Oriental Aromatics Limited (OAL) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to the Oriental Aromatics Limited Q4FI 26 earnings conference call. As a reminder, our 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 and then zero on your touchtone phone. I now hand the conference over to Ms. Hina Khatri from Valorium Advisors. Thank you, and over to you.

Good evening, everyone, and a very warm welcome to you all. My name is Hena Khatri from Valorum Advisors. We represent the investor relations of Oriental Aromatic Limited. On behalf of the company, I would like to thank all for participating in the company's earnings conference call for the fourth quarter and the full year ended of financial year 2026. Before we begin, let me mention a short cautionary statement. Some of the statements made in today's earnings call may be forward-looking in nature. Such forward-looking statements are subject to risk and uncertainties, which could cause actual results to differ from those anticipated. Such statements are based on management beliefs as well as assumptions made by and information currently available to the management. Audiences are cautioned not to place any undue reliance on this forward-looking statement and making any investment decisions. The purpose of today's earnings call is purely to educate and bring awareness about the company's fundamental business and financial quarter under review. Now, let me introduce you to the management participating with us today's earnings call and hand it over to them for their opening remarks. We have with us Mr. Dharmil Bodani, Chairman and Managing Director, Mr. Giresh Khandelwal, Chief Financial Officer, Mr. Parag Satoskar, Chief Executive Officer, and Ms. Anusha Bafna, Assistant Company Secretary. Without any further delay, I request Mr. Dharmil Bodani to start with his opening remarks. Thank you and over to you, sir.

Thank you, Inar. Good afternoon, everybody. It is a pleasure to welcome you all to the quarterly and annual earnings call of Oriental Aromatics Limited. Our CEO, Mr. Parag K. Satoshkar, shall be briefing you all on the operational highlights for the fourth quarter, after which our CFO, Girish Khandelwal, will brief you on the financial highlights. Over to you, Parag. Thank you.

