Ashapura Minechem Limited — Q4 FY26

Ashapura Minechem Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=JbZ3ok33IKQ Published: 11 days ago

0:02 2 seconds Ladies and gentlemen, good day and welcome to the Ashapura Mine Cam Limited Q4 and FY26 earnings conference call. 0:11 11 seconds As a reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation 0:18 18 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchstone phone. 0:28 28 seconds Please note that this conference is being recorded. 0:31 31 seconds This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions, and expectations of the 0:38 38 seconds company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertaintities that are difficult to 0:46 46 seconds predict. I now hand the conference over to Mr. Chetan Sha, promoter and director of the company. Thank you and over to you, sir. 0:57 57 seconds Hello friends. Uh good evening. 1:02 1 minute, 2 seconds I'd like to welcome you all on the fourth uh investors call to review the annual results as well as the quarter 1:10 1 minute, 10 seconds results for financial year 2526. 1:18 1 minute, 18 seconds Investor call now became a way of life at Ashabura. 1:23 1 minute, 23 seconds It is our commitment to address all our current and potential stakeholders 1:30 1 minute, 30 seconds after quarter results irrespective of the quarter performance. 1:36 1 minute, 36 seconds But fortunately this is our the fourth investor call and fortunately 1:43 1 minute, 43 seconds we are doing a better and better in each quarters. 1:50 1 minute, 50 seconds It is not just merely a coincidence but it is a result of our uh a lot of 1:59 1 minute, 59 seconds efforts and strong thrill to perform better and better. 2:06 2 minutes, 6 seconds As you know that the financial year 2526 ended well and it is the best year in the history of the company. 2:20 2 minutes, 20 seconds As you aware that uh we have uh our top line has grown about 105% 2:28 2 minutes, 28 seconds and our the profit margin has gone 48% during this year. 2:38 2 minutes, 38 seconds We expect the similar kind of trend and similar kind of performance or maybe a better performance in year to go. 2:47 2 minutes, 47 seconds However, our CFO uh Ashish Desai will brief you all about 2:55 2 minutes, 55 seconds details about the financial performance of the 2526 3:01 3 minutes, 1 second and while Manan will also summarize about our the domestic business in the past year and year to go. 3:14 3 minutes, 14 seconds Let me take you very quickly about our performance in Gina. 3:20 3 minutes, 20 seconds In the last year, we have ended almost the export of 8 million tons of boxite against 3.5 million tons in the previous year. 3:32 3 minutes, 32 seconds We are expecting a little better performance in the year or in in in in current year and uh we'll give you a 3:41 3 minutes, 41 seconds more details about the expected numbers in in current year 3:48 3 minutes, 48 seconds as you know that in the last quarter due to geopolitical unrest 3:55 3 minutes, 55 seconds and there were a lot of odds happened you know there's lot of challenging thinking has happened during the last 4:02 4 minutes, 2 seconds quarters and also in the current quarters that is primarily the increase in the 4:11 4 minutes, 11 seconds fuel cost the increase in the OGB the freight cost and also uh there is a some 4:20 4 minutes, 20 seconds increase in the tax and duty uh by the union government because the tax and 4:26 4 minutes, 26 seconds duty is connected with the LM aluminium metal and the metal has gone up in the 4:34 4 minutes, 34 seconds last uh few months and that's why there was some impact on the duty and tax uh by the Indian government. 4:49 4 minutes, 49 seconds But looking to all all these odds and all these challenges even this current quarter is remain a fairly uh positive 4:58 4 minutes, 58 seconds for us and this main reason is that we had some commitment of the long-term freight with some of the shipping lines 5:07 5 minutes, 7 seconds and they are still continue to perform despite of the change in the market scenario. 5:19 5 minutes, 19 seconds Coming back to the main thing is in the like major things which is going to happen now. The Guinea government is uh 5:28 5 minutes, 28 seconds planning to implement the boxite kota systems which may be announced 5:35 5 minutes, 35 seconds hopefully within this month. And if that will be in place then there will be a some curtail of the export of uh of 5:45 5 minutes, 45 seconds boxite from the Gina and that will definitely have a positive impact on Ashapura or the you can say that the small mining companies in Gina. 5:58 5 minutes, 58 seconds This will also have a impact on the freight because there was a decrease in the volume of the boxite which will 6:07 6 minutes, 7 seconds definitely have the positive impact on the freight and the freight is expected to come down to certain extent. 6:16 6 minutes, 16 seconds This both the things will be remain very positive for us. 6:25 6 minutes, 25 seconds The demand on other side you can say that because of geopolitical unrest uh the commodity cycle has some kind of 6:34 6 minutes, 34 seconds a disturbance and will have some impact on the demand of the box side 6:42 6 minutes, 42 seconds but however we have secured a a good customers and uh we feel that that 6:50 6 minutes, 50 seconds effect will not be very substantial as far as a shakura is concern. concern. 6:57 6 minutes, 57 seconds As such, uh the metal is doing very good. Aluminum metal currently is 7:04 7 minutes, 4 seconds trading at about $3,600 which is expected to go up to $4,000 per 7:11 7 minutes, 11 seconds ton and that will have again some positive impact on the consumption of boite in the coming months. 7:23 7 minutes, 23 seconds As we informed you earlier that we have fully prepared to to increase our uh 7:31 7 minutes, 31 seconds production and also our export volume. 7:37 7 minutes, 37 seconds However, we are doing the expansion in our port facilities which will be expected to be ready by end of uh this 7:45 7 minutes, 45 seconds year and uh we will be able to increase our volume uh from 15 million tons to 20 million tons. 8:00 8 minutes At the same time, we are also are in touch with the some big shipping 8:06 8 minutes, 6 seconds operators to have a long-term arrangements for the freight and uh 8:14 8 minutes, 14 seconds hopefully uh we will be able to close this uh kind of contract in in next few months. 8:24 8 minutes, 24 seconds Um 8:36 8 minutes, 36 seconds as you mentioned in our earlier call that uh we are also looking into the iron or business. 8:43 8 minutes, 43 seconds uh we have seen uh some kind of development during this during this current quarter and uh we will be able 8:51 8 minutes, 51 seconds to have some positive impact on our top and bottom line in INOR business also. 8:59 8 minutes, 59 seconds We also planning to put up the some benefit plans for the INORF and which is 9:05 9 minutes, 5 seconds uh already at the initial stage of uh kind of a due diligence and uh we are 9:15 9 minutes, 15 seconds very optimistic that we will have the benefit plan for the Ionor uh maybe in in next three to four quarters that will 9:24 9 minutes, 24 seconds enhance the our uh topline revenue as well as uh our uh bottom line 9:32 9 minutes, 32 seconds we also putting up the boxite washing plant with the capacity of 20,000 tons 9:39 9 minutes, 39 seconds per day which will help us to use the boxite which is uh currently is not a 9:46 9 minutes, 46 seconds marketable quality which can be improved to a marketable standard and that will 9:52 9 minutes, 52 seconds also enhance our uh ability to export more boxite from our existing resources. 