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Intrinsic Value is all-important and is the only logical way to evaluate the relative attractiveness of investments and businesses.
Ladies and gentlemen, good day, and welcome to the Kaya Limited Q2 FY '24 Earnings Conference Call, hosted by Dolat Capital. [Operator Instructions] Please note that this conference is being recorded.
I now hand the conference over to Mr. Sachin Bobade from Dolat Capital. Thank you, and over to you, sir.
Thank you, [ Sikahl ]. On behalf of Dolat Capital, I welcome you all to the Q2 FY '24 Earnings Conference Call of Kaya Limited. Hope you all and your family yours are staying safe. From the management side, we have with us Mr. Rajiv Suri, Global Chief Executive Officer and Managing Director, Kaya Middle East; Mr. Rajiv Nair, Chief Executive Officer, Kaya India; and Mr. Saurabh Shah, Chief Financial Officer.
Now I hand the floor to Mr. Rajiv Suri for his opening remarks, and then we will have a question-and-answer session. Over to you, sir.
Thank you. Good morning, everybody. I would like to welcome you to the conference call on company's behalf. The investor presentation has been updated on our website, kaya.in, and contains the financials, key metrics and business updates. I hope you have had a chance to go through it.
Let me begin the conference with highlights for quarter 2 performance. I will start with Kaya India performance, and then I will cover Middle East. Quarter 2 clinics performance in India was strong at 20% growth versus quarter 2 last year, driven by new growth levers, which contributed to 63% of this growth. These growth levers include body category, nutraceuticals, innovation, omnichannel as well as new clinics.
The net revenue in clinics grew by 21% versus quarter 2 last year, with increase in productivity indicating both the brand refresh and pricing strategies are working for the company. The product business grew by 34%, driven by categories like skin and nutraceuticals. The renewed focus on hair care category resulted in an increase of 24% growth over quarter 2 last year. The company continued to delight the customers with high NPS score of 84 and retained a laser-sharp focus on customer experience.
Our growth levers updates are as follows. Marketing automation, we have commissioned a marketing automation project to digitize our customer engagement and new customer acquisition, which includes setting up of automated appointment bookings, customize WhatsApp and [ web bot ]. On new services, the company's new body segment vertical had a 4x growth over quarter 2 FY '23. Nutraceuticals contributed to 21% of quarter 2 FY '24 product business.
As part of our brand refresh project, the company, during the quarter, relocated 1 clinic, making it 3 clinics for the year; and renovated 5 clinics, making it 11 clinics for the year; and we have invested in 13 machines and technology for the clinics for this quarter, making it 63 machines for the year.
On the people front, we attained notable success by clinching 2 esteemed rewards, the Thrive Award from the International Business Consortium for Best Employee Engagement, and the award for 100 Best Companies for Women in India by Avtar and Seramount.
Now going on to the Middle East business. On a quarter 2 basis, the collections were INR 54 crores and showed an uptick at 4% versus quarter 2 last year and showed an improvement from a decline of minus 3% in quarter 1 this year. Within the Middle East, the UAE performance was stronger, achieving a growth of 16% versus quarter 2 last year. Net revenue performance grew by 5% over quarter 2 last year. Product revenue grew by plus 19% versus quarter 2 last year, and the renewed focus on hair care category for this quarter resulted in 33% growth.
On the financial performance, Kaya Limited posted consolidated revenue from operations of INR 100.6 crores for quarter 2, a growth of 10% over corresponding quarter. Consolidated EBITDA for quarter 2 is INR 10.2 crores as compared to INR 5.1 crores in quarter 2 FY '23. Consolidated loss, after tax and after exceptional items, for quarter 2 is INR 13.4 crores as compared to a loss of INR 14.9 crores last year.
The detailed financial information update is already with you in the uploaded investor presentation, and you may refer to that for additional information.
I now open the session for questions, and my colleagues and I will be happy to answer them. Thank you.
[Operator Instructions] Our first question is from the line of Dr. Vijay Kumar, who is an investor.
I've been a very old [ shareholder ] in this company for a very long time and been watching this quite closely. I'm a doctor myself. So I have some inputs and a few questions. So the first one is, we are a health care unit, right? Kaya, it is a clinic, health care clinic, right? Recently, I have actually sent a patient -- an I mean audible?
You're audible, yes.
