Advit Jewels (NSE:RAMBHAJO) Q2 2027 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to Advit Jewels Limited Q2 FY 'twenty seven Earnings Conference Call. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask question after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to Mr. Laksh Berry from Kiran Advisors. Thank you. And over to you, Mr. Laksh. Thank you. Good afternoon, everyone. On behalf of Kiran Advisors, I welcome you over to Q2 FY twenty seven earnings conference call of Raju and Shivati.

0:47 From the management team, we have mister Nitin Gidara, chairman and managing director, mister Difei Sharma, chief financial With that, now I hand over the call to Mr. Nitin Gilara for the opening remarks. Over to you, sir. Thank you. Good afternoon, everyone, and a warm welcome to our investors, analysts, stakeholders joining us for the Q2 and H1 Financial Year twenty seven Earnings Conference Call of Advit Jewels Limited. On behalf of the management team, thank you for your continued support and trust. The Indian jewelry market is witnessing an encouraging shift in consumer preferences. While bridal jewelry remains a strong category, demand for premium handcrafted and design led jewelry is growing beyond traditional wedding purchases.

1:41 Younger and affluent customers are increasingly valuing jewelry for its craftsmanship, uniqueness, heritage, and emotional appeal. With a growing preference for distinctive pieces that reflect personal style and lifestyle choices also. We we believe this involving demand for heritage inspired and art led jewelry luxury jewelry alliance strongly with RAMBHAJO legacy and strengthens creating significant long term growth opportunities to Advit Jewels Limited. Our story began in 1921 in Jaipur when our family laid the foundation of RAMBHAJOUS for more than a hundred and five years and across four generations.

2:28 And today, the fifth generation is also preparing to carry that legacy forward. Very few jewelry houses in India can speak of just century of unbroken craftsmanship and customer trust. For us, that trust is our greatest asset, and it is the foundation on which we are building our future. Our expertise lies in handcrafted diamond jewelry with rival jewelry at the art of everything we do. Building on this code, we are now adding contemporary men's jewelry and lightweight fresh jewelry designed for generally men, millennials, customers looking for everyday luxury. Our integrated manufacturing facility in Jaipur has an installed annual capacity of 100 kgs of jewelry equipped with advanced three d printing, modern casting technologies.

3:21 It houses all key processes, including design casting, stone setting, polishing, quality control, ensuring complete control over quality, timeless lines, and cost. The facility is powered by 56 skilled at this moment whose generations old craftsmanship forms the foundation of our jewelry making expertise. We continue to invest in their skills planting traditional art retreat with modern manufacturing capabilities. A key milestone in our growth journey is the upcoming launch of our showroom in premium area of Defense Colony in Delhi. One of... It's one of its most prestigious business hub targeted to open in q four two thousand twenty seven. '20... Yeah. It's twenty five, twenty twenty six, twenty seven. The showroom will showcase our handcrafted Kundan Porki jewelry to customers across Delhi SCR, marking RAMBHAJO's first expansion beyond Rajasthan and beginning for of its calibrated retail expansion.

4:28 Meanwhile, the development of our flagship store in Jaipur is progressing well with construction completed and interior work currently underway. Spanning approximately 35,000 square feet, this flagship destination will be a significant milestone in strengthening RAMBHAJO's brand presence and showcasing its rich jewelry heritage and craftsmanship in our B2C segment. Let me now take you through our financial performances. For the second quarter, revenue grew 23.93%, around 24% year on year to crore. EBITDA rose 18.8%, that is approximately 19% to INR16.4 crore with a healthy EBITDA margin of 27.8%.

5:18 That is I am most pleased with is the bottom line. Net profit grew 28% to INR12.76 crores faster than our revenue and our net profit margin expanded by 68 basis points to 21.6%. For the first half, revenue grew 28.6% year on year to INR94.5 crore and EBITDA margin stood at the strong 29.8%. Net profit rose to 31.7 to crores and net profit margin expanded to by 51 basis points to 22.2%. Going forward, we plan to grow our business network across India, launch new collections and expand it into international markets over time.

