S. P. Apparels Limited (SPAL) Q1 2027 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to SP Apparel's limited Q1FI27 Earnings Conference Call, hosted by Elara Securities India Private Limited. As a reminder, all participant clients will be in the lesson only mode, and there will be an opportunity for you to ask questions after presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Prerna Shajanwala from Ilara Securities India, Private Limited. Thank you and over to you.

Thank you, Nathya. Good afternoon, everyone. On behalf of Ilara Securities Private Limited, I would like to welcome you all on Q1F527 post-result conference call and business update of SP Apparel Limited. Today, we have with us the senior management of the company, including Mr. P. Sundara Rajan. Chairman and Managing Director, Mrs. S. Lata, Executive Director, Mrs. S. Shanta, Joint Managing Director, Mr. S. Chanduran, Joint Managing Director, Mrs. P. V. Jeeva, Chief Executive Officer, and Mr. V. Balaji, Chief Financial Officer. I would now like to hand over the call to the management for opening remarks. Thank you, and over to you, sir.

Thank you. Good afternoon, everyone, and thank you for joining us for the Q1 F827 earnings conference call on the SDPF Health Unit. I am pleased to inform our shareholders that the board has approved a dividend of Rs.3 per share for the year and has also proposed a stock split of the company's equity shares from a face value of Rs.10 per share to Rs.2 per share, subject to the necessary approval. We believe these initiatives reflect our commitment to enhancing shareholder value and broadening investor participation in the company. The global apparel sourcing landscape continues to undergo a structural shift. International brands and retailers are increasingly diversifying their sourcing base as part of their China Plus One and Bangladesh Plus One strategies. We are seeing increasing signs of this transition. With customers actively evaluating India and Sri Lanka as reliable sourcing destinations for long-term procurement requirements. Another important positive for our business is the India-UK free trade agreement. While the agreement has only recently become effective, customer engagement from the UK market has already improved. We are seeing stronger discussions and better visibility for We believe this development will send them India's competitiveness and create additional opportunities for export-oriented manufacturers like SPFs. We have added three more new UK brands into our customer base. We are also awaiting for the EU-India Free Trade Agreement to be signed off by end of financial year, which will bring more business into India by EuroUnion in the future. Coming to our performance, Q1F827 was broadly stable from a consolidated revenue perspective. While profitability improved meaningfully. The first quarter was relatively soft from a top-line perspective, illustrative impact late last quarter and certain spin-over of orders and shipment schedules. However, the quarter clearly demonstrates the resilience of our operating model, with better margins, stronger profitability and improved quality of earnings. As we had communicated earlier, F-827 is expected to be a year where growth will be weighted towards a second half. Based on current customer discussions, our order visibility expected capacity ramp-up and planned utilization level, we remain confident of achieving our previously stated consolidating revenue gradients of Rs. 2000 crores for F-827. The first half is expected to remain moderate, but we expect a stronger revenue trajectory in the second half, supported by improved customer order inflows, UK FE relation traction, normalization of shipment schedule, and better operating intensity across our key business verticals. I will begin with our garment division, which remains the primary growth driver for the company. The quarter was moderate from a revenue perspective, but profitability remains strong, and we saw better operating efficiencies, improved product mix, and healthy yarn spreads, which supported margin expansion. The standalone adjusted EBITDA margin improved to 17.5%. Indicating better operating discipline despite softer revenue. We are also witnessing increasing customer interest across multiple geographies. Over the last few quarters, we have broadened our customer base and today operate with a more diversified customer portfolio of over 15 customers as a group. This reduces concentration risk and improves disability for future growth. Our focus remains on converting this customer engagement into orders while continuing to maintain strong execution, quality, and daily standards. Sri Lanka continues to be an important strategic pillar for the company. Over the past year and a half, we have worked extensively to integrate operations, strengthen systems, and improve execution across the platform. We are now beginning to see the benefits of these efforts. Operational metrics relating to delivery performance, productivity and quality continue to improve and we expect the facility to operate at levels comparable to our Indian operations over the coming quarters. The dual country manufacturing platform between India and Sri Lanka gives our customers greater sourcing flexibility. It also sends them... Our ability to participate in the ongoing China Plus One and Bangladesh Plus One sourcing shifts. We believe the decision to establish a meaningful manufacturing presence in Sri Lanka has been one of the most strategically important decisions undertaken by the company from a long-term growth perspective. With regard to young brand apparels, although revenue was lowered year-on-year due to After effects of ES service issue, the business delivered better profitability with adjusted evita growing year-on-year and sequentially. This reflects better efficiency, better cost management, and improved operating performance. We continue to make progress in scaling young brand apparel. Production has commenced at the Palladham facility, which commercially Thank you. While commercially, production from outdoor facility is expected to begin in the coming months. By October, we expect all planned units of young brand apparels to be in commercial production. This will provide us with additional growth capacity and strengthen our position in the intimate wear segment. We are also looking to add one more product to the production portfolio line, that is, Good morning, everyone. Product which will create a new growth story for young brand appearance. Moving to SP UK, our UK business delivered revenue of 33.3 crores in Q1 FA27, registering strong growth of 125.2% year on year. This reflects the increasing scale of the business and improved customer traction in the UK market. We will be adding three more new brands in the customer base in every UK business. EBITDA for the quarter was negative at Rs. 1.04 crores primarily due to small air shipments and the shift of timing of certain shipments which moved into the subsequent period. The underlying customer momentum remains healthy and we believe SP UK is well positioned to benefit from the India-UK FTA. and the sourcing flexibility offered by our India and Sri Lanka manufacturing base. As customer conversations continue to improve in the UK market, SP UK remains an important growth platform for the company. Our focus will be on scaling volumes, improving shipment executions, and moving the business towards sustainable profitability. Finally, coming to the Retail Division, SP Retail Ventures reported. Revenue of Rs. 18.83 crores in Q1 FA27, reflecting a growth of 26.7% year-on-year. EBITDA stood at Rs. 0.4 crores during the quarter, indicating continued improvement in the operating performance of the business. The retail business has made steady progress over the last few quarters with EBITDA break-even. and losses reducing meaningfully, and the business now moving towards sustainable profitability. Our focus remains on improving store productivity, maintaining disciplined inventory management, and driving profitable growth across channels. Angel & Rocket India continues to perform well and remains a key pillar of our retail strategy. The brand has built strong acceptance among consumers. Through differentiated product offerings and premium positioning in the kids' wear segment, our priority remains to maintain EBITDA break-even on a sustainable basis while following a disciplined approach towards character allocation and expansion. Another important area of focus for us remains capital efficiency. Alongside our capacity expansion initiatives, we continue to optimize our sourcing and manufacturing model. Our objective is to support growth while maintaining disciplined capital allocation and improving the return metrics over the medium side. With improving demand visibility, additional capabilities coming on stream, and a stronger order outlook for the second half, we remain confident about achieving our growth objectives for F827 and delivering long-term value to all stakeholders. With that, I will now request our CFO, Mr. Lee Balaji, to take you through the detailed financial highlights for Q1F827. Thank you.

