Ice Make Refrigeration (NSE:ICEMAKE) Q1 2027 Earnings Call

0:13 Hello, everyone. So let's begin the call. Good evening, ladies and gentlemen. I'm Rana Aryan, and I will be your moderator for today's conference call. A warm welcome to Ice Make Refrigeration Limited's q one FY twenty seven earnings and investor interaction for the quarter ended 06/30/2026. We are pleased to have with us investors, analysts, shareholders, and media representative from another stakeholders. Ice Make is an established provider of industrial and commercial registration and cold chain solutions with offerings across cold rooms, commercial and industrial refrigeration, transport refrigeration, ammonia systems, and PUR panels, cold storage infrastructure, and allied solutions.

1:10 The company sectors include The company sectors includes food processing, agriculture, pharmaceuticals, health care, hospitality, retail, dairy, seafood, and logistics. The company has also created significant value for stake shareholders over the years with the stock delivering over 3000% returns over the past five years. The company enters this phase with a strong revenue momentum and an important strategic development, the proposed rupees $1.80 crore investment by Japan's Galilei Holdings Company Limited and the proposed strategic joint venture.

2:17 So before we begin, please note that certain statements made during this interaction may be forward looking and are subject to risks, uncertainties, and assumptions. Actual results may differ. Participants are advised to refer to the company's regulatory filings for detailed information. So we have our management team with us, mister Chintakan p Patel, chairman and managing director, mister Anshirima Sariti, chief executive officer, mister Nigilwat, vice president strategy, mister Ankit Patel, chief financial officer, mister Mandar Desai, company's secretary and compliance officer.

3:14 The format for today's session is the management will cover q one FY twenty seven performance, financial priorities, and business strategy followed by an interactive q and a and closing remarks. So in the opening, we'll have our CEO, mister... And Srinivas Reddy, followed by financial performance by our CFO, mister Ankit Patel, business and strategy update by our VP, mister Nikil Bhatt, investor, and this... Then we'll have q and a session. And finally, we'll have closing remarks by our CMD, mister Chinkanthi Patel, and vote of thanks by the company secretary at the end of the conference. This conference call is being recorded. Questions are welcome in Hindi or English with reference to Hindi.

4:00 We prefer that you ask question in Hindi. For verbal questions, please use the microphone icon, which is seventh from the from the left. Written question may be submitted through the question on... Question icon, which is you see the question, fifth from the right if you look at. Please keep your questions concise and limit it... Limit yourself to two initially so that more parchment can be accommodated. With that, let us begin. I invite mister Amsini Vasu Reddy, chief executive officer of ICEMAKE Refrigeration to share his opening remarks. Over to you, mister Eddie. Thank you, Aryan. Good evening, ladies and gentlemen.

4:50 Thank you for joining ICEMAKE Refrigeration's q one FY twenty seven earnings interaction. Q one FY twenty seven began with a strong revenue momentum. Consolidated revenue from operations increased about 60% year on year to rupees 178.88 crores from rupees 111.50 crores in q one f I twenty six. This builds on f I twenty six total revenue of rupees 668.20 crores, which is the company's highest annual revenue to date. Growth was supported by healthy demand across refrigeration and cold chain segments with newer categories such as chest freezers and continuous panels gaining excellent market acceptance.

5:41 The key issue for us now is the profitability. Higher commodity and raw material costs, together with investments made to build future capacity and capabilities, impacted margins in the quarter. Our immediate focus is, therefore, on capacity utilization, operating efficiency, product mix, and cost management. As the assets and capabilities built over recent quarters are utilized more efficiently and effectively, we expect operating leverage to improve coming... Going forward. A significant development is a proposed rupees 180 crore strategic investment by Delhi Holdings of Japan.

6:28 We view this as a strategic partnership that can combine Delhi's excellent technology and global expertise with ICEMAKE's manufacturing capabilities and Indian market presence and, of course, execution strength. The proposed sixty forty joint venture with GELIRI holding 60% and ICEMAKE holding forty will initially focus on commercial refrigeration products such as the commercial upright and table refrigerators. The proposed capital will also support capacity expansion and modernization, the JV, center of excellence and development and testing laboratories, balance sheet strengthening and selected growth opportunities.

