Adani Total Gas Ltd — Q4 FY26

Adani Total Gas Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=7_sLl7g0sdM Published: 2 weeks ago

0:00 Ladies and gentlemen, good day and welcome to Adani Total Gas Limited Q4 FI26 earnings conference call from Adani 0:10 10 seconds Total Gas. We are joined on the call by Mr. Suresh P Mangalani, Executive Director and CEO, Mr. Py Shiri, interim 0:20 20 seconds chief financial officer and Mr. Raendra Desai, head of gas sourcing and business development. 0:27 27 seconds As a reminder, all participant minds will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation 0:34 34 seconds concludes. Should you need assistance during this conference call, please signal an operator by pressing star then 0:42 42 seconds zero on your touchstone phone. Please note that this conference is being recorded. I now have the conference over to Mr. 0:50 50 seconds Suresh Pangani, executive director and chief executive officer of Adani Total Gas Limited. Thank you and utim suman. 0:59 59 seconds Thank you. Good morning everyone. Let me extend a hearty welcome to all our 1:06 1 minute, 6 seconds investors, analysts and funds for taking out their time and participating in today's call in quarter 1:15 1 minute, 15 seconds 4 and financial year 2526 result of Adani totaling data. 1:22 1 minute, 22 seconds I would like to begin with sharing the update on our business given the ongoing geopolitical situation. 1:30 1 minute, 30 seconds Since late February, geopolitical tensions in West Asia have disrupted 1:37 1 minute, 37 seconds global energy markets resulting in higher natural gas prices, supply chain challenges, and compounded currency volatility. 1:48 1 minute, 48 seconds Recognizing this, government took several proactive steps like prioritizing 1:54 1 minute, 54 seconds supply of pipe natural gas to homes, CNG for transport sector and other key 2:02 2 minutes, 2 seconds sectors. Government of India also took several policy initiatives to bring 2:08 2 minutes, 8 seconds uniformity in grants of the permissions within time which we're very happy to state that have been reciprocated very 2:18 2 minutes, 18 seconds well by several state governments navigating this phase amid this uncertaintity. 2:29 2 minutes, 29 seconds Adani Total Gas responded with strong on ground execution, prudent 2:36 2 minutes, 36 seconds decision making and continuous consumer engagement to ensure uninterrupted supply and system stability while 2:45 2 minutes, 45 seconds safeguarding PNG and CNG consumers from undue risk. 2:51 2 minutes, 51 seconds Guided by financial prudence and long-term sustainability, our teams worked relentlessly with clear and 2:59 2 minutes, 59 seconds transparent communications enabling us to retain the confidence of all stakeholders. 3:08 3 minutes, 8 seconds Resilient execution supported by operational excellence and digital first approach enabled ATGL to deliver strong 3:17 3 minutes, 17 seconds performance in quarter 4 Jan to March 26 and financial year 202526. 3:26 3 minutes, 26 seconds During this period atl continued to see strong momentum across our core businesses. 3:35 3 minutes, 35 seconds CNG volumes grew by 17% year on year during the fourth quarter 3:44 3 minutes, 44 seconds starting from January 26 to March 26 and 18% for the financial year 2526 3:53 3 minutes, 53 seconds while PNG volumes increased by 5% during the fourth quarter from Jan to March 26 and 6% for the financial year 202526. 4:06 4 minutes, 6 seconds reflecting the strength of our expanding footprint and deeper market penetration. 4:14 4 minutes, 14 seconds Customer addition remained strong with nearly 50,000 new domestic P& connections added in this quarter which 4:23 4 minutes, 23 seconds is our highest addition ever for the entire financial year 2526. We added 4:30 4 minutes, 30 seconds about 137 lakh 1 lakh 37,000 new customers taking our total household 4:39 4 minutes, 39 seconds tally to 1.1 million. Our steel piper infrastructure has now increased to 4:47 4 minutes, 47 seconds 15,572 inch kilometer complemented by over 8,300 kilometers of MDP pipelines led 4:57 4 minutes, 57 seconds across all geographical areas enabling wider and more reliable access to large masses to avail pipe natural gas. 5:07 5 minutes, 7 seconds Natural expansion remained a key focus with the addition of a 25 new syndication during the quarter taking 5:15 5 minutes, 15 seconds the total taking the total network to 705 stations. Now out of these 705 station 5:24 5 minutes, 24 seconds we are very happy to state 140 stations are under the category of Kodo company 5:32 5 minutes, 32 seconds owned dealer operated or dealerowned dealer operated. These are our full branded CND stations across the country. 