10:10 10 minutes, 10 seconds Our Indian business also has uh has done a good during the last year and also 10:18 10 minutes, 18 seconds will continue to do good in the current year. However, uh Banan will give you the idea about our the new product 10:26 10 minutes, 26 seconds developments, the new investment and in in in Indian business. So I I leave it 10:33 10 minutes, 33 seconds to Madan and Ashish you know to give you a more details about uh about uh the financial as well as the Indian business. 10:45 10 minutes, 45 seconds Uh thank you uh dad. 10:48 10 minutes, 48 seconds So uh coming to our Indian business just would like to reintroduce it briefly before we discuss the year. 10:57 10 minutes, 57 seconds As we mentioned that our India business is uh is basically a diversified portfolio of value added mineral-based 11:04 11 minutes, 4 seconds products catering to several core industries that touch our daily lives. 11:09 11 minutes, 9 seconds This includes metal and foundaries, oil and gas, edible oils, petrochemicals, paint and coatings, constructions, automobiles and several other industrial 11:18 11 minutes, 18 seconds sectors. Our India business is organized into three verticals, benonite and allied minerals and white performance 11:25 11 minutes, 25 seconds minerals, specialtity absorbent solutions operated through our 50% joint Ashapura performed and advanced ceramic 11:34 11 minutes, 34 seconds materials through our stake in Orient Serate Limited. 11:39 11 minutes, 39 seconds This year was characterized by several cost headwinds. Given the logistics intensive nature of our operations, increases in fuel prices and 11:46 11 minutes, 46 seconds transportation costs had an impact on margins across businesses. 11:51 11 minutes, 51 seconds Additionally, profitability was driven by higher affected by higher input costs and changes in product mix with 11:59 11 minutes, 59 seconds uh some proportion of uh you know the lower margin products uh contributing to 12:06 12 minutes, 6 seconds overall sales within our portfolio. The performance of our specialtity absorbent solutions business was impacted by a 12:13 12 minutes, 13 seconds sharp increase in sulfuric acid prices which is a key raw material used in this business. On the other hand, our 12:20 12 minutes, 20 seconds advanced ceramic materials business delivered encouraging growth compared to previous years. Despite several near-term challenges, we remain focused 12:29 12 minutes, 29 seconds on enhance on enhancing operational efficiencies and strengthening our product portfolio. 12:35 12 minutes, 35 seconds A key area of focus for us is the development and commercialization of new products across our India business. 12:42 12 minutes, 42 seconds Several indust several initiatives are currently underway particularly within our pentonite and white minerals business where we are working on 12:50 12 minutes, 50 seconds expanding our product market basket and increasing our presence in higher value applications. We are therefore looking 12:57 12 minutes, 57 seconds at uh significant capex to uh over the next year uh maybe roughly around 150 13:06 13 minutes, 6 seconds crores or so across all business divisions uh to upgrade our plant facilities and add new products to our portfolio. 13:14 13 minutes, 14 seconds We believe these product development initiatives and investments will contribute meaningfully to the long-term growth and profitability of our India operations. 13:24 13 minutes, 24 seconds Going forward, our strategy remains clear to increase the share of value added products and to expand into new 13:31 13 minutes, 31 seconds applications and markets. We are also focused on replenishing our resources and reserves of minerals in India and to 13:39 13 minutes, 39 seconds that effect we have been granted seven new benonite leases in this quarter. 13:46 13 minutes, 46 seconds We are optimistic that over period of time we will be able to add more resources and make sure that the company 13:54 13 minutes, 54 seconds is always sustainably backward integrated to its minerals. Overall, while the year witnessed margin 14:01 14 minutes, 1 second pressures arising from external cost factors, the underlying strength of our India business remains intact and we remain confident about the long-term 14:08 14 minutes, 8 seconds growth opportunities across all our operating segments. 14:13 14 minutes, 13 seconds Thank you. Uh now I hand it over to uh Ashish uh to discuss the financials. 14:21 14 minutes, 21 seconds Thank you man. Good evening everyone. 14:25 14 minutes, 25 seconds I'll briefly take you through the financial performance for the quarter and the full financial year 2526. 14:32 14 minutes, 32 seconds For quarter 426, consolidated revenue from operations stood at rupees 1,969 14:39 14 minutes, 39 seconds cr to be precise as compared to 960 cr in quarter 3 of the same year representing growth of 105%. 14:48 14 minutes, 48 seconds AITA stood at 211 cr as compared to 143 cr in the previous quarter while PBT 14:55 14 minutes, 55 seconds before exceptional item was 147 cr against 89 in quarter 3. 15:02 15 minutes, 2 seconds For the full year 26, consolidated revenue from operations increased to 5,237 15:08 15 minutes, 8 seconds cr from 2739 which is 91% jump year on year. AITA 15:16 15 minutes, 16 seconds increased to 674 K from 445 uh and at the same time PBTV for 15:23 15 minutes, 23 seconds exceptional item increased to 450 from 305 cr. uh to discuss segmental performances. 15:31 15 minutes, 31 seconds Gina business generated revenue of around 4,200 cr during 26 uh with a bit of 561 cr 15:40 15 minutes, 40 seconds continuing to be the largest contributor to consolidated earnings. 15:44 15 minutes, 44 seconds India business comprising benonite and alloied mineral and white performance material generated revenue of approximately 998 cr with a bit of 112 15:53 15 minutes, 53 seconds cr during the year. Specialtity absorbent solution and advanced ceramic material also contribute uh continue to 16:01 16 minutes, 1 second contribute positively to profitability and diversification. 16:05 16 minutes, 5 seconds Our financial position remain healthy and provide a strong foundation for future growth opportunities. 16:12 16 minutes, 12 seconds Uh board has recommended dividend of 100% for the fiscal year subject to shareholders approval which reflect both 16:19 16 minutes, 19 seconds our confidence in the business and our commitment to rewarding shareholders. 16:25 16 minutes, 25 seconds With that we conclude our opening remark and we would now be happy to take questions from investor and analyst. Thank you. 16:34 16 minutes, 34 seconds Thank you very much. We will now begin with the question and answer session. 16:39 16 minutes, 39 seconds Anyone who wishes to ask a question may press star and one on their touchstone phone. If you wish to remove yourself from the question queue, you may press star and two. 16:50 16 minutes, 50 seconds Participants are requested to use handsets while asking a question. 16:55 16 minutes, 55 seconds Ladies and gentlemen, we will wait for a moment while the question. 17:06 17 minutes, 6 seconds Your first question comes from the line of Ain Nahhata from Pami Financial Services. Please go ahead. Yeah. Am I audible? 17:15 17 minutes, 15 seconds Uh yes. 17:16 17 minutes, 16 seconds Okay. My first question relates to uh Guinea. So uh while there was a brief mention that 15 million ton 17:24 17 minutes, 24 seconds infrastructure on the port side will go to 20 million ton. So can you briefly talk about the excavation of uh boxite 17:32 17 minutes, 32 seconds infrastructure road infrastructure as well as port infrastructure from our journey beyond 15 million ton. If you can just spend 2 minutes on this. 17:41 17 minutes, 41 seconds Yeah sure. So uh as we have mentioned in our investor not several times on the call, we are uh firstly uh expanding our 17:50 17 minutes, 50 seconds capacity at Bofa port which was to be done I think by the end of quarter two and we are we are on track uh and have 17:57 17 minutes, 57 seconds completed almost completed that. So our Bofa port capacity will increase I think from five or so up to approximately 10 18:07 18 minutes, 7 seconds uh close to 10 million tons. We are also now working on our other port to expand the capacity 18:14 18 minutes, 14 seconds uh which which may be you know by the end of FY27 28 I think. So uh that is uh our second 18:24 18 minutes, 24 seconds port is GSM port which should also add another 50 to 60% of our uh to that port's capacity. So the port capacities 18:33 18 minutes, 33 seconds have been mentioned earlier. I believe BFA is 5 million and GSM is 6 million. 