GSP Crop Science (NSE:GSPCROP) Q1 2026 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to the GSP Crop Science Limited's Q1 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 questions after the presentation concludes. Please note that this conference is being recorded. This conference call may contain forward looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements do not guarantee the future performance of the company and may involve risks and uncertainties that are difficult to predict.

0:53 I now hand the conference over to Mr. Bhavesh Shah, Managing Director from GSP Crop Science Limited. Thank you, and over to you, sir. Yeah. Good morning, everyone, and thank you for joining us today on our q one FY twenty seven earning call. I am Bhavesh Shah, MD and Chairman of the Company. With me, Shail Shah, Executive Director and also Head Sector IR Agency. I hope all of you have had the opportunity to review our financial results for the first quarter twenty seven. Overall, the financial performance in Q1 FY twenty seven was stable, especially considering the volatile operations environment. We are a research driven agrochemical company specializing in the development and manufacturing of insecticide, herbicide and fungicides.

1:47 Also plants PGR in India with over more than forty years experience in the agrochemical industries, GSP is built on strong foundation of diversified product portfolio of technical and formation, established customer relationships and growing presence across domestic and international market. As a core of our business in our manufacturing capability, we operate multiple manufacturing facilities across India, producing both technical and formulation. Technical from the active ingredient used in crop protection products, while formations are the finished products that ultimately reach farmers. At GSP, we are not a single format agrochemical company rather an integrated one. Some companies in India are only made formations and some only manufacturing technical.

2:45 We are doing both technical and manufacturing. We operate across three domestic B2B, domestic B2C and also export. Now we have more than 6,000 distributors in India. Our competitive portfolio for the domestic market includes more than 200 product formulation, also more than technical technical. Strong innovation pipeline, we have more than 100% already granted product and also we have applied more than 100 applications under process. Our export portfolio also, we have almost 175 plus formation and 60 plus technical product, giving the capability to address diverse crop rotation needs across market.

3:37 Also, have invested in backward innovation to manufacturing of technical to lower our dependency on import. Allow me to draw some light on better than product strategy. Many large global players have patented products of technical as those patent approach expiring, we position ourselves to be among the first movers in India to launch the new molecule in domestically. A material effort involving field trials, safety testing, R and D and other regulatory clearance for Indian market. These results, we are the first generation product. As a first generation product, we are the first mover in India to launch into this product.

4:30 And that is our as a first mover advantage. In our portfolio, we also create proprietary independently patented combination product also. They address broader spectrum of paste or crop issue. Our life cycle of a molecule, this allows us to monetize in its life. First, as a sustainable and central product, which naturally commodities as a more clear answer and second as a product gets resistance. So, we are introducing a proprietary combination, which is a sustainable and also price power also margin and also we are molecule as once got generic of all product.

5:20 We introduced a patented product And this combination patent product, GSP also getting a good margin and also farmers are getting a good... Very good product for the longer product control and also they are getting reasonable price. So they can get more by using a new patented product. As in our history also few years, we have launched many products, patented products and with excellent control, with longer residual control And with that, we are very strong in many crops like paddy, sugarcane, vegetables, pulses, cotton.

6:13 And also in future also, we are planning to launch many patented products because we have a more than 200 products in our portfolio of patented products. So it will continue and in future also. And for that, pharma will get good product and even our margin will continue as a sustainable margin and will get and also our growth will be very good. So for our financial, so I hand over to Srinivasan, Executive Director. Yes. Thank you, Bharat sir. Good morning, everyone. I will now take you through the financial performance of the company for the quarter one of FY 'twenty seven. During the quarter, the company has reported a revenue of INR $3.86 crores as compared to INR $3.77 crores in the last quarter of the quarter one of the last financial year.

7:06 Revenue even broadly stable during quarter with strong momentum in the domestic business. However, was partly offset by temporary raw material constraints in the international business. Within our domestic business, if you have to see, as just mentioned, our focus on the pretended portfolio, we are seeing good growth in the volumes of the products that we have recently launched, like PCT four one zero and the products like fighter who are gaining good scales and good volumes. We have seen good growth in these products in the quarter one. Along with this, we have also seen a good growth and momentum from our b to b customer. We have been co marketing these patented products with us. So as a strategy, when we are launching these products, these combinations in our b to c business, we also offer these products to our co marketers in our b to b business to increase our presence at a farmer level through their distribution network also and make this product more available and more niche in terms of the overall segment.