5:41 5 minutes, 41 seconds In the industrial and commercial segment, we added 214 customers during the fourth quarter 5:48 5 minutes, 48 seconds starting from January 26 to March 26, bringing the total to 9,965 5:56 5 minutes, 56 seconds customers across a diverse range of industries and commercial establishments. 6:03 6 minutes, 3 seconds In our e-mobility business, our network continues to scale rapidly until our 6:10 6 minutes, 10 seconds subsidiary company now operates 5,100 EV charge points across 26 states and 6:18 6 minutes, 18 seconds union territories covering 226 cities supported by around 54 6:26 6 minutes, 26 seconds megawatt of installed capacity with strong adoption and continued network expansion, we remain on track to 6:36 6 minutes, 36 seconds achieve our ambition of installing 10,000 AV charging points in the near term while sharpening our focus on 6:44 6 minutes, 44 seconds improving utilization across the network. 6:48 6 minutes, 48 seconds Along with our 50/50 JV company, Indian Oil Adani Gas Private Limited, IO AGPL, 6:55 6 minutes, 55 seconds our consolidated nationwide CGD network today stands at 1169 7:03 7 minutes, 3 seconds CNG stations, 13.1 lakh PNG homes, 11,529 7:12 7 minutes, 12 seconds commercial and industrial consumers, 28,000 in kilometer of a steel pipeline, line and 10,500 7:21 7 minutes, 21 seconds kilometers of a medium density polythane pipeline NTP pipe collectively as you are all aware ATGL 7:29 7 minutes, 29 seconds is serving 53 geographical area of which 34 are being directly serviced by us and 7:37 7 minutes, 37 seconds 19 through our JV company IO GPL on the financial front at delivered a 7:45 7 minutes, 45 seconds robust performance in quarter 4 as well as fiscal year 202526 supported by consistent volume growth and disciplined execution. 7:56 7 minutes, 56 seconds Total revenue for the fourth quarter starting Jan to March 26 rose by 16% to 8:04 8 minutes, 4 seconds INR 1,696 K while revenue for fiscal year 20256 8:12 8 minutes, 12 seconds increased by 18% to INR 6,415 K driven by overall volume growth 8:22 8 minutes, 22 seconds earnings before interest tax depreciation amotization which is we call it AITA for the fourth quarter 8:30 8 minutes, 30 seconds starting Jan to March increased by 13% to INR 310 cr while AITA for the fiscal 8:39 8 minutes, 39 seconds year 202526 rose by 5% to INR 1225 crit 8:48 8 minutes, 48 seconds before taxp the fourth quarter starting from 8:54 8 minutes, 54 seconds January 26 March 26 increased by 8% to INR 214 cr this is 9:03 9 minutes, 3 seconds PBT profit before tax while PBT for the financial year 2526 was marginally lower 9:09 9 minutes, 9 seconds by 1% to INR 863 crit after tax earlier was PBT and now it's a 9:17 9 minutes, 17 seconds PET for the fourth quarter increased by 4% to INR 156 cr by PET for financial year 252 26 was 6367 cr. 9:30 9 minutes, 30 seconds I'm pleased to share that ATGL's ESG performance continues to strengthen along with its operational, physical, 9:39 9 minutes, 39 seconds and financial performance with a care age ESG rating of 83 out of 100 placing 9:46 9 minutes, 46 seconds us among the top performers in our in the peer group alongside an improvement in our NSE sustainability score to 73 from 67. 9:59 9 minutes, 59 seconds Our HSC excellence was recognized through multiple honors including felicitations from occupational health, 10:07 10 minutes, 7 seconds safety, sustainability and industrial hygiene India and from the international business conference for innovation in EHS and fire safety. 10:18 10 minutes, 18 seconds Additionally, we were honored at the National Process Safety Honors 2026 with the award for excellence in City Gas 10:26 10 minutes, 26 seconds Distribution, reaffirming our leadership in process safety and industrial integrity. 10:32 10 minutes, 32 seconds In closing, I would like to say that we remain committed to accelerating our network expansion, enhancing customer experience, deepening 10:41 10 minutes, 41 seconds digital integration, and strengthening our sourcing portfolio. 