18:38 18 minutes, 38 seconds So we are expanding both our ports uh in anticipation of being you know uh able to deliver higher volumes. So uh so 18:47 18 minutes, 47 seconds there are both our box side related ports are in expansion. One is completed or close to completed and the other one will be at the end of 27 uh 2728. 18:58 18 minutes, 58 seconds Regarding to roads and other infrastructure that is already largely in place for uh delivering uh good amount of volume. So those are as per 19:07 19 minutes, 7 seconds what they were previously and currently we don't have any major plans for that. 19:13 19 minutes, 13 seconds So the only impediment what you were saying is on the port side infrastructure which uh you're saying that by the end of 2728 19:20 19 minutes, 20 seconds we should be ready for I mean if the demand is there we should be able to ship more. 19:25 19 minutes, 25 seconds Correct. Correct. So we we are uh you know basically looking at ramping up our port capacity for the medium to long term. 19:33 19 minutes, 33 seconds Okay. Uh my second question is uh on this uh kota. So uh there was again a brief mention. So I just want to 19:41 19 minutes, 41 seconds understand so every uh mine holder whoever is mining so uh kota means that everyone uh will be given a particular 19:50 19 minutes, 50 seconds kota. So does that also mean that uh new mining release will also be stalled by the government? 19:58 19 minutes, 58 seconds So uh to be fair we don't have like a exact details uh of how they plan to implement this system but to our 20:05 20 minutes, 5 seconds understanding it will be an impediment for newer players in the industry because and along with their mining permits they would also have to apply 20:13 20 minutes, 13 seconds for their own quotas. Uh so it would definitely make things a little bit harder but the exact information is not out in the public domain. uh our general 20:22 20 minutes, 22 seconds sense is that we think that this kota uh system should actually be a positive for a company like Ashakura because we are 20:29 20 minutes, 29 seconds getting feelers that this is more uh you know in terms of some of the larger companies there if you are aware the larger company there is maybe doing more 20:37 20 minutes, 37 seconds than 70 or 80 million tons so I think these are aimed at curbing on those uh 20:45 20 minutes, 45 seconds kind of companies but I they're curbing their volume but we as ashur are fairly optim optimistic that this would 20:52 20 minutes, 52 seconds actually be a kind of beneficial for us uh and it would level the playing field significantly and reduce the supply out of Guinea. 21:02 21 minutes, 2 seconds Okay, I'll come back and queue you. I have some more questions. Thank you. 21:07 21 minutes, 7 seconds Thank you. The next question comes from the line of Kisha with Sapphire Capital. Please go ahead. Hello. Am I audible, sir? 21:17 21 minutes, 17 seconds Yes. 21:18 21 minutes, 18 seconds Yes. Okay. Thank you so much sir for this opportunity. My first question is was on the overall volumes that we're targeting for FR27. If I look at the the 21:26 21 minutes, 26 seconds quarter 4 run we're already at 12 million metric t. So how should we look at the overall volumes for FR27? 21:34 21 minutes, 34 seconds So there are couple of uncertaintities currently. one is on the freight and availability of vessels and secondly is 21:43 21 minutes, 43 seconds to see that what comes out in the kota system and how it is implemented. So there are couple of uncertaintity but 21:51 21 minutes, 51 seconds ballpark as we had said earlier that our target for the year after next is 15 million and this year we are expecting 21:58 21 minutes, 58 seconds broadly a range of 10 to 12 million tons for next year depending on how uh some 22:05 22 minutes, 5 seconds of these uncertaintities with respect to freight geopolitics and kota system plays out but I mean we're we're very 22:13 22 minutes, 13 seconds optimistic about doing better than the previous year in terms of volume and so this is only I think I believe is 22:21 22 minutes, 21 seconds the box side volume. So in terms of iron or also you mentioned so what sort of contribution can we expect from there and what is the realization for metric 22:29 22 minutes, 29 seconds for iron and currently we are still in a commissioning phase with iron or it is gone a little bit slower than what we 22:37 22 minutes, 37 seconds expected. However we do think in the maybe in the coming year or couple of years it should at least have some meaningful contribution to the guinea 22:45 22 minutes, 45 seconds business. uh we would expect uh you know given that uh you know we are looking at the business you know strictly from a uh 22:54 22 minutes, 54 seconds you know mining perspective and then there would be benefitication and all so margins may not be uh very high but uh 23:01 23 minutes, 1 second maybe in the single digits it may be there but this is a very speculative comment from my side. We would you know 23:08 23 minutes, 8 seconds require couple of quarters to uh you know uh figure out the long-term direction and we will update uh 23:16 23 minutes, 16 seconds everybody once we have that but we are very actively working on developing the 23:23 23 minutes, 23 seconds resource to some kind of commercial volume and we are hopeful that we should have something uh within a couple of quarters. 23:33 23 minutes, 33 seconds Okay. Okay. Fair enough sir. And so how should one look at the overall realization given this kota might have 23:38 23 minutes, 38 seconds some benefit and can look at for we don't know what is the amount of 23:47 23 minutes, 47 seconds total boxite export going to be allowed by the government and I'm sure that number itself would have a significant 23:53 23 minutes, 53 seconds bearing on the prices. Uh our sense is that export should decline comp compared 24:00 24 minutes to the previous year. Again this is speculative but our sense is that it will decline compared to the previous year because of Kota and that should 24:08 24 minutes, 8 seconds improve the boxite prices uh in net of rate and this is our expectation. 24:15 24 minutes, 15 seconds However, it's too soon to comment uh without having some kind of a guidelines. But we do think that uh you 24:23 24 minutes, 23 seconds know things should improve post the kota system till then uh due to higher freight costs and uh uh general uh kind 24:32 24 minutes, 32 seconds of a subdued uh situation due to geopolitical issues. We we we would have to wait and see what happens next 24:40 24 minutes, 40 seconds quarter to come back with a longer term idea. But we are optimistic that after this kota system you know things should get better and not worse. 24:49 24 minutes, 49 seconds Okay. Okay. And how should one look at the overall EITA margins for F27 and the contribution from India business? How you seeing that for F27? 24:57 24 minutes, 57 seconds Sorry, the contribution from the India business in F27 and the EITA margins that you can expect for this year. 25:05 25 minutes, 5 seconds I think that largely we expect the you know business to be stable and improve. 