Advit Jewels (NSE:RAMBHAJO) Q1 2027 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to Advit Jewels Limited Q1 FY 'twenty seven Earnings Conference Call. This conference call may contain forward looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as of date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to mister Pat Acharyan from Kirin Advisors.

0:46 Thank you, and over to you, mister Acharyan. Thank you. Good afternoon, everyone. On behalf of Kirin Advisors, I welcome you all to the q one enterprise. From water. Yeah. I'm not calling from this. Mister, can I please start once again? Thank you. Yeah. Thank you. Yeah. Mister, sorry for interrupting. Your voice is breaking. So is it clear now? Yes. It is clear. Thank you. Please go ahead. Yeah. Thank you. Good afternoon. We are of Canadian Advisors. I welcome you all to the q one FY twenty seven earning conference call for today's Wednesday.

1:37 From the management team, we have mister Nitin Gilara, chairman and managing director, mister Deepash Karma, chief financial officer. With that, now hand over the call to mister Nitin Gilara for the opening remarks. Over to you, sir. Thank you. Good evening, everyone, and a warm welcome to our investors, analysts, stakeholders joining us today for q one financial year twenty seven earning conference call of Advit Jewels Limited. We are pleased to report that from start to financial year twenty seven with continued momentum across our business. Q1 financial year twenty seven total income stood at 35.40 crores, up 37.35% year on year compared with approximately 25.78 crore in q one financial year twenty six.

2:31 EBITDA increased 33.02 to 11.72 crore with a healthy margin of 33.12 percent, while pet grew 37.86 to 8.19 crore with a pet margin of 23.12%. EPS for the quarter stood at 2.46 rupees. At the heart of our journey in RAMBHAJO, the designer house of Advit Jewels built on a legacy of over hundred years of craftsmanship and jewelry expertise, Our ambition is to create India's most preferred luxury handmade jewelry brand, combining heritage, craftsmanship with contemporary design and innovation. We are not only building a jewelry business, we aspire to build a brand that becomes the source of pride of for India, representing Indian craftsmanship, design, and luxury on a global platform too.

3:26 Product innovation will be important driver of our next phase of growth. We are introducing new collections across emerging categories, including contemporary men's jewelry and lightweight print jewelry. Basically, we deal in bridal jewelry, but now we are starting few more categories of jewelry that is threat and men jewelry. Friend jewelry is for daily and millennials, addressing the growth demand of everyday luxury self purchase and fashion jewelry. Equally important, we are investing in skills and capabilities of our artisans because we believe that the future of luxury handmade jewelry depends on preserving and continuously advancing craftsmanship. We are taking initiative to further train and develop our artists, enabling them to create newer techniques, designs, innovations.

4:20 Our vision goes beyond our own workforce. We also want to create opportunities for the daughters of families of artisans associated with us by encouraging and developing their skills and helping them building meaningful opportunities for themselves. In this way, we aim to create a stronger ecosystem of skill or craftsmanship, opportunities, and happiness around our business while ensuring that the invaluable art and knowledge parts to generations continues to evolve and flourish. Alongside this, we continue to strengthen our b to b network, expand our b to c presence, enhance brand visibility, and develop our flagship store in Jaipur and franchise led expansion across tier one and tier two cities.

5:06 With our heritage integrated manufacturing capabilities, designer led approach skilled artisans, expanding distribution and focus on new age consumers, we believe Advit Jewels is well positioned to build a differentiated Indian luxury jewelry brand and create sustainable long term value for our shareholders. Thank you once again to join us. I now request to open the floor for questions and answers session. Thank you. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one or a touch tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.

5:59 The first question comes from the line of, an individual investor. Please go ahead. Hello? Am I Yes. So I have two questions. So have the entire IPO proceeds been utilized as of q one FY twenty seven, or is any portion pending deployment? So we have paid our debts. We are totally debt free now as one of the portion was to be paid for our loans. So that was paid immediately as we got the funds. And the the the utilizations of balance fund in working capital.

6:45 So we are going strategically. We have not invested the whole amount yet. We are just seeing the movement and the needs of the market and for our further extension. So the balance funds, we are still holding the bunch of it. And as we are getting more demands, we are creating more orders and we are creating more innovations. So that's when we did utilize data. So the first thing which we do was there was getting debt free that we are already done. And the balance one, I think we have around I think around we have still... We have around 52 and the seven, I think it is. So it's around... We have a chunk of fund which we we have kept for further expansion, and there's a amount which is already used for the new inventory made.