Thank you. The key financial highlights of first quarter FY27. Consolidated performance. Revenue from operations for the first quarter stood at 401 crores, as compared to 403 crores year-on-year. Revenue was broadly stable year-on-year, primarily reflecting the timing and certain orders and shipments scheduled. Unsolidated EBITDA for the first quarter Q1 FY27 stood at 61.36 crores compared to 52.93 crores in Q1 FY26, reflecting a growth of 15.6% year-on-year. EBITDA margin improved 15.3% compared to 13.1% Q1 FY26, supported by better operating efficiency and improved margin performance. Profit after-tax for Q1, YEPR 27, STUKER 24.87 crores compared to 20.66 crores. Earnings per share stood at 9.9 for the current quarter as against a number of 8.2. On a standard, Thank you. Thank you very much.

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 remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Varun from Equitary Capital. Please go ahead.

Hi, sir. Sir, couple of questions. Firstly, if you could help us understand why the capacity utilization was lower. This was the 14% drop in capacity earlier. And which led to the overall revenue degrowth also. And secondly, I also wanted to know how much was the additional air freight cross cost during this quarter? And why were the shipment delays happening? And will this continue in Q2 also?

So, one on a question, one on the capacity. Thank you. Well, we...

Continued Q2, are you seeing any further delays in shipments?

No, we are not looking for any...

Thank you. The delay in shipments was because of the container or because of the order?

No, it was because of the customer's request.

They asked the delivery of these subsequent weeks.

