Rushil Decor Limited has informed the Exchange about Investor Presentation
••• ••• ••• RUSHIL
DECOR LIMITED
WE'LL MAKE IT
RDL/099/2023-24 Date: 25.01.2024
To, National Stock Exchange of India Ltd. Exchange Plaza, Bandra - Kurla Complex, Bandra (E), Mumbai - 400 051 NSE EQUITY SYMBOL: RUSHIL
To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001 BSE SCRIP CODE: 533470
Dear Sir/Madam,
ISIN: INE573K01017
Sub: Investor Presentation for the Third Quarter and Nine Months ended December 31,2023
Pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith a copy of Investor Presentation on Unaudited Financial Results and other highlights of the Company for the Third Quarter and Nine Months ended December 31, 2023.
The same will also be available on the website of the Company at www.rushil.com.
This is for your information and record.
Thanking you
Yours Faithfully,
For, Rushil Decor Limited
Hasmukh K. Modi Company Secretary
Encl: as above
••• RUSHIL DECOR LTD .. RUSHIL HOUSE, NEAR NEELKANTH GREEN BUNGALOW,
PH: +91-79-61400400 I FAX: +91-79-61400401 I EMAIL: INFO@RUSHIL.COM
OFF SINDHU BHAVAN ROAD, SHILAJ, AHMEDABAD-380058, GUJARAT, INDIA.
TA. KALOL, DIST. GANDHINAGAR-382845, GUJARAT, INDIA. I CIN: L25209GJ1993PLC019532
REGD. OFFICE: S. NO. 125, NEAR KALYANPURA PATIA, VILLAGE ITLA, GAND_HINAGAR-MANSA ROAD,
I WWW.RUSHIL.COM
Rushil Décor Limited
INVESTOR PRESENTATION
Q 3 F Y 2 0 2 4
This presentation has been prepared by Rushil Décor Limited (the “Company”) solely for information purposes and does not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall accuracy, the be placed on, completeness, and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
truth, fairness
discussed this Certain matters contain statements Presentation may Company’s market regarding opportunity and business prospects that
the
in
implement
to successfully
international markets,
are individually and collectively forward- looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various the performance of the industry in India and world- wide, competition, the company’s ability its strategy, the Company’s future levels of technological growth and expansion, and implementation, advancements, revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The of Company’s activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking this contained information Presentation. forward-looking Any statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.
changes in
changes
results,
actual
levels
in
Chairman’s Message Page: 4
Company Overview Page: 7
Industry Overview Page: 21
Q3FY24 Financial Highlights Page: 25
Rushil Décor Limited | Investor Presentation
2
• The revenue from operations for the third quarter of FY24 stood at INR 213 crore, marking a notable sequential growth of 4%. This positive
trend can be attributed to robust festive demand and strong traction from both domestic and export markets.
• In the month of December, our Chikmagalur plant in Karnataka not only achieved its highest-ever sales volume but also demonstrated
exceptional operational efficiency, surpassing 120% in capacity utilization.
• MDF Q3 sales volumes grew by 15% YoY with blended realizations at ~ INR 24,000 per CBM. We are increasing market presence for our
products and enhancing penetration further in Tier 2, 3 cities.
• With an impressive EBITDA margins of more than 14% this quarter, our focus remains on boosting operational efficiencies, implementing cost reduction measures, and continuously improving margins. As previously guided, we are on track to maintain margins within the range of 15-17% for FY24.
• Exports accounted for 30% of total revenues, and we anticipate that the export segment will contribute an estimated INR 250 crores to our
revenues by FY24. Looking ahead, our long-term ambition is to double the revenues for our exports in the next 3-4 years.
• Increased demand for our products is driven by rapid urbanization, infrastructure development, and rising consumer spending on home
renovations. These factors not only boost demand but also reinforce our position as a key player in thriving markets.
• For the quarter, we executed impactful branding activities covering ~60,000+ sq.ft through Retail branding, significantly enhancing our market presence. Additionally, we successfully organized over 70 carpenter/contractor meets, fostering valuable connections and reinforcing our commitment to engagement and collaboration within the industry.
