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Pidilite Industries Ltd. — Call Transcript 2020
Nov 12, 2020
61002_rns_2020-11-12_ab4edf9b-b1e3-46a8-84f9-9d8c8d7dc8f1.pdf
Call Transcript
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12[��] N�������, 2020
T�� S�������� BSE L��. C�������� R����������� D���., 14[��] �����, P. J. T����, D���� S�����, F��� M����� - 400 001 S�ock Code � 500331
T�� S�������� N������� S���� E������� �� I���� L��. E������� P����, P��� ��. C/1, G B����, B�����-K���� C������, B����� (E), M����� - 400 051 S�ock Code - PIDILITIND
S�b: T�an�c�i�� of �he Ea�ning� Call
D��� S��,
W� ������� ��������, � ���������� �� ��� E������� C��� ���� ���� A������/I�������� �� 6[��] N�������, 2020.
K����� ���� ��� ���� �� �������.
T������� ���,
����� ����������,
Fo� Pidili�e Ind����ie� Limi�ed
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P�nee� Ban�al Com�an� Sec�e�a��
E���: �� �����
CIN: L24100MH1969PLC014336
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�Pidili�e I�d����ie� Li�i�ed Q2FY2021 Ea��i�g� C��fe�e�ce Call�
N��e�be� 06, 2020
� ANALYST: MR. ANAND SHAH AXIS CAPITAL
� � MANAGEMENT: MR. BHARAT PURI MANAGING DIRECTOR PIDILITE INDUSTRIES LIMITED � � MR. APURVA PAREKH EXECUTIVE DIRECTOR PIDILITE INDUSTRIES LIMITED � � MR. PRADIP MENON CHIEF FINANCIAL OFFICER PIDILITE INDUSTRIES LIMITED
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Pidili�e Ind����ie� Limi�ed N��embe� 06, 2020
M�de�a���:
Ladie� a�d ge��le�e�, g��d da� a�d �elc��e �� �he Pidili�e I�d����ie� Li�i�ed Q2 FY2021 Ea��i�g� C��fe�e�ce Call h���ed b� A�i� Ca�i�al. A� a �e�i�de� all �a��ici�a�� li�e� �ill be i� �he li��e�-��l� ��de a�d �he�e �ill be a� ��������i�� f�� ��� �� a�k ��e��i��� af�e� �he ��e�e��a�i�� c��cl�de�. Sh��ld ��� �eed a��i��a�ce d��i�g �he c��fe�e�ce call �lea�e �ig�al a� ��e�a��� b� ��e��i�g �*� �he� �0� �� ���� ���ch���e �h��e. Plea�e ���e �ha� �hi� c��fe�e�ce i� bei�g �ec��ded. I ��� ha�d �he c��fe�e�ce ��e� �� M�. A�a�d Shah f��� A�i� Ca�i�al Li�i�ed. Tha�k ��� a�d ��e� �� ��� Si�!
A�a�d S�a�:
Tha�k�. G��d af�e����� e�e����e a�d �� behalf �f A�i� Ca�i�al, I �elc��e ��� all �� �he Pidili�e I�d����ie� Q2 FY2021 Ea��i�g� C��fe�e�ce Call. We ha�e �i�h �� �he �e�i�� �a�age�e�� �f �he c���a�� �e��e�e��ed b� M�. Bha�a� P��i, Ma�agi�g Di�ec���; M�. A����a Pa�ekh, E�ec��i�e Di�ec���; a�d M�. P�adi� Me���, CFO. Wi�h �hi�, I ���ld j��� like �� ha�d ��e� �he call �� �he �a�age�e�� f�� ��e�i�g �e�a�k�. Tha�k�, a�d ��e� �� ���!
P�ad�� Me���:
I �ill begi� �i�h �he ����a�� �f �he b��i�e�� a�d fi�a�cial �e�f���a�ce f�� �he ��a��e� a�d half �ea� e�ded 30�h Se��e�be� 2020 f�� �he ��a�dal��e b��i�e��. The�e ha� bee� �e��e��ial i�����e�e�� i� de�a�d c��di�i��� d��i�g �he ��a��e�. R��al a�d �e�i-��ba� a�ea� �ec��ded d��ble-digi� g����h. Pe�f���a�ce i� �e���� �hile i�����i�g �e��e��iall� ha� ��ill �� �each ��e-COVID le�el�. O�e�all, C�����e� a�d Ba�aa� �eg�e�� �e����ed �� g����h �eachi�g a� ��e-COVID le�el� i� ���� ge�g�a�hie�. G����h �a� heal�h� i� c������c�i�� che�ical� a�d DIY ���d�c��. B2B �eg�e�� c���i��ed �� face head�i�d�; h��e�e�, i� �h��ed �ig�� �f �ec��e�� i� �he la��e� �a�� �f �he ��a��e�. The ���fi�abili�� f�� �he ��a��e� �a� aided b� be�ig� i���� c��� a�d �����g c��� ���i�i�a�i�� �ea���e�. While �e a�e �eei�g �ig�� �f i���� c���� ha�de�i�g, �e �e�ai� ca��i���l� ���i�i��ic �� ��eadil� i�����i�g de�a�d �ec��e��. O�� �la��� a�e ��e�a�i�g a� a ca�aci�� ��ili�a�i�� �f a�����i�a�el� 90% a�d ��e�a�i�g efficie�cie� �f ��� �a�eh���e� ha�e bee� i��ac�ed �� a�d �ff. O� N��e�be� 3, 2020, �he c���a�� ha� c���le�ed �he ac��i�i�i�� �f 100% ��ake i� H�����a� Ad�a�ced Ma�e�ial� S�l��i��� P��. L�d. (HAMSPL) f�� a ca�h c���ide�a�i�� �f a�����i�a�el� R�.2,100 C���e� e�cl�di�g c�����a�� ���ki�g ca�i�al a�d ��he� adj����e���. HAMSPL �a��fac���e� a�d �ell� adhe�i�e�, �eala���, a�d ��he� ���d�c�� ��de� �ell-k���� b�a�d ��ch a� A�aldi�e Ka��e��e� a�d A�a�eal.
N�� ���i�g �� fi�a�cial �e�f���a�ce, �e� �ale� g�e� b� 3.7% �i�h ��de�l�i�g �ale� ��l��e a�d �i�ed g����h �f 3.6%. Thi� �a� d�i�e� b� g����h �f 7.4% i� �ale� ��l��e a�d �i� �f C�����e� a�d Ba�aa� (C&B), a�d a decli�e �f 7.2% i� �ale� ��l��e i� �i� �f
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Pidili�e Ind����ie� Limi�ed N��embe� 06, 2020
B��i�e�� �� B��i�e�� (B2B) �eg�e��. Ne� �ale� f�� �he half �ea� e�ded ����d a� R� 2,388 C���e�, a decli�e b� 28% ��e� �he �a�e �e�i�d la�� �ea�. Ma�e�ial c��� a� a �e�ce��age �f �e� �ale� i� l��e� b� 283 ba�i� ��i��� ��e� �he �a�e ��a��e� la�� �ea� a�d 200 ba�i� ��i��� �e���� ��e�i��� ��a��e�. D�e �� a�ailabili�� c�����ai��� ��� �aj�� �a� �a�e�ial Vi��l Ace�a�e M����e� (VAM) ���� ��ice� ha�e ���ed �� a�d ha�e al�ead� b�eached �he $900 �a�k. C�������i�� c��� f�� Q2 FY2021 �f VAM i� a�����i�a�el� $765 �e� ��� a� c���a�ed �� $901 i� Q2 FY2020. G�i�g f���a�d a� I �aid ea�lie�, �e �ee �hi� c��� i�c�ea�i�g. EBITDA bef��e �����e�a�i�g i�c��e a� R� 473 C���e� g�e� b� 35% ��e� �he �a�e ��a��e� la�� �ea� �� acc���� �f l��e� i���� c��� a�d ad�e��i�i�g a�d �ale� ��e�d�. EBITDA f�� half �ea� e�ded ����d a� R� 570 C���e�, a decli�e b� 26% ��e� �he �a�e �e�i�d la�� �ea�. P��fi� bef��e �a� a�d e�ce��i��al i�e�� a� R� 455 C���e� g�e� b� 22% ��e� �he �a�e ��a��e� la�� �ea�. PAT a� R� 339 C���e� g�e� b� 5% ��e� �he �a�e ��a��e� la�� �ea� d�e �� �a� �e�e��al i� �he ��i�� �ea� �i�h �ed�c�i�� �f c�����a�e �a� �a�e. O� a like-��-like ba�i�, PAT g�e� b� 27%.
C����lida�ed �e�f���a�ce ���be�� - Ne� �ale� a� R� 1,857 C���e� g�e� b� 3% ��e� �he �a�e ��a��e� la�� �ea�. EBITDA bef��e ���-��e�a�i�g i�c��e a� R�.514 C���e� g�e� b� 39% ��e� �he �a�e ��a��e� la�� �ea� �� acc���� �f l��e� i���� c��� a�d l��e� ad�e��i�i�g a�d �ale� ������i�� ��e�d�. Ab��� ��b�idia�ie� �e�f���a�ce, i��e��a�i��al ��b�idia�ie� ha�e �e����ed d��ble-digi� c����a�� c���e�c� g����h d��i�g �he ��a��e�. D��e��ic ��b�idia�ie� c���i��e �� �i��e�� challe�gi�g b��i�e�� e��i����e�� d�e �� �he �a�de�ic; h��e�e�, �ig�� �f �e�i�al a�e �b�e��ed ���a�d� �he la��e� �a�� �f �he ��a��e�. We a�e e�c���aged b� �he Q2 �e�f���a�ce; h��e�e�, �e �e�ai� ca��i���l� ���i�i��ic �� acc���� �f �he �i�k� a���cia�ed �i�h �he ��g�i�g �a�de�ic. O�� f�c�� ���ld be �� c���i��all� d�i�e ��l��e g����h �ia i��e���e�� i� ��� b�a�d� i� �ale� a�d di���ib��i��, a�d i� c�����e� �ele�a�� i����a�i���. Tha� c���le�e� �he ��a�e�e�� f��� ��� �ide, a�d I ���ld like �� ha�d��e� �� A�a�d a�d ��ga�i�i�g �ea� f�� �he ��e��i���.
M�de�a���:
Tha�k ��� �e�� ��ch. We ha�e �he fi��� ��e��i�� f��� �he li�e �f Ab�ee�h R�� f��� Edel�ei��. Plea�e g� ahead.
Ab�ee�� R��:
C��g�a�� �� g�ea� ���be�� a�d �he �ece�� ac��i�i�i��. Si� �� fi��� ��e��i�� i� �� H�����a�, �ha� �a� �he �h��gh� ���ce�� behi�d �hi�? H�����a� i� al�� i��� adhe�i�e�, �eala��� a�d ��� a�e �b�i���l� �he d��i�a�� �la�e� �he�e, i� i� �� ge� e��e��iall� lead ��e� a�� ��he�
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Pidili�e Ind����ie� Limi�ed N��embe� 06, 2020
�la�e� e��e�i�g, if ���e��e el�e ���ld ha�e ac��i�ed, �ha� i� �he �ai� �ea��� �� i� add� �� ���� di���ib��i�� �� b�a�d �� ���d�c� �ech��l�g�?
P�ad�� Me���:
I �hi�k i� a�� ki�d �f c�����e� b��i�e��, �he� �e l��k a� a b��i�e�� �he�e a�e a c���le �f ele�e��� �� l��k a�. O�e i� �he ki�d �f b�a�d �ha� i� ha�, �he b��i�e�� ��del, a�d �he ki�d �f di���ib��i�� ��������i��. S�, �e ha�e l��ked a� all �h��e ele�e���. If ��� l��k a� A�aldi�e �hich i� �he b�a�d a� �a�� �f �he H�����a� ac��i�i�i�� �ha� �e ha�e g�� i� �he ���ce�� f�� �he I�dia� ��bc���i�e��, �hi� ha� leade��hi� ���i�i�� i� �he E���� adhe�i�e �eg�e�� a�d �hi� i� e��e��iall� �e��, �e�� high-�e�f���i�g adhe�i�e� ��ed i� �a�ble ����e, �e�al, a�d b��di�g ������e�, a�d �he�ef��e �i�h �he leade��hi� ���i�i�� �ha� �he c���a�� ha� a�d �he ��������i�� �� i�����e di���ib��i�� i� �he ge�g�a�hie�, gi�e� �he �a� �e ��e�a�e, �he Pidili�e ��del, c���ec� �i�h ��e�� a�d all �ha�. The�e a�e �he ��� ��i�a�� ele�e��� a�d �f c����e i� �e��� �f �he b��i�e�� a�d �he �a���e �f �he �a��ic�la� b��i�e�� �ha� �e ha�e, i� i� e���gh �� e���cia�e �hich i� �b�i���l� i� �he �igh� b�� i� �e��� �f ���fi�abili��, i� �e��� �f ��������i�� �� g��� f��� a di���ib��i�� �e���ec�i�e, a�d �he�e a�e �he �ea���� �h� �e ha�e l��ked a� �ha� b�a�d.