6:09 Before I conclude, I would like to thank our customers, business partners, employees and shareholders for their continued support, trust. I now request the moderator to open the floor for questions. Thank you so much. May press star and one on their 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. The first question comes from the line of Vinod Shah from Versus Ventures.

7:03 Please go ahead. Mr. Shah, please go ahead. Hello. Am I audible? Oh, yes. You are. Okay. Good afternoon, sir. Good afternoon. Yes, sir. I just had a couple of questions. So, sir, our effective tax rate is around 17 to 18%, just like below the corporate tax. So what explains the difference? And where do you see the tax difference in next two to three years? Sorry. I I can't hear you. Please be loud. Your question was not that much clear. Can you please speak out again? Yeah. Yeah. Can you hear me now? Yeah. Yeah. I can. I can now. Yeah. Yeah. Yeah. So I was saying your effective tax rate is around 17 to 18%, which is below the standard corporate tax rate.

7:57 So what explains this difference? And where do you see the tax rate in next two years, effective tax rate? It's a special tax rate for manufacturing companies which started in 2019 by the government of India. So we are into that slab. We are a 100% manufacturing unit. So the standard tax rate applies to us. Okay. Okay, sir. And what is the, like, eligibility criteria? So You need to be... It is a criteria was that time because the companies which was set up after... I think it was around COVID moment. It was a specialist scheme of Indian government, a special section of Indian government, where they gave a holiday a bit of it to the companies which are manufacturing and selling the jewelry, strictly manufacturing.

8:52 Okay. And we will be eligible for this going forward as well, right? Yes. We are eligible because we are getting our since six years now. So every time it is being considered. Okay. Sir, with two stores coming up, what will be the B2B2B2C mix going, right? So basically, are for B2C segment only. We are trying we are just working on B2C segment also now. So when the two stores will be starting, think B2C will be that would as grace of God, it will be working well, better than before. Okay. Any mix that you're targeting? Any? Mix? Mix. Mix. You mean to get the percentage of B2C to B2B?

9:43 So we... This year, we are targeting it as the source will be coming in the end of year. So this year, I think it will it may not reflect that much, but from the next year, we have a target of like before this, it was eightytwenty ratio. We were already doing 20% of B2C. Next year, we are planning and we are targeting around 30% of B2C and 70 of B2B, increasing the turnover the way we try to do it. And what kind of change in margin we can expect? See, with the kind of jewelry we deal in, it's an art based jewelry with lot of designing and a lot of hard work behind. So we keep a margin that is a strong margin already.

10:31 And we are happy with the going on margin. In fact, when B2C will be introduced, we expect and we show the margin will increase. Okay. Any percentage increase that you're targeting? Not yet on on that because the data can't be analyzed in this way. It's a few cars we'll forecast future. But I think it will be better because it's... There's a difference in b two b and b two c. We get better margin in B2C for sure. Okay, sir. I will jump back in queue. Thank you. Thank you. Thank you. The next question comes from the line of Abhishek Sharma, who is an individual investor.

11:30 Yes. So I have a few questions regarding the like inventory. So the inventory which rose by about 27.7 crores in Q2, So what are the main constituents of the inventory? Like is it raw gold or work in progress or finished stock for the season? So what are the and also what are your current inventory? So let me answer your question. So by 2020, you see year over year increase you compare from the March 26 to now. And this is more primarily to cater the upcoming business actually. You know, like, we are coming with the flagship and catering to the market demand, and it's primarily on the free fuel segment.

12:19 It's empty inventory. Okay. What are the current inventory days? Current inventory days? Yes. So actually, you can see like in the books, have INR 169 crore of inventory. So you we cannot count in a days because this is we need to keep the stock in handy with us for revenue. And you can see, 94 crore of the... Our six months of revenue. Right? So you can settle, a year of requirement. You can say in that perspective, you are seeing like that. Understood. So I had also I have a question like what is our gross and net debt position after the IPO? And how much of the 165 CR proceeds have been deployed so far?

