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Millworks Technologies : Know Your Promoter - Management interaction with Mr. Sridhar Acharya, MD — Transcript

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0:00Present order book, what we see is
0:02number one will be in the defense sector
0:05and
0:06most of the businesses are coming from
0:08our export customers in Israel as well
0:11as some of the customers in Europe. So
0:13this is going to be the number one
0:16business as we go in
0:1826 27 and 27 28. The order books are
0:22phenomenal and new inquiries are being
0:25generated here.
0:32>> WELCOME TO SUNDAY INVESTING AND THIS is
0:34our 42nd episode of Know Your Promoter
0:36series. And today we have Mr. Sridhar
0:39Acharya with us, the MD of Milworks
0:42Technologies Limited. So how are you?
0:45>> I'm doing well, Tanmay. Thank you for
0:47inviting for this talk.
0:49>> So you know, before starting on the
0:51business, you know, I saw a company was
0:53incorporated in 2021. So
0:56I am looking at your financial. So from
0:58where did this idea came that you know,
1:01I want to start into precision
1:03engineering for all defense, aerospace
1:05and railways thing. What is your
1:06background and how do you enter into
1:08this business?
1:10>> Tanmay,
1:12in fact,
1:13myself and Madhu, who is also a
1:15co-promoter, we actually met in way back
1:18in 2015. At that point of time, we felt
1:21that you know, we will jump into this
1:23entrepreneurial mode. So we got together
1:26and acquired this V3 Technologies based
1:29out of Bangalore. We had only five CNC
1:31machines. As we were growing over the
1:34period of years organically, we felt
1:36that it was time that we convert this
1:38company into private limited. You know,
1:41so in 2021, you know, we applied for the
1:44ROC for the name and V3 name was not
1:46available. So we had to coin this new
1:48company, Milworks Technologies Limited.
1:51So basically the company,
1:54you know, uh, the formation of uh, a
1:57private limited company happened only in
1:592021.
2:01So, uh, you know, as a passion for
2:03myself and Madhu, you know, we have
2:05been, uh, mechanical engineers for more
2:07than 25 years in this field. So, uh, our
2:11machining and, you know, our shop floor
2:13experience brought us, you know, let us
2:15get into this entrepreneurial spirit.
2:18And, uh, every opportunity which we got
2:21in terms of manufacturing over the
2:23period of years, we have taken risk and
2:25move forward. So, if you see from 2021
2:29to now, you know, we have been growing
2:31organically, you know,
2:33uh, initially with, uh,
2:35new CNC machines, you know, with two
2:37machines, four machines added year on
2:39year. And then, in, uh, you know,
2:42uh, in 2022, we added our second plant.
2:45And, uh, 2024, we added our third plant.
2:48And then, 2025, our fourth plant. So,
2:51the growth has been phenomenal. And
2:53based on the market requirements and the
2:56existing customers who have been, uh,
2:59you know, uh, encouraging us to grow to
3:02the next level. So, the existing
3:04customers, you know, kept on, uh, you
3:06know, giving us new inquiries, new
3:08orders,
3:09uh, volume increase. And, uh, you know,
3:11we have been delivering a quality
3:13product with the
3:14uh, you know, with an on-time delivery
3:17performance. So, again, repeat orders
3:20keep coming in, uh, with this, uh,
3:23with this nature.
3:26>> Got it. So, before jumping on the
3:28segments of the business, the name
3:29Millworks, what is the,
3:31uh, you know, thesis of this name?
3:33>> Uh, milling is one of the basic
3:35operation, uh, of a machining. Uh,
3:38turning, turning is one of the operation
3:40which, uh, is also a part of the mini
3:43machining. So, what happened was, uh,
3:46coining the Millworks, you know, we had
3:48to, you know, uh, we have more of
3:50milling activities. And more milling is
3:52a complex
3:53uh, machining process with three axis,
3:55four axis, and five axis. So, we use we
3:58coined this word and you know you know
4:01you see the you know we have been lucky
4:03that the brand has been taken that to
4:06the national and international level
4:08now.
4:09>> Got it. So, now jumping on the four
4:11segments of your business, one you do is
4:13aerospace, second you do is defense,
4:15third you do is railways, and fourth you
4:17do is semiconductor. So, can you
4:18elaborate on four of these segments?
