movement to all destinations is in order, or going quickly. Then business can happen—anything.

Speaker #4: And if the slowdown remains, then it can hit also. I mean, it's premature to say. Still, we have to.

Speaker #2: Yeah. And how about the current prices of basmati? Are they high, or what is it?

Manish Chira: Yeah. How are the current prices of basmati ruling at? Is it high or what are they?

[Analyst 2]: Yeah. How are the current prices of basmati ruling at? Is it high or what are they?

Rajeev Setia: They are high, of course, but not the peak level which was achieved by rice. They are less than that, but still high.

Speaker #4: They are high, of course, but not at the peak level, which was achieved by rice. They are less than that, but still high.

Manish Chira: All right. Thank you, sir. I'll join back the queue.

[Analyst 2]: All right. Thank you, sir. I'll join back the queue.

Speaker #2: All right. Thank you, sir. I'll join back with you.

Speaker #6: Thank you, Manish. Now, the next question will be from Rajesh. Rajesh, you can go ahead.

[Company Representative] (Kaptify Consulting): Thank you, Manish. This is the next question from Rajesh. Rajesh, you can go ahead.

Operator: Thank you, Manish. This is the next question from Rajesh. Rajesh, you can go ahead.

[Analyst]: Yeah. Good afternoon, Rajiv ji and Ankit ji.

[Analyst 3]: Yeah. Good afternoon, Rajiv ji and Ankit ji. Nice to talk to you once again. My question is this, sir. First of all, I really enjoyed seeing our tagline, "Fully integrated farm to port operations" on the presentation. The tagline is really amazing. Second point, the result that has come is very good. The simple thing is that our top line growth is not happening. If we look at our CAGR top line growth for the last 3 years, it is hardly coming to 1%. What does the management want to do for this?

Speaker #2: Yeah. Good afternoon, Rajivji and Ankitji. Nice to talk to you once again. My question is, sir, सबसे पहले जो अपना tagline है न, presentation का देखकर बहुत ही मज़ा आ गया — "Fully integrated farm to fork operations."

[Analyst]: Nice to talk to you once again.

[Analyst]: My question is this, sir. First of all, I really enjoyed seeing our tagline, "Fully integrated farm to port operations" on the presentation. The tagline is really amazing. Second point, the result that has come is very good. The simple thing is that our top line growth is not happening. If we look at our CAGR top line growth for the last 3 years, it is hardly coming to 1%. What does the management want to do for this?

Speaker #2: Tagline सही में बहुत ही शानदार है। And second point, jo result जो अपनाया है, बहुत ही अच्छा है। Simple चीज है कि top line growth हमारा नहीं हो रहा है। पिछले 3 साल से अगर अपन CAGR top line growth देखेंगे, मुश्किल से 1% आ रहा है। तो इसके लिए अपन management क्या करना चाह रहे हैं?

Rajeev Setia: Ankit, you will answer or should I answer?

Speaker #4: Ankit, will you answer or should I answer?

Speaker #2: So, sir, you are right in saying कि जो top line है, वो क्या कहते हैं, बढ़ नहीं रहा, 1% से बढ़ा है। अगर आप history में भी देखो, तो वो कुछ साल बढ़ता नहीं है। फिर अचानक से बहुत ज्यादा बढ़ जाता है। So, I would say we are in that process.

Ankit Setia: Sir, you are right with saying that the top line is not increasing, it has increased by 1%. If you look at the history, it does not increase for a few years, then suddenly it increases a lot. I would say we are in that process. Chacha, you add something.

Speaker #2: चाचा, आप कुछ add कर दीजिए।

Speaker #4: मैं add करता हूं। The good part is, we recently we have come across a company Al Mohaddab, they are called. A Saudi company. And because they have been buying from multiple people, but they got hits here and there.

Rajeev Setia: I add. The good part is recently we have come across a company, Al Muhaidib, they are called. A Saudi company. Because they have been buying from multiple people, but they got hits here and there. They have selected our company for, of course, part of their purchases. They are very big buyer, they are buying around 250,000 tons. First shipment of 500 tons is moving. It is not a question of their satisfaction because they examine everything in our factory, in our plant. We have learned from them also the way they are procuring. Hope so this company remains with us, and if we live up to their expectation, why not? They will be going here and there because after a lot of investigation or observation, they have come to us.

Speaker #4: So, they have selected our company for future—of course, part of their purchases. And they are a very big buyer. They are buying around 2.5 lakh tons.

Speaker #4: So, first shipment of 500 tons is moving. And if there's— I mean, it's not a question of their satisfaction because they examine everything in our factory, in our plant.

Speaker #4: They go, they have, we have learned from them also, the way they are procuring. And hope so this company remains with us. And if we live up to their expectation, why not?

Speaker #4: They will be going here and there because after a lot of investigation or observation, they have come to us. And we have told them our company doesn't work on breakevens or losses.

Rajeev Setia: We have told them our company doesn't work on breakeven or losses. I always say the true marker of any business is profitability, and it has to be there, low or high. I am expecting increase of top line from these people. Apart from that, we are regularly discussing in our own company for domestic sales. Two days back, I was talking to my distributor in Agra. He's my distributor since 1980, and Maharani is quite famous in Agra. Just one call of mine and talking to him, he placed order of 100 tons to factory.

Speaker #4: We need—because I always say the true marker of any business is profitability, and it has to be there, low or high. And I am expecting an increase of top line from these people.

Speaker #4: Apart from that, we are regularly discussing in our own company about domestic sales. In fact, just two days back, I was talking to my distributor in Agra, who has been my distributor since 1980.

Speaker #4: And Maharani is quite famous in Agra. So, just one call of mine and talking to him, he placed an order of 100 tons to the factory.

[Analyst]: Very nice.

[Analyst 3]: Very nice.

Speaker #2: Very nice.

Speaker #4: Yeah, very nice, you know. And what we really need is, maybe personally, me or Ankit or my son, because Vijay is involved in quality production.

Rajeev Setia: Very nice. What we really need is, maybe personally me or Ankit or my son, because Vijay is involved in quality production in the factory, he's not free. We need to meet the people. We have to revive our old distributors. It will grow. I have seen, we have as per brand is concerned, somebody has carried out some this survey. Next to Lal Qilla we are coming. I'm happy.

Speaker #4: In the factory, he's not free. We need to meet the people. We have to revive our old distributors. It will grow. And I have seen, as far as God brand is concerned, somebody has carried out some survey.

Speaker #4: We are coming next to Lal Kila. I'm happy.

[Analyst]: Very good.

[Analyst 3]: Very good.

Speaker #2: Very good.

Rajeev Setia: Domestic sales is very important now. Particularly after this war and disturbance happens in any part of the world, it was earlier in Ukraine. Then we have seen Israel-Iran war only. Now America entering into it, which hit not only Iran and GCC countries also. Nobody ever knew, nobody ever dreamed this thing will happen. It's like not putting all egg in one basket. We are doing separate business and domestic is our next target.

Speaker #4: Domestic sales are very important now. And particularly after this war and when disturbances happen in any part of the world—you know, it was earlier in Ukraine.

Speaker #4: Then we have seen the Israel-Iran war only, and now America is entering into it, so it may hit not only Iran but also GCC countries. Nobody ever knew.

Speaker #4: Nobody ever dreamed this thing would happen. So, it's like not putting all eggs in one basket. We are doing separate business, and domestic is our next target.

[Analyst]: Rajiv ji, मैं जो देख रहा था, अपना export turnover domestic turnover का ratio देखें तो financial year 2023 में यह 2.74% total export turnover था हमारा।

[Analyst 3]: Rajiv ji, मैं जो देख रहा था, अपना export turnover domestic turnover का ratio देखें तो financial year 2023 में यह 2.74% total export turnover था हमारा। FY26 में यह 2.39% था। तो near about 97.5% turnover अपन domestic कर रहे हैं। ठीक है? तो जहां तक मुझे लगता है अपने sales team को थोड़ा सा enlarge करना पड़ेगा, particularly इस part को focus करने के लिए। अगर 97% हम domestic से कर रहे हैं, इसके बावजूद अपन sales नहीं बढ़ा रहे हैं, तो no doubt हमें सोचना चाहिए। यह मेरा thinking है।