13:13 So you mean to say the IT proceed utilization? Yes. Yeah. So out of, like, $165.65, we allocated for the debt repayment. So in your books, can see like we have had all of our short term debt, working capital debt to the banks. So from short term perspective, we are debt free. And the remaining utilization of INR 65 crores, which are under progress and out of like INR 65 crore, approximately INR 30 crores, 35 crore will be utilized in the building or working capital. And the remaining is a general corporate profit profit basis on the management of the business requirement, we'll utilize that. Okay. And so for long term, our acquisition is like it is like almost mid?

14:03 Yes. Are totally debt We are totally debt free now. Okay. And sir, which are the product categories that are growing fastest? And what are the like products that features most of the margin? It was not clear. Can you please repeat again? Yes. So I was asking that which are the product categories that are growing fastest in the industry right now? And which are the products that reaches more margin? So basically, when we talk about the first and second quarter, in the first quarter, smaller pieces run most like lighter pieces because there are no no weddings and anything. It is kind of a lighter season. First and second quarter are usually considered as lighter season for our kind of business, that is luxury lifestyle.

14:53 Now the bridal demand will increase. Now the bridal jewelry sector will increase. So manufactured new bridal jewelry will be now coming in the market. Okay. And also for the smaller pieces, have more margin on the bridal pieces? Okay. Can you come again? What did you say? More? I am asking about the margin. So the smaller pieces have the more margin or the bridal pieces? No. It's not about more margin in a product wise thing. It's usually if the product has lot of hard work in and it is being worked with lot of new design, we can think of increasing an margin on that. But I think we want to keep it uniform.

15:39 That will... That... Till yet, we are working on it. That that margin should be at a uniform level, trying to get better on the things which we have worked very hard on. Okay. Yes. And also, sir, if you could share with us some light on the franchisee expansion and any update in there? So as I told in my just speech before that Delhi is already there in a pipeline. It is being decided and the interiors are going to get ready by quarter four. And we may be launching the store by quarter four for sure, Delhi, Defense Colony. Then we have a few more in pipeline. We will be coming up with them once we decide that.

16:29 Jaipur store, obviously, we are trying to get ready by this year because interiors are going on. So... And it has lot of artwork in, so that's why it's taking a bit of time. Most preferably, we just feel... Because Jaipur... Our Jaipur store will be an experience center, which will be kind of the presentation of the brand. So it may take a bit of time. And so this... All our franchises. Right? Not... These are not owned by No. Delhi is company owned. Delhi store, which we are opening, is a company owned, and all the main major cities will be company owned stores. Franchises will be on the two direct cities most probably as we have yet hot.

17:18 But it depends on the strategy at the time we discuss with the franchise buyer. What kind of capacity he has and what kind of city it is. So we will be taking out the style of business exactly once we will be on the discussion with them. Yet we have not we have not yet started discussion with anybody. We are getting offers, but yet not thinking of. First, we want to work on Delhi store. Okay. Yeah. So so the franchisee doesn't have a fixed model yet. Right? So that a fixed payment and who will own the, like, store and who will own the product. That one is not fixed. See, the protocols are not... No. The protocols are all set.

18:04 Our team is ready with all the basic protocols. But it always... Basically, it's a luxury lifestyle jewelry. We cannot have a generic type of single protocol. It depends on city to city. Which city can cater which level of luxury will be the consideration for sure. Okay. Understood. And also just one last question that what is our like marketing and branding spending in total H1? So the best thing in our this business is our social media. And if you see the House of RAMBHAJO, we have increased our organic followers to around I think they are 114,000 more than that now.

18:52 And we are getting very good support and very good response from these kind of clients. So I think that is one of the best one. Besides that, there are exhibitions, there are different kind of presentations, which we usually do to H and I and luxury clients who are really buyers of our jewelry. Okay. Okay. Thank you for answering all the questions. I will be joining back in the call. Yes. Thank you. The next question comes from the line of Prathish Garg from Novama PCG.

