Cosmo First Limited — Call Transcript 2025

Nov 19, 2025

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CFL/SE/2025-26/NOV/12	November 19, 2025
The Manager (Listing) BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400 001 Scrip Code: 508814	The Manager (Listing) National Stock Exchange of India Ltd. Exchange Plaza, Plot no. C/1, G Block, Bandra – Kurla Complex Mumbai-400 051 Security ID:“COSMOFIRST”

Sub: Transcript of Analyst/Investor Earnings Call

Dear Sir,

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, please find enclosed the transcript of Analyst/Investor Earning Call held on November 12, 2025.

The same is also available on the website of the Company at the below mentioned link: - https://www.cosmofirst.com/investors/investors presentation

You are requested to take the same on your records.

Thanking You

Yours faithfully For Cosmo First Limited

JYOTI DIXIT Digitally signed by JYOTI DIXIT Date: 2025.11.19 14:55:39 +05'30'

Jyoti Dixit Company Secretary & Compliance Officer

Encl.: as above

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Cosmo First Limited November 12[th] ,2025

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Cosmo First Limited Q2 and H1 FY’26 Results Conference Call November 12, 2025

Moderator:

Good day ladies and gentlemen, good day and welcome to the investor call of Cosmo First Limited to discuss the Q2 and H1 FY’26 Results.

Today we have with us from the management, Group CEO Mr. Pankaj Poddar and Group CFO Mr. Neeraj Jain.

Starting off with the statutory declaration, certain statements in the conference call may be forward looking. These statements are based on management's current expectations and are subject to uncertainties and changes in circumstances. These statements are not guarantees of future results. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing “*” then “0” on your touch-tone phone. Please note that this conference is being recorded.

Now may I request Mr. Neeraj Jain to take us through his opening remarks, subsequent to which we can open the floor for Q&A. Thank you and over to you Mr. Neeraj Jain.

Neeraj Jain:

Thank you. Very good afternoon, ladies and gentlemen and thank you for joining us for Cosmo First Limited September 2025 Results Conference Call.

Our financial results for the September’25 quarter and investors' presentations both are available on the company's website. Hope you could go through the same. We will begin this call with a brief opening remarks from the management side, which may be followed by the questions.

First, talking about the results, consolidated sales for the September’25 quarter is Rs. 919 crores, which is higher compared to Sept 24 quarter by 21%, primarily due to higher volume. EBITDA for the quarter has increased by 19% to Rs. 128 crores compared to Rs. 107 crores in September’24 quarter.

Well, EBITDA in fact has three favorable factors and three unfavorable factors. First, let me talk about those factors and then I will also try to quantify those for you. In terms of favorable factors:

1. Higher sales volume by 25%, largely because of the new capacity.

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1. Higher specialty margin.

2. Improved performance of our Specialty Chemical Subsidiary.

The unfavorable factors include the margin decline on the BOPP and BOPET commodity films due to imports in India in Sept 25 quarter. Higher USA tariff, which could only be partially passed on to the customer. And third one is the stabilization cost related to commissioning of the new line.

Now, let me try to quantify those for you.

First, I am comparing September’25 quarter with September’24 Quarter:

Higher sales volume has a favorable impact of close to Rs. 33 crores. Higher specialty margin has a favorable impact of about Rs. 10 crores. Improved performance of specialty chemical subsidiaries has been by Rs. 4 crores. In terms of unfavorable factors, lower BOPP margin is has impact of close to Rs. 16 crores. Lower BOPET margin is close to Rs. 7 crores. And higher USA tariff impact has close to Rs. 6 crores of adverse impact.

Let me now quantify these factors for you compared to previous quarter also that means I am comparing now September’25 quarter with the June’25 quarter:

Higher sales volume has a favorable impact of Rs. 20 crores. Higher specialty margin has a favorable impact of Rs. 5 crores. Improved performance of specialty chemical subsidiaries has a favorable impact of Rs. 1.5 crores. In terms of unfavorable factors, lower BOPP margin has adverse impact of close to Rs. 7 crores. Lower BOPET margin has an unfavorable impact of close to Rs. 4 crores. And higher USA tariff has an unfavorable impact of close to Rs. 6 crores.