4:22>> Uh yeah. You first I will talk about the
4:25defense sector of business. We have been
4:27working with uh
4:29uh the defense companies India. And we
4:32have more than 12 companies in defense
4:35sector in a base out of Israel. So, the
4:38defense sector growth we are seeing in
4:40last 2 years significantly very high.
4:43And the inquiries which we receive and
4:47then converting get into orders and
4:49delivering them. So, we feel that
4:52we are in the right time at the you know
4:54right
4:55sector. And the growth has been very
4:57phenomenal.
4:58Over the period of time, you know, we
5:00also see the saw the drone sector also
5:03growing in uh electronic warfare and
5:08you know these type of
5:10newer this thing we have wanted to be a
5:13part of this journey. So, in last 1 year
5:16we felt that you know the drone sector
5:18we had to be because we had uh
5:20experience in the machining of the drone
5:22components. Either a BLDC part or a
5:25machining a composite part or a plastic
5:28or a 3D dimensional you know 3D printed
5:30parts. So, we had experience in these
5:33areas. So, why not look out for a
5:35company where we can add value
5:38you know join them and and build I know
5:42a complete drone. So, this is where you
5:44know we made a small investment in the
5:46defense sector.
5:48And we have been growing at much faster,
5:53I know, 2x, 3x year-on-year with the
5:55defense sector. So, we are going to grow
5:58this sector in the future,
6:01you know, in the coming days. Coming to
6:03the aerospace sector, in the aerospace
6:05sector, we work with like sector
6:07companies in India. Also, as a tier two
6:11companies to the aerospace sector in
6:15India as well as in Europe. So, this
6:18also has been growing
6:21at a much faster rate. Here, the
6:23precisions are very high precision
6:26components requirement. At this point,
6:31we do not have a controlled atmosphere
6:33facility. And
6:36you know, we are building up, you know,
6:38controlled atmosphere, that is
6:40air-conditioned plant with new machines
6:42coming in. So, aerospace sector requires
6:46you know,
6:47controlled atmosphere to machine
6:50components up to 2 microns to 5 microns.
6:53Presently, we are working between 10 to
6:5515 microns without an air-conditioning
6:57facility.
6:59The third sector is the rail sector,
7:01which has been our bread and butter for
7:03over the period of years. So, we have
7:05been working with the multinational
7:07companies, OEMs
7:09in India and Europe. In the rail sector,
7:12we have been exporting to almost 12
7:14countries in Europe, US and Canada.
7:18So, the components which we are making
7:21goes into the braking systems, couplers,
7:25the door parts, the pantographs,
7:28actuators, you know, all these parts go
7:30into a
7:32critical
7:33you know, critical assembly of train.
7:38Either it's a metro train or you know,
7:42of those long-distance trains.
7:47So, we are proud to be, you know, in
7:49India and abroad, whether it's, you
7:50know, in Europe our parts are there in
7:53most of the,
7:55I know, most of the trains. So, rail
7:59sector is going to be There will be a
8:02growth, you know, in the coming days. We
8:04see that this sector growth will also uh
8:09uh you know, it's part of our
8:12Government of India's Atmanirbhar uh
8:14this thing. You can see now the
8:16high-speed train coming in. We are part
8:18of this
8:19uh
8:20you know, developing parts for the
8:22high-speed trains. Or, you know, we are
8:25going to We are part of this Vande
8:26Bharat or Amrit Bharat Express. So, our
8:28components are going into these trains.
8:31So, this will also grow. The last sector
8:34what we see is the semiconductor
8:36machinery. So, I want to clarify over
8:38here our parts go into the semiconductor
8:41machines, you know, the machines which
8:43is used to build the chips or any of
8:46those. So, we are We don't make uh we
8:49are not directly part of any
8:50semiconductor industry, but the machines
8:52which goes into the semiconductor
8:54manufacturing. So, our parts which are
8:56the frames and, you know, machine
8:58components and all these type of parts
9:00go into
9:02uh the people who are manufacturing
9:04machines for the semiconductor industry.
9:06So, this is the four verticals which we
9:09are presently working. The
9:11uh you know, the top notch what we are
9:13seeing in the growth factor
9:15uh year on year, 100x, you know, 1x, 2x,
9:18you know, we'll be You'll be seeing that
9:20more in in the defense sector.
9:23>> Got it. So, I was also seeing your
9:26revenue bifurcation per sector and that
9:27has been fairly volatile, you know, uh
9:30FY 25 so semiconductor being a decently
9:32large portion and which has came down
9:33and also defense has now scaled up. So,
9:36uh how do you see this revenue mix uh
9:39going forward?