10:46 10 minutes, 46 seconds With a clear strategic road map, a strong balance sheet and dedicated team, ATGL is well positioned 10:54 10 minutes, 54 seconds to support the country's transition to a gasbased economy through expanded CGD 11:02 11 minutes, 2 seconds network aligned with the India's vision to raise share of a natural gas in the energy basket to 15% 11:10 11 minutes, 10 seconds of the energy mix by 2030. I would like to acknowledge and be thankful to all 11:16 11 minutes, 16 seconds our shareholders, analyst, fund houses, consumers, dealers, suppliers, business partners and above all our employees for providing trust and community support. 11:28 11 minutes, 28 seconds Thank you. Thank you very much. 11:35 11 minutes, 35 seconds We'll now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone 11:42 11 minutes, 42 seconds telephone. If you wish to remove yourself from the question queue, you may press star and do. Participants are requested to use handsets while asking a question. 11:53 11 minutes, 53 seconds Ladies and gentlemen, we will wait for a moment while the question cue assembles. 12:00 12 minutes Participants, you may press star and one to ask the question. 12:14 12 minutes, 14 seconds The first question is from line of Yogesh Bart from Dollar Capital. Please go ahead. 12:20 12 minutes, 20 seconds Yeah. Hi sir. Thanks for an opportunity and the congratulations for the good set of numbers. Sir, 9th March government 12:28 12 minutes, 28 seconds released a circuit regarding to the gas supplies to the priority sector and the gas pool price. My question is relates 12:35 12 minutes, 35 seconds to this topic. We basically want to understand for gas price. If you could 12:42 12 minutes, 42 seconds share uh with us any formula or method of calculating the gas price or we wanted to understand other uh on the 12:51 12 minutes, 51 seconds side constitutions of these gas rights which type of gas is the part of the gas. 13:00 13 minutes Okay, that's the only question you are. Anything else? Good morning to you. 13:04 13 minutes, 4 seconds Anything else you have? Yeah, I have two more but uh I would like to uh get the answer of this question. 13:12 13 minutes, 12 seconds Thank you. Thank you. Let me ask Ravindra who is our guest sourcing head to give you brief on that. 13:19 13 minutes, 19 seconds Thank you Yogesh. uh so the uh government decided to help this CGD industry during this crisis and we have seen that 13:27 13 minutes, 27 seconds the priority segments like CNG and the uh domestic has been 100% supplied by the government to the domestic 13:35 13 minutes, 35 seconds allocation. Uh in addition to that uh they appointed as the nal agency and uh they work very well in tandem with the 13:44 13 minutes, 44 seconds CC industry to provide support during this crisis. the uh the pricing formula what they have derived for the gas food 13:51 13 minutes, 51 seconds mechanism is like uh there were various uh gases available in the market. So 13:58 13 minutes, 58 seconds some of them were withdrawn from uh like our O2C some volume was withdrawn some volume was withdrawn from the fertilizer 14:05 14 minutes, 5 seconds and some was withdrawn from the uhc consumption. So that in addition to that 14:12 14 minutes, 12 seconds the Vanta gas plus the SPS gas they were made part of this pool mechanism and 14:19 14 minutes, 19 seconds whatever would be the average weighted average of this uh volumes available that was the pool gas price for the CGD 14:26 14 minutes, 26 seconds sector for I'm able to answer your query. So 14:32 14 minutes, 32 seconds for the March month uh could you please uh give us any idea what was the gas pool price for the March month March 14:40 14 minutes, 40 seconds 2026 for the month of March the gas pool price was $12.42 $42 per mm. 14:54 14 minutes, 54 seconds Okay. And sir, uh is it only the dome gases are included into the gas? 15:00 15 minutes Sorry to interrupt you. Your audio is not clear. Okay. Sir, am I audible now? Clear? 15:08 15 minutes, 8 seconds Yes. Yeah. Yeah. Please go ahead. 15:10 15 minutes, 10 seconds Yeah. Yeah. Sorry. Uh so my question was assume is the only domestically produced 15:17 15 minutes, 17 seconds gas like the APM uh nonapm all these gases are the only part or some contracted LG is also included into 15:25 15 minutes, 25 seconds the gas pool contracted LNG was also included during the later part. 15:33 15 minutes, 33 seconds Oh okay. So and the $12.42 perp month price. 