Atish Agrawal, MD, Abha Power and Steel Limited, discussed the company’s dual foundry operations, focus on higher value-added products and efforts to improve steel foundry capacity utilisation. He also highlighted expansion into defence and other non-railway sectors, along with plans to broaden its customer and product portfolio.
Mubina Kapasi: Hello and welcome to SmallCap Spotlight. I’m Mubina Kapasi and today the company that we’ll be speaking with specialises in steel and iron casting. They have a foundry that’s based in Chhattisgarh and one of their key clients is the Indian Railways.
I have with me Mr. Atish Agrawal who is the MD of Abha Power and Steel. Mr. Agrawal, thank you so much for joining us today. To begin with, could you walk us through Abha Power’s journey? You started more than 20 years ago.
Back then it was just you know ingots and billet manufacturing. Now today of course you have a two foundry operation. So could you tell us a bit about the journey?
Atish Agrawal: Thanks Mubina.
Thanks for having me for this YouTube interview. This company Abha Power and Steel was started by my father Mr. Subhash Agrawal and our partners Mr. Satish Shah and Harish Shah. So in 2004 when this company was incorporated, it was basically manufacturing MS ingots which was being supplied to the rolling mills for production of TMTs and rebars.
So this company is located in Bilaspur. Heavy background of industry from our side. So it was just a starter of entrepreneurship in this industry.
They tried to move this business to the best of the facilities that were available at that time. But somehow due to constraint of this location Bilaspur, they were not able to succeed. It was not moving forward as per the expectations of both families.
So in 2009, we decided to go ahead and put up an SGR and foundry for railways. Bilaspur has been the capital, sorry, Bilaspur has been the headquarter of Southeastern Central Railway, which is the highest revenue generating zone among all different zones of Indian Railway. So it has already, it is always a charm to work for SCCR and we have seen the SCCR working from very beginning since our childhood days and even before that.
So there was always a pull in people’s mind to go for, to go and work with railways as they always say that railway never stops and you, your business will always be running in running condition if you are working with railways. So those were the points where we decided to go ahead to do something with the and for that, we got into work with a few consultants and finally, we decided to go ahead with an SGR and foundry. So in, by 2009, we decided and 2010, we started this foundry.
We were first among this area to start this kind of foundry and since Chhattisgarh is not known very much for foundries and we see more, more and more foundries coming in the later dates, but that time we didn’t have any setup in the nearby areas. So it was like coming out of a black hole to produce something like this, which was not traditionally known for us. So we had to face a lot of problems regarding all the aspects of the production, management, maintenance, and everything was a challenge during that time.
So in any case, by surpassing all this, we started this foundry in 2010 and we got a very good response from our customers and we were able to send our products right across all over the country from Jammu, Kashmir to Tamil Nadu and East and West. All directions were genuinely covered and we got a very good response from our customers, which were actually looking for a quality conscious company that can provide good products at a good price. And with this, we got a very strong feeling of a foundry business and we thought that, okay, this is the line where we can extend ourselves.
So in 2014-15, we decided to convert our old ingot plant into a new steel foundry and that way we’d have both foundries at a single location. One would be steel foundry, one would be iron foundry, and would be able to cater all of our customers’ requirements, whether it’s an iron family or steel family, from a single location, which has been a beneficial point for us. So that’s how we got these two different foundries in a single location.
By 2016, we had already stopped making MS ingots and 100% foundry business had started. And from there on, it has been functioning as two different foundries in a single location, which is actually quite unique in the country. And very rarely we see these two different families of production happening in a single location.
Many times our customers were very conscious that they do want to give iron orders to a steel foundry or vice versa. But when they visit the plant and see the functionalities of two foundries having a very different setup, but on a single location, they are convinced and we are proud to say we are one of the only vendors for a prestigious L&T company who has approved us for both iron and steel components. So this kind of thing happens and it’s not a very planned situation that we have done so, but here we are with two foundries at a single location.
Mubina Kapasi: So it was founded by your father and then of course you took it forward. So what I’d like to hear from you is your own journey, your career and the path that eventually led you to where you are today at Abha Power. What inspired you to continue and take forward this foundry and casting business?
Atish Agrawal: Okay.
So again, it was an accidental kind of thing that I joined this business. I was, after my college, I did BTEC from IIT BHU and I had a campus placement in Tata Steel. So it was just a dream come true that I was already in a steel business and I was doing something with the Tata Steel.
