Mayur Uniquoters (NSE:MAYURUNIQ) Q1 2027 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to Mayur Uniquoters Ltd. Q1 FY 'twenty seven Earnings Conference Call hosted by Monarch Network Capital Ltd. This conference call may contain forward looking statements about the company, which are based on beliefs, opinions, and expectations of the company as of date of this call. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in a listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Dani. Thank you, and over to you, sir.

0:58 Yeah. Thank you, Anushka. Good afternoon, everyone. On behalf of Monarch Network Capital, it's our pleasure to host the senior management of Mayur Uniquoters. On the call today, we have mister Arun Kumar... Arun Bagharia, executive director and Kumar Sharan, CFO of the company. We will start the call with opening remarks from the management and then move to Q and A. Thank you, and over to you, sir. Thank you, Rahul. Good afternoon, dear investors and analysts. It's a great pleasure to address you as we reflect in the past year and look forward to the future of the company. Your support and trust in Mayur Uniquoters have been instrumental in our success, and we are honored to share with you the performance of Mayur. Thanks for giving your precious time to join Mayur Uniquoters Ltd. Q1 FY twenty twenty seven conference call.

1:47 Mayur Uniquoters Ltd. Being a market leader in the synthetic leather industry and an organized player has been able to leverage emerging opportunities and deliver exemplary performance in past years, both in national as well as international business market. Now I would like to start with financial highlights for Q1 FY twenty twenty seven under review, and we will also reply to your queries after our review of the financial results for the quarter. The company has achieved the revenue from operations on a stand alone basis is INR 247.03 crore, PBT 77.79 crore and PED 58.95 crore. In this quarter, the stand alone revenue increased by 20% and PBT and PED both increased by 4143% on Y o Y basis.

2:41 The revenue from operation on consolidated basis is rupees to 69.23 crores, PBT INR 74.12 crores and PET INR 56.12 crores. In this quarter, the consolidated revenue increased by 25% and PBT and PET both increased by 3538% respectively. Further, our endeavor is to make the company the preferred supplier for the leading OEMs in overseas market, especially The U. S. And European regions. And in this context, we have received some good OEM supply orders from USA, which have already started making good contribution to our export sales revenue and overall business profitability. And this sales growth and increased momentum is expected to continue in the next two, three years.

3:29 While pursuing our business interest, Mayur Uniquoters has also been endeavoring to fulfill our responsibilities to our society. Under the corporate special responsibilities programs, we have contributed to our regular plantations around 50,000 plants already done and have a plan to do it at large scale in coming years. The company has also adopted many happy schools for education of children. The company has worked on education for all and underprivileged children. Various health care initiatives, especially childish development, water for all, sanitation at school area, distribution of books, bags, clothes, etcetera, and most importantly, family planning and family welfare schemes in nearby villages. The state government has also recognized these industries on various platforms.

4:16 I'm thankful to all the investors for their valuable time to those who became the part of this earnings call. With this question note, I would like to conclude and request you all to open the forum for questions and answers. Since we have a limited time of forty five minutes for all for the call, therefore, request to please avoid repeated questions. And I'm also giving you the segment breakup. You may note down. Export general, point 24% export OEM, 73.56 total exports is 103.80 percent CR auto OEM domestic 56.08% replacement 36.52% footwear 41.16% furnishing 6.08 and other 3.38 and total domestic sale is 143.23.

5:06 Total is 247.03. Over to you. Thank you very much. We will now begin the question and answer session. You may press star and two. Participants are requested to use handsets while asking a question. Moving further, in order to ensure that the management is able to address questions from all the participants, Please limit your questions to two per participant. Ladies and gentlemen, we will wait for a moment while the question queue assembles.

5:55 We take the first question from the line of Shubham Jain from NB Alpha Fund. Please proceed. Thank you so much for the opportunity, and I hope I'm audible. My first question was the growth that we have shown in this quarter of 25%, how much of that was driven by volume and how much of that was driven by realization? The growth is driven by the volume is around 2% and remaining growth has come from price part. Okay. And this realization increase is because of raw material price increase or is this because of mix change? It's because a not only raw material prices, it is because our export business has grown, so it's a higher price item. So that's the reason for the growth.

6:53 Understood. Understood. My second question was on we were going to expand another line in our existing facility, and we were evaluating a greenfield expansion as well. So what's the current plan in terms of expansion? And what is the CapEx plan that we're planning to do over the next one to three years? So we have already intimated in the last call also, so we have already ordered the line for our expansion in our current premises. So we should be able to start our production by towards the end of this financial year, somewhere between February, March 2027. So we'll have an additional production capacity of five lakh meters.