Rushil Décor Limited | Investor Presentation
3
Mr. Krupeshbhai G. Thakkar
“The company's significant advancement on its growth path instills optimism for a strong performance in Q4FY24 as well.
As we propel towards our long-term vision, we chart a course of expansion, recognizing the pivotal role of prudent decision-making and avoid overleveraging. Embracing a forward- thinking approach, we shall explore new areas of business for sustained growth.
Looking ahead, our vision is not only to achieve market leadership but also to become a catalyst for positive industry change through innovation, sustainability, and customer satisfaction.”
Rushil Décor Limited | Investor Presentation
4
Sr. No
Particulars
1.
Decorative laminates including bigger size (Jumbo size) laminates manufacturing Project at Mansa
2.
Working Capital Margin Requirement
3.
MDF Plant & Machinery as well as Civil Work for existing MDF Manufacturing Plants
4.
General Corporate Purpose
TOTAL
Amount Upto (Rs. In Cr)
Tentative Time Frame for Utilisation
90.00
10.00
10.00
12.66
122.66
Upto 2 years from the date of receipt of fund
Upto 2 years from the date of receipt of fund
Upto 2 years from the date of receipt of fund
Upto 2 years from the date of receipt of fund
These additional resources will play a pivotal role in propelling our growth strategies, enhancing our product offerings, and expanding our market reach.
Rushil Décor Limited | Investor Presentation
5
413.52
1.44
400.26
1.10
450
400
350
300
250
200
150
100
50
0
311.59
302.28
0.65
0.61
281.96
0.53
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
While we aim to capitalize on emerging opportunities, we aspire to uphold our debt-to-equity ratio within 1, ensuring a balanced and responsible financial structure
31-03-2022
31-03-2023
30-06-2023
30-09-2023
31-12-2023
Net Debt (In Cr)
D/E Ratio
Rushil Décor Limited | Investor Presentation
6
100+ Year
lineage of wood engineering.
25+ Years
in Decorative Laminates & MDF Boards
2nd Largest
manufacturer of MDF boards and one the largest player in organized laminates.
5 State-of-the-art
manufacturing facilities across India, strategically positioned to deliver customised products to its customers.
SKUs / Designs
Distinct Brands
Direct Distributors
Retailers Dealers
Export House Recognition
Workforce
Rushil Décor stands as a prominent luminary in the wood panel sector, manufacturing exquisite laminates and MDF boards
Rushil Décor Limited | Investor Presentation
7
3
Units
3.49 Million
Sheets Per Annum Installed Capacity
APPLICATION
80%
Average Capacity Utilization for Q3FY24
Home Furniture
Cabinet Doors
Desktops
Wardrobes
Wall Paneling
Rushil Décor Limited | Investor Presentation
Commercial Furniture
8
Production
sheets per annum
RDL, 608, GIDC Mansa, Dist. Gandhi Nagar, Gujarat
Expected Revenue Potential in FY25
Expected Revenue Potential in FY26
Expected Margins %
Benefits
Increased Capacity
Improved quality with jumbo size
Catering to developed markets – Europe, USA, Australia and New Zealand
Improved top and bottom line
Growth trajectory - last year margin 6 to 7 % present 10 to 11 % after new project around 12-15%
This expansion is in line with the management strategy
Rushil Décor Limited | Investor Presentation
9
2
Units
3,30,000 CBM
Per Annum Installed Capacity
72%
Average Capacity Utilization for Q3FY24
Residential & Commercial furniture
Wall Paneling
Architectural Moldings
Industrial Products
Sports Goods
Display Cabinets
CNC Routing
Flooring
APPLICATION
Rushil Décor Limited | Investor Presentation
Doors & Partition Cornices
10
Quantity in %
27%
35%
41%
43%
Q4FY23
Q1FY24
Q2FY24
Q3FY24
39%
45%
50%
52%
Q4FY23
Q1FY24
Q2FY24
Q3FY24
Value in %
As per our guidance earlier in the year to achieve a target of 45% in quantity and 55% in value terms, we are pleased to report that we are well within reach of these targets.