7:35 Okay. Can inventory be rotated across stores or will each store require largely dedicated inventory? It can be rotated because it's it's our own store. So the best part of this is that the inventory rotation will give us more business. So that is for sure will be happening. Okay. And with retail expansion, how should we think about the increase in working capital requirement? So, yeah, it is there because we always work in ready jewelry. Golden jewelry is always appreciated and being bought when it is ready. So working capital requirement may increase. But at this moment, we have ample capital to to do the current kind of expenses we are looking for. So I think this is enough yet.

8:28 If it is needed later, strategically, we will go for more of that funding. Okay. And what proportion of the b to b business is made to order versus ReadyStock sales? So most of it is ReadyStock because we have enough inventory with us. But it it always happens that when there's a geographical location buyer, they have some particular demands and requirements, which are, like, changes. So if they need some changes in the ready jewelry, that is also done because we are... We have our own manufacturing facility where we have all equipments to do that. And if they need a new piece to be made with some now... Another specification, so that is also done. But most of it, it's very important to have a ready piece in hand because that gives the... You know, a right guidance of what kind of a piece will be coming up. Okay. Right.

9:21 Yeah. And at what point is the gold price logged with the customer? Like, order booking, production, or the final billing? Most of the time, it is order booking and we... When a... If we get a good advance from the client, we just immediately have the hold so that we don't get any kind of fluctuation in our margins and prices. And if it is decided that customer gives them a basic advance and want to cut the gold at the time of delivery, then we keep it open till then. Because everything will be there with with customer is there. That is for sure. So we keep our margins intact on that. Yeah. But do you hedge gold prices exposure or is the procurement margin confirmed customer order? It's better procuring procuring it. Besides hedging it, because it's used again. We need...

10:12 And then again, you do. We we we sell something, we need the raw material. So the gold is procured exactly as the sold stock is. Mhmm. Okay. Okay. Yeah. I'll get it. It was very nice speaking to you. If I have any questions, I'll find out. Sure. Sure. Sure. Sure. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Priya Jain with Green Capital. Please go ahead. Miss Jain, please go ahead. Miss Jen, please unmute yourself and go ahead with the question. Hi. So I have a quick question. So the thing is, what is the average production and delivery cycle for a customized waiting order?

11:07 Average? Can you can you come again? Yeah. Delivery. So just wanted to know the average production and delivery cycle for customized. Suppose somebody is placing a customized quantity order. Mhmm. So, again, I I... Okay. Okay. I'll explain you in this way. In a designer jewelry line, which is kind of on the jewelry, usually, the stock is kept ready for the client to come and buy. Most of... If we talk about the b two c client, they prefer to buy ready pieces, only some kind of changes and some alterations are being done. Otherwise, the jewelry usually sells... Sold ready. If we talk about any kind of customized piece to be made, it is already being followed by the piece which is ready. It will be only guided by that. So, you know, kind of finding out the statistics exactly how much is it and what percentage of it is, it may change every month. It is just about sometimes the client prefers to buy the ready piece, and sometimes he wants some alterations and changes. And there's a very less chance that there is client wants to make a whole piece to... Again.

12:17 Because there are some things which may not be that clear on drawings and styling. So ready pieces are more preferred in this kind of a jewelry. So statistics could work in this way, in our jewelry, but nowadays, as... Now the capital is being introduced more, we are getting more inventory. So the more... New innovations and new jewelry is being added added up. We are able to get more orders on that. Sir, also, this one, Flexi's of... Flexi's store of around 30,000 square foot, if I'm right. What will be the total investment in that? So approximately, yes, we were going for the b o q with the b o q. I think it's around 25 crores.

13:06 We'll be invested in that. We have the land that's already being procured before. The building is already ready. Now the interior part is happening. I think, approximately, we were counting around 24 to 25 crores invested into that in total. If we speak about ROI, so what do you think? What annual revenue level would make them a type of flexi economically attractive? So therefore, flexi is coming up with a criteria to get the b two c extension. We already are into b two b, and we are doing around 20% of b two c. Right? We have a plan to go further around 50%... 40 to 50% on b two b b two c also. Besides, we are not try... We are not reducing our b two b market, but we are trying to expand on the part of b two c. So at this moment, criteria of calculating, because it's a huge story, I think, with the upcoming, like, predictions that we have given in our DLST, I think...