8:18 So during the quarter, if you see the split between the three businesses almost the domestic B2C business has been at around 45%. The domestic B2B business is roughly around another 45%, and the export business is around 10%. The export business typically gears up in the h two of the financial year where the season particularly in Latin America, major market being Brazil, where the season is predominantly in the h two of our financial year. Also, let me highlight that you currently, our business is both. So h one is very important for us. And out of even H1, Q2 becomes very critical because that is where the main monsoon and our demand consumption happens.

9:13 During the quarter, if you see the global geopolitical development and climate related risk and certain volatility, there were certain supply chain disruptions and certain anticipations from the customer, where due to pricing, there were certain holdback of demand that we have seen. Overall, the realization in the business has been better. The gross margins have improved. This improvement is broadly due to the increase in the product mix that is there, wherein we have moved more towards our specialty and differentiated product. Then on the cost part, if you see, there has been an increase in the employee cost, which is due to the annual increment impact of the rate and the increase slight increase in the headcount also. Secondly, the power fuel cost has also gone up slightly. That is mainly due to the increase in the coal rate that has happened.

10:07 The overall EBITDA, if you see here, stood at around 11%. There is other income that is there, which is reported, which is mainly due to the sale of land that was there of the company. And so overall, the depreciation also, if you see, has increased. And this increase in depreciation is mainly due to the capitalization of the backward integration plans that we have at the which was not capitalized in the last quarter. Correspondingly, the depreciation has also increased. The increase the interest cost has decreased due to the repayment of loans from the IPO funds that were there. Finally, the profit after tax has increased by almost 16% to 26.4 crores in the first quarter.

10:58 As you might be aware, Iqra has upgraded our rating from A to A plus stable for our long term as well as short term facilities A1. This upgrade is mainly due to the repayment of borrowing from our IPO and the continued good performance of the company. I think with this, we would like to conclude our opening remarks. And operator, we would like to open the questions, Prajeet. Thank you. Thank you. We will now begin with the question and answer session. Participants are requested to use handsets while asking a question.

11:53 Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of, an individual investor. Please go ahead. Hi. Congratulations on good set of numbers. My question to you is, could you elaborate more on the current mix between the technical reformulations and the branded product? And how do you see this mix evolving? Hi, Karima. Thank you for the question. So the current business mix, as I said, is almost from a three distribution channel, which is 45% branded, 45% b to b, and 10% is export for the current quarter. From a formulation and technical perspective, almost 75% of our business is formulations, 25 is technical.

12:47 Within the B to C business that we do, which is our branded business, out of which currently we are at almost 2022% of our patented products that we do as a part of this b two c business. Our aim is to almost double it over the period of three years. Okay. I have one more question. So how do you think about the growth trajectory across the b to b and the b to c in context to export businesses over the next few quarters and years per se? So we are seeing good demand in our overall domestic market and with this patented portfolio, you know, as I said earlier, the b two c, we are able to create a differentiated strategy for a particular crops like fatty, as I said, maize, sugarcane.

13:36 And this with the differentiated strategy, even the B2B customers are attracted well, while they are having a gap in their portfolio to support it through our patient and combination products that we have. So we are seeing good growth in this segment, particularly of differentiated products, which is also resulting into good margins because these are slightly better price as compared to the generic that we offer. So we are seeing that we'll almost overgrow the expected industry growth that is there typically. So we'll be growing at a rate faster than the industry growth rate, and we... We'll be having more market share in different pockets of the country where we are already strong, like, say, Maharashtra or states like Gujarat, where, you know, we are already predominantly very strong.

14:29 Does that answer your question, Karina? Yes. Thank you. Next question comes from the line of, an individual investor. Please go ahead. Good morning, everyone, and thank you for the opportunity. It's okay. I have some questions. So I'll start with the the IPO related. Could you just provide an update on the utilization of the IPO cost and the timeline for the deployment of this remaining funds that you have right now? Sure. So good morning, Ajay. So the IPO funds, the objective of the IPO is repayment of loan, and we have repaid the loan as per the object during the quarter.

