Dalmia Bharat Limited — Q4 FY26

Dalmia Bharat Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=FB81T8Z-V2k Published: 2 weeks ago

0:01 1 second Ladies and gentlemen, good day and welcome to the earnings conference call of Dalmia Bharat Limited for the quarter ended 31st March 2026. 0:11 11 seconds Please note that this conference call will be for 60 minutes and for the duration of this conference call. All participant lines will be in the 0:18 18 seconds listenon mode. This conference call is being recorded and the transcript will be put on the website of the company. 0:25 25 seconds After the management discussion, there is an opportunity for you to ask questions. 0:30 30 seconds Before I hand over the conference to the management, I would like to remind you that certain statements made during the course of this call may not be based on 0:37 37 seconds historical information or facts and may be forward-looking statements. These statements are based on expectations and projections and may involve a number of 0:46 46 seconds risk and uncertainties such that the actual outcome may differ materially from those suggested by such statements. 0:54 54 seconds On the call, we have with us Mr. Punit Dalmia managing director and CEO Dalmia Bharat Limited. Mr. Dhandra Tutja CFO 1:02 1 minute, 2 seconds Dalmia Bharat Limited, Mr. Yatin Malotra, CFO Dalmia Cement Bharat Limited and the other management of the 1:09 1 minute, 9 seconds company. I would now like to hand a conference call over to Mr. Prasant Goyel, investor relations lead. Thank you and over to you. 1:18 1 minute, 18 seconds Thank you. 1:20 1 minute, 20 seconds Uh good evening everyone. We're happy to welcome all of you to the FI26 annual results in call. As you could have taken 1:28 1 minute, 28 seconds note of already this time we have made a change in the way we are holding our invest call. The purpose of this change is to present our investor tech during 1:36 1 minute, 36 seconds the call and share our perspectives and insights in an endeavor to make the overall interaction richer. Looking forward to a good discussion. Handing over to Puniter to take this forward. 1:47 1 minute, 47 seconds Thank you. 1:49 1 minute, 49 seconds Thank you Press and good evening everyone. Happy to be back with all of you. 1:55 1 minute, 55 seconds Let me start with some thoughts about the Indian economy. 2:01 2 minutes, 1 second As we all know the India growth story remains strong and we continue to be one of the fastest growing major economies 2:09 2 minutes, 9 seconds in the world marching forward to become the third largest economy in a few years. 2:17 2 minutes, 17 seconds During the year, India's macroeconomic fundamentals have demonstrated confidence driven by robust consumption 2:25 2 minutes, 25 seconds and investment demand. At the same time, supportive fiscal deficit and robust 2:32 2 minutes, 32 seconds forex reserves put India on a strong footing to navigate through any of the geopolitical geoeconomic headwinds. 2:42 2 minutes, 42 seconds As India progresses to become a 5 trillion economy by 2028 and achieve the vision of Vix Bharat by 2047, 2:52 2 minutes, 52 seconds we will need substantial investments in infrastructure and we are already beginning to see strong traction on this 2:59 2 minutes, 59 seconds front. From industrial corridors and affordable housing to highspeed rail and smart cities, progress is visible across 3:08 3 minutes, 8 seconds the country. Central and state capex has also been increasing year on year. We strongly believe that this momentum is going to accelerate in the years ahead. 3:19 3 minutes, 19 seconds As India grows, so does the cement sector. I expect the cement demand to 3:26 3 minutes, 26 seconds grow at a kagger of 7 to 8% in the medium. 3:31 3 minutes, 31 seconds Let me now touch upon costs and cement prices. 3:36 3 minutes, 36 seconds As mentioned in our earlier calls, the cost trends for the cement industry were largely flattish in the recent past. 3:44 3 minutes, 44 seconds However, this situation has changed due to the West Asia conflict. The industry is seeing cost impact in three key 3:53 3 minutes, 53 seconds areas. Power and fuel, packing banks, and both inbound and outbound logistics. 4:02 4 minutes, 2 seconds Petco prices have soared to about 60 per ton and rupee depreciation is an added impact. 