Speaker #2: Rajivji, मैंने जो देख रहा था, अपना एक्सपोर्ट टर्नओवर, डोमेस्टिक टर्नओवर का रेशियो देखा जाए, तो फाइनेंशियल ईयर '23 में यह 2.74% टोटल एक्सपोर्ट टर्नओवर था हमारा। और फाइनेंशियल ईयर '26 में यह 2.39% था। तो नियर अबाउट 97.5% टर्नओवर हम डोमेस्टिक का कर रहे हैं। ठीक है। तो जहां तक मुझे लगता है, हमें सेल्स टीम को थोड़ा सा एनलार्ज करना पड़ेगा, पर्टिकुलरली इस पार्ट को फोकस करने के लिए। अगर 97% हम डोमेस्टिक से कर रहे हैं, इसके बावजूद हम सेल टर्नओवर नहीं बढ़ा रहे हैं, तो नो डाउट हमें सोचना चाहिए। यह मेरी थिंकिंग है।

Rajeev Setia: हाँ।

[Analyst]: FY26 में यह 2.39% था। तो near about 97.5% turnover अपन domestic कर रहे हैं। ठीक है? तो जहां तक मुझे लगता है अपने sales team को थोड़ा सा enlarge करना पड़ेगा, particularly इस part को focus करने के लिए। अगर 97% हम domestic से कर रहे हैं, इसके बावजूद अपन sales नहीं बढ़ा रहे हैं, तो no doubt हमें सोचना चाहिए। यह मेरा thinking है।

Speaker #4: नहीं, आपकी सजेशन इज वेल टेकन। सेल्स टीम हैज़ टू वर्क हार्ड। एंड सेल्स, इट इज एसेंशियल फॉर द मैनेजमेंट आल्सो टू विजिट वंस द।

Rajeev Setia: नहीं, आपकी suggestion is well taken. Sales team has to work hard and it is essential for the management also to visit once.

[Analyst]: Yes.

[Analyst 3]: Yes.

Speaker #2: यस, यस, यस, यस।

Rajeev Setia: Yes.

Ankit Setia: I would like to correct something over here.

Ankit Setia: I would like to correct something over here. राजेश जी।

Speaker #4: I would like to correct something over here. Rajesh ji.

[Analyst]: Yeah।

Ankit Setia: राजेश जी।

Speaker #2: या, प्लीज।

[Analyst]: Yeah, please.

[Analyst 3]: Yeah, please.

Speaker #4: In FY23, our export revenue as a percentage of sales was 73%. Okay, export revenue as a percentage of total revenue was 73%. Today, in FY26, it was 91%.

Ankit Setia: In FY23.

Ankit Setia: In FY23. Our export revenue as a percentage of sales was 73%. Okay?

[Analyst]: हाँ।

Ankit Setia: Our export revenue as a percentage of sales was 73%. Okay?

[Analyst]: Pardon.

[Analyst 3]: Pardon.

Ankit Setia: Export revenue.

Ankit Setia: Export revenue. As a percentage of total revenue was 73%. Today in FY26 it was 91%.

[Analyst]: हाँ।

Ankit Setia: As a percentage of total revenue was 73%. Today in FY26 it was 91%.

Speaker #2: नहीं, बॉस, एक बात प्लीज चेक करिएगा। जहाँ तक मुझे लग रहा है, FY23 में आपका टोटल रेवेन्यू सेल्स का ₹125 करोड़ बता रहे हैं, जो आपका प्रेजेंटेशन है, उसी में। और FY26 में ₹156 करोड़ बता रहे हैं। और उसको आप अपना टोटल टर्नओवर के साथ कंपेयर करेंगे, तो मेरे ख्याल से जो रेशियो में 2.5% का बता रहा हूँ, वही है। अगर मैं गलत हूँ, तो फिर प्रेजेंटेशन में कहीं पर कुछ होगा।

[Analyst]: नहीं boss, एक बार please check करिएगा। जहां तक मुझे लग रहा है FY23 में आपका total revenue sales का ₹125 करोड़ बता रहे हैं, जो आपका presentation है उसी में। और FY26 में ₹156 करोड़ बता रहे हैं। और उसको आप अपने total turnover के साथ compare करेंगे तो मेरे ख्याल से जो ratio मैं ढाई% का बता रहा हूं, वही है। अगर मैं गलत हूं तो फिर presentation में कहीं पर कुछ होगा।

[Analyst 3]: नहीं boss, एक बार please check करिएगा। जहां तक मुझे लग रहा है FY23 में आपका total revenue sales का ₹125 करोड़ बता रहे हैं, जो आपका presentation है उसी में। और FY26 में ₹156 करोड़ बता रहे हैं। और उसको आप अपने total turnover के साथ compare करेंगे तो मेरे ख्याल से जो ratio मैं ढाई% का बता रहा हूं, वही है। अगर मैं गलत हूं तो फिर presentation में कहीं पर कुछ होगा।

Speaker #4: Let me just recheck and come back to you on this. But yeah, as per the data, it has gone from 73% to 91%.

Ankit Setia: Let me just recheck and come back to you on this.

[Analyst]: Please।

[Analyst 3]: Please।

Ankit Setia: As data it has gone from 73% to 91%.

[Analyst]: हाँ। राजीव Sir ज्यादा अच्छे से बता पाएंगे। क्यों राजीव Sir? यह जैसे बता रहे हैं, क्या total sales का 91% अपना export है?

[Analyst 3]: हाँ। राजीव Sir ज्यादा अच्छे से बता पाएंगे। क्यों राजीव Sir? यह जैसे बता रहे हैं, क्या total sales का 91% अपना export है?

Speaker #2: अब राजीव सर ज्यादा अच्छे से बता पाएंगे, क्यों? राजीव सर, ये जैसे बता रहे हैं, क्या 91% टोटल सेल्स का 91% अपना एक्सपोर्ट है?

Speaker #4: देखो, what I personally assume, 90% export है, 10% ही शायद domestic है। But figures you have to reconcile, you know.

Rajeev Setia: देखो, what I personally feel 90% export, 10% ही शायद domestic है. The figures you have to reconcile.

Speaker #2: अच्छा, तो फिर सर, वो प्रेजेंटेशन में जो फिगर दिया हुआ है, उसमें अपने को चेक करना पड़ेगा।

[Analyst]: तो फिर sir वो presentation में जो figure दिया हुआ है, उसमें अपने को check करना पड़ेगा।

[Analyst 3]: तो फिर sir वो presentation में जो figure दिया हुआ है, उसमें अपने को check करना पड़ेगा।

Speaker #4: It needs recheck. Rather than to make any claim, it's better.

Rajeev Setia: It needs recheck. Rather than to make any claim, it's better.

[Analyst]: Correct. दूसरी चीज sir, यह slide 15 में हमारा दिया हुआ है कि EBIT margin Chaman Lal का 11% है। Average हमारा peer 1 का 14% है। एक competitive chart दिया हुआ है। और net profit margin अपना 8% है जबकि peer 1 का 11% है। तो यह चीज को बढ़ाने के लिए अपन क्या कदम उठा रहे हैं?

[Analyst 3]: Correct. दूसरी चीज sir, यह slide 15 में हमारा दिया हुआ है कि EBIT margin Chaman Lal का 11% है। Average हमारा peer 1 का 14% है। एक competitive chart दिया हुआ है। और net profit margin अपना 8% है जबकि peer 1 का 11% है। तो यह चीज को बढ़ाने के लिए अपन क्या कदम उठा रहे हैं?

Speaker #2: करेक्ट, करेक्ट, करेक्ट, करेक्ट। सेकंड चीज, सर, ये स्लाइड 15 में हमारा दिया हुआ है। कि एबिट मार्जिन अपना चमन लाल का 11% है। वेरेज हमारा पीयर वन का 14% है। ये कंपैरेटिव चार्ट दिया हुआ है। और नेट प्रॉफिट मार्जिन अपना 8% है। जबकि पीयर वन का 11% है। तो ये चीज को बढ़ाने के लिए अपन क्या कदम उठा रहे हैं?

Speaker #4: किस चीज को बढ़ाने के लिए? थोड़ा सा।

Rajeev Setia: किस चीज को बढ़ाने के लिए?

Speaker #2: EBIT margin और net profit margin को।

[Analyst]: EBIT margin and net profit margin को.

[Analyst 3]: EBIT margin and net profit margin को.

Speaker #4: Rajesh sir, this quarter, EBITDA is 12.3%. So you can see, it is going up. And in the future also, you can expect similar things to happen.

Ankit Setia: राजेश Sir, इस quarter के अंदर EBITDA is 12.3%।

[Analyst]: हाँ।

[Analyst 3]: हाँ।

Ankit Setia: You can see it is going up and future maybe you can expect similar things to happen.

Speaker #2: Very good, very good, very good. Second thing, Ankit ji, as we mentioned in our presentation, we are taking more than 300 plus brands, all those which are trading. In these, our brand Maharani is the biggest and most famous one which we do. Apart from this, what is the second biggest brand that we are processing, the second largest brand we are doing, for the domestic market?