25:10 25 minutes, 10 seconds Most of our initiatives are kind of medium-term and till then we expect like a stable growth probably maybe a little bit better than previous year or same to 25:19 25 minutes, 19 seconds previous year but uh mostly our uh the projects we are working on should have a 25:26 25 minutes, 26 seconds you know a much bigger benefit but in the medium to longer term we are working on lot of projects and new product launches so couple of years in we should 25:34 25 minutes, 34 seconds see something better than average growth uh but that's currently what I can offer for India Okay. Okay. And just lastly on the 25:41 25 minutes, 41 seconds overall EITA margins that we're looking at for FR7 um we we hope it will be uh better than this year but time will tell. 25:53 25 minutes, 53 seconds Okay. Okay. Fair enough. Thank you. That is it from my side. All the best. 25:59 25 minutes, 59 seconds Thank you. The next question comes from the line of Mayur Shawat with invest for edu. Please go ahead. 26:07 26 minutes, 7 seconds Yeah. Thank you for the opportunity. Uh congratulations sir. Congratulations for a great set of number. So I got two questions sir. The first one is uh in 26:15 26 minutes, 15 seconds Guana we do not have a income tax now until we recover our investment. So like uh till when we can expect that uh we will enjoy this benefit. 26:29 26 minutes, 29 seconds Uh yeah as you rightly said currently there is no income tax uh and the bearing uh there is some like minimum 26:37 26 minutes, 37 seconds alter alternate tax what we have in I mean we were having in India but that is very negligible amount and for at least 26:45 26 minutes, 45 seconds uh I can say next one or two year there there won't be any tax liability at least uh to Ashura. 26:54 26 minutes, 54 seconds Thank you sir. And uh secondly we have some repetitive questions sir but I want to ask so of the first one uh as you mentioned Ghana is going to uh impose a 27:03 27 minutes, 3 seconds so so it's uh just for just for clarification Guyana is in South America this is Guinea in Africa just sorry 27:12 27 minutes, 12 seconds that's just for the benefit of everyone on the call yeah yes yes I'm sorry so yes sir so I'm coming on this export restriction and 27:21 27 minutes, 21 seconds you mentioned that you will still targeting this 50 million 15 million target target that we have earlier uh given for FI28 27:30 27 minutes, 30 seconds and so on a pricing term if you can give any guidance like 8090 what kind of a realization we can expect any rough 27:37 27 minutes, 37 seconds guidance will be very helpful for us sir for calculation so basically currently we know that aida 27:46 27 minutes, 46 seconds margins have declined significantly compared to you know two quarters ago or so we have seen that because of the 27:53 27 minutes, 53 seconds correction in prices which was quite steep. Uh honestly we are hopeful that you know maybe the the pain as far as 28:02 28 minutes, 2 seconds prices is concerned will be shortterm maybe another quarter or so. We think that at least another quarter and then monsoon quarter is typically a low 28:10 28 minutes, 10 seconds volume quarter. So I I I think that maybe the the you know the lower kind of epida margins we have right now or uh 28:19 28 minutes, 19 seconds may continue for a short period of time but then we expect it to improve. Now the couple of questions on this really 28:26 28 minutes, 26 seconds is that you know what kind of total kota comes out and what kind of kota comes out for ashapura but we are optimistic 28:33 28 minutes, 33 seconds that we are close to the lowest end of the cycle as far as aida is concerned and you know some of the initiatives my father mentioned as far as the benefit 28:42 28 minutes, 42 seconds plans and all that that may also you know over a medium-term give us a more uh improvement of our cost in some or 28:50 28 minutes, 50 seconds other way. So uh it's difficult to predict for next year but my sense is probably all of next year at least 28:57 28 minutes, 57 seconds should be better than the AIDA margins we had in quarter 4 like if we take the full of next year probably it should be better than what we achieved in quarter 29:05 29 minutes, 5 seconds 4 but that said I think quarter one may still uh you know see uh maybe a little 29:12 29 minutes, 12 seconds bit lower amidas or like similar to quarter 4 or something like this but over the year we are optimistic it will cup 29:20 29 minutes, 20 seconds and we will stick with our target of a 15 million uh t uh export. 29:24 29 minutes, 24 seconds So 15 million we have given a target for the F5 uh I think 2728 uh so that this year like I said our our 29:33 29 minutes, 33 seconds internal or our focus is around 10 to 12 million depending on how the things play out. Uh so that's our target basically. 29:45 29 minutes, 45 seconds Thank you sir. Thank you so much. Thank you. 29:51 29 minutes, 51 seconds Your next question comes from the line of sat with ZTO Capital. Please go ahead. 29:56 29 minutes, 56 seconds Yeah. Hi sir. Uh this is Sut. So first question is with respect to our FOB realization for Q4. 30:06 30 minutes, 6 seconds Hello. Yeah. 30:08 30 minutes, 8 seconds So what is our FOB realization for Q4? I think we have mentioned in our press release in quarter 4 our AIDA per metric ton has come in $5.9. 30:22 30 minutes, 22 seconds Yeah. So I mean in the note it was mentioned that AIDA per ton drop was mainly due to ocean flight and fuel cost 30:30 30 minutes, 30 seconds and also reduction in boxite prices. I mean it was similar as the previous one. Yeah. 30:37 30 minutes, 37 seconds Okay. you know now the point I'm trying to understand is I mean was there a further drop in uh realization with respect to box size 30:46 30 minutes, 46 seconds I think in the like I mentioned one or two quarters may be difficult hard to say exactly how much but I still feel 30:53 30 minutes, 53 seconds that perhaps uh current quarter potentially maybe still a little bit difficult and then we expect things to 31:01 31 minutes, 1 second improve from there on okay okay thank Thank you. The next question comes from 31:10 31 minutes, 10 seconds the line of Nalen Sha with NVS brokerage. Please go ahead. 31:15 31 minutes, 15 seconds Yeah, at the outset I think uh I would like to congratulate the uh Ashapura management for uh I think the best 31:23 31 minutes, 23 seconds performance its lifetime in terms of top line and bottom line. Also my questions are few. One is that uh you know if you 31:33 31 minutes, 33 seconds can just give us some uh uh you know guidance what was the Q4 realization uh 31:41 31 minutes, 41 seconds average realization and what is the Q1 you are expecting realization whether it will be better than the Q4 as far as the 31:48 31 minutes, 48 seconds first quarter is concerned. Second is that our uh last quarter our AITA as well as the pet margin as you know 31:56 31 minutes, 56 seconds everybody has uh confirmed and you have confirmed has dropped from 14% to about 7% almost 50%. So current quarter of 32:05 32 minutes, 5 seconds course you know Manandai has already mentioned that you know second uh half of the year will be much much better but current quarter are we expecting some 32:14 32 minutes, 14 seconds improvement than the Q4 or is it that it is more or less likely to be like a Q4 that is my second question and my third 32:23 32 minutes, 23 seconds question is that you know logistic cost wise are we planning something you know I mean to enhance the our margins on the 32:30 32 minutes, 30 seconds book site which is you know I mean something substantial improvement in margin it could lead to. 32:37 32 minutes, 37 seconds So uh thank you Nalin. Uh basically on the Aida margins in a simple way we can say that the quarter 4 of course we had 32:46 32 minutes, 46 seconds a sharp drop in AIDA which was also anticipated. I think uh quarter one may be similar or maybe little bit more 32:54 32 minutes, 54 seconds difficult to be uh fair because of the uncertaintity and the elevated fuel prices uh because of the war situation. 