TARGET FOR Q4FY24
45%
TARGET FOR Q4FY24
55%
Rushil Décor Limited | Investor Presentation
11
27,000
~15 mn
Hectares of land cultivated
Plantation supported to the farmers
~135 mn
Trees planted in Karnataka and Andhra Pradesh
~8 mn
Saplings to be planted by FY24
ENSURING SUSTAINABLE SUPPLY OF WOOD
Benefits to Farmers
Benefits to Community
Benefits to Rushil Décor Limited
Famers can now use their unused land for agro-forestry
Conservation of natural resources & forest
Ensures consistent supply of raw materials from farmers
An Optional Revenue Stream as RDL Procures Wood at Competitive Prices
Agroforestry practices contribute to sustainable land management and can improve the long-term productivity of farmland
Economic momentum, sustainable livelihoods, and employment opportunities for thousands of skilled and unskilled individuals
Environmental protection security Vulnerability reduction against natural calamities
Plants are strategically located nearer to agro-forestry plantations helps in reduce transportation, lower emissions
We are committed to promoting agroforestry to sequester carbon and to broaden the social, economic and environmental sustainability of rural development
Agroforestry diversifies offering vital social, economic, and environmental benefits, shaping a greener planet and a better future for all
Source: Company Data
Rushil Décor Limited | Investor Presentation
12
• Networking with Indian Paper Manufacturers Association (IPMA) for encouraging plantation in commanding areas of Rushil Décor Ltd.’s units.
• Learning and practicing with Wood is Good magazine and development of National working plant code for forest management standards (IWST/ IPIRTI, Autonomous body of Ministry of Environment Forest and Climate Change)
• Efforts for minimizing import with AIPM and DGTR
• Knowledge sharing with Central Pulp and Paper Research Institute
(CPPRI – Ministry of Industry and Commerce), IPMA, ICFRE, IWST and IPIRTI
Source: Company Data
Rushil Décor Limited | Investor Presentation
13
Europe
Gulf & Middle East
Russia
North America
Africa
Latin America
Saudi Arabia
Rest of Asia Pacific
India
Indonesia
Australia
As we embark on our expansion into newer regions, we see significant opportunities for our value-added products. We continue to prioritize product development and innovation and ensure that our products meet the demands of the new market.
Rushil Décor Limited | Investor Presentation
14
Product Innovation & Value Engineering
We persistently prioritize design and quality in our product innovation, aiming to make our brand stand out in the market.
Strategically Located Manufacturing Plants
Strategically situating our manufacturing facilities near raw material sources guarantees a steady, cost-effective supply chain, ensuring operational efficiency for Rushil Decor.
Strong Branch and Dealer Network
Through a vast network of 600+ distributors and 4,400+ retailers nationwide, Rushil Decor achieves efficient customer reach across diverse locations, solidifying its domestic presence.
Significant Export Presence
We've expanded to 50+ countries, building a strong export brand, which not only fuels growth but also diversifies risk for sustainable expansion.
Rushil Décor Limited | Investor Presentation
15
SAC – SAP Analytical Cloud
Transportation Module
RFID Implementation at Warehouse
Implementation of SAP phase 2 supports business transformation and innovation, ultimately contributing to organization's long-term success
Rushil Décor Limited | Investor Presentation
16
Mr. Krupeshbhai G. Thakkar Chairman
Mr. Rushill Thakkar Director
Mr. Keyur M. Gajjar Chief Executive Officer
Mr. Hiren Padhya Chief Financial Officer
Mr. Hasmukh K. Modi Company Secretary
Bachelor‘s degree in commerce from Gujarat University
30+ years of experience in laminates and other allied products
Manages and leads operations
Graduate with over 9 years of experience
Bachelor's degree in engineering and MBA
Played significant role in setting up new MDF facility in Andhra Pradesh
Responsible for logistics & warehousing, exports
Over 2 decade of experience
Responsible for planning and overall functioning of organization
Qualified Chartered Accountant, Company Secretary and Cost Accountant
Over 30 years of experience in financial management
Associated with Company for the last 14 years
Commerce graduate and Company Secretary qualifications
Completed ICMAI in 2011
Rushil Décor Limited | Investor Presentation
17
Rushil Décor Limited | Investor Presentation
18
During the quarter, we successfully covered an extensive area of ~60,000+ sq.ft. through Retail Branding and enhancing brand visibility in the market.
