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Moderator:
Ladies and gentlemen good day and welcome to the Q3 FY13Earning Conference Call of Everest Industries Limited. As a reminder for the duration of the conference all participant lines are in the listen-only mode. There will be an opportunity for you to ask questions at the end of todays presentation. Should you need assistance during this conference call please signal an operator by pressing * and then 0 on your touchtone phone. Please note that this conference is being recorded. At this time, I would like to hand the conference over to Mr. Manish Sanghi, M.D. of Everest Industries Limited. Thank you and over to you Sir.
Manish Sanghi:
Good afternoon friends. We welcome you all to our discussion on Q3 FY13 Earnings. Along with me I have our CFO, Mr. Rakesh Gupta and Strategic Growth Advisors SGA, our Investor Relations Advisor. We have prepared and circulated analyst presentation and same is uploaded on our website too. I am hoping that you have already seen that. This quarter also we saw a strong demand across our product lines. The demand was better than what we had seen in the same quarter last year and we are pretty confident that the demand for the next three months for the remaining year will continue to be strong. As far as the roofing business is concerned and as I mentioned in our previous call our roofing products have been witnessing strong growth in demand mainly due to the social development schemes of the government, aimed at uplifting the quality of living in rural India. Increasing employment opportunities in rural India rising minimum support prices, higher wage rate, the government scheme like NREGA have been driving the demand for our roofing products. Also the desire of the rural India to have a better living condition a lot of them moving from the thatched roof to a better roof have been the major drivers. We also strongly believe that the upcoming election in 2014, should also play a positive role and we have seen this in the past as well as in general the spending by the government and rural India goes up in the election year or the year before the election. Boards and panel business is essentially an urban application and we are seeing a strong demand over there as well. It is interesting that while the urban real estate is stagnating to some extent, the demand for our products in the urban segment it still increasing mainly because of the desire of the people and their need to build faster and to build in a readymade fashion and that is the thing which we fulfill. We also continue to have a strong demand for our boards and panels in the export market of the Middle East region. We had a strike at our Nasik Plant for a very long time. The strike at the Nasik Plant was called off and all workers of the Everest family are back on regular work schedule from January 18. We are still having a discussion with the union on a final long-term settlement. The workers were on strike since November 2011 onwards the plant work running during the period as it is automated and a lot of our officers joined the floor working on the floor to support us in running the plant.
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