15:20 The remaining amount that is still to be utilized is a small amount that is there, which is pending the settlement from the banks for the brokerages. Once we get an exact working project expense relating to the brokerage, which in my understanding takes two to three months from individual banks, then we'll be able to close the IPO account. So as of now, whatever was the objective other than the general corporate purpose, we have repaid the loans that we had taken as an object of this IPO. Okay. Okay. Okay. Okay. Okay. Sir, I just wanted to understand in terms of the numbers, like... I mean, mostly, I'm talking on this raw material thing.

16:11 So can you just provide me the... How this raw material is improving our margins in future. How are you going... What are the measures we are taking in terms of the raw material and actuality? Sure. Sure. So for raw materials, there are two parts. One, in the last quarter, what we have seen that there is some volatility in the pricing of the product because of the geopolitical situation. So our availability was not a question, but the prices were very volatile due to there were some products which are linked to petrochemicals. So because of which, there were some volatility. There were some logistical challenges in the earlier part of the quarter. Secondly, due to the depreciating rupee from last quarter, almost the depreciation is 10, 11%.

17:01 So because of which also there is some impact that we are seeing on our raw material prices. Secondly, overall, because of the product mix, we are seeing the margin expansion that has happened is more because of the change in the products that we sell. So because of which the margins have typically expanded. But there is an increase in the raw material cost that is there. In certain cases, particularly in b to b business, we are able to pass on this cost to our customer. But in B2C business, it is there is a time lag between passing the cost of increase of the raw materials to the customer. But then we have the inventory to cover those increasing costs. So fairly in the first quarter, we were stable from that perspective.

17:51 Okay. Okay. So just related to the raw material, now I'm just talking on the business side as we have international business. We have a presence in the international side. So we have a presence in Brazil, US, and Africa. Correct? Yes. And some parts of Southeast Asia also. Okay. So how to see the demand from their side? And what are the opportunities out there still? And how are you going to take such kind of opportunities and tapping the market? Can you just give me some clarity on it? Sure. So Brazil predominantly being the largest market globally. So there is lot of pressure in terms of the demand in Brazil.

18:41 Because of this volatility in pricing also, the customers were not very keen on buying it earlier. So that's delay. There we have seen that there is a delay in terms of their buying back. And once they delay, then what happens is then then timing in terms of reaching the material to them becomes very important. So that time, we have seen that certain orders because China having a better logistics model, we have seen that in spite of building cost competitive, certain orders were transferred to China also. So there at the last moment because the buying was delayed and now timing is becoming an important factor. That is where we see that there were some hiccups that we faced in the first quarter. Overall, the demand is not very great currently.

19:28 We are expecting that destocking and material that is required for the upcoming season, we start from October. We see that demand should then begin in September for the h two. So that is what the overall, you know, position in terms of Brazil is. Brazil, we are seeing... We are a bit cautious also because we are seeing liquidity issues in in Brazil, where is the credit is also a challenge. So we are currently more focusing on the b to b customers where we have some established relations to do our business in Brazil. For remaining geographies in Latin America also, we are identifying small pockets like Argentina, Uruguay, where we are having some second tier distributors with whom we are planning to do tie ups for our products so that we can, you know, sell it to them and they can further distribute in that strength geography.

20:19 So that is the overall strategy for international business. Parallelly, we are also doing our registration for upcoming products that are in the pipeline to then, you know, exploit our manufacturing facilities more around the year, wherein, you know, once we have a good molecule which is registered in the other parts of the world also, which user, we can use it to then send in a different time of the year. So that is the overall export visibility. Okay. Okay. Got it. Got it. And then how would you assess the progress of this current season so far? I mean, what factor are you seeing in terms of the FDA's farmer sentiment and other chemical demand? See, basically, I'm giving you reply. So, basically, in the initial first quarter, because of this war and war to complete and even volatility of this crude price. And after that, even IMD declared that this unknown effect.

21:19 So everyone, even including pharma and even formulators, so they delayed everything buying and everything. But now by God grace in July and up till now, overall, almost a few areas has left. Otherwise, overall monsoon is good. And even acreage of key crop, like cotton has increased, even soybean has increased, even this year chilies is increasing. So even paddy is almost, it will be stable. And in our focus, our portfolio is also very strong in particular these all crop. So, we see good demand this second quarter. And as a, see, we are very strong in particular insecticide and fungicide and because of this gap in rainy rain, so checking this insect will increase.