7:42 So we are looking at two more expansions, but that is not finalized till now. One may be outside India and one may be in India, but that is India will take a longer time because we have already expanding our operations over here. So if we go outside India, we are still evaluating where we want to put. We have not taken a final call on that. Once we take the final call, we'll let you know. Understood. So just a follow-up on this. We've been speaking about this international expansion for a while. Sorry to interrupt, Mr. Shubham. Ma'am, it's a follow-up question on the previous question itself. Okay. I'll just tell you because there's a lot of volatility in the market. We are still getting business with the current setup right now. We definitely need to put more plants somewhere outside India.

8:29 But because of all this Trump tariffs, the West Asia war or multiple things happening in the last few years, we have not taken a final call where which should be the ideal location to put our plant. So it could be in Mexico, it could be in The U. S, it could be in some other NAFTA areas. We are still considering various options, but there's so much of volatility in the market. So it's not easy to take and decide where exactly we should put the plant right now. Understood. Understood. And based on the expansions that we have already done, what is the peak revenue that we can do as per realizations today? So expansion that is by just... By adding one more line? Yes. So just simple, like if you just add INR 5 lakh meters into INR 300 per linear meter average price, so it would just give you the it's around INR 150 crores more per annually.

9:28 Then we have some capacity and additional facility also. So maybe an additional INR 300 crores to INR 400 crores, but it depends also not on the product mix. So like are we expanding more on the export front or are we expanding more on the domestic front? But anywhere between INR250 crores to INR400 crores could be a figure that you can see depending on the product mix. Understood. Thank you so much. I'll get back in queue. Thank you. We take the next question from the line of Molecule Ventures. Please proceed. Hi, sir. Am I audible? Yeah. Yeah. Please.

10:13 Yeah. So first of congratulations on a good set of numbers yet again. So first, I wanted to ask you regarding the the the volume mix that we have mentioned, the export mix. Sorry. So can you just repeat that if it's possible? What was the 8%? All the numbers are only export and domestic? Yes, export and domestic. In total? Export total was one yes, export is INR103.80 crore and domestic is INR143.23 crore. Sir, a follow-up regarding exports. So in the last quarter, you mentioned that it has the margin expansion is primarily because of value added mix and the growth coming from the export market, and a sustainable number would be between 2530%.

11:08 So so what was the reason that sequentially we basically did not continue with the same trend on the margin? And going forward, what is our outlook on the export market? No. This margin is actually, we told you earlier also in our previous con call, that margin our sustainable margin will be 25% or plus 1% or 2%. But last quarter, it was abnormally high because of foreign exchange increase in abnormally high increase in foreign exchange rates. So that was onetime increase, basically. But this present quarter's margin will be sustainable and expected to continue.

11:58 Sir, any reason for just 2% volume growth? Currently, what is the capacity utilization of our existing capacity? So we are utilizing somewhere between 75% to 78%. Okay. And how much would this five lakh meter attribute to in terms of capacity addition? I just told you the figures just two minutes back. So, basically... So we have an installed capacity of 3,500,000. So it will be like for PVC, I'm talking about, so it will be 4,000,000 meters per month basically. But it depends again on the product mix. So if we are making more products based on less thickness, like maybe 0.8 millimeters, it could be 4.1. And if we are making more thicker products, it could be 3.8.

12:50 The capacity also depends on whatever product we make, but you can say somewhere between 3,500,000 to 4,200,000 meters per month. Sir, why I'm trying to understand this, sir, is last question from my end, ma'am. So what I'm trying to understand, sir, is because we've already operating at 75 bps in capacity utilization, and the 50 crore additional line won't basically miss that much. It's just the major CapEx that we've been planning for a long time now, again, as you mentioned, we are still evaluating. So I just wanted to understand your perspective on the next level of growth. So how much time would you think will it take for us to finalize on the time line and start with the We major have already said that you can expect a top line growth of between 10 to 12% for the next three years.

13:43 This is what we can say currently right now. And this we have mentioned very clearly on this thing. So anywhere between 10% to 15% growth because certain things sometimes you plan and it's not in your hands. So anywhere between 10% to 15% growth, we are not looking very strong growth in the domestic market, but yes, we are looking at a very strong growth in the export market. Okay. That's it from us. Thank you. All the best. Thank you. We take the next question from the line of Biraj Kucharia from SIMPL.