4:13 4 minutes, 13 seconds Supply crunch of bags and rising cost of PP granules has led to increase in 4:20 4 minutes, 20 seconds packing costs. Fuel costs have also gone up and there might be some more increases in the pipeline. 4:28 4 minutes, 28 seconds Having said that, we are taking various measures internally to mitigate the impact of rising costs to the maximum extent possible. 4:38 4 minutes, 38 seconds On the price side, we have seen improvements in the month of April in most of our key markets. We are 4:45 4 minutes, 45 seconds optimistic that this positive momentum on prices will continue in the near term 4:51 4 minutes, 51 seconds and could may well mitigate the impact of the cost. 5:00 5 minutes Moving on to the company overview. 5:03 5 minutes, 3 seconds As you are all aware, we are the fourth largest cementware in India with almost 50 million tons of cement capacity. 5:11 5 minutes, 11 seconds In financial year 26, we delivered our best ever of rupes 3,83 cr and a pat of 1157 cr. 5:22 5 minutes, 22 seconds We have a diverse product offering catering to all consumer segments and are happy to share that we are 5:30 5 minutes, 30 seconds adding a new premium product to our lineup called weather 365. 5:35 5 minutes, 35 seconds With this new addition, we are confident of strengthening our premium product offering to the end consumers and our channel partners. 5:44 5 minutes, 44 seconds We take pride in the journey of Dalmia over decades. We began our operations in 1939 5:51 5 minutes, 51 seconds with just 250 tons per day of cement capacity in the state of Tamila and today we serve over 23 states with our 5:59 5 minutes, 59 seconds cement capacity close to 50 million tons. 6:02 6 minutes, 2 seconds As you are all familiar with our geographical footprint, [clears throat] I will not go deep into that. But in this slide, we have included the status of our limestone reserves. 6:13 6 minutes, 13 seconds As can be seen, we have sufficient reserves across all our regions. In totality, we have 2.7 billion tons of 6:22 6 minutes, 22 seconds limestone reserves at our operational plants. In addition to this, we have virgin mines across the country which 6:29 6 minutes, 29 seconds will support our future expansion into new jobs and we are progressively augmenting our reserves as we go along. 6:41 6 minutes, 41 seconds I want to now spend some time on our strategic priorities. 6:44 6 minutes, 44 seconds Maximizing ROC from all our assets has been one of the top agenda items for the company and most of this and most of the 6:52 6 minutes, 52 seconds management bandwidth is being deployed to drive this. Capacity expansion and becoming a pan India plan is a key strategic priority. 7:04 7 minutes, 4 seconds All our announced projects in south and west are progressing well. We are now working on new projects to reach the 75 7:12 7 minutes, 12 seconds million ton capacity milestone. We will share details of the same with all of you in the near future. Our balance 7:19 7 minutes, 19 seconds sheet is our strength and as we pursue our capacity expansion journey, we would be extremely mindful of continuing to 7:27 7 minutes, 27 seconds maintain a healthy balance sheet in future as well. We are committed to have the highest corporate governance and a strong organization culture. Both of 7:36 7 minutes, 36 seconds these will continue to guide our actions as we take Dharma from strength to strength. I will now hand it over to 7:43 7 minutes, 43 seconds Dhandra to take you through the progress on our operating parameters. Thank you. 7:49 7 minutes, 49 seconds Thank you Puniji. Good evening everyone. 7:53 7 minutes, 53 seconds Please pardon me for my sore throat today. Just to reemphasize what Niji just mentioned, delivering high returns 8:01 8 minutes, 1 second on capital employed is a key strategic priority for us and we are addressing this on multiple fronts. 8:08 8 minutes, 8 seconds Delivering industryleading volume growth backed up by strong value proposition for our channel partners and customers is the key to higher capacity. 