Yes, yes. And I sent the patient to one of the clinics in Hyderabad, and patient had a problem with -- of pimples. It's a clinical problem, right, a health problem. And our people gave a treatment and all that. And then of no use, patient came back to me and then -- so I had to then -- very dissatisfied, and I had to send the patient to some other leading dermatologist outside.
And when -- after 10 days, the patient came back to me and then with some help to report, [indiscernible] the patient. So what happened was, I'll come to the point now, our competitor examined the patient, got to the root of it by prescribing few tests, like basic tests, like hormonal and fasting glucose, insulin and -- because glucose is one very big factor where pimples can appear. So they're even very scientific, and then started treating here. And then within a month, the patient improved and patient was very happy.
So 3 things happened for us. One is we were not scientific. We were like a beauty clinic. Beauty -- not clinic, beauty shop. So that is one. Number two, what happened was we have created an unsatisfied patient who will never set foot in our clinics. And number three, we have lost [indiscernible], which is a [ problem ] and a very good bottom line.
So I think we need to approach it more scientifically. [indiscernible] comment. I would start -- actually, I would want to hear from you if you can -- please take it in a very positive way. I'm an investor and I would love Kaya to do very well. And I know Rajiv also is a very good guy. And I mean, I love the promoters, Mariwala, and I'm shareholding in Marico also. I mean full [indiscernible]. And I also welcome Rajiv Suri into the management team. Please take it positively, right? Yes.
Yes. Thank you so much, Dr. Vijay. So I think a very, very, very valid feedback, and I think we take it absolutely in the right spirit. What's important, what you mentioned, I think, is already something that has come to our discussions in various types of treatments that we actually do. And very similar to your feedback, we are actually incorporating some of this into our own standard operating processes inside the business. We've recently commenced some changes in our SOP, especially for our hair care segment in Kaya, where we are starting a lot of diagnostics for customers before we get into the treatment of the customer. So we have actually incorporated diagnostic. We have incorporated prescription drugs, as well as -- yes, as well as nutrition consulting for customers allows to say the treatment that we [ have to do ]. Actually, this will actually get into other segments as well. While, of course, I want to give a caveat here that we will not become a clinical dermatology clinic. So it will be an aesthetic dermatology clinic, but with some sound interventions before we get into treatment mode. So that's a very, very good feedback.
The other thing that we have done is we've actually gone back to roots, and we have gotten in a very senior dermatology person called Dr. Aparna Santhanam, and she actually was one of the founding members of Kaya at the time when reached in 2003. She is also reworking and working with the doctors more closely to look at outcome-driven performance. So outcome actually needs good input, and some of the inputs that you mentioned, I think, is what we are taking. So those are the measures that we are actually taking for addressing the problems that you mentioned. So thank you for that feedback, Dr. Vijay.
Yes. Actually, I'm glad you're doing that. Because that will add a lot of value, both on the members and your work down there. And on the positive side, I've also visited a couple of units here, very courteous, very good. It's a welcoming -- congrats on that. I'm also seeing good improvement in overall financials, too, as we move on. I know it was a very painful holding the stock for a very long time. It was a very big underperformer for all of us. But I think this is a tough business, I fully agree.
I'm a CEO of one of health care chain. And I would like to even meet you personally whenever you guys come to Hyderabad. It would be great if we can catch up and maybe discuss. And then it will help [indiscernible] because -- that is one. Number two, now that you were also looking at coming for a rights issue and you also have around 95 units overall, that means 95 touch points that you have, are you also looking at further expansion, obviously, with the [ price ] of funds, I think you are. And number two, are you also looking at [ add ] entities [indiscernible], something like lab history... [Audio Gap]
Yes, we are largely looking at cities that we're already present, but [indiscernible] is one odd clinic. We have entered into Lucknow and [ Surat ] unit, which we have now added another unit. We have also gone into territories like [indiscernible]. Also, peripheral new segments like Electronic City in Bangalore. So about 4 clinics have been opened over the last 6 months, in fact more than 6 months. And so we are opportunistically looking for expansion in clusters in Tier 2 cities because, I think, the profitability mix of these clinics are much better than that of expensive real estate, the bigger cities. [indiscernible] that we are doing.
Secondly, as I mentioned to you in segments like hair care and others where there is diagnostic requirements, we are actually doing collaboration and a tie-up, and not really getting into it in our own base. So we will not be setting up any peripheral businesses at the moment on that. But we will take help from [indiscernible] in the market as [indiscernible].