15:40 15 minutes, 40 seconds So in the month of March the imported LNG was not available that easily. So that did not include the imported LNG 15:47 15 minutes, 47 seconds but in the later part of April that has come up. 15:51 15 minutes, 51 seconds Okay sir my second question is as for the 9th March uh 9th March government circular gas supply to the DPG and the 16:00 16 minutes CNG will be available 100% of the past 6 months average. Now the now the question comes in the mind uh are you waiting the 16:09 16 minutes, 9 seconds gas supply enough to cater the incremental demand of the DPNG and the CNG segment. So are are you fulfilling 16:18 16 minutes, 18 seconds this demand with the help of a spot LNG or the government is providing you incremental molecule to uh cattle the demand of the CNG and the DCNG. 16:30 16 minutes, 30 seconds See one other thing is that I was expecting this question only from you because this is a bit of a penetrating 16:37 16 minutes, 37 seconds question that uh you can understand when you follow the sector that when they give last 6 month there will be incremental growth. So certainly I think 16:46 16 minutes, 46 seconds government supplied full six month average gas supply and you know we have the uh additional portfolio available to 16:53 16 minutes, 53 seconds us you would like to add something. So uh after that uh 6 months average uh definitely there was some shortfall to 17:00 17 minutes cater to this sector and uh government made an arrangement to supply the additional volumes which were higher 17:08 17 minutes, 8 seconds than the 6 month average. So that was available and allocated later. 17:14 17 minutes, 14 seconds Okay. Okay sir. My next question is that uh if any entity is offering a spot LNG for the captive consumption then we 17:23 17 minutes, 23 seconds believe the 9th March circular government circular will not be applicable for them. Correct me if I'm wrong. So this question is from the 17:31 17 minutes, 31 seconds angle of some industries or industrial builds which are planning to consume the spot and wanted to resume the operations. Any any update on that side? 17:44 17 minutes, 44 seconds Yeah, there is a freedom to purchase the imported LNG. There's no restriction on the uh purchase of imported LG. Probably 17:52 17 minutes, 52 seconds get is available but the imported G is available at a higher price. So there is no restriction on purchase industry. 18:02 18 minutes, 2 seconds Okay. And the last one from my side uh if you could provide us the uh gap sourcing mix for the CNG, how much is 18:11 18 minutes, 11 seconds APM? How much is nonappm? This would be really helpful. Yeah. 18:18 18 minutes, 18 seconds Okay. Probably we'll come back to that. 18:21 18 minutes, 21 seconds So it's a see it's a mixture of uh the whole portfolio is a mixture of AP and nonAPN HPT and the AG contract. So 18:30 18 minutes, 30 seconds probably we can uh discuss that in detail later. Let us take the other questions as of now. 18:39 18 minutes, 39 seconds Hello, I'll get back to you for Thank you very much. 18:47 18 minutes, 47 seconds Participants, you may press star and one to ask a question. 18:53 18 minutes, 53 seconds Next question is from the land of Kiran Mag from Modi Finap. Please go ahead. 19:00 19 minutes So, thank you for giving me an opportunity. Hello. 19:05 19 minutes, 5 seconds Yeah. Yeah, please go ahead. Yeah. So can you uh can you give me the guidance for 27 revenue growth and evidencing for 27? 19:19 19 minutes, 19 seconds Yeah. 19:21 19 minutes, 21 seconds Yeah. We expecting the same revenue growth which we have achieved in the current financial year. Maybe something 19:28 19 minutes, 28 seconds more on a new year compared to the existing G in current financial year. 19:33 19 minutes, 33 seconds And uh is it the same in the same ratio of which we are taking the in the current financial year? 19:41 19 minutes, 41 seconds Hello. Yeah. Are you able to hear? Yeah. Yeah. Yeah. Tell me. 19:47 19 minutes, 47 seconds So I'm saying we are expecting the same growth which we are currently having in 256 in the next year. 19:56 19 minutes, 56 seconds Okay. 19:56 19 minutes, 56 seconds And will be in the range of same perp based on that growth. So we are 20:03 20 minutes, 3 seconds expecting a around you can say 1,500 1500 of Okay. Thank you sir. Thank you. 20:15 20 minutes, 15 seconds Thank you. Participants you may press start and one to ask a question. 