Stylam Industries Limited (526951) Earnings Call Transcript
January 19, 2023
Earnings Call Speaker Segments
Ladies and gentlemen, good day, and welcome to the Q3 FY '23 Earnings Conference Call of Stylam Industries Limited, hosted by Systematix Institutional Equities. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Ashish Poddar from Systematix Institutional Equities. Thank you, and over to you.
Yes. Thank you, Michelle. Good afternoon, everyone. I'm Ashish Poddar from Systematix. I welcome you all for this conference call of Stylam Industries to discuss Q3 FY '23 earnings. So from the management side, we have Mr. Jagdish Gupta, the Managing Director; Mr. Manit Gupta, Executive Director; and Mr. Kishan Nagpal, the Chief Financial Officer. Without much ado, I'll request moderator to straightaway go for the Q&A session.
[Operator Instructions] We have the first question from the line of Nikhil Gada from Abakkus Asset Managers LLP.
Sir, my first question is regarding the overall demand scenario. I mean, our 3Q has been really, really good in terms of the volume growth. And considering the other sort of categories, we are seeing some amount of slowdown. So do we expect that this can also reflect in our business as well for the upcoming quarters? Or you think that we are on a strong footing?
No, no. We will be definitely on strong footing. Even in quarter 3, we had some challenges of logistics. We could not get a few containers, 20, 30 containers from Russia, and to this Uzbekistan and Ukraine, which we are selling through via Poland. So that reduced our sales a little bit by 2%, 3% a quarter. Otherwise, we are very quite hopeful. Domestically, also we are increasing, not like export but [ exporting products ] every month. So it will be better than this quarter, surely.
Okay. Understood, sir. And just, sir, as you just reflected on the domestic part of the business, I mean, for now past 2 quarters, you are doing somewhere around INR 80 crores to INR 82 crores run rate on a quarterly basis. And I remember maybe 6 months like you had said that we would be close to INR 350 crores to INR 400 crores of total sales in domestic...
Maybe not INR 400 crores, INR 325 crores to INR 350 crores.
INR 325 crores to INR 330 crores you think is possible?
So actually the reason we are trying our best, and very hopeful, brand is already there, we are getting good response from the new distributors. Surely, it will grow.
Understood, sir. And sir, just firstly, on the acrylic panel, can you give us the number as in how much sales was done in 3Q?
Very good. You see when something is starting new in India, we are a import substitute. You will see, even up to now, we have INR 16 crores turnover already last quarter. Last quarter, we have made almost INR 7.5 crore, which is beginning and you can understand everywhere now the availability is 3, 4 months, you will see brand name will be in the market, Granex.
So sir, just if you can sort of give us some amount of guidance because I think you had mentioned that we'll do somewhere around INR 15 crores to INR 20 crores quarterly from second half, and we have done close to INR 7.5 crores to INR 8 crores. I understand it takes some amount of time to...
That is due to -- there is a new brand. You see, first plant in India for this sector. And when it will grow, it will grow multiple, same thing will happen with [indiscernible] in laminates. It means quality is acceptable. And we [indiscernible] export also.
I understood. Okay, sir. Fair enough. Sir, just lastly, 2 more questions from my end. Just on the margin front, we are seeing a very steady improvement in our -- both in our gross as well as the EBITDA margins. So do you see further scope of improvement both from maybe RM side as well as from our product mix?
Yes, yes, yes. You see our RM old -- this material, which will be used in third quarter, [ hopefully ] is from the old prices. And we have to book, accept on both, we have to plan minimum 3 to 6 months. So now with new product, new raw material is coming from our [indiscernible] on reduced prices. So definitely, it will improve.
Understood. And sir, just lastly, I think we have done some restatement in our previous year's 3Q numbers. Can you help us what this restatement was?
[Foreign Language]
Sir, your voice is not clear.
Currency fluctuation.
Currency fluctuation. [Foreign Language]
[Foreign Language]
No, no, there is no impact at all. [Foreign Language]
[Foreign Language]
[Foreign Language]
We have the next question from the line of Pritesh Chheda from Lucky Investment Managers.
Yes. Congratulations for continuous improvement in numbers. Sir, just a couple of questions. One, you mentioned about this new RM. So when should this new RM start flowing in your P&L? And does it mean that we go back to the growth of the EBITDA margins, which you were making before this whole RM price rise of about 20% margin number?
Hopefully, maybe not in current quarter, maybe next quarter, surely.