A����a Pa�e��:
Ye�, I �hi�k ��� ha�e c��e�ed ���� �f �he ��i���, b�� Ab�ee�h ��� k��� A�aldi�e i� �b�i���l� a� ic��ic b�a�d, a� e���e�el� �ell-k���� b�a�d i� i�� �eg�e��, a�d ac��i�i�g A�aldi�e c���le�e� ��� adhe�i�e ����f�li�. We �e�e al�a�� ��e�e�� i� E���� adhe�i�e� f�� �a�� �ea��, b�� A�aldi�e �a� �he �a�ke� leade�. S� �i�h ac��i�i�i�� �f A�aldi�e �e ha�e ��� a ����f�li� �f �e�� �����g b�a�d� i�cl�di�g Fe�ic�l, Fe�ik�ik, M-Seal, a�d ��� A�aldi�e. S�, �he �ai� ������e �f �he ac��i�i�i�� �a� �ha� i� �a� a �e��, �e�� �����g b�a�d �i�h �e�� �����g ���i�i�� i� E���� adhe�i�e �eg�e��.
Ab�ee�� R��:
Si� �� ��e��i�� i� �ha� ��� i� E���� ��� �ill ha�e ���� ��� b�a�d a�d A�aldi�e, �i�ila�l� A�aldi�e Ka��e��e� �� A�a�eal, ��� �ill ha�e ���� ��� b�a�d�. S�, h�� d�e� b�a�d a�chi�ec���e ���k i� �he �edi�� a�d l��g �e��, ��� �ill �e�ai� b��h b�a�d� �� �he�e �ill be ��ice ladde�i�g �hich �ill di��i�g�i�h be��ee� �he ���, �� �egi�� �i�e c��ld �he�e be ���e diffe�e�ce?
A����a Pa�e�� :
The ��e�all ���a�eg� a�d b��i�e�� �la� �ill e��l�e ��e� a �e�i�d �f �i�e, b�� ge�e�all� i� all b�a�d� �ha� �e ac��i�e �e �ai��ai� �he b�a�d� a�d each b�a�d ha� i�� ��� ���i�i�� i� ��� ����f�li�. S� ce��ai�l� �e �ill �ai��ai� a�d ���e�g�he� A�aldi�e a�d �he �ela�ed b�a�d� like A�aldi�e Ka��e��e�, b�� �he e�ac� ���i�i��i�g �f �ha� a�d h�� e�ac�l� �e �ill g��� �he� i� ���e�hi�g �hich �e �ill de�el�� ��e� �he c��i�g ����h�.
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Pidili�e Ind����ie� Limi�ed N��embe� 06, 2020
Ab�ee�� R��:
Will �he�e be ���al�� �hich i� �e��i�ed �� be �aid a�d �i�ila�l� ��� ha�e �he ��ade�a�k lice��e f�� Middle Ea��, Af�ica, A�ia, �� i� �he�e ge�g�a�hie� i� al�ead� A�aldi�e ��e�e�� �� ��� ���ld �eed �� g� �he�e a�d �a� i��� ���� ��� di���ib��i�� �hich �igh� be �he�e?
A����a Pa�e��:
A�aldi�e b�a�d i� I�dia� ��bc���i�e�� ha� bee� a��ig�ed �� �he e��i�� �hich �e a�e ac��i�i�g, �� �� ���al�� �ill be �a�able. A� fa� a� lice��e g�e� f�� Middle Ea��, Af�ica, a�d A�ia, i� i� a b��i�e�� �ha� �e �ill ha�e �� ���d� a�d �he� decide h�� �� g���. I� i� ��� a �e�� la�ge b��i�e��, b�� I a� �alki�g ab��� �eg�e��� f�� �hich �e ha�e g�� lice��e. We �ill ha�e �� a��e�� �ha� �a�ke� a�d �he� g��� i�. We �ill ha�e �� de�e��i�e �he a������ia�e di���ib��i�� �e����k f�� �ha�.
Ab�ee�� R��:
Fi�e. M� �ec��d a�d la�� ��e��i�� i� �� ���� �a�e�����fi�g b��i�e��e�. The�e, �hi� ��a��e� al�� �he �e��ice� b��i�e�� ��� had ac��i�ed. Thi� ��a��e� al�� �he�e i� a big di�, a� Q1 �a� a �a�h���. Ni�a Pe�ce��, �he C���a�� I a� �alki�g ab���. Wha� i� �he �a� f���a�d �he�e? Wha� a�e �he�e i���e� if ��� c��ld di�c��� beca��e �hi� �a� a� ac��i�i�i�� d��e a fe� �ea�� back a�d ��� ��dde�l� �hi�g� a�e l��ki�g ��i�e diffe�e�� f��� ���� �ai� b��i�e�� a�d ���� i��e��a�i��al b��i�e��, e�c., i� �he�e a�� ��ecific i���e he�e �� i� i� ���e �f a c���e�i�i�� �� di�c�e�i��a�� ��e�d?
P�ad�� Me���: The�e a�e ��� �� �h�ee �hi�g� ab��� Ni�a - Pe�ce��. O�e i� �ha� a� ��� �igh�l� �aid i� i� �a�e�����fi�g �e��ice�, b�� i� a �a�, i� i� ��e e��i�� �f ���� �hich ha� ab��l��el� di�ec� li�k �i�h �he �eal e��a�e �ec��� a�d �he �e�f���a�ce �f �he �eal e��a�e �ec���. The �eal e��a�e �ec��� e�e� ��i�� �� COVID �a� g�i�g �h���gh �ig�ifica�� challe�ge� a�d �h��e challe�ge� g�� accele�a�ed d��i�g �he la�� �i� �� �e�e� ����h�. Ha�i�g �aid �hi�, �hile �he Q2 �e�f���a�ce �ha� ��� a�e �eei�g �b�i���l� i� �he �e�f���a�ce i� �e��� �f �e�e��e g����h a�d ���fi�abili��, �he ���i�i�e �ide �ha� �e a�e �eei�g i� �ha� �he�e ha� bee� �e��e��ial i�����e�e�� i� �e�f���a�ce �f �ha� e��i�� e�e� d��i�g �he ��a��e�, a�d �ha� i� ���e�hi�g �ha� i� gi�i�g �� ��ch ���e c��fide�ce g�i�g f���a�d. Ha�i�g �aid �ha�, i� i� ��� ea�l� �� �a� �he�he� �hi�g� a�e g�i�g �� be a c���le�e ����a����d. I� �ill be li�ked �i�h �he ��e�all �e�f���a�ce �f �he �eal e��a�e a�d �he ��eed �i�h �hich �ha� �ec��� �ec��e��. The C�����e� a�d Ba�aa� �eg�e��, , ��� ha�e �ee� �he �ec��e�� i� �ha� �eg�e��. We a�e ��� �b�i���l� �eei�g �he �a�e �ace �f �ec��e�� �he�e a�d �he�ef��e i� i� ��ill a �a�ch ���.
Ab�ee�� R��: Ye�, b�� e��e��iall� �hi� i� �e� h��e�, h�� ��ch �e�ce��age �f �ale� i� �� �e� h��e� f�� Ni�a Pe�ce��?
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A����a Pa�e�� :
Ye�, f�� Ni�a - Pe�ce��, �he e��i�e b��i�e�� i� �e� h��e�. Ni�a - Pe�ce�� b��i�e�� ��del i� �� ����ide �a�e�����fi�g �e��ice� la�gel� f�� �e� ���jec��. The�e �a� be ���e �e�ai� a�d �ehabili�a�i�� ���k, b�� �hei� ���k i� la�gel� �ela�ed �� �e� b�ildi�g�, �e� c���e�cial c���le�e�, i�f�a����c���e�, �� �ig�ifica�� �a�� �f �hei� �e�e��e i� f��� �e� c������c�i�� ac�i�i�ie�. J��� �� add, �f c����e �hi� �eg�e�� i� g�i�g �h���gh �e�� diffic�l� �i�e, b�� Ni�a - Pe�ce�� i� a �����g �a�ke� leade� i� �hi� �eg�e��. Of c����e, �hi� �eg�e�� i� ���e��ed b�� if ��� g� back, �e had a �e�� g��d �e�f���a�ce i� 2018-2019, a�d 2019-2020 had diffic�l�ie�, e�di�g �he �ea� �i�h c����a, a�d �f c����e �hi� �ea� �he�e ha�e bee� a l�� �f diffic�l�ie�, b�� i�he�e��l� i� i� i� ��i��e �����g ���i�i��. I� i� a �a�ke� leade� i� �eg�e�� �he�e �e��le �e��i�e ��eciali�ed �a�e�����fi�g �e��ice� f�� la�ge ���jec�� a�d i� ha� �e�� g��d ���e�g� �i�h Pidili�e, �� �e a�e h��ef�l �ha� a� ec����ic c��di�i��� i�����e, a� �he c������c�i�� ac�i�i�ie� �ick ��, �hi� b��i�e�� �h��ld al�� ��a�� �e�f���i�g be��e�.
M�de�a��� : Tha�k ���. M�. R��, �e �e��e�� �ha� ��� �e���� �� �he ��e��i�� ��e�e f�� f�ll���� ��e��i���, �ha�k ���. The �e�� ��e��i�� i� f��� �he li�e �f La�ika Ch���a f��� JP M��ga�. Plea�e g� ahead.
La���a C����a: M� fi��� ��e��i�� i� agai� �� A�aldi�e. If ��� c��ld elab��a�e a li��le ���e �� �ha� ki�d �f �e�e��e g����h ���file, �ha� ki�d �f �a�gi� ���file ha� �hi� b��i�e�� �ee� �� fa�? A�d �ha� ki�d �f �e�e��e �� c��� ���e�gie� d� ��� a��ici�a�e he�e? A�� ��a��ifica�i�� if ��� c��ld �ha�e �ha� �ill be ��ef�l?
P�ad�� Me���: I� ��� ��e�� �elea�e, �e had al�ead� c��e�ed �he cale�da� �ea� �e�f���a�ce �f �he b�a�d. I� �a� ab��� R� 400 C���e� f�� �ha� b��i�e�� i� 2019. A� fa� a� �he ���e�gie� �� �e�e��e a�d c��� i� c��ce��ed, I �hi�k i� i� a bi� ��� ea�l�, �b�i���l� �e ha�e ���e i��e��al �h��gh�� a�d �hi�g�, b�� i� i� ��� ea�l� f�� �� �� �eall� �alk ab��� i� i� a ��blic f���� f�� �he �i��le �ea��� �ha� �e �eed �� �ake ���e �i�e �� ��de���a�d �he b��i�e��. We belie�e �ha� i� ab��� �h�ee �� �i� ����h�' �i�e �e �ill be able �� c��e back �i�h a clea� �ic���e �� �he e��e��al i��e����� �� �he�e �e �ee �he ��������i��. A� a �e�� ��i�ci�le le�el, �he ���e�g�h �f Pidili�e i� �f c����e dee�e� di���ib��i�� a�d �e�e��a�i�� ac���� �a�ke�� a�d ac���� ge�g�a�hie�. Ob�i���l�, �e �ee ���e ��������i�ie� �he�e, b�� i� i� ��� ea�l� �� call �ha� ��� a� �he ���e��.