20:26 20 minutes, 26 seconds Next question is from Shrid Capitals. Please go ahead. Uh thank you uh for the opportunity sir. 20:35 20 minutes, 35 seconds Uh are you able to hear me? Yes. 20:39 20 minutes, 39 seconds Okay. So uh given the aggressive expansion in TNG stations and TNG 20:46 20 minutes, 46 seconds connections uh when do uh you expect the new uh geographical areas to reach uh peak utilization and start contributing meaningfully to uh profitability. 20:58 20 minutes, 58 seconds So I think uh if you have seen our media release as well on the top of the headline we in fact given that this year 21:07 21 minutes, 7 seconds itself we have connected nine cities at station one LCND plant where network was quite far. So that gives you indication 21:15 21 minutes, 15 seconds that we have been working on adding more and more new geographical area to the mainstream gas supply. So by and large 21:23 21 minutes, 23 seconds now most of the geographic area 34 barring couple of them are also likely to happen anytime soon we have already 21:32 21 minutes, 32 seconds connected them with the city station or LCD plant. So and then secondly as you asked CG stations are being serviced 21:39 21 minutes, 39 seconds across all 34 geographical area whether we have mainstream supply our own the way now we are connecting CVS or we are 21:48 21 minutes, 48 seconds bringing compression compressed gas from neighborhood GA or from our own geographical areas. So to answer your question I think we are already working 21:56 21 minutes, 56 seconds on expanding our networks. Now we are expanding on the pipe metro west side uh on the all the geographical area where 22:04 22 minutes, 4 seconds our city stations are connected. We have done lot of work already on the pipe metro side also. So you are aware that CGD infrastructure is a bit of a you 22:14 22 minutes, 14 seconds know capex oriented infrastructure building uh and you have a numbers you have a numbers on the AITA side as we 22:22 22 minutes, 22 seconds CFO stated. uh we also have a track record of uh doubledigit growth track record which we have been maintaining and a kind of a robust uh AITA. 22:33 22 minutes, 33 seconds Our philosophy as I have been stating in several earlier calls has been this consumer first. We make sure that uh 22:41 22 minutes, 41 seconds like for example in the new geographical area you will see several marketing intervention to bring the consumer to 22:48 22 minutes, 48 seconds the CGD network because they are used to to several other uses like they are using liquid fuels, they are using uh 22:56 22 minutes, 56 seconds LPG, they are using different different segment. How do we bring them back to this bring them sorry to this uh natural 23:04 23 minutes, 4 seconds gas or the CNG and then start working on much larger you know uh profitability goals etc. Initial target is widen the 23:14 23 minutes, 14 seconds consumer base and overall you are seeing the profitability track record also which is on a continuous rise this quarter in fact or this financial year 23:21 23 minutes, 21 seconds is the highest ever which we have actually uh uh declared because of the same thing as you asked it's not that it is coming from the same geographic area 23:30 23 minutes, 30 seconds it is coming from expanded footprint of ATG okay so the the next question uh so with 23:38 23 minutes, 38 seconds the supportive government policies for CGD uh and the priority gas allocation. How much pricing flexibility does uh APGL 23:47 23 minutes, 47 seconds have to pass on if gas cost without impacting demand? 23:54 23 minutes, 54 seconds But uh I think it's a very good question. I was giving you kind of a flavor of that that while uh as I stated 24:01 24 minutes, 1 second in my opening remarks, we we uh we got really we appreciated the way government of India, state governments and the 24:10 24 minutes, 10 seconds regulator all responded to this crisis situation supporting the sector. Uh the way the pool gas was provided, continuous supply has been maintained. 