I was there during this 2009 thing that was happening and we were not doing very well in the industry here in Bilaspur. So that time it was a conscious decision made in the family that, okay, I’ll move back from my job to join this company and see where we can grow this further too. So after I joined the company, we started this SGRN foundry and thereafter I have been with this company handling all the day-to-day operations and whatever we can do, contribute in ourselves to take this movement forward.
Mubina Kapasi: So I’d like to understand what are some of the challenges you face, not just on a macro level, but even on a day-to-day business? I imagine manufacturing, of course, as an industry itself is challenging. So could you tell us and walk us through some of the day-to-day challenges you face in your manufacturing journey?
Atish Agrawal: It’s tough. I will not say it’s easy in any way, but manufacturing business is the toughest business that can happen to a person because you’ll have to look after so many different perspectives, different ideas, a lot of things that are not in your hand and you’ll have to face them and then do your best to survive or to thrive, whatever you can do in those conditions.
There were a lot of challenges, even in the initial period when we were struggling to survive the situations that we have found ourselves in, various challenges, financial challenges were there. At that time, the banks were not very favourable to give loans. The loans were available only for the larger communities or the bigger plants, but for the smaller companies like us, there were a lot of restrictions and we were struggling to get these loan approvals and all those things.
But we had one thing very strong with us that we had very good paperwork, we had very good performance and everything was such that there was no reason left for the banks to refuse our application. So we got some good bankers to support us right from the very start and even beyond that for business in this area. So from the customers, we faced problems of delayed payment from the vendors, there were problems of material not reaching us even after the advance payment or the payment conditions being honoured.
So we were facing a lot of situations regarding all this, but still the financial constraints were overcome, keeping in line with the requirements of the company. Bilaspur being a small town, we don’t find many spare parts or different commodities that we require for our production in the nearby areas. So we had to be dependent on the larger cities or the industrial towns from where we can get our basic spare parts and other items.
Also for the raw materials, we are not nearby any port, so we cannot import directly some raw materials that we require on a regular basis and we have to be dependent on the different traders who charge us extra to get to Bilaspur products. So these things make your life a bit difficult. In fact, it’s a challenge also and that’s the thrill of the manufacturing business that you are trying to juggle so many things at the same time and the only thing that gets you going is when you see your finished products coming out and going to the customer and the customer saying that yes, you have done a good job.
So that is the fuel that keeps you going. But again, the macro and micro major challenges are there a lot and those are financial challenges. Then we have the manpower challenge.
We don’t find skilled labour in this area because foundry is unknown to this area and also for the managerial staff, people are not looking to settle in Bilaspur. Making Ingotsen, the time when we were a very small company, it was easy job to do because at that time not very skilled labour or skilled management was required. But as the time went and we started adding value to our products and going for the higher value items, we need skilled manpower and managerial staff to execute those kind of projects.
So it was a big challenge for us to accumulate a team which is capable enough to handle such kind of challenging projects. Other than this, there have been infrastructural challenges as well. The roads were not very good 15 years ago.
The power system was not very stable. We had a very frequent power cut spread there. So like many day-to-day challenges always come to your mind when you see on the background that what time you have surpassed.
But again, there is no such challenge which cannot be overcome by your will and your strength to go forward. Once you have decided that yes, you are going to do this thing, then that has to be done come many obstacles your way. So we have been quite consistent and quite reliable supplier to our customers just on the basis that we had this kind of very, what do you call it, very strong belief in ourselves that yes, if we have taken any order, we’ll have to complete it.
We’ll have to honour our words. We cannot say that we are unable to do such and such product due to such and such reason. Customers are not looking for excuses or the reason.
They’re looking for their product. So once an order has been accepted, it has to be honoured.
Mubina Kapasi: You know, Mr. Agarwal, I noticed that a lot of the challenges you mentioned are around your location, Bilaspur, you know, infrastructure, accessibility, etc.
So I want to understand what’s keeping you in Bilaspur? What is it about the location that’s actually also inspired you to have two foundries in the same location?
Atish Agrawal: Right. So as I told you that it’s not that we planned that Bilaspur is going to be the best location for a foundry. In fact, as I told you, we have faced many challenges to continue or to sustain this foundry here in Bilaspur.