19:53 Sir, through the past experience, so with the Vogue India, Instagram feature of Siawa, A Jewel, and other collections, I have seen that the brand has been continuously facing itself towards couture and luxury features. Right? So where do we see that going with our new interest in Fred, Julie? Do we see that as a other branching of that very placement, or do we see ourselves being more diverse and inclusive with our placement? You're talking about our collections launch that Tiavar and Varnika, are you talking about that? Because you're... You were half audible. I just couldn't see... Listen to you properly. I I I like your question. It is very interesting. Can you please come up again?

20:40 So my question is, we have continuously placed ourselves in the couture and luxury brands. And with our increased interest in Fred Jujji, do we see that placement continuing forward? Or is that going to be more for diverse collection that we're going to have tomorrow on point or when we restart that? See, basically, this is a very strategic question. In case if our old collections and old gold collections are going well, they will never be diverted, but we are very flexible in diverting because art forms, once they they are done with, then we have to move ahead. You must be knowing that any art, when when you just see it all around, it loses its character, then we have to move to a next character to just upgrade that one. You you getting what I want to say?

21:36 Yes, sir. So the So whenever the connection be... Yeah. Please, Anurag. Okay. Like, if you see our new if you see our new collection,, this is connected to Shriram and SitaJO. If you see the aesthetic of the the overall collection, it is a modern collection, but it is following those aesthetics of antique ex ancient Indian art jewelry. If you see, if you see, think nobody ever thought of of making a for a bride, but that's a crown which which makes bride the most beautiful. So RAMBHAJO is actually a trendsetter for the things if you will see in the past years and past ages.

22:22 But, yes, still, we are trying to be on the same track, want to keep our status on the same level. That was very enlightening. Another question I had was on the utilization rates. Since we already have a relatively higher inventory days than our competitors, Where do we see the utilization rates going forward as we move into the b two c segment as well? So if I say, with a practical basis, we are expanding our... Ourselves towards the q two b two c line where the client needs to see variety to finalize the jewelry. And especially when you go luxury lifestyle jewelry, a client wants to see multiple pieces to come to a conclusion. They cannot decide in few pieces. So in every collection, we need to have a good inventory.

23:13 In fact, inventory is always giving us a good comfort because one collection can be can handle many clients. So I think inventory is very important and very necessary in our kind of trade. And more the inventory is more better business it creates. So obviously, we never count inventory days, particularly this because we already are debt free now. But another side, if we talk about a good business, then it is obviously backed up with a strong and big inventory. Another extension to this, I would like to know your outlook on the inventory risk that poses as well with the gold prices fluctuating and the later valuation of full key diamonds. So what is your take on that?

24:10 So see, actually, it is... Yeah. Obviously, volatility is the nature of a market, and you cannot just stop it. It will be going on. So we have a strategy that we cover. In fact, whatever gold we are selling, we recover the gold, so it always is maintained. We don't do hedging on exchanges. We just buy back the gold, so it is a practical natural hedging. And if we talk about the polky and diamonds, see basically, polky diamonds are never ever counted as fluctuation in the price. You just have to get the best bargain. So our purchase team is always working and we always are connected to the true suppliers who never escalate the prices with the showing seeing the market escalation.

24:56 They come up with a practical and true way of doing the business and a long term business. So I think if I talk about ColorStor and Pulky, you need to have a good eye. As I'm saying, we are 1921. We are established in 1921 as the full generation. So we... The the USP is just getting the best product at the best price, which is always used for making the jogi. Got it. That will be all from me. Thank you so much. Thank you. Thank you. The next question comes from the line of Nupul from Apex Capital. Please go ahead. Hello? Yeah. Hi.

25:42 Hi. Sir, you have 56 in house artists. How much of the promotion is done in house for this outsourced to? And how do you ensure the quality and the cost remain under control across both? So, basically, cost and quality is always depending on the Carigarh. If we have highly skilled 56 carriers working with us, but anything which is needed to be outsourced, like many... You know,, if you see, there are multiple arts. So just hiring one who... Where I need some of his art in one necklace or two necklace or five necklaces or in some bangle, I don't want to hire him and ask him to come and sit in my factory. I just use him for that particular art. And especially my... That piece goes to him, and it gets done with that art and it come back to our factory. So the system is in in any kind of an art, we always search for... Like, as I told in my last speech, that amalgamation of art forms is our USP nowadays.