9:41>> Uh present order book what we see is
9:44number one will be in the defense sector
9:47and
9:48most of the businesses are coming from
9:50our export customers in Israel as well
9:53as some of the customers in Europe. So,
9:55this is going to be the number one
9:58business as we go in
10:0026 27 and 27 28. The order books are
10:04phenomenal and new inquiries are being
10:07generated here. The second thing is uh
10:10the aerospace sector itself. So, we have
10:13been selected as part of
10:17you know, once I know part of some of
10:20the important projects in France as well
10:22as in Germany. So, this will also grow.
10:26Uh
10:26rail sector growth you will see I know
10:30you will not see a significant growth
10:32but it will grow. Semiconductor being a
10:35part of a machinery business, it will
10:37remain more or less in the same
10:38percentage. You will not see that much
10:40growth
10:41uh numbers coming in in the
10:42semiconductor machinery business.
10:46>> So, so we can you know, sort of an
10:47assume that 50 to 60% is sort of a
10:50revenue I know bifurcation should be
10:53towards the defense and around 20 30% on
10:55the aerospace and rest 20 20% on railway
10:58plus semiconductor if I'm getting it
10:59correct.
11:01>> Exactly. Semiconductor will be in the
11:03single digit.
11:04Defense sector will be 50 plus.
11:06Aerospace will be between 25 to 30 and
11:09around 15 to 20% will be in the rail
11:11sector.
11:13>> Got it.
11:14Uh sir,
11:16I was seeing your financials you know,
11:17so the trade receivables which I saw
11:20have been fairly spiked up. So, like
11:23around 6 7 months of receivable we are
11:25standing and there is a logical reason
11:27which I feel
11:29is that two billing for our company is
11:31about 70 or percent or 80% of the
11:34revenue
11:35which whose billings get generated the
11:38cash flow comes in in the H1 of the next
11:39financial. So, this H1 FY27. Is my
11:42understanding correct and
11:43what steps are we taking forward to
11:46either reduce or manage this stretch
11:48working capital cycle?
11:51>> Uh the Tanmay initially when we moved
11:54into the sub-assemblies and assemblies
11:56and project management business, there's
11:59a calculated risk which we have taken
12:03where in which
12:04a large portion of the business will be
12:07delivered on the completion of
12:10the orders.
12:11If you take
12:13our drone business itself, we work with
12:16the government of India's Ministry of
12:18Defense. Where in which the government
12:20doesn't give us any advance payments or
12:23anything, you know, 50-60 crores you
12:25know, in a small project itself
12:28is being paid only on delivery. And this
12:31projects normally go between 8 to 10
12:33months. So, a lot of working capital
12:35gets stuck over here
12:37and this is one
12:39one of the reason and why the
12:42receivables are very high in this year
12:45is we made a large amount of billing in
12:48the month of March for the
12:52for the quick pay and in turn they are
12:54now billing into the MOD. So, a large
12:57amount of money is expected month end
13:01and in the first week of
13:04August. And coming to our
13:07Israel and European customers, we had a
13:1090 to 120 days credit lines with them.
13:14With the volatility and the uncertainty
13:17what we are seeing in Europe right now,
13:20all the shipping lines most of the most
13:22of the products which we are shipping
13:24them they go in containers. These
13:26containers on the ocean shipment,
13:28they're all getting stuck in different
13:30places, either in Colombo port or in
13:33Haifa port or you know, different places
13:35of
13:37it is getting stuck and not getting
13:39delivered. So,
13:41you will you see that you know, our
13:43receivables
13:45are getting more delayed because the
13:48components are not delivered to the
13:50customer end.
13:51So, what we do we did is we cannot work
13:55in this way. So, we went back to our
13:57customers basically in Europe and uh
14:00uh
14:00in Israel and we asked them, we
14:02requested them you see
14:04our working capital requirements are
14:06getting stuck. Why don't you help us
14:08with advanced payments?
14:10So, April onwards in this current year,
14:13all orders which we are receiving from
14:15Israel, we are getting a 30% advanced
14:18payments. So,
14:21so our cash flow will be much better and
14:24we need not wait for the deliverables.