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A����a Pa�e��: J��� �� add �� i�, �e k��� �b�i���l� �hi� b��i�e�� �e�� �ell. A�aldi�e b��i�e�� �i�h i�� di���ib��i�� ����c���e �� �i�h i�� e�d-��e� ���file �e ��de���a�d �hi� �eg�e�� �ell a�d �e ha�e al�� bee� a �a��ici�a�� i� E���� adhe�i�e f�� a �e�� l��g �e�i�d. We ha�e g��d ��de���a�di�g a�d e��e��i�e i� �e��� �f b��h di���ib��i�� a�d e�d-��e� ac�i�i�ie�, �� �e belie�e �ha� all �f �hi� �h��ld hel� �� �� accele�a�e g����h �f �hi� b�a�d a�d i� addi�i��, �e did �he �al�a�i�� a� ���� �ea���able �e�e��e a�d EBITDA ��l�i�le, �� �e a�e h��ef�l �ha� a� �e accele�a�e �he g����h, �hi� �h��ld be be�eficial �� �he c���a��.
La���a C����a:
S��e, �ha� I �a� l��ki�g �a� f�� a�� ki�d �f �e�e��e g����h i� �he �a�� �ha� ��� c��ld �ha�e, b�� ���babl� �i�h ���� di���ib��i�� f�����i�� a�d i�i�ia�i�e�?
A����a Pa�e�� : Pa�� �e�i�d g����h i� ��� �ele�a�� a�d al�� i� �he la�� �h�ee �� f��� �ea�� �he�e �a� a diffe�e�� ki�d �f a �i��a�i�� i� I�dia, �he�e �he g����h �a�e �f al���� all big c���a�ie� �e�e i��ac�ed, I ���ld ��� �eall� l��k a l�� a� la�� �h�ee �� f��� �ea��, I �hi�k g�i�g f���a�d �i�h �he �al�e �ha� �e �ill add, �e a�e h��ef�l �ha� �e ca� accele�a�e �he g����h �a�e.
La���a C����a: S��e, a�d �� �ec��d ��e��i�� �a�, ��� ha�e ���ched ���� �he �a�e�����fi�g �e��ice� �eg�e��, b�� �he�e i� a l�� �f f�c�� �� i�i�ia�i�e� �� �cale ��� ��e�e�ce i� �he ��he� g����h a�d �i��ee� ca�eg��ie� �hich ��� ha�e ���li�ed ��e� �he la�� fe� �ea��, like fl��� c�a�i�g�, ���d fi�i�he�, �ile adhe�i�e�, j�i�e�ie�. H�� d� ��� a��e�� ���� �e�f���a�ce i� �he�e ca�eg��ie� �� fa�? Wha� �a� ���� ��� i��e��al be�ch�a�k a�d �e �ill e�cl�de �he COVID i��ac� he�e, a�d h�� �h��ld ��e �hi�k ab��� g����h f�� �he�e �eg�e��� g�i�g f���a�d?
A����a Pa�e��: I �hi�k La�ika a���g�� �he �eg�e��� �ha� ��� �alked ab���, ���e �f �he �eg�e��� a�e d�i�g ��i�e �ell, f�� e�a��le �ile adhe�i�e �i�h ��� b�a�d R�ff a�d j�i�e�� adhe�i�e �he�e �e �ell a �a�ie�� �f high-e�d adhe�i�e f�� j�i�e�� �a�ke�, b��h �f �he�e �eg�e��� a�e d�i�g ��i�e �ell. We ha�e f�c��ed ha�d �� de�el��i�g �he �igh� ���d�c��, b�ildi�g ���� �� �a�ke� a�d d�i�g ��he� ac�i�i�ie�, �� �e a�e g��d i� �h��e ��� �eg�e���. The ��he� �eg�e��� �ha� ��� �alked ab��� �e�e fl��� c�a�i�g, �ha� �a� �he ac��i�i�i�� �hich �e did �f a c���a�� called Ci��. N��, �hi� c���a�� like Ni�a i� i��ac�ed ���e�ha� beca��e �f �he �e� c������c�i�� �ela�ed ac�i�i��, a l�� �f �hei� b��i�e�� i� i��� �e� c������c�i�� i�cl�di�g fl���i�g f�� �a�i��� ���jec��, �a�ki�g l��� f�� la�ge b�ildi�g�. Tha� �eg�e�� i� i��ac�ed, b�� agai� like Ni�a, Ci�� i� al�� i� a g�ea� ���i�i�� a� fa� a� �a�ke� ���i�i�� g�e�, a�d �e belie�e �ha� a� �a�ke� i�����e� a�d ���e �f ��� i�i�ia�i�e� �ake �ha�e, �e �h��ld be able �� i�����e �he �e�f���a�ce. Tha� i� �� Ci��, b�� ��he��i�e b��h �he �ile adhe�i�e a�d j�i�e��
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b��i�e��e� a�e d�i�g �ell. The�e i� ���e COVID i��ac�, b�� b��h b��i�e��e� a�e d�i�g �ell a�d ha� ��a��ed �� �ec��e� �e�� �ell.
La���a C����a:
S��e, �ha�k ��� �� ��ch.
M�de�a���: Tha�k ���. The �e�� ��e��i�� i� f��� �he li�e �f A��ab Mi��a f��� C�edi� S�i��e. Plea�e g� ahead.
A��ab M���a: M� fi��� ��e��i�� i�, ��� ha�e �e��i��ed �ha� I�dia �ec��e�� ha� bee� led b� �a�e�����fi�g a�d DIY, �� I �a��ed ���e �e��e �� h�� �he ���d���ki�g adhe�i�e b��i�e�� i� d�i�g? I� �ha� ��ill �ela�i�el� �eake� beca��e �f �he highe� li�kage �� �eal e��a�e a�d �e d� hea� �ha� �he�e i� a �ick�� i� �he �eal e��a�e �a�ke�, a l�� �f �egi���a�i��� a� lea�� i� �he bigge� ci�ie� ��a��i�g �� ha��e�, a�e ��� �eei�g ��e�d� �he�e �he ���d���ki�g adhe�i�e �eg�e�� i� ��� ��a��i�g �� �ee g��d i�����e�e��?
P�ad�� Me��� : A� I �aid i� �he ��e�i�g �e�a�k�, �e a�e �eei�g �e��e��ial i�����e�e�� i� de�a�d c��di�i��� d��i�g �he ��a��e� a�d ��� k���, e�e�� ����h ha� bee� be��e� �ha� �he ��e�i��� ��e, a�d �ha� i� al�� ���e f�� �he ���d���ki�g adhe�i�e�. We a�e �eei�g a �i�ila� ��e�d i� �h��e �eg�e��� a� �ell. Wha� �a� �he �ec��d �a�� �f ���� ��e��i��?
A��ab M���a: I �a� �alki�g ab��� �he �ick�� i� �he �eal e��a�e �a�ke�. A�� �e��e �ha� ��� a�e �eei�g �ha� i� ha��e�i�g i� �he ���d���ki�g adhe�i�e �eg�e��?
P�ad�� Me��� : Agai�, i� �eal e��a�e, i� i� ��� ea�l� �� �eall� �ake a call i� �he �h�le ���ce��, b�� ce��ai�l� f��� a de�a�d �i��a�i�� �e a�e �eei�g �hi�g� �he�e �he�e �a� �� de�a�d a�d �he�e �a� ha�dl� a�� �ff �ake, �e a�e �eei�g �ha� i�����e�e�� i� �he ��a��e�. The�e a�e ce��ai� ���jec�� �hich �e�e ���� �f �����ed. F�a�kl� ��eaki�g, �he�e i� al�� a� i��ac� �f Q1 �he�e �he�e �a� �� �ff �ake a� all a�d �he� �he �hi�g� ��e�ed ��, �he�e �ill be ���e bi� �f �e��-�� de�a�d al�� c��i�g �h���gh. I �hi�k �ha� i� ���e�hi�g �e ha�e �� be c�g�i�a�� �f b�� ha�i�g �aid �ha� �e a�e ��� �eei�g a�� �e��, �e�� clea� �ig�� �f a �eal e��a�e �ick�� �� a �ec��e��, ��� ea�l� �� call �ha� ���.
A��ab M���a: M� �ec��d ��e��i�� �a� �� �a�gi�, �� c���le �f ��e��i��� he�e. O�e i� �he VAM ha�de�i�g a�d de��i�e c��de bei�g l��, i� i� �h���-�e�� ����l� i���e �ha� ��� feel i� �he�e �� �ha� ��ice� a�e g�i�g �� be i� ���� �e��e ��� d�i�e� b� ����l� ki�d �f i���e �igh� ��� a�d �ec��d i� �he ��he� e��e��e� �hich ha�e �ee� a big �ed�c�i�� �hi� ��a��e� Y-�-Y, h�� ��ch
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�f �hi� i� ki�d �f a �e��a�e�� �e�e� �f ���� c��� ����c���e d�e �� c��� deficie�cie� a�d h�� ��ch ���ld ��� �a� ���ld c��e back i� �he d�e c����e �f ����al b��i�e��?
P�ad�� Me��� :
I �hi�k i� i� a g��d ��e��i��. O� �he VAM, ��� �ee, I �hi�k �he� COVID ha��e�ed �he�e �a� ���� �f a ��dde� ab����al d��� i� �he ��ice� �f VAM i� �e��� �f ���� ��ice�. We a�e �eei�g �he c��� g�i�g back �� �he ��e-COVID le�el, �� �ha� i� �eall� �ha� i� ha��e�i�g. We a�e ��� �a�i�g �he�e i� i�fla�i�� ��e� la�� �ea� �� ���e�hi�g. A� $900, la�� �ea� �i�ila� �i�e �he VAM ��ice� �e�e ab��� $900 a� �ell, �� i� i� ���e a ���e�e�� f��� �he c���e�� l�� g�i�g back �� �he ��e�i��� �i��a�i���. S���ai�abili�� �� ��he��i�e �f �he�e ��ice� i� �e�� diffic�l� �� �a�. The�e ha� bee� ce��ai� f��ce �aje��e, l�ckd��� �f ca�aci�� i� �a��� �f �he ���ld �he�e �he ���d�c�i�� i� ha��e�i�g �hich ha� i��ac�ed i�. Whe�he� all �f �ha� �ill c��e back, ����l� �ill c��e back, ��ice� �ill c��e back �� l��e� le�el d�e �� l��e� c��de i� �e�� diffic�l� �� ��edic� a� �hi� ��age, b�� ��� k��� �e a�e �igh� ��� ��e�a�i�g �� �he a������i�� �ha� �he ��ice� ha�e g��e �� a�d �b�i���l� �e �eed �� ��� ��� b��i�e�� a� �hi� ��ice, a�d �he�e �ill be a� i��ac� g�i�g f���a�d f��� �he highe� ��ice�. A� fa� a� ��he� e��e��e� a�e c��ce��ed, �he�e i� ���e ele�e�� �f c��� c�����l �hich �a� �ake f�� e�a��le ��a�el a�d �� ��, beca��e all �f �he ��igi�al �a� �f ��e�a�i�g a�d �he �h��ical �ee�i�g� a�d �he ��a�el� ha�e ��� g��e back �� �he �a�e ��age a� i� ha��e�ed ��e-COVID. H��e�e�, �he bigge� i��ac� i� c��i�g f��� �he l��e� a����� �f ��e�d� �ha� �e ha�e had i� �he ad�e��i�i�g a�d �a�ke�i�g ��ace, a�d �ha� �ill �b�i���l� c��e back ���. We �a�� �� i��e�� behi�d b��h ad�e��i�i�g a�d �ale� ������i�� g�i�g f���a�d �� d�i�e ��l��e�, �� a l�� �f �ha� d���-i� c��� �ill ��� be ����ai�able, i� �ill c��e back i� �he c��i�g ��a��e�.
A��ab M���a:
Oka�, �ha�k�. Tha� i� i� f��� �� �ide, all �he be��.
P�ad�� Me��� : I j��� �a�� �� add ��e ���e ��i�� bef��e �e ���e �� �he �e�� ��e��i��. We ha�e al�a�� �aid �ha� �e like �� ��e�a�e i� a� EBITDA �a�ge �f a����d 21% �� 24%, �� �ha� i� �he ki�d �f �a�ge �e �a�� �� ��e�a�e. Ob�i���l�, �hi� i� �ell ab��e �h��e �a�ge� a�d �e �ee a� ��������i�� �� i��e�� behi�d �he b�a�d �hich �e ha�e ��� bee� able �� i� �he �a�� fe� ����h�, a�d �f c����e �he c���� c��i�g back.