Rushil Décor Limited | Investor Presentation
19
Rushil Décor Limited | Investor Presentation
20
Indian Furniture Industry ($ bn) 6% CAGR
32.8
23.3
9%
8%
15%
Domestic Wood Panel Industry
Plywood
Laminates
MDF
68%
Particle Board
FY21
FY27
Wood panel industry at 7.2% CAGR over FY23-26E
330
400
430
530
900 800 700 600 500 400 300 200 100 0
FY2021
FY2022
FY2023P
FY2026E
Industry Data, Industry Reports, PL, Axis Capital, Haitong Securities
Rushil Décor Limited | Investor Presentation
Indian Furniture industry expected to accelerate to CAGR of 6.0% over FY21-27 to reach USD 32.8 bn
Real estate market in India is expected to grow at ~20% CAGR over CY21-30E and reach USD1tn by 2030.
The Market is mainly growing on account of : • Urbanization • Large scale young
population
• Rising disposable
income
21
MDF Segment
MDF Share to Reach 50% by 2030
Growth Drivers
60
50
40
30
70
60
50
40
30
20
10
0
10
13
70%
30%
90%
10%
80%
20%
50%
50%
FY2011
FY2016
FY2021
FY2022
FY2023P
FY2025E
Rest Of the World
India - 2019
India-2022
India- 2030
MDF
Plywood
MDF Segment
MDF Segment Market Share
₹5,000 crore
~MDF Market Size
35%
Organized
Unorganized
65%
15%
11%
13%
26%
Greenpanel CenturyPly Rushil Décor Other
Source: PL report, Industry Report, Company Data
Rushil Décor Limited | Investor Presentation
Growth in the Real Estate Sector
Modernization of Furniture Industry
Rapid Pace of Urbanisation
Changing demographics of Young Population
Sustainability and Green Building Practices
Reduction in Furniture Cycle Time
22
50
50
60
65
90
100
90
80
70
60
50
40
30
20
10
0
30
Laminates business at 11.5% CAGR over FY23-26E
The laminates market is growing due to higher living standards, a preference for modern home furnishings, and increased urbanization
FY11
FY14
FY21
FY22
FY23
FY26E
₹ 9,000 crore
~Laminates Market Size
₹ 2,500 crore ~Total Exports from India
₹ 6,500 crore ~Size of Domestic Market
Laminates Market Share
Laminates Market Share by Companies
38%
Organized
Unorganized
62%
2%
11%
7%
21%
Greenlam Century Stylam Rushil Décor
Source: PL report, Industry Report, Company Data
Rushil Décor Limited | Investor Presentation
23
Increasing share of middle-class households (Est 2030)
(29 M)
7%
High
Upper Mid
(168 M)
44%
Total Household
Lower Mid
(132 M)
34%
Low
(57 M)
15%
Favorable demographic (India's population in age group 25-64 years reached >65%)
Rapid Urbanisation (India's (36% in CY22; Expected to reach >50% by CY45)
Rising per capital Income Expected to reach USD 3,300 by CY25)
Source: PL Report, Industry Data
Rushil Décor Limited | Investor Presentation
The surge in demand stems from both the residential and commercial real estate segments. Middle-class earnings have tripled from FY 13 to FY 22, growing from 4.4 lakhs to 13 lakhs.
