Ladies and gentlemen, good day, and welcome to Indogulf Cropsciences Limited Q2 FY '27
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. Should
you need assistance during the conference call, please signal an operator by pressing star then
zero on your touchtone phone. Please note that this conference is being recorded.
Before we begin, a brief disclaimer. 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 date of this call. These statements are not the guarantees of future performance
of the Company, and it may involve risks and uncertainties that are difficult to predict.
I now hand the conference over to the management for their opening comments. Thank you.
Sanjay Aggarwal:
Good afternoon, everyone, and thank you for joining us for Indogulf Cropsciences Limited Q2
and H1 FY '27 Earnings Conference Call. Let me begin with explaining the industry landscape.
The second quarter of FY '27 was challenging for the domestic agrochemical industry, primarily
due to below normal and uneven Southwest monsoons. Industry reports suggest that the rain
season closed about 13% below the long period average, the weakest showing since 2015.
Further, the El Nino conditions weighed on rainfall.
The impact extended across the agricultural cycle affecting sowing patterns, crop developments,
the timings of crop protection application and purchasing decision across the distribution
channel. Drought conditions were declared in parts of Southern India and Maharashtra and the
resulting uncertainty weighed on demand during a critical period for the industry.
Dealers remained cautious on restocking amid uncertainty over crop conditions and pricing and
industry inventory had built up ahead of the season. Delayed rainfall and a dry September
reduced herbicide usage as farmers restored to mechanical weeding, while weaker pest and
fungal pressure kept insecticides and fungicides offtake subdued.
In the preceding months, the Middle East conflict and related supply chain disruption pushed
generic agrochemical prices up by roughly 15% to 20% between March and May, alongside
rupee depreciation and higher freight, packaging and solvent costs.
Since June, prices of several generic products have corrected to pre-conflict levels, while
elevated channel inventory and weak demand constrained the industry's ability to pass on cost
through higher selling prices.
For Indogulf, the quarter needs to be viewed in this context. The delayed onset and weak June
rainfall meant that some demand normally realized in the first quarter was deferred into the
second quarter, supporting a subsequential recovery. Despite the difficult backdrop, we
delivered growth with improved profitability. In Q2, revenue grew 3% and EBITDA improved
by 27%.
Manojji, our CFO, will take you through the numbers in detail. Our H1 FY '27 channel mix
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comprised B2C at 59%, B2B at 35% and exports at 6% of the revenue. During H1 FY '27, Crop
Protection contributed 85% of revenue, while Plant Nutrients and biological contributed 5% and
6%, respectively, with the balance from other products.
I would also like to highlight the exceptional growth momentum demonstrated by our few
products in H1 FY '27, such as Nova King, which surged from INR9 lakhs to INR2.23 crores
on Y-to-Y basis, nearly 25x growth. Spine grew from INR2.84 crores to INR5 crores, a robust
jump of 76% and growth of our brand Fire was from INR7.74 crores to INR9.73 crores, that is
healthy 31% growth on year-to-year basis.
Indo Apache, our flagship product and an established market leader in this category also
strengthened its performance and increased from INR10.77 crores to INR11.50 crores. Within
the export business of crop protection, fungicide led by Q2 FY '27 product mix at 57%, followed
by herbicide 28% and insecticide at 15%.
Our continued focus on deepening market penetration and expanding our geographical presence
has started yielding encouraging results. Let me take you through some of the key developments
in the export markets.
Egypt emerged as the strongest export market, recording an impressive growth of 129% yearover-year. We successfully reactivated sales in Sudan, establishing a renewed revenue stream
in that market. We successfully entered the Taiwan market, strengthening Indo Gulf's presence
across Asia. We secured new orders through Germany for our Latin America business, opening
up an additional commercial channel. We entered the Israeli market for our plant nutrition
business, further expanding our geographical reach and diversifying our market presence.
Recent developments include positive field trial results and import permission for Indo Apache
in Sri Lanka, a formulation registration in Thailand for Spiromesifen 24% SC and in Venezuela,
a repeat order of 44 MT following the successful export of 95 MT of NutriX. We have also
decided to initiate field trials for Empire and Indo Apache in Brazil, supported by an agreement
with a reputed Brazilian CRO.
In the domestic market, we delivered encouraging results with several states, including Gujarat,
Chhattisgarh, Haryana, Punjab, Tamil Nadu, Telangana recording growth over the previous
years. During H1 FY '27, we commercialized 3 new specialty products. The product launching
during the September quarter was -- has received a very positive response from the market, and
we will share the further details as it scales up.