Okay. And -- but we'll start seeing the improvement and the journey towards 20%...
You can see the improvement in every month, first, second. You can see first difference, second difference, third difference, you will see more difference.
Sir, the solid surface business of INR 7.5 crores, which you mentioned is the annual number or quarterly number you gave?
No, no, no, quarterly. Now it is improving every...
Okay. Okay. And lastly, sir, I wanted to know the 9-month laminate volume number and the realization number or the quarterly volume number and the realization...
9-month laminate is INR 86 lakhs [Foreign Language].
This is which? This is for 9-month?
9-month [ period ].
Okay. And for the quarter?
30.01 million.
[Foreign Language]
[Foreign Language]
So basically, the full growth that we see is all value-driven?
No, no, no, no. You see, INR 86 lakhs is for 9-month. Last year was INR 89 lakhs.
INR 89 lakhs for 12-month.
12-month.
[Foreign Language] INR 89 lakhs for 12-month.
[Foreign Language]
Okay. Okay. Sir, I thought it was for 9-month.
9-month INR 65 lakhs.
Last year.
INR 65 lakhs, okay, sir. And on the plant utilization side, where are we?
About 75% to 80%.
80%.
Okay. And what is your CapEx plan now you are...
I already mentioned many times, the CapEx plan right now, just -- adjustment, you can say, modernization of machinery, some automation like that, already going on.
Are you adding any laminate line?
No, no, no. Still, we have too much -- rather it is utilization, we are going from automation that will also increase 30%, 40% more capacity from the existing things.
So you have scrapped the ply and the MDF and all those capacities?
No, no, no. We have never told, plywood not scrapped, that's for -- somebody people like you mentioned, they will go to some other products, not in plywood.
Okay. And what is the maintenance or the automation CapEx that you'll spend in...
That will be not more than INR 30 crores, INR 40 crores in -- it's already started.
INR 30 crores, INR 40 crores?
Not in 1 year, 3, 4 years.
So basically INR 10 crores per annum.
INR 10 crores, INR 15 crores.
Thank you very much, sir, and all the best to you, sir.
Sir, before we move ahead on the management line, sir, your voice is little fumbled. So I would request you to kindly...
No, my voice is not okay.
Sir, it is fine, but it is a little fumbled. Some words we are not able to understand when you are speaking.
You interrupt and then I will speak again. We will see...
No, sir. That would be fine. This is okay. Sir, I would request you to speak in the same manner how you're speaking to me right now. We move on to the next participant. The question is from the line of Rishab Bothra from Anand Rathi.
I just wanted to check, in our presentation, we have mentioned 9-month sales volume figure as 9.4 million sheets. Whereas in...
In the presentation we have revised the figure, sir.
Pardon me, sir.
We've revised the figure.
Okay. So what is the figure now for 9-month?
8.6 million.
8.6 million. But when we look at the 3 quarters, Q1, Q2, Q3, it's coming at 8.9 million. So I think there is some...
24 crore, I think 32 and 30 crore, 86 crore.
2.7 million, 3.2 million and 3.01 million.
[Foreign Language]
[Foreign Language] first half was your 5.9 million sheets. 2.7 million and 3.2 million.
5.6 crore.
Okay. 5.6 crore. Okay. Correct.
24 crore plus 32 and 30 crore, 86 crore.
Okay. And sir, your depreciation reduced considerably this quarter and interest has increased. So any clarity on that?
[Foreign Language]
Okay. And depreciation?
[Foreign Language]
So this will be the normalized depreciation going forward?
Definitely. If there will be no addition to the [Foreign Language].
Okay. [Foreign Language]
[Foreign Language]
[indiscernible] 5, 10, 15 also.
[Foreign Language]
[Foreign Language]
[Foreign Language]
No need for any build CapEx.
We have the next question from the line of Udit Gajiwala from YES Securities.
[Foreign Language] there were some nations where we could not supply due to logistics issues. So what would be that amount [Foreign Language]?
[Foreign Language] have already deposited with us. We are not producing anything without advance payment.
[Foreign Language]
[Foreign Language] already start [ growing ].
Okay, sir. [Foreign Language] So that we'll see from FY '24 supposedly the [Foreign Language].
Not '24, in the fourth quarter. From next -- it will improve every quarter. The reason being, when you will -- your sales will increase, overhead will decrease, so there are so many parameters. Ocean freight is already going to the normal level of 2 years back.