You would notice our PAT impact is muted although there is an increase in the EBITDA level. This was largely because of increased depreciation and interest related to new capacity. The new BOPP line is ramping up each stage by stage and could achieve close to 2/3[rd] of potential in Q2. We expect this line to be fully utilized by Q4 of FY’26.

BOPP firm's gross margin has been running close to Rs. 22 per kg during September’25 quarter. As compared to Rs. 25 per kg in previous quarter, June’25 quarter. BOPET film gross margin has been running at Rs. 6 per kg in September’25 quarter. Vs Rs. 12 per kg in June’25 quarter. The margin drop has been discussed largely because of the imports which were curtailed towards the end of the quarter.

Now I am moving to outlook:

In terms of outlook, if we look at macro level, the company has invested in several packaging assets over last three years which include BOPP line, CPP line, window film. All these investments have started commercial production recently and should provide a significant

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ramp up in revenue as well as profitability in the coming years. The new film lines are more cost efficient and should make Cosmo more competitive in the market. For film business, the company's focus will be on taking full leverage of the new investments, grow the specialty film and further try to push down the cost which we expect close to Rs. 25 crore of the annualized impact of the cost rationalization in 12 to 15 months from now. In current year FY’26, the company is expanding capability in coating and other high-end specialty products which should yield results in the coming years.

Moving to Specialty Chemical Subsidiary:

Specialty Chemical Subsidiary has continued to achieve traction and posted record EBITDA of Rs. 13 crores on top line of close to Rs. 49 crores in September’25 quarter. The Specialty Chemical Subsidiary also developed three new coating products compared to the previous quarter which should be commercialized over the next two quarters. We expect this growth trend for the Specialty Chemical Subsidiary to continue with new innovative products.

Moving to Rigid Packaging:

Cosmo Plastech which is our Rigid Packaging business vertical. The focus is on achieving profitability through higher capacity utilization and improving cost efficiency. The business has reached close to 70% capacity utilization in Q2 which should further increase in the coming quarters.

Moving to Consumer Businesses:

Cosmo has two consumer businesses. One is Zigly which is into pet care space. Second is Cosmo Consumers which includes window film, paint protection film and ceramic coating. Both the consumer businesses continue to scale up during the quarter. For Zigly, the business model is fast moving towards services and house brands which is a high-margin business. Zigly has also acquired two established veterinary hospitals during the quarter, one in Mumbai and another in Bangalore. Both of them are profitability centers.

Now I am moving to corporate side:

The company net debt position at September’25 is close to Rs.1230 crore, which is 2.97x to EBITDA and 0.8x to GDP. At this stage, the company is running close to peak level of debt as most of the debt related to plant growth is already built in the balance sheet. But we do not have full year effective returns coming out of this as of now which should start in the coming quarters. We believe the net debt reduction should happen in the coming years . During the quarter, the company has also earned Globally Recognized Information Security Management Certificate which is called ISO-IEC-27001 during this quarter.

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Well, now all our plants are partially using renewable power as source of energy. In FY’25, the company has used more than 50% of the power consumption from renewable sources which we are targeting to increase further to close to 2/3[rd] in 12 to 15 months from now. Besides environment, this will also facilitate cost rationalization.

On this note, we conclude our opening remarks and would be glad to discuss any questions. Over to you for the question-and-answer session.

Moderator:

Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Nirav Jimudia from Anvil Wealth. Please go ahead.

Nirav Jimudia :

Yes, sir. Thanks for the opportunity. Sir, I have a few questions to ask. So first, on the clarification side, the positive and the negative impact which you mentioned in your opening remarks pertains to at the EBITDA level or at the PBT level?

Management:

Those were at the EBITDA level. Correct.

Nirav Jimudia :

And sir, you also touched upon the impact on our business from the US tariff side. So, I just wanted to understand the impact of numbers that you mentioned. First, what is the current tariff to us in terms of exporting films to USA and second to what level of tariffs we are able to pass on and the balance is showing as an impact in our P&L?

Management:

Sure. Earlier it used to be 5%. Post-August, it moved to 55%. So as of now, it is 55% tariff on import of film in USA from India. As we know, this tariff increased in two parts in the month of August. One at the beginning of August. Second part was towards the end of August. So full month impact was for there in September. As we mentioned, close to Rs. 6 crore was the impact for the Q2. So, if we annualize, we expect close to Rs. 55 crore annualized impact. There is no change from now in terms of the tariff. Having said so, a significant part of this, we could also take price increases from the customers. So, we expect close to half of this price increase from the customers. So, remaining net impact for us is close to 25% tariff.