8:18 8 minutes, 18 seconds We have recently refreshed our brand identity and have adopted a new logo. 8:24 8 minutes, 24 seconds Keeping pace with the new bhat of today and tomorrow, we are doubling down on our efforts towards premiumization at 8:32 8 minutes, 32 seconds both product and price level. Various initiatives are being taken for better channel engagement and offering reliable 8:39 8 minutes, 39 seconds delivery to our partners. We have also made positive stride on our cost leadership. In this quarter, we delivered the lowest quarterly total 8:48 8 minutes, 48 seconds cost per quarter in the last five years, which demonstrates our unwavering commitment to be one of the lowest cost producers. 8:57 8 minutes, 57 seconds We'll talk a bit more about cost in the coming slides. 9:01 9 minutes, 1 second Now, let me give you a brief snapshot of our proceed performance. For ease of understanding the numbers, we have categorized our capital employee into 9:10 9 minutes, 10 seconds core sement operations and non-core line items. The key components of non-core line items are CWIP of about 2500 crores 9:20 9 minutes, 20 seconds intangibles arising out of group restructuring another about 2100 crores and rest is LA treasury investments 9:28 9 minutes, 28 seconds partially mitigated by deferred tax liabilities. 9:32 9 minutes, 32 seconds In financial year 26 we have been able to improve our royalty from corement assets by more than 200 basis points going up from 9.9% to 12.1%. 9:43 9 minutes, 43 seconds As more of our projects get commissioned, the CWIP value will keep getting converted into core human assets and start generating strong returns. 9:54 9 minutes, 54 seconds Our ongoing expansion projects at BAM and Pune as well as Karakpa will take our cement capacity to 61.5 million tons perano in the next 18 to 20 months. 10:05 10 minutes, 5 seconds Civil work at BAM project is complete while ENI work has started. We are actually expecting commissioning a 10:13 10 minutes, 13 seconds little ahead of our earlier announced schedule. 10:16 10 minutes, 16 seconds Ordering for all key equipments at Kapa project has already done. There have been some minor delays in Q426 which 10:24 10 minutes, 24 seconds have also resulted in lower than planned cash outflows during the quarter. Things are now back on track and we are confident that we'll be able to 10:32 10 minutes, 32 seconds commission this project somewhere between Q2 to Q3 of FY28. 10:38 10 minutes, 38 seconds Progress on Pune GU and Chennai terminal are also progressing satisfactory. 10:44 10 minutes, 44 seconds Total cash outflow on account of budget capex has been about rupes to 3200 kores in the last two financial years with all 10:52 10 minutes, 52 seconds projects picking picking up pace. We expect the pansion cash outflow in FI27 to be in the range of 2200 crores with a 11:01 11 minutes, 1 second total capex outlook for FI27 being 3200 to 3,400. 11:06 11 minutes, 6 seconds Moving to our performance for the year, we have closed the year with 2% volume growth and 6% revenue growth. We delivered ever 11:15 11 minutes, 15 seconds highest AITA of 383 crores up 28% versus previous year. Our PAT in FI26 was 1127 11:24 11 minutes, 24 seconds crores which is a jump of 65% versus previous year. Let me now cover each metric in the following slides. 11:35 11 minutes, 35 seconds During the quarter, our sales volume grew 3% YI to 8.8 million tons. Trade percentage for the quarter was 67% and our premium product share was 24%. 11:46 11 minutes, 46 seconds We'll continue to drive the agenda of premiumization aggressively in FI27 as well. 11:53 11 minutes, 53 seconds Revenue from operations improved driven by both realizations and volume growth. 11:58 11 minutes, 58 seconds Although oralizations appear flattish, it has actually improved by about 1.7%. 12:03 12 minutes, 3 seconds On a Q basis, if you adjust the one-off incentive approved last quarter, amounting to 46 crores. 12:11 12 minutes, 11 seconds Our incentive approvals during the quarter were rupes 45 crores. Total incentives outstanding at year end has 12:18 12 minutes, 18 seconds increased to 839 crores as collections for the quarter were subdued at just rupes 14 crores. This was due to delays 12:25 12 minutes, 25 seconds and payouts by a few state governments on account of elections. We expect this to normalize soon. 12:33 12 minutes, 33 seconds The material cost per ton of production reduced by 1% by to rupees 734 per ton. 12:39 12 minutes, 39 seconds This is despite the additional levy of material tax in Tamil Nadu at rupees 160 per ton. Compared to previous quarter, raw material cost has come down by 6%. 