[Analyst]: Very good। Second चीज अंकित जी, यह जैसे अपन अपना presentation में दिया है, more than 300 plus अपन brand ले रहे हैं, जो भी trading कर रहे हैं। इसमें एक brand अपना Maharani सबसे बड़ा famous है। इसके अलावा दूसरा क्या बड़ा brand है जिसको कि अपन process करने, second largest brand कर रहे हैं domestic market के लिए?

[Analyst 3]: Very good। Second चीज अंकित जी, यह जैसे अपन अपना presentation में दिया है, more than 300 plus अपन brand ले रहे हैं, जो भी trading कर रहे हैं। इसमें एक brand अपना Maharani सबसे बड़ा famous है। इसके अलावा दूसरा क्या बड़ा brand है जिसको कि अपन process करने, second largest brand कर रहे हैं domestic market के लिए?

Speaker #4: Sir, Maharani, of course, is the flagship brand. Then we have the Mithaas brand, which is also very strong. We have a brand called Begum, which is also very strong. And Anarkali is another brand, which also is very strong. So we have many brands that show strength.

Ankit Setia: Sir, Maharani of course is the flagship brand. फिर हमारे पास Mithas brand है which is also very strong. Begum करके हमारा brand है which is also very strong and Anarkali करके एक और brand है which also is very strong. है अपने पास बहुत सारे brands जो strength दिखाते हैं.

Speaker #2: मेरे ख्याल से आपका, यस, जो अपना वेबसाइट है, वेबसाइट में महारानी के अलावा शायद दूसरा कोई चीज का उतना उसमें व्यू नहीं है। प्लीज, उसको अपन दिखवा लेते।

[Analyst]: मेरे ख्याल से, yes, जो अपना website है, website में Maharani के अलावा शायद दूसरा कोई चीज का उतना उसमें view नहीं है। Please उसको अपन दिखवा लेते हैं।

[Analyst 3]: मेरे ख्याल से, yes, जो अपना website है, website में Maharani के अलावा शायद दूसरा कोई चीज का उतना उसमें view नहीं है। Please उसको अपन दिखवा लेते हैं।

Speaker #4: जी, महारानी को हम लोग, because it's the flagship brand, that is the brand we are known for—तो उसको तो बड़ा ही दिखाया है। But आपको बाकी सारे brands भी मिलेंगे। कुछ ऐसी countries भी हैं, जहां पे कुछ brands बहुत big volume में बिकते हैं। So...

Ankit Setia: Maharani को हम लोग, because it's the flagship brand, that is the brand we are known for, तो उसको तो बड़ा ही दिखाया है। आपको बाकी सारे brand भी मिलेंगे।

Ankit Setia: Maharani को हम लोग, because it's the flagship brand, that is the brand we are known for, तो उसको तो बड़ा ही दिखाया है। आपको बाकी सारे brand भी मिलेंगे। कुछ ऐसी countries भी हैं जहां पर कुछ brands बहुत big volume में बिकते हैं।

[Analyst]: Okay।

Ankit Setia: कुछ ऐसी countries भी हैं जहां पर कुछ brands बहुत big volume में बिकते हैं।

[Analyst]: Buyer के लिए special brand अपन बना दिए हैं।

[Analyst 3]: Buyer के लिए special brand अपन बना दिए हैं।

Speaker #2: बायर के लिए स्पेशल ब्रांड अपने बना दिए हैं।

Speaker #4: You can say special brands bhi keh sakte ho. Hamare khud ke bhi brands bhi hain. Hamara ek brand hai Diwan.

Ankit Setia: You can say special brand भी कह सकते हो। हमारे खुद के भी brands हैं। हमारा एक brand है Diwan।

Speaker #2: Royal India is doing great, Ankit.

Rajeev Setia: Royal India is doing great, Ankit.

Speaker #4: So we have a brand, Diwan, which has become very big in one of the countries. Maharani would be number one brand in Nigeria. So, in different countries, our brands are running. चलते चलते हैं.

Ankit Setia: We have a brand Diwan which has become very big in one of the countries. Maharani would be number one brand in Nigeria. Different countries brands हमारे चलते हैं। Sales चलते हैं।

Speaker #2: लास्ट क्वेशन। थैंक यू। लास्ट क्वेशन। हमारा जो साइट है maharani.in, इसमें इन्वेस्टर के लिए अलग से कुछ ऑप्शन नहीं दिया है, मेरे ख्याल से। या मैं ट्रेस नहीं कर पाया, पता नहीं।

[Analyst]: Last question. Thank you. Last question. हमारा जो site है maharanirice.com इसमें investor के लिए अलग से कुछ option नहीं दिया है मेरे ख्याल से, या मैं trace नहीं कर पाया, पता नहीं।

[Analyst 3]: Last question. Thank you. Last question. हमारा जो site है maharanirice.com इसमें investor के लिए अलग से कुछ option नहीं दिया है मेरे ख्याल से, या मैं trace नहीं कर पाया, पता नहीं।

Speaker #4: सर, I think investors के लिए अलग, पूरी की पूरी वेबसाइट बनी हुई है। मैं आपको शेयर कर देता हूं।

Ankit Setia: Sir, I think investors के लिए अलग पूरी की पूरी website बनी हुई है। मैं आपको share कर देता हूँ।

Speaker #2: ओके, ओके, ओके।

[Analyst]: Okay।

[Analyst 3]: Okay।

Speaker #4: हां जी। संदीश जी ने बनवाई हुई है। पूरी की पूरी वेबसाइट, हम आपको शेयर कर देंगे।

Ankit Setia: हाँ जी। और सनकेश जी ने बनवाई हुई है पूरी की पूरी website। We will share it with you।

Speaker #2: Okay, okay, okay. Thank you, and all the best for the near term.

[Analyst]: Okay. Thank you and all the best for the near term.

[Analyst 3]: Okay. Thank you and all the best for the near term.

Speaker #4: Just to clarify on the export query. Yeah, if you go to slide number 31. Yeah, can you go to slide number 31 of the presentation?

Ankit Setia: Just to clarify on the export query. If you go to slide number 31. Can you go to slide number 31 of the presentation?

Rajeev Setia: Just to clarify on the export query. If you go to slide number 31. Can you go to slide number 31 of the presentation?

[Analyst]: Just see.

[Analyst 3]: Just see.

Speaker #4: Over here, we have given the export sales, right? Which is 1,011, right? Against a turnover of 1,387 in FY23, which is 73% of revenues. Okay?

Ankit Setia: Over here we've given the export sales.

Rajeev Setia: Over here we've given the export sales.

[Analyst]: Okay।

[Analyst 3]: Okay।

Ankit Setia: Which is INR 1,011 against a turnover of INR 1,387 in FY23 which is 73% of revenues. Okay?

Rajeev Setia: Which is INR 1,011 against a turnover of INR 1,387 in FY23 which is 73% of revenues. Okay?

[Analyst]: हाँ।

[Analyst 3]: हाँ।

Speaker #4: Against that, it is 1,268 in FI 26. Okay? Against a turnover of 1,440. Yeah, this is including other income. If you remove other operating income, your turnover is 1,399. If I take as a percentage of that, it comes to 91%. Of revenue.

Ankit Setia: Against that it is INR 1,268 in FY26 against a turnover of INR 1,440. This is including other operating income. अगर आप other operating income हटाते हैं, your turnover is INR 1,399.

Rajeev Setia: Against that it is INR 1,268 in FY26 against a turnover of INR 1,440. This is including other operating income. अगर आप other operating income हटाते हैं, your turnover is INR 1,399. If I take as a percentage of that, it comes to 91% of revenue.

Rajeev Setia: If I take as a percentage of that, it comes to 91% of revenue.

Speaker #2: स्लाइड नंबर 31, आपने बताया न?

Ankit Setia: Slide number 31, you said, right?

[Analyst 3]: Slide number 31, you said, right?

Speaker #4: दैट्स राइट।

Rajeev Setia: That's right.

Speaker #2: मैं देखकर दोबारा प्लीज आ रहा हूं। Thank you.

Ankit Setia: I'll look at it and come back to you. Thank you.

[Analyst 3]: I'll look at it and come back to you. Thank you.

Speaker #4: श्योर। थैंक यू।

Rajeev Setia: Sure. Thank you.

Speaker #1: Sir, we will take the next question from Mrinal Kadam. Mrinal, you can go ahead.

[Company Representative] (Kaptify Consulting): Sir, we'll take the next question from Mrunal Kadam. Mrunal, you can go ahead.

Operator: Sir, we'll take the next question from Mrunal Kadam. Mrunal, you can go ahead.

Speaker #3: Thank you. Congratulations on the strong set of numbers, and I believe this is one of your best quarters. We have seen average realization move up significantly. Can you help us understand how this moves in domestic and export?