14:11 I personally think that they are the minimum ones which somebody can calculate. And you can see the quarter results at this moment, so they're matching it with the last quarter, last subsequent quarter. So you will find the kind of difference we are seeing in the business. Correct. The industry is growing in it. The demand for going... Industry industry is growing. In fact, bridal seasons are growing like anything. People are asking for designer jewelry a lot. We were thinking of only HNI going for designer jewelry. Now it's not like that. Everybody wants a taste. All the new kids, no girls, new girls who are getting married, they are not looking for a particular only...

14:56 It's in the jewelry. They want some designer branded jewelry because that is what is what is the trend now in life. Correct, sir. As the industry is growing, you know, competition is also growing. Every other day, there's new brand brand launch. What do you think? What is Advit USP? So Advit USP is is the... Is organized to the level where we have end to end solutions to every piece we make. We have innovations. We are trendsetter. We are being called trendsetter yet. We have to go... At this point, we are being called trendsetter in our city and in our particular facility where we used to be dealing in b two b side. But I think our innovation, our our experience of generations It's a twenty five year old family. I'm the fourth generation.

15:47 I personally am 51 years old, so I have an experience of around twenty eight years, and that is what actually needed in a jewelry business because procurement of raw material and designing the pieces, practical and more aesthetic, that is what is needed in this business. Good to hear, sir. One question on the export side between The UK, Middle East, and US, which export market are you prioritizing first? So, actually, we are exploring on that part. US is, anyway, a big market, actually. If we talk about UK, yes, it's a good market, but it... I feel US is a bigger market, and we are working on some new shows. We are working on some new partners who can do some acquisitions there, private acquisitions there with us. Basically, it's an awareness which is needed. At this moment, when we weren't doing b two b, now after an IPO when we are going b two c, we are expanding the things in front of end users. We are finding that awareness is needed.

16:52 That this jewelry is actually beautiful. This has value for money, and these are the sources of these jewelry. People didn't know the right sources because we were not there in front of them. Now we're creating awareness that, yes, we are the... We are end to end manufacturers, and we bring it to you with all transparency. So I think there's a huge scope in the future. And, yes, your your point is right. In fact, if we go for Middle East and America, I think they are bigger bigger markets, and we're working on that. In fact, one thing is very nice about UK that they are they are art lovers. So in that side, also, we are working on exclusive pieces. So we can explore that market also.

17:38 So so so just wanted to understand what are the channels through which people reach out to you? See, we have a... We have an experience center in. We have our in... Instagram page. You must have seen the House of Family too. I think hundred and ten hundred and ten thousand followers are already there. There is a LinkedIn page. We have a website. We have people who know us in all city because it's a family, 105 year old family. Fourth generation we are. Now fifth generation is coming up. People know us in the city. And particularly, quality jewelry business, anybody who buys jewelry b two c, they prefer to ask for the family and the brand. So, yes, our city tells that that RAMBHAJO is a brand to buy.

18:29 Good to hear, sir. Also, when I ask for that, you have in house branding and marketing team? Because, you know, I I feel like this marketing and branding plays a great role because I have seen the, you know, rise of subject. They they are building businesses contributing more to their, you know, like, the legacy costume business. So they are one of our inspirations. We are looking at those... The the goods also. They're whatever grade they have done. We are following that also. And there are other inspirations or other people we are following also. So that it will be, like, you know, amalgamation of good exercise and experience. In fact, we have a team. We have an internal team who looks after this, and they are very strong. They're doing really hard work.

19:16 Like, new shoes... Shows we are doing. We are doing new bridal show. Our team is our virtual merchandisers, our designers, and our sales team, and management team. Everybody is working on their own, trying to make some best. Sir, also, any plans to onboard any new, you know, like, random visits? There is a plan. There is a plan. But we want to come up with that with our new store. You know? I want this new store, that flagship store of Jaipur. The day it will be inaugurated, you will be seeing a face joining. By... What time it will be operation? Trying to get it done by November. But in India, we're going on. Let's see what happens. And they will get a good range.

20:05 So the worst thing here is what I feel, we will be able to get it done by November. We are working really hard to do do that. Good to hear, sir. All the best. Looking forward to next call... Next call. Bye bye. Thank you so much. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of, an individual investor. Please go ahead. Hello, sir. Am I audible? Hi. Yes. You are. Miss miss Meta, sorry for interrupting. You are not audible. Can you speak a little louder? Hello? Am I audible right now? Yes. Better than before. Thank you. Please go ahead. Okay, sir. So my first question is, how was q one demand across bridal or customized jewelry versus the core b to b wholesale business?