Thank you, Darmil. Good afternoon, everyone. Before I take you through the operational performance of the company, begin with a milestone that is meaningful for all of us at Oriental Aromatics Limited. FY2526 marks the first year in which our company has crossed the Rs. 1,000 crore revenue mark with a consolidated revenue from operations of 1,030 crores compared to 928 crores in the previous year, a year-on-year growth of approximately 11%. This is an important moment in our journey, and it has been achieved in what has been one of the more challenging years our industry has seen in the recent memory. Now, let me walk you through the operational picture of the company. For Q4 FY26, total sales volume increased by 16% compared to Q3 FY26 and registered a 5% growth on a year-on-year basis. For the full year, the total sales volume growth by over 9% over FY25, and the total production volume grew by 5%. These are healthy volume numbers in an environment where pricing and demand has remained under sustained pressure. The year-on-year growth in production and sales during FY26 underscores or highlights the inherent strength of our diversified product portfolio across the three divisions and the depth of our long-standing customer relationships. During Q4, total production volume declined by 7% compared to Q3 and by 14% on a year-to-year basis. This decline was primarily driven by lower production in our Specialty Chemicals Division on account of product mix change as well as trial runs and production of new product. Let me now run you through the three business verticals, one after the other. The fragrance and flavor division has continued to deliver a resilient performance through Q&A. Demand has been healthy, and we have continued to see traction on the back of premiumization and performance expectations from customers on the fragrance side. We have also added new customers and deepened wallet share with the existing accounts, both international as well as domestic. Having said that, the benefit of softer pricing on certain key fragrance or materials Which we had highlighted in the earlier quarters of the year has largely tapered off as the input cost environment has formed up significantly in the second half and primarily in Q4 and continues to be a challenge in the coming quarters which will impact profitability. We however view this not as a challenge but as an opportunity with the strength of our backward integration into the aroma ingredients division. In the aroma ingredients division, the broader market continues to be a buyer market globally. This is consistent with what global peers in our space in both fragrances and flavors have been reporting in their recent commentary. Capacities built up by Chinese players over the past few years continue to flow into the non-tariff markets, including India, Southeast Asia, and parts of Europe. And that has kept end product prior. On the aroma ingredient side, pretty subdued. At the same time, on the cost side, we have effectively had to absorb a triple shock during the year in our aroma ingredients as well as in our camper and terpene chemical division. What is that triple shock? Gum turpentine, CST, and alpha-pinene prices continue to go up in the last two quarters and currently are at their all-time highs ever. Crude oil has been volatile and crude-based products which are our raw materials continue to stay firm and difficult to get. We are of the opinion that the situation will worsen before we can see some normalcy coming back in pricing of the inputs. I think the third and the very important element of the shock has been the performance of the Indian currency. The Indian rupee has depreciated substantially in the past quarter, which works against the import portion of our raw material basket across all the three divisions. Layered on top of this, consumer behavior through this period of broader macroeconomic Certainty has been cautious and the fragrance and flavors. Despite being embedded in everyday FMCG products, continue to be perceived at the margin as a discretionary category. We are countering all these adverse challenges through process re-engineering, yield optimization, and disciplined cost management. And I would be transparent in saying that some of these headwinds will take a few quarters to fully work through. In our camphor and terpene chemicals division, the Bareilly facility continued to operate at healthy utilization levels throughout the year. Q4 is seasonally a softer quarter for camphor after the festive demand period of Q2 and Q3, and that pattern played out this year as well. The Indian camphor market continues to operate in a state of supply exceeding demand. With substantial domestic capacity additions over the past few years, subduing demand. Natural camper imports from China, though moderated this year compared to the previous two years, continue to influence the pricing environment. We, however, continue to focus on growing our retail business footprint under the Saraswati and 3Pine brand and on strengthening our strategic B2B supply relationships that we have in this business. Coming to Mahad, which is Oriental Aromatics and Sands Limited, Mahad continues to be in its ramp-up phase and continues to be a drag on our consolidated EBITDA margins to the extent of between 1% to 1.5%, as we have guided in the past few quarters. This loss was the primary reason for reduction of approximately 0.98 basis points in consolidated net profit margins of the company annually. The investor community may take a note of this impact while evaluating the company's overall performance. However, we are also glad to inform that the product acceptance with customers for the product that we manufacture has been positive. We have completed sampling cycles with several global customers and commercial shipments have commenced. As we had explained in our earlier calls, the sample to commercial supply cycle in this business runs to about six months to nine months, and we are progressing successfully along that timeline. We are also glad to inform you that we have been qualified to submit our bids for certain global RFQs for the second half of 2026. And once we get allocation, this would really help us ramp up capacity even further. Mahat for Oriental Aromatics is a strategic long-horizon investment, and we remain committed to seeing it through. For FY26 as a whole, EBITDA margins stood at 6.60% compared to 10.06% in FY25. This compression, as I have already mentioned, has been driven by a combination of factors, which is the pricing pressure on the ingredient side, raw material cost inflation, which has impacted all the three divisions, currency depreciation, which has again impacted all the three divisions, and the drag created by Mahadramda. Our internal cost and process improvement program remains a key priority and the benefits of these initiatives. The Board has also recommended a final dividend of INR 0.50 per equity share for this year, subject to shareholder approval at the upcoming AGM. As informed in our earlier course, we are currently in a consolidation mode, where the team is involved in extracting maximum benefits from Thank you. That we have done in the last five years across all our sites. We are open to ideas for expansion, and the P&L gives us the ability to do so. But consolidation, profit preservation, and growth with our current assets is the underlying theme. Thank you. Thank you. That do not depend on the pricing cycle turning in our favor. To summarize, FY26 has been a year of... Thank you. With this, I would like to hand over the presentation to our CFO, Mr. Girish Kandalwal, for the financial highlights. Girish, over to you.

Thank you, Paran. Good afternoon. Good evening, everyone. Let me begin by sharing our consolidated performance for Q4 FY26. Our operating revenue for the quarter stood at Rs.282 crore, reflecting a healthy growth of 12% quarter-on-quarter and 11% year-on-year. EBITDA for the quarter was reported at Rs. 19.5 crore compared to Rs. 13.2 crore in the previous quarter and 19.3 crore in the corresponding quarter last year. EBITDA Margins improved to 6.89% as against 5.26% in the previous quarter. Profit after tax stood at 3.98 crore compared to a loss of Rs. 1.92 crore in the previous quarter. Now coming to our consolidated performance for the year FI-23. Operating revenue stood 8 rupees. 1030.8 crore representing an 11% year-on-year growth. EBITDA for the year was Rs. 68 crore compared to Rs. 93.3 crore in FY25. Consequently, EBITDA margins stood at 6.6% versus 10.06% in the previous year. Profit of the tax for FY26 stood at Rs.3.3 crore compared to Rs.34.3 crore in FY25, while paid margins were 8.32% as against 3.7% last year. During the year, cash profit stood at Rs. 34.3 crore compared to Rs. 58 crore in the previous year. On the balance sheet, as of 31st March 2026, our net debt equity ratio stood at 0.58x, reflecting a comfortable leverage position and healthy balance sheet. Return on capital employed. For FY26, today's 4.85% compared to 9.33% in FY25. With this, we can now open the floor for question and answer session. Thank you.

Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Participants also request you to kindly restrict your questions to two per participant. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have the first question from the line of Rajesh Mishra from Liberty Security. Please go ahead.

Hello, sir. Hello, sir. I'm going to talk to you about the good results for the good results. Sir, there were two questions. The first question was that in the last meeting, I had the return of the company's profit and the saleholder's return to the company's profit and the saleholder's return. Thank you, everyone, and welcome to the call. Without GST, there is a lot of material that we have a lot of difficulty working in the building. So, in the last meeting, I had a chance that the company has taken some effort or not.

So, Rajesh Ji, I'm going to try to answer your first question. Thank you. Good morning, everyone, and welcome to the call. Good morning, everyone, and welcome to the call. क्यूंकि हम जिस तरीके से आपरेट करते हैं, हम फुल जो हमारी रिस्पॉंसिबिलिटी है टूर्ड्स दा गवर्मेंट उसको फुल्फिल करके हम हमारा बिजनेस रन करते हैं. अगर कोई ऐसे लोग है कि जो ये सब गवर्मेंट ड्यूस को बाइपास कर रहे हैं, हम उनको स� Thank you.

Okay, sir. Thank you.

Thank you. We have the next question from the line of Prakhar Tibriwal from Choice Institutional Equities. Please go ahead.

Yeah. Hi, sir. So, congratulations on a great top line. So, my first question is on what would be our peak revenue at peak capacity utilization excluding the Mahad ramp-up and the peak revenue including the Mahad ramp-up at current price realizations? And my second question would be, sir, on what is the reason for the higher tax rate that we see in the company?

I'll probably answer the first part of the question and then I'll leave it to Girish. You know, Prakar, there wouldn't be an absolute number because, you know, we have two programs which run parallelly. One program is where we are trying to run our plants at peak capacity, which, you know, at an operational level, most of the plants are running between 80% to 90%. To ensure that we cover all our overheads, but simultaneously as part of our optimization program, we are always looking for adding new molecules or internalizing some intermediates. That we can achieve. Thank you.

And what about post-Mahad ramp-up, sir?

So Girish probably would have the number or we can share it with you at a later date about what is the incremental addition that will happen when Mahad runs at full capacity.

At the current capacities, it will be around 50 crore additional revenue. And regarding the tax question, I would like to answer because if you look at the standalone, it is 25% tax rate, and on the consolidated also, it is getting the same because, see, at the consolidated, subsidiary is giving the loss. So that tax... Amount looks very high as compared to the standalone. So standalone, if you look, our tax rate is 25%.

Okay, okay, got it. If I can just squeeze one more question, sir.

Yes, please.

So I am just very new to the industry and I wanted to understand why are Q2 and Q4 generally stronger than Q1 and Q3?

Q4 normally is not stronger. You know, if you look at the fragrance and flavor space as well as the camphor and terpene chemical space where oriental operates, although fragrance consumption has now become an annualized pattern basis, but Q2 and Q3, by the virtue of having a lot of festivals, are normally the strong quarters. And Q4, by the absence of festival, becomes a quarter where sales as well as, you know, any promotional activities are relatively subdued. So Q2, Q3 are strong. Q1 is the ramp-up for the festive season. And Q4 is normally slow.

Okay, okay. Got it. Thank you, sir.

Thanks.

Thank you. We have a next question from the line of Nishita from Sapphire Capital. Please go ahead.

Yes. Am I out of it?

Yes, you are, Nishita.

Yes. Yes. So I am... Due to this company, I just wanted to understand on margins, our EBITDA margins are at around 6%, and these are at lower levels. Even before, like in FI25, we were enjoying margins of 10%. I just wanted to understand why it's lower than the industry peers, because from what I've seen, the industry peers enjoy margins of around 15-20%.