Understood. Okay, sir. Thank you.

Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and 1. A reminder to all the participants to press star and 1 to ask a question. The next question is from the line of Prerna Junjunwala from Ilara Securities, India, Climate Limited. Please go ahead.

Hi, sir. Congratulations on strong margin improvement. I have a few questions for garmenting business. You mentioned that you have added three customers in this quarter. Will it be possible for you to share their names and which geography they are from?

No, we are not in the position until the shipment goes. We will not be in the position to share it. But two from UK, one from EU. UK is mainly because of the FTAG, because those retailers already well plan to take the benefits out of, take the FTA benefits out of India, so they well in advance they plan and block all the capacities and then all the costings, and now they are going to place the orders. And also in the UK also, we have already added... I mean, we are in the process of adding three more strong customers because of FTA and our product development design support, because nowadays the brands are looking for additional service like product development design and the proximity, you know, to their offices. So that is an additional advantage. So they are in a position to... Take another three more customers, which means they are all big customers, they are very strong now.

Oh, nice. Okay. So, sir, STUK is going to source for Marks and Spencer. So, how big can we believe that this STUK business can reach in the next two, three years time?

Yeah, our guidance is, you know, we are planning up to, in the next three years of time, I think we are planning for 30 million pounds GBP.

Okay. Okay. And at that level, we are aiming for 50 million GBP.

Okay. 50 million GBP.

And at that level, we will be profitable. And what kind of margins can we...

Already we are, I think, this quarter, but for the deferred shipment, this would have been a bit of profit. But I think it is, now the EBITDA is sustainable, there is, that's for sure. And since it's a trading model. As the software goes with the fixed expenses only, so definitely there is a good opportunity for improvement in the market.

Understood. Second question is on Sri Lanka. What kind of traction we are seeing now? What is the capacity utilization there? And what kind of revenues we are doing? And how has it been our experience in terms of operation management and... What kind of margins we are doing there?

See, now the capacity, since we acquired all the factories are already fully running factories, so the capacity is fully running, except one factory where it is 85-90% running, but it is almost all we know. To the maximum capacity these factories are running, and we are continuously feeding the orders from India with the raw materials everything, and their shipments performance is perfect on time everything. So only the initial pre-operative loss or something, that will be over a period of time, will be back on track. I think by end of March, Those factories will be able to manage themselves.

Okay.

And our software system is already implemented completely with regard to HR, accounts and finance, and then for the operation. And the payment, everything is controlled from India only.

Okay. Okay. And... Who is managing, like, you are only managing the facilities, or they are...

There is one country manager, there is one country manager, and one CFO there.

Okay, okay, understood. Full time, full time, yeah. And what will be the revenue by the end of March from Sri Lanka? Okay, yeah, okay, understood. Understood, sir. And you mentioned about one new product line to be added in young brands. Could you give some color on what kind of, is it in the intimate wear category only or any new? Yes, I mentioned the only things that...

It is a very safe, you know, ladies' drop.

Okay.

It's a luxury product, which is completely different to product line. But we are going to put up Chendur. Can you explain it, Chendur?

Yeah. Can you hear me?

Yes, you can. Yes, sir.

So, yeah. So, Youngbrand, being an intimate wear, we do a lot of underwear, which is the bottoms. for the existing customers, and it's a value-add in terms of doing the luxury products, and all the customers have been encouraging and pushing in-brand for a while to do those value-add products, so currently we are in the process of partly acquiring and investing into missionary to be able to manufacture those products, so it's purely molded, value-added browse.

What is the kind of investment you're doing, and initially what kind of revenue are you looking at on this investment?

So, in terms of revenue, it's a little too soon to talk about that. So, we have orders which can fulfill 200 missions. Work capacity at the moment, but the investment will only start from September, October. So by the time it comes to a full-fledged production, in terms of generating revenue, it will be an exponential year. In terms of investment, we already have the building within the entity. So it will only be acquiring machineries from an existing setup, from an existing factory, who are the leaders of ideas in these products. Acquisition in terms of the machinery and the team, partly. The investment, I think it shouldn't be more than a 10 crore kind of an investment. That's the maximum.

Understood. Thank you, and let's wish it. I'll come back to the question queue. Thank you.

Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star at 1. The next question is from the line of Reha from Kohirot Wealth. Please go ahead.