Got it. And sir, could you just reexplain [Foreign Language]
[Foreign Language]
We have the next question from the line of Achal Lohade from JM Financial.
Sir, just wanted to understand how is the domestic scenario looking like in terms of the demand situation? And also, how are the pricing moving in terms of the realization for the domestic segment?
As I said, domestic, we are doing our best. Now network increasing every month. Realization is in part, realization is due to this raw material cost a little more. Now everyone has domestically reduced little, little prices. So we are very quite hopeful every month, there will be increase of INR 3 crores, INR 5 crores turnover, domestic turnover increasing if you go through whole data. We are doing good in domestic market, not as compared to export. Our export is growing more. But we've been proud that when our product is accepted in European country, U.S. country. It is why -- not in India, and we are quite hopeful. If you see -- you can see from third quarter, second quarter is INR 82 crores, third quarter or fourth, same.
Correct. Correct. Is it possible to get some more sense with respect to the domestic volume? How much was the domestic volume in 3Q?
We are working hard. There are more than 200 people working on the metallic front. And let's say there's 3 years to establish in international market. Domestic is also growing.
Correct. Correct. Sir, in terms of the volume number of sheets sold in 3Q for -- in the domestic market?
Domestic volumes?
Yes.
12.15 lakhs.
Okay. And what was this in last year same quarter, sir?
In last year same quarter, 9.05 lakhs.
0.9 million.
Correct. Correct. Correct. And in 2Q...
That means you can understand it has already increased almost [ 25 ].
Significant increase correct. And for the second quarter, sir?
Second quarter this year, 11.9 lakhs. And last year it was 12.15 lakhs.
Okay. Okay. And for 9 months, sorry, I'm asking too many numbers, but just to get a sense in terms of the breakup, 9 months FY '23?
9 months 33 lakhs [Foreign Language]
3.3 million. The sheets number is matter. The reason begin, when we are going for value resell, and higher thickness, then value more and the quantity may be there.
Correct. Correct. Correct. And sir, if you can tell me, you said 200 people you have in the domestic segment. In terms of the distributors, retailers, any color as to where we are, where we want to be eventually?
Sorry?
What is the number of distributors we have in the domestic...
You see distributors we have many, maybe more than 200. That do not matter. If you have more distributor, there should not be quantity. There should be quality distributors. You have a distributor selling only 200 sheets per month. There is one distributor who is selling 3,000, so that not much matter.
Understood. So sorry, I joined a bit late. So what is the volume growth outlook we are talking about and the margin, sir, for us for FY '23?
Growth you can see from the last year, it is growing 50% this year. And margins also, even in spite of the fact that raw material prices, ocean rates, everything drastically increased even then we are doing our best and doing good. This quarter, we are around about 17 -- near to 17% EBITDA.
Correct, correct. And what's the capacity utilization, if I were to ask you at this point in time?
That would be 75% to 80%, again, depend on the capacity utilizing also not matter. If you are selling a high-value product, current capacity utilization may be more. If you are just selling a potato or commodities, then it can be more.
Understood. Understood. Great, sir. Any update on the acrylic...
Acrylic is doing good. We are established in the market. And even we are getting in the quarter almost INR 7.5 crores to INR 8 crores, so it means we are happy. When there is a new product and market is accepting it.
We have the next question from the line of Shubham Agarwal from Axis Capital.
Sir, just one question. If we look at our export revenue of INR 487 crores in the first 9 months of this year. How much of this would be -- sir, I'm saying that if you look at the export revenue alone from the first 9 months of this year, which is about INR 487 crores. How much of this number would be from white label export products?
Could not understand -- what is the -- out of the INR 487 crore, [indiscernible].
How much would be from -- yes, from this INR 487 crores, how much would be from white-labeled exports, white label products export?
White label products.
White label, what is the meaning of white label?
I mean, where you are not stamping a brand on the laminate and selling it to...
Okay, okay, branded. I told many times...
Unbranded, yes.
60% of our turnover is on our brand name, many countries. 35% to 40% is OEM.
Okay, sir.
OEM and end user, which are end user like thyssenkrupp is our customers. They are using in their elevators and escalators. So they don't need any brand.
Okay. So this 65% is only sold with your brand name in the foreign markets?
Many countries, U.K., Netherlands.
Yes, in the European -- yes, yes. Okay. So that was all I wanted to check with you.
We have the next question from the line of Pranav from Equirus Securities.
Sir, I wanted to [Technical Difficulty].