24:20 24 minutes, 20 seconds There was certain increase in the prices. But as I said our approach has always been consumer first and you will see from a volume growth even during 24:28 24 minutes, 28 seconds this crisis hardly there is a hardly 1% here and there of industrial consumer otherwise there has been a good track record of a volume growth price has been 24:37 24 minutes, 37 seconds calibrated we have not been able to pass through in the interest of a consumer while we maintained a reasonable profitability which is in front of you 24:46 24 minutes, 46 seconds all through our announcement of our results. So as I always say for us consumer is the first which we do 24:53 24 minutes, 53 seconds because wider the consumer base profitability will be kept happening better and better rather than continue suddenly start passing on everything on 25:02 25 minutes, 2 seconds the consumer whether he can afford or not and we'll see dropping of a consumer base. So our aim is look at our operational excellence, look at our 25:10 25 minutes, 10 seconds digitalization program, bring various other ways to bring corporate savings rather than everything just passed through to the consumer and we do 25:18 25 minutes, 18 seconds calibrate all the time and you have seen us doing that all the time and that's the reason acceptability is continuously increasing. I hope I have given you response to your question. 25:29 25 minutes, 29 seconds Yes sir. And uh uh to complete my person's last point is uh how do you balance uh the aggressive in 25:37 25 minutes, 37 seconds infrastructure extractions which you spoke about uh uh with the return ratios like ROC and what's your target return 25:43 25 minutes, 43 seconds profile for uh the new investments and I said you see all the number we we 25:50 25 minutes, 50 seconds we run the business with the robust returns good reasonable profitability as I said it's a it's a business which you 25:59 25 minutes, 59 seconds build for generation. You don't build for only tomorrow. Keeping these things in the mind, initially the returns would 26:07 26 minutes, 7 seconds be on an elevated graph that it will keep happening as we see it's always the game of how you announce the yield of 26:14 26 minutes, 14 seconds the same pipe. So while somebody may look at two-year return, somebody may look at threeear return and we look at a 26:21 26 minutes, 21 seconds very longerterm return and the track record which has been set by the adani total gas for Ahmedabad, Faridabad or 26:28 26 minutes, 28 seconds other all existing GA even now the ninth and 10th round GA which now you all call it a new GA but it has become the operational GA returns are in front of 26:37 26 minutes, 37 seconds you we have good returns coming uh across every investment. Reason is because the two promoter strong 26:44 26 minutes, 44 seconds background which we have on appraisal capex appraisal opex appraisal financial prudency. So it's not directly that you 26:52 26 minutes, 52 seconds have to make necessarily 20%. Some G you may be making today 10 to 8 to 10%. But you know the same pipe will yield you 26:59 26 minutes, 59 seconds 12% tomorrow and 15% later with some small incremental investment. So it's a bit of a dynamic situation. You don't 27:06 27 minutes, 6 seconds put the figure at the first because it's a chicken and egg. We build infra then consumer will come or we ask consumer to come and build infra that this 27:14 27 minutes, 14 seconds infrastructure when we took the licenses we decided to take the first step we let it make it supply driven rather than 27:22 27 minutes, 22 seconds only the demand driven so I think you are seeing the result of that strategy which has worked consumer base is continuously widing you seeing every day 27:31 27 minutes, 31 seconds we are connecting 400 plus home connections every day we are connecting two new businesses every week we are building Unchanging station every day we are laying 3 km pipeline in the country. 27:42 27 minutes, 42 seconds Despite so many ground constraint, rains etc. Average 3 km pipeline has been raised. All that has resulted in 27:50 27 minutes, 50 seconds footprint of volume going up and same in fra has a significant potential to volume to go up and that will yield 27:58 27 minutes, 58 seconds further returns to use. So I think we look at little bit more and longer term because this business is for generation infrastructure. Thank you. Thank you. 28:11 28 minutes, 11 seconds Thank you participants. You must have started one to ask the question. 