26:49 We are just blending two kinds of art forms and creating. So suppose if some art form needs a curriculum from outside, we use that curriculum. Okay. And sir, the EBITDA margin fell to 27.8% from 29% last year. So what drove the decline? And do you see margins recovering at the digital business case? If you are talking about the EBITDA margin, if you are comparing from the last September quarter year over year, yes, there is a bit decrease because of the other expense actually, because we have done extensive marketing and business expenses here like execution and all. So because of that impact, this is the the... If you're comparing the EBITDA and EBITDA margin.

27:38 See, we are going towards B2C. When we go towards B2C, you understand that we have to come up with the promotions and doing more presentation to the market. So before it was b to b, so as the things are going on well and b to c expenses are done, but b to c business has not been started that level yet because the stores are going to open. So you can understand that this will give us the result in next year. Okay. Okay. Thank you, sir. Yes. Thank you. Thank you. The next question comes from the line of Shruti Mehta, who is an individual investor. Please go ahead.

28:23 Hello. Am I audible? Yes, you are audible. First, I have two questions. The revenue grew 28% in H1. So how much of that came from higher gold prices and how much from higher volumes in kilogram? And what was the volume growth in this period? Actually, your voice was cracking. I think it was lighter at few places. Can you just repeat the question again? I think, Deepesh, is it better now? Yeah. It's better now. Yes. So your revenue grew 28% in H1. How much of that came from higher gold prices and how much from higher volumes in kilograms? And what was the volume growth in this period?

29:11 So first of all, like, we are not a gold jewelry, so we can directly link increase in revenue with the gold prices because we are the artist jewelry. Maybe, like, maybe, sir, can more answer on this question. Like see, I tell you, it's not a gold based generic jewelry. It is basically gold with diamond color stones and many other things. Gold may be used lighter because as the gold prices go high, we just feel that to make lighter most of the jewelry. But at this moment, if we talk about particular gold weight and sale, I think that it will not justify our product because our jewelry is more on designer, maybe using an expensive color stone like emerald or any or it may be using more of a nice bigger polky, smaller polky, or a diamond cut.

30:04 Okay. Okay. Yeah. Thank you. And with the executive expansion we are planning, what will be the achievable growth rate for the next three years? See, actually, achievable growth rate is always rent. I think so. It's just about your dream. When we talk about the data, I I feel those dreams cannot be brought into data. I can say that the 35,000 square feet flagship store coming in Jaipur will be a landmark. People will prefer to come and see our experience center. So our target is to increase the business to maximum where we can take it. And if we talk about Delhi store, we have selected the best place of Delhi that is the most luxurious and posh area that is Defense Colony.

30:53 And I think the kind of store... The kind of interiors we are clearing thereon, I think that will be the attraction. We are working on that. See, actually, it's just about working hard. It's always about dreaming and working hard. So I cannot just explain my dream data to you. But, yeah, it will be fabulous as we are working very hard. Okay then. Thank you, and all the very best, sir. Thank you. The next question comes from the line of Vishnu Bhardwaj from QS Capital.

31:40 Please go ahead. Very good afternoon, sir. Thanks for the Sir, my question is, what is the average order size for a B2B customer? Average order size of B2B customer, it varies actually. Whatever the customer, it depends on the customer to customer and the product detailing actually. Because we cannot say one number or we cannot say one average because it depends on the requirement of the B2B customer across various region and the company and their requirement as they are beginning the product. Like, say, for example, they are asking more for damage or color stone or the design. So it depends on that actually.