Mrunal Kadam: Thank you. Congratulations on the strong set of numbers, and I believe this is one of your best quarters. We have seen average realization move up significantly. Can you help us understand how this moved in domestic and export, and what were the key drivers for this higher realization, and is this looking sustainable?

[Analyst 4]: Thank you. Congratulations on the strong set of numbers, and I believe this is one of your best quarters. We have seen average realization move up significantly. Can you help us understand how this moved in domestic and export, and what were the key drivers for this higher realization, and is this looking sustainable?

Speaker #3: And what was the key drivers for this higher realization? And is this looking sustainable?

Speaker #4: चाचा, आप बताएंगे?

Ankit Setia: Sir, will you explain?

Speaker #2: ठीक है।

Rajeev Setia: Sure. Actually, you see, the prices in this particular year, they raised around 30%. From January onward, they started rising, and the peak level was observed 30%, which added to the profitability, of course. Secondly, despite war, demand was too high because the people buy essential in such tough times. The profitability was good. We were supplying timely, and we have a very big spread of our business.

Speaker #4: एक्चुअली, यू से द प्राइसेस इन दिस दिस पर्टिकुलर ईयर, दे दे रेज्ड अराउंड 30% फ्रॉम जनवरी ऑनवर्ड। दे स्टार्टेड राइजिंग एंड द पीक लेवल ऑफ़ वाज़ ऑब्जर्व 30%। व्हिच एडेड टू द प्रॉफिटेबिलिटी ऑफ़ कोर्स। एंड सेकंडली, डिसपाइट वॉर डिमांड वाज़ टू हाई, बिकॉज़ द पीपल बाय एसेंशियल इन सच टफ टाइम्स। सो, द प्राइसेस, द प्रॉफिटेबिलिटी वाज़ गुड। वी वर सप्लाइंग टाइमली एंड वी हैव अ वेरी बिग स्प्रेड ऑफ़ आवर बिज़नेस। विनय सर, जो हमारा इस क्वार्टर का सेल प्राइस है, आई थिंक वो हाईएस्ट है इन इन 90 पर केजी। थोड़ा बता दीजिए, प्लीज।

Ankit Setia: Vinay Sir, our sale price for this quarter, I think, is the highest in INR 90 per kg. Please tell me a little about it.

Speaker #2: Yeah, that's right. So, in Q1 of FY27, our domestic selling price is 64, but our export selling price is 98.

Rajeev Setia: Yeah, that's right. In Q1 of FY27, our domestic selling price is INR 64, but our export selling price is INR 98.

Speaker #4: सो, यह काफ़ी ऊपर चला गया।

Ankit Setia: This has gone up quite a bit.

Rajeev Setia: This is the highest ever, I think, since at least the data I have since Q1 FY26.

Speaker #2: I think since at least the data I have, since Q1 FY '27.

Ankit Setia: This is the highest we've done till now. You will see the same benefit in the future as well.

Speaker #4: This is the highest we have done till now. और यही benefit future में भी आपको देखने को मिलेगा।

Speaker #3: Okay. Thank you, sir. Just, please, which markets contributed the most to the growth in Q1? And are these markets expected to remain strong through FY27?

Mrunal Kadam: Okay. Thank you, sir.

[Analyst 4]: Okay. Thank you, sir.

Ankit Setia: Welcome.

Mrunal Kadam: Which of these contributed the most to the growth in Q1, are these markets expected to remain strong through FY27?

[Analyst 4]: Which of these contributed the most to the growth in Q1, are these markets expected to remain strong through FY27?

Speaker #4: हाँ जी, अब्सोल्यूटली। ये कंडीशंस बिल्कुल सेम रहने वाली हैं फ्यूचर के अंदर भी।

Ankit Setia: Yes, absolutely. These conditions are going to remain the same in the future as well.

Speaker #3: ओके सर, थैंक यू।

Mrunal Kadam: Okay, sir. Thank you.

[Analyst 4]: Okay, sir. Thank you.

Speaker #1: Thank you, Mrinal. Sir, we will take the next question from Surbhi Mishra. Surbhi, you can go ahead, please.

[Company Representative] (Kaptify Consulting): Thank you, Mrunal. Sir, we'll take the next question from Surbhi Mishra. Surbhi, you can go ahead, please.

Operator: Thank you, Mrunal. Sir, we'll take the next question from Surbhi Mishra. Surbhi, you can go ahead, please.

Speaker #5: Hello, congratulations on a good set of numbers. I wanted to know, in the current global price trade environment, where does Chaman Lal Setia see the biggest opportunity to gain market share from competitors?

Surbhi Mishra: Hello. Congratulations on good set of number. I wanted to know, in the current global price trade environment, where does Chaman Lal Setia sees the biggest opportunity to gain market share from competitors?

[Analyst 1]: Hello. Congratulations on good set of number. I wanted to know, in the current global price trade environment, where does Chaman Lal Setia sees the biggest opportunity to gain market share from competitors?

Speaker #4: You see, the business comes, increases the kind of dealings we have with our customers. If we live up to the expectations of the customers, one, give them the good quality, good price, then they remain attached to us always. And it grows. So, we don't see more to our peers. Let them do their own way. And we have a different way of business. We don't do in two, three, four countries' business. We do with the multiple. And it's very tough work. Believe it, it is more than 300 brands of private label of the customers. And packing them and living up to their expectation is quite tough. And we are doing tough job. It's hard to do. So, we sometimes feel we have hardly much competition. And we are going our way good.

Rajeev Setia: You see, the business comes, increases the kind of dealings we have with our customers. If we live up to the expectation of the customers, one, give them the good quality, good price, they remain attached to us always, it grows. We don't see more to our peers. Let them do their own way, we have a different way of business. We don't do in two, three, four countries business, we do with the multiple. It's very tough work. Believe it is more than 300 brands of private label of the customers, packing them and live up to their expectation is quite tough, we are doing tough job. It's hard to do. Sometimes we have hardly much competition, we are going our way good.

Speaker #3: ओके सर।

Surbhi Mishra: Yes, sir. I also wanted to know, are international customers increasingly looking for reliable long-term suppliers, post recent supply disruptions? Has the company won any strategic new customers in the upcoming year?

[Analyst 1]: Yes, sir. I also wanted to know, are international customers increasingly looking for reliable long-term suppliers, post recent supply disruptions? Has the company won any strategic new customers in the upcoming year?

Speaker #5: I also wanted to know, are international customers increasingly looking for reliable long-term suppliers post recent supply disruptions? And has the company won any strategic new customers in the upcoming year?

Speaker #4: या, या, ऑलवेज न्यू पीपल आर कमिंग। राइट नाउ, वन गाय फ्रॉम सऊदी अरेबिया इज़ सिटिंग ऑन द अपर फ्लोर। एंड आई वाज़ विथ हिम। एंड आई जस्ट केम एट 12 ओ क्लॉक। माय सेल टीम इज़ हैंडलिंग। मैम, मैं ऐड कर देता हूं। वी हैव अ टीम ऑफ़ न्यू बायर डेवलपमेंट। देयर आर मोर देन 20 पीपल वर्किंग इन इट। 247। दे द प्रोसेस ऑफ़ गेटिंग द बायर इज़ इंसेंटिवाइज्ड। सो, दे वर्क वेरी हार्ड टू गेट न्यू कस्टमर्स। सो, डेली एक दिन के अंदर 10-10 क्वेरीज होती हैं कस्टमर्स की। एंड दे हैव बीन चेसिंग दीज़ कस्टमर्स ऑन वेरी लॉन्ग टाइम। सो, अगर हम कंट्रीज़ की बात करें, तो ये जो सेल्स कोऑर्डिनेटर्स हैं, ये कंट्रीज़ के जितने भी बायरर्स हैं, क्योंकि ये चेंज नहीं होते बायरर्स, वही रहते हैं। हर एक के ऊपर बहुत ज्यादा मेहनत करते हैं रेगुलरली। सो, ये नए बायरर्स तो लगते ही रहते हैं कंपनी के।

Rajeev Setia: Yeah. Always new people are coming. Right now, one guy from Saudi Arabia is sitting on the upper floor, I was with him, I just came at 12 o'clock. My sales team is handling.

Ankit Setia: Ma'am, I'll add to that. We have a team of new buyer development. There are more than 20 people working in it, 24/7. The process of getting the buyer is incentivized, so they work very hard to get new customers. Daily, there are 10 queries of customers in a day, and they've been chasing these customers for a very long time. If we talk about countries, then these sales coordinators, all the buyers of the countries, because these buyers do not change, they remain the same. They work very hard on each one regularly. These new buyers keep coming to the company.

Speaker #5: Okay, thank you. All the best.