7:18 Our approach remains disciplined. The objective is profitable, sustainable and scalable growth, supported by strong execution, better utilization, improved margins and careful capital allocation. With that now, I hand over to our CFO, Mr. Ankit Patel, for the detailed financial review. Thank you. Thank you, Reddy, sir. Good evening, everyone. I'll focus on key financial numbers of q one FY twenty seven and company's financial priorities. Consolidated revenue from operations for the quarter was INR 178.88 crore, up by 60.4% year on year from INR 111.50 crore.

8:12 Profitability, however, remained under pressure. EBITDA was INR3.09 crore versus INR4.53 crore in Q1 FY 'twenty six, with EBITDA margin at 1.7% compared to 4.1%. Profit before tax was a loss of 2.23 crore versus 1.84 crore loss previously. While profit after tax was a loss of 1.65 crore versus 1.47 crore in corresponding period. The main margin pressure was elevated mainly due to commodity and raw material prices and the costs related to investment in capability and organizational capability.

9:03 Financially, our priority is to convert the strong top line momentum into a healthier profitability. We are working on capacity utilization, cost discipline, product mix, and operating efficiencies with high utilization expected to support in operating leverage. Our proposed Dalai transaction, the rupees 180 crore investment is proposed through a preferential issue with an additional 10 crore proposed to be raised from other investors. The funds are intended for capacity expansion and modernization. The proposed JV, completion of corporate office and center of excellence, development and testing laboratory, repayment of certain borrowings, and selective inorganic growth.

9:59 The capital deployment will be phased and disciplined with a focus on strengthening the operating platform and generating sustainable returns. The transaction remains subject to applicable approvals and customary closing conditions. In conclusion, our three financial priorities are sustained revenue momentum, improved margins, and operating cash generation, and the deployed capital prudently while strengthening the balance sheet. Now I hand over to mister Nikhil Bhag, vice president strategy for the business and strategy update. Thank you. Thank you, MKJ, and good evening, everyone. I will focus on the business mix, market opportunities, and the strategic directions for the next phase of growth.

10:52 ICEMAKE is building a broader refrigeration solutions platform across commercial refrigerations, cold chain, food processing, hospitality, pharmaceutical, retail, and industrial applications. Newer categories such as chest freezer and continuous panels are also gaining traction. Our strategy has four priorities. Purchase capacity to expand and modernize manufacturing capability to support demand and improve service levels. Products, broaden the portfolio and build sustainable positions in attractive segments. Technology, strengthen product development through the center of excellence and development and testing laboratories, and fourth is a market reach to deepen our presence across India's refrigeration and cold chain ecosystems.

11:42 As mentioned by mister Reddy earlier, the proposed gallery partnership is strategically important because it combines complementary strengths, gallery's refrigeration technology, product development, and manufacturing expertise with ICEMAKE's Indian market presence, manufacturing platform, customer relationships, and execution capabilities. We expect the benefit to build progressively as investment, product development, manufacturing setup, and market development take place. Investors should therefore view the initiative with a long term perspective. The objective is not only simply to add capacity of products, but to build businesses capable of generating sustainable revenue, stronger margins, and attractive returns on capitals.

12:30 Looking to the order book on hand, it's about two twenty code plus. We are quite confident to achieve our goal for this current financial year. Thank you. I will hand the session back to the Ariel for the investor and analyst question and answer. Hello? Can we start the q and a now? Yes.

13:22 Yes. Yes. We can start. Okay. So for q and a, you can just... You know, this icon... There is this icon, which is mic icon, microphone icon. You can just put there, and we will take your question. We'll unmute you. Okay? So we have first question from. I will just unmute you, sir. You can go ahead with your question. Kaneshi, are you there? You can also type your questions in case if you have any question. I will just read one question that I have from investor, and that is...

14:27 One second. I'll just give it to you. Let the question to you. So the first question is from one of the investor from Ahmedabad. He's saying company has reported a revenue of $1.78 crore in q one FY twenty seven. That is 60% growth from FY twenty six q one. So if I take this revenue split in FY twenty six percentage wise for each quarter and do a rough mathematical calculation, the FY twenty seven revenue comes to 1,000 crore. Can you confirm if this is possibly a possibility while maintaining EBITDA level of eight to 8.5% for simplicity of understanding? If you can, sir, over to you. Did you get my question, sir? Yes. So what are you saying actually, FY twenty seven, q one, if you have $1.78 crore, since q one normally contributes 16 to 16.7% of the full year revenue, can we reverse calculate the implied full year revenue for FY '27?