But incidentally, by luck, we couldn’t have located our foundry in a better location. We find many key raw materials like scrap and pig iron, which we source from the nearby areas. Within 200-300 kilometres, we find very good sources.
In fact, in the last 10 years, we have seen that this area has grown to be a basic raw material supplier to all over India. Our peers are getting raw materials from our area to their areas. So it gives us a good advantage that we are sitting quite nearby to the industrial belt and we are getting a lot of sources of raw materials from the nearby regions.
Also, we have got a very good mix of end customers that we are targeting. So railways is one part, that is our basic company that we are looking forward to supply to. But other than that, we also supply to steel plants, cement plants, mining industries.
And all these three sectors are quite prevalent in Chhattisgarh and in the nearby area. So we have been trained, actually, I’ll use that word, trained by these companies. And as per their requirement, we have made our setup like that, that we can supply very key components to them.
I’ll cite you one example, that one Lafarge cement plant was there quite near to our plant and they were importing some casting products from China at that time. And one of their shipments failed due to some geopolitical issues between India and China and their ship was held at the port. After the maintenance, they had to kick off their production and it was scheduled to give them around 2000 crores of business for the next three months.
And if they didn’t receive the consignment in time, the whole shutdown would have failed. So they approached us at that critical moment and my team was super confident and efficient at that time. And we delivered them the finished products that they require within 15 days of time.
And we saved the day and we got a call even from the head of project that you have saved the shutdown and they were quite thankful for it. So these kinds of things happen. So these heavy industries, you don’t find them everywhere in India.
They are located in specific beds due to raw materials. And we have been lucky enough to be surrounded by such industries. We have got a lot of steel plants in the nearby regions and cement plants are there, mines are there.
So we have been trained right from the very start where we started our foundry. We got good orders from these people and they have been our loyal customer for long. And even now when there’s a critical requirement, we see to it that we complete their requirement within a shortest time frame.
And they’re also confident that yes, once they have given the order to Abha, they’ll get the right quality and the right delivery. So that kind of projection is not possible anywhere else. So we have been lucky enough that our foundry is located in Glasgow.
Despite all these challenges, we have a few key positives that we can take out of Glasgow. One is customer, second is the raw materials that we get from the nearby area. The land bank is there, the electricity is there 24 by 7. We have recently put up new solar plant as well.
So things are good for us in Glasgow and let’s see how we take this forward.
Mubina Kapasi: So speaking of commodities, obviously there are day-to-day fluctuations and vagaries in the prices. So how do you deal with that to ensure that you at least maintain a certain range in your margins?
Atish Agrawal: Okay, it’s a big challenge, yes, that the fluctuation in raw materials are there.
And our customer, sometimes they do entertain the variations in the raw material, but most of the time it’s not possible for them to entertain each and every fluctuation. We have faced this problem in the past and we have learned our lesson regarding that. So we keep an extra safety amount of raw materials in our plant.
What we have done is for the key raw materials that we require on a daily basis, we keep a larger stock. Supply chain gets disturbed for some issue, pricing or ability or shutdown of a major raw material manufacturer. Then also we are safe for a couple of months and then we can always get the alternate source from anywhere else.
Other than this, we have very good relations with our traders as well. And whenever there is a major movement or there is a situation when our suppliers think that there could be a shortage in the market of the product, they inform us beforehand as well that we should increase the stock level of this particular item that we may face some challenges in getting those. I’ll give you one example on this.
There were some geopolitical reasons with China or other countries. And one of our key components that we were taking from the trader was being supplied to China only. So when this kind of situation was developing, we got in touch with our supplier and he immediately answered our queries by transferring a big consignment directly to our plant.
And hence, even if this situation continued for the next quarter or so, we will ensure that we had a sufficient raw material at our disposal so that our deliveries and production doesn’t get hampered. And you cannot be sure of getting all the things in your plant beforehand. So like a recent geopolitical effect of Middle East happened, and as every industry in India suffered for the supply of gas and other critical components, petroleum products that came from those areas, we were also had some bad effect of that situation in our plant.
Because you cannot plan something that has not happened before. We never had any shortage of gases earlier than this. And suddenly when there was some shortage, we had to adapt to the situation.
So we generally do face problems for commodities which have such a high fluctuation. But we like to ourselves to be insured about their availability and their pricing by keeping sufficient stock with us and maintaining good relations with our vendors.
Mubina Kapasi: Okay, let’s talk about your clients then because you of course are a big supplier to the Indian Railways.