M�de�a���: Tha�k ���. The �e�� ��e��i�� f��� �he li�e �f Ja� D��hi f��� K��ak Sec��i�ie�. Plea�e g� ahead.
Ja� D����: Hi, �ha�k� f�� �he ��������i�� a�d c��g�a��la�i��� �� a g�ea� ��a��e� i� c���e�� �f �he e��i����e�� a�d ac��i�i�i�� �f A�aldi�e. I ha�e a c���le �f ��e��i��� �� A�aldi�e a�d I
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Regd. Office: Rege�� Cha�be��, 7�h Fl��� Ja��alal Bajaj Ma�g, 208, Na�i�a� P�i��, M��bai � 400 021. I��e���� Rela�i��� - i��e����.�ela�i���@�idili�e.c�.i� CIN: L24100MH1969PLC014336
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k��� ��� ha�e a���e�ed ���e �f i�. H�� big i� E���� adhe�i�e� �a�ke� i� I�dia a�d ca� ��� gi�e �� ���e c�l���, �he�he� i� i� ��de� i�� i�de� �e���� ��l��i��l adhe�i�e a�d ��bbe�ba�ed adhe�i�e a� c���a�ed �� ��he� de�el��ed �a�ke��, a�d if ��� ca� gi�e ���e idea ab��� di���ib��i�� �f A�aldi�e ��da�, h�� d�e� i� c���a�e �e���� ���� di���ib��i��? Tha� i� �� fi��� ��e��i�� a�d I ha�e ��e ���e �hich I �ill a�k la�e�.
A����a Pa�e�� :
I �hi�k ��� a�ked �h�ee ��e��i��� i� �ha�, b�� I �hi�k fi��� I �ill add�e�� ab��� �he di���ib��i��. Ce��ai�l�, �he di���ib��i�� �each �f Pidili�e i� ��ch highe�. E�e� H�����a� i� �hei� ��e�� �elea�e �aid �he� c��ld b�i�g i� �� a ce��ai� le�el a�d �he� e��ec� �� �� �ake i� f���a�d �i�h ��� di���ib��i�� �each, �� clea�l� Pidili�e a� a c���a�� ha� a fa� di���ib��i�� �each.
Ja� D����:
A�� c�l��� ��� ca� gi�e i� �e��� �f �he ����� �ha� �he� �each?
A����a Pa�e�� :
N�, a� ��� k��� �hi� ki�d �f i�f���a�i�� i� ��� �ha�ed d��i�g ac��i�i�i�� ��age, b�� ge�e�all� f��� ��� idea ��� di���ib��i�� �each i� fa� dee�e�. The� �ill ha�e di�ec� a�d i�di�ec� �each, b�� ��� di�ec� �each i� fa� g�ea�e�, b�� �e �ill ha�e ��ch g�ea�e� cla�i�� �� �ha� a� �e �ake h�ld �f �hi� �a��ic�la� b��i�e��. A� fa� a� ��age a�d �e�e��a�i��, ��� k���, A�aldi�e like TGA, �he E���� adhe�i�e a� a ca�eg��� ha� �i�ila� ki�d �f �e�e��a�i�� le�el. I ���ld �a� like TGA beca��e i� ha� bee� i� �a�ke� f�� a l��g �e�i�d �f �i�e a�d �he�e i� a �ide���ead ��de���a�di�g i� ��age �f �hi� a� a ���d�c� ca�eg���. The �hi�d ��e��i�� �a� ab��� �a�ke� �i�e. The �a�ke� �i�e i� diffic�l� �� e��i�a�e, like i� PVA al�� �e ���� �f �h� a�a� f��� �a�i�g �ha� i� �he e��i�a�ed �a�ke� �i�e beca��e �he�e i� �� �fficial �� �he�e a�e �� �ell-k���� fig��e� �� ��a�e �ha�, b�� A�aldi�e had g��d �a�ke� �ha�e. I d� ��� agai� like �� �a� �ha� i� �he ki�d �f �a�ke� �ha�e, b�� A�aldi�e had a fai�l� la�ge �a�ke� �ha�e �� ��� ca� de�i�e ba�ed �� �he A�aldi�e a� a c���a�� �he �ale� fig��e �ha� �e ha�e �ha�ed, b�� i� i� ��� a� big a� PVA ki�d �f a �a�ke�, b�� i� i� a fai�l� �i�eable �a�ke�.
Ja� D����:
J��� a ��all ��e��i��, ���ld �hi� �eed c���e�i�i�� c���i��i�� a�����al �� i� �ill ��� be �e��i�ed?
A����a Pa�e�� : I� did ��� �e��i�e a�� �eg�la���� a�����al a�d ��a��ac�i�� i� al�ead� c���le�ed.
Ja� D����:
U�de�����d, �ha�k ��� �� ��ch.
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Regd. Office: Rege�� Cha�be��, 7�h Fl��� Ja��alal Bajaj Ma�g, 208, Na�i�a� P�i��, M��bai � 400 021. I��e���� Rela�i��� - i��e����.�ela�i���@�idili�e.c�.i� CIN: L24100MH1969PLC014336
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| M�de�a���: | Tha�k ���. The �e�� ��e��i�� i� f��� �he li�e �f A�i Meh�a f��� Mac��a�ie. Plea�e g� |
|---|---|
| ahead. | |
| A�� Me��a: | Oka�, a�d I j��� a fe� b��k-kee�i�g ��e��i���. O�e �a� �� �he �ed�c�i�� i� i��e�����. I |
| j��� �a��ed �� ��de���a�d �a� �hi� la�gel� �a� �a�e�ial �a�e �� �a� �he�e a�� fi�i�hed g��d? | |
| I� �hi� i��e����� �ed�c�i�� ����ai�able �ha� �e ha�e �ee� �� Y-�-Y �e���� Q4? | |
| P�ad�� Me���: | T��icall� �he i��e����� ���be�� �hi� ��a��e� �e���� le� �� �a� Ma�ch �� e�e� ��e�i��� �ea� |
| �a� ��� be ���ic�l� c���a�able beca��e if ��� j��� l��k a� f��� a bala�ce �hee� �e���ec�i�e | |
| i� Ma�ch �e did ha�e a l�ckd��� �he�e �ale� �e�e ��� �he�e f�� �he la�� 10 da�� �f �he | |
| ����h, a�d �he�ef��e i��e����ie� �e�e highe�, �� ��� k��� �ha� i� ���ic�l� ��� c���a�able. | |
| Ha�i�g �aid �ha� �he le�el� �f i��e����� �ha� �e a�e ha�i�g i� a�d a����d �he�e le�el� a�e | |
| ����ai�able. | |
| A�� Me��a: | La��l�, �he VAM ��ice da�a, if ��� c��ld gi�e �e Q1, Q2 a� �ell a� c���e��, I �i��ed �ha� a� |
| I j�i�ed a li��le la�e. | |
| P�ad�� Me���: | Q2 c�������i�� �a� $765 �e� ���. Q1 �a� $823 �e� ���. C���e�� ���� ��ice� a�e g�i�g |
| a����d $900. | |
| A�� Me��a: | Oka�, I �ill c��e back i� �he ��e�e f�� ��he� ��e��i���, �ha�k ��� �e�� ��ch Si�. |
| M�de�a���: | Tha�k ���. The �e�� ��e��i�� i� f��� �he li�e �f Pe�c� Pa��haki f��� IIFL Sec��i�ie�. |
| Plea�e g� ahead. | |
| Pe�c� Pa���a��: | Si� �� fi��� ��e��i�� i� �� �he C�����e� a�d Ba�aa� ���d�c��, �he �ale� g����h �he�e i� |
| ��i�e ��b��� a� ab��� 9.5%. If ��� ca� gi�e ���e fla���� �i�hi� �ha�, ba�icall� �hich | |
| ��b�eg�e��� a�e g���i�g fa��e� �ha� a�e�age, �hich ��b�eg�e��� a�e laggi�g a�d if �he�e i� | |
| a�� ��b�eg�e�� �hich i� ac��all� ��� �e� i� ���i�i�e �e��i����? | |
| P�ad�� Me���: | We did gi�e a c�l�� i� �he ��e�i�g ��a�e�e���, �� I �ill j��� �e�ea� ���e �f �h��e ��i���. I |
| �hi�k ��e i� �e called ��� f��� a ge�g�a�hical �e���ec�i�e �ha� �he ���al a�d �e�i-��ba� | |
| a�ea� ha�e �ec��ded d��ble-digi� g����h. Thi� i� �i�hi� �he C�����e� a�d Ba�aa� �eg�e��. | |
| We a�e �eei�g �hile ��ba� ��e�all ha� �ec��e�ed, �he �e���� a�e ��ill ��� �e� a� �he ��e- |
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Regd. Office: Rege�� Cha�be��, 7�h Fl��� Ja��alal Bajaj Ma�g, 208, Na�i�a� P�i��, M��bai � 400 021. I��e���� Rela�i��� - i��e����.�ela�i���@�idili�e.c�.i� CIN: L24100MH1969PLC014336
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Pidili�e Ind����ie� Limi�ed N��embe� 06, 2020
COVID le�el�. The �ie� 3 ci�ie� a�d ��alle� ci�ie� ha�e �b�i���l� c��e back �� ���i�i�e �e��i����. Thi� i� f��� a ge�g�a�hical �e���ec�i�e. If ��� l��k f��� a b��i�e�� �e���ec�i�e, c������c�i�� che�ical a�d d�-i�-�����elf ���d�c��, �he�e a�e �he ��e� �he�e ��� ha�e had g����h ���e����. I� fac�, �hi� �e ha�e al�� called ��� i� ��� ��e�i��� ��a��e� c���e��a��, �ha� ���e���� c���i��e� a�d e�e� a� fa� a� ���d���ki�g adhe�i�e i� c��ce��ed a� I �aid ea�lie� �ha� ha� al�� g��e i��� a ���i�i�e �e��i����, albei� �f c����e ��� a� �he �a�e le�el a� �he c������c�i�� che�ical� �� DIY. Tha� i� �he ��e�all c�l��� �f �he g����h.
Pe�c� Pa���a��:
C������c�i�� che�ical�, j��� c���ec� �e if I a� ����g, a�e �ai�l� �he �a�e�����fi�g �eg�e��, �igh�?
P�ad�� Me��� :
Ye�, �e ha�e g�� �ile adhe�i�e� a� �ell i� �ha�, �� ��ge�he�.
Pe�c� Pa���a��:
B�� �a�e�����fi�g ���ld be a fai�l� la�ge �a�� �f �he c������c�i�� che�ical�, a�d ��� �e��i��ed ea�lie� �ha� i� ���e �e��ec�� i� i� li�ked �� �he �eal e��a�e c�cle a�d i� �he �eal e��a�e �he�e i� �� �ig� �f ���� �f �e�i�al �e�, h�� d� �e �all� �he�e ��� ��a�e�e��� a�d h�� d� �e ���� �f �ake �e��e �f �hi� g����h i� c������c�i�� che�ical�, �ha� i� �eall� d�i�i�g �ha�? I� i� ��� li�ked �� �e� a��e� c�ea�i�� a�d i� i� j��� �e��le �ed�i�g �hei� h���e� �hich i� d�i�i�g �he g����h �� �ha� i� i�?
P�ad�� Me��� :
The�e a�e ��� �� �h�ee �hi�g� �la�i�g ��� he�e. O�e i� ���icall� i� �a�e�����fi�g �he�e i� a �ig�ifica�� a����� �f ���k d��e i� Q1 bef��e �he ��������. Beca��e Q1 �a� a l�ckd��� ki�d �f c��di�i�� �he�e �a� a l�� �f �hi�g� i� �e��� �f de�a�d �hich �li��ed i� f��� Q1 i��� �he ��b�e��e�� �e�i�d a�d ��ce �he ������� i� �e��ea�ed �b�i���l� �he de�a�d ha� c��e back. Wha� �a�� �f �he �ec��e�� �� �ha� �a�� �f �he de�a�d i� c��i�g e�ac�l� f��� �e� c������c�i��� �� f��� �e�ai�� a�d �e���a�i��� i� diffic�l� �� e�ac�l� �i���i��. I� c��ld al�� be ce��ai� c������c�i��� �hich a�e ��g�i�g �he�e ���k ha� �����ed a�d ��� �ec���e�ced. I� i� diffic�l� �� ��� a fi�ge� �� i�, b�� �ha� i� �he �a� ��� ha�e �� �ead �hi�.