Nirav Jimudia:

Correct. So just to summarize here, till 25%, we have taken the price increases. And let us say the balance 30% is still the impact on the books. So just want to reiterate here, let us say if hypothetically the additional tariffs which were levied in the last round, goes away, this impact of Rs. 55 crores on an annual basis, what you mentioned, should also go away, correct?

Management:

That is right.

Nirav Jimudia:

Got it sir. Sir second question is on the newer lines, what you mentioned is that it should start seeing the ramp up, fully ramped up from Q4 of FY’26. So just wanted to understand here, you also mentioned some cost associated with it because of which the numbers were not fully reflected on the P&L side. So just wanted to understand, let us say once it fully ramps up what

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sort of cost savings one should envisage, A, on the variable side and B, on the fixed cost side. So, if you can just compare it with your older lines, what we are currently having, vis-a-vis this newer line, and give some quantitative understanding, that would be very helpful.

Management:

Yes. So basically, you know, the fixed costs have already been incurred for the new line, while once we scale up, the fixed costs are going to remain the same. Second is for any new line, you have to end up doing a lot of trials during stabilization. So those trials would not carry on. So, in this quarter, we could easily say that a couple of crores have gone into different kinds of trials and multiple shutdowns that we had to take to ramp up the speed.

Nirav Jimudia:

Correct. So is it safe to assume that the newer line would have a lower variable cost, vis-a-vis our current existing lines. And in terms of percentages, if you can share, let us say, vis-a-vis our existing lines and the newer lines which we have currently commissioned, what sort of cost advantage should come to us once it is fully ramped up?

Management:

It will be 15% lower cost.

Nirav Jimudia:

Okay. Got it. Sir, third question is on, let us say, once this line is fully ramped up, do we need to expand on the specialty or the semi-specialty lines? Because last time when you mentioned, we were already at 70%lose to the volumes from the specialty side. So, let us say once this line starts ramping up and it is fully utilized, do we need to further invest on the semi-specialty and specialty lines?

Management:

So see, some of it has already been commissioned. We have added two new lines very recently. And two lines are under commissioning. One line will come up in the Q4 and the other line will come up in the Q1 of next year. So basically these are part of Rs. 250 crores of capex that is planned for this year. And then beyond this, we are kind of in a consolidation phase, and we are not committing any further capex at this stage, any major capex, I would say, for the rest of the year and for the next year.

Nirav Jimudia: Correct. And sir, with these four lines that you mentioned, would it again help us to go back to that 70%, 80% range in terms of the volume mix between the specialty and commodity?

Management:

Yes, that is what is planned. And obviously it would not happen overnight. It is going to happen over a period of time. But yes, that is a plan that for the next two, three years we are back to the same numbers. And we have already started two very large, which at this stage we would like to keep it confidential, two very important product lines that we are going to start within the film. And once we start scaling up, we will certainly share with the investors.

Nirav Jimudia:

Got it. Sir, last from my side, last conference call you mentioned that there were some unreasonable imports of BOPP into India with the competitor line going out. So where are we currently in terms of those imports? So have they been exhausted? And let us say over some

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period of time we can again see some sort of positive price increases in the market. What is your take on that?