Surbhi Mishra: Okay. Thank you. All the best.

[Analyst 1]: Okay. Thank you. All the best.

Speaker #4: थैंक यू।

Ankit Setia: Thank you.

Speaker #1: Thank you, Surbhi. We will take the next question from Love Gupta. Love, you can go ahead, please.

[Company Representative] (Kaptify Consulting): Thank you, Surbhi. We'll take the next question from Luv Gupta. Luv, you can go ahead, please.

Operator: Thank you, Surbhi. We'll take the next question from Luv Gupta. Luv, you can go ahead, please.

Speaker #2: Thank you for the opportunity. So, sir, firstly, I wanted to understand, why has our EBITDA remained flat around ₹150–160 crore over the past four years?

Luv Gupta: Thank you for the opportunity. Sir, firstly, I wanted to understand why has our EBITDA remained flat around INR 150 to 160 crores over the past four years? What could be a sustainable EBITDA margin that we can expect to operate at going forward?

[Analyst 5]: Thank you for the opportunity. Sir, firstly, I wanted to understand why has our EBITDA remained flat around INR 150 to 160 crores over the past four years? What could be a sustainable EBITDA margin that we can expect to operate at going forward?

Speaker #2: And you know, what could be a sustainable EBITDA margin that we can expect to operate at going forward?

Speaker #4: Yeah, this time, our EBITDA has gone up, you know. Earlier the EBITDA basically oscillates between 8% to 12%, sometimes 14% also. So, this quarter, we have done 12.35%.

Rajeev Setia: This time, EBITDA has gone up.

Ankit Setia: Luv, the EBITDA basically oscillates between 8% to 12%, sometimes 14% also. This quarter, we've done 12.35%.

Speaker #2: So, do we expect to sustain this for the full year?

Luv Gupta: Do we expect to sustain this for the full year?

[Analyst 5]: Do we expect to sustain this for the full year?

Speaker #4: Yes, we expect to sustain it because we are sitting on stocks. You can check the figures.

Ankit Setia: Yes, we expect it to sustain it because we are sitting on stocks. You can check the figures.

Speaker #2: Alright. And secondly, our export volumes have also been flat, you know, since the past two to three years. And, you know, as Mr. Vinay mentioned, that 90% of our business is now from export. So, can we say that we have lost some share in the domestic market?

Luv Gupta: All right. Secondly, our export volumes have also been flat since the past two, three years, and as Mr. Vinay mentioned that 90% of our business is now from export. Can we say that we have lost some share in the domestic market?

[Analyst 5]: All right. Secondly, our export volumes have also been flat since the past two, three years, and as Mr. Vinay mentioned that 90% of our business is now from export. Can we say that we have lost some share in the domestic market?

Speaker #4: If you look at the domestic sales, it has been consistent. Nothing has gone down, right? So, in the future, focus is going to come on domestic sales also.

Ankit Setia: If you look at the domestic sales, it has been consistent. Nothing has gone down. Right.

Ankit Setia: If you look at the domestic sales, it has been consistent. Nothing has gone down. Right. In the future, focus is going to come on domestic sales also.

Ankit Setia: In the future, focus is going to come on domestic sales also.

Speaker #2: And sir, the volumes in the export market, them being flat, what is the reason for that?

Luv Gupta: Sir, the volumes in the export market, them being flat, what is the reason for that?

[Analyst 5]: Sir, the volumes in the export market, them being flat, what is the reason for that?

Speaker #4: See, if you look at the history, I said before also, the revenue remains flat for a few years. And then, it picks up. So, we are in the process.

Ankit Setia: See, if you look at the history, I said before also, the revenue remains flat for few years, and then it picks up. We are in the process.

Speaker #2: I have already explained about the new buyer, which is one of the biggest. They buy more than 2 lakh tons—this is Al Mahdab Group. They have joined us. The first shipment of 500 tons is going in any day. Just booking has come.

Rajeev Setia: I have already explained about the new buyer, which is one of the biggest. They buy more than 2 lakh tons, this Al Muhaidib Group. They have joined us. First shipment of 500 tons is going any day, just booking has come.

Speaker #4: सो, लाइक द एग्जांपल ऑफ़ मोहेदी जॉइनिंग, आई मीन, वी हैव सप्लाइड देम 500 टन्स। यू नो, वी आर चेसिंग लॉट ऑफ़ कस्टमर्स। यू नेवर नो व्हेन, यू नो, द द बिग कस्टमर स्टार्ट्स टू, यू नो, वो अपनी जो बाइंग है, वो हमारी तरफ कब करता है। जैसे ही करता है, तो सेल्स वेल पे कब?

Ankit Setia: Like the example of Al Muhaidib joining, we supplied them 500 tons. We are chasing lot of customers. You never know when the big customer starts to, buying

Speaker #2: ओके, अंडरस्टुड।

Luv Gupta: Okay, understood.

[Analyst 5]: Okay, understood.

Speaker #4: So, it's a process. I would say, it's a process. You can see the history also. If you can check the revenue of last 8–9 years, you will see, it remains, it remains same for two, three years, and then it picks up. So, we are in the process.

Ankit Setia: It's a process. I would say it's a process. You can see the history also. If you can check the revenue of last 8, 9 years, you will see, it remains same for 2, 3 years, and then it picks up.

Luv Gupta: Okay, got it.

[Analyst 5]: Okay, got it.

Ankit Setia: We are in the process.

Speaker #2: थैंक यू।

Luv Gupta: Thank you.

[Analyst 5]: Thank you.

Speaker #1: Sir, we will take one or two questions that have come from chat. From Gursiddh Singh: The company had earlier projected and was looking at ₹800 to ₹1,800 crore revenue. Is it likely to be achieved this year?

[Company Representative] (Kaptify Consulting): We'll take one or two questions that have come from chat, from Gursidak Singh. The company had earlier projected or looking at INR 1,800 crore revenue. Is it likely to be achieved this year?

Operator: We'll take one or two questions that have come from chat, from Gursidak Singh. The company had earlier projected or looking at INR 1,800 crore revenue. Is it likely to be achieved this year?

Speaker #4: See, absolutely. And it will be achieved, not even 1,800; we can go up to 2,000 also. It's a matter of some time now.

Ankit Setia: See, absolutely, it will be achieved, not even INR 1,800, we can go up to INR 2,000 also. It's matter of some time now.

Speaker #1: The second question is, has the overall demand from areas affected by the Hormo situation improved from last quarter?

[Company Representative] (Kaptify Consulting): The second question is: Has the overall demand from areas affected by Hormuz situation improved from last quarter?

Operator: The second question is: Has the overall demand from areas affected by Hormuz situation improved from last quarter?

Speaker #4: So, we are not dependent on the areas where state of hormones is affected. First of all, that is why you can see the revenue has not dropped, neither the profitability has come down. You can check, jo humne paisa recover karna hai, wo bhi saara normal chal raha hai. There is no big credit given to any customer. And I don't think koi major effect aane wala hai.

Ankit Setia: We are not dependent on the areas where Strait of Hormuz is affected. First of all, that is why you can see the revenue has not dropped, neither the profitability has come down. You can check. There is no big credit given to any customer, and I don't think

Luv Gupta: Sir, we'll take the next question from Ayushi Parekh. Ayushi, you can go ahead.

Operator: Sir, we'll take the next question from Ayushi Parekh. Ayushi, you can go ahead.

Speaker #1: Sir, we will take the next question from Ayush Parik. Ayush, you can go ahead.

Speaker #5: Good noon, sir. Thank you for the opportunity. So, my first question is that gross margins have improved meaningfully in Q1. So, what specific factors have driven this improvement?

Ayushi Parekh: Afternoon, sir. Thank you for the opportunity. My first question is that gross margins have improved meaningfully in Q1. What specific factors have driven this improvement? Like it is better procurement, aging gains, freight normalization, current movement, or a higher share of premium products?

[Analyst 6]: Afternoon, sir. Thank you for the opportunity. My first question is that gross margins have improved meaningfully in Q1. What specific factors have driven this improvement? Like it is better procurement, aging gains, freight normalization, current movement, or a higher share of premium products?

Speaker #5: Like, it is better procurement, aging gains, freight normalization, current movement, and a higher share of premium products?

Speaker #4: So, iske andar toh major procurement ka hi reason hai. Is quarter ki agar hum baat karein, that is the main reason for the margins. Procurement was done at lower price, and we still have stocks. You will see in future also, the benefit is going to come.

Ankit Setia: That is the main reason for the margins. Procurement was done at lower price, and we still have stocks. We will see in future also, the benefit is going to come.

Speaker #5: Sir, and one more question. What is the company's medium-term gross margin aspiration? And what operational levers can sustain margins at the current or at the rates above the current level?