I'm sorry to interrupt, Mr. Pranav, your voice is breaking. We couldn't hear you.
Hello? Am I [Technical Difficulty]?
No, sir. I would request you to please rejoin the queue. We have the next question from the line of Pritesh Chheda from Lucky Investment Managers.
Sir, on the export side, we continue to hear in lot of other building material products about channel inventory and about slower growth in lot of these exporting nations. But when we look at your numbers, it's fairly stable on a quarter-on-quarter basis. So if you could give some color on what exactly we are doing on the export...
It is good or better. It is good that we are...
It is, sir, very good. And we've just wanted...
And sale is improving in Europe and all developed countries, not in Middle East.
Okay.
You can understand that our quality like what we view as local Make in India. Now Made in India community is established by talents in these countries. And we are quite hopeful that it will increase more in every month. In our core, we are finding a very -- more partners over there.
So you are adding more customers and more countries...
Customer and country also. Customers, mostly we are working as a partner, not a customer, buyer and supplier. This is the reason that our sales is increasing.
Okay. And you see this trend continuing, and that's the reason why you talked about 15%, 20% top line growth next year?
Yes, yes. Definitely, surely.
Okay. And just lastly here, what new countries have you added?
No. We never disclose. We are very weak in U.S.A. and in North and South America, we see increasing. You see, there is no matter of country, we are already covering most of the countries. In some country, we have new products are coming, new customers, we can find more customers. And that our old customer is also improving their sales.
We have the next question from the line of Pranav from Equirus Securities. I'm sorry to interrupt, sir, there is a disturbance on your line -- on the management line.
From our side, no.
Yes, sir. Sir, I think you are moving the receiver. So we could hear that. Okay, sir. Kindly proceed. Mr. Pranav?
Yes. Can you hear me?
[Foreign Language] Yes.
Yes, sir. [Technical Difficulty]
I'm sorry to interrupt, Mr. Pranav, we are not able to hear you.
But I can hear him, madam.
Sir, his voice is breaking.
Hello. Is it clear now?
Yes.
[Foreign Language] So any particular reason?
[Foreign Language]
[Foreign Language]
[Foreign Language]. Hello?
Pranav, your voice is breaking again.
Yes. Can you hear me now?
Please continue.
Yes, sir. So mainly it is because of freight rate only.
Freight also, but other parameters also when the sales will increase. Overall, expenses will definitely decrease. It is not increasing proportionately.
Yes, sir. [Technical Difficulty]
Pranav, your voice is breaking. We cannot hear you.
Hello?
Yes.
[Technical Difficulty]
Yes. Pranav, I would request you to go to the network area and then call us back, please. We are not able to hear you at all now. We have the next question from the line of Harsh Shah from Dalal & Broacha Stock Broking Private Limited.
I have a couple of questions. Firstly, sir, what is the guidance for the acrylic surface for the next quarter? So can we do, say, around INR 10 crores to INR 15 crores?
Yes. You see I mentioned that our network is increasing every month and when we -- almost INR 8 crores, INR 7.5 crores to INR 8 crores this quarter. So it will definitely double in this quarter.
Okay. And sorry, I think probably I missed one of the data points that you mentioned earlier. So what is the export volume of Q3 of last year?
Q3?
Q3 of FY '22?
Q3 last year.
37 lakhs.
Amount. You are talking about the value?
No, the volume data.
Volume is 37 lakhs, sir.
37 lakh. 3.7 million.
No. Sir, I want for one quarter, export volumes.
It is export...
Export quantity.
It is export quantity.
It is export. Okay.
For 9 months?
For 9 months.
No. I want export volume data for 3 months, not the 9-month.
Only for Q3?
Yes. For only Q3.
13.17 lakhs.
Sorry?
13.17 lakhs.
Okay. And sir, any color on why our receivable days are increasing? Is it that some -- so would that account for these lower -- difficult to get money in the domestic market, so the receivable days are higher in domestic market?
No, no, it is higher right now as we are going for this acrylic. So we have to keep the stock in the [ C&FI ]. So there is -- domestically, yes, you are right.
Sir, domestic, the days are increasing.
Yes.
And if you could have the data, what is the cash flow from operations for 9 months?
Cash flow?
From operations for 9 months?
I did not get your question properly.
The cash flow from operations for 9 months of FY '23?
Cash flow.
Cash flow INR 31 crore of net profit, [Foreign Language] INR 35 crore, INR 36 crore cash flow [Foreign Language].