33:03 33 minutes, 3 seconds However, we expect that after Q1 things should get better. This is our current expectation. Regarding the cost 33:11 33 minutes, 11 seconds management initiatives, as we have mentioned that we are looking at some kind of benefit plans and uh while we 33:18 33 minutes, 18 seconds are focused on all aspects of the business including logistics, it would be too soon to uh comment on any of these. that company is looking at 33:27 33 minutes, 27 seconds reducing its cost curve uh by way of many of the options available. So uh I 33:35 33 minutes, 35 seconds our target would be to continuously reduce our cost of production and delivered cost to the port and uh our uh you know idea to benefitate the box set 33:44 33 minutes, 44 seconds is one step in this direction. So uh it's our uh focus is definitely there 33:51 33 minutes, 51 seconds but there are no specific projects been allotted as far as logistics uh or anything else is concerned. 33:58 33 minutes, 58 seconds Okay. Okay. So overall for the current year can we expect that like in you know 34:03 34 minutes, 3 seconds in FY uh 25 we had a overall margin of double digit about 10 to 10 and a half%. 34:12 34 minutes, 12 seconds Can we say that you know by the end of the year we may return to this kind of a margin that is one. Secondly, what is the kind of capex we are expecting to do 34:21 34 minutes, 21 seconds on iron or beneficiation as well as the boxite beneficiation plant. So that will give us some idea. 34:29 34 minutes, 29 seconds Great. So uh we are optimistic that the year will be better than Q4 by how much we would be able to comment. Definitely 34:36 34 minutes, 36 seconds I feel in the next uh uh you know quarter or so once we have more clarity on the kota system and definitely the we 34:43 34 minutes, 43 seconds we are optimistic that the fuel and war related uncertaintities may reduce by then but we are optimistic that we are 34:51 34 minutes, 51 seconds close to the bottom of the cycle uh and pick up would take a little bit of uh uh of time. Regarding to the capeex on 34:59 34 minutes, 59 seconds these projects, we are currently evaluating a models wherein the capeex can be uh you know handled by our uh 35:08 35 minutes, 8 seconds potential vendors or partners and we we are looking at perhaps a you know build operate transfer kind of a model. Uh nothing is finalized yet but we are 35:17 35 minutes, 17 seconds definitely uh currently more not focused on adding cipex to our balance sheet. uh as far as these projects are concerned. 35:27 35 minutes, 27 seconds Uh however, this is still the speculative and nothing has been uh you know concretely decided yet. We will 35:34 35 minutes, 34 seconds come back when we have something but we are definitely looking at not having as much capeex and trying to find partners who can support us in the long term. 35:43 35 minutes, 43 seconds Oh that is wonderful. That is wonderful. Congratulations Manbai and entire team. Thank you very much. Thank you. Thank you so much. 35:52 35 minutes, 52 seconds Thank you. 35:53 35 minutes, 53 seconds Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, we request you to limit 36:00 36 minutes to two questions each and fall back in the queue for any further followup questions. The next question comes from Nahar Pia with Millie Capital. Please go 36:09 36 minutes, 9 seconds ahead and comment for the super. 36:18 36 minutes, 18 seconds Uh my question is mainly on the I don't know side. If you can explain u mine 36:24 36 minutes, 24 seconds what kind of eff you have in the or uh whether we have done any pilot test 36:32 36 minutes, 32 seconds for what kind of it will convert after so ours would be considered as a low to 36:39 36 minutes, 39 seconds medium grade maybe somewhere ballpark in the range of 40 to 50%. However, the important part for us is that this is 36:47 36 minutes, 47 seconds beneficable which means after washing it can be upgraded to export quality and uh 36:54 36 minutes, 54 seconds that's why we are you know figuring out that how we can tie up for the longer term uh so that this old can be brought 37:02 37 minutes, 2 seconds to the market. We have been uh mentioned this on our previous calls but the progress is taking of course little bit 37:09 37 minutes, 9 seconds more time than we anticipated. uh but uh we have a significant uh size of mines 37:15 37 minutes, 15 seconds uh something close to I believe three 300 square kilometers or so and the 37:23 37 minutes, 23 seconds reserves are also you know few hundred million tons. So uh it is a matter of 37:29 37 minutes, 29 seconds time but we we we expect gradually that we will stabilize uh our uh you know 37:37 37 minutes, 37 seconds mining quality and it will be definitely being brought onto the market with the minimum risk. So but however it will 37:44 37 minutes, 44 seconds take us couple of quarters more to come back on the ramp up for the the iron or 37:50 37 minutes, 50 seconds asset. Yeah but we we are not sure what kind of quality it will come after beneficiation plus 60% 62%. 38:00 38 minutes We are we are hopeful that we should cross 60 but it's like uh you know we will cross 60 but it's still we need 38:08 38 minutes, 8 seconds little bit of time but it is definitely export grade it's not like uh going to be like some 52 or something or 55 which 38:17 38 minutes, 17 seconds is to go from Goa like we are going to be reaching the good quality okay yeah we expect 60 plus 38:25 38 minutes, 25 seconds and are you also considering since you are going to go go for the benefit s have you decided about the size 1.5 38:33 38 minutes, 33 seconds million t or 3 million t capacity or more? 38:36 38 minutes, 36 seconds Uh currently it could be too too soon to tell but definitely we are looking at north of 1 and a half million tons but exact number will give us some time. 38:47 38 minutes, 47 seconds Okay. And then my next simple question is whether are you also planning to go for parrot after some time 38:56 38 minutes, 56 seconds much better much better uh contribution as as of now it I think our focus is on 39:04 39 minutes, 4 seconds first bringing the iron or to the market. Uh that's our primary focus and then we will see where it takes us. But 39:10 39 minutes, 10 seconds we need to quickly make the iron or resource also contribute to the company and our we are actively focused on achieving that. 39:20 39 minutes, 20 seconds One last question is on the logistics side or boxite at uh are we uh planning 39:27 39 minutes, 27 seconds also to have our transport uh of our own in sometime reduce the cost or we will be hiring uh transporter. 39:38 39 minutes, 38 seconds Currently we believe that you know in this contractual model is probably more efficient for us. So our we don't have 39:46 39 minutes, 46 seconds any plans to add our own uh such large ocean equipments currently. 39:52 39 minutes, 52 seconds Yes. All the best sir. Thank you so much. Thank you so much. 39:57 39 minutes, 57 seconds Thank you. The next question comes from Daisy Barucha with Sangri family office. Please go ahead. 40:05 40 minutes, 5 seconds Uh first of all congratulations and such a good part of so my just a small question is that uh 40:12 40 minutes, 12 seconds are we on track of 27 mm of work or is anything changing? 40:22 40 minutes, 22 seconds I think the the target which we had set out in our uh first investor note is 15 million tons for the next financial year 40:30 40 minutes, 30 seconds not this one. We are definitely on track for that. That's what we believe. Okay. 40:36 40 minutes, 36 seconds 27 million tons was the uh I think was a something to do with the port capacity which was expected to reach 27 million 40:44 40 minutes, 44 seconds tons. That also uh we are we we believe we are on track and uh we should be getting there as per the you know 40:52 40 minutes, 52 seconds whatever schedule we have discussed earlier. So both our boxite ports are undergoing expansion and uh one should uh complete soon and one will take a little bit longer to complete. 