A����a Pa�e��:
J��� �� ���� �f hel� ��� �ec��cile �he� �e �alk ab��� �eal e��a�e �e a�e �alki�g ab��� ��l�i����e� la�ge ���jec�� i� bigge� ci�ie�, �e����. Pa��ic�la�l� �ha� �eg�e�� i� i��ac�ed a�d �he� �e l��k a� NCR a�d M��bai �ha� ki�d �f �a�ke� �a� ��l�i-����e� la�ge c������c�i���. Tha� i� �ha� ���icall� �e��le �alk i� �eal e��a�e a�d �ha� �eg�e�� i� i��ac�ed a�d �ha� i� �h��i�g l��e� g����h �� decli�e i� �ale� �f ��� ��b�idia�� like Ni�a Pe�ce��. A la�ge a����� �f c������c�i�� i� I�dia i� ��e-����e�, ���-����e� c������c�i��, �hich ha��e��
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Regd. Office: Rege�� Cha�be��, 7�h Fl��� Ja��alal Bajaj Ma�g, 208, Na�i�a� P�i��, M��bai � 400 021. I��e���� Rela�i��� - i��e����.�ela�i���@�idili�e.c�.i� CIN: L24100MH1969PLC014336
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Pidili�e Ind����ie� Limi�ed N��embe� 06, 2020
����ide �f �e��� a�d �ha� i� a ��ch la�ge� �ha�e �f �he �a�ke�. I� i� �he �e�� �ig�ifica�� �ha�e �f �a�ke� i� �e��� �f c������c�i��, ce�e�� c�������i��, a�d e�e���hi�g el�e. Tha� �eg�e�� i� d�i�g �ell. Tha� i� ��� i��ac�ed. Whe� �e all �a� �ha� i� i��ac�ed i� �eal e��a�e i� la�ge� ci�ie�. O�he��i�e, �he ��alle� ��e �� ���-����e� c������c�i�� �� c������c�i�� ac�i�i�� i� ��alle� ���� �� ���al a�ea� �ha� i� d�i�g �ell a�d �ha� i� aidi�g �he g����h. I h��e �ha� all��� ��� �� ���� �f ��de���a�d.
Pe�c� Pa���a��: Ve�� hel�f�l Si�. M� �ec��d ��e��i�� i� �� �he �a�gi��. Y�� did �e��i�� �ha� ��� ���ld like �� be �i�hi� �he 21% �� 24% ba�d a�d �igh� ��� �hi� ��a��e� i� ��ch highe� a� 27%, j��� �a��ed �� ��de���a�d �he�he� �hi� �e�e��i�� �� ���� g�ida�ce i� ���e�hi�g �hich �ill ha��e� a� ���e ��i�� �f �i�e i� �he f����e �� i� i� ���e�hi�g ���e c��c�e�e a�d �al�able �hich �e ca� �ee �ha� �he �e�e��i�� ca� ha��e� �i�hi� �ea�e� �i�ef�a�e?
P�ad�� Me��� : I� i� �e��, �e�� diffic�l� �� ��� a ���be� a�d a ����h �he�e i� �ill ha��e�, b�� ce��ai�l� i� �he �e�� �i� ����h�, �i�hi� �hi� �e�i�d �e d� �ee �hi� c��i�g back beca��e �he i���� ��ice� ha�e g��e �� a�d �ha� �ill ha�e a� i��ac� �� f����e c�������i��, f��� a �a� �a�e�ial c��� c�������i�� �e���ec�i�e a�d �e a�e g�i�g �� ��a�� �� i��e�� behi�d ��� b�a�d� i� �he c��i�g ����h�. Y�� �ill �ee �ha� c��i�g back �i�hi� �he �e�� �i� ����h�.
Pe�c� Pa���a��: Tha�k�, a�d all �he be��.
M�de�a���: Tha�k ���. The �e�� ��e��i�� i� f��� �he li�e �f M�hi� Pa�de� f��� Ci�ig����. Plea�e g� ahead.
M���� Pa�de�: I j��� �eeded ���e da�a ��i��� �� �he ac��i�i�i��. If ��� c��ld �ha�e �he 2019 PAT ���be� �ha� ���ld be hel�f�l a�d al�� �he c���e�� g���� bl�ck?
P�ad�� Me��� : Oka�, I �ill ��a�� �i�h �he g���� bl�ck. Y�� a�e �a�i�g g���� bl�ck i� �e��� �f a��e��. Thi� e��i�� i� ha�i�g a �e��, �e�� �i�i�c�le a����� �f fi�ed a��e��. The a��a�ge�e�� �ha� �hi� e��i�� ha� i� i� �e��� �f ��lli�g. The�ef��e, �he a��e�� a�e ��� �ece��a�il� i� �hei� b��k�, b�� �he a��e�� a�e �h���gh �he c���e��i�� c��� ����e. S�, a��e� bl�ck i� ��� a �a�e�ial ���be� �� l��k a�. C��i�g �� �he PAT �e���ec�i�e, e�c, I d� ��� k��� �he�he� �e ca� �eall� ha�e �ha� ��ecific ���be� �� �ha�e. S�ffice �� �a� a� �e ha�e �aid ea�lie� i� �he call �ha� i� i� a ���fi�able b��i�e�� a�d �he PAT �ill al�� be ��i�e a heal�h� �e� �f ���be��. Wha�e�e� �e had i� �e��� �f e��e��al c�����ica�i��; �e ha�e gi�e� i� �he ��e�� a�����ce�e��.
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M���� Pa�de�:
Oka� Si�. Sec��dl�, h�� i� �he ac��i�i�i�� f��ded?
P�ad�� Me��� : The ac��i�i�i�� ha� bee� f��ded f��� i��e��al �e����ce�. Y�� k���, �e ha�e a la�ge ��ea����, �� i� i� e��e��iall� �h���gh li��ida�i�� �f �he ��ea���� i��e���e���.
M���� Pa�de�:
Oka�, �ha� i� i� f��� �e, �ha�k ��� Si�.
M�de�a��� : Tha�k ���. The �e�� ��e��i�� i� f��� �he li�e �f A�a�d Shah f��� A�i� Ca�i�al. Plea�e g� ahead.
A�a�d S�a�:
J��� a ��e��i�� �� �he c������c�i�� che�ical� �a�ke�. Thi� �a�ke� i� e��a�di�g ��i�e �ell e�e� i� ��ch �i�e� a�d �e ha�e �ee� a l�� �f �la�e�� ��� e��eciall� i� �he ��ga�i�ed �eg�e�� ge��i�g �e�� ac�i�e, e��eciall� �he �ai� �la�e��, a�d a� �hi� �i�e �e a�e �eei�g g����h all ac���� b��ad ba�e f�� e�e����e. Wha� ki�d �f ��de�l�i�g d�i�e�� a�e ��� �eei�g f�� �hi� �a�ke�, I �ea� i� i� ��� a� a� i�flec�i�� ��i�� �� i� i� �ha� all �f �he�e g��� a�e ��e�di�g a l�� a�d ��� a�e �eei�g big �ff �ake i� �he ca�eg��ie� ac����?
A����a Pa�e�� : We ���ld ��� like �� �alk ab��� �hi�g� like i�flec�i�� ��i�� �� �ha� ��he�� a�e d�i�g, b�� if ��� k��� �ha� c���i��e��l� �e ha�e bee� �a�i�g f�� �a�� �ea�� �ha� �hi� i� a �e�� la�ge �a�ke� a�d �hi� i� a �a�ke� �he�e �he�e i� a g�ea� ��������i�� �� e��a�d c�������i�� a�d �ha� i� �ha� �e ha�e bee� ���ki�g a�. We c���i��e �� belie�e �ha� �hi� i� a la�ge �a�ke� �hich �e��i�e� �e�i��� eff��� �� �eall� g��� �he c�������i�� a�d �e ha�e bee� d�i�g �hi� a�d �e �ill c���i��e �� d� �ha�. We ���ld ��� like �� c���e�� �� �he ��a�e �f �he �a�ke� �� �he�he� i� i� a� i�flec�i�� ��i�� �� ��� ba�ed �� �he c���e�� ��a��e� �� a���hi�g. We c���i��e �� �e�ai� �e�� b�lli�h �� �hi� �a�ke�. We c���i��e �� i��e�� i� b�ildi�g b�a�d, e��a�di�g di���ib��i��, i����d�ci�g �e� ���d�c��. Y�� ha�e �ee� �a�i��� ac�i�i�ie� f��� �� i� �he la�� c���le �f �ea�� i�cl�di�g ���e �ie-���, j�i�� �e����e�. S�, �e a�e �e�� c���i��ed �� �he �a�ke�. We c���i��e �� i��e�� i� �he �a�ke� a�d �e a�e h��i�g �ha� �hi� �a�ke� �ill c���i��e �� g��� a� i�c�ea�i�g g����h �a�e� ��e� �he c��i�g �ea��, b�� �e ���ld ��� like �� c���e�� �� �he ac�i�i�ie� �f ��he�� �� �he�he� i� i� a� ���e ki�d �f a� i�flec�i�� ��i��.
A�a�d S�a�:
S��e, �ha�k�. J��� a ��e��i�� f�� M�. P��i, ��� ha�e al�a�� �efe��ed �� �he g����h i� �he �i��ee� ca�eg��ie� i� �he ����f�li�. A�� c���e��� e��eciall� ��� ca� gi�e �� ���e �f �he �i��ee� ca�eg��ie�, h�� �he� a�e d�i�g a�d ���� �f a g����h �la� f�� �he �e�� ��� �� �h�ee �ea��?
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B�a�a� P��� :
We a�e clea�l� �ell ���i�i��ed i� �he �i��ee� ca�eg���. S��e �f �he� a�e al�ead� �� �he high g����h �a�h. If ��� l��k f�� e�a��le �he �ili�g adhe�i�e b��i�e�� i� al�ead� i� �he high g����h �a�h. The ��he�� f�� e�a��le ��� �f �he� a�e i� fac���� c������c�i�� �ha�e �hich �ill be c���le�ed b� �he �iddle �f �e�� �ea�, �� ab��l��el� i� li�e �i�h ��� �la��. We ha�e al�a�� �aid �e �ill ha�e a �e� �f g����h b��i�e��e� �ha� �ill be fi�i�g �he g����h ��da� a�d a �e� �f �i��ee�i�g b��i�e��e� �hich �ill ��a�� fi�i�g f�� ��������, �� ab��l��el� ��-li�e.
A�a�d S�a�:
Oka� �e�fec�, j��� la��l� �� a�� �e� la��che� �ha� ��� ha�e d��e �� ���� �f �la��ed ��� f�� �he �e�� �ea� i� a�� ��he� ca�eg��� �ha� a�e d�i�g �ell?
B�a�a� P��� :
We ha�e a� i����a�i�� ���g�a� �ha� ���� ac���� each �f ��� di�i�i���. S�, a� �e ��eak f�� e�a��le each �f ��� di�i�i��� �ill be ��lli�g ��� a �e� �f ���d�c��. F�� e�a��le, �e ha�e ��lled ��� a �h�le �a�ge �f �a�i�i�e��, e�c f�� �he ��ade a� �ell a� f�� ��� �a����, �l��be��, ca��e��e��. We �ill lea�e �he e�d c�����e� �� �he la�ge FMCG c���a�ie�, �he�e �e belie�e �he�e i� a la�ge� ��������i�� �i�h �he ��ade a�d �he�ef��e �i�h ��� i��e��edia�ie�, �e ha�e a �a�ge �f ���d�c�� �he�e. I� each �f ��� di�i�i���, �e ha�e �e�� �f ���d�c��. We ha�e g�� a �h�le �a�ge, f�� e�a��le �f �eala��� �ha� �e ha�e la��ched ��de� �he Fe�i�eal b�a�d �hich i� ac���� di�i�i���. S�, �e ha�e a� i����a�i�� ���g�a� �ha� i� ��g�i�g. We ha�e �eca��ed i� �he c���e�� �f �he c���e�� �a�de�ic, b�� i� i� a� ��g�i�g ���g�a� a�d �� a �eg�la� ba�i�. We a�e �e�� clea� �ha� ab��� ��e-�hi�d �f ��� g����h �h��ld ac��all� c��e ��� �f �e� ���d�c�� �� ���d�c�� ��de� la��ch.