Management: Yes, you see, in anticipation some traders did import. And that negatively impacted in AugustSeptember. Diwali month is always a tight month for industry historically because a lot of Gujarat traders and certain other traders are shut down almost for 15 days. Things are getting back to normal. Imports are not happening because most of these importers realized that they lost a lot of money in this import exercise. Now we must also consider the fact that four new BOPP lines got added. So there is not as much shortage which happened once that that plant had fired. There is a fair balance between demand and supply and the prices should improve from here. Nirav Jimudia: Got it sir. Thank you so much sir for all the detailed answers and I will be back in the queue if I have any. Management: Thank you. Moderator: Thank you. The next question is from the line of Raman KV from Sequent Investments. Please go ahead. Raman KV: Sir, I joined a call a little late. Can you just repeat the realization for the quarter with respect to the films? Management: Okay. Gross margin on the BOPP films Q2 was running Rs. 22 per kg. It was compared to Rs. 25 per kg in the June’25 quarter. In terms of the BOPET films, the gross margin was running close to Rs. 6 per kg compared to Rs. 12 per kg in June’25 quarter. Raman KV: Sir, the second one was Rs. 6 in which BO? Management: BOPET or BPET sir. Raman KV: BOPET. Okay. So, I have noticed that both the realization of both the products has dropped significantly especially with the BOPET. Can you give us an idea about is it because of the oversupply in the market or is it because of the decline in the raw material prices? Management: So, as we mentioned, there was some import which has happened starting from the month of August which towards the end of the quarter, it reduced significantly and now post quarter also it has reduced very, very significantly. So, because of that import, we reduced the selling price. That is why the margin reduced. Raman KV: Okay, sir. So, my second question is with respect to the specialty films like the paint-protection films and sun-protecting films, how much did we do? If you can give us a rough figure with respect to the top line and how are we expecting to scale this up?

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Management: So, there is definitely traction in these two films and each quarter there is sales growth which is happening. As of last quarter, we are close to Rs. 4 crores, Rs. 4.5 crore of the sales for the quarter.

Raman KV: And sir, how are we planning to scale the business up? Because if I understand this, these are very niche and specialized products and this will also help us shift from a commodity-driven business and these have a better margin realization as well.

Management: Yes, sir. These are consumer businesses. See, the window film and paint-protection film have two sides of it. One is, in India we are working towards making it a consumer product, launch it as a consumer product, while there are export opportunities also. So, domestic, you know, whatever till now has happened is largely in the domestic market. And, you know, month-onmonth as Neeraj said, that we are scaling up, we are adding up more distributors and at some point in time we would like to even explore how can we even scale this up faster. As far as the exports are concerned, we have hired sales people for the export market. Our teams are working in US, Europe, South America and Middle East markets to have distributors even in those regions. So, it will be a mix of both. And, in the recent past, we have also launched ceramic coatings for the car. So, for cars now, we have three options, window films, ceramic coatings and paint-protection films. While for the architectural building side, we have window films and in the near future, we are planning to add one more product line so that we have multiple options both for the buildings and the car.

Raman KV: Okay, sir. So, my final question is, any guidance for the revenue for the entire year with respect to these specialty films? Management: Yes, you see, I mean, it is very difficult to give such projections, but at a very broad level, we could close this year between Rs. 3500 crores to Rs. 3800 crores. And, within that, the specialty portfolio should be anywhere between Rs. 2200 crores to Rs. 2500 crores. We look more as a volume number than an absolute number, but it will be close to something between Rs. 2200 crores to Rs. 2500 crores.

Raman KV: And, sir, the overall, you said Rs. 3500 crores, right?

Management: Rs. 3500 crores to Rs. 3800 crores.

Raman KV: Okay. And, sir, can we expect the gross margin with respect to BOPP to remain at 22 levels for the entire year, or will it pick up in the second half now that imports have reduced?

Management: Ideally, it should pick up from here because it is the season time for our industry. And, also, the demand is good --So, if at all, the margins should ideally go up. I do not know if we can predict the future. But what we feel is that it should go up.

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Raman KV:

Okay sir. Thank you, sir.

Moderator: Thank you. Our next question is from the line of Aman Kumar from AK Securities. Please go ahead.

Aman Kumar: Yes. Good afternoon, sir. My question is related to this. Right now, the spread has come down significantly. So, what is the current spread in the commodity BOPP film?

Management:

What has come down?

Aman Kumar: Spread. That gross margin.

Management: Yes. Gross margin has come down because of imports in between and is expected to improve from here.

Aman Kumar: So, right now, it is around 22 or even less than that?

Management: It is on an improving trend.

Aman Kumar: Okay. And, sir, how is the demand-supply balance in the BOPP segment going forward over the next two, three years?

Management: See, right now, as we said, it is fairly balanced. If at all, demand should be slightly more. Next year, there are two, three lines expected to come up and India grows right now at two lines per year. But the problem always is that supply comes immediately while demand growth happens month after month. But in so many lines, two, three lines is not going to make a huge difference. So, I would say that demand-supply should largely remain balanced for the next couple of years. A year thereafter, again, there are three, four lines expected. So, these kinds of lines are normally fine to get added to the system.