32:31 Okay, sir. Got it. Sir, do you sell silver or platinum jewelry? Or do you plan to platinum specifically given that we operate in a luxury space? You mean, do the silver and platinum jewelry? You asking about the... We are working on them or not? Is it? Sir, I'm asking what... Are you selling it right now or maybe planning in future? See, it's just about... Again, it's just about the strategy, but as we as we are planning to go international, we are planning to participate in international shows. And if we see... Because in India, think platinum jewelry is not that moving as compared to gold jewelry. We would prefer to take our product, which is more sellable. We have... We we would prefer to manufacture the things which are more sellable and more acceptable.

33:20 Platinum things are accepted internationally. So we may... As I told before also, we have a end to end facility where we can create any kind of a luxury lifestyle jewelry piece. So if platinum piece will be needed, it will be manufactured for sure. Okay, sir. Thank you for the opportunity, sir. I'll get back in the queue. Thank you. Thank you. The next question comes from the line of Rahul Jain from F3 Advitizer. Please go ahead. Thank you for the opportunity. I have a couple of questions for you.

34:10 So first question is related to how will you measure the success of the Delhi Soros with last year? And what would be your... What would you need to see before committing to the next store? Can you be loud again? Because half of the question was not. Okay. I'll repeat the question. Yeah. So how will you measure the success of the Delphi showroom in its first year? And what would you need to see before committing to the next store? As I understood, you want to know that how much are we expecting sales from our first store in the first year? You want to ask that? Delhi Delhi showroom. Shorro. See Delhi has the highest potential in India as we come to know about the luxury that tells you.

34:59 Seeing the data of another ruler is working there, I think yet the stock is getting preserved. We cannot ascertain the quantity and the amount of jewelry we will be able to sell there. But already doing B2C, we already have a lot of clients in Delhi. It's not first time people will come to know about our brand therein. So we expect that from last year, in the last few years, whatever business we are doing after opening the store, Delhi business will I think boom. I feel so. We just are having that kind of a feeling. About the data, again, should say that data is always future data is always a dream.

35:52 We should not share a dream because it gets disturbed when we share it. But yes, we are working really hard to get this kind of sales, which which will really make our investors happy and our investors happy. I think that will be the only thing I can tell. Okay, sir. And there's no strategy there's no strategy follow-up for any store. It's just about this that when we open the Delhi store and we are able to create a proper management and protocols over there, then we are... With that experience, immediately, we will be working on other stores. It will not be like this that we will be looking for the revenue and then we will be opening the store. As you asked that about the next stores, next stores will come in pipeline once we get the overall experience of one store outside Jaipur.

36:47 Okay, sir. My next question is Diwali. Are you exploring high effort fashion designers or luxury retail platforms to widen that and go to rate and how such partnership work? So you mean to the hiring the luxury clothes designers? You're talking about that? The tires. So basically the fact. Yeah. So there there will be a tire. We can't hire them. There will be a tire. We already are getting lot of offers, and we are working few... With few of them. It is kind of a momentary working because every designer comes to you in the season, and we join them and we create a a a product together where... Like, which blends actually. Like, their outfits with brands with our jewelry, and we present it in front of the crowd with the the customers showing that this is the latest new collection and latest new designing which we come up with. If you see our Instagram play... Page, you will see a lot of those kind of collaborations happening these days. And in future also, you will be seeing lot of collaborations coming up because we're already in talks with them, and they are also approaching us. Seeing our jewelry, seeing our page, they... We always get offers from good designer.

38:00 Now we need to decide that which brand we should associate with and which brand we should work with. So, yeah, it is a very good platform, obviously, a especially for a bridal jewelry, and we get response due to that for sure. Thank you, sir, and best of luck. Thank you. Thank you. The next question comes from the line of Ishita Nagar, who is an individual investor. Please go ahead. Hello. Yes, hi. Am I audible, sir? Yes. You're audible. Yeah. Sir, my first question is that how much of our b to b revenue comes from our top 10 customers?