A�a�d S�a�:
Oka�, �ha�k� f�� �ha�i�g �hi�.
M�de�a���: Tha�k ���. The �e�� ��e��i�� i� a f�ll��-�� ��e��i�� f��� �he li�e �f Ab�ee�h R�� f��� Edel�ei��. Plea�e g� ahead.
Ab�ee�� R��: Hi M�. P��i, c��g�a�� f�� ac��i�i�i��. M� ��e��i�� i� beca��e ��� al�� ha�e �he FMCG e��e�ie�ce, I �a��ed �� a�k ��� ��e��i��� �ela�ed �� �ha�. O�e i� all FMCG c���a�ie� ha�e d��bled, ��i�led �hei� ��li�e �ale� �i�hi� ��e �ea� beca��e �f �he COVID c�i�i�. H�� i� Pidili�e gea�i�g f�� �hi�, b� b�i�gi�g e�cl��i�e ���d�c�� ��li�e �� �a� be ��ch highe� f�c�� �� ��li�e, ���e �a���e��hi�, �a� be e�e� a� ���e ��age ��� a�e �� e-c���e�ce �i�e, c��ld ��� elab��a�e �� �ha�?
B�a�a� P��� : We ha�e �b�i���l� ab��l��el� �a��ed �� ��li�e. Re�e�be�, f�� �� ��li�e i� la�gel� i� �he c���e�� �f ��� c�����e� ���d�c� b��i�e��e�, �he i��e��edia�� leg b��i�e��e� �f �he la�ge
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Fe�ic�l like b��i�e��e� c���e��l� d� ��� ha�e a� ��li�e c�����e�� e�e� ����ide I�dia. I� �he�e b��i�e��e�, �e ha�e �a��ed ��, �e ha�e d��e �e�� �ell i� �he la�� f��� ����h�, a�d �e ha�e a �e� �f �la�� �� h�� �� �ake �hi� i� a �e��e a� i�de�e�de�� la�ge cha��el. S��e �f �he ���d�c��, f�� e�a��le, if ��� l��k a� WD40, �he ��li�e �ale� ha�e ��� bec��e �ig�ifica��. We a�e lea��i�g f��� �ha�, ���i�g ��. I� �he i��e�e�� �f kee�i�g ���e �f �he �hi�g� c��fide��ial f�� ��� c���e�i�i��, ��� �ill �ee �ha� f�� �� �hi� �ill bec��e a �ig�ifica�� cha��el ��e� �he �e�� 12 ����h�.
Ab�ee�� R��:
A�d ���ld ��� ha�e al�� d��bled �he ��li�e �ale� i� ��e �ea�?
B�a�a� P��� :
M�ch, ��ch ���e �ha� d��bled.
Ab�ee�� R��:
M� �ec��d ��e i� �ela�ed �� FMCG backg����d. If ��� �ee HUL �� e�e� Cadb���'�, I d� ��� k���, b�� HUL f�� e�a��le �he �a�e ���d�c� ca�eg��� �ill ha�e ��l�i�le b�a�d�. S�, H�����a� a�d Pidili�e ca� �he� al�� �la� �i�ila� ��le? I had a�ked �hi� ��e��i�� ea�lie� i� ��da�'� call ��l�, b�� ��� �� ��e��i�� i� ���e i� �e��� �f diffe�e�� ��ice ��i���, beca��e �he� �ill �b�i���l� be c���e�i�g �i�h each ��he�, �� �he� �ill �eed �� ha�e diffe�e�� ��ice ��i���, diffe�e�� ������i�i��, �� i� �ha� ���e�hi�g ��� ���ld be �hi�ki�g �f?
B�a�a� P��� :
Ab��l��el� �e�, ba�ed �� ��� ��� c�����e� g��d� e��e�ie�ce� �e �ill kee� l��ki�g a� ce��ai� �ffe�� �hich a�e e�cl��i�e f�� e-c���e�ce, ���e �hich �e belie�e f�� ce��ai� a�die�ce�, �a� be i����d�ce �h���gh e-c���e�ce, �� �he�e i� a �h�le �e� �f �la��. Y�� kee� �a�chi�g a� �e g� f���a�d.
Ab�ee�� R��:
A�d Si�, ��e ��e��i�� �� ce�e�� �ale� a�d ����� �ale� f�� �he i�d�����. The ce�e�� �ale� ���be�� ha�e bee� al�� ��i�e dece�� f�� �he i�d����� a�d ��� ���� ha�e �ee� �ha� f�� �he �ai�� c���a�ie� ���� �f �he g����h i� c��i�g f��� ����� ��l�. If ��� be�ch�a�k �h��e ���be�� agai��� ���� ��� adjace�cie�, h�� d�e� Pidili�e c���a�e, beca��e �e d� ��� ha�e �he ���be��, �ha� i� �he �ea��� �h� I a� a�ki�g �hi� ��e��i��?
B�a�a� P��� :
I� i� �e�� diffic�l� beca��e �e�e�be� ����� i� �eall� a c����di�� b��i�e�� a�d i� i� ��� �he�ef��e a b��i�e�� �ha� I ���ld �a� i� a l��g-�e�� b�a�d b�ildi�g b��i�e�� �� a� �� �a� if �e a�e ��a������i�g la�ge a������ �f calci�� ca�b��a�e a�d a li��le �f ��l��e�, I �ill lea�e �ha� a�ide. A� fa� a� �e a�e c��ce��ed, a� �e l��k a� ��� b��i�e��, �e a�e clea� �he�e �e ca� add �al�e, �he�e �e ca� c�ea�e b�a�d�, a�d �ha� i� �he�e ��� f�c�� i�. We a�e ���
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i��e�e��ed i� ��e�a�i�g i� �he l�� �al�e e�d �f �he �a�ke� �he�e ��e� �i�e c����di�i�a�i�� �ill ha��e�.
Ab�ee�� R��:
Righ� a�d Si� la�� ��e��i��, ab��� Ni�a Pe�ce�� I had a�ked ��e��i���, b�� ��e la�� f�ll��-�� �he�e. Ni�a Pe�ce�� ha� bee� ����ggli�g beca��e �f �he e������e �� �e� h��e�, e��e��iall� i� i� fla� ��l�. S�, �h� i� ��� Ni�a Pe�ce�� �a�ge�i�g �he ��a�dal��e ����e��ie� a�d �ld ����e��ie�, beca��e �ha� i� a ��ch, ��ch la�ge� ��ace. I� M��bai I �ee �� �a�� �la�e�� add�e��i�g �ha� �a��, �� �ha� i� �he �ea��� f�� �ha�?
B�a�a� P��� : Tha� b��i�e�� i� ���, �ha� I ���ld �a�, a g��d �a�gi� l��g-�e�� b��i�e��. Wha� �e a�e d�i�g �i�h Ni�a Pe�ce�� i� a� �eal e��a�e i� ��ffe�i�g, �e a�e �i���i�g �he b��i�e�� a l�� ���e ���a�d� la�ge� c�����a�e, f�� e�a��le �e did �he �e� KIA fac���� i� A�dh�a P�ade�h, �e did �he Sa����g fac���� i� N�ida. S�, �ha� �e a�e d�i�g i� �e a�e �i���i�g �he b��i�e�� agai� ���a�d� la�ge� c�����e�� �h� a�e ��� de�e�de�� ��l� �� �eal e��a�e b�� a�e ac���� �he �h�le, �ha� I ���ld �a�, �he la�ge� c������c�i�� a�d i�f�a����c���e �ec���. F�� e�a��le, �e ha�e d��e ���e ����el� ��� i� Ja��� a�d Ka�h�i�, �e a�e ac��all� ����i�g �he b��i�e�� �he�e �he�e i� �al�e, �he�e i� �ech��l�g� �e��i�ed, a�d �he�ef��e �he�e i� a l��g-�e�� �al�e ������i�i��. Wha� ha��e�� i� �he �e�ai� i�d�����, i� i� a c����di�� b��i�e�� �hich i� g��d f�� �he �e��, �e�� �h��� �e��, b�� ��� g��d be���d �ha�.
Ab�e��� R��:
Tha�k ��� M�. P��i a�d �ha�k ��� M�. Pa�ekh.
M�de�a���: Tha�k ���. The �e�� ��e��i�� i� f��� �he li�e �f Fa�ha� A�la�i f��� SBI Life. Plea�e g� ahead.
Fa��a� A��a��: I ha�e ba�icall� ��� ��e��i���. Fi��� i�, like �he �a�� �ai�� c���a�ie� f�� e�a��le Be�ge� Pai��� a�e ac��all� e��e�i�g �he �a�e�����fi�g ��ace a�d �he� ha�e be��e� ���e�gie�, �� h�� d� ��� �ake �he c���e�i�i�� f��� �ha�? A�d �he �ec��d ��e��i�� i� �ha� a�e ���� f����e �la��, �ai�l� �he� �ill be i���ga�ic �� ��� a�e l��ki�g f�� ��ga�ic g����h? Tha�k ���.
B�a�a� P��� : M�. A�la�i, fi���l� le� �e j��� �ake a li��le e�ce��i�� �i�h ���. I d� ��� �hi�k Be�ge� ha� be��e� ���e�gie� �ha� �� i� �hi� b��i�e��. Re�e�be�, c������c�i�� che�ical� i� ab��� �e� c������c�i�� a�d �e�ai� a�d �e���a�i��. I� ���� �a�ke��, �e� c������c�i�� i� 70% �f �he �a�ke� a�d 30% i� �e�ai� a�d �e���a�i��. Whe�e �he �ai�� c���a�ie� �la� i� i� �e�ai� a�d �e���a�i��. La�gel� �he �e� c������c�i�� g�e� �ia �he ��eel a�d ce�e�� cha��el �he�e a l�� �f �he �i�e� �he �ai�� c���a�ie� a�e ��� ��e�e��. Ha�i�g �aid �ha�, �� �i� i� �a�e�����fi�g
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�ha� ��� �e��i�e i� �����g b�a�d, g�ea� �e��ice deli�e��, a�d a g�ea� �e����k. N�� i� all �h�ee, �e�e�be� �e ha�e a 10-�ea� lead, a�d �e ha�e al�a�� �aid �ha� gi�e� �ha� 3/10 I�dia� h��e� d� a�� f��� �f �a�e�����fi�g, c���e�i�i�� �ill ac��all� hel� e��a�d �he �a�ke� �hich i� �ha� i� ha��e�i�g. Plea�e �e�e�be� i� a la�ge �a�a�h�� �e a�e a� �he half�a� ��age, a l�� �f �he�e c���a�ie� ��ch a� Be�ge� a�e j��� g�i�g a����d �he fi��� be�d. I� i� a le�g�h� �ace, le� �he� c��e a�d �a��ici�a�e i� �he �ace a�d af�e� ���e ����h� �� af�e� ���e �ea�� ��� ca� a�k �he� �he ��e��i��. The fac� i� if �e l��k a� ��� la�� ��a��e�, ��� fa��e�� g���i�g b��i�e�� i� �he c������c�i�� che�ical� b��i�e��, �� ��� k��� if �e �e�e ge��i�g i��ac�ed �he� i� ���ld ��� be ��� fa��e�� g���i�g b��i�e��. Re�e�be�, f�� �� �e a�e g���i�g a� a ba�e �a�� �i�e� ��� "c���e�i����."
Fa��a� A��a��: Oka�. I �a� �alki�g ab��� �he� ha�e a� ���e� ha�d i� �ai��i�g.
B�a�a� P��� : Pai��i�g �e�, �e�e�be� a �ai��e� d�e� �e�ai� a�d �e���a�i��. A �ai��e� ca���� d� �a�e�����fi�g f�� a �e� c������c�i��. He d�e� ��� ��de���a�d i�. I� i� d��e d��i�g �he ��age �f c������c�i��, �ha� i� 70% �f �he �a�ke�.
Fa��a� A��a��: Oka�, �ha�k ���.
M�de�a���: Tha�k ���. The �e�� ��e��i�� i� f��� �he li�e �f Ri�e�h Shah f��� I��e��ec. Plea�e g� ahead.