12:49 12 minutes, 49 seconds Our blended ratio has improved to 83% during the quarter which led to marginal improvement in CC ratio as well. 12:57 12 minutes, 57 seconds The power and fuel cost pattern of production has reduced 6% versus previous quarter despite costs. 13:05 13 minutes, 5 seconds We have been able to mitigate inflationary pressures with mix optimization and other initiatives on 4ear basis. Our cost per turn is 13:13 13 minutes, 13 seconds flat. Share of renewable energy jumped from 39% in Q4 last year to 47% this quarter while fuel cost stood at 1.36 rupees per me per k. 13:26 13 minutes, 26 seconds Given the volatile environment we will continue to focus on all big and small initiatives to keep power and fuel cost in check to the extent possible. 13:36 13 minutes, 36 seconds We continue to deliver one of the lowest logistic cost in the industry and have further improved on that during the 13:43 13 minutes, 43 seconds quarter. Our cost declined 6% YI to rupees 1,64 partner driven by multiple 13:50 13 minutes, 50 seconds initiatives. We achieved highest ever direct dispatch share during the partner at 65%. As we move forward, we'll 13:58 13 minutes, 58 seconds continue to balance the twin objectives of reliable service to our customers and cost excellence. 14:07 14 minutes, 7 seconds During the quarter other expenses increased by 4% by to 694 per ton primarily due to increase in packing cost towards the end of the quarter. 14:18 14 minutes, 18 seconds If you look at the total cost level we have continued to deepen our position as one of the lowest cost cement producers. 14:25 14 minutes, 25 seconds Happy to share that Q4 partn cost is the lowest quarterly cost in the last five years for DB. 14:32 14 minutes, 32 seconds at reported cost basis or cost per ton since Q1 FI25 has come down by rupees 183 per ton from 3973 to 3790. 14:44 14 minutes, 44 seconds If we see on adjusted basis that is after going impact of tamiladu minerals and fuel prices the fall is even steeper 14:52 14 minutes, 52 seconds that is rupees 211 per ton. On a full year basis FI26 adjusted cost is lower by rupees 100 versus FI25. 15:02 15 minutes, 2 seconds This decline is in line with the guidance we had given few years back and as we look forward we are confident of further improving on our cost 15:10 15 minutes, 10 seconds trajectory. Since cost reduction is a continuous journey in a very dynamic environment, we don't want to guide the speed. However, internally we will 15:18 15 minutes, 18 seconds always keep looking to deliver rupees 50 to 100 cost take out on an annual basis going forward. 15:27 15 minutes, 27 seconds Our aa has grown to 92 crores driven by all key labors that is volume realization and cost. The jump in a beta 15:36 15 minutes, 36 seconds is 14% versus previous year and 50% versus previous quarter. 15:42 15 minutes, 42 seconds A beta curtain was rupees 1,23 against the reported Q3 number of A23. However, adjusted for the one-off incentives of 15:51 15 minutes, 51 seconds 46 crores last quarter has improved by rupes 260 per turn on a sequential basis. 16:00 16 minutes As Kuni mentioned, balance sheet health is a key priority. Our net worth, our net debt stands at 1,428 crores 16:09 16 minutes, 9 seconds translating to a net debt to aida of 0.46 times which is well below the threshold level of two times as per our capital allocation framework. 16:20 16 minutes, 20 seconds Sustainability is central to how we operate and grow as a company. Our net emissions has been one of the lowest 16:28 16 minutes, 28 seconds among the cement companies globally at 471 kg. Our DGSI score has also significantly improved to 70 this year. 16:40 16 minutes, 40 seconds We continue to scale up our power capacity at a strong pace adding around 180 million megawatt this year. [snorts] 16:48 16 minutes, 48 seconds We will also be commissioning at 128 megawatt of RE capacity soon which will take us to 576 megawatt renewable energy 16:56 16 minutes, 56 seconds capacity. This will further increase our share of renewable uh power consumption and reinforce our commitment to sustainability. 