You have the certification, you supply to some major PSUs like NMDC and then you also have the PED certification from TUV Nord. With all of these certifications, could you tell us a bit about what kind of a competitive mode you get? Because at the end of the day, it is a commodity business. So could you tell us about what’s the benefit you get from these certifications?
Atish Agrawal: Mubina, these certifications help us in showing our company that what we are capable of, how our capabilities happen and what kind of quality parameters we follow in our company.
See, whenever a new customer gets to know about us, they immediately want to know what our capabilities are or whether we would be able to handle their critical projects or not. So certification is one way to convey to them that yes, we have this kind of facilities with us and we are capable to use these facilities to manufacture the complicated quality conscious products that our customers require. So it’s a very big point.
It’s not just about the marketing thing. It also gives you a sense of responsibility that once you have catered to some certification that you have the process in place where you have to be conscious about how you are doing a particular process and you’ll have to stick to it so that you always get the perfect right quality that is needed by the customer. So we have been very stringent and very strict about our quality parameters and the processes that we follow in our company.
Based on that, as per the customer’s requirement, we have done a lot of certifications for us. We have a lot of ISO certification, 9,001, 14,000, 45,000. Those certifications are there.
Other than that, we get very specific certification for customers. Indian railways, their parts are being governed as critical products and non-critical products. All the critical products of Indian railways have to be as per the requirement of RDSO, which is the Research Design and Standard Organisation.
This is the key governing body of Indian railways which signifies and defines whether a particular product has to be made in such and such way. After they have defined the process, they go for a vendor evaluation and when they find that a particular vendor has all the capabilities and capacity to manufacture that product, they again justify whether they have the quality way of doing work or not to make that particular product. So for all the critical items, you’ll have to get a different certification from RDSO for that particular item before you can supply to the Indian railways.
So since our foundry started with railways and we always kept their requirements in our mind, we have been lucky enough to be given such a way that we can plan our quality process accordingly that there could be no point in saying that we don’t know the procedure or the procedure has been bypassed. So we have been able to put all the safety checks on that. So currently, we have a lot of certifications with the Indian railways for different items.
We also have an A class foundry certification which gives us the in general guideline by RDSO that any critical foundry component can be made here in our plant. Other than this, we have done PED certification as per the project requirement of a particular company which is required by the European market to supply pressure equipment parts in their areas. So we have been a very few company who requires this PED certification.
Even after that, we recently got NABL certification for our lab which is the highest certification available which again proves that our process of doing or our method of doing work is perfectly in line with the international and national standards. And all the customers can truly see that we have been making products as per their requirement and as per the standards requirement. So it signifies that our process and methods are as per the international requirements.
But again, it gives the customer a first feedback that yes, this company is quality conscious and they can handle their critical requirements very efficiently. So that is the most basic thing that we want to project our products to say to our customers. So this is conveyed.
One way of conveying this thing is through these certifications. These certifications give us a definite vote over our rest of the peers because sometimes these are the entry barriers for many companies like RDSO Railways and many OEMs. They keep them as an entry barrier that okay, the companies which are having this minimum level of certifications can only be allowed to make such products.
So other than this, for some companies, these are entry barriers and some companies, they take it as a matter of introduction to them. So either way, it gives you a definite advantage over the rest of your contraband that you are able to prove yourself against these certifications. You may be having those processes in place in your plan, but to prove them to a third party or to an external agency, it’s somehow altogether a different thing.
When you go through those audits, you prove themselves that yes, you are capable of handling this kind of inspections and this kind of projects. So this is a direct indication of our capability and capacity and we can definitely say that it’s a strong mode to have and our customers are quite convinced that we can handle their critical projects.
Mubina Kapasi: So are you planning to diversify into any adjacent product categories like speciality products or something like that? I mean, is there any plan to expand the product portfolio?
Atish Agrawal: Yes, definitely, Mubina.
One of the key aspects of this IPO that we proposed for our plant and got through in December 2024 was that to re-establish or to modernise our steel foundry section specifically so that we can handle further critical production of Indian railways and other heavy industries. So we have almost completed our project and we have already put in the application for some critical items in Indian railways and most probably very soon we’ll be given the permission or the licence to produce these critical alloy castings in our foundry. So yes, we are adding a newer basis and newer chemistries, newer items in our product portfolio so that we can take more challenges in our foundry and can answer our customer in a better way.