14:27Also,
14:28we made it mandatory this you know, that
14:31we make it
14:33all the parts going into Israel are
14:35being airlifted. It is not going by
14:37ocean ship. We don't want to make it
14:39even though all our business is
14:41ex-works. We you know, it's from the
14:43date of invoicing. We don't take care of
14:46the logistics you know, the logistics on
14:49the exports is all ex-works. So, it's up
14:52to them to take it by
14:54ocean or by air. So, now we have made it
14:57a mandatory that you know, our money
14:59also doesn't get locked in so that
15:03you know, we requested our customers
15:06to airlift all those components and make
15:09our payment you know, within our time 60
15:12or 90 days. So, this is one part. The
15:15second part is we are unable to make any
15:19uh uh, you know, cash flow improvements
15:22on any of our government of India's uh
15:24uh
15:25projects, MOD's or MOD projects or
15:27BrahMos projects, you know, they uh, you
15:30know, our money is going to
15:33get stuck here for 6 to 8 months on the
15:36projects. Whether it is drones or the
15:38missile systems for the BrahMos, these
15:40are all project-based uh things where
15:43more than getting money, we are supposed
15:45to give advance bank guarantees, you
15:47know, bank guarantees. 10% of the tender
15:50money is also getting stuck over there.
15:53Uh, this is a system which we have to
15:54live in and we have to work on
15:58higher margins and uh work out on the
16:00inventory carrying costs. Uh, you build
16:03that in in the product costing itself.
16:06So, this is how we are going to work
16:08with all the projects which we are going
16:10to work with the government of India.
16:13>> That gives a lot of clarity and actually
16:15my next question was supposed to be on
16:16the BGs and you have, you know, fairly
16:18touched upon the point.
16:19Uh
16:20I was also looking the numbers, the
16:22difference between your DRHP and RHP
16:24numbers. The 2 months numbers have been
16:26around the 40% of your combined revenue.
16:29So,
16:30uh so, like I I assume H1 end of FY27 or
16:33very early H2, we should see the
16:35payments and cash flows coming in. But,
16:37uh I feel it is fair to assume there is
16:39no sort of any worry on the uh money
16:41getting stuck beyond the limit is what
16:43is fair to assume, right?
16:44>> Yeah. Yeah, you know, so, uh you know,
16:47the major portion portion of this money
16:49right now is uh
16:51uh more than 50% or more than 60% of
16:54this money receivables is stuck with the
16:55government of India MOD's uh this thing.
16:58And uh that will get closed because this
17:00is one project, you know, which got uh
17:04uh the money got stuck over here. Uh as
17:07part of the all the Israeli customers,
17:10you know, all the funds are all flowing,
17:12you know, in last 1 1 and 1/2 months,
17:14funds are flowing fairly well.
17:19>> All right. Uh
17:19>> also coming on this you know I was
17:21seeing
17:23there is a concern among you know
17:24there's a company called as Quickpay
17:26from which we you derive around the 47%
17:29revenue and so so what is this sort of
17:31an arrangement with this company?
17:34>> What we did was as I mentioned earlier
17:37Quickpay is a drone manufacturing
17:39company based out of Noida. Presently
17:43they are working on a 190 sets of
17:46loitering munition order from the
17:48artillery division of uh
17:50uh
17:51government of India MOD's order. So when
17:55we were looking out for strategic
17:57investments and looking out for to be in
17:59the defense sector area we found that
18:02you know uh
18:04as part of this thing you know we could
18:07help them we could help Quickpay
18:11quickly deliver uh
18:13uh you know the drones which they
18:14already have an order. So
18:18the skill sets of Milworks and Quickpay
18:22they match together to form a team. And
18:26Milworks is really good in machining you
18:28know of important components either in
18:32composites or
18:34aluminum parts which goes into this
18:36drone.
18:37Uh there are some smaller electronic
18:40modules like battery management systems
18:44or the autopilot Well we gained this
18:47over the period of time we built this
18:49capability to build our own in-house uh
18:53uh
18:54battery management system or
18:56the autopilots. So we helped build
19:00you know the drones for
19:03Quickpay with
19:04the engineering support and you know the
19:06prototypes and in last eight months we
19:09worked on this.
19:11As part of the strategic investment, we
19:13also hold small minority stake in
19:16QuickPay Limited. Uh
19:19so, you know, we are going to work on
19:22along with them in a long-term
19:24perspective building uh
19:27you know, engine-based
19:28uh drones,
19:30high-end drones, you know, combining our
19:32capability as well as their capability.