Hi, am I honorable?

Yes, sir.

Hi, sir. Good afternoon. Good afternoon, Babaji, sir. I had just a couple of questions on the business and how it's shaping up. Considering now that the tariffs have also rolled back and we're getting some benefit on the same, you know, you had mentioned it was a 90 to 120 day lag. So do we see Q2 onwards margins to come a little better than what they are at the moment or how will it be for Q2, Q3 going forward?

See, with respect to margins, we have already guided for a consolidated, like a garment division that is between M brand and ST apparel put together, we will be anywhere above 15% for the whole year. Even including Sri Lanka business, we should be 15% EBITDA margin. And with respect to Q2 performance, we feel that Q2 will be better than Q1 on the top line.

Noted. And, you know, there was some hindrance that, you know, considering tariffs were uncertain in the geopolitical seasons, we had slowed down the Capex. across Salem and other entities in India. Are we back on track to complete Salem and India for the machinery for the base business?

Kendra?

Yes. So, yes, we are back on track on that one. We've restarted the work on the projects on the young branch side since April. So, and the Salem facility has started since last month. It's doing the trial production, but at some point in the next three months, mostly early, it should be running to the full capacity of what we've planned for the phase one.

Yeah, go ahead, please.

Let's go, please, please. Go ahead. For STA apparel, do you want to ask?

Yeah, so this is with regard to N-Band apparel. They have 11 or 2 factories, which, as we said, it is in a way to be common. There is so. But with regard to the STA. We have already started this year, so that we have already started this year, so that we have already started this year. Then we have a plan to... In Sri Lanka, the advantage is we can go for job work with the customer approved factories without any investments and without any risk on the operation. So that is one more opportunity we are getting. So probably within one year time, we will be able to increase another about 500 to 600 extra machines as a job workflow. So this will add additional sales in the top line.

Understood. Thank you for that clarification. So, the 750 machines that Balaji, sir, mentioned in the beginning was split across India and Sri Lanka or was it only India?

No, it's only India.

Okay. And what's the current machines in Sri Lanka at the moment?

Current machines in Sri Lanka are about 1,650 machines.

Out of this 1,300 is used for a year.

1,300. And at the moment for the quarter, how much was contributed from Sri Lanka?

In terms of missions or? No, top line. Say, top line, we have a revenue of 25 crores on the top line from Sri Lanka.

Okay. And for this year, is it fair to estimate that, you know, you had mentioned that a 2,000 crore guidance for FY27. In Q1, we've done about 400 odd crores of revenue. So that, you know, that takes the trajectory on an average of 500 plus for the next three quarters consecutively around 530-550 range. I mean, I know it's not linear, but I'm just saying that, you know, that's how it optically looks on the numbers. Are we confident of achieving that number, or would you like to, you know, give us a little more clarity on the same place?

No, you see, on a consolidated basis, we have given a guidance of 2,000 crores, and what we have achieved for the first quarter is all in crores. But we still feel that second half will be the time where we will achieve better results, what we lost in first quarter, we will be able to achieve in the second half. That is what we are aiming to. And we still feel that we will be in a position to complete our guidance by end of...

Thank you, sir. That's very encouraging. And if I can just ask one last question, what would be the EBITDA from the Yarn Division for the quarter?

Yarn Division for the seventh quarter, it was around 700 crores for the first quarter.

Sorry, sir, I couldn't hear you. Seven crores?

700 crores, 7.5 crores.

Okay, okay. So you have not mentioned the order books of each of the businesses in the opening, could you give the order books?

Yeah, yeah, yeah. Close around 430 crores.

Okay.

For SPAL, right?

Yeah, SPAL. And for any financial, do you have idea?

About 70 crores. The order book currently, order book is, we have around 100 crores.

Yeah, 100 crores. And the SPUK, the order book is about 6 million, say 60 crores.

Okay, sir. Thank you so much.

70 crores, 70 crores. So, total order book is about 570 crores.

Okay, sir. Thank you so much.

Thank you. The next question is from the line of Raman KB from Sequent Investments. Please go ahead.

Hi, sir. Can you hear me?

Yes, yes.

So, one of the things which I have noted during the quarter is that our young apparel brand sales volume has declined sequentially. So, I just want, hello, can you hear me?

Yeah.