22:13 And definitely, GSP is a is a very strong insecticide, so we get benefits particular this quarter. Got it. Got it. Thank you, sir. Thank you. Thank you so much for giving me this opportunity. Sure. On the best part of each other. Thank you. The next question comes from the line of Krishna Jain from Pallada Family Office. Please go ahead. Hello. Thank you for the opportunity. So I just have two questions. The first would be what is the opportunity to further increase the share of high margin patented and differentiated products in the portfolio? See, basically, we introduced almost 12 products in last three years, and the segment and crop, they were very, very huge and very large. So for next three years, we see that there is no even situation will come in next three to four years and huge opportunity in these all crops.

23:17 And see, basically, target is next two to three years, we're doubling our this patented product share and we are also coming with new products on new in new segment, meeting segment. See, basically, we are not we don't have any product for heavy side. So we are coming with that product. Also coming with for the particular potato, this particular product is missing. So like this, we are also coming where we have gap. So... And because of efficacy of our product, multiple products that we have launched, the efficacy of these products are very, very good. And all farmers and even our channel partners are very, very happy. So next three years, our growth will be very good.

24:07 Okay. And could you also provide more color on the current capacity utilization across technical and formulation facility and the headroom which is available for growth? Yes. So the current technical capacity utilization is around 70 to 75%, wherein we have some scope to grow the technical base. There is also a possibility to change it. So we have certain plans which are multi product plans. So we have we have an opportunity to swap our products wherein we can have high value products and which are low volume. So that is also an opportunity. The pipeline that is coming in future, out of those products. There are certain products which are high value, low volume. So we will be able to accommodate that in our existing facility.

24:54 Formulation plans, the utilization of formulation plant is around 25 to 30%. But formulation plant typically is not a bottleneck because it is simpler process. There is no chemical synthesis or reactions that take place, so which also could be outsourced. So typically, the facilities of formulation are designed to cater to the peak season. So that is where the utilization remains low in the formulation plan. So currently, it is around 25%. Okay. Thank you. Thank you. The next question comes from the line of with Syndicate Family Office. Please go ahead. Good morning, sir. Thank you so much for your question. Sorry to interrupt, sir. You're not audible. Your voice is breaking up. Please just use your phone on the handset mode in case if it's on hands free. Sir, am I audible now?

25:47 Yes. Yes. You are. Yeah. Thank you so much for the opportunity, sir. My first question to you is which international currently offering the largest You're breaking up again, sir. Could you please change your location if possible? Okay. Thank you. The next question comes from the line of with Investments. Please go ahead. Hello? Please go ahead. Yes. Please go ahead with your question. Yeah. Hi. So my first question is that is it the objective to increasingly move towards formulations and brand products?

26:35 Yes. Good morning. So the objective is that we'll be moving more to the products here. But in formulations, we are focusing on all the three verticals that we have. So we are increasing our formulation business through our own brand, which is the b two c business. That is the main objective of both, but that is also being supported by our b to b business, wherein also we are increasing our contribution from formulation business in b to b also by introducing or sharing with them these specialized formulation so that their portfolio gap can be filled as well as for us. We can make our patented product far more reachable to a farmer. So overall, yes, formulation business is something which is where our core focus is.

27:22 Okay. Okay. Understood, sir. And what is your current market share, sir? So from a domestic market, if you see, our market share currently is not that great. It could be set up around three three and a half percent. Wherein we see that it is a good opportunity for us to grow because in a market like India, where in, you know, we have good manufacturing base also. We see that any market share from a company outside, it is easier for us to scale to seven to 8% market share. So that is what we are aiming in the upcoming times to reach to that level. Okay. Okay. One last question. So are you seeing any meaningful change in the farmer farmer behavior or product preferences that could alter your portfolio mix?

28:10 Yes. We are seeing some farmer behavior changes, which is positively affecting us. So in the area, to give you an example, say, in area like West Bengal, where the farmers earlier were very fragmented, small farmers, we're getting less capacity to spend. Now with more awareness and with the the groundwork that the companies like ours have been doing, the awareness of specialty chemicals has been increasing. And because of that, there are option to specialize molecules increasing, and they are also seeing the results of that because of which they are moving towards this direction. The new generation of farmers that are coming are more aware. They are more connected to social media. They have their own ways of assessing a product. Because of which, you know, we are seeing that now farmer is in a position to evaluate himself and what is good for him and get maximum value out of it.