14:28 Congratulations on good set of numbers. Two questions, sir. One is, if you when you take 2% volume growth in the quarter, exports for us would have seen a higher volume growth. So that would mean that the domestic piece would have been grown. And if you see the market, especially auto, production itself has been upwards of 18%, 20% year on year. Okay. That is not necessarily true, excepting domestic footwear market where we have had us decode in the last quarter.

15:15 I think so we have if you compare Y o Y from last quarter to this year's quarter, I think so we have grown on the domestic front also. And there's a de growth in the export OEM market because the business the shipments will start going more from this quarter onwards. So it's not that there's a decrease in the domestic market and increase more in the export market. Exactly you can say how much is the value you can say? What is the difference? I mean if you can just give volume growth for domestic and export? Volume growth for domestic and export is in total. Export is nine plus is the growth rate and 1% is domestic growth rate. Overall, point 77%, around 3%, you can take it.

16:11 Yes. So my point is, in domestic, we have just had a flat growth when the auto production numbers have seen a very healthy growth. But again, some markets performed well has performed well in the last quarter, some markets have not performed very well. So specifically, our footwear business because you have to understand the price of raw materials of footwear, not only the PVC prices, their sole prices increased drastically to it went up to almost like two times, three times last year sorry, the last quarter. So obviously, the market was muted in the footwear segment. Okay. Second question is, see, if you look at our overall volume growth, which you shared, export has grown by 9%.

17:04 Typically, that is also where you have the highest margin. But if you look at an EBITDA or a gross margin basis, we have seen some moderation. I understand last quarter is not a true benchmark to look at. But given the increase in mix, one would see probably... So was there any under recovery of raw material, which needs to be passed on to the customer? Just trying to understand. Sometimes it takes time. Sometimes for strategic reasons, you don't increase the price for some customers, not for all customers. So obviously, there was an increase in the raw material prices, which started happening in the month of March. And the market has been very volatile since then. The prices went up very sharply, then there was a fall in prices of some raw materials, then again the prices went up again. So it's been a very volatile situation. So very difficult to predict situations which is out of our control. So it's something that no one can predict.

18:08 No one knows what will happen with the West Asia war tomorrow. Things look very stable right now. So obviously, whatever projections we give based on our normal market distributions, certain situations are not in the control, which we cannot predict right now. No, I completely agree with you, sir. I was just trying to understand if at all there was a under recovery or not. I understand the environment we are in is very volatile. Last question. Last quarter, eight quarter profit we are just giving the picture of the long term prospect of the company. Are not coming what is happening in the next quarter, what will happen in the last quarter or what will happen in the quarter after that. Whatever we are talking about right now, we are talking about the long term prospect of the company.

19:01 So last time quarter to quarter analysis yearly and the normal situation, the growth margin is plus minus 1% or 2% quarter to quarter. But there are certain market situation volatile Okay. But we are very confident whatever we are saying, we should be able to achieve. Understood. And last question, sir. Sorry, Sorry, as there are several participants waiting for their turn. Sure. Thank you. We take the next question from the line of Kiran from Table three. Please proceed.

19:50 Yes. Thank you so much for the opportunity, sir. A couple of questions, sir. Our exports OEM last year same quarter, like Q1 FY 'twenty six was INR 53 crore. This year, we did INR 74 crore, which is a 39%, 40% increase in the export OEM space, which is fantastic growth when I compare the same quarters. So, sir, jump only in about 20% of export OEM growth gross margin improved. So is it like I mean, even accounting for raw metal price increases, is there anything where we are facing pricing pressure on export OEM market? Both part, actually.

20:39 Gulf War problem price impact in Q1. And secondly, because of this war, the shipments cost have also increased. It. It's 4x higher, the shipping cost was increased. See, as I have, sometimes in the SCOT OEM market, only a quarter basis customer price increase. You have to see how the market because see the war started, then the war died down also. We initiated requesting for a price increase, the crude prices started coming down. Everyone which was very unexpected.

21:33 So obviously, we have not taken a price increase in the export market, but natural hedging. My raw material prices went beyond that also. But we had requested, but we had not pushed because prices are coming down also very fast. So we have not taken any increase from my customer in the export market right now, OEM export market at least for the time being. Got it, sir. That is very helpful. Thank you so much. Second question, our other expenses quarter on quarter, like March quarter to this quarter, 9 crore is it a combination of ForEx losses and shipping or only shipping?