15:36 Yeah. The question is valid, of course. We have delivered excellent growth of 60% in q one. But what what investor has to note is that the last year q one base was actually low in terms of the new businesses. So if you look at the chest freezers and continuous final business was the first year from them. So the base was very low for them. So, obviously, we post... Posted excellent growth in the low base. Going forward, our guidance for the year continues to be the same as stated before. But having said that, we will look at every possibility or opportunity to maximize the revenue. Okay. As per the EBITDA guidance is concerned, currently, q one, we are impacted on the profitability.

16:27 We are giving a guidance of around six to six and a half percent for the whole of the year this year. Alright, sir. Okay. So the question from Kaneshpe is, first, despite the price increase of 10 to 11% that management had indicated and the fact that a sub... Substantial part of the distribution and channel investments were already made during FY twenty six. Q1 FY twenty seven EBITDA margins came in at only 1.7%. Could you help us understand the key factors behind this significant margin pressure in q one apart from raw material prices largely offset by our price hikes? This is the question from.

17:14 Mainly, the issue was related to raw material price hike only. Okay. Times, we have increased our prices. But sudden after the increase in our price, again, due to war and dollar strengthening, there are some other impacts as well. So our peers has increased our prices more than couple of times, maybe three times, but we have just raised our prices in two times. There are few verticals where we have not fully transferred that prices being our new verticals. So we feel that in upcoming time from h two, we feel that the impact of our price division and margin improvement will start showing. And for the whole year, we feel that EBITDA margin somewhere around six, six and a half percent, We are comfortable to deliver this financial year.

18:08 Okay. Alright. So the second question is from Swati Madhani, and her question is, can you share the vertical wise revenue bifurcation and how much the new verticals have contributed to this quarter? Right. The cold room contributed around 43, industrial refrigeration around 3%, Commercial... Traditional commercial refrigeration, 7%. Transport refrigeration, similar to 7%. Ammonia in project, combinedly, around 5%. Continuous pan... Panel around 17%, and commercial freezers around 19%. Okay, sir. So another question from Kanishka Gupta is...

18:57 So he's asking whether... What is the key rationale behind reducing EBITDA margins guidance instead of again expecting a price hike to protect EBITDA margins? The main impact was due to war. I mean, war company may... Peers may be margins impact hike.

19:54 We are also in process. For as to price hike to to improve. For the dollar indirect import around price purchase person total purchase composition that is consist of import, indirect material, indirect import as well. So impact somewhere around 50 lakhs foreign exchange fluctuation loss So margin ample order book. As of now, pending order book. So we have ample of orders.

20:40 Funnel be strong. So top line margin So I don't feel margin But all year future ready capability built up to financial year quarter or maybe upcoming quarter. Performance setup we are saying we will gain somewhere around six, six and a half percent EBITDA. So average out full percent EBITDA Correct. The next question is from from Blue Bridge Capital.

21:29 So what he's saying that I have three questions. One is from margin. You are... You implemented 10 to 11% price increases, yet zero q one margin declined. How much of the raw material inflation has been passed through, and what is the current pricing lag? That is one. On Gilil... Gililai JV, Ice Make is investing 35.3 crore for its 40% stake. What revenue EBITDA and ROCE are you targeting from the JV over the next three years? And third question is on order book. What is the current order book and q one order book inflow versus the earlier rupees 230 to $2.37 crore order book in the last quarter, q four, and rupees 50 to 60 crore monthly run rate.

22:18 So these are the three questions from. Actually, your price 11% selective price overall impact from industry was somewhere around 15 to 18%. Still, we like somewhere around six, six and a half percent price I'm talking about overall products mix. So margin Hello?

23:34 The question regarding that investment in Galilee. So Galilee Hello? A market.

24:28 They can profitable business in India manufacturing capacity. What was the third question, r e n g?

25:17 These are questions, sir, on the... This thing. Finding order book, I guess. Order book. Order book. Yes. What is the current order book and q one order inflow versus the earlier? $2,030.37 for order book and rupees 50 to 60 monthly run rate last time. Total pending whatever goes to buy. Traditional commercial 29. Industrial refrigeration 5 CR. Transport refrigeration 4 CR. Ammonia 87 crore. Project 45 crore.

26:05 Commercial fees are maybe have... Market dealer estimate. But as of now pending orders. Continuous panel 11 pending order Total buys Mhmm. Okay. Those are buys top line. Question given you have taken fewer price hikes than peers, have you seen any meaningful market share gains? Market share price hike Also, what is your expectation for the raw material cycle over the next two, three quarters raw material cost cost Ankitty?