29:05 And also now, secondly, what is... We are seeing is that they are moving towards preventive kind of strain also, which is the trend in the developed market. So earlier, what was happening was that it was more of curative kind of a market where only after the infestation, the farmers were using the insecticides or fungicides. But now, as a precaution also, farmers are being more aware and have started using it on preventive basis so that the crop damage is minimal. So these are the changes that we are seeing in the farmer behavior pattern. Okay, sir. Understood. Understood. That's it from my side, sir. Thank you for the opportunity. Thank you. Thank you. The next question comes from the line of with Syndicate Family Office. Please go ahead.

29:52 Good morning, sir. Thanks so much for the opportunity. First question to you is, like, could you please elaborate on the current r and d pipeline and the number of technical products you expect to use over the next few years? See, basically, we have two r and d. One is technical r and d and second is formulation r and d. So every year in particular technical, we are coming with every year one or two new products. And accordingly, are, we have build up and our R and D is capable And even we have to generate all data generation, it takes a minimum four to five years. So in for future, for next five years, already we have started all work and we will come with one or two technical product every year, number one. Number two, for formulations, patented particular formulation.

30:38 So that is also we are... Already we have pipeline for next four to five years. Every year, we'll come with two to three patent... New patented formulation. Right? Right, sir. Right, sir. Also, currently, international markets offer the largest growth opportunities for us. And which one are we targeting next, like, in the coming pipeline? See, basically, mainly our focus is Latin America. See, because there are two reasons. One is their crop and other crop is almost similar. Number number two, their season is almost reverse opposite of Indian market. So once our Indian market or Indian season complete, current season, which is main season in India, so that region starts. So we can... Whatever tech... We manufacture technical, so we can utilize that technical in second half. So our technical plan can be around twelve months. So our main focus is Brazil and USA and Latin America.

31:47 Definitely, are also climbing a Africa and even Asian countries, but as a volume, as a value, these are the the main market. 100%. 100%, sir. Thanks so much for your input, sir. That's it on my end. Thank you. Thank you. The next question comes from the line of Priyad, an individual investor. Please go ahead. Congratulations, sir, for your results, and thank you for giving me this opportunity. My question is, like, what actually differentiates the GSP's approach to take on this formulation and the combination product from other domestic agro chemical players?

32:33 So... Yes. So the differentiation factor that we have is that why, you know, we are working on this combination patent that we get, there are three major differentiation that is there. One is that our combinations that we generally offer to the farmers are often newer technicals that are available in the market. So the technicals that are getting off patent, which were not, you know, easily accessible or very, very at a high cost due to it being under the ITR protection with the multinationals. Once they get off patent, we typically have our combinations around those technicals which are generally new in the market. So the farmer is getting access to a newer chemical, which we say for more effective and the resistance issue is not there. That is the first one. Second, the solution that we are encompassing by, you know, having a different partner to this off patent molecule.

33:31 The idea is to do an extensive field trial and to understand the farmer level difficulty that, you know, why there's a state of a crop, what is the issue of farmer is facing, and how do we solve it in a way that is getting a holistic solution that by, you know, having one spray, the ultimate objective that is is to achieve the target pace if there are one or more we can address a larger bunch of issues by using it in the one spray. So that is the second area where we want to have a maximum value addition in terms of the farmer that is there. The third thing, we try to innovate different formulations in terms of the application formulation that is there. Like, we have introduced FE, f o emulsion formulation few years back, which were... In which we were the first one in India to launch.

34:21 We have red c formulations. We are coming up with o d formulation. So all these differentiated formulations also make it easier for the farmer to use, number one, or more effective. The the trade of the active ingredients or their synergy is much more better with a good formulation so that effectiveness at the crop level increases. So these are the three main differentiating factors that we typically have while we are emphasizing a patented formulation product. Okay. Also, I would like you to share the company's direct term growth target. And, also, can you help us understand what are the three milestones that are... That the investors should actually charge to assess whether the GSP is on track with its medium term growth ambition?

35:13 So so we are... We may not be able to broadly, you know, give the complete details. From a broadly standpoint, if you have to see, we have been growing at almost 15% kind of rate. That is what the expectation is that we will be growing at around 15%. We are seeing a better growth in terms of EBITDA and bad margin because of two reasons, the change in the product mix to a more differentiated portfolio and secondly, due to the reduction in the interest cost. So these are the two changes that we are seeing further in the bottom line impact. So from a EBITDA level, what we see that we can expect it to grow around 13 to 14% in the upcoming two to three years. Okay. Okay. That answers my question. Thank you so much, sir. Thank you.