19:36Uh QuickPay is very strong in uh the
19:39software part of uh the drone. Uh either
19:43building a logic or
19:46you know, building all the systems which
19:48is required into the
19:51you know, electronic warfare system.
19:53Presently, the entire defense industry
19:55is working on a EW warfare. So, QuickPay
19:58is really good in uh
20:01you know, building this into the drone
20:03system. And this has been proven, you
20:05know, again and again with more and more
20:07product lines which we have which they
20:09have already built. Uh the facility in
20:13Noida is
20:14uh the Ministry of Defense uh
20:17uh approved license is there available
20:19and then they have been building this
20:21for some time now.
20:22And uh
20:24uh there is a large project which they
20:26are delivering a later part of this uh
20:29month wherein which uh
20:30from the component level, sub-assembly
20:33level, and
20:35uh you know, on the product level, we
20:36have supported them. And uh in the month
20:39of March, we we made uh you know, we
20:42made all these assemblies and
20:44sub-assemblies and delivered them in the
20:47month of March. So, now they are ready
20:49to deliver and
20:51uh the MOD is presently at this moment
20:54is uh inspecting all those components
20:57before dispatch.
20:59>> So, actually I was reading about
21:00QuickPay, you know, in the ROC. And I'm
21:03assuming the details won't be, you know,
21:04that great with me, but
21:06you know, whatever details I could look
21:08at currently it is a fairly small
21:10company and obviously with this audit
21:12should go big but
21:15do you feel the company is fairly
21:16capitalized on one part and second part
21:18of this would be obviously they are not
21:21going to pre-pay you. They are going to
21:23pay you after they receive the cash flow
21:25from MOD.
21:26That actually you know, spikes up the
21:29entire working at WC for you because you
21:32know, I am assuming the payment should
21:34be around 10 9 to 12 because that they
21:36should receive in about 6 to 8 months.
21:38>> So you know, you know, Tanmay what
21:41happens is being an MSME sector the
21:45first project or you know, successful
21:48you know, second or third project when
21:51large project comes it is always between
21:54how you manage the business. This is
21:57where you know, Milworks has come in in
22:00in terms with an arrangement with
22:02QuickPay. So
22:04the way the MOD's tender this thing is
22:08with them is 60% of the payment is paid
22:12before dispatch. So you know, this is we
22:15have an arrangement back-to-back
22:17payments cycle to be received from
22:20QuickPay to
22:22to us. So this project we are helping
22:26them you know, successfully deliver
22:28keeping uh
22:29our own skill sets in place. But going
22:32further you know,
22:35we are going to help them in a in a
22:37slightly different way, you know,
22:39helping them with their own
22:42banking you know, banking support either
22:46in terms of debt or any of those. But we
22:50will have to support them continuously
22:53as the next projects are more than you
22:55know, as large projects. They are more
22:57than 100 crore projects where they will
22:59require you know,
23:02technical assistance in terms of
23:04mechanical parts or, you know, 3D
23:06printed parts, you know, such type of
23:08parts they will require. So, we will
23:10collaborate with them and work in a
23:12you know, much better way.
23:15>> Got it. So, thanks for the clarity
23:17because I was seeing, you know, our
23:19company being in the limelight as our
23:21IPO has been declared, but this is one
23:23sort of a thing on Quickplay which
23:25everyone is having a concern and you
23:26know, I feel this has been pretty well
23:28answered. Uh
23:30my next question would be we are on a
23:32very
23:33very vast sort of a product portfolio
23:35and four different segments and fairly
23:37contributing in the
23:39So, what do you new segments or sub
23:41segments you Milworks is expecting 1
23:44years or 2 years down the line we should
23:46enter or expand into those?
23:49>> So, what we what we presently seeing,
23:53you know, pre-COVID what happened is we
23:56were very active
23:58in the rail sector. And then there was a
24:01Boeing Max scenario came in between '21
24:05and '22. And if we are there in one
24:08single segment and working on this,
24:11there's always,
24:12you know, the business model dripping,
24:15you know, going down, you know. So,
24:18I've seen companies who were who were
24:21only into aerospace when it came prior
24:23to
24:25prior to COVID and just after COVID, you
24:28know, their revenue decreased. Uh
24:31but if we see our own this thing, you
24:33know, during COVID time we actually
24:35doubled our top line and order bookings
24:37also we we grew up. So, it is always
24:40good to be in multiple uh
24:43uh segments and we intend to be in
24:46multiple segments. Now, in defense
24:48sector right now we have been working
24:51only on the component level business and
24:53our future is now we want to get into
24:57assemblies, sub-assemblies. Component is
25:00going to be there as part of
25:03you know assembly.