17:07 17 minutes, 7 seconds Uh this is just a glimpse of some of the CSR interventions or limitations. We take immense pride in the impact we bring to the lives of people we touch 17:15 17 minutes, 15 seconds and we'll continue our relentless focus in this area. 17:21 17 minutes, 21 seconds Talking about governance, we have a strong board construct at the company which brings diverse expertise and education. 17:29 17 minutes, 29 seconds The layer below the board is the executive committee with seasoned professionals bringing together diverse industry expertise and functional 17:36 17 minutes, 36 seconds strengths and some of the best names in the industry are engaged with us either as auditors or giving us asurances and ratings on various parameters. 17:47 17 minutes, 47 seconds Talking about continuities, our tax related liabilities have come down drastically in FI26. 17:54 17 minutes, 54 seconds There was increase in mining and mineral related matters details of which will be covered in our annual report. Our total contain liability as percentage of 18:03 18 minutes, 3 seconds equity is 6% which is amongst the best in the industry. 18:08 18 minutes, 8 seconds Last on the key legal matters one of the key positives this quarter has been the progress in the BD land attachment case. 18:16 18 minutes, 16 seconds The alleged proceeds of crime have been substantially reduced from rupes 793 crores to rupees 93 crores which is nearly 90% reduction. The ED has also 18:26 18 minutes, 26 seconds ordered for the release of the entire land parcels by substituting the same with a bank guarantee of equivalent amount of rupes. With this I open the floor for questions. Thank you. 18:38 18 minutes, 38 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question, please use the raise hand feature available on 18:46 18 minutes, 46 seconds Zoom. When it is your turn, you'll be unmuted and announced. Ladies and gentlemen, we will wait for a moment while the question Q assembles. 18:56 18 minutes, 56 seconds We'll take our first question from Amit Murka from Access Capital. Please go ahead. 19:04 19 minutes, 4 seconds Amit, please unmute. Yes, please go ahead. 19:07 19 minutes, 7 seconds Uh yeah, hi. Uh thanks for the opportunity. Uh so just uh firstly on um the volumes like this quarter you had 19:15 19 minutes, 15 seconds some impact of the capacity uh the kill shutdown uh but generally speaking also in the last couple of years there has 19:22 19 minutes, 22 seconds been continued market share loss uh so what is the outlook that we can expect on volume and market shares let's say in 19:31 19 minutes, 31 seconds the coming couple of years I think u as I've said earlier uh you 19:39 19 minutes, 39 seconds know We want to look at a you know profitable volume growth this quarter. 19:44 19 minutes, 44 seconds You know we had a shut we had a an expected breakdown in East India and we lost uh uh you know some volume on 19:51 19 minutes, 51 seconds account of that. U but we have commissioned new lines in uh northeast and we are also going to commission our 20:00 20 minutes line in this year. Uh for all these new investments our you know priority remains to increase capacity 20:07 20 minutes, 7 seconds utilization. uh as fast as possible and I think um you know uh we will continue to ensure that um uh you know we are 20:17 20 minutes, 17 seconds able to uh scale up the utilizations in the right markets and um as I said in some markets we have to improve the 20:25 20 minutes, 25 seconds quality of sales which we've been doing and you've seen that uh in in our profitability so um you know it's a work 20:33 20 minutes, 33 seconds in process and overall I think we are pretty happy with the progress that we are Dr. Ch. Thank you. Just and one more 20:41 20 minutes, 41 seconds question on capacity like uh usually like there was a chart talking about 70 million tons and uh uh 110 115. So this 20:49 20 minutes, 49 seconds time it's missing. So how to read that and what's the current targets on capacity. Now 20:56 20 minutes, 56 seconds as I said I think our first milestone is you know by financial year 28 you want to be 75. um you know uh so we are 21:04 21 minutes, 4 seconds continuing to work on that and um our long-term target also remains the same as we had outlined earlier there's no 21:12 21 minutes, 12 seconds change just to add on this side I think covered in his opening remark that we are pretty 