28:21 28 minutes, 21 seconds Next question is from the line of Arya Patel from MK Global. Please go ahead. 28:26 28 minutes, 26 seconds Uh hi sir, thank you for the opportunity and congratulations. A good set of numbers. So uh two questions from my 28:33 28 minutes, 33 seconds side. First uh you uh mentioned in the comments or you know while answering the question that uh there has been some uh 28:42 28 minutes, 42 seconds uh dert here and there and industrial and commercial volumes. So can you help us with the break up of uh PNG volumes 28:49 28 minutes, 49 seconds into domestic industrial and consumer space and my second question is on the sourcing. So if as sourcing mix and uh 28:58 28 minutes, 58 seconds Q4 actually your uh area your audio is not very clear if I understood you want some 29:06 29 minutes, 6 seconds break up of PNG CNG in all segment and you want something about sourcing that I couldn't understand what you want about sourcing. 29:15 29 minutes, 15 seconds Oh so yeah am I audible or is it better now? No no that is better please go ahead. 29:23 29 minutes, 23 seconds Yeah. So uh my first question was regarding uh the uh break up of PNG sales. So a break up in uh domestic 29:31 29 minutes, 31 seconds industrial and consumer. This is because as you mentioned there has been you know some uh degrowth here and there in industrial or commercial. And second 29:39 29 minutes, 39 seconds question is regarding the gas sourcing mix for uh Q4. 29:45 29 minutes, 45 seconds Yeah just Q4 isn't that Rinda actually was our guest BD head. I think he'll give you all the details. 29:52 29 minutes, 52 seconds Yeah. So uh in terms of percentage breakup of the different segments so uh the PNG considered around 50% of the 30:00 30 minutes volume uh and uh the LNG uh the CNG 30:09 30 minutes, 9 seconds sr can you please mute your line from your side there's a lot of background from your line sorry sir go ahead 30:17 30 minutes, 17 seconds yeah yeah please give the breakup of PNG industrial commercial domestic yeah CNG dome CNG plus domestic is around 78%. 30:29 30 minutes, 29 seconds And the balance is industrial plus commercial 22% and we get 30:37 30 minutes, 37 seconds and if you if you want further break up the industrial volume would be around uh 20% and the rest is commercial around 2 and a half%. 30:48 30 minutes, 48 seconds and the gas sourcing for fourth quarter on the gas sourcing uh portfolio so 85% 30:55 30 minutes, 55 seconds of our volumes are met from the uh EPM alloc allocation plus HPS NWG volumes and the different contracts for care so 31:04 31 minutes, 4 seconds balance around 16% we are buying from the market on a spot basis so we have uh we have a different portfolio of various 31:12 31 minutes, 12 seconds indexes including the brand link contract plus link contracts so this is a diversified portfolio which help us to take care during this crisis times. 31:22 31 minutes, 22 seconds Hope uh we have responded area to you please. 31:26 31 minutes, 26 seconds Uh yes sir. Thank you for the opportunity and that's it from my side. You for coming on the call. 31:35 31 minutes, 35 seconds Thank you ladies and gentlemen. You must press start and one to ask the question. 31:52 31 minutes, 52 seconds Participants, you may press star and one to ask the question. 32:12 32 minutes, 12 seconds A reminder to all the participants, you may press car and one to ask a question. 32:33 32 minutes, 33 seconds A final reminder to all the participants, you may press R and one to ask a question. 32:44 32 minutes, 44 seconds As there are no further questions, I would now like to hand the conference both Sadeshwakaria from investor relations for closing comments. 32:52 32 minutes, 52 seconds Sure. Thank you. Uh thank you once again to all investors and analysts for taking time to join our quarter 4 call. If you have any further questions or queries, 33:01 33 minutes, 1 second please feel free to reach out to us. The contact details are available on the website as well as on the industrial relation press release. Thank you so much for the joining. 33:10 33 minutes, 10 seconds Thank you very much on behalf of Adani Total Gas Committee. That concludes this conference. Thank you for joining us and we may now disconnect. 33:20 33 minutes, 20 seconds Thank you. Thank you everyone.