27:09 Sir? Yeah. Yeah. Just refresh once. Hello? Yes, sir. RMG direct participants question. And unmute yourself. Manish. Yeah. So question. I'll

28:44 just take that one. So price hike peers So did you market share and what is the... Our outlook material prices quarters? So it is difficult to quantify the market share gains, but, otherwise, the demand was pretty strong for all the categories that we address.

29:32 But I can comfortably say that we have made good strides in the continuous panels as well as the chest freezer business. So that... These two businesses have grown significantly while we maintain the market share and even have bettered, of course, by a few basis points in the cold room and other segments that we operate in. Raw material prices, we expect that the situational volatility will continue over the next quarter. I mean, this q two and some rub off on the q three as well. So we don't see any hope that the raw material will become stabilized or the volatility will come down. We don't expect any of that possibility right now because you all know better. You shared my opinion that the the global uncertainty continues as a world.

30:20 Absolutely. So we are now half half away through q two with the winter season approaching. Could you give us some sense of the demand environment so far and the outlook for the upcoming winter season? How should we think about seasonality in h two? This is a question from Swati Madhanami. Swati, it's a good question. I think we have few verticals, business verticals, which are season agnostic, especially cold rooms. The demand for the cold rooms is season agnostic, which will continue to grow because we operate across pharma, essentially food processing, seeds, and couple of other segments with consumer cold rooms, patients.

31:10 And our new business line, which is continuous panel, is also season agnostic. So you will have some seasonality effect on the business, but I would confidently say the the... These three, four lines that we operate with the season agnostic itself. One business which is highly seasoned centric is a chest freezer business, but that business, the demand for those products also will start picking up from the festive season. As the festive season begins, the impact of seasonality also slowly wades away because festive drives some demand for the chest freezers as well as we have seen in the market in the last two to three years' time. Okay. So now the next question, one more question from Manish Kila, and that is on the sponsored market.

31:58 If we look at the sponsored market for VisiCoolers, if not, where... Why we are not targeting this segment? It's a sponsored market. Why are we not targeting? So RNG, first of to cater the sponsored market, you need to have a bigger capacity. And for that, you need a good good amount of capital.

32:43 And currently, what we are trying to do is whatever we invested in the last two years, we are trying to optimize it to the full capacity. And if you if you if you talk about the margin scales, margin is lying in actually the retail market and not in the mainly sponsored market. So our first focus will be probably dealer market and retail market where we want to establish our brand on the dealer channel and not on the name of any Coke Coke and Pepsi. Right? So first thing is it needs heavy capital and so much capital. And second thing is we want to establish the retail market first, and then in a next next case, we will go for this sponsored market and, you know, mass scale.

33:37 So even though this is a new new product for ICEMAKE, so we're establish our product in a retail market, get the good margins. And from this margin, we wanna expand into the next range and this new market. Okay, sir. Alright. The next question is from for question. Sir, utilization newer facilities Where does plan to stand? Are we doing utilization of and how much revenue can the existing capacity support? It's not the revenue existing capacity.

34:45 Okay. Hello? Hello? Can I ask for question? Yeah. Yeah. Please go ahead. Yeah. No problem. Yeah. The issue earlier was that I refreshed the page, then now I'm unable... Now I'm able to unmute myself.

35:34 You are. Right? Yes. Yes, sir. Yeah. Go ahead, Ashwin. Thank you. Yes, sir. Coming back to the question that Manishji asked on the sponsored market. Sir, commented that our priority, first, is the dealer market. And secondly, we need capital to expand our capacities to cater to the sponsored market. So now investments coming from Galilei of approximately 180 crores. So how do we plan to exactly utilize that if you can throw some light on it? Total object 58 crore multiple objects one of the objects ICEMAKE capacity building We'll have funds available most probably in the next month.

36:27 So phase wise manner may install capacity Most probably commencing five to six months. It will take time to deploy or capacity building. So specific object may... Maybe financial year and season time most probably the next financial benefit capacity. Apart from the 58 crores, what would be the rest of the capital used for? Actually, there are multiple objects. Continuous panel, maybe specific updation plan traditional verticals, maybe multiple upgradation.

37:14 So there are various objects in this particular process. Further, there are some acquisition related opportunities as well, which is under discussion phase on... We are still exploring. So we cannot comment exactly the status, but once those things get finalized, we will update you in a due course. And, sir, as phase one has largely completed, phase two CapEx consider future take place Yes. Yes. Second phase through fund. Sir, last question. Your print commentary raw material prices margin per revenue significantly.