Yeah, so on sequential quarter basis, our young apparel brand's sales volume has declined. Yeah, the sales volume has declined. Is this attributed to anything? Can you be specific with respect to that?

Yeah, or to Kindle.

So, you are comparing year-on-year numbers.

Year-on-year, I am talking about sequentially.

Sequential, you are looking at 5.2 versus 5 million pieces. We did have issues with the U.S. tariff during the month of January and February. That's why the orders were little low.

Yeah, so customers were holding back in terms of what's the situation. They all knew that there's going to be improvement on the tariff situation with the reverse rule. So they held back for one, two months on placing the orders. So that effectively fell in March, April, partly in May. That's the reason. But there's a lot of stats which they held up which is happening in Q2 and Q3. So, they were just holding the orders because of expectation of the tariff reversal for two months. They weren't able to release purchase orders, and that's the impact we had in March, April, and May. So, it's half of May, which is one and a half months of Q1.

Understood. And so, my following question is with respect to our garmenting division margins, despite our lower utilization and lower revenue, our margins were 17.6. So, can we expect this to be a normalized margin, or is this a one-off?

So, with respect to government division, we are waiting for a 15% margin.

Yeah, so I just want to understand, was there any one-off during this quarter due to which we had an increase in the margins?

No, that's nothing to do with one-off phase, but the margins is purely with respect to the improved efficiency, because there is a change in the product mix.

Understood. And can we expect the net sales realization to be around 150 per piece?

That is purely product-driven. It cannot be looked at as an average rate, because if I am doing more adult, then the realization will be on the higher side.

Understood, sir. Thank you.

Thank you. The next question is from the line of Amish Kanani from NOVA's Investment Managers. Please go ahead.

Congrats on a margin improvement report, sir. Sir, last quarter you did mention about, you know, encouraging enquiries starting, you know, even from Europe as a long-term sourcing, given that we are based both in India and Sri Lanka. So, one, you know, given that there is already a fraction from UK, which is, you know, a very small market, how do we see, you know, this pipeline of enquiries and, you know, probably a long-term order sourcing? How are we preparing for that eventual, you know, EU treaty, which you said may be expected, you know, by end of this fiscal year, maybe a quarter year in there. But one, how are we, how is the current scene? How are we preparing for, you know, the growth that may happen? Given that we have a base in UK, but it looks small in size, does it help, you know, one, that base to be used for eventual much bigger outsourcing emerging from Europe, or are we thinking about setting up newer bases beyond UK for, you know, these kind of export inquiries?

So, with respect to your last question, yes, SPUK is today looking small, but see, SPUK division doesn't contribute only towards the trading business. It helps us support with respect to design support because they work on the design side also. So it's not about only trading business, but it is also a support which we take with SBUK's help on the design side. For our existing customers for India, India operations. That is right.

The UK has got a great potential, you know, post-COVID, only now it is slowly picking up. So the sourcing strategy of all the retailers are changing. For example, Martin Spencer has clearly said that now they are looking for three things from any new supplier or existing suppliers. One is the track record. And the second thing is the financial strength. And third one is product development and design support. And the fourth one is they are locally available for them. So that is the strategy. So we fit into all the requirements. So this is one example. Same way everyone is now changing their mind to source more through the local offices rather than direct manufacturing. So the things are changing, and as I told you now, SP UK has got about four customers, and now another three are adding up, so seven customers, and these volumes are unlimited, because there is no capacity limitation, since they are placing orders to so many factories in India and Sri Lanka, so the capacity is unlimited. So it has got a great potential. As I told you, in the next three to five years time, you'll easily cost 50 million to 60 million pounds.

And, sir, about the potential EU pipelines on the ground situation currently, and how are we preparing?

So, for, see, already in the beginning, I think we have clearly indicated that we have put up capacities in India to an extent of 6,000, maybe 5,750 something, and we have, we have added vision in Sri Lanka to an extent of 1,650. We can go up to 2,000 there, and India, we are looking at, we can add another. 10 missions every factory, we can add another 300. So roughly 6000 in India, 2000 in Sri Lanka, 1750 in Engpura and Dakar. So we have a potential to, we have worked, we have invested into for a 10,000 sewing machine capacity. So we are set for next 2-3 years and we are ready to absorb whatever comes in our way.