38:47 How much? Can you say how much is the b to b? B to b. No. We don't. We need to check the data. Yeah. So you're talking about the this half quarter. Mhmm. Hello? So we we have this data for our last year in our audit. This particular thing, we can inform you on email. You can email to us some... To us. We can give you that data. Sure. So, sir, my second question is that, how much of it... How many new retail and wholesale wholesale we have added in HQ? You mean to say how many wholesale buyers we have added in? Yeah. Yeah. Wholesale. So, basically, in a... Our... This first half is always a lighter season.

39:35 So adding up... And it is kind of a normal strategy of business where if I'm making a product with somebody who's not dealing with me, the buyer who's not dealing with me, he comes to know as in our exhibitions and our shows. If the... If that piece is of their taste, they come and buy. And existing jewelers, they obviously will be... Maybe if they don't have the kind of the demand which we are making, they may not. So it's kind of a flexible thing happening between all HNI buyers. But addition, if we say that also will have to be checked and we can email you because we don't have the exact exact. One more question I have, sir. As the festive season is going on, what do you think like what is the demand or like growth number like growth in demand as compared to last year?

40:26 Any specific number, right? So numbers, yes, numbers, so you can just see with our results. I should say the result is giving you the number in percentage that you can exactly analyze that this is the level of growth. But when we talk about the market, I already explained in my speech that Indian jewelry market is witnessing an encouraging shift in consumer preferences. And the bridal jewelry remains a strong category. It is really, really on a premium demand, especially handcrafted. Because today now in luxury, most of the people are looking for handcrafted. If you go to international big brands, you will not believe they are trying to take Indian art, and they are getting it handcrafted.

41:15 Like, you can just see all these big brands of the world. Now they are just following Indian brands. We just came to know that Prada and this they are they are just bringing kolapuri slippers and they are bringing Gujarati, kashali one out... Outfits and lot of things lot of things from India. Even enameling is being taken care taken as an art from here. So if you see handmade, handmade is doing great. People are just loving buying handmade, especially art. The next question comes from the line of Vinod Shah from Versus Ventures.

42:05 Just had a couple of more questions. Yes, sure. Yes, sir. So what is the like current B2C customer base in terms of the revenue from the NRIs and international customers? NRIs, we are not yet catering that much because we basically NRI demands come in December for Indian kind of jewelry. NRI demands for traditional Indian jewelry never comes in the month the first quarter, but this half. But still, even we are not taking a lot of efforts going towards that because till the time we will not do shows outside, and we will make them aware of our presence in our product and our manufacturing facilities and end to end value additions. I don't think an international client can easily reach.

42:54 In fact, V2C with the local client, we are really enjoying it. Okay. And sir, on the inventory side, so where is bulk of our inventory supplied up? Is it in finished salary or a work in progress? What is your question? Can you please come again? Yes. So on the inventory side, where is our bulk of the inventory currently concentrated? Finished goods inventory. Yes. And what's the, like, split between, like, gold and diamond? Like, how much inventory we hold in gold? So there's no asset split. Actually, this is the one complete set which includes everything, actually.

43:42 Okay. Okay. Like... The gold is always used as a raw material. So gold is always purchased and put into manufacturing. It goes into the manufacturing facility immediately because as I told that it will it's kind of practical hedging. We sell the jewelry, which has certain gold, we buy it back and we just start a new production. So it's in a cycle always. Okay. Okay. And sir, how is the demand during like this current festive season that you are seeing and the upcoming wedding season? Yes. So, facturable season, the demand was good. Wedding season demands are going to start now. And we are expecting a fabulous test one because there are a lot of weddings this year. Okay. Great.

44:28 Thank you, sir. I'll join back with you. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. A reminder to all the participants that you may press star and one to ask a question. As there are no further questions, ladies and gentlemen, we have reached the end of question and answer session. I now hand the conference over to Mr. Laksh for the closing remarks.

45:24 Mr. Lax, please go ahead. Yes. Yes. Thank you for joining the conference call of Advit Jewels Limited. Should you have any queries, you can drop an e mail at researchkirinadvices. Thank you all for joining the call. Thank you. Thank you, sir. Thank you. On behalf of Kirin Advisors Private Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.