Aman Kumar: So, how will the company counter this oversupply situation going forward? Management: We will continue to remain focused on specialty and exports. Aman Kumar: So, sir, what is the current extra margin we are getting in the value-added and semi-valueadded film?

Management: Normally, on average, it is 2.5x of commodity margin. But commodity margins keep changing. So, it is very difficult to put up.

Management: You can see this information on our website also in the investors' presentation. We have mentioned the margins separately for specialty , semi-specialty films and the commodity films.

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Aman Kumar: Okay, sir. And, sir, in the last quarter, as you have said, PPF and Sun control film have a turnover of around Rs. 4.5 crore. Is it right sir?

Management:

Yes.

Aman Kumar: So, when can we expect a significant ramp-up in this business?

Management: I mean, it will continue to grow quarter-on-quarter. Building a brand takes its own time. So, you know, I cannot say that by when. Obviously, the teams are working. We are trying to scale up both the domestic as well as the export market. So, this year we expect to close around Rs. 20 crore and next year we should try to make it two to three times of this sale. And we expect that after we should be doing maybe Rs. 100 crores.

Aman Kumar: And, sir, what about Zigly? Till what time can we expect a turnaround in this business? Because right now every quarter we are making a loss of around Rs. 11.5 crore rupees. So, when do these losses get stopped, in your opinion?

Management: Losses stopping, business itself has a lot of interest globally because pet care is a very upcoming segment. Such kind of retail business takes its own time to be, you know, unless you scale up, you do not earn profit. But the good thing is that we are highly focused on the services side and the private labels. But profitability may easily take three to four years from now.

Aman Kumar: And one last question, sir. How will we address this US market? Because right now, at 55% duty, we will definitely see squeezing margin. So, in the previous call, you said that we are also looking to divert some of the business to other countries. So, is the company planning to do that? We are talking to the customers to increase the price.

Management: See, first, on Zigly the point is that you might see that though the revenues have scaled up, but our losses have remained at a similar level. So, that is very positive news for the Zigly business that we could increase the revenues without increasing losses. I am sure the time will come when the losses start coming down also. But absolute profitability is going to take some time. Coming to US, see we have set a deadline for us that let us say if the duties do not go away by December, then we are going to go back to the customers and ask for more price increases. Though at a global level, we are still making profits when it comes to US business. But obviously, we should be doing better. So, our plan of action is that we will wait until December. And if these duties do not go away, then go back to the customers and seek for more price increase. Irrespective, we have already grown good exports in other markets. And if you see that our export levels have only gone up in this quarter rather than coming down.

Aman Kumar:

Okay, sir. Thanks sir.

Moderator:

Thank you. The next question is from the line of Nikhil from Swyom Advisors. Please go ahead.

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Nikhil:

Hi, good afternoon. Am I audible?

Moderator: Yes, you are. Nikhil: Thanks for this opportunity, sir. Congratulations on the good set of results that you have posted. I just wanted to get some more confirmation from you. So, you said FY’26 guidance for topline is around Rs. 3500 crores, Rs. 3800 odd crores. So, if you can throw some light at the EBITDA that you are projecting for the year.

Management: Very difficult to predict that. Nikhil: Okay. And sir, on the spread level, you mentioned that it is at Rs. 22 and Rs. 6 for BOPP and BOPET respectively. So, if you can tell us what is the current level that we are functioning at? Like maybe October and first half of November? Management: It is on improving trend. It is very difficult to share day-to-day numbers. But it is on improving trend.

Nikhil: But if you would have anything on November end, what was the price for the November? Management: Yes. I mean, it is changing every day. We will share next quarter what we mean for the quarter. But as I said, this is on improving trend. It should improve further. October is the Diwali month is always the tightest month for industry. November has just started. We are not even halfway through in November. We do expect prices to get better.

Nikhil: Okay. And sir, you mentioned that the debt level, you are close to the peak level. So, when are we expecting that to go down? And what could be the debt level during the year end? Management: You see, right now, this year, the debt is not going to be reduced because this year we had planned for Rs. 250 crores capex. But next year, we have not planned any significant capex. So, next year, you should see a reduction in the capex. And any kind of projection in our industry takes time. And given that we are controlling capex, so debt levels will continue to come up. But we have no major expenditure capital expenditure for the next 18 months.