Ayushi Parekh: Sir, one more question. What is the company's medium-term gross margin aspiration, and what operational levers can sustain margins at the current or at levels above the current level?

[Analyst 6]: Sir, one more question. What is the company's medium-term gross margin aspiration, and what operational levers can sustain margins at the current or at levels above the current level?

Speaker #4: You can expect same levels of margins in the future.

Ankit Setia: You can expect same levels of margin in the future.

Speaker #5: Sir, thank you. All the best.

Ayushi Parekh: Thank you. All the best.

[Analyst 6]: Thank you. All the best.

Speaker #4: थैंक यू, आयुष।

Ankit Setia: Thank you, Ayushi.

Speaker #1: Thank you, Ayush. Sir, we will take the follow-up question from Manish Lahra. Manish, you can go ahead, please.

[Company Representative] (Kaptify Consulting): Thank you, Ayushi. Sir, we'll take the follow-up question from Manish Chira. Manish, you can go ahead, please.

Operator: Thank you, Ayushi. Sir, we'll take the follow-up question from Manish Chira. Manish, you can go ahead, please.

Manish Chira: Thank you. Can you give an update on your current capacity utilization, especially across the engineering units?

[Analyst 2]: Thank you. Can you give an update on your current capacity utilization, especially across the engineering units?

Speaker #3: Thank you. So, can you give an update on your current capacity utilization, especially across the new units?

Speaker #2: नहीं, व्हिच कैपेसिटी यूटिलाइजेशन?

Rajeev Setia: Which, capacity utilization?

Speaker #4: हाँ जी, प्लांट यूटिलाइज़ेशन कह रहे हैं।

Ankit Setia: Hanji, plant utilization

Rajeev Setia: Yeah. It's in full swing all over, nothing idle.

Speaker #3: Yeah, it’s in full swing all over. Nothing idles. No, but what should be the percentage? Like 50, 60 percent or more than that?

Manish Chira: No, what should be the percentage? Like 50%, 60% or more than that?

[Analyst 2]: No, what should be the percentage? Like 50%, 60% or more than that?

Ankit Setia: Manish, I would say sometimes we are focusing on domestic sales also because we have the rice. When we are making export rice, lot of lower grade rice is also produced. That also needs machinery to be processed. We are in that process also. That is why the machinery is working at a good efficiency. To get rid of the lower qualities, that process is going on as of now. We've sold lot of lower quality rice in this quarter.

Speaker #4: Manish, I would say that sometimes, you know, we are focusing on domestic sales also, because we have the rice. When we are making export rice, a lot of lower grade rice is also produced, right?

Speaker #4: That also needs machinery to be processed. So, we are in that process also. That is why the machinery is working at their efficiency, at a good efficiency. But, you know, to get rid of the lower qualities, that process is going on as of now. We have sold a lot of lower quality rice in this quarter.

Speaker #1: हम अंडरस्टुड। और दूसरा, अंकित भाई, हमने शुरुआत की नॉट सो फेवरेबल मॉनसून कंडीशंस के साथ, राइट? तो, क्या हम किसी एलनीनो का कोई इंपैक्ट देख रहे हैं?

Manish Chira: Understood. Second, Ankit, wheat started with not so favorable monsoon conditions, right? Do we see any El Niño kind of an impact, or do you think the weather conditions are favorable as far as rice is concerned?

[Analyst 2]: Understood. Second, Ankit, wheat started with not so favorable monsoon conditions, right? Do we see any El Niño kind of an impact, or do you think the weather conditions are favorable as far as rice is concerned?

Speaker #1: And do you think the weather conditions are favorable as far as rice is concerned?

Ankit Setia: Up till now, I don't see any impact. It is more in the news. One of the basmati varieties, 1509, which comes early in the month of July, it is coming normal, I don't see any effect as of now.

Speaker #4: Up till now, I don't see any impact. It is more in the news. We, early—I mean, one of the Basmati varieties, 1509, which comes early in the month of July, it is coming normal. So, I don't see any effect as of now.

Rajeev Setia: The effect of which kind? I didn't understood the question. What kind of effect?

Speaker #2: नहीं, इफेक्ट ऑफ़ व्हिच काइंड?

Speaker #1: थैंक यू।

Speaker #2: Understood the question. Effect—what kind of effect, you know?

Manish Chira: He's asking about the monsoon.

[Analyst 2]: He's asking about the monsoon.

Speaker #1: Sir, she is asking about the monsoon.

Rajeev Setia: Monsoon, you see, initially people were saying rainfall is limited. Now it's only rainfall all around. It's raining all over. Secondly, apart from that, farmer always uses canal water or tubewell water. They go for their crop always. This early crop which came, every year it comes early crop from UP. In this particular year, the early crop was very high price because the prices of rice were high. Consequently, the prices of early crop were very high. Farmer is likely to grow a lot. If this weather situation, the way rain is happening, I think we are hearing from the farmers crop is going to be good this year.

Speaker #2: You see, initially there was—people were saying rainfall is limited. Now, it's not only rainfall on ground, it's raining all over.

Speaker #2: Secondly, apart from that, farmers always use canal water or tubewell water. They go for their crop always. And this early crop, which comes every year, comes as an early crop from U.P.

Speaker #2: And in this particular year, the early crop was at a very high price because the prices of rice were high. So consequently, the prices of the early crop were very high. So the farmer is likely to grow a lot.

Speaker #2: And if this weather situation, the way rain is happening, so I think what we are hearing from the farmers is that it is going to be good this year.

Speaker #3: Yeah. And Rajiv sir, customer, how are the margins going to be across this order?

Manish Chira: Yeah. Rajeev sir, how are the margins going to be across this order?

[Analyst 2]: Yeah. Rajeev sir, how are the margins going to be across this order? In line with what you've been doing normally?

Rajeev Setia: Look-

Speaker #2: The

Speaker #3: In line with what you've been doing normally.

Manish Chira: In line with what you've been doing normally?

Speaker #2: Yeah . Your question is very good . And this is this was our own concern . When we start dealing with these people Because this kind of companies don't let anyone earn much .

Rajeev Setia: Yeah. Your question is very good, and this was our own concern when we start dealing with these people. These kind of companies don't let anyone earn much. This is their way of working, I've seen, and they have been buying from multiple suppliers. They have been cheated also because they give low price, they don't give margin, people try to cheat them. That is the reason they have approached us. I have not approached that company, they have approached us, and we have told them, If you really want to get good rice, you have to pay for that. We don't say give us very large, but reasonable profitability has to be given. We have to meet our expenses, we have to meet our direct and indirect costs, and unless you don't give us the good price, how can we work?

Speaker #2: This is their way of working. I have seen that they have been buying from multiple suppliers, and they have been cheated also because they give low prices.

Speaker #2: They don't give margin. People try to cheat them. That is the reason they have approached us. I have not approached that company.

Speaker #2: They have approached us and we have told them, if you really want to get good rice, you have to pay for that.

Speaker #2: We don't say, 'Give, give us very large,' but reasonable profitability has to be given. We have to meet our expenses.

Speaker #2: We have to meet our direct and indirect costs. And we understand you don't give us the good price. How can we work?

Speaker #2: Because profitability has to be there in every container . This is what we have said . So first we have tried 500 ton with them and they are quite happy with the way we cooperated with them and the way quality they could not find any , any deviation in our quality .

Rajeev Setia: Profitability has to be there in every container. This is what we have said. First we have tried 500 tons with them, and they are quite happy the way we cooperated with them and the way, quality, they could not find any deviation in our quality. Hope so, we also earn and our sales rise also. It's that I would say.

Speaker #2: So, hope so. We also earn, and our sales rights also. It's the time.

Speaker #4: If you are asking about this particular deal of 500 tons, this was highly profitable because we had stocks.

Ankit Setia: If you're asking this particular deal of 500 tons, this was highly profitable because we had stocks.

Speaker #3: And how big can we scale, especially with this customer that we are referring to? So, Rajiv sir highlighted that the customer was quite happy with the...

Manish Chira: How big can we scale, especially this customer that we are referring to? Rajeev sir highlighted that the customer was quite happy with the.

[Analyst 2]: How big can we scale, especially this customer that we are referring to? Rajeev sir highlighted that the customer was quite happy with the.

Speaker #4: See, the customer is one.

Ankit Setia: See the customer is one of Right. Customer is the biggest from Saudi Arabia. Let us see in the future how it unfolds. If the customer is valuing the kind of service we'll give them, if he values our quality, and he gives us margin, of course the business will become big.

Speaker #3: Of that which was supplying...

Speaker #4: Right. So, the customer is the biggest from Saudi Arabia. Let us see in the future how it unfolds, if the customer is valuing the kind of service we'll give them.