I wouldn't be able to comment on what my industry peers do. I mean, I can be very confident about my business. You know, we primarily have two kind of verticals, and there is some level of, you know, I wouldn't say a direct edge, but when the ingredient prices are lower and under pressure, the fragrance division benefits from those. Reduced price levels, and when the ingredient prices go up, then the fragrance division faces very strong headwinds. Now, this is common sense, and this shouldn't change for any player for the industry, A. B, like I mentioned in my introduction speech, that the last two quarters, we have seen a three-way shock hitting the industry. Which is impacting margins across the board. And hence, we see a bit of reduction. I think an add-on to our reduction is the drag that is created by Mahan. The third point that can influence EBITDA is between ingredients and fragrances. The fragrance companies which are fragrance division heavy will tend to have a little higher EBITDA margin. But for us to be active in the generic aroma ingredient space, It's a conscious decision to be a long-term, sustainable, global player in this space. And hence, we have done these investments for setting up these facilities for aroma ingredients, which in the long term are going to give us sustainable returns. So, to answer your question in pointers, the fragrance division normally tends to be a little more profitable. Currently, all the divisions are under tremendous price pressure. I cannot comment about competitors where the... EBITDA percentages are way above EBITDA percentages that are shown by their customer industry.

Right, right, understood. So, like in... And FI27, can we see us going back to the earlier 10% level?

So it will be our endeavor to go back to the guided number of around 10%. I think we are seeing a lot of turbulence because of the geopolitical situation, where, you know, we are seeing a substantial increase in the input costs. By the variety of reasons, and although we have been successfully able to pass on a lot of these price increases to our customers, but how the customers manage it in a buyer's market in the coming quarters only needs to be seen. So we are positive, we are optimistic, but we also are realistic. Because I feel the worst is still not over. In terms of the impact of the geopolitical situation on the costs of the products.

Understood. Sorry to interrupt you, Minister.

I request to kindly come back in the queue for follow-up. Participants who wish to ask a question can press star and one on your touchstone telephone. We have the next question from the line of Raga Maheshwari from Kamiaka Wealth Management. Please go ahead. Mr. Rago, can you hear us? As there is no response, we'll move on to the next question. We have the next question from the line of Unicorn Capital. Please go ahead.

Hello, congratulations, first of all, to the management on the strong performance of this quarter. I had a question regarding camphor imports from China. While the management has mentioned right now that the camphor imports haven't reduced significantly since the last quarter, there still appears to be substantial quantity entering in the Indian market. Has the company has undertaken any industry-level assessment regarding the impact of Chinese imports on domestic pricing and margin? Also, is the management considering approaching the authorities or participating through industry association for imposition of anti-dumping duties on camphor imports from China? It would be helpful if the management could share the key parameters being monitored while evaluating such a step.

So, um... You know, I think besides the China situation, I would also like to highlight that there is a massive demand supply gap in India itself. You know, the past few years I have seen substantial capacities built for synthetic camphor in India, which are way above the expected demand which is going to be generated in the coming years. And hence, unless there is a massive reorganizing of the Indian camphor capacity happening in the coming quarters, we are going to see a lot of challenge created in the camphor business, not primarily because of the natural camphor imported from China, but because of the capacity, extra capacity that we have in India. I mean, I also would say from an operational perspective, natural camphor has some operational disadvantages when it is being used in formulations. Hence, I think the bigger challenge is the overcapacity in India, which needs to get rationalized. We have had conversations at various levels, which I will not be in a position to elaborate on this forum. But if there are any opportunities of ensuring growth in the camper space, we will take all those.

Got it. Thank you.

Thank you. We have the next question from the line of Nishita from Sapphire Capital. Please go ahead.

Yes, thank you for taking my follow-up question. So, if you could just, like, let us know about the segmental revenue that we've done in FY26. What is the segmental revenue for FY26?

So, Nishisa, we always have a guidance that, you know, the three divisions normally... I've seen that...

It's 527.

Actually, a crystal ball question, Nishita. I mean, would like to... Like I said, preservation of profits would like to ensure that we do not increase the prices so much that it causes demand destruction for the products that we operate in. So you can be rest assured that we are going to take all the steps that are proactive and reactive. Our top line as well as retain our profitability. It's unusually hard, and as we go on, we should probably have a clear idea, but right now to give you a number would be really looking at the crystal ball and giving you a number which I can't then back it up.