41:03 41 minutes, 3 seconds Okay, thank you sir. Your next question is from Benton or business. So give us some market per share in India and 41:11 41 minutes, 11 seconds globally and also what are the management's growth plans for this segment like any capacity expansion 41:17 41 minutes, 17 seconds which you say about 150. So what's I don't have the exact data for bentonite off hand but I believe in 41:25 41 minutes, 25 seconds India in India our market share is somewhere close to 35% but again I have to you know uh but approximately 35% and 41:35 41 minutes, 35 seconds uh to to to my best knowledge we are still you know probably the largest exporter with maybe at least more than 41:42 41 minutes, 42 seconds 40% share of India's exports of boxite benonite uh we are developing lot of value added products in this segment 41:50 41 minutes, 50 seconds We are particularly excited about some opportunities in oil and gas and foundry. Traditionally these products are not available in India or imported. 41:59 41 minutes, 59 seconds We had developed these products. They are quite in advanced stage and and we believe that this products facing oil and gas and foundry will be a you know big part of the future grow uh growth. 42:10 42 minutes, 10 seconds You know even for our main application which is an iron or palletizing that's our main application. We are developing some new products and grids and we are 42:18 42 minutes, 18 seconds trying to you know test the market for certain uh response and and and uh and so but we are developing the new grades 42:26 42 minutes, 26 seconds uh uh you know for our uh existing customers and our and also we are working on lot of new applications I 42:33 42 minutes, 33 seconds mean benonet is very versatile almost maybe at least 8 10 applications are there so uh it's part of our value added 42:42 42 minutes, 42 seconds strategy so a lot of the growth which we expect in benonite over the his mineral will be through these value added products. 42:49 42 minutes, 49 seconds Okay. Thank you. Thank you. 42:53 42 minutes, 53 seconds Thank you. The next question comes from Charit Shade with Nate Fabrics Private Limited. Please go ahead. 43:05 43 minutes, 5 seconds Uh I'm sorry my question is answered. So I just congratulate the team and wish you all the best. Thank you so much. 43:14 43 minutes, 14 seconds Thank you. The next question comes from the line of Manprit Aurora with Aurora Wealth Advisers. Please go ahead. 43:22 43 minutes, 22 seconds Yeah, thank you. Uh am I audible? Yes. 43:28 43 minutes, 28 seconds So, first question on the volumes. Um now from what we have been reading you know a lot of 43:37 43 minutes, 37 seconds pressure that has happened in the last few months is you know probably because of the significant ramp up in volumes 43:46 43 minutes, 46 seconds that happened from Guinea exports and so and that is why probably the Guinea government is now looking at 43:54 43 minutes, 54 seconds quotas and restrictions and you know what we have also been hearing is that the government is also 44:02 44 minutes, 2 seconds asking for you know local refining and local smelting capacity to be added by 44:09 44 minutes, 9 seconds the miners uh you know so that uh the value some of that value add 44:15 44 minutes, 15 seconds comes back to the country. Now my question to you is you know is this correct what we had been reading and 44:24 44 minutes, 24 seconds number two was you know uh would that mean that even Ashura maybe asked to put 44:31 44 minutes, 31 seconds put some local refining capacity etc or we are too small a player uh 44:40 44 minutes, 40 seconds in that so uh I would like to uh try to explain uh you of the so it will take little bit 44:49 44 minutes, 49 seconds of time. Uh basically the miners in question who are putting up refineries or have been asked to put up 44:58 44 minutes, 58 seconds refineries are uh you know had made several commitments to the Guinea government 45:04 45 minutes, 4 seconds over maybe more than last 15 years or so that they would be putting up a refinery and I believe that that was part of the 45:13 45 minutes, 13 seconds uh you know license or the concession that the terms were there that these concessions are given to them in faith 45:21 45 minutes, 21 seconds that they will shortly put up a refinery and uh now the with the new government uh has taken up the you know the those 45:30 45 minutes, 30 seconds those clauses and said that you better put it up and they have acted tough in this regard and consequently some of the Chinese companies have 45:38 45 minutes, 38 seconds agreed to put some of the refineries there. Coming to Ashapura, our concessions are free from any such terms 45:48 45 minutes, 48 seconds and conditions and government also recognizes the difference between us and very large Chinese players who have 45:56 45 minutes, 56 seconds existed in Guinea for even decades before us. So as of now there is a no requirement 46:04 46 minutes, 4 seconds implicit or explicit that Ashapura group will be required to put a refinery or 46:11 46 minutes, 11 seconds any kind of value addition. uh in the later stages you know as the as any economy improves maybe you know down the 46:19 46 minutes, 19 seconds line after few years if there is anything so we will we will have that discussion then but as on today we are 46:26 46 minutes, 26 seconds extremely clear that our concessions are free from any such terms and conditions. 46:32 46 minutes, 32 seconds So as of now while there are refineries coming up there is no uh you know implied uh obligation on Ashapura to do the same anytime soon. 46:44 46 minutes, 44 seconds Okay. Yeah, that's good to know. So you know the uh you know this pricing because of the 46:53 46 minutes, 53 seconds significant ramp up on volumes the pricing pressure that we've seen do you see that we should probably 47:02 47 minutes, 2 seconds balance our you know ramp up in volumes with the prices and maybe have a tradeoff rather than you know trying to go for 15 million in the next two years. 47:14 47 minutes, 14 seconds Let the price stabilize. Yeah. 47:18 47 minutes, 18 seconds So as we are still a we are a drop in the export ocean of Guinea boxite in 200 47:25 47 minutes, 25 seconds million or so we are this year 8 million 4% and uh we are today price takers uh 47:34 47 minutes, 34 seconds and not price makers even if we double or triple our volume. Uh plus also uh 47:41 47 minutes, 41 seconds one another interesting thing is that we are in this business since last you know over 20 years if not more so more than 47:50 47 minutes, 50 seconds 20 years and we have very good relationships with our customer who need the strategic availability of resources 47:57 47 minutes, 57 seconds uh from Guinea as other options globally are shutting down. So you know if we talk about single refineries in China 48:06 48 minutes, 6 seconds there are customers who can buy north of 25 30 million tons individual customers. 