Speaker #4: If he values our quality and he gives us margin, of course the business will become big.

Speaker #3: All right . Thank you , sir . We'll take the next question from Vedant . Vedant , you can go ahead .

Manish Chira: All right.

[Analyst 2]: All right.

[Company Representative] (Kaptify Consulting): Thank you, Manish Chira. Sir, we'll take the next question from Vedant Rane. Vedant, you can go ahead please.

Operator: Thank you, Manish Chira. Sir, we'll take the next question from Vedant Rane. Vedant, you can go ahead please.

Speaker #5: Please

Speaker #6: Thank you so much , sir , for the opportunity . I'm fairly new to this company , so please bear with me if I ask some basic questions .

Vedant Rane: Thank you so much, sir, for the opportunity. I'm fairly new to this company, so please bear with me if I ask some basic questions. My first question would be follow-up on the last participant question. You mentioned that Al Muhaidib Group is sourcing 2.5 lakh tons from India. How much percentage of that should come to our company?

[Analyst 7]: Thank you so much, sir, for the opportunity. I'm fairly new to this company, so please bear with me if I ask some basic questions. My first question would be follow-up on the last participant question. You mentioned that Al Muhaidib Group is sourcing 2.5 lakh tons from India. How much percentage of that should come to our company?

Speaker #6: So, my first question would be to follow up on the last participant's question. Like you mentioned, the Saudi Arabia group is trying and is sourcing 2.5 lakh tonnes from India.

Speaker #6: So, how much percentage of that should come to our company?

Speaker #2: Yes , yes , it depends Where the get good price and good quality That that matters . And we are strict with our principles .

Rajeev Setia: Yes, it depends where they get good price and good quality. That matters. We are strict with our principles. We need profitability also, and we'll live up to their expectations. They have to pay us.

Speaker #2: We need profitability also and will live up to their expectations. But they have to pay us. We will not go enter—

Speaker #6: So sir, my question was more on, like, how much percentage of the volume would come to us—like, out of 2.5 lakh?

Vedant Rane: Sir, my question was more on how much percentage of volume would come to us, out of 2.5 lakh tons.

[Analyst 7]: Sir, my question was more on how much percentage of volume would come to us, out of 2.5 lakh tons.

Speaker #2: It's—I cannot comment right now. That's...

Rajeev Setia: I cannot comment right now.

Vedant Rane: There's no plans for though. Correct. Got it.

[Analyst 7]: There's no plans for though. Correct. Got it.

Speaker #6: Correct. Correct. Correct.

Speaker #4: Margin margin . Yes .

Speaker #2: But when they came to me, this was my first condition: that we always earn from every single transaction, and we give the quality.

Rajeev Setia: When they came to me, this was my first condition, that we always earn in every single transaction, and we give the quality. They are very happy with the quality, and I'm sure they will come to us.

Speaker #2: And they are very happy with the quality. And I'm sure they will come to us.

Speaker #6: Got it , got .

Vedant Rane: Got it. My second question is, could you please explain me what could be the timeline for your inventory to move? If we procure some inventory, let's say around January or Q3. When is the revenue recorded for us? Like in which quarter will the revenue be recorded?

[Analyst 7]: Got it. My second question is, could you please explain me what could be the timeline for your inventory to move? If we procure some inventory, let's say around January or Q3. When is the revenue recorded for us? Like in which quarter will the revenue be recorded?

Speaker #7: It .

Speaker #6: My second question is like , could you please explain me what could be the timeline for your inventory to move ? Like if we process , if we procure some inventory , let's say around Jan or Q3 , when , when is the revenue recorded for us ?

Speaker #6: Like, in which quarter will the revenue be recorded?

Speaker #2: The subjective and I mean , we have procured rice and paddy in the beginning of season , some of the rice are still with us Quality wise , and we have been buying also , even today we are buying .

Rajeev Setia: It's subjective. I mean, we have procured rice and paddy in the beginning of season. Some of the rice is still with us quality-wise. We have been buying also. Even today we are buying. Whenever somebody gives a good price to us, good quality, we pay second, they get 2% cash discount. We have customers in different part of the world, we make money and sell. This is, I mean, you can't stick to one time and holding. When the prices are low, this year we bought a lot.

Speaker #2: Whenever somebody gives a good price to us , good quality , we pay . Second , they . You get 2% cash discount and we have customers in different parts of the world .

Speaker #2: We make money and sell. So, this is—I mean, you can't stick to one time and hold when the prices are low.

Speaker #2: This year we bought a lot.

Speaker #4: So, since you know, we buy a lot of rice, it's always just in time. I can get rice in the morning and by night time it will be getting packed.

Ankit Setia: Vedant, since we buy a lot of rice, it's always just in time. I can get rice in the morning, and by nighttime it'll be getting packed after the fumigation process. I mean, within 24 hours I can pack it. It is not a big time we take in procurement and then processing it. It is always just in time.

Speaker #4: After the fumigation process . I mean , within 24 hours I can pack it . So it is not a big time . We take in , you know , procurement and then , you know , processing it .

Speaker #4: It is always just-in-time.

Speaker #6: Got it , got it . So second , my third question would be on similar lines , like , is there a split that you maintain between Paddy and same process rice in our inventory , like 80 would be 80 would be Semi-processed , 20 would be paddy , something like .

Vedant Rane: Got it. My third question would be on similar lines. Is there a split that we maintain between paddy and semi-processed rice in our inventory? Like 80 would be semi-processed, 20 would be paddy, something like that.

[Analyst 7]: Got it. My third question would be on similar lines. Is there a split that we maintain between paddy and semi-processed rice in our inventory? Like 80 would be semi-processed, 20 would be paddy, something like that.

Speaker #7: That .

Speaker #4: I think it is mentioned in our balance sheet exactly what we are doing, what exactly it is.

Ankit Setia: I think it is mentioned in our balance sheet exactly what we are doing. Chacha you tell him what exactly it is.

Speaker #2: Twenty-five to thirty percent is paddy; the rest is all rice. And if you ask about the capacity, the capacity for milling is different, and buying rice and packing it is altogether a different capacity.

Rajeev Setia: 45% to 30% is paddy, rest is all rice. If you ask for the capacity for milling is different, and buying rice and packing it is altogether a different capacity. We have multiple unit for packing machines.

Speaker #2: We have multiple units for packing machines. Got it.

Vedant Rane: Got it. One more question. With the current capacity we have, packaging capacity-

[Analyst 7]: Got it. One more question. With the current capacity we have, packaging capacity- What's the peak potential revenue company can achieve with this capacity without additional capacity?

Speaker #6: So one more question: with the current capacity, we have packaging capacity. What’s the peak potential revenue the company can achieve with this capacity without additional CapEx?

Vedant Rane: What's the peak potential revenue company can achieve with this capacity without additional capacity?

Rajeev Setia: I mean, a lot of business is happening. Machines are I mean, as per demand we can do. No problem.

Speaker #2: No , I mean A lot of business is happening . You know , machines are I mean , as as per demand , we can do no problem

Speaker #4: With that . Packing those packing Chhoti packing come packing average We do about 500 tons of packing . We can go up to 800 tons per day of packing .

Ankit Setia: Vedant, if there's big packing, there will be more packing. If there's small packing, there will be less packing. Average we do about 500 tons of packing. We can go up to 800 tons per day of packing. In terms of infrastructure, there is no problem. We are trying hard to get more customers so that sales increase even more. Now we will focus on domestic.

Speaker #4: So in terms of infrastructure , there is no problem . We are trying hard to get more customers talking all the sales , buddy .

Speaker #4: Okay . Domestic

Speaker #6: So, on this side, what would be the ideal mix? Management would like to, you know, maintain a balance between domestic and export as a percentage of total.

Vedant Rane: On this side, what would be the ideal mix management we would like to maintain between domestic and export as a percentage of total?

[Analyst 7]: On this side, what would be the ideal mix management we would like to maintain between domestic and export as a percentage of total?

Speaker #4: It is not the matter of mix . It's the matter of making profitability . I would like my profit to be , you know , a bit .

Ankit Setia: See, it is not the matter of mix, it's the matter of making profitability. I would like my profit to be EBITDA 12%, 14%, 18% for you. Revenue cannot be the criteria with less percentage of profit. If we get profitable business, it will increase.

Speaker #4: 12%, 14%, 18% for you. Revenue cannot be the criteria with a lower percentage of profit. So, other profitable business.

Speaker #6: Understood . So thank you so much . This was my question . I would also like to touch base offline . I have few more

Vedant Rane: Understood. Thank you so much. These were my question. I would also like to touch base offline. I have a few more questions.