I have more questions, do I still come back [indiscernible] or i can go ahead and then ask? Is this fine or...
Sorry. Can you go back to the queue because there are a few other questions. We are happy to take your questions immediately after. Yes? Thank you so much.
Our next question is from the line of Harsh Patel from Alpha Alternatives.
I just want to comment on the [indiscernible] we have some 35,000 units, like how can this number go 50,000 easily? Or you will need new clinics? How does that work?
See, the overall database of consumers who are actually consuming services is over a lack of customers. And what -- probably what you are actually referring to is the number of bills that are actually done over a period of time. Is that -- where did you get this number of 35,000?
I mean that's the number of clients which are...
So it's unique customer count you're referring to.
Okay. And there is more than that?
Yes. So what you're looking at is basically a quarter number. But if you look at the yearly number, it is 1 lakh term -- 1 lakh unique customer.
Okay. Got it. So -- okay. So how can the number increase? What is the capacity that ultimately will get increased to?
So currently, the utilization of the clinic is in the range of about 55%. And definitely, there are clinics out there which have reached more than 65%, 70% as well. So definitely, our endeavor is to increase the volume of consumption that we do in the clinics. Just to give you an estimation of what's happened between last year same quarter and this quarter, it's something like 47,000 live sessions. We have now reached 52,000 live sessions in the same number of clinics that we have. And every quarter, we are trying to drive up the volume of consumption inside the clinics and that will increase the capacity utilization.
Got it. Okay. And what is the highest number?
So about -- close to about 70% would be on the higher range.
And again, from 70% there can be improvement...
It depends. Some -- yes.
So it depends on the machine utilization. It depends on the hours of the -- or you deploy on the service. If we have invested in some machines which can complete the task in a lower number of hours, the lead time reduces and the capacity percentage changes. So our intention is to increase the patient, which is with a lower lead time. So that's what we are [ entering ]. So if you look at it, we have invested in some machines in past 1 year and we look forward with that strategy.
Got it. And my next question is in the Middle East business. Now when you compare your standalone to your Middle East -- the number, you're EBITDA positive in India, but that's not going in the Middle East. So what is not playing out in the Middle East? Is this because of competition?
So in the Middle East, we are operating in 3 countries. The business in UAE is still going quite strong. And also specifically in Dubai, the clinic EBITDA is in the region of 30%. It puts us in a strong position. We are below expectations in Oman, where we need to build some of the business, and Saudi Arabia. And as I mentioned earlier, the UAE business continues to show traction.
Got it. So is it largely because of competition or what is it?
It's a combination of competition as well as -- we are still haven't started the clinic rollout in Middle East because we said we will trial it in India and see how that expansion plan looks here, open 4 clinics and maybe open a few more. And then once we have the formula right, then we will start to roll out in the Middle East, and that should make that decision.
Got it. And lastly, on the right issues, when will the money come in and how are you going to utilize them?
So for that aspect, it's a question I currently cannot -- would not be able to give any insight because we are working on it. And moment we are ready when we file with the authority, it would be in public domain.
But how much time this should take?
Currently, I cannot comment. But the rights issue committee will be -- it's already in place, so we'll put forward to that information and then [indiscernible] and get back to you.
Our next question is from the line of Ajay Vora from Nuvama.
Congratulations on a good set of numbers. So I understand that not much details can be shared. But broadly, what I just want to know is from the rights issue, the fundraising. I'm assuming that large part would go towards debt reduction. But in terms of the balance money, what could be the sense in terms of the capital which will be spent in India and overseas?
So I think I already informed that we'll intimate you. But currently, I would not be fair because I need to submit to the regulatory committee [ and approval ], and then I can come forward to them. And the application, it would be public domain. So it would be not correct or fair for my side to comment anything.
And -- okay, fine. And in terms of the impairment which we have been taking, do you think that the large part of that is behind us now after current quarter?
So if you ask me, it's based on the performance of the subsidiaries. And we'll once again review as and when the business performance. If it improves, it's probably the charges are less. So we'll wait and watch maybe quarter-on-quarter and maybe we'll come at a place where it gets streamlined.
But do you think that from the current trajectory and also from the current month, the festive season has started, all our clinics are seeing good signs of growth, they have already started post the refurnishing and everything what we have done, do you think that the traction has picked up from the current month as well?