Okay.

We have the next question from the line of Saakit Saurabh from Suddhari Capital. Please go ahead.

Okay. Hi. Thanks for the opportunity. Am I audible?

Yes, you are. How are you, Saakit?

Yeah.

I'm good, sir. How are you?

Good, good, good.

Congratulations, first of all, for crossing the 1,000-cruid milestone. I really appreciate this.

Yeah, yeah.

So, starting first with the working capital question. So, if I look at the trade receivables, while our top line has gone up by, say, 11 odd percent, but our trade receivables have gone up by almost 40 odd percent. And add to that, our, you know, say, dues to SMEs has gone up from, say, 5 crore to almost 22 odd crore. And a second, a subset to this, there's an inventory aspect, right? So while the raw material hike is there, as the management has already stated, has there been, say, some inventory gain also because the finished good price might have also gone up? So my question is first, are we having issues, you know, paying as well as, say, receiving payment because of the ballooning, say, creditors as well as payables? And has there been an inventory gain? That's the first question. And second, Gillespa, you just mentioned that there is 50 crore is what Mahad at its optimum utilization would add to our top line. Now, can you just help me jog my memory? What is the capex that we have done for Mahath, and what's the asset turn we are looking at? Because I think 50 crore seems to be slightly on the lower side, based on the earlier guidance. So is it like the realized price of Evermos has come down? So that would be my initial set of questions.

Sure. So I'll probably, I mean, I'll leave Girish to answer the questions on the specifics of working capital and inventory, but I would probably try to answer your question about receivables and payables. I mean, we'll do a deeper deep dive into the SME outgo, which Girish can probably answer separately one-on-one. In terms of payments to be received from the customers, I think all these customers are top-class customers. As part of their cash flow management systems, we have been told by some of our top customers globally to give extended credit period which we are offering to them, but the prices have been kind of adjusted to ensure that the Additional cost of money for giving that extra credit is covered in the cost. So we don't have to worry. We don't have to worry about the quality of the debtors. Getting the material in the future, I mean, some of the petro streams are now facing a situation where availability is becoming a challenge. We have taken conscious steps in the last one and a half, two months to kind of overstock those materials across all the three verticals. Hence, if there is an inventory increase, it probably could be because of that. These are my two answers from a strategic perspective. I think if you really want to go micro in terms of numbers, you can reach out to Girish, and he will be in a position to answer your question.

Sure, sure. And MSME related, actually, see our buying has increased from the MSME, so there is no problem. We are getting the price benefits, therefore it has increased, actually. And regarding the top line of the Mahan, it is on a conservative basis. Evermost prices are also going up, and we have considered this 50 crore conservative revenue for this FY27. No, no, see, the question was furthering to optimum utilization.

I think maybe then there is some communication. I think what would be the optimum utilization at the, say, top line at optimum utilization?

Around 60 to 65 crore because the prices have already increased.

So, what was the capex that went in Mahajan? Of course, I recall, Gries, by saying that some was in the, because there's a larger plot, so we had to spend some time in the overall EPC as well.

So, we have spent a lot for the plot development and the common infrastructure, and if we look at the plant, dedicatedly for this plant, initially we have invested around 90 crore, and this capacity can be easily doubled by adding 12 to 15 crore of capex. Once we reset this capacity, we will plan for the another.

So, for 90 crores capex, we are expecting 60 crores of top line, which is 0.66 times of effort done, right?

Because, see, we have developed the common infrastructure, common utilities and everything.

So, if I may, you know, the 90 crores could be split into 60 to 65 crores, which have been invested only for the plant. There is 20 to 25 to 27 crores which has been invested for creating a utility base which is expandable to the enhanced capacity as well as phase 2. And hence, you know, if you look broadly, the investment that has been done specifically for this plant should be between, say, 70 to 75 crores and not 90. Okay, go ahead, go ahead.

Sorry to interrupt you, Mr. Sarkic.

I'd like you to come back and keep a follow-up question. Sure, sure. Ria Gunef, the line of Ria Fernandez is an individual investor. Please go ahead.

Thank you for this opportunity. So, you had mentioned that gum, turpentine, CST, and alpha-pinine prices are at all-time highs. So, just wanted to understand, to what extent have these increases been passed on to customers, and what is the lag effect in the pricing pass-through mechanism?