Also, just not railways, we have just started working with defence as well. We have received our first prototype order from the defence PSU and we are looking forward to get a bit higher on the criticality side as well because whenever you go for regular items or the mass production items, you always miss on the price point or you denote yourself in a race of a very competitive market. So we want to identify or we want to make a niche market for ourselves where we can get some orders which are difficult for other foundries to produce and which currently our customers are importing for some or the other reasons.
So we could be an import substitution option and we are looking forward to that. We have done a lot of investment in our foundry. We have improved our management skills and the people have been, we have made a good investment in the people as well.
So a strong team is there for the production and the quality and now we are moving forward to add new products in our portfolio so that we have a good range of high value added items which was the vision of the, which was our vision when we put in the those papers for the IPO that will go for the higher value items and higher production items which will create a value for both, for all of us and our stakeholders and everybody. And now we are almost at a place where we can safely say that yes we are ready to take on the challenge. We have already started adding some key components.
Recently we got approval for a very complicated part that we are supplying to the OEM of railways which was earlier imported and we are again looking forward to getting some new orders from different industries, not just railways but from defence, from the steel industry and other sectors where those products which were not possible in our foundry earlier and we are attacking them right now.
So that we can have a larger share of value-added items in our portfolio. And let’s see where we can start moving them in our product list.
Mubina Kapasi: What is your current capacity at? And, you know, like you mentioned, you have this plan of adding all these value-added products.
So where will it be once you add those? And what is preventing you, perhaps some bottlenecks, from achieving your optimum utilisation?
Atish Agrawal: Yes, Mubina, our production capacity is around 14,400 metric tonnes per annum, which is equally divided between the two foundries, that is steel foundry at 7,200 and iron foundry at 7,200. On the iron foundry side, we have our capacity utilisation is about 80%. But in the steel foundry side, our capacity utilisation is quite low, around 20-25%.
So you can see that there is a big gap between the capacity utilisation of the total plant when we look at the iron foundry and the steel foundry. And right now, overall, we are having around 40% of capacities being utilised. And this was the prime reason why we went for the IPO, because we needed funds to increase our capacity utilisation of the steel plant.
You talk about what was the bottleneck. Since this was an accidental foundry, it was not a very planned business at first. So when we define a capacity of a plant, we defined it by the quantity of liquid metal that it can make.
g furnace or a higher liquid metal available at our steel plant, because this was earlier an MS Ingot plant. So that way, if you see that we always had a huge liquid metal available at our disposal. But we didn’t have the downstream facilities to entertain that kind of liquid volume.
Our moulding facilities were very limited, because we were working on a traditional batch mould system, which was reducing our capacity to 20-25% of what we could achieve in the steel foundry. And on the base of that facility, only the rest of the facilities were there, like heat treatment or the factory area or the fettering activities. All those steps were defined in such a way that we can cater to 20-25%, 30% of our capacity only.
We were not looking at the liquid metal capacity that was available to us. Post IPO, we have improved our efficiencies and production capabilities at all sections. We have put up, the major bottleneck was removed, and we have put up a continuous sand mixture, which can give moulding capacity, increase it to up to utilise this 100% of liquid metal that is available to us.
We have added one arc furnace as well for our liquid metal capacity. Also, some new heat treatment furnaces were added up. New factory shade has been added up.
And we have taken a lot of laboratory equipments. And the setup has such been modified that we can go for three-fold, four-fold expansion in our steel foundry. And we can regain the gap.
We can reduce that gap, what is available as a utilisation and what we are utilising as for now. So, yes, the bottlenecks were there, but we have removed them. And now we are ready to ramp up our production and our product line so that we can start utilising the untapped capacity that was available with us.
As soon as the certification from railways comes in, we’ll kickstart our production line. And let’s see how soon we can take it upwards towards our goal of above 80% utilisation. Let’s see how soon we can achieve that.
Mubina Kapasi: Okay, let’s understand a little bit about your revenue mix, because of course the Indian railways are a big chunk of your revenue. But is there any plans to, and you mentioned even defence is now coming on board, but are there any plans to perhaps reduce your revenue dependence on any one sector or geography, your client?
Atish Agrawal: For the past, if we say, let’s say five years, last two years, if we skip them, before that our revenues were quite consistent in the range of 50 to 55 CR. Last to last year, we had a good jump and all the conditions were more in favour of what we were doing and some critical items, whatever regular production items, they were in shortage in the market and we got a very good rates for them.