20:58 So we had around 78% of b to b in this q one. So the eighth... As of the month, 22% we have done b to c. And with the demands connected to drivers, so we have... We can see a good driver season coming up. Okay. Yeah. Okay. So first of the planned stores, how many will be company owned versus bank size operating? So as as till yet, we have decided on metro cities, we will be working on company owned stores. In types of cities and smaller cities, we will be thinking of... We will be looking for franchises. We are working on few at this moment.

21:44 Just getting an experience of what kind of demands and what kind of jewelry will be best to be kept there. So... But, strategically, yes, we have decided metro cities for our own stores and two types of cities and smaller cities for franchising. Okay. So so in a franchise store, who funds the jewelry inventory Advit or the franchise partner? Franchise partner. Okay. Yeah. Okay. So so how much jewelry may take typically required to open one store? We are working on that geographically. So, say, if it is, like, North Indian two tier city, it may need more of Porky, diamonds, and colored stone jewelry.

22:32 If it is outside Pradhat, outside... Southern two tier city, it may look for more gold preferred, lesser color store, or lesser, Porky. So it is just... It depends on what kind of a city we are working on. But approximately, I feel around six to eight floors is a requirement for the franchise to operate a good franchise. So Oh, okay. Thank you, sir. Thank you for answering my questions. Thank you. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Ishita and individual.

23:17 Sir, please go ahead. Hello? Yeah. Hi. Hi.. Yes. Hi. So my first question is that the... Earlier you have discussed that if you will be adding participants and the guidance. So have you have this... Have our case in this increase during first quarter? Is that your voice crack? And so I could not listen to your whole question properly. Oh, okay. Can you just come back again? I'll repeat it. So if in your earlier discussion, so you have to discuss that you will be adding artists and designers. So I just want to know that has the artisan base increased during first quarter?

24:04 I think it has increased because few very nice new artisan... I didn't have come. Like, one of them, I know well because, yeah, I was just ask... I was just thinking him to join us. And on this time, when I had a talk with him personally, he just joined. So, yes, there are few which are added, and they are really nice. Mister, another question is that, we... This industry part of the for survey. It's the most unorganized industry. So is there any formula that you are using to to get back or any... Or the... Or any formula for that? So what about the formula? I just spoke in my speech just now that we are trying the families, like ladies and the girls, to also help them in creating different art, different designs, and to work on them. We are just trying to educate them. We are just trying to increase the skill in them so that they also can do some work. Because nowadays, even the girls of the family want to do something, and it will be great for those artists and seeing their their young girls doing something great. We are trying to educate them. We are trying to work on them.

25:14 So that will create a a very nice ecosystem. That will be a family kind of an ecosystem where where artisans regardless more than what they used to do before. So we are we are thinking on their welfare. We are thinking of their living and their families. That is the best way to approach them. Another one question I have is actually... What... For the... You answer is the. Right? So how how easily you can, you know, use and, you know, reuse those jewelry without, you know, decreasing their value? Any form? Yeah. So that's what actually... We have the kind of manufacturing unit we have.

26:01 It is so well organized. Anything which is made in Kundam Golgi, it can easily be changed. It can be reused. It can be done into a new piece very easily. And we make a static pieces there. The pieces can be divided and can be detached and can be attached to somewhere. So we have options of that. And suppose, I say, if there's one thing where... Which happens, there's some design which is not working. For us, to change the design is not not a difficult job. Because now we have an organized manufacturing plant where we can do that. Thank you, sir. That's all from my case. Yeah. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question.

26:52 Next question comes from the line of with GK Securities. Please go ahead. Yeah. Hi. Hi. Hi,. As you scale the brand across both b to b and b to c channel, what do you see as the main challenges from execution standpoint? And in particular, how are you thinking about working capital in rental, talent management, and maintenance product quality as the business goes? So you have lot of questions in one. Just give me the first question first and answer your first question, then we'll start with another one. Can you can you provide me the first question? Sure, sir. I mean, as you scale the brand across more b to b and b to c channels. So what is the main challenges from an execution standpoint?

27:48 Okay. So for us, b to b is never a challenge because b to b, we were doing good before also. B to b, yes, as your same challenges, as it's it's being now increased whenever we go ahead and increase any business. Yes. We have to face challenges, but we are ready to do that. In fact, investors have helped us by bringing us to that platform and giving us that kind of a response. I feel that in b two c, I... We will have to go a bit different. It's not like that we go with, like, a generic store. We are creating nice luxury boutique stores. We are trying to make it, like, as you know, like, Bvlgari and Cartier, how how they present their stores and how people get attracted.