21:19 21 minutes, 19 seconds much on our way to chase 72 to 75 million in the next two years by FI28 that is pretty much a milestone that we 21:27 21 minutes, 27 seconds are chasing so it's not missing 110 30 million milestone you know we will be 21:34 21 minutes, 34 seconds declaring more as we go along. So you know even that uh destination as a part of being a pan India player is pretty much 21:42 21 minutes, 42 seconds and just a last question if I may. Um so there has been a lot of cost inflation due to the West Asia crisis. Uh how are 21:51 21 minutes, 51 seconds you placed to combat that and uh if you could give like some guidance on on on the cost inflation that you expect in Q1 and Q2? 22:01 22 minutes, 1 second So uh I mean we have done this assessment actually you know as you have seen our cost numbers for the quarter have been uh you know really good. I 22:08 22 minutes, 8 seconds think we uh there are challenges, there are headwinds as Munich mentioned on power and fuel, on packing and [snorts] 22:15 22 minutes, 15 seconds little bit on logistics output. Overall, if you were to see versus Q4 to Q1, we are expecting an impact of somewhere 22:24 22 minutes, 24 seconds between 125 to 150 rupees per ton. But that is uh you know what's coming and uh you know something we have to handle. We 22:33 22 minutes, 33 seconds are working off on ways and means to mitigate this in terms of our fuel mix in terms of our you know other initiatives and logistics to mitigate 22:40 22 minutes, 40 seconds these impacts. So we will see how the quarter pans out. Right now we are looking at a risk of 125 to 150 on the horizon and we are in the process of mitigating this. 22:49 22 minutes, 49 seconds Well thanks a lot. Thank you. 22:55 22 minutes, 55 seconds Our next question is from Rajes Ravi from HDFC Securities. Please go ahead. 23:04 23 minutes, 4 seconds Good evening. Am I audible? Yes. 23:08 23 minutes, 8 seconds Yeah. Uh sir, I wanted to ask in the presentation you have mentioned the like to like cost uh you know opex lead efficiencies that's 100 rupees per turn 23:16 23 minutes, 16 seconds which is a received achieved in FY26. Is this rating correct? Yes. 23:24 23 minutes, 24 seconds Cost reduction in FY26 on the efficiency basis you have achieved 100 rupees cost reduction right? Yeah. Yeah. On an 23:33 23 minutes, 33 seconds annualized basis, year to year 100 rupees in the reduction. Yeah. Yeah. Annual basis. Yeah. 23:38 23 minutes, 38 seconds And what more is expected or targeted for FYI27? 23:42 23 minutes, 42 seconds So you know actually we guided roughly I think four quart eight quarters ago you know on on the path we had to take we have lived that journey as we have shown 23:50 23 minutes, 50 seconds you know if you were to look at Q4 to Q4 on a basis we looking at 125 130 rupees. 23:56 23 minutes, 56 seconds as a as an organization we are chasing cost reduction I would say on a continuous basis internally we are targeting as puni mentioned somewhere 24:04 24 minutes, 4 seconds between 50 to 100 rupees take out every year so I think that's the way we want to see it we don't want to see it like a permanent you know milestone it's a it's 24:12 24 minutes, 12 seconds a moving target and we need to keep changing more and more as we go understood and the 125 to 150 cost 24:20 24 minutes, 20 seconds increase expected in Q1 over Q4 could you uh break it up between packaging and fuel cost what sort of numbers you're looking at. 24:29 24 minutes, 29 seconds I can give you an indication. I think the entire industry is looking at the same numbers. Packing would be somewhere between 80 to 90 bucks and the balance would be straight between logistics and power and fuel. 24:39 24 minutes, 39 seconds So this power and fuel uh the current inflated 30% odd or uh factoring in the rupee depreciation some 40% increase. Uh 24:47 24 minutes, 47 seconds if suppose the prices were to hold on at the current level since when would that start hitting numbers? 24:54 24 minutes, 54 seconds So uh a part of it has already started hitting but you know this the question is how do we respond to those increases I think we have been able to you know 25:02 25 minutes, 2 seconds optimize our fuel mix to make sure the impact is mitigated and that is exactly what we looking at photo one so it is not that the high costs have not started 25:10 25 minutes, 10 seconds to impact us this are alternative ways of sourcing and the fuel mix that is basically the lever to mitigate the impact 25:18 25 minutes, 18 seconds so can you expl what was the fuel mix in Q4 and what is uh at least Q4 and how you looking? 