We have the next question from the line of Nikhil Gada from Abakkus Asset Managers LLP.
Sir, just a couple of queries on the data front itself. Our employee expenses, if I see from 2Q to 3Q, we have seen a decent jump of around close to INR 2 crores. Has there been any -- and basically, the sales have not moved so much from 2Q to 3Q.
No, no. The reason being, we are now expanding our different team formation, solid surface. For that reason, the result will come in the next 3, 4 months. That is the reason for the entry. Overall expenses, you will see is reduced.
Understood, sir. So is this cost going to go up further or we have made most of our...
No, no, no. We are already established. Now the sales will come. You will see, when you start something, you have to put and the result is not coming in a Monday.
Correct, sir.
This is the reason.
Understood. And sir, secondly, just on the finance cost was not able to capture what you said as in -- if you can once again mention it, please, what was the reason for the jump in the finance cost?
[Foreign Language]
[Foreign Language]
INR 3.20 crores.
Okay. Sir, normal finance question [Foreign Language].
[Foreign Language] Maybe now it is lost, but overall, but overall export market is very good for us.
[Foreign Language]
[Foreign Language]
[Foreign Language]
We have the next question from the line of Vinayak Mohta from Stallion Asset Managers.
Yes. Am I audible?
Yes.
Congrats on a great set of numbers. I have 2, 3 questions. The first one was, in the value-added segment, but the value-added [Foreign Language] what share of revenue was it currently and what share was it like 2, 3 years back, pre-COVID times?
Sorry, again, [Foreign Language] again for export market, right?
No, I'm saying the value-added products [Foreign Language]
[Foreign Language] But we are hopeful, every quarter it is increasing.
[Foreign Language]
[Foreign Language]
[Foreign Language]
[Foreign Language]
[Foreign Language]
Total revenue is nearly INR 2 million, INR 1 million is [ acrylic ]. Total revenue both machines INR 400 crores to INR 500 crores.
Understood. [Foreign Language]
[Foreign Language] we are going for capacity -- [Foreign Language] And we are going for modernization and automation. So our capacity in laminate, we can go minimum INR 1,200 crores to INR 1,400 crores, again, depending on the valuation of the product.
Understood. [Foreign Language]
[Foreign Language]
[Foreign Language]
[Foreign Language] The way we are growing, you can see for the last 3 years, almost 50% increase every year. We will hope and we trust that it should continue and we will try our best.
Understood. Sir, last question, [Foreign Language]
[Foreign Language] not only one parameter, there are so many parameters, it depends.
Sir, before we move ahead on the management line, sir, there is a background noise. I mean, people are talking behind.
Sorry?
Sir, there is a background noise. People are talking.
Okay. Somebody is in the room.
The question is from the line of Karan Surana from Monarch AiF.
I just wanted to ask, our operating cash generation for the 9 months. I think I missed that the last time the last participant ask that question. So what has been our OCF generation of operating cash generation for the 9 months? And sir, the follow-up would be what has been our debtor days as well as inventory days for the 9 months, sir?
So working capital [Foreign Language] 96 days.
Okay. [Foreign Language]
[Foreign Language]
[Foreign Language]
[Foreign Language]
We have the next question from the line of Resha Mehta from GreenEdge.
So I'm new to the company. So I just had one basic question. If I look at your 9 months quarterly run rate in terms of top line, that's INR 240 crores, which if I look at 9 months FY '22, that quarterly run rate then was around INR 170-odd crores. So just wanted to understand that structurally, what are the changes that have happened? So what I understand, obviously, the laminate segment has grown. But as a company, what are the initiatives that we have taken, let's say, in the export market or in the domestic market, which has led to this kind of revenue growth? So be in terms of adding new geographies, new customers and domestic market expanding our footprint, et cetera, if you could just elaborate on that?
Yes. You see, first of all, our new plant which we started it from 2018 after that 2-year COVID plus, it is one of the second largest plant in the world after [indiscernible] in U.S.A. Any customer from overseas came to see, you can see our plant on YouTube. And you can understand. Second thing, we have a new machinery, new product, new changes. So of course, it will increase [Technical Difficulty] when there is a market, there is still in the -- where is the demand for -- we are very weak -- still weak in domestic market. International market is very big for [indiscernible]. So this is the reason -- everyone is growing. We are also growing in the same way.