R��e�� S�a�: Si�, fi��� ��e��i�� i� ca� ��� b�eakd��� �he ��a��ac�i�� �al�e, I �hi�k i� i� $285 �illi�� �hich i�cl�de� a cl��i�g a����� �f $158 a�d �he bala�ce i� ��bjec� �� ce��ai� �ile����e�. Ca� ��� ����ide ���e ���e c�l��� �� �hi�? Tha� i� �he fi��� ��e��i��.
A����a Pa�e�� : The b�eakd��� �f �he ��a��ac�i�� �al�e i� 90% i� �aid ��f���� a�d �he 10% i� li�ked �� a defe��ed c���ide�a�i�� �hich i� like �h���gh �he �e�e��e achie�e�e�� ��e� �he �e�� 18 ����h�. S�, 90% �f �he ��a��ac�i�� �al�e ha� bee� �aid ��f����.
R��e�� S�a�: Oka�, ca� ��� ����ide ce��ai� ���be�� ��e� he�e, i� i� like ���d�c� ��ecific?
A����a Pa�e�� : I� i� a �e�� �i��le �hi�g. The a���ali�ed �ale� f�� a�� �i�-����h �e�i�d ��ce i� e�ceed� �he 2019 �ale� fig��e� �he� �he a����� i� �a�able.
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R��e�� S�a�: Oka�. H�� �h��ld ��e ��de���a�d �hi�, like d� �e ha�e c�����l �f A�aldi�e'� �e�ail chai� �� h�� �h��ld ��e l��k a� i�?
A����a Pa�e�� :
We ha�e b��gh� �he e��i�� i� I�dia, �hich ���� �he A�aldi�e ��ade�a�k f�� I�dia, �� �he� ��� �he A�aldi�e ��ade�a�k f�� I�dia a�d �ha� �a��ic�la� e��i�� �e ha�e b��gh�. S�, �e ha�e �he c�����l �� �he ��ade�a�k i� I�dia. We ha�e gi�e� ��ade�a�k lice��e �� H�����a� f�� ce��ai� ��age i� �a��fac���i�g i�d�����, b�� ��he��i�e �e a�e �he ���e� �f A�aldi�e ��ade�a�k a�d �e ha�e f�ll c�����l �� �he b��i�e��. I� i� j��� a �echa�i�� b� �hich �he �a�� �f �he c���ide�a�i�� i� �aid �� a defe��ed ba�i�, b�� �e a�e ����i�g �he b��i�e�� effec�i�el� f��� da� bef��e �e��e�da� �i�ce cl��i�g. The cl��i�g ha� al�ead� ha��e�ed a�d �he b��i�e�� i� ��� i� ��� ha�d�.
R��e�� S�a�: Oka�, �� if a� all �he ��� li�e d�e� ��� c��e, �e ���babl� ge� �he b��i�e�� a� a l��e� ��ice, ���ld �ha� be a fai� c��cl��i��?
A����a Pa�e�� : Tha� ���ld be a fai� c��cl��i��, b�� �ha� i� ��� �he �bjec�i�e. The �bjec�i�e i� �� accele�a�e �he g����h a�d �� �a���� �he defe��ed c���ide�a�i��, b�� beca��e �f �he c���e�� ��ce��ai��� �hi� i� h�� i� �a� ����c���ed �hich �a� ����all� acce��able �� b��h �a��ie�. The �bjec�i�e �f c����e ���ld be �� accele�a�e �he �ale� g����h a�d �ha� ���ld �e��l� i��� �a���� �f defe��ed c���ide�a�i��.
R��e�� S�a�: Tha� i� ���de�f�l. Si� �� ��e��i�� i� �e ha�e a �ich ����e� hi����� �� ac��i�i�i��� a�d all. I �a� j��� �hi�ki�g ab��� like, �e al�ead� ha�e Fe�i�i�e a�d ��i�e dee� �e�e��a�i�� �hich ��� ha�e i�dica�ed i� ��e �f ��� c��e ���e�g�h� a�d �e ha�e a ��lid b�a�d, �he� �ha� �a� �he �eed f�� A�aldi�e. The Fe�i�i�e ���d�c� i��elf �e c��ld ha�e �ade i� i��� A�aldi�e �he� i� c��e� �� �a�ke� �ha�e. S�, if ��e ha� �� �e�����ec�i�el� l��k a� �hi�g� h�� ���ld ��� l��k a� i�? The �ea��� I a� �a�i�g i� �e ha�e all �he i�g�edie��� �� ac��all� c����lida�e �he �a�ke��lace, �he� �h� i� �he�e a �eed �� ac��i�e ��ch a b�a�d beca��e �e a�e la�ge� b�a�d �he� �e l��k a� �hi�g� ���icall�? Tha�k�.
B�a�a� P��� : I �hi�k �ha� i� a g�ea� ��e��i��. The �i��le �hi�g i� A�aldi�e i� a� �ld e��abli�hed a�d ic��ic b�a�d. N�� f�� �� i� �ill �ake ce��ai� �ea��. Ca� �e �i� �i�h Fe�i�i�e ��e� �he l��ge� �e��? The a���e� i� �e�, b�� i� �ill �ake ���be� �f �ea�� a�d a g�ea� a����� �f eff���. We fel� f�� �he ��ice �ha� �e a�e �a�i�g f�� �he A�aldi�e b�a�d, i� accele�a�e� ��� leade��hi� i� �ha� �eg�e��. I� gi�e� �� a b�a�d �� �hich �e belie�e �e ca� b�ild ��b��a��iall� b��h f��� a b�a�d a� �ell a� a �ale� a�d di���ib��i�� �e���ec�i�e. S�, �e �h��gh� �he �al�e ���k� f�� ��
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a�d �he�ef��e �e ha�e g��e ahead �i�h A�aldi�e. We �ill ��ill kee� ��� ����f�li� b�a�d� i� a �e��e i� ��� gi�e� �� a f�ll ����f�li� i� ��e che�i���� �he�e �e �e�e ��� leade��. We ha�e bec��e leade��, ��he��i�e ���babl� i� ���ld ha�e �ake� �� a la�ge� ���be� �f �ea�� �� d� �he �a�e. S�, �eall� �ha� �e ha�e d��e i� �e b��gh� �he accele�a�ed ���i�i�� �ia �he ac��i�i�i��.
R��e�� S�a�:
C���ec�, �ha� i� hel�f�l. If I had �� a�k ���, if ��� ha�e �� ��a��if� �he ���be�� f��� a ca�i�al all�ca�i�� deci�i��, �e ha�e a ��lid bala�ce �hee�, �e ca� ea�il� aff��d �� d� �hi� ac��i�i�i��, b�� if ��e had �� l��k a� i� f��� a �a�back �e�i�d �� f��� IRR ��i�� �f �ie�, �ha� i� ��� i��e��al �h��gh� ���ce�� �he� i� c��e� �� ���e�hi�g i���ga�ic �� ��ga�ic �aki�g �hi� H�����a� ��a��ac�i�� i��� �e���ec�i�e?
B�a�a� P��� : Y�� �ake �he H�����a� ��a��ac�i��; �e a�e a c���e��a�i�e �a�age�e��. Y�� k���, a l�� �f, �ha� I call, ���� c���i�� i� ��i�a�e e��i�� a�e �a�i�g �e�� la�ge ��ice�, b�� �e belie�e �e ���k �i�h ��� i��e��al be�ch�a�k� �� a� �� �a� �he�e �e ca� ge�e�a�e a dece�� IRR, �e ca� ge�e�a�e i� ��� �ie� g��d �e�e��e a�d c��� ���e�g�. If all �f �ha� add� �� a�d �he�ef��e i� �ake� ��b��a��ial diffe�e�ce �� �� a�d i� ��ch highe� �ha�, ��� k���, ��� IRR be�ch�a�k, �ha� i� �he� �e g� ahead a�d �ha� i� �he f����la �ha� ha� ���ked f�� �� ��e� �he ���be� �f �ea��. If ��� l��k a� ��� ��cce��f�l hi����� �� ac��i�i�i�� �ha� i� ��� f����la. The�e i� �� �ec�e� �� i� a�d �e belie�e �he �a�e a��lie� �� �hi� A�aldi�e ac��i�i�i��.
R��e�� S�a�: I ha�e ���e ��e��i���, ���babl� I �ill f�ll�� �� �i�h a �e�a�a�e call. Tha�k ��� �� ��ch.
M�de�a���: Tha�k ���. The �e�� ��e��i�� i� f��� �he li�e �f A��i�h Agga��al f��� P�abh�da� Lilladhe� P��. L�d. Plea�e g� ahead.
A����� Agga��a�: A c���le �f ��e��i��� �ai�l� �� �he H�����a� ac��i�i�i��. The fi��� ��e bei�g �ha� like �he ea�lie� calle� al�� �alked ab��� �he ki�d �f ���e� �hich �e ha�e �aid a�d �e al�ead� ha�e ��� ��e�e�ce �he�e, i� �he �i�e �f A�aldi�e bigge� �ha� �he �ale� �hich �e ha�e g�� i� �he E���� adhe�i�e�? Tha� i� �� fi��� �a�� �f �he ��e��i��. Sec��dl�, i� i� EBITDA �a�gi� accele�a��� f�� Pidili�e? Thi�dl�, �ha� �ill be ha��e�i�g �� �hi� i��a�gible a��e�� �� g��d�ill, �ill Pidili�e be ��i�i�g i� �ff i� �he bala�ce �hee� �� �ill �he� �e�ai� a� ��ch?
A����a Pa�e�� : I �hi�k �he fi��� ��e��i�� ��� �aid �a� i� �e��� �f �he �i�e. Ye� �f c����e, a� �e �aid ea�lie� A�aldi�e i� a �����g �a�k leade�, ic��ic b�a�d, a�d a �����g �a�ke� leade�, �� �he �ale �f A�aldi�e i� highe� �ha� ��� b�a�d� i� �hi� �eg�e��. Ye�, i� i� ��ch highe�. O� EBITDA
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�a�gi�, �e�, i� i� a �e�� ���fi�able b��i�e�� a�d i�� EBITDA �a�gi� i� c���a�able �� Pidili�e'� EBITDA �a�gi�.
A����� Agga��a�: Oka�, a�d �hi�dl� Si� �ha� �ill ha��e� �� �he i��a�gible a��e�� �hich �ill c��e al��g �i�h �hi� ac��i�i�i��?
A����a Pa�e�� : Righ� ��� �e ha�e ac��i�ed �he �ha�e� �f �hi� c���a��, �� �e ha�e �igh� ��� i��e��ed a�d b��gh� �he �ha�e� �f �he c���a��, �� �he i��a�gible �al�e �e�ai�� i� �ha� c���a�� a�d �he� g�i�g f���a�d �e ���ld de�e��i�e �he �igh� ����c���e �f i� a�d �ha� ���ld �he� de�e��i�e �he ��i�e �ff �f �he i��a�gible�. A� �f ���, i� i� a ��a�dal��e c���a�� a�d i� �ill be �h��� a� a� i��e���e�� i� ��� b��k�.
A����� Agga��a�: Oka�, �� �� �la�� a� �f ��� �� �e�ge �he H�����a�?
A����a Pa�e�� : A� �f �igh� ���, �he �la� i� �� ��� i� a� a� i�de�e�de�� e��i�� a�d �� g��� i� �ell, a�d �he� �e �ill �ake c���ide�a�i�� i� �e��� �f �ha� �eed� �� be d��e, b�� i� �h��� �e�� �e �ill ��� i� a� a� i�de�e�de�� c���a�� a�d �ha� i� �he c���e�� �la� a�d �hi�ki�g.
A����� Agga��a�: Oka� Si�, �ha�k� a l��.
M�de�a���: Tha�k ���. The �e�� ��e��i�� i� a f�ll��-�� ��e��i�� f��� �he li�e �f La�ika Ch���a f��� JP M��ga�. Plea�e g� ahead.