So our revenue jumped to 70, above 70 CR and recently concluded FY25-26. We did around 60 to 64 CR. So from 50 CR, what we were doing around 50 CR, we had jumped to 70 CR and now we are at 62-63 CR.
So we have been in this bracket of 60 to 70 CR for the last two years. And we can see this as the base year where we start moving forward from. And since we have started converting a lot of higher value added items, we are projecting that will increase our portfolio and our revenues for the coming years.
I cannot put an exact number to where it will be, but it should be a double digit, healthy double digit growth in all the parameters of top line and bottom line. For the top line, since our capacity utilisation would increase, the top line would increase. But to increase the bottom line, we have been focussing to get a variety of value added products for our foundry.
For that, we are looking to Indian Railways for their critical items. But other than that, we’re also looking for different other sectors which we can cater to for their quality requirements. Like defence, we have entered defence.
We have secured one important order for development of four different items for our defence PSU. Similarly, for steel plants, we have enroled ourselves with one of the biggest manufacturer of steel plants on a whole. And they are looking to us as their key component supplier in the near future.
And we have just received their trial order. So maybe we will expand our portfolio in non-railway sectors as well. Other than this, we are also looking for some exports also.
We have done export in the past, but the results have been quite inconsistent due to various reasons. And we are looking for some regular customers in our export department. We are in talks with a couple of companies from the OEM side which are looking to us as their preferred vendor in the near future.
So let’s see how that thing develops. All in all, I can say that we are in the phase where the growth will start very soon. And it will not be just because of the capacity utilisation.
It will be because of the value addition of each individual product that we are making. Our product portfolio is expanding. And we are seeing in the near future that our average realisation of the product would also increase.
This will help us in growing our top line, bottom line, both. And that’s the scenario we have for the future.
Mubina Kapasi: Let’s talk about ABHA Power 5 to 10 years down the line.
If we were to speak 5 to 10 years down the line, how do you think ABHA Power would be different? What do you have as a vision in mind in terms of revenue targets? Perhaps as these high margin products come in as well, how would they change the financials and how ABHA Power is perceived?
Atish Agrawal: Yeah, sure. Mubina, I cannot give exact figures or the range of the figures that we are targeting. But 5 years, 7 years down the line, I can safely say that our top line would be more than 2x or 3x of what it is currently right now.
We are in a growing phase. We have done all the hard work. The time is now to convert those starts into businesses.
And we can see the movement coming in the near future. We have a very unique situation in the market, I would say. When we were struggling to find a right match to match company, we couldn’t find a single foundry all over the country which were having a similar model to what we are making right now.
It’s a very delicate situation to be in when our customer trusts us for all these different methodology, different parts. The variety that we can offer from a single location, it’s a big thing for our customers. Like I was sitting with one of our customers a few days ago, and they said that you are the single foundry where we can get a very small product of, let’s say, 2-3 kgs and also a very large product of, let’s say, a set of mass production.
Let’s say, if you want 1 lakh pieces of a smaller item, yes, you can give them. And also, if you want one or two pieces of a very large item, that is also possible from your side. He said very consistently that you are one of the only foundry that we have in our system which can give us both iron technology as well as the steel technology.
So we have a lot of positives in us, and we have been able to project them to our customers. Our marketing skills are not that great, but still, we are trying to get new customers with better requirements or higher requirements in our customer list. And we’ll see this effect kicking in from this quarter or the next quarter.
And the movement is majorly upwards, and I don’t like to give a straightforward target to the viewers, but we have our internal targets and those bars are set quite high. We are pushing ourselves not just for what can be achieved very easily, but for something that is very hard to achieve. And we are confident that our team and the strength of our founders and the people who are there inside the company, they are quite focused on the growth.
And although the target we have that set internally is quite high, but my team is confident that we’ll achieve it. And let’s see how soon we can do that.
Mubina Kapasi: All right. Mr. Agarwal, we’re all done. Thank you so much for your time, and we wish you all the very best. All right.
Okay, that’s the management of Abha Power and Steel. Remember that this interview does not constitute investment advice. Please consult your own advisor before taking any investment decisions.
Many thanks for watching and don’t forget to hit the subscribe button on the SmallCap Spotlight YouTube channel.