38:09 So, sir, operating leverage play out revenue was strong growth bottom line. Market market market market But second half as we said earlier margin further operating expense to companies is thousand beyond thousand company management professionally, independently, govern cost So as we said, thousand crore beyond company grow of course, top line margins consideration operating expense certain points beyond equivalent amount increase or what we see that's a b business also opportunity operating capability building focus growth rapid growth it will be very late.

39:35 Or right time cost beyond two, three, four to five years benefit company independent operation cost built up. Okay, sir. Thank you. Thank you. Now we have mister Satish Patel. Sir, you can go ahead with your question. Can you un... Unmute yourself? Tej, are you there? Can you unmute?

40:24 In the meanwhile, we'll take one more call... One more question from mister. And his question is, what is the peak revenue potential from the existing capacity? Existing capacity potential peak revenue question. After first phase of CapEx, $9.50 crore plus the top line contribute. It's our installed capacity. Okay., we are not able to unmute yourself. We have another question for mister Chandrikaan Patel ji. With the how has your strategy changed to compete with the larger player?

41:13 Competitive strategy peer groups... Players having all price cost strong. Price cost or strong market share question. Question. Galilee product. Galilee. Yes. Yes. JV. So your product manufacturing player second player coffee market open If unorganize China import market or need.

42:02 Japanese partner manufacturing India make up my service work brand reputation of service dealer network. The second player may... Second number price to for price matter quality segment Okay.

42:55 All quick question. Hey, Kasika. Any more questions, please, you can unmute yourself or you can ask it on the q and a panel. Hello? Swati, question sir, following the previous question, can you quantify what is the market capacity for the product with Delhi Lite? Market capacity product Delhi Lite Okay.

44:13 Question, I see, Orka. Any any other question, please, you can type it here. I think there is some issue with the audio today. Yeah. I'm audible. Hello? Yeah. You are. You are. Please go ahead. Tej. Right? Yes. Yes. Yes. Yes. Yes. Thank you so much Alright. For the opportunity. Sir, first quarter, if you could help me understand key, I assume although pricing is there are there are orders. So revenue that would be, let's say, at an older price increase fully Mhmm. Pricing Actually, how many guidance maximum visibility x two.

45:18 We do not expect h one impact. Question. Right? Existing order book that would probably at an older price. Right? Because negotiations already The question I was trying to understand is key percentage of order book executive Right? Increment include... Inclusion. Pending order book may projects business up So just a whole room commercial or continuous panel existing pending order that would be somewhere around $70.75 CRK.

46:11 Mhmm. Right? So asset consider project business Project works differently. So project business regular routine Understood. But, sir, question, of course, So

47:43 we have 50% of solar project nature scale. Okay. So there are other impact aspect. So, sir, is it possible to tell gross margin?

48:31 Difficult common operations we have. Okay. No problem. No problem. Understood. And, sir, just just trying to understand management couple. Let's say situation. Right? Let's say prices have increased. Incrementally, also because upon, you know, we just started this business. Every time because existing So all the demand upon the conscious decision order upon, let's say, because of current environment scenario opening, but to just manage because we're... Because of inability or price is elevated.

50:02 Price control. But first, we'll start So now price decision industry long time operating or vertical business positioning dealer network to potentially business connect Understood.

50:53 Understood. Going forward business margin which phase business quarter outcome That doesn't mean potential business for loose. Correct? Okay? A cheap ending order book price hike benefit pass on services customer comfort or dealer trust or confidence. So it's just a matter of time. Price impact or full year six six and half EBITDA margin.

51:40 We've got full year financial published only, then investor will also gain confidence. Mhmm. Mhmm. Understood. Great. And, sir, question for example, q one, right, it is 30 crores almost. Or same same y and y, they call q one FY twenty six business start new order. Right? It was kept keep... Capitalized. Almost wise normal business model. So incremental Right? Quarter. Is it right to assume fixed nature because Right? $30.60 electricity cost of course variable of employee or consumables.

52:32 So is it right to assume keep going forward utilization business fixed nature variable nature expenditure company decision product establishment branding dealer networking or invest promotional activities expenditure margin pass on business or profit show Otherwise, expense control But the thing is, future quarter.