Right. Right. So domestic market, if you could just elaborate that, was it that you were present in certain geographies and then over the last course of, let's say, the last 1, 1.5-odd years, you've put in a sales team or expanded your distribution in the domestic market? Anything of that sort?
Yes, of course, for that reason last year we participated in IPL, now we are also planning again for advertisement and we're sure that -- before that 2 years back, we had no much capacity from our old plants. So we are more concentrated on export. Now we are going for both with domestic and export also.
Right. And on the export front, has there been any meaningful addition of, let's say, new geography?
Sorry to interrupt Ms. Mehta, I would request you to please rejoin.
Hello?
Yes. So on the export front, if you could please elaborate that whether you added any new geographies, new sizable...
Last time also, somebody asking this question. We are almost -- where our laminates is required, we are [indiscernible]. Few countries here, new countries, we are searching, we are locating, our people are traveling. And their country, we are already exporting, then also our customer base is increasing there. So you can see the [indiscernible] this year also, figure will be more than 50% increase than last year.
Resha, you may come back in the queue, please.
We have the next question from the line of Rajat Setiya from iThoughtPMS.
[Foreign Language]
[Foreign Language]
[Foreign Language]
[ INR 50 crore to INR 65 crore ].
[Foreign Language]
[Foreign Language]
[Foreign Language]
Yes, yes, mostly for import. Small, small plans of [indiscernible], yes. And demand will increase, people awareness for this product will increase.
[Foreign Language]
[Foreign Language] they have their own offices.
[Foreign Language]
[Foreign Language] So prices are growing competitive and demand awareness is there. [Foreign Language] You go to any airport, you will see [Foreign Language] you will see this is available there.
[Foreign Language]
[Foreign Language] Here brand value is also still -- our brand value is increasing every day.
[Foreign Language]
[Foreign Language]
We have the next question from the line of Pranav from Equirus Securities.
Yes. Can you hear me now?
[Foreign Language]
Yes, sir. [Foreign Language]
[Foreign Language]
[Foreign Language] So by when we can expect some positive movement on this side? [Foreign Language]
No, no. We have no much problem for debtors. So only we are facing a problem in domestic market. Every -- whenever the brand will establish in domestic market. So this period will be reduced. Hello?
Okay. Yes, sir.
[Foreign Language] go 30 days, even on fully advanced payment after some time, like in acrylic, we have no [ projects ]. 100% advance payment. So maybe then in laminates after few months, whenever brand will more established, then there will be reduction in the corrected period.
Okay, sir. Okay. And sir, my next question was on raw material front. So chemical prices, [Foreign Language] paper prices are also coming down?
It's coming down, but not in -- see just before this call, we had a Zoom meeting with our suppliers from Germany. We are asking them. We are still saying that this -- actually problem is from Ukraine and this war. Our [indiscernible] is from Europe. Energy crisis, we are reducing with government support, and German government is also supporting them. But we are sure it will reduce very soon.
Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Ashish Poddar for closing comments.
Before closing this call, I have a few questions. So sir, if you can give some guidance about the next year or the next few years volume growth in laminate, which you are foreseeing today in the domestic and exports market? And also, you have always talked about a big number for acrylic solid surface revenue of INR 300 crores to INR 400 crores. Do you still believe that it is achievable in the next 2, 3 years?
Yes. It is definitely, the way we are moving, we are still very behind. People -- we are feeling -- sometimes we are feeling proud in the export market, new customers, we never expected that big company, big customers are coming to us thinking the metrics, yes, of course, I am not telling lie. It is gradually -- not increasing the way we're investing and the way we are growing in export. The acrylic in India and we are the first company to produce. And I heard that the government is also looking after anti-dumping duty on this product. So we are [ flooding ] in the market. That will also help us in terms of -- we are surely -- this quarter when we will meet after 3 months again, you will see the ways will be changing the sales figure and other parameters.
Sure, sir. And one more thing, on the logistics issues you mentioned, have things still challenging or normalized?
No, no. There is no challenge. You see, there are some countries where the [indiscernible]. There is some restrictions from the shipping company. Other -- everywhere you see, no problem in container availability, nothing.
Okay. So you see that Q4, the current quarter will be a normal quarter for you?
Yes. Better, normal and better.
Okay. Thank you so much for answering all the questions of the participants, sir.
Thanks to everyone. Thank you.
Yes, we can close the call now. Thank you, everyone.
Thank you.
Thanks.
Thank you. On behalf of Systematix Institutional Equities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.
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