36:05 A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of, an individual investor. Please go ahead. Hi, sir. Good morning. My first question was regarding PAD. PAD was 26 crores this quarter. Can you give us a sense of how that splits between domestic b to b, domestic b to c, and exports? There's a direction. Like, did the two forty basis point improvement in gross margin this quarter come mainly from b to b mix or from something else? Hi, Ayushi. Good morning. From a bad perspective, it is very difficult to segregate the bad at our business level because we have a lot of common expenditures that are there, that could be sitting at the EBITDA level. But from a margin perspective, at a gross level, whatever increase that we are seeing in the margin, gross margin, that is mainly supported due to the increase of the share of better net products into b two c business and also good margins in the b two b business wherein we are seeing this overall growth of the percentage points that we are seeing.

37:15 Overall, as I said, the PAT margin will increase because of the reduction in interest cost also during the year. And we are expecting EBITDA to be somewhere around 12 to 13% is what the expectation is. Alright. Then my second question was about other income. Other income was 83,000,000 this quarter against 26,000,000 last year. And you said that most of this increase is profit on sale of lease land. Two things. First is that the sale of the 66,000 approx square meters to Indoor GSP, the promoter group company for 23 crores that the board approved in April. So second, how much of this 83,000,000 was that one off gain? Because if I strip it out, profit before tax looks roughly flat against last year's 29 growth rather than up 18%.

38:08 So what should we assume for a normal quarterly other income run rate from here? Is there any more land or non core assets left to say? What is your outlook regarding other income? No. So so out of this 8 crores, almost 5.7 crores is this other income for the land sale that is under consideration, which you specifically mentioned. There is no other income that we plan that will be there in the upcoming quarter. The run rate per se, with the increase or the impact of certain increase in the manpower cost because of which the increase in the GSP has not materialized into the business income at the base level. But overall, we are seeing the growth in the back because of this sale in plan. This is a one off event, which we don't expect in the remaining three quarters. The remaining three quarters, we see that as per the expectation we see that the business would grow based on the operational efficiencies that we see.

39:12 Alright. Thank you. And considering that we're now six weeks into q two, how is this season shaping up versus last year? Is the material shortage behind you, or is it still constraining what you can supply to the peak? No. So I think you see material supply constraint is not there currently. We are seeing in the in the six weeks. Particularly July, the month we have been supporting also. It has covered major part of the country. We are seeing that the program is good. From the last year also, what was the anticipated growth that we are seeing, we see that by Q2, we'll be able to achieve the anticipated growth that we plan. So we are on right track for that. For South India, we see currently the three states, they are still awaiting what kind of a situation, particularly from the monsoon standpoint.

40:03 But overall, other constraints in terms of imports, etcetera, where we don't foresee any other constraints, and we are on the track of achieving the projected growth. My concern was just because last year, q two was around 60% of the full year's back. So that's why. Yeah. Absolutely. So I'll do that that we anticipate that would be the case even this year, and the actual number would increase as compared to last year because of the growth that we were anticipating. But, proportionately, it could be somewhere around this kind of a ratio. Alright. Alright. Thank you. Thank you so much. Participants, please press star 1 to ask a question. The next question comes from the line of an individual investor.

40:53 Please go ahead. Thank you for the opportunity. Sir, my question is, what will be the current contribution of B2B and GSPC as per the domestic revenue and how you expect this will evolve over the few years? So overall, within the domestic business, so at an annual level, our domestic business is almost 80%. Our export business is 20%. Out of this 80%, it is equally split between b two c and b two b. We see that going forward three years, this kind of a mix would broadly continue. We expect the branded business to go to 45%, 50%, whereas remaining, say, 30%, 35% will be then B2B business. Export broadly for the upcoming three years will be somewhere around 20% only. That is what we are seeing in the... As a mix for the upcoming years.

41:50 Does that answer your question, madam? Thank you, sir. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to mister for the closing remarks. Yes. Thank you, everyone, for joining the call and for your questions. We look forward to discussing the same in the next quarter call. Best wishes from our side. Thank you. Have a nice day. Thank you, sir. Ladies and gentlemen, on behalf of GSP Crop Science Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.