48:13 48 minutes, 13 seconds So at least if you ask me that our ramp up you know pricing we have to see whatever's on the market and then premium penalty laws apply but I don't 48:22 48 minutes, 22 seconds think at least next couple of years uh but of course maybe long-term vision can be we want to be so big that we are have 48:29 48 minutes, 29 seconds to control our volume and all that but I think next two three years it's up to us how well we can execute and uh and uh 48:38 48 minutes, 38 seconds you know the only the only real reason I think that volumes may curb is in case there is a huge volatility in freight or 48:45 48 minutes, 45 seconds unavailability of vessels you know in this war situation though fortunately from Guinea to China they're not impacted as much by Middle East but 48:53 48 minutes, 53 seconds still pricing has changed significantly because of impacts on other routes etc. 48:57 48 minutes, 57 seconds If there is a some situation wherein the freights go crazy in comparison to the you know boxside prices or the net 49:05 49 minutes, 5 seconds boxside prices that would be the only case in which we may have to you know see our alternate strategy but even on current basis we are doing okay and we 49:13 49 minutes, 13 seconds should continue to ramp up our business and sir on the uh sorry man we request 49:24 49 minutes, 24 seconds you to return to the team for yes thank you sir. 49:28 49 minutes, 28 seconds Ladies and gentlemen, uh due to posity of time, we will be taking one question each per participant and you can be on the tube for further follow-ups please. 49:38 49 minutes, 38 seconds Your next question comes from the line of Vir Naga from Vivid Financial. Please go ahead. 49:45 49 minutes, 45 seconds Hello sir, congratulations for this kind of a fantastic number. More impressive with the volume. Sir, I lack with the 49:52 49 minutes, 52 seconds understanding about the margin part. I would just uh need little clarity on the uh pricing. So as I remember in 49:59 49 minutes, 59 seconds February, March, Jan, Feb, March, uh box prices had came down up to $60 or something. Now as I can track that this 50:07 50 minutes, 7 seconds prices are approximately 12 to 15% higher since March. Um even after that when we say that Q1 margins might be 50:15 50 minutes, 15 seconds similar to Q4, is it because of fuel or freight or due to the box prices yet? Fuel and freight. 50:23 50 minutes, 23 seconds Yeah. So it's majorly the most of the increase if you see the index which we are tracking that is the CIF to China. 50:31 50 minutes, 31 seconds So the increase from 60 to appro 68 or 69 or around that part is uh is 50:39 50 minutes, 39 seconds basically almost entirely due to the increase in freight on that particular route. So that's why we are taking a 50:48 50 minutes, 48 seconds conservative view. rate has increased uh uh to that extent. So that's why the prices have increased. So that's what 50:56 50 minutes, 56 seconds explains uh the slightly uh conservative view on the immediate quarter. 51:03 51 minutes, 3 seconds Uh perfect sir. Got it. So what is the uh overall view on boxside prices? Uh are we seeing this again to stabilize 51:10 51 minutes, 10 seconds somewhere near 70 to $75 in near-term in like next two three months or maybe in one or two quarter? 51:16 51 minutes, 16 seconds Yeah. Uh I guess sorry to last time you were guided very well that uh after March we may again see prices getting 51:23 51 minutes, 23 seconds picked up and uh we have seen this that price have picked up. What is the further guidance for the box side prices so that we can estimate the margins for 51:32 51 minutes, 32 seconds further FIFA 27 post? 51:36 51 minutes, 36 seconds So basically we expect significant relief on the net boxite prices. By net boxite I mean box side minus freight. 51:44 51 minutes, 44 seconds Post the Kota system. Uh until the kota system the market does remain uh 51:50 51 minutes, 50 seconds challenging as it is. Uh so uh we are optimistic about the kota system coming in soon. We are optimistic it will have 51:57 51 minutes, 57 seconds a improve the margins. We we are also awaiting the further details but I think as soon as that comes in we will see some impact in the uh in the pricing. We 52:07 52 minutes, 7 seconds are also hearing it from our customers predominantly in China who are looking at more and more forward shipments as 52:14 52 minutes, 14 seconds they are also anticipating uh some kind of a increase in price from the kota. So I think uh we are you know cautiously 52:23 52 minutes, 23 seconds optimistic on the kota but till then we think that in the very very short term things may remain the similar to what they are now. 52:31 52 minutes, 31 seconds Okay. Thank you. Uh sir, congratulations. I guess uh hope we achieve 10 12 million turn uh this year financial year. Thank you. 52:40 52 minutes, 40 seconds Thank you so much. 52:42 52 minutes, 42 seconds Thank you. Your next question comes from Sanjay Sha from KSA securities. Please. 52:48 52 minutes, 48 seconds Yeah, thanks for opportunity and uh congrats on great set of numbers. Man, you really explained very well each and 52:54 52 minutes, 54 seconds every question asked by analyst. My question was to Chaitan by whom I have seen silent and want to understand from 53:03 53 minutes, 3 seconds him the future how we can see Guinea as a business for Ashapura Mine Cam from 3 to 5 years from now. Is there any other 53:12 53 minutes, 12 seconds opportunity left with us? What are the that opportunity that we are right now working on and see that ashapura journey from here for next five years. 53:24 53 minutes, 24 seconds Over to you dad. 53:27 53 minutes, 27 seconds Sanjay yeah actually you know like uh uh few 53:34 53 minutes, 34 seconds things like now Guinea government has become quite uh alert on that thing they want to really want to see that that 53:42 53 minutes, 42 seconds boide has not to be sold as a commodity and that has to be sold as a very precious uh minerals. So that's why they 53:51 53 minutes, 51 seconds are introducing this kota system and that kota system will going to affect the large player who are have the lot of 54:00 54 minutes infrastructures and lot of capabilities financials and delivery capacities. They want to cut their volume and they want 54:10 54 minutes, 10 seconds to add that volume to the smaller player so that they can sustain on long-term basis. 54:16 54 minutes, 16 seconds I personally feel that it's going to impact to the extent of about 20 to 25% 54:24 54 minutes, 24 seconds you know the reduction in the volume and uh that that will that will be mostly three or four large players they will 54:33 54 minutes, 33 seconds lose that volumes and that will be added into volume of the three to four small players. 54:39 54 minutes, 39 seconds Now because of reduction in the in the volume there will be definitely impact on the freight. If you look at that the 54:49 54 minutes, 49 seconds uh every cap vessels can do about three trips uh you know in a year. Uh so 54:56 54 minutes, 56 seconds that's why the thing will happen that there will be a some kind of uh corrections in the ocean freight also at the same time. 55:07 55 minutes, 7 seconds Right. Yeah. We Yeah, short term. Coming to the long term, you today you see that 55:14 55 minutes, 14 seconds there is the no other options of Guinea uh for the supply of boxes in a in global market 55:22 55 minutes, 22 seconds only Guinea is the one country. The earlier there was a the small supplies were coming from the Malaysia, Indonesia, 55:31 55 minutes, 31 seconds uh Brazil and met at one time in India also. But now most of these countries are not going to have any any major uh 55:39 55 minutes, 39 seconds volume to export to China or India. And there only two countries are left. One is Guinea and second is Australia. 55:48 55 minutes, 48 seconds So Guinea will have if you if you look at at this the the metal consumption you know CAGR of the aluminum metal it's 55:57 55 minutes, 57 seconds about 7 to 8% peranom and it can go up to 10% peranom and uh and looking to that thing the 56:06 56 minutes, 6 seconds volume of boxite also has to increase every year it to the extent of 50 million tons to support the production 56:15 56 minutes, 15 seconds of the end uh like uh aluminium metal So we could see that there is going to be a very big opportunity for the any existing players uh in this field. 