28:34 We just think that the brand always has a value. You're getting me? Correct? Am I audible? Yes, Yeah. So we want to do it in a way where we introduce ourselves as a luxury brand. So for that, the strategy is going on. Challenges will be there. Yes. Because just getting into that servicing may be expensive to reach. We may need more better interiors, better approaches, better way of presenting ourselves. As in last question, I I was being asked for a nice brand ambassador. Yes. We will have to go with the best of the person on that. So, yes, it's... It is a bit expensive, but future is beautiful as the other brand is being called as luxury brand.

29:27 And how are you thinking about working capital inventory, channel management, and maintaining product quality as a business school? So working capital, we are basically... We are already family from. We know we don't have to put in money in anything which which seems like not very quickly onto it. We are watching things. We are looking at what's going on, what is being in demand, what will give us a better profit, and what will sell more. We are working on those things, and we are trying to create those kind of stuff only. So it's... The strategy is to come up with the pieces itself. These pieces which are, like, practically wearable and people really appreciate. So inventory, yes, the working effort is being involved in inventory strategically in that way. If the... And above the quality control, we have a huge team for the quality control because that is the core thing of our business.

30:25 Anybody who gets the jewelry from the Amazon, they have to... They they... The jewelry need to be the best. We don't want any flaws in that. So we really work hard on that part. Okay. And how many company owned stores are you planning to open? And roughly, how much CapEx would would be required to take up store excluding the cost of jewelry inventory? Yes. We are going for good boutique stores where people come and see jewelry. We don't want to create an every other huge store. Our huge store, that is our attractive store is coming in Jehovah. That is by sale around 30,020. But outside the city, they will be, like, the best the the cautious areas of those cities.

31:17 And investment decide, if you talk about inventory, we are calculating in each around 5 crores. Okay. Yeah. And and what kind of franchise model are you looking at going forward? And could you please also help us understand, like, how the commercial arrangement would work with the franchisee partner and particularly in terms of revenue or profit sharing? So, yes, it it is all working because we already are working with our franchise agency, which we have already employed before the IPO came. They are working on it, and we are creating protocols on that. We also are working on what kind of a model will be suitable for our kind of jewelry. We are really working hard, I think, by by a month, we will be ready with our franchise models. What... Because at this moment, we are not even inviting franchise. This is the time we are not ready with the strong protocol on that. And we are really working hard on this because this is bulky jewelry.

32:23 And it's it's... As I told before that it's not a generic jewelry where I can just put in franchise and ask them to start working. I need to know the capacity of the franchise. And, yes, obviously, what kind of a product they can they can sell. We will have to take care of that part very carefully. So we are working on that. In fact, a a whole team is involved where the people who are researching on those markets and even the franchise agency, which already has done few few companies franchise stores, they are also coming with their advertisers. So I think within a month, we will be ready with our protocols. Yet, this is not decided as you ask me about the about the how and what has to be done. But if after a month, I think we will be ready with our protocols, and it will be published for sure.

33:14 Okay. Thank you, sir. And wishing the entire team all the very best for the upcoming call. Thank you so much. Thank you. Thank you so much. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of with Infotech. Please go ahead. Oh, yeah. Can you hear me? Yeah. I can hear you. Fine. Yeah. Yeah. I just wanted to know, like, what annual revenue level would make the the two flagship economically attractive? See, the four flagship store will not be operating for only Jaipur.

34:01 This store will be operating all our other offices, other stores. It will be like a rotation of jewelry happening. If we talk about a particular store, it will not be justified because that store will will be doing their own business also, but they will be operating other stores also all over India. Like, franchises also and own stores also. So if I calculate on the strategic calculation of their full listing, I think that will not be justified. One important point is this, that their full active store will be doing highest business for sure because it is obviously getting ready in that way. But other businesses... Like, I'll just give you an example. Like, if somebody comes and sees a deli store, if I was to a deli and deli store, somebody comes and they like jewelry there.

34:54 But as he likes the jewelry, he likes the jewelry, but they want to see more stuff and they want to decide it more, they may be guided to Jaipur store, and they may come to Jaipur and buy the jewelry here. Or Jaipur store may send the jewelry with their liking to ready to show them and get the sale finalized. Especially in d two d level, this is too much required. So statistics on particular store will not be, if I just tell you, then it will not be justified. Okay. So what is the current order visibility for upcoming wedding season? And are you seeing any change in average ticket size compared with the last year?