Yes. I think if you look at the last quarter numbers only, because I wouldn't want to comment on what happened this quarter, I think we've seen progressive improvements across the quarter. And I think we are in line and, in some cases, higher than what's happening in the market in terms of growth. But then, of course, we have to wait and watch how the festive season pans out for this, because next month is Diwali, so we'll actually get to know from there. But based on the last quarter's performance, the 20% growth in the India market is something that I think is in line with what we had expected.
Sure. And lastly, in the current quarter revenue, how -- what would be the contribution from products?
Just 1 second, please. Yes, it's about 13% total mix of product in the overall mix. I'm talking about the clinic business, 13%.
And overall, meaning in terms of what we sell on platforms as well?
It'll be in the range of about 20%, 18% to 20%.
Okay. So the next...
Sorry to interrupt, Mr. Vora. We request you to return to the question queue for follow-up questions as there are several persons waiting for their turn, sir. Our next question is from the line of Yash Bajaj from Lucky Investments.
Am I audible?
Yes, you're audible.
Yes. So I'm fairly new to this company, can you just give me a brief idea from a customer journey point of view? [indiscernible] That's my first question.
So can you repeat? I think your voice just break, please?
So I'm asking what is the customer journey like in our build model from when the customer...
Sorry to interrupt, Mr. Bajaj. Sir, your audio is breaking, sir. If you could please use your handset.
Our next question is from the line of Bhaskar Chaudhry from Entrust Family Office.
A few questions. One, can you give a sense of how your centers or clinics are growing, especially the ones that have been operational for a couple of years? So how has the growth been in the first half? Secondly, can you also give us a sense of the center-level profitability for these centers that have been in operation? And typically, what is the time for a center to achieve profitability in your model? You mentioned new centers in Tier 2 towns like Lucknow and [ Shivpuri ] and that the real estate cost is lower. So if you could just give a sense of that?
And thirdly, a few participants asked that question. Obviously, you may not be able to disclose the timing of the rights issue, but it may be helpful to understand the utilization of funds. Because it's a substantial amount INR 300 crores if you look at your current market cap. So those are 3 questions I have.
So thanks for the question. I'll answer one by one. Basically, the point regarding the lead time where the clinic makes the breakeven of profit, the lead time varies actually between 12 months to 8 months, depend upon the vicinity of the locality. And if we get a good traction, the numbers stack up better. So if you look at the last 4 clinics which we opened on a blended version, we are EBITDA positive. So that's one aspect. Second aspect -- on you needed some insight on the clinic unit economics to a great extent. Sorry?
Yes. Yes, that will be correct. Yes, unit economics and also the growth for clinics that have been opened for more than a year.
No, no. So the clinics that we opened recently are just about a year old. So obviously, it shows some supernormal growth, and some of them are not even completed in the year. So I think it will be premature for us to give you numbers and growth at the moment.
Well, the question was for clinics that has been opened for some time, not the recently opened.
So as an overall whole, if I have to look at the clinics, which are excluding the new clinics, we are in the range of about 18% growth right now for clinics which are more than 2 years plus in terms of growth across the country.
So I'll give you on unit economic growth prospects, there are -- there's a consumable cost which comes in to picture, which is around 20%. And the clinic operating cost is around 52%, which includes employee costs and rent, and there are clinics operating costs and there's a consumer finance cost. So if you look at from H1 prospective for overall blended version of the scenario, the clinic EBITDA is 27%, and there are corporate, other and ASP that stack up to around 25%. So that's how the overall unit economics work for the clinic. This is for the India operation.
Sure. Okay. And you mentioned 18% growth in -- approximately 18% growth in clinics that have been opened for a while. Okay. So -- but that seems to be in line with what your net revenue growth is. So for the newer clinics, you said the growth will be super normal. So somehow the math doesn't seem to add up. But anyway, we'll take it offline. And on the question on the utilization of the rights issue funds, what is the broad plan?
I currently can't comment. Sorry, I would like to. But currently, I have been cautious that -- let me complete the submission part, then I can come back. I understand your concern, but we are working on it.
[Operator Instructions] Our next question is from the line of Aditya Sen from RoboCapital.
Can you please share the growth trajectory of clinics going forward? At what rate are we planning to add each year?
We don't want to give a forward-looking statement, but I think definitely, as part of the strategy that we worked on, we're looking at getting into more of the Tier 2 cities. At the same time, peripheral regions within existing markets that we have for the -- I'll give you 2 examples here. We opened up clinics in cities like [ Surat ] and Lucknow, which are Tier 2 cities.