Our manufacturing capacity utilization averaged 60% in H1 FY '27 compared to 52% in FY '26.
On a quarterly basis, utilization was 70% in Q1 and moderated to around 50% in Q2 as we align
production with the pace of demand. I would also like to update you on a new initiative. As set
out in the notice of our AGM, the Board has proposed reallocation of INR8.34 crores of
unutilized IPO proceeds originally earmarked for an in-house DF plant towards specialty
machinery and a dedicated production facility for climate stress management and plant growth
regulators product at our Barwasni facility in Sonipat on an area of 9,000 square feet. This is a
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considered redirection of capital, not a departure from our intent of building our manufacturing
capacities.
After a dedicated commercial and market assessment, the Board and management concluded
that the DF line was facing pricing pressure and shrinking margins, while climate stress
management has emerged as one of the fastest-growing categories in agricultural input driven
by heat waves, prolonged droughts, erratic rainfall and other abiotic stress that are increasingly
affecting crop productivity across India.
Our flagship technology in this space, phosphorus derived from rhodophytes, is designed to help
crops withstand heat stress at the critical reproductive stage through osmotic regulation,
antioxidant activation, heat stress mitigation and improved flower retention. We expect the
facility to be operated by Q4 FY '27, and we believe it will improve our capital efficiency,
accelerate revenue generation from newly created infrastructure and strengthen our competitive
position in both domestic and export markets.
Looking ahead, we remain mindful of the uncertainties facing in the agricultural sector. The
India Metrological Department expects El Nino conditions are likely to persist throughout the
winter, although forecast currently expect them to ease by around February 2027. Rabi soil
moisture and the pace of channel inventory liquidation will be the key monitorable for the
second half alongside farmer economics and input cost movements.
We, therefore, expect Q3 FY '27 to remain a challenging quarter. Industry analysts currently
expect Agri input earnings to bottom between -- bottom out between October and December
2026 with a recovery from first quarter of FY '28 as weather conditions normalize.
We, therefore, remain measured in our near-term assessment and focus on factors within our
control, a richer product mix, new product introduction and disciplined cost control to protect
our margins. Our priorities for rest of FY '27 are to deepen farmer engagements, expand our
differentiated product portfolio across specialty products and biologicals, pursue selective
international opportunities and maintain discipline in procurement, inventory and
manufacturing.
With that, I would now like to hand over the call to our CFO, Mr. Manoj Gupta, who will take
you through the financial performance in greater details. Thank you.
Manoj Gupta:
Thank you, Sanjayji. Good evening, everyone, and thank you for joining us. I will take you
through the financial performance of Q2 FY '27. On a consolidated basis, revenue from
operations for the quarter stood INR255.8 crores compared with INR248.3 crores Q2 FY '26,
representing a 3% year-on-year growth. Subsequently, revenue increased by approximately 52%
from INR168.5 crores in Q1 FY '27.
This was achieved despite subdued demand due to the erratic rain and drought-like conditions
in the part of the country. In Q2 FY '27, the gross profit was INR76.8 crores as compared to
INR73.1 crores in Q2 FY '26, growth of 5% and gross profit margin was 30% as compared with
29%. EBITDA for the quarter stood INR40.6 crores as compared to INR32 crores in Q2 FY '26,
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a growth of 27% EBITDA margin improved to 16% from 13%.
The improved profitability was an outcome of the improved product mix supported by a greater
share of high-margin products, along with the prudent cost management. Employee expenses
declined by 8% year-on-year to INR13.3 crores and other expenses declined 14% to INR22.9
crores, which together brought up our operating cost down by 14.2% of revenue from 16.6% in
Q2 FY '26.
This was achieved even as the packaging cost rose with the higher crude oil price. Finance cost
for the quarter was INR4.1 crores, 11% lower than Q2 FY '26. Profit after tax stood at INR25.7
crores as compared with INR20.7 crores in Q2 FY '26, a growth of 24% with PAT margin at
10% compared with 8% in Q2 FY '26.
Coming to H1 FY '27, revenue from the operations stood at INR424.3 crores, a degrowth of 3%
on Y-o-Y basis owing to the weak kharif season. Gross profit increased by 7% on Y-o-Y basis
to INR123.4 crores with the gross margin improving to 29% from 26%. The EBITDA and
EBITDA margin stood at INR50.1 crores and 12% in H1 FY '27 compared with INR41.9 crores
and 10% in H1 FY '26. PAT and PAT margin for H1 FY '27 were INR28.1 and 7% compared
with INR24.6 crores and 6%. Inventory level remained elevated as sales during the season were
below plan and working capital increased accordingly.