22:33 No, it's mixed reason. Some shipping costs, I already told you, shipping costs increased in this last quarter, 4x, okay, for the export. And some traveling cost and other service cost, legal and professionals, etcetera, which we have incurred on that account. That expenses have increased in that this quarter. Got it. So this will be a recurring explanation because freight cost has been elevated for a substantial number of months? No, we cannot say that this will be continued. But since the situation, our situation will be improved, then definitely the freight charges may come down.

23:21 It, sir. Got it. Sorry to interrupt, Mr. Kiran. I would request you to join back the queue. I mean, that was just a clarification, but yes, fine. Management is making a lot noise. Majorly because of this rate increase and remaining is some service providers cost and this on traveling and risk coverage cost. Is the yes. Perfect. Thank you so much. Thank you. We take the next question from the line of Aman Soni from Seven Alpha Investors Private Limited. Please proceed.

24:15 Hello. Am I here? Yes, yes. Because of the recent FDA signed by India, how do you see our business from leather segment to shape up over the years? Maybe in next two to three years, how do you see growth coming in? I think this is a very positive move for India. Definitely, it will be more effective in terms of cost. The sentiments of the customers to procure from India will definitely increase. So and definitely, both especially in the Europe market, maybe customers might think of buying from India, which they were avoiding because of their derisking policies.

25:03 So it's a very positive sentiment. Cannot comment just the business right now, but yes, a very strong... Sir, can you please spend some time on explaining the current competitive landscape in the industry because we are seeing that automotive seating is getting traction. For example, recently, you know, Minda announced their entry in high value automotive seating systems. As near player are entering, the demand the demand for synthetic leather will increase. So does the attraction for new players to enter in this space, are you able to see that happen? Okay. So as I have, I told you our main area of decode in the domestic market has been footwear only.

25:53 Definitely we are getting more business from the automotive OEMs also. And the business is not dependent on Uno Minda, the business is dependent by the OEM. So on which business model you get the business. So basically a Tier one could be Uno Minda, but Uno Minda has got into two wheeler seats right now because they had taken the plant they had purchased the plant from Harita, I think so four years back or three years back. So we are already a supplier to them. They are also entering the four segment market, but depends on which platform they get the business and which platform you get business. So the business is driven by the automotive. Nevertheless, our main four wheeler business, which we are lacking right now is volumes from Tata and volume from Mahindra.

26:48 So our business from Mahindra will be increasing in the coming years. Tata, we are still in a very initial stage right now. Definitely, we should get some business, but which platform is very difficult to comment at this moment. The line for the participant has been dropped. We'll just proceed with the next participant. We take the next question from the line of Raman Kevey from Sequium Investments. Proceed. Mayur sir, can you hear me? Yes, yes, we can hear you. Yes, sir. Two things. One, if you can, our US OEM business has been blocking around $80.90 crores from per quarter for last, I think, three quarters.

27:35 So one is with respect to the growth of this particular business or what's your core growth outlook? And from the growth perspective, are you expecting to increase your wallet share? Or are you planning to increase your volume in terms of getting more orders from the U. S. OEM clients with respect to U. S. OEM business? And if we can also provide U. S. OEM order book or ballpark figure on that? That's my first question. I'll ask the second question later. And next three years, the business will almost be, if not double at least 6070% U. S. Business in terms of U. S. Automotive.

28:25 So we our share of business in Ford was very less. So we have got good orders from Ford and the business will increase with Ford also and in Chrysler also. For U. S. Automotive, the business will increase. The Europe automotive sector, we have business in South Africa, both for BMW and Mercedes. We are definitely trying with other automotive customers also. But the copper headwinds, I don't want to comment on those business right now. Thirdly, for the supply in Europe, we are participating in RFQs, but we lost some RFQs in the past.

29:14 More RFQs are coming in the near future until the business is awarded. I cannot comment on those things again. So, 60% growth product expansion client expansion either wallet expansion Okay. So, 60% last next But anyway, so current client business expansion business share and we are always talking to other customers also, but there's no point commenting until strong headwind If that comes, then that will be extra.

30:07 Sorry, I couldn't hear the last part. We are expecting the growth based on the existing customers, okay? The increase in the volume of existing customers, ultimately. And if we are also talking to other OEMs, but it's very initial stages, so very difficult to comment your next business Okay, sir. And sir, my last second question is, you mentioned that there was a raw material cost inflation as well as the logistic costs have doubled almost grown 4x. Have you taken any definitive price hike towards the tail end of this quarter or start of Q2? Because specifically U. S.