Rising accessibility through deferred payment options is propelling the need for ready-to-assemble furniture, especially among young urban buyers
The ascent of e-commerce, or online retail, is propelling the share of online transactions in the Indian furniture sector from 3% to an estimated 5-6% by FY27.
Real estate sector expects ~20% CAGR over CY21-30E to reach USD1trn in market size.
24
Revenues (Rs. Crore)
EBITDA (Rs. Crore) / Margin (%)
213.11
210.31
14.38%
30.65
12.62%
26.53
Q3FY23
Q3FY24
Q3FY23
Q3FY24
Gross Profit (Rs. Crore)
102.69
102.57
PAT (Rs. Crore) / Margin (%)
4.85%
10.23
5.32%
11.36
Q3FY23
Q3FY24
Q3FY23
Q3FY24
Gross Profit – Revenue from operations – Total raw material cost
Rushil Décor Limited | Investor Presentation
25
Particulars (Rs. Crore)
Q3 FY244 Q2 FY24
Q3 FY23
Y-o-Y (%)
Particulars (Rs. Crore)
9M FY244
9M FY23
Y-o-Y (%)
Revenue from Laminates
49.40
49.08
55.01
-10.20%
Revenue from Laminates
140.00
154.56
-9.42%
Domestic
Export
15.41
17.03
18.54
33.99
32.05
36.47
EBITDA Margin %
10.53
10.51
11.29
Sales Volume (Sheets)
7,37,024
7,74,032
7,77,834
-5.25%
Domestic (Sheets)
2,85,926
3,28,562
3,06,405
Export (Sheets)
4,51,098
4,45,470
4,71,429
Capacity Utilisation
80%
82%
82%
Blended Realisation (Rs. Per Sheet)
670
634
707
-5.23%
Domestic Realisation (Rs. Per Sheet)
539
518
605
-10.91%
Domestic
Export
47.68
54.11
92.32
100.45
EBITDA Margin %
10.64
7.89
Sales Volume (Sheets)
21,19,320
21,42,818
-1.10%
Domestic (Sheets)
8,67,013
9,06,333
Export (Sheets)
12,52,307
12,36,485
Capacity Utilisation
80%
83%
Blended Realisation (Rs. Per Sheet)
Domestic Realisation (Rs. Per Sheet)
661
550
737
721
597
812
-8.32%
-7.87%
-9.24%
Export Realisation (Rs. Per Sheet)
754
720
774
-2.58%
Export Realisation (Rs. Per Sheet)
The company is currently experiencing strong demand for our Premium Laminates project. We are actively engaging with our partners to further leverage and capitalize on this demand
Rushil Décor Limited | Investor Presentation
26
Particulars (Rs. Crore)
Q3FY244 Q2 FY24
Q3 FY23
Y-o-Y (%)
Particulars (Rs. Crore)
9M FY244
9M FY23
Y-o-Y (%)
Revenue from MDF
157.96
149.65
151.93
3.97%
Revenue from MDF
454.34
461.58
-1.57%
Domestic
Export
127.63
120.00
130.27
30.33
29.64
21.66
EBITDA Margin %
16.07
16.77
13.41
Domestic
Export
365.45
392.23
88.89
69.35
EBITDA Margin %
16.88%
23.60%
Sales Volume (CBM)
65,896
60,413
57,310
14.98%
Sales Volume (CBM)
1,85,398
1,70,400
8.80%
Domestic (CBM)
50,429
45,921
45,826
Export (CBM)
15,467
14,492
11,484
Capacity Utilisation
72%
75%
70%
Blended Realisation (Rs. Per CBM)
23,966
24,770
26,510
-9.60%
Domestic Realisation (Rs. Per CBM)
25,310
26,132
28,428
-10.97%
Domestic (CBM)
1,40,383
1,37,735
Export (CBM)
45,015
32,665
Capacity Utilisation
72%
73%
Blended Realisation (Rs. Per CBM)
24,505
27,088
-9.54%
Domestic Realisation (Rs. Per CBM)
26,033
28,478
-8.59%
Export Realisation (Rs. Per CBM)
19,586
20,455
18,857
3.87%