Inventory stood INR349.6 crores at the end of the September compared with INR343.5 crores
at the end of March '26. Finance cost for H1 FY '27 was INR8.6 crores, 3% higher year-on-year
basis. We will continue to manage working capital closely through the second half. We have a
subsidiary, Abhiprakash Globus, which we have started. Now we are talking about our
subsidiary.
Our revenue from the operation grew 58% on a sequential basis, and we clocked at INR33.35
crores. We have entered two new states in this quarter, Chhattisgarh and Orissa, and we are
seeing good initial response for our products.
Our focus for the remainder of the year is on the quality and sustainability of growth, specialty
and value-added products, biological, deeper domestic distribution and exports while
maintaining discipline on cost, working capital and manufacturing efficiency. We remain
confident that the capability we are building will support stronger performance as the agriculture
cycle progress. Thank you once again for your continued trust and support.
With that, we can now open the floor for the questions. Thank you.
Moderator:
The first question comes from the line of Yash Parkar with Patel Investments.
Yash Parkar:
I had a couple of questions. First is gross profitability has improved compared with the previous
year. How much of this improvement reflects a more favorable product mix and procurement
discipline? And how much reflects change in input costs versus pricing?
Sanjay Aggarwal:
So basically, gross margins have improved despite of the incremental pressure on the purchase
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side. The improvement is basically by the improved product mix and as our products reflects
substantial changes in the total sales of our nutrients and biological products and more profitable
products.
Yash Parkar:
Right. So next question is that how do you intend to balance revenue growth versus profitability?
So particularly as the size of our Company grows and there is an increase in contribution of
biologicals, plant nutrients and differentiated specialty products. So what is the intention behind
balancing revenue growth and profitability?
Sanjay Aggarwal:
So basically, by the addition of new products and we keep on adding the new products with
better margins, and we keep on discarding the products where the margins reduces. So this is
basically a regular driver for growing the profitabilities.
Moderator:
The next question comes from the line of Poonam Jain with Sequent Investment.
Poonam Jain:
Hello. Am I audible?
Sanjay Aggarwal:
Yes, you are audible.
Poonam Jain:
So my first question is despite reporting positive EBITDA, the Company has reported negative
operating cash flow in H1 FY '27. So what are the key reasons for this to happen?
Manoj Gupta:
Ma'am because this low rainfall and low things, our debtors has increased and the outstanding
has been little increased. And the reason was basically that our fund flow has been impacted due
to the purchases and our inventory has increased and secondly, the debtors has come out. So
that is the reason our working capital cycle also has been increased.
Sanjay Aggarwal:
However, we are working on this. And every month, we are very closely monitoring on both
these factors.
Poonam Jain:
Okay. Okay. Understood. Sir, next question is what are the steps in the -- is the Company taking
to improve cash generation from the operations?
Manoj Gupta:
We are more closely working on the debt collections. And we have -- because the kharif season
is closing and now the harvesting will be starting. So we are more closely monitoring our
distributors for the payments. And secondly, we are working on the liquidation of our stocks.
So the more liquidation of the stocks we try to generate the cash.
Poonam Jain:
Okay. Okay. Got it. And the last question from my side would be when do we expect our
operating cash flow to turn positive?
Manoj Gupta:
We are expecting in the second half, we will be in the positive position.
Poonam Jain:
Okay. Okay. Got it. That answers my questions. Thank you so much and all the best for the
future.
Manoj Gupta:
Thank you.
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Moderator:
The next question comes from the line of Akshara Joshi with Joshi Investment.
Akshara Joshi:
Hello. Am I audible?
Sanjay Aggarwal:
Yes.
Akshara Joshi:
So I had a couple of questions. So what are the Company's key growth priorities over the next
3 to 5 years, and which segment or market are expected to drive the next phase of growth?
Sanjay Aggarwal:
Can you repeat the question because your voice is breaking.
Akshara Joshi:
Sir, now is it better?
Sanjay Aggarwal:
It's a little better. Please, please speak your question again.
Akshara Joshi:
Yes. So what are the Company's key growth priorities over the next 3 to 5 years, and which
segment or market are expected to drive the next phase of growth?