La���a C����a: J��� ��e cla�ifica�i��, ��� �e��i��ed �ha� ��� a�e ����i�g a� ca�aci�� ��ili�a�i�� le�el �f 90% i� �he begi��i�g, a�e �he�e a�� �h��gh�� �f a�� �ig�ifica�� Ca�e� a����d �he c���e�? P�ad�� Me��� : A� ��� k���, �e ��e�a�e �i�h a Ca�e� i� a �a�ge �f ab��� 4% �� 5% �f ��� �e�e��e. Tha� i� g�i�g �� be �he ki�d �f ��e�d �ha� �e �ill ha�e. A� �e ��eak, �he�e a�e al���� 9 �la��� i� I�dia �hich a�e ���k-i� ���g�e��. N��e �f �he�e a�e g�i�g �� be be���d �hi� �a�ge �f 4% �� 5% �f �e�e��e �ha� I �e��i��ed. S�, all �he ��e�d� �ha� �e �ill be d�i�g �ill be �i�hi� �hi� �a�ge, a�d �ha� i� a c���i����� ���ce�� �f e�al�a�i�� �f ��� ca�aci�� �e���� ��� abili�� �� �e��ice. Tha� ���ce�� c���i��e�, b�� i� i� ��� g�i�g �� be a �ig�ifica�� a����� �f diffe�e��ial ��e�d. I h��e �ha� cla�ifie� La�ika. La���a C����a: Ye�, �ha�k ��� �� ��ch.
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M�de�a���: Tha�k ���. The �e�� ��e��i�� i� f��� �he li�e �f Ri�e�h Shah f��� I��e��ec. Plea�e g� ahead.
R��e�� S�a�:
Tha�k� f�� �he ��������i�� agai�. I �ill j��� c���i��e �he�e I lef�. M� ��e��i�� ��ecificall� �a� �� ca�i�al all�ca�i��. N��, ��ecificall� f�� �he H�����a� ��a��ac�i��, R� 2,100 C���e�, 35% �a�gi��, i� ���ld e��e��iall� i��l� if �� ��-g����h ba�i� �e a�e l��ki�g a� a 15-�ea� �a�back, a ���gh �a�. Si�, I ���ld like �� ��de���a�d �ha� a�e ���� i��e��al ���be�� �� �ha� i� ���� �h��gh� ���ce�� �he� �e g� f�� ���e�hi�g i���ga�ic? Agai�, �he ��e��i�� b���ce� back �� �e a�e a ��lid c���a��, b�a�d, di���ib��i��, �e k��� �he �a�ke� be��e� �ha� ���babl� a��b�d� el�e �� �he ���ee�. H�� �hall ��e j���if� �he ��l�i�le� �ha� �e a�e �a�i�g ��e� he�e?
A����a Pa�e�� : I �hi�k Ri�e�h �� �al�a�i�� i� d��e ba�ed �� a big �c��e ba�i�. S�, a �a�back �e�i�d �f 15 �ea�� a����i�g �� g����h ���ld ��� be a �igh� a������i��. Ce��ai�l�, �e e��ec� I�dia� �a�ke� �� g���, �e e��ec� ��� b��i�e�� �� g���, a�d �e e��ec� g����h �� accele�a�e. We ha�e a ����e� i��e��al �al�a�i�� �e�h�d�l�g� f�� e�al�a�i�� �f all ��� ac��i�i�i��� a�d �e belie�e �ha� �e ha�e d��e �he ac��i�i�i�� a� �igh� �al�a�i�� a�d ha�i�g a �ea���able g����h a������i��. Be�ide� �ha�, i� i� a �a�ke� leade� a�d i� i� a� ic��ic b�a�d �hich al�� all��� �� �� ha�e a ���be� �f ��he� c��� a�d �e�e��e ���e�gie�. S� ��e�all, �e belie�e �ha� ��� �al�a�i�� ha� bee� �ea���able a�d Bha�a� if ��� �a�� �� add, g� ahead.
B�a�a� P��� : Ye�, Ri�e�h �e ha�e al�a�� �aid e�e� f�� a ���e�� I c���ide� A�aldi�e, i� �ill ���babl� fall ���e�he�e be��ee� a c��e a�d a g����h ca�eg���, b�� e�e� i� �he c��e ca�eg���, ��� �bjec�i�e ���ld be �� g��� i� a� ��e-a�d-a-half �i�e� GDP a� �he �i�i��� a�d �he� add �� ���e�gie� f��� a �e�e��e ��i�� �f �ie�. The fac� �ha� �b�i���l� A�aldi�e ��da�, gi�e� i�� li�i�ed ��e�e�ce d�e� ��� �each ���-�hi�d� �f �he �lace� �ha� Pidili�e a� a c���a�� d�e� i� a� �b�i��� ��������i�� a�d like�i�e, �e al�� belie�e �he b�a�d ha� ��������i�ie�. S�, I �hi�k �he be�� �i�e �� agai� �e�i�i� �hi� ��e��i�� �ill be �i� ����h� la�e� �he� �e �ee �ha� �e a�e d�i�g �i�h �he b�a�d, �e ha�e g���e� ��� a��� a����d i�, a�d �ha� �e a�e d�i�g �i�h i�.
R��e�� S�a�: Tha� i� ��ef�l. J��� �� add, ���ld i� be ����ible f�� ��� �� �c��e a� �ha� �a�e i� �he �a�ke� g���i�g a�?
B�a�a� P��� : Righ� ���, lea�e a�ide �he �a�de�ic, �he �a�ke� f�� �hi� ha� bee� g���i�g a� be��ee� ��e �� ��e-a�d-a-half �i�e� GDP �� a �eg�la� ba�i�.
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R��e�� S�a�: Oka�, a�d A�aldi�e ���ld ���babl� ha�e ��e-�hi�d �a�ke� �ha�e? B�a�a� P��� : P��babl� ���e �ha� �ha�. R��e�� S�a�: S��e, �ha�k ��� �� ��ch f�� �he a���e�. I a���ecia�e �ha�. M�de�a���: Tha�k ���. The �e�� ��e��i�� i� f��� �he li�e �f A�i Meh�a f��� Mac��a�ie. Plea�e g� ahead. A�� Me��a: Si�, �� �he E���� adhe�i�e� �a�ke� �hich i� �ha� A�aldi�e i� all ab���, I j��� �a��ed �� ��de���a�d i� �he a��lica��� �e�� diffe�e�� f��� ei�he� c������c�i�� che�ical� �� Fe�ic�l ki�d �f ke� b��i�e��? B�a�a� P��� : The�e i� a ce��ai� a����� �f ��e�la�. F�� e�a��le, �he c����ac��� �he� he d�e� ����e a��lica�i�� e�c, ��� �a�e�����fi�g g��� �ill deal �i�h hi�, �he c������c�i�� che�ical�, he i� �he c�����e�. The�e i� a l�� �f ���d-��-���d c�������i�� �hich i� �ia �he ca��e��e�. The�e i� a ce��ai� a����� �f gla�� a�d PVC a�d ����e, �hich i� a���he� �e� �f c����ac����. S�, I ���ld �a� �he�e i� a fai� deg�ee �f ��e�la� a�d �he�e a�e ���e �e�e� c�����e��. A�� Me��a: I� �� ��de���a�di�g c���ec� �ha� a la�ge ����i�� i� ���-���d i� �a���e i� i� �he c���e�� c�������i�� �� i� �ha� ��de���a�di�g ����g? B�a�a� P��� : Tha� ���ld be c���ec�. A la�ge �a�� �f i� i� ��ill i� �e� c������c�i��. N��-���d ���ld be g�ea�e� �ha� ���d �� ���d. A�� Me��a: I� �ha� c���e��, ���ld i� be ���e �f a �l��be� �� ���e�hi�g �f �ha� ���� �ha� �e a�e ki�d �f c���a�i�g? B�a�a� P��� : I� i� c���a�i�g all f���. I� i� �he c����� c���ac���, i� i� �he �a���, i� i� �he gla�� fell��, i� i� �he ca��e��e�, i� i� �he g�a�i�e a�d ����e/�ile la�e�, �� i� i� all �f �he�. A����a Pa�e�� : Ye�, I �hi�k �he�e a�e �he �aj�� ��e��. Al��, �he�e a�e ��e�� like �echa�ic, a��� �echa�ic�, ���e ��all ha�dic�af� ���e �f i�d����ie�, b�� �ha� Bha�a� �aid a�e �he �aj�� f��� �� fi�e e�d-��e� �eg�e���.
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A�� Me��a: Whe�e I �a� c��i�g f��� i� ��e �f ��� ���e�g�h� ha� bee� �� �ee� �he�e. We �b�i���l� ha�e a �e�� �����g b�a�d he�e, b�� �he ha�dica�, if I a� ����g i� �ha� ��de���a�di�g, �he ha�dica� ���ld be �he a��lica��� i� ��i�e diffe�e��. I� �ha� �he h��dle �ha� �e a�e g�i�g �� be f�c��i�g �� �� i� �ha� ��de���a�di�g i� i�c���ec� i� �he fi��� �lace?
B�a�a� P��� : Tha� i� ��� a ha�dica�, b�� �e�, ��� �ha� �e a�e ��� a����achi�g hi� �i�h ��� f����la �f ha�dli�g �he a��lica��� b�� �i�h a b�a�d �ha� he �����ed a�d ��ed f�� �ea�� �ake� i� ��ch, ��ch ea�ie�.
A�� Me��a: Oka�, a�d �he �ec��d �a�� Si� i� �ha� �he ��de���a�di�g I had i� A�aldi�e i� ��e�a�i�g f��� a ��ici�g �e���ec�i�e i� a� �he ��e�i�� e�d a�d �he ���d�c�� a�e ki�d �f f�c��ed �� �ha� �eg�e��. Fe�ic�l i� c����a�� ha� al���� c���le�el� c��e�ed �he �a�ke� i� �e��� �f ��ici�g a�d i� �e��� �f ��age. I� �ha� a� ��������i�� �ha� c���e��l� d�e� e�i�� i� A�aldi�e, �ha� i� a l��-ha�gi�g f��i�, i� �ha� a fai� ��de���a�di�g �� ���?
B�a�a� P��� : T�� ea�l� �� �a� A�i, gi�e �� a li��le bi� �f �i�e, le� �� ��de���a�d �he �a�ke�, le� �� ��de���a�d h�� �e �ill �la� �he ����f�li� ga�e. Ye�, a� Pidili�e �e al�a�� �ake ���e �ha� �e ha�e a ���d�c� f�� each ki�d �f c�����e�, b�� �igh� ��� i� i� ��� ea�l� �� �a� h�� �ill �he ����f�li� e��l�e.
A�� Me��a: Oka� a�d la��l� Si�, a� ��� ha�e �igh�l� highligh�ed, ��� j��� A�aldi�e b�� if I a� c���ec�, i� c����a�� �he� ��� had D�. Fi�i�, �he�e �a� a �a��fac���i�g f�����i�� �ha� ca�e �i�h i�. I� �ha� a big d�i�e� ��e� he�e �� ��� �eall�, a�d ���ld ��� ki�d �f l��k �� i��e�� i� �ha� �� h�� ���ld �ha� g� Si�?
B�a�a� P��� : I� i� ��� a big d�i�e�. We �b�i���l� ge� �he k���-h�� a�d �he �ech��l�g� al��g �i�h i�. The�e a�e c���e�� ��lle��, b�� agai� �e�e�be� �e �ake Fe�i�i�e, �e �ake Bl�efi�, �� �e k��� �hi� �ech��l�g�. If �e �eed �� i��e��, �e �ill i��e�� f�� �he �a��fac���i�g. I �hi�k agai� i� i� a ��e��i�� �i� ����h� d��� �he li�e.
A�� Me��a: Oka� Si�, �ha� i� all f��� �� �ide, �ha�k ��� �e�� ��ch.
M�de�a���: Tha�k ���. Ladie� a�d ge��le�e�, a� �he�e a�e �� f���he� ��e��i��� f��� �he �a��ici�a���, I ��� ha�d �he c��fe�e�ce ��e� �� �he �a�age�e�� f�� cl��i�g c���e���.
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P�ad�� Me��� :
Ye�, �� behalf �f �he Pidili�e �ea�, a big �ha�k ��� �� all �f ��� f�� a��e�di�g �he �ee�i�g a�d �lea�e ��a� �afe. A� �e a����ach �he fe��i�e �ea���, be�� �i�he� �� ��� a�d ���� fa�il�. Tha�k ���.
M�de�a���:
Tha�k ���. Ladie� a�d ge��le�e�, �� behalf �f A�i� Ca�i�al Li�i�ed, �ha� c��cl�de� �hi� c��fe�e�ce. Tha�k ��� f�� j�i�i�g �� a�d ��� �a� ��� di�c���ec� ���� li�e�.
(Thi� d�c��e�� ha� bee� edi�ed �� i�����e �eadabili��)
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