53:41 Yeah. H one future visibility or past maybe profit deliver business confidence expenditure future payout So we are just not thinking about current year. Future future expansion. So at that point of time, investments So although, sir, I understood point marketing for a broader understanding incremental does right?

54:30 Because of the new business coming in. Percentage respective of utilization. As of now, information Sure. Sure. Sure. And one more question on the job now. We... You know, the JV which we are planning with Galilee. Of course, in the it will take time, but the amount is quite significant. Business is quite quite significant. Just trying to understand I mean...

55:15 Or or or, you know, where... Come upon, you know, where when can we start seeing revenue from this JV or or funds deployment planning? Actually, production February target India Indian condition, Indian power or environmental rules product design completely product design or technology Indian product launched from the India. Okay. Interesting. Interesting. India market India.

56:02 First phase Indian market. Also, perfect. Got it. Also, perspective investment. Right? I'm just trying to understand capital company. Right? Who mindset company maybe capital versus Actually, long term relationship ICEMAKE may be invest. Principal company JV support total to 20% stake Understood. Also, two products segment.

57:24 Right? It is completely second. Product Japanese technology product comparison Okay. Numbers business existing business. And, sir, last question, I will I will join back in the quick queue. Acquisition, of course, the the the JV would, let's say, take eighteen months. Acquisition, sir, you know, 55. Expand product logistic manufacturing facility No problem, sir. Got it. Thank you so much, and all the best.

58:48 Okay. Thank you. Sir. So question about food and food food department See, the rules under FSSI on the from Maharashtra, it is more to do worse with the food quality part. Mhmm. Correct. To do with the ingredients, makes more to do with the standard operating process within the hotels, all of that. So, see, we provide infrastructure, cooling infrastructure, refrigeration infrastructure. I don't think that will have any impact either positive or negative with that kind of a rule that is coming in.

59:56 But probably it may help in some way or other to, you know, comply with the norms much better in terms of the temperature, hygiene, and standards. Correct. Correct. Alright, sir. So now next question, we have two, three questions more. One is from. Are we planning to reduce debt from $1.80 crore that came in the company? So question on the debt, $1.80 crore. Actually, 40 per... 40 crore debt repayment object is there in our preferential object. And the the 39 crore is as a GCP. GCP is mostly towards the working capital need. So 40 crore is exactly where we are planning to pay the debt, which is earlier used for the CapEx purpose.

1:00:50 Okay. Thank you,. Ankur Gulati... Sorry. Ankur Gulati jita hai. And the question is, why is depreciation down in June 26 to 700 from $4.49 in March 2026? So depreciation company, upcoming time CapEx So the CapEx benefit going forward gradually business whereas previous WDB policy maximum depreciation initially So we feel that the benefit which company is going to get from the investment doesn't sync with the existing policy we have adopted.

1:01:36 So suitably to match the benefit with the cost on our books, we have decided to change our accounting policy, which is thoroughly discussed in our board, and then we have adopted the same. So just to match the benefit of our investment in CapEx vis a vis the benefit of our top line revenue, which we are going to gain in the future. It will in future. Industry. So we thought better to prepare our financials in sync with our investment policy change. Correct.

1:02:22 Alright. So I think we've already crossed the five, six. So shall we close now? I mean, I just wanted to... There are no further question, I suppose. Alright. So now we'll we'll... I'll invite mister Chintan Pipdeil, our chairman and managing director, for his closing remarks. Over to you, sir. Good evening. Q one FY twenty seven strong revenue moment profitability improvement immediate priority area one zero one. The success.

1:03:17 Proskavik Galilee transaction company strategy capital technology market opportunity approval or closing condition a transaction commercial capability Our company in next phase of growth support focus strong education, discipline, allocation, better margin, or sustainable value creation, Proposed transaction key progress investment from investment.

1:04:08 Thank you. Now I invite our CS, mister to say, you know, go to things. Thank you all investors, analysts, shareholders, and other stakeholders for participating and for the constructive question and discussion. Thank you. Have a very good day. Alright. So since this is our first ever earning call on V Rite Exchange, it deserves a little honesty. I'm so sorry for the early stage technical hiccups that we had during q and a session, and there was some audio and unmuting issues. So we sincerely apologize for the inconvenience and truly appreciate the patience of all our investors and analysts who stayed with us. Thank you so much on behalf of Ice Make Refrigeration Limited and Arun Amatasco.

1:05:00 That concludes today's conference call. Thank you for joining us. Thank you, everyone. You can disconnect now your call... Your lines. Thank you so much.