Sanjay Aggarwal:
Okay. So in next 3 to 5 years, of course, we are working more aggressively on biologicals and
nutrients. So that will be the most important key drivers. Secondly, we have introduced another
wholly subsidiary Company by the name of Abhiprakash Globus. That will also be one of the
key drivers for the coming years.
We opened a few markets, a few geographies in that around 7 to 8 states we are working. But
still, we have a lot of states opportunities in that Company where we can grow exponentially in
the coming years. So in terms of geographies, our main focus will be on the domestic market
with both the Companies, Indogulf and Abhiprakash, we will be expanding our domestic brand
business, B2C business.
Akshara Joshi:
Sir, one more question from my side is like trade payables have increased and how the Company
is managing its supplier payments by making healthy supplier relationship.
Sanjay Aggarwal:
See, our Company is -- it's a legacy Company almost means I'm the third generation and the
credentials which our Company enjoys from the most recognized respectable suppliers. We
enjoy all kind of facilities in domestic purchases as well as global purchases. And in terms of
our -- we have a healthy credit rating and we enjoy a good credit line from our suppliers as well.
Moderator:
The next question comes from the line of Isha Jain with Jain Investment.
Isha Jain:
I have a few questions. My first question is which geography in export market is most...
Sanjay Aggarwal:
Sorry, Isha, your voice has been broken. Could you repeat the question.
Isha Jain:
Hello. Am I audible?
Sanjay Aggarwal:
Yes, ma'am, you are audible. Could you please repeat your question.
Isha Jain:
So in which geography is the export market most?
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Sanjay Aggarwal:
In which geography the export market is?
Isha Jain:
Is most concentrated.
Sanjay Aggarwal:
See, presently, we have good business in Middle East and Africa. Now we are expanding our
wings in Latin America. As I have shared that we have recently started our footprint in Brazil
with some trials. Also in Asian countries, we have started our presence, including like Taiwan
and Thailand. So pan-India means we don't want to keep all eggs in the same basket.
Earlier, we had been focusing on MENA countries and now we are moving across the globe,
more focusing towards Latin America, including Venezuela, which is one of the most potential
in terms of nutrients and biologicals we expect in the coming year.
Isha Jain:
Okay. Yes, got it. That answers my question. Also, sir, like you told it before, like the domestic
market was impacted. So could we have some solid -- so could we sold more items in the export
market?
Like basically, I'm trying to ask is our export sales as we could have liked?
Sanjay Aggarwal:
See due to disturbance in the overall overseas scenario, especially because of nonavailability of
the container shipping lines and the increased rates and the geopolitical conditions, the present
situation is a little discount. However, the situations will improve. But as I said that our main
focus will be on improving our domestic sales, our B2C customers within India with both the
companies, and that will be our priority area.
Moderator:
The next question comes from the line of Vikrant Sahu with RK Advisory.
Vikrant Sahu:
Just had a few questions. Like first is considering the seasonal nature of the agrochemical
industry, what parameters are being monitored to access whether fluctuations in quarterly sales
are temporary or indicative?
Sanjay Aggarwal:
What -- can you just repeat the question, the last line.
Vikrant Sahu:
Yes. I'm just asking what parameters are being monitored to access whether fluctuations in
quarterly sales are temporary or indicative.
Sanjay Aggarwal:
The parameters are a little bit -- okay, so just a little background for your query. Like we are
into a product basket, which is covering almost all crops at all stages, and we are into both
nutrients as well as crop protection. So this is one of the major growth or you can say, impact
reservoir for Indogulf, which minimizes the impact of any kind of, you can say, the jerks of the
season. So since we are present over all crops for all segments and in both nutrients and crop
protection that saves the company from the key jerks arising from any of the specific segment
like herbicide or say insecticide or anything like that.
Vikrant Sahu:
Sir, since we are present in 36-plus countries, what strategic priorities have been identified for
H2 FY '27? And what key factors are expected to influence the Company's growth trajectory
and overall performance in the coming quarters?
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Sanjay Aggarwal:
See it's basically a regulated industry. And if the geopolitical conditions are better, we are
looking for a better H2 in terms of the growth in overseas business. Some of the registrations
which we have already received are now adding value to the top lines and the profitability of
the Company.
Moderator:
The next question comes from the line of Maitri Shah with Sapphire Capital.
Maitri Shah:
Congratulations for the results. A few questions from my side. You mentioned repeatedly you
want to grow more on the B2B side with both the wholly-owned subsidiary and also Indogulf.