25:04But there are opportunities where in
25:06which our customers have come back to
25:09build in you know fuselage systems or
25:13large missile carrier systems. Wherein
25:16which a machine component, sheet metal
25:18component, bought out items, you do a
25:20welding or riveting or you know such
25:23type of plastic critical items. So we
25:26intend to be you know in that league in
25:29the defense sector.
25:31That we intend we have a strategic
25:33roadmap in place with post IPO
25:36investments in
25:38adding new machineries which is part of
25:40our
25:42you know investment plan.
25:45So we will be growing in that sector.
25:47And coming back to the aerospace sector,
25:50we feel that presently many of
25:53the parts which we are supplying we are
25:55on the tier two for the top notch
25:58aerospace companies either in France or
26:00in the US. So our intention is when we
26:04put up a controlled atmosphere facility,
26:07we will now be in the big league to
26:09supply components, sub-assemblies and
26:11assemblies to the top aerospace
26:14companies. So these are the two sectors
26:17which we will be focusing in next three
26:19years and growing at will grow at a much
26:23faster rate.
26:25>> Got it. And I was also reading about you
26:28know the supply chain shift happening
26:29from the US and North European aerospace
26:32and defense component companies to
26:34countries like India because I was even
26:36I read about spirit, you know.
26:40I would say manpower or labor cost on
26:43their overall balance sheet has now on
26:45their P&L has been to about 30-40% odd
26:47in India which is at about 5-6 4 to 7%
26:50anywhere between that. So we should just
26:53be able to assume that lot of supply
26:54chain shifts are happening even on the
26:57commercial aerospace but obviously
26:59there are lot more qualifications on
27:01that end but military as well as
27:02commercial or that ecosystem is coming
27:04in India if we 5 years down the line it
27:06should be pretty large.
27:09>> I agree with you Tanmay. So, we see that
27:12you know with the announcement of the
27:14IPO itself we are seeing that newer
27:17companies are also coming in
27:20but as of now we are not geared up for
27:23deliverables because we need to build up
27:25the infrastructure. It will take 6 to 8
27:28months and post that you know we can you
27:31know we can focus on the new inquiries
27:33coming in.
27:35>> Any any sort of
27:37you know
27:39we are we are expecting to go into
27:40commercial aerospace components as well?
27:43>> We are presently doing for couple of US
27:47customers on the commercial side
27:50but again they're all on tier two. Now,
27:53what is happening here is
27:56you know as we move forward it we
27:59it is always good to have a strategic
28:01tie-up with a good
28:03you know good OEMs
28:06on developing some of the key components
28:09and then
28:11grow in that segment. You know I I want
28:13to I want to give an example like you
28:15know Azad Engineering has been really
28:18good you know I see them you know
28:20they make
28:22the blades for the engines you know
28:24which is
28:25which is not everyone can do it and they
28:28have specialized over the period of time
28:30and then either it's a turbine blade or
28:32an engine blade they have top notch
28:35you know and the customers
28:37across the world you know across the
28:39world across the competition you know
28:42they come for the product
28:45them. So, we intend to follow you know,
28:48some of the learnings and
28:54specialized and not to be, I mean, you
28:57know, some of the
28:59sector itself.
29:01>> Got it, sir. Before letting you go, I
29:03know I would wish, I know, wish you all
29:06the best for your IPO and I'm expecting
29:09a blockbuster debut.
29:11So, like uh my last question would be
29:14what sort of a growth prospects do you
29:16expect going forward because I'm seeing
29:19that two things. First is that past
29:20growth has been exponentially
29:23and the working capital estimates, you
29:24know, RSP also suggest
29:27basically even a very high growth on
29:29even that larger base. So, what sort of
29:31an expectations investors
29:33[clears throat] coming forward on the
29:34capital should expect?
29:37>> So, what I am presently seeing here is
29:42next to two years we intend to double
29:44our top line keeping the bottom line
29:47same, you know, so
29:49you know, just by, you know, being in
29:53these existing
29:55projects. But, we will we will take a
29:57risk into new projects, new business
30:00lines over the period of time. So,
30:02anyway, thank you very much Tanmay for
30:04your time.

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