At the same time, we also opened up in the peripheral region of Bangalore, which is Electronic City. So we are opportunistically looking at places where we think there is high potential and the rental costs at the moment are under control. And of course, there is a promise of business in those markets. I think that's what we are trying to look at as part of this. And so as and how we are able to see opportunities for expansion, we will do that.
All right. And continuing with the previous participant's unit economics question. Can you please share the CapEx per clinic?
So it's around [ 1.5 ] per clinic, includes machines and leaseholds.
Our next question is from the line of Yash Bajaj from Lucky Investments.
I'm sorry for the previous disturbance. Am I audible now?
Yes, sir.
Yes, you're audible.
Okay. So first, I'm fairly new to this company. So I just wanted to understand the business model in terms of -- from a customer's journey, when we enter and how long the treatment goes for on an average from that point of view will be great.
So just to explain, our business is a combination of products and services. Largely the clinics have been created for providing services, while there are complementary products that we also sell in the clinics. So I'll just currently stick in terms of this customer journey question with respect to the clinics. So the business that we are in is aesthetic dermatology, so there are various verticals under which we operate. Say, for example, laser hair removal, acne, acne scar, antiaging, hair care, and so on and so forth.
How we drive these clients who are coming into the business is through the digital route. So we do performance marketing, we do content and social media marketing, which actually gets us customers via multiple routes. One important route is we have a call center, which actually engages with customers who have shown interest. Then there are customers who will read about us and directly come to the business. And the third part is referral customers from existing customers. So that is the route from which customers actually go into our business.
Once they come to the clinic, we start recommending services. It is done through what we call [ ascriptions ], where the customer actually comes and meets a doctor, doctor goes through a complete consultation on the concern of the customer at the same time may recommend certain services that the customer actually needs. Peripheral prescription of drugs or some type of tests and others may also be prescribed to the customer. Now the time duration of services will vary depending on the type of services that the customer takes. The duration can be as low as 2 or 3 months within which the customer can complete a package or can go as long as 18 months.
I'll give you an example of a short duration service. Some of the injectable antiaging services may take 2 or 3 months' time to consume a service, but in the case of a laser hair removal, it might take close to 18 months for the customer to complete the entire journey of services. Now customer comes multiple times to consume these services, and while they are coming in, there could be further upselling that can happen on certain other services that they can do. For example, a customer who's doing a laser hair service can also take up facials while she's doing these services as she goes. I think that's broadly the customer journey that we actually follow today.
Got it. And so we have -- Kaya is a fairly known brand and it has a very strong brand recognition. But like it doesn't -- the numbers haven't played out the way it should have. So what were the challenges previously and what have we done in terms of changing or mitigating those challenges?
So I think the challenge in the business is to attract new consumers all the time. Because this is aesthetic dermatology, it's a bit of a discretionary spending category. So like any other category which are discretionary spending, you need to always go out in the market and attract more and more clients every year into the clinics. If you look at it, Kaya, as you said, is a trusted brand, it's probably got the widest reach. It's also got the widest amount of doctors who are doing and, I would say, qualified dermatologists in the business. It also has the largest investment on technology.
So I think from a fundamental perspective, we have everything right. It's just a matter that every year you need to get fresh clients also, because about 40% of our business comes from new customer count, client utilization in the business. So that it what we [indiscernible] and we are doing various other things, just as a follow-up to that, is investments in technology, marketing automation, to be able to get to these customers via nontraditional channels. So I think that's broadly the big challenge, I would say, in terms of business.
And is there any notable...
Mr. Bajaj, may we request you to rejoin the question queue as there are several participants waiting for their turn.
Our next question is from the line of Anupama Prakash Putra from Arian Capital.
I just wanted to understand what percentage of revenue is contributed to repeat customers? And the other thing is what are the strategies to pull back the same customer and that they stay -- those customers stay with the company? So yes, these are my questions.
The repeat customers or existing customers contribute to roughly about 60% of our total revenue. And largely, these customers are either customers who have been staying with us for a long period of time or customers that have joined us before this financial year. The way we actually tackle this customer is through the CRM method. We have a CRM system which we actually run. We do some core targeting. We do some specific communication to these customers to offer them promotions that we've done or any new events that actually happen in the business.