30:55 When a last question price increased but then the market started softening, so we didn't pursue those things right now. So mail, we have a much strong push here because you have to see long term because of strategy reasons, price push. So we are if the market is stabilizing. So currently, as a U. S. Market Sorry to interrupt, Raman. Because the market is actually softening down, we'll see how the market behaves. 10% already price increase in terms of dollar rate. So we will push market next two, three week play out.

31:49 Understood, sir. Thank you. Thank you so much. Thank you. We take the next question from the line of Ashwini Damini from Ratnawali. Please proceed. So most of my questions have been answered already. But just to confirm, you mentioned that the INR 9 crore expense, how much of it can we assume to recur next year next quarter and how much is nonrecurring? We don't have the exact figures for those one exact figures for those these things afterwards. Other questions have been answered. You are comparing INR 9 crore increase from last quarter to June quarter, right? Yes, sir. So I found it up I mean, this is between stand alone and... No, I think your comparison is not correct. Basically, in March quarter, there was, I think, increase in revenue also.

32:52 So you have to reduce the increased percentage and then you should compare. And the majorly the difference is because of I told you, the difference is because of increase in logistic cost, majorly on account of export and service cost and risk coverage cost, which we incurred during the current quarter. This difference is also in your stand alone versus consolidated results, similar rate INR 9 crore. So is this expense relating to some subsidiary? Yes. Some part is relating to subsidiary and major part is for the annual only. So this will continue to recur for some or... Partly, partly will continue and partly will be I think coming down.

33:39 Sure. Thank you, That is all. All other questions have been answered. Thank you. We take the next question from the line of Ravi Naredi from Naredi Investment. Please proceed. Sir, what is our CapEx plan for financial year 2027 and 2028? Around INR 50 crore. In both the year together, right? Both which only twenty twenty six, twenty seven, I told you for the financial year. 2627. And 2728, anything we have planned? 2728 depends if we have taken a final call on putting up a new facility somewhere.

34:29 So CapEx but we have additional but final call. Sure, we are telling that number. Okay, okay. Sir, how is Sureshi Poudar health and he is managing everything well? So obviously, he's managing everything well. But Okay, okay, okay. And any MD, full time MD, we are miss...

35:14 Mister Ravi. The participant is out of queue. We'll take the next question from the line of Madhu Zathi from Counter Cyclical Investments. Please proceed. Sir, thank you for the opportunity. Sir, I just wanted to understand that how is the raw material pricing currently versus what it was in q one, and can we expect the gross margin improvement at least q on q basis even without the price rate? See raw material prices based on Q1, some items sort of prices soft to then our purpose. So market is volatile. I will say it's a little softer, but it's still expensive than what it was in the month of March, beginning of March or end of February.

36:09 Right. So when will we decide if you would like to go and ask our customers for a price hike? Hey, Nimish. I'm sorry. I think so. We are taking price hike for every customer. Specifically U. S. Export OEM market price hike request because prices started softening very fast and we already had an advantage of U. S. Dollar appreciation. But again, then again, the situation sales back two weeks back. So again, we have sent a request mail, but aggressive push Right.

36:58 Also, just a clarification, The US customers in case are some wallet share gains expect. So so is it... Are we replacing some existing vendor or incremental growth share Okay. Sir. Sir, that was from my end. Thank you so much and all the best. Thank you. We'll take the next question from the line of Shreyant Gandhi from SG Securities. Please proceed. Hi. Good afternoon, sir. Sir, Mayur, questions are... So just wanted to understand the rationale of putting up an international plan. So in the previous quarter, you mentioned that the cost for putting up that plan is also higher.

37:45 So just wanted to understand what is the benefit of us See, market is very uncertain, okay? And a lot of automotive companies, they think of derisking their business also. So as India say, I'm looking particular level of growth we expect, but some customers want their suppliers to be near them. So if we don't put up a plant near them, so business long term may be more effective because they would like to lead us their business. Okay. U. S. Sorry, Ukraine war, West Asia war, shipping lines disturbance So I think we have been able to maintain our stocks. We have never disrupted the supply that OEMs are very happy with us.