So, so I think the, the, uh... If you look at the current pricing and compare it to probably the pricing that was offered in the market a quarter back, we are looking at a price increase of anywhere between 25 to 27 percent, which is a substantial price hike. I think since we are in the buyer's market, there has been substantial resistance from the customers to go and increase the price. Hence, we have kind of broken the price increase into incrementals of three months, and where we have got price increases to ensure that the cost impact of finding and the other petro schemes is recovered in the realization. I think when it comes to materials that are sold on spot, we have moved to a mechanism where we are coming out with a new price list every month to ensure that if there is a pass-through.

Okay, sir. Thank you so much. That gives a lot more clarity. Also, one more question on the Mahat facility front. So, it is currently dragging the consolidated EBITDA margins by nearly 1% to 1.5%. So, by when do we expect the plant to turn EBITDA neutral, and what utilization threshold is required to achieve that?

So, I mean... We are very confident that in the next one year, we should be in a position to achieve utilization of the plant, which is anywhere between 75 to 80%. And that should make the plant, because we are working on the Mahat facility in multiple ways. We are seeing a gradual increase in the price realization. We are also working a lot on optimization and reducing the costs at our end. Hence, we feel that at 75-80% utilization, we should be in a position to not only make it EBITDA neutral, but start contributing.

Thank you, sir. Thank you. That was very helpful.

Thank you. We have the next question from the line of Pranesh Sharma, an individual investor. Please go ahead.

Good evening. Am I audible? Thank you for the opportunity, sir.

So, ma'am.

I request you to kindly start with your question once again, and go off speakerphone.

Okay, sir. Yeah, so am I audible now?

Yes, you are slightly audible now.

Yeah, sir. So, like, my question was, as the Chinese oversupply continues to pressure the Roma-Indian market globally, in this environment, how is the company differentiating itself beyond pricing, particularly in the export markets like Europe and South Africa?

So we have a multi-point differentiation strategy. I think our whole ingredients piece helps our fragrance division to really kind of offer a very significant value proposition which is different from the fragrance companies that operate in the market who are not backward integrated. So that's one element. I think the other very significant element is to utilize our infrastructure because between the three plants, we carry out various different chemistries, and hence that expertise gives us a substantial opportunity to optimize in terms of our processes, which helps us get our costs down. And also helps us improve our quality. And the third element which kind of differentiates us from a lot of the other aroma ingredient manufacturers is the basket of products that we offer to our customers. So, you know, all these three points put together one way or the other really gives us a...

Okay, sir, understood. This helps. My one more question would be, so in this year, our, like, international and, like, the split between international and domestic revenue has changed, and the domestic have increased. So what was the reason behind this?

Two reasons, you know, if you look at the global-local split in Oriental, a lot of our global business happens in the aroma ingredient space, where you have seen a lot of pressure in terms of pricing, and hence the contribution might have contracted a little bit. In the same breath, I think we've also seen our fragrance division rising to the occasion extremely decisively. And we have captured substantial business. The combination of these two factors probably can give you the explanation as to why we are seeing the local part of the business increasing a little bit.

Okay, sir, understood. One last question. Sir, just wanted to get a view from five-year races. So, can you help me understand what was the revenue mix five years before? And currently, I know it's equally 33.33%, equally divided. And what is the segment that you think which will outperform other segments in the future?

Again, a crystal ball question, Pranay. I mean, if you asked me five years back and if you asked me today, surprisingly, we stay one third, one third, one third. You know, I would love to say that fragrance outperforms aroma ingredients or aroma ingredients outperforms camphor. But, you know, when we start working at the start of the year, I think all the three divisions really rise to the occasion. And if one division is going down, one division is going up, the others catch up. And we keep... Staying one-third, one-third, one-third, plus or minus a few percentage.

Okay, so I understand. Thank you so much, and all the best for the future.

Participants who wish to ask a question may press star and 1 on your touchtone phone. As there are no further questions, I would now like to hand the conference over to the management for closing comments.

Thank you all for participating in this earnings conference call. I hope we have been able to answer your questions satisfactorily. If you have any further questions or would like to know more about the company, please reach out to our IR managers at Valoram Advisors. Thank you.

Thank you. Thank you. On behalf of Oriental Aromatics Limited, that concludes this conference. Thank you for joining us and even now, Dyskanity Alliance.