25:25 25 minutes, 25 seconds I guess we can we can speak we can speak offline and I can give you those numbers. 25:30 25 minutes, 30 seconds Sure. Sure. Uh next question comes on the uh you know uh the capex you have spelled out 2200 cr capex for uh FY27. 25:39 25 minutes, 39 seconds So incremental uh this is only for the uh ongoing project. So for full year what sort of number total capex for fi 25:46 25 minutes, 46 seconds 27 we are looking at 3800 to 30 crores. Sorry 3200 to 3400 range. 25:55 25 minutes, 55 seconds Okay. Okay. 25:58 25 minutes, 58 seconds This is all the announced project 32 3400 but as you know we mentioned we would be coming out with more. 26:06 26 minutes, 6 seconds Okay. And one last question I request you to join back the queue please as we have participants waiting for the Yeah. Yeah. Yeah. Thank you. 26:15 26 minutes, 15 seconds Next question is from Satya Jen from Ambbit Capital. Please go ahead. 26:22 26 minutes, 22 seconds Hi, can you hear me? Yeah, please go ahead. 26:27 26 minutes, 27 seconds Hi. Um, so first question um is on that 75 million done that you mentioned. Can you maybe come in um in the next two 26:34 26 minutes, 34 seconds years? Can you talk about what options you're looking at? Where are you in the ordering stage? 26:41 26 minutes, 41 seconds I think we can't talk right now. Um you know we share with you whenever you know 26:48 26 minutes, 48 seconds but you 7 by the end. 26:53 26 minutes, 53 seconds Sorry, we are getting some disturbance on the call. 26:57 26 minutes, 57 seconds I was just confirming that 75 million target by the end of FI28, right? 27:03 27 minutes, 3 seconds Yeah, we are pretty much chasing that mentioned that you know give or take a quarters here and there, give or take a few million there and there that is what 27:10 27 minutes, 10 seconds we Okay. And um just on the ex um investment I I know the shape it's also 27:18 27 minutes, 18 seconds been docked down by um all these news around market coupling but what's your um uh expectation on uh the remaining 27:25 27 minutes, 25 seconds stake that you have we have said that is a north asset for us and we haven't you know that asset we 27:34 27 minutes, 34 seconds waiting for the right opportunity to do that and we will do we've already liquidated half a position and I think the balance position also we will liquidate as we find it. 27:45 27 minutes, 45 seconds Okay, thank you so much. Thank you. 27:52 27 minutes, 52 seconds Next question is from Pratik Kumar from Jeff. Please go ahead. 28:01 28 minutes, 1 second Give me a moment please. 28:07 28 minutes, 7 seconds Pratik Kumar kindly unmute and go ahead with your question please. Yeah, Ging congrats for great numbers. 28:14 28 minutes, 14 seconds My first question is on your clinker utilization. Can you give clinker utilization for the year and if clinker utilization in specific regions impacted 28:22 28 minutes, 22 seconds volume growth for the quarter we don't share the capacity utilization 28:29 28 minutes, 29 seconds for clinker and that we will not go there. I think we have made quite a lot of additional disclosures in this time are invested right but this is something 28:38 28 minutes, 38 seconds that you know but I think we do share a CC ratio so I think that can give you an indication uh but that is not a factor which uh 28:47 28 minutes, 47 seconds impacted uh your volume growth uh this quarter sorry can you repeat your question 28:54 28 minutes, 54 seconds but is this not a factor which would have impacted uh uh your volume growth in peak quarter uh which is this quarter yeah we've already said that in slides 29:03 29 minutes, 3 seconds that you know there was about you know an unexpected one-off breakdown which has uh resulted in a 3% bio growth lower 29:12 29 minutes, 12 seconds to think in quarter three we registered a 10% volume growth so I think we were able to you know exhibit performance a 29:19 29 minutes, 19 seconds little ahead of the industry quarter four started on a high in the month of March as you would have seen in our estimation stock exchange we actually 29:27 29 minutes, 27 seconds had a breakdown we lost roughly 1.5 lakh tons of link and 300,000 of cement and that is the reason that you know you see 29:34 29 minutes, 34 seconds subq growth in quarter 4. I think in the long-term basis I think we're very optimistic that we'll get back to our sale growth momentum and you know 29:42 29 minutes, 42 seconds outperforming the industry in the quarter. Uh sure. Other question is on pricing. 