And in the first half, we had close to 35% of B2B sales. What target have you set for this growth
coming in on the B2B side?
And also is this growth coming in more from value-added products like biologics and nutrients?
How is the market scenario on the B2B side or the inventory levels on the distribution and dealer
side as well?
Sanjay Aggarwal:
Okay. So it's basically B2C means the brand business. B2B is basically the technicals which we
are selling. That is a part of our institutional sales, but our major focus is on our brand business
in both the Companies, especially the biological products. So like a few of our hero products in
this segment is like Indo Apache, which is on the growth trajectory already.
And we have worked on various good schemes for our channel partners and our team as well to
grow this product. We have a comprehensive basket under a green series of the product, which
is basically a nutrient-based series. In that also, we registered a growth of around 40% in H1.
And that is also one of the focus area where we are doing some development activities more
aggressively. So biological and nutrients, we are working in all the ways, which includes doing
field activities, better.
Patented packaging is also one of our USP whereby we differentiate our products. And now we
are coming with some new packaging concepts also to outshine our products on the shelves. So
these are a few steps being taken. Also in the long term, we have been in the agreement with
ICAR for three years where we are developing some stress management products for long term,
and we are working closely with the Pusa Institute for the development of a few products in the
times to come in this category.
Maitri Shah:
Yes. And also the kind of environmental stress that we are seeing in the country right now, have
the nutrient kind of the usage of the nutrients and the kind of, I would say, the marketing of that
has increased. People are like accepting those products even more because the need increasing.
How is the ground accepting like the people on the ground accepting these products?
Sanjay Aggarwal:
See like we can see the change in our day-to-day practices also like we all have become very
nutrient conscious and all these nutrients, whatever we eat, we calculate and we all follow
certain diet plan, and we can see the nutrients mentioned on all the packaging as well. So where
does this nutrient come from? This nutrient basically comes from our specialized products which
are used in the fields. And they are very technical products. They need to be used at a specific
stage.
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And the education plays a very primary role for these products to grow as well as for the farmer
to use these products. So we are working. We have experts. We have agronomists in the field
who develops me state testimonials tutorials share tutorials also to the farmers and impart the
education. So that's the way how we do.
Maitri Shah:
Okay. And you also mentioned we are using this INR8.34 crores of proceeds for this new
phosphorus derivative products that will be operational from 4Q. So is this product in the testing
phase? Or is this product we're expecting kind of commercialization from the first quarter of
next year or there will be approvals that will take time to come on board?
Sanjay Aggarwal:
No, which product you are talking about biologicals?
Maitri Shah:
No, I think you mentioned we are putting up a CapEx that will be operational in 4Q FY '27 in
your opening commentary, in the client management.
Sanjay Aggarwal:
Yes. Yes. That will be basically in the -- yes, yes. So the results will be visible in coming year.
Definitely, it will be adding to the top line and the bottom line in the coming year.
Maitri Shah:
And is this a new product? Or is this something that is being present in the market and this is
something that we are adding to our portfolio right now?
Sanjay Aggarwal:
Some are new products and some are we are adding to the portfolio to complete the vacuumness
of our product market, but some are new.
Maitri Shah:
Got it. And we've seen record margins this quarter. We've seen close to 16% EBITDA margin.
Do you see this being sustainable? Of course, the Q2 is the best -- one of the best quarters we
have and then followed by Q4.
So how do you see the margin trajectory for FY '27 and then FY '28 as well with increased
biologics and nutrient sales and more export market that we are targeting. So some clarity on
the margins for the next two years? And also, how do you expect our revenues to grow for the
next 2 years?
Sanjay Aggarwal:
See we cannot share any forward-looking statements or commitment. But definitely, we are
working in all the directions to improve our product portfolio, improve the margins. We are
working on both sides, adding the profitable products as well as on the cost management and
the expenses management side, we are working in both the directions.
Moderator:
The next question comes from the line of Nikita Mehta with Mehta Investments.
Nikita Mehta:
So I have a couple of questions. First question is how does the Company assess the long-term
growth potential of biological and sustainable agricultural products?
Sanjay Aggarwal:
Okay. Should I answer? Yes. So for long term, means we are working on these products in the
domestic markets as well as international markets. As I mentioned that we have started working
in Brazil also for our 2 products, Empire and Apache.