Nikhil: Okay. And sir, just following back with the previous participant that you have mentioned that if the US tariff problem is not getting settled by December, you might go back to the customers for price hikes. So, other than that also, are we trying to look after new geographies and acquisition of newer clients? Management: Oh, yes. We have done a good job there in last few months. Nikhil: Sir, if you can say, which geographies are you targeting?

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Management: See, for us, I mean every market we look for as a separate market. But I would say in general the entire Americas and Europe and even Middle East, Africa has done well for us. Nikhil: Okay. Americas, Europe, Middle East and Africa you are saying. Any newer market that you are targeting? Management: I mean, 70% world is already covered including Latin American countries. Nikhil: Okay. Those are my questions. Thanks for answering those. Just in case if I have any further questions, I will rejoin the queue. Thank you and all the best. Moderator: Thank you. The next question is from the line of Vipul Kumar Shah from Sumangal Investments. Please go ahead. Vipul Kumar Shah: Hi. Thanks for the opportunity. So, sir, what is the progress on the demerger of pet care vertical because it is depressing our results and maybe it is having a negative effect on our valuation also. Management: So, see, even earlier we had said that we have a certain plan to do that. You know, we had set a deadline couple of years back that by March’27 ideally we would like to do. So, we are monitoring the situation very closely and at this stage we continue to remain that by March’27 I believe we would like to demerge it. Management: Definitely, just to add to what Pankaj said, I mean, this will not be negative anymore. It will be expected to create value for these stakeholders. Vipul Kumar Shah: Okay. And, sir, regarding your specialty and semi-specialty volume, it has come down by 16 basis points if I compare it to Q2 of FY’25. Is it mainly due to stabilization of this new BOPP line? Management: Yes, we have. I mean, you will notice we started new BOPP significant, very large line from June 25 onwards. So, post that, initially, you know, when you start very large line you sell more of the commodity immediately. It may not be possible to increase the specialty that much. So, that is why at the company level our ratio of the specialty has come down. But, still, we are more than half in terms of the volume and maybe more than 60% in terms of the value specialty films. As Pankaj mentioned sometime back, I mean, we are looking at very effectively to enhance specialty and semi-specialty in the coming quarters. And we are also launching couple of new products on the speciality side. So, we are looking to get better numbers there. Vipul Kumar Shah: So, what is the capacity of this line and out of that capacity what percentage of that is specialty now and where do you see that reaching over next 12 months?

Management: So, we tried to touch on this. Actually, name plate capacity is 81,000 metric ton of the BOPP new line. Actual production could depend on the product mix but largely we are looking at

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60,000 metric ton on annualized basis. We could achieve close to two-third of the capacity utilization during the Q2 as speed of the line is increasing in parts. But we expect as we have guided also by the end of the Q4, we should be able to achieve close to full utilization on the new BOPP line.

Vipul Kumar Shah:

No, but out of the two-third capacity utilization, what percentage was specialty and semispecialty?

Management:

This could be about 18% to 20% in Q2.

Vipul Kumar Shah:

And where do you see that figure reaching over next 12 months?

Management:

Our target is close to 70%. As for the corporate level, we took the target close to two-third of total volume%. We will try to sell more the specialty and semi-specialty taken together but it will not happen on immediate basis. It will take some time.

Vipul Kumar Shah:

Okay sir. Thank you and all the best.

Moderator:

Thank you. Ladies and gentlemen, that was the last question for today’s conference. I now hand over the conference to the management for closing comments. Thank you and over to you sir.

Management:

Thank you. Let me try to summarize. For the film business the company’s focus will be to take full leverage of the new investments, grow our specialty films and further push down the cost. Among new business vertical specialty chemical is already making decent profit and is growing. Growth and profitability will be key focus areas for the other business verticals in the coming quarter including Cosmo Consumer and Cosmo Plastech which is rigid packaging business. While Zigly may take some time to become profitable, however, it should be a significant valued creator.

At the end of the call I will repeat the statutory declaration, certain statements in the conference call may be forward-looking statements. These statements are based on management's current expectations and are subject to uncertainties and changes in circumstances. These statements are not guarantees of future results. Thank you very much for attending the conference.

Moderator: Thank you. On behalf of Cosmo First Limited that concludes this conference. Thank you for joining us and you may now disconnect your lines.

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