That's very encouraging. And, sir, last question before I move back in the queue. On the uncertainty on the U.S. side, you did mention a little bit less. There were some in the month of January and February, but some exporters in India have started to actually get a refund also if they have exported in U.S. The question to you is, you know, how are we, you know, kind of, how are we facing the situation on the ground as an exporter of exports to U.S.'s concern, sir? Thank you.

Sorry, can you repeat the question again?

The uncertainty on the U.S. side was there, more so in the first two, three quarters, and there are these reports about, you know, another set of uncertainty which might come because of the bill that they have passed, you know, which might affect us. So the question is, one, on the ground, how is it happening, and what is the outlook for, say, next six months based on the current situation, sir, exposed to U.S.?

Yeah, at the moment, whatever interactions we've had with the customers, they are not expecting that to happen. But also, they are cautious in telling us that it's very unknown in terms of uncertain, in terms of how the Congress or the President, they take decisions and if the bill gets passed. So at the moment, they're not seeing that as a problem, but they're also clear that they can't be 100% certain what will happen three months or four months down the line. So, as it stands, the order book is safe. We've got orders until January, which is booked, but we have to wait too much. There's nothing on the ground level that the customers can say.

So, it's cautiously, optimistic kind of thing. Okay, thanks a lot.

Yes, it is. Yes, correct.

Thank you. The next question is in the line of Bhavin Cheda from N.M. Holdings. Please go ahead.

Yeah, good afternoon, sir. Overall, good recovery in margins and attraction you're seeing in the other businesses and also strong guidance for FY27. Sir, regarding your top-line guidance of 2,000 crores, what kind of infant export volume and young brand volumes you're looking in FY25?

25?

Sorry, in FY27, what kind of volumes you are looking at? Infant export volumes and young brand volumes in number of...

See, since young brand is more underwear, we can't give you the exact volume with respect to the growth... Year-on-year. What we are looking at is that last year we have performed the 300 crores of revenue. What we can do this year, we should reach anywhere between 340 to 350 crores of top revenue.

Okay, and infant export value, I think, last year was roughly around 955 odd crores. Is that any guidance there?

1,100 crores was last year's number, and we are expecting to reach 1,300 to 1,400 crores this year.

Okay, I think the interest cost was slightly higher this quarter at 15 odd.

So, anything except for the consolidated cases, because of exchange volatility. So, my backing credit, which is in INR, when I am restating it, I am taking a hit of around 1.75 crores.

What would, so quarterly run rate of 9-10 crores interest will be back from Coridu?

Yeah, we should, on a conservative basis, we should be anywhere between 30 to 35 crores.

For the full year?

Yeah, for the full year. Yeah, correct. Without the exchange law.

Okay. Thank you, Satya.

Thank you. The last question is from the line of Ayush Goyan from Kavi Capital. Please go ahead.

Yeah, hi. Thanks for taking my line. So, since you're projecting the growth to pick up from H2, is this growth already backed by orders or are we in preliminary discussions with the clients?

Yeah, I think we have already backed the orders for next to 4-5 months. You know, like, we said the order book currently is about close to 5, 9, 420. No, putting all to that, there is about 550 cores. So, that itself is an indication of the level of the top line expected. And the second option, generally, it's, you know, after the, this is a situation where, The after-effects of the U.S. Paris thing and then FBA introduction. So all these things are going to be effective from second quarter onwards. So we are already booked until October. We are fully booked and we are open for November onwards. And I think even if we fill the capacities, automatically the top line has to come. And we don't see any issues with regard to the order booking.

Okay, and I think I missed the order break-up that you stated earlier on the call. Like, what's the order break-up between stand-alone and Young Brands?

So, Young Brand has an order book of 72 crores, and SP Apparel India has got an order book of 130 crores, and SP UK has an order book of...

Yeah, that is, SP-UK is about 70 crores. And YBA is about 100 goals.

Okay, good. That's it. Thank you, sir.

It's about 600 goals.

Ladies and gentlemen, that was the last question for the day. I would now like to hand the conference over to the management for the Close & Comments.

Thank you. I would like to thank everyone who has participated in showing interest in your company, and we look forward to supporters. And we are very confident that our business trajectory, I mean, the forecast is looking very bright and achievable. So, with this, I would like to conclude the con call. Thank you.

On behalf of Ilara Securities India Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.