Export Realisation (Rs. Per CBM)
19,739
21,228
-7.01%
Strong demand for company’s product in global market led to increase in volumes of MDF by ~15%
Rushil Décor Limited | Investor Presentation
27
Particulars (Rs. Crore)
Q3 FY244
Q2 FY24
Q3 FY23
Y-o-Y (%)
9M FY24
9M FY23
Y-o-Y (%)
Revenue
Cost of Materials Consumed
Changes in Inventories
Employee Cost
Other Expenses
EBITDA*
EBITDA Margin
Other Income
Depreciation
Finance Cost
Exceptional Items
PBT
Tax
PAT
PAT Margin
213.11
97.33
13.10
15.02
57.01
30.65
204.61
109.72
-3.10
14.07
54.72
29.18
210.30
1.34%
105.42
2.31
11.88
64.17
26.53
15.54%
610.54
311.81
3.75
41.87
162.44
90.68
624.48
-2.23%
313.83
-19.09
34.59
173.97
121.18
-25.17%
14.38%
14.27%
12.62%
14.85%
19.40%
0.36
7.38
8.41
0.0
15.21
3.85
11.36
5.32%
0.28
7.36
8.34
0.0
13.76
3.21
10.55
5.15%
0.44
7.07
6.48
0.0
13.42
3.19
10.23
11.03%
0.97
21.98
24.28
0.0
45.40
11.29
34.11
1.06
19.67
16.99
0.0
85.57
21.46
64.11
-46.80%
4.85%
5.58%
10.25%
*For the quarter Q3FY24, if we do not consider forex loss, EBITDA in terms of value would be INR 33.74 crores and EBITDA Margins would be 15.83%
Rushil Décor Limited | Investor Presentation
28
Revenues (Rs. Crore)
EBITDA (Rs. Crore) / Margin (%)
624.2
FY22
Gross Profit (Rs. Crore)
307.7
838.4
FY23
422.9
FY22
FY23
11.8%
73.9
FY22
17.8%
149.4
FY23
PAT (Rs. Crore) / Margin (%)
3.6%
22.8
FY22
9.3%
77.7
FY23
Gross Profit – Revenue from operations – TAotal raw material cost
Rushil Décor Limited | Investor Presentation
29
Sales Volumes (Sheets)
28,69,155
28,82,816
27,78,474
26,82,847
Realization (Rs. per sheet)
586
601
691
714
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
EBITDA (Rs. Crore) / Margins (%)
9.9%
16.3
10.7% 18.8
6.5%
12.3
7.4%
15.3
Export Realization (Rs. per sheet)
657
698
788
807
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
Rushil Décor Limited | Investor Presentation
30
Sales Volumes (CBM)
2,36,579
1,76,545
Realization (Rs. per CBM)
24,416
26,234
EBITDA (Rs. Crore) / Margins (%)
13.6%
11.6%
14.8%
21.6%
134.3
83,592
77,520
19,733
10,041
64.4
22.7
18.1
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
Export Realization (Rs. per CBM)
Export Volumes (CBM)
22,239
22,103
38,310
20,975
20,892
14,114
FY20
FY21
FY22
FY23
367
FY20
232
FY21
FY22
FY23
Rushil Décor Limited | Investor Presentation
31
Return on Equity (%)
Return on Capital Employed (%)
21.4%
10.1%
7.9%
5.2%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
16.2%
5.1%
4.6%
7.2%
18.0%
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
ROE – PAT/Shareholders Fund; ROCE – EBIT/(Shareholders Fund+Total Debt – Investments); Debt to Equity – Total Debt/ Equity
Rushil Décor Limited | Investor Presentation
32
THANK YOU
Rushil Décor Limited Mr. Hiren Padhya, Chief Financial Officer Email: hiren.padhya@rushil.com | Website: www.rushil.com Phone: +91 79 6140 0400
Het Choksey Advisors Mr. Nikunj Seth Email: ir-advisors@hetchoksey.com Phone: +91 9773397958