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We have started the field trials for these 2 products. Already, we got some success in Sri Lanka
and in some other countries globally. In domestic market, we are increasing these products
broadly in both the companies in Indogulf as well as Abhiprakash. So we have 2 different
channels in all the key cities in all the key locations, and we shall be expanding these products
with the 2 companies with different brand names. We are working very closely with the farmers
in terms of tutorials and testimonials.
In terms of brand building, we have some aggressive plans for the coming years. to work
specifically on 4 to 5 brands basically at different use at different stages of the crops. And we
are very effectively working on knowledge sharing, especially as a package of practice means
providing a complete solution from the seed treatment until the harvest with respect to these
biologicals and nutrient products.
Nikita Mehta:
Okay. Okay. The result has full answer. One more question like how do we decide which
products should be developed in-house and which should be sourced through external
partnerships?
Sanjay Aggarwal:
See like we are into 2 segments broadly crop protection and nutrients and biologicals. So we
have our in-house laboratory experts also and field experts also. So in terms of crop protection,
we look forward for the off-patented products, which have some kind of at least 4 to 5 years
melting period. And our team in the laboratory start working on those products. We have
developed many products in last few years, which got off patented, and we immediately got
hold of those opportunities, and that helped us to grow the crop protection business.
In terms of biological and nutrients, we have a team of experts where there is the team identifies
the gap in the field the demand, the need of the farmer. And on the other hand, we have our
experts in the laboratory, in our research laboratory who work on fulfillment of those gaps. So
that is the area where we decide to develop our own product in terms of nutrients and biologicals.
Definitely, the documents and the knowledge available on the -- across the articles and the
documents that helps us. But for nutrients and biologicals, we majorly go for our own kind of
product identification.
And for crop protection, we follow the off-patented molecules and then we add those products
to our product basket.
Nikita Mehta:
Okay. Sir, this is really very helpful. Thank you, sir, and all the best for the future.
Sanjay Aggarwal:
Yes. Thank you.
Moderator:
The next question comes from the line Vansh Rathore with JJ Investment.
Vansh Rathore:
Sir, I had a few questions. Sir, first of all, how much business does the Company expect from
the 3 specialty products that we have planned for FY '27 and beyond that?
Sanjay Aggarwal:
See it's a forward-looking statement, but definitely, these 3 products have contributed -- Manojji,
do you have figures as a percentage?
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Manoj Gupta:
Our 3 products has given us good sales in this first half and this one particular product Shaan
has already sold in the last six months of around INR4.5 crores and Polgar is around INR4.25
crores.
Sanjay Aggarwal:
Means almost another Company also, we have sold the products. So almost INR11 crores,
INR12 crores we have done maybe means we are quite hopeful for H2 also for these 3 products.
Vansh Rathore:
Noted. Got it, sir. Got it. Sir, next question would be how important are these established
customer relations and brand recognition that we have in driving repeat sales? How important
are those for us? What do you feel?
Sanjay Aggarwal:
I can't get your question. Means how important is the brand recognition?
Vansh Rathore:
So how important are the established customer relationships and the brand recognition that we
have in driving repeat sales?
Sanjay Aggarwal:
Okay. So like in terms of like channel partners, we have customers as old who are with the
Company since the inception of the Company. And the sales of the distributors have almost 60%
to even some counters do 100% of the sales of Indogulf products only. So that kind of loyalty
is there because we are a legacy Company. So we hold that kind of goodwill in the market. Yes.
And what was your next aspect?
Vansh Rathore:
Yes. The second aspect would be, are we concentrated on a particular customer or we have our
basket -- fruits in different baskets for -- in terms of customer base?
Sanjay Aggarwal:
No. Like we have three kind of customers base. One is B2C, which is basically brand business
domestic. One is B2C -- sorry, B2B, which is basically institutional customers where we sell
our technicals, they are basically the big corporates working in India. And then we have overseas
customers. So being a regulated business, most of the customers, old customers sustain with the
Company, and we keep on adding the new channels to increase the sales of the Company.
Moderator:
Ladies and gentlemen, that was the last question for today. I now hand the conference over to
the management for closing comments.
Sanjay Aggarwal:
So thanks to all the participants for showing your interest and taking your time to join us in
today's meeting. We appreciate your continued support and look forward to interacting with all
of you again. Have my best wishes for the upcoming festival. Happy Diwali to all of you. Jai
Kisan, Jai Vigyan. Thank you very much.
Moderator:
Thank you, sir. On behalf of Indogulf Cropsciences Limited, that concludes this conference.
Thank you for joining us, and you may now disconnect your lines. Thank you.
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