35:45 Change in any? Ticket size. Average ticket. So ticket... No. No. Actually, yeah, this is what... It's a very nice question, in fact. What is happening is people have a budget. Now when the the gold prices have increased, suppose somebody has a budget of 20 likes for his daughter's wedding, jewelry, they come to us and they say that my budget is 20 likes and the gold prices have gone up. So what to do? So we have... We are trying to make lighter weight gold jewelry. We are trying to get more stoned in full keys and all to make it more grander and more impressive and more attractive with lesser goal weight. So the budget is being followed. So with the coming brighter season and coming festive season, I think people have budget and they want to work into that. We... It's our duty to give them the best on the... Those budgets. Maybe they they get lesser gold, but they will be getting a better design for sure.

36:51 Okay. Okay. And I also want to know, like, what is the typical inventory aging period before design is reworked or recycled? What's that? If it is? If it doesn't sell. So, basically, in this strategy is, like, a good designer house. Like, if we say that a design... Good designer house, say, any of these big designer houses in the world, if any of the product they see that it's not working that well, they may not have an option to change it to something and that is kind of a loss to them.

37:41 But for us, changing the designs and changing the inventory is an easy thing to do. So our designs will... If we find that this is not working, so it never works with the part that we we need to keep it for long. We can change it as per required time. Okay. Yeah. Yeah. And, like, can you also, like, throw some light on what is your long term vision for Advit Jewels, and, like, where do you see the company over next three to five years? So we have dreams. We have strong dreams. We had a dream to come up with an IPO. We came.

38:27 Now we have a dream to go for international market and and national market and creating it as a brand. Because Advit has a brand name, RAMBHAJO behind it. That is a hundred and five year old legacy name. And people know RAMBHAJO jewelry in particular HNI segment. So I feel that we already have reached certain destinations, and we want to reach to the destination where people start saying in the world that this is one of the luxurious handcrafted jewelry from India. So we are really working hard on that part. So first, we will explore with all Indian market, and then our our full concentration is ongoing international. We're trying... Like, we have our VCF with us, Raiffe and Venture Capital Fund. They invested in us. They had a they had a word with us, and we they we shared our vision that we want to bring Raiffe and into this jewelry.

39:24 We just want to take it in front of the international market and international brands and want to create a special platform for this. And they were so happy and they invested into us as a promoting thing to us. So we feel that that these kind of motivations are only given when we shared our vision for next few years. Vision is not only... I I I feel vision is not only numbers. Reason is, you know, what kind of brand you create in... After three to five years. You know, people may call, like, bride should say that I'm wearing RAMBHAJO. You know, it should be like that. So we are really working on harder for that. Yeah. Yeah. Good to hear that, sir. And, like, can you also let us know, like, any guidance for current f y twenty seven and f y twenty eight? And any EBITDA margin range do you expect?

40:24 See, we are really working hard. We will not let the numbers go down anyway. Numbers will be going up as our first quarter, you can see. You can see the whole quarter went so well. We are so happy. And I really tell you that when I went for my IPO shows, I really found new customers because people really love the way we explained about our jewelry and our business. So I think as a... We we we actually didn't expose us until yet. We were just inside that we were doing more of b two b business. After going out and going to the end user, we we are finding a fabulous response. People are really loving the jewelry. They want to know that the... Generally wants to know transparently what is there in the piece, what is there in the jewelry, why it's so beautiful, why... How can you can make this piece amalgamating so many art forms.

41:14 So this is what is happening. We are getting really appreciated. So as I see the numbers going, I think we will be able to come up with the, you know, great numbers and leave your wishes. Okay. Okay. Got it. Got it. Thank you. Thank you, sir. Thank you. Thank you. You. Ladies and gentlemen, as there are no further questions, we have reached the end of question and answer session. I now hand the conference over to mister for closing comments. Thank you for joining the... Hello? Yeah. Please go ahead. Thank you. Yeah. So thank you for joining the conference call of Advit Jewels Limited.

42:06 Should you have any queries, you can drop me an email at [email protected]. Thank you all for joining the call. Thank you. Thank thank you so much. Thank you. Thank you. On behalf of Kirin Advisors, that concludes this conference. Thank you for joining us. You may now disconnect your lines.