38:45 But not all automotive companies would like to work with a company based out of India. And secondly, number one, if you become a global player also your image in front of automotive companies also changes a lot. Multiple locations the way your brand also builds makes a lot of difference in in the automotive customer. Automotive, any customer. Got it. Got it. The second question was on the domestic channel. Mister. Could you please join back the queue? You can find participants waiting for their turn. There's just one question I had on the PU plant repurposing. So Okay. Ma'am.

39:31 There's not no major change what we had discussed in the last quarter. I mean, we struggle for a time but there's no major change. So p... PVC repurpose you are looking for a new plant only because that has not revived. But the existing already definitely. Okay. Okay. Thank you. That's fine. Changes possible Okay. Got it. Alright. That's from... That's also my. You. Participants, please limit your questions to one per participant. We take the next question from the line of from SMIFF.

40:22 Please proceed. Congratulation management on your continuation of good performance. Sir, just one question on the margin front. You have already talked about a lot of things. In this quarter, we have very high RM. We have freight issues related cost and then we could not take any price hike in export OEM market, still we had 25% plus margins. Could we take this margin as a base margin and anything positive happens will give us better margin subsequent quarters? Yes, yes, obviously. So yes, it will keep going up and down. But overall, year end margin, we are talking about that, and we are trying to maintain that margin.

41:52 Thank you very much. All the best. You. Thank you. We take the last question from the Saloni from Molecule Ventures. Please proceed. Just a bookkeeping question, sir. So we mentioned our sales volume of around 31,000,000 meters in last year, FY '26. So our capacity is 48,000,000. Right? So that gives us an average utilization of 65%. So there is still leg room for some of the existing capacity in the market. The three years after class. So there are two capacities we should talk about. One is PVC capacity. So our PVC capacity is between 3,500,000 to 3,700,000 meters, depending on the product mix a lot because some product has a faster line speed, some product has a slower line speed.

42:50 And we are making around 2,700,000 to 2,800,000 meters. So if we divide 2,700,000, also divide by 3,500,000. So we are already using 75% to 78% of our capacity right now. By adding one more line, so our capacity will go up to 4,000,000 or 4,200,000, again, depending on the product mix. But if I say 4,000,000 also and we so our based on the current capacity utilization, it will be 65%, 66% capacity. So we have a headroom to expand to 2530% more capacity. And this is with the existing facility. But definitely we have not taken a call. We would expand in some other location also, not decided. But once we take a call, then only I can comment on those things.

43:47 Sure, sir. Sure. Sir, we will not do business because our capacity is... Capacity will not be a constraint for our business expansion. Sure, sir. Sure. Sir, you plan to just take a if if we could basically get a sense key, we had the current rate, is it loss making? And if yes, then what is our strategy going forward for this plan as we have seen basically more improvement for a long time? Yes. So we, yes, we are underutilizing our capacity. There has been no change since last quarter in the last few months, largely because of market very volatile market situation.

44:40 The cost of PU specifically, both as an upper material and both as a sole material, the bottom part of the footwear. So the owner of the price is not fast expand. So but low response there is a lot of intense competition from China for sure. So there are two options. Obviously, I have told in the past also that we are looking at two brands, but sampling over a year, but EBITDA will business confirm The U. S. That is one strategy. We would not we are not focusing too much on PU in the export market right now because we thought it will be very tough to sell against China.

45:26 But we are working how we can capture some market in export. It will take time. So let us see clearly this financial year, At least I cannot give you a very strong recommendation for Q plan at the moment. Okay. Okay. Thank you,. Thank you. You. Ladies and gentlemen, due to time constraints, we take that as the last question for the day and would now like to hand the conference over to the management for closing comments. Over to you, sir. Yes. Thank you, all the participants who have participated and spent a valuable time for attending this call of Mayur for Q1 FY 'twenty seven.

46:15 And as we already told you that management is trying their hard and best to achieve the expected results and informed results. And definitely, we will try to maintain the margin, which we have given you in our previous quarter and this quarter. Thank you very much. Thank you, everyone, for participating. I know because of limited time, we cannot fulfill every questions of every participant. I hope there was some clarity on the direction in which the company is moving. Just thank you for participating. If you have any other specific question, please you can contact the CFO directly or company secretary directly, and we will be happy to help you in clarifying any other doubts you might have.

47:07 The prospect of the company overall looks good for the coming two, three years at least. Let's see what we can do and wish us luck also and wish you luck also. Thank you. Thank you. On behalf of Monarch Net Worth Capital Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you so much.