So say, for example, we launched a new clinic, new location, we may invite existing customers to visit those locations. Or new technology introduced, we may invite them to utilize those technologies. Sometimes there are top-tier customers where we may do, on invitation basis, information about new services, some benefits for the new services for these customers as well. Earlier, all this communication used to happen through WhatsApp and e-mails only. Very recently, all of the communication that we do for top-tier customers is happening through WhatsApp integration as well. So a lot of this communication today is available to customers through WhatsApp for business.
Okay. Actually I have one more question, if I can squeeze in. Any specific geographies that the company is really doing well?
I think if you look at the business, there has been growth across regions. The north -- so we have eastern north markets where we have seen good growth. At the same time, south also for the last 6 months have been very good. I think between the markets, if you were to compare, I think east, south and north are our strongest markets at the moment.
Our next question is from the line of Aditya Sen from RoboCapital.
[indiscernible]
Sorry to interrupt, Mr. Aditya Sen, we are unable to hear you, sir, if you could please use your handset.
Am I audible now?
Yes, sir.
Okay. So my question is on EBITDA. This quarter, it was 12%. So going forward, is it going to sustain in the same range?
So currently, we cannot give further future guidance perspective, but we'd like to have such sustainable EBITDA numbers so that we can drive profitability.
Our next question is from the Yash Bajaj from Lucky Investments.
Just 2 questions. One was on the previous point on business model, is there any global scalable model similar to Kaya?
Yes. If you compare, I think we are still nascent in this area the utilization of these services are very large. Even in our East market, we can see that these services are extremely well entrenched. There may not be necessarily single clinic chains which have a very large number of establishments. But then there are some large groups that are working in this area in many markets, if you see the U.S. market, the Middle East market or South American market and stuff like that. But we don't specifically follow a particular model because I think we have created a model for ourselves for India as well as Middle East. So it's not based on any international model that we are kind of chasing.
Okay. Okay. And just a clarification on the unit economics side. So 20% was consumable cost, clinic operating costs was 52%, and then comes corporate overhead and advertisement. The corporate overhead and advertisement is how much of sales, is it 25%?
Yes, 25%.
So on a...
So I'm talking about the corporate EBITDA. But if you look at clinic EBITDA, it's around 27%.
Okay. So on a corporate level, it's [ 2% ], right?
Yes. [indiscernible]
[Operator Instructions] Our next question is from the line of Dr. Vijay Kumar, who's an investor.
My question is on the products, because I think 18%, 20% of product revenue, I think -- I feel it's low. But what are your aspirations on, say, the medium to long-term next, say, 5 to 10 years? Where would we like to be on the product? What could be the percentage of total revenue that we would gain from products?
Dr. Vijay, I can't give you a forward-looking number. But what we are doing proactively right now is to expand into segments that we are not present. For example, we are strengthening our range of hair care, which we believe has a very large potential both for services as well as for products. So recently, there have been a few SKUs, which are mentioned in the investor presentation. So I think hair care is one area that we expanding.
Nutraceuticals, we are actually working currently with collaborations, but at the same time, we are also exploring our own range of nutraceuticals. I think these have contributed quite well over the last 1 year in the business, and these will be 2 areas of expansion that will be there.
And the third important thing you may have noticed is that we -- our D2C business is now starting to be more visible. We have a very strong website that we have created on a very sound platform called Magento, and we are promoting that. And now what we have done in the last 6 months is to connect the D2C website to all our individual clinics. So a customer can actually get supplies within 1 day of every product that we have actually service, because the servicing is largely be coming from individual clinics as well. So we will be promoting our D2C business quite strongly.
Okay. Okay. Now that we have D2C on, are you looking at also selling other products, other companies' products, especially the international products? Is there a chance where we can actually look at piggybacking on those?
Yes. It's a good thought. While this -- as a long-term strategy, I cannot tell you. In a more opportunistic way, we are selling some nutraceuticals of collaborative brands on our website. So that's already started. But I can't give you a forward-looking statement on this.
Okay. And on the product side, do you have an international global ambition?
I mean, currently, we have our international geography in which we are supplying products from India as well. So currently, our global product strategy is largely exports to our Middle East operations.
[Operator Instructions] Ladies and gentlemen, that was the last question of our question-and-answer session. As there are no further questions, I would now like to turn the conference over to the management for closing comments.
Thank you for participating, and we appreciate the time you took to attend our investor call. Thank you so much.
Thank you. On behalf of Dolat Capital, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.