[Analyst 7]: Understood. Thank you so much. These were my question. I would also like to touch base offline. I have a few more questions.

Speaker #7: Questions

Ankit Setia: All right, Vedant.

Speaker #3: Thank you, sir. Since there are no further questions, would you like to give any closing remarks?

[Company Representative] (Kaptify Consulting): Thank you, Vedant. Sir, since there are no further questions, would you like to give any closing comment?

Operator: Thank you, Vedant. Sir, since there are no further questions, would you like to give any closing comment?

Speaker #5: Comment

Speaker #3: I am—I want to talk.

[Analyst]: I want to talk.

[Analyst 3]: I want to talk.

Speaker #1: Yeah , because .

[Company Representative] (Kaptify Consulting): Yeah, Vikas, go ahead.

Operator: Yeah, Vikas, go ahead.

Speaker #3: Yeah . Because

[Analyst]: Yeah, Vikas.

Rajeev Setia: Yeah, Vikas.

Speaker #1: Hello , Vikas .

[Company Representative] (Kaptify Consulting): Hello, Vikas.

Operator: Hello, Vikas.

Speaker #3: Good afternoon, sir. Is the company only in basmati rice, or Sona Masuri and all also, sir?

[Analyst]: Good afternoon, sir. Is the company only in Basmati rice or Sona Masuri and all also, sir?

[Analyst 3]: Good afternoon, sir. Is the company only in Basmati rice or Sona Masuri and all also, sir?

Speaker #2: No, primarily, we are in basmati because we are in the basmati area—the G.A. area of Haryana, Punjab, and U.P. All the close markets, and that is our main business.

Rajeev Setia: No, primary we are in Basmati because we are in Basmati area, GI area of Haryana, Punjab, and UP. All the closed market, and that is our main business. Yes, if our any customer ask for Sona Masuri, UP also is giving this rice now. It is available from UP. We don't do South India because we don't have control on that area, and we do also.

Speaker #2: But yes sir, if any of our customers ask for U.P., we are now giving this choice. Now it is available from U.P. We don't do South India because we don't have control in that area, but we do also.

Speaker #4: So, the majority of our business is basmati. And of course, we do Sona also for our customers.

Ankit Setia: Majority of our business is Basmati, and of course, we do Sona Masuri also for our customers.

Speaker #3: Sir, what will be the future guidance of growth for the current year, sir?

[Analyst]: Sir, what will be the future guidance of growth for current year, sir?

[Analyst 3]: Sir, what will be the future guidance of growth for current year, sir?

Speaker #1: Can you complete your question?

[Company Representative] (Kaptify Consulting): Vikas, can you complete your question?

Operator: Vikas, can you complete your question?

Speaker #2: Yeah . The first thing for growth is the ethics of the company . How we deal with the customer , how we give service to the customer , whether the customer is comfortable with us , our goodwill , our reputation that matters and which is one of the greatest in the world for our company .

Rajeev Setia: The first thing for growth is the ethics of the company. How we deal with the customer, how we give service to the customer, whether the customer is comfortable with us, our goodwill, our reputation, that matters. Which is one of the greatest strength of ours for our company. I would like to show you one video. I will call Ashok, five minutes.

[Analyst 3]: The first thing for growth is the ethics of the company. How we deal with the customer, how we give service to the customer, whether the customer is comfortable with us, our goodwill, our reputation, that matters. Which is one of the greatest strength of ours for our company. I would like to show you one video. I will call Ashok, five minutes.

Speaker #2: I would like to show you one video, 'A', on a phone for five minutes.

Speaker #1: Sir , maybe .

[Company Representative] (Kaptify Consulting): Sir, we may not be able to do it on this.

Operator: Sir, we may not be able to do it on this.

Rajeev Setia: We'll not be able to do that video that I showed you. How much ever I did in Japan.

Speaker #2: I video Japan

[Company Representative] (Kaptify Consulting): We'll share it separately, sir, with them.

Operator: We'll share it separately, sir, with them.

Speaker #1: We'll share it separately, sir, with them.

Speaker #2: Okay. We'll share it separately, and after 3:00 I have a meeting with the Japanese again. A team has come, and they want to sell and buy both.

Rajeev Setia: Okay, we'll share it separately. After 3:00 PM, I have a meeting with the Japanese again. A team has come, and they want to sell and buy both.

Speaker #3: All the best for your future, sir.

[Analyst]: All the best for your future, sir.

[Analyst 3]: All the best for your future, sir.

Speaker #2: Thank you so very much

Rajeev Setia: Thank you so very much.

Speaker #1: Rajesh sir, last question. The last tagline by Japanese company 'Buy, Sell Me.'

Ankit Setia: Rajit sir, last question. You just told us the last headline that the Japanese company will buy from us and also sell. I didn't understand. Please.

[Analyst 3]: Rajit sir, last question. You just told us the last headline that the Japanese company will buy from us and also sell. I didn't understand. Please.

Ankit Setia: It's for both things. I'll see what happens.

Rajeev Setia: It's for both things. I'll see what happens.

Speaker #2: I'll see what happens .

Speaker #1: Okay ? Okay . All the best . All the very best . Thank you . Meeting . Attend

[Company Representative] (Kaptify Consulting): Okay. All the very best.

[Analyst 3]: Okay. All the very best. Chaman Lal का meeting attend करके हमेशा बहुत ही अच्छा लगता है।

[Analyst]: Chaman Lal का meeting attend करके हमेशा बहुत ही अच्छा लगता है।

Rajeev Setia: कभी Gurgaon आओ या करनाल। You are always welcome.

Speaker #2: All, you are always welcome.

Speaker #1: Thank you , thank you , thank you , sir . Thank you , thank you .

[Analyst]: Thank you, sir. Thank you Ankush ji. Bye.

[Analyst 3]: Thank you, sir. Thank you Ankush ji. Bye.

Speaker #2: Bye .

Speaker #4: Thank you, Rajesh ji. Have a good day, sir.

Ankit Setia: Thank you, Rajesh ji. Have a good day, sir.

Speaker #3: Sir, since there are no further questions, would you like to give any closing remarks?

[Company Representative] (Kaptify Consulting): Sir, since there are no further questions, you would like to give any closing comments?

Operator: Sir, since there are no further questions, you would like to give any closing comments?

Speaker #5: Comments

Speaker #2: Okay . Open .

Rajeev Setia: ओके।

Ankit Setia: हाँ जी। मैं बोलता हूँ you also tell. My closing comments are that despite so many challenges in this quarter, I feel the revenue and the profitability remain all well and you can expect the next quarter also to be the same. अभी सब कुछ strong ही चलेगा। चाचा?

Speaker #4: So then, I would also like to add my closing comments that, despite so many challenges in this quarter, I feel the revenue and the profitability remained all well.

Speaker #4: And you can expect the next quarter also to be the same. Be strong.

Rajeev Setia: Actually, what I personally feel is principally we are doing well with our organization, within our organization ethics and with the customers. We are living up to their expectation. Business will organically grow. Nothing to worry.

Speaker #2: Actually, what I personally feel is that if, in principle, we are doing well within our organization, maintaining ethics and meeting the expectations of our customers, then we are living up to their expectations.

Speaker #2: Business will organically grow. Nothing to worry.

Speaker #3: Thank you, sir. Thank you to the management team for your valuable time, and thank you to all the participants for joining us here.

[Company Representative] (Kaptify Consulting): Thank you, sir. Thank you to the management team for your valuable time and thank you to all the participants.

Operator: Thank you, sir. Thank you to the management team for your valuable time and thank you to all the participants.

[Analyst]: Sir, this year can we expect any buyback?

[Analyst 3]: Sir, this year can we expect any buyback?

Speaker #3: Can we expect any buyback

Speaker #1: Because we are ending the call now . I would request that you allow us to finish the call . Sir , since .

Rajeev Setia: Vikas, we are ending the call now. I would request that you allow us to finish the call.

[Analyst]: Sir, last question. This year can we expect any buyback?

[Analyst 3]: Sir, last question. This year can we expect any buyback?

Speaker #3: The last question, sir. This year, can we expect any buyback?

Speaker #2: I do take on the court. Your suggestion, thank you.

Rajeev Setia: I do take on record your suggestion. Thank you.

Speaker #3: Thank you to the management team for your valuable time . This brings us to the end of today's conference call . You may disconnect now .

[Company Representative] (Kaptify Consulting): Thank you to the management team for your valuable time. This brings us to the end of today's conference call. You all may disconnect now. Thank you.

Operator: Thank you to the management team for your valuable time. This brings us to the end of today's conference call. You all may disconnect now. Thank you.

[Analyst]: Goodbye

[Analyst 3]: Goodbye

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