56:28 56 minutes, 28 seconds Second thing, Guinea government has decided to not to issue any new license, you know, for the for boxite for at 56:36 56 minutes, 36 seconds least for next 3 to 5 years time and they're not going to issue. They want that the current license has to be utilized at the full capacity and then 56:45 56 minutes, 45 seconds they will think about issuing the new license. So that will also will help to the the producer like Ashapura in in in 56:55 56 minutes, 55 seconds Guinea. So I could see that there there has to be a continuous uh you can say the north uh words movement uh for the 57:04 57 minutes, 4 seconds supplies or the demand and that will have a definitely positive impact on Ashapura. I could see that Guinea is now 57:12 57 minutes, 12 seconds currently may fix 150 to 160 million tons of export volume 57:18 57 minutes, 18 seconds but the but the world can absorb up to 300 million tons of boxes every year. So 57:26 57 minutes, 26 seconds you can see that there will be a some initially there will be a some gap between supply and demand and over a time they will slowly they will fill up 57:35 57 minutes, 35 seconds this gap. So I could so in in in three to five years we could see the more opportunity or you can say the better 57:43 57 minutes, 43 seconds opportunity uh for the any established mining player. 57:49 57 minutes, 49 seconds So ju just to add couple of things I think just in the medium term as you can see we are targeting you know uh like 27 million tons of port capacity. 58:00 58 minutes So and also uh you know we are optimistic that we should able to over the longer term even significantly cross 58:08 58 minutes, 8 seconds 15 million tons. As far as boxite is concerned we are exploring the you know other uh potential you know kind of that 58:17 58 minutes, 17 seconds to see we are exploring and sending sometime the delegation to the other countries to see what else is possible in Africa but currently that would be at 58:26 58 minutes, 26 seconds a very initial stage. So currently our focus even in the medium-term is to reach the maximum possible volume of you 58:34 58 minutes, 34 seconds know boxite and bring our cost to as low as possible with the correct investments and partners. Uh coming to the India 58:41 58 minutes, 41 seconds business uh we are uh you know we have a very we are very optimistic about our India business in the next 3 to 5 years. 58:49 58 minutes, 49 seconds We have a very strong focus on value addition which has kicked up in the last couple of years and we believe that our India business will be enjoying a lot of 58:57 58 minutes, 57 seconds modes in the new products which we get into. Um this may not be so easily visible as the guinea business but it 59:04 59 minutes, 4 seconds will compound over time because uh you know we have the four businesses we in the eight or 10 different industries or segments but we expect uh you know that 59:13 59 minutes, 13 seconds in the medium-term we should have the above average growth and aid these products range from foundaries, paper, 59:19 59 minutes, 19 seconds paints, oil and gas uh even the you know steel industry etc. So we are very 59:26 59 minutes, 26 seconds optimistic about it. uh you know over over next three to four years we should have some really good scalable products 59:34 59 minutes, 34 seconds in our portfolio and we are working in this regard that's great Chetangai Manan thanks for explaining because our company is throwing such a fantastic 59:42 59 minutes, 42 seconds cash flow and you are you are ready to use that productively and wish your good luck to you sir thank you very much thank you 59:50 59 minutes, 50 seconds thank you so much Sanjay thank you your next question comes from the line of Harshett from Robo Capital 59:56 59 minutes, 56 seconds please go ahead Are you audible? Yes. 1:00:04 1 hour, 4 seconds Uh yes. So considering everything you know the pricing scenario and the volume that we are going to do like uh what is 1:00:12 1 hour, 12 seconds the ballpark range the revenues and EIA that we can do for the entire FI27 just a broad you know number. 1:00:21 1 hour, 21 seconds I think India should maintain a growth similar to last year. Aida should be similar or slightly better. Guinea we 1:00:29 1 hour, 29 seconds have guided for 10 to 12 million tons whatever number you pick and you can you know even considering today's price 1:00:36 1 hour, 36 seconds appro you know 70 at least $700 million from Guinea should come and India should continue growing at the pace what it's 1:00:44 1 hour, 44 seconds grown up it should do better than the whatever we have achieved here on your last year so you can uh add it up but uh 1:00:51 1 hour, 51 seconds we expect you know good stable to good performance in India and uh maybe at 1:00:58 1 hour, 58 seconds least with $700 million of turnover or we are hopeful rather we can say that we should have at least $700 million of 1:01:06 1 hour, 1 minute, 6 seconds turnover for Guinea uh next year but uh I mean you can the rest of the math can be done but uh in terms of our general 1:01:15 1 hour, 1 minute, 15 seconds idea it's like this on Epita like I said we will all have a clarity poll the co Kota system but we are optimistic it 1:01:22 1 hour, 1 minute, 22 seconds will be better than Q4 on a year-on-year basis or on a your uh total business. 1:01:29 1 hour, 1 minute, 29 seconds Yeah. 1:01:31 1 hour, 1 minute, 31 seconds Right. Understood. And what sort of guidance do we have for a debt outlook? 1:01:36 1 hour, 1 minute, 36 seconds Are we going to uh increase our debt or how is it going to be for FI27? 1:01:41 1 hour, 1 minute, 41 seconds Uh I don't I think that we we are doing our best and our focus is on not 1:01:48 1 hour, 1 minute, 48 seconds increasing the debt. However, uh because we are ramping up volumes which ramps up working capital probably reduction of 1:01:55 1 hour, 1 minute, 55 seconds debt may uh you know be something that that that will happen over a medium-term that I mean for now that's the probably 1:02:02 1 hour, 2 minutes, 2 seconds the best what I can offer but definitely company uh is focused on not increasing the the the debt. 1:02:12 1 hour, 2 minutes, 12 seconds All right sir understood. Thank you. All the best. Thank you. 1:02:17 1 hour, 2 minutes, 17 seconds Thank you ladies and gentlemen. Due to quity of time this will be the last question. For further questions please 1:02:25 1 hour, 2 minutes, 25 seconds contact the university relations team. I now hand the conference over to Mr. Chetan Sha for closing remarks. 1:02:35 1 hour, 2 minutes, 35 seconds Yeah. So thank you very much for joining uh this uh investor call and uh we like 1:02:43 1 hour, 2 minutes, 43 seconds to continue you know this kind of uh interaction with all our stakeholders in the future. Uh we really appreciate all 1:02:52 1 hour, 2 minutes, 52 seconds the questions and we also appreciate your interest in uh Ashapura story. Uh 1:03:00 1 hour, 3 minutes at our side uh you know we are also committed to to increase our volume to 1:03:07 1 hour, 3 minutes, 7 seconds control or the to control the cost cost of productions and also several new 1:03:13 1 hour, 3 minutes, 13 seconds initiatives. We have not mentioned uh like Manan has given a broad idea that we have some initiatives but we are 1:03:21 1 hour, 3 minutes, 21 seconds taking lot of new initiatives also in India uh in our uh increasing the the value added products. 1:03:30 1 hour, 3 minutes, 30 seconds So u once again I hope that we meet again with the better numbers and uh 1:03:37 1 hour, 3 minutes, 37 seconds better results uh after the quarter is getting over. Thank you very much and thanks for joining uh this afternoon. 1:03:49 1 hour, 3 minutes, 49 seconds Thank you on behalf of Ashapura Mine Cam Limited. That concludes this conference call. Thank you everyone for joining us and you may now disconnect your lines.