29:49 29 minutes, 49 seconds We talked about price increases in the month of April. Uh uh so this enough to cover the cost inflation expected over 29:57 29 minutes, 57 seconds next two quarters. How do you think about that? 30:01 30 minutes, 1 second Look, we we are in a dynamic world and you know, nobody knows uh you know what the cost inflation will be. But if I look at the first uh you know fortnight 30:10 30 minutes, 10 seconds of April, so far whatever are the cost increases we've been able to pass on uh through the price increase and we are 30:17 30 minutes, 17 seconds quite hopeful that this will sustain. So largely you know hopefully we should be able to protect the markets but again it's a dynamic world. We'll have to see 30:25 30 minutes, 25 seconds how the you know prices behaves and will the energy prices pull off. Will the you know supply chains become more reliable? 30:34 30 minutes, 34 seconds We'll have to see all of that. But as of now I think you know the impact of cost has been positive. 30:43 30 minutes, 43 seconds Uh sure. Thank you. These are my questions. Thank you. 30:48 30 minutes, 48 seconds Next question is from Shraan Sha from Dalat Capital. Please go ahead. 30:55 30 minutes, 55 seconds Uh hi sir uh sir is it possible to quantify both trade non-trade hike in 31:02 31 minutes, 2 seconds your uh core operations of the regions in April. 31:09 31 minutes, 9 seconds Do you want us to share what sur uh cement price hike taken by uh you or the industry in April in your core regions? 31:19 31 minutes, 19 seconds [clears throat] 31:19 31 minutes, 19 seconds I think it's it's a moving number you know it's not that you know one market one price is stable so but overall as you know which has mentioned the pricing 31:28 31 minutes, 28 seconds have happened and we are looking at recovering more than the cost that will be 31:34 31 minutes, 34 seconds okay and sir uh given that now for for uh the uh uh expansions cut up that 31:42 31 minutes, 42 seconds previously we are looking at Q2 FI28 that now we are seeing it could be a Q3 FI28 also So and at the same time we are 31:52 31 minutes, 52 seconds still not announced the next expansion to reach a 75 million t but still we are sticking to it. So what gives the 32:00 32 minutes confidence because that's the one thing which is not uh uh even if when you announce and whether it will be we will 32:07 32 minutes, 7 seconds be able to reach a 75 million ton uh can you can you help us more that 32:14 32 minutes, 14 seconds I would just say that you have to take confidence from our confidence to do this as I said you know this could be a 32:21 32 minutes, 21 seconds couple of quarters here and there a couple of million tons here and there but just wait for you know us to come up with more announcement and then we'll be 32:29 32 minutes, 29 seconds able to share more details but as of now I think you know Karapa one quarter you know we also said welcome is a 32:36 32 minutes, 36 seconds littlehead of schedule sorry we can we get the others muted please 32:44 32 minutes, 44 seconds can you please mute your connection there's lot of background noise from your line yeah sorry sir please go ahead yeah as I said you know might be a 32:53 32 minutes, 53 seconds little delayed welcome a little ahead of time by and large the story is intact in the next 8 to 9 quarters we are looking 33:02 33 minutes, 2 seconds forward to reach somewhere between 72 to 75 million of and sir on the volume growth I 33:09 33 minutes, 9 seconds understand in last two years also just a 2% kind of a growth uh sir is it possible to to say that we 33:17 33 minutes, 17 seconds are seeing 7 8% kind of a industry growth for couple of years for us for fi 2728 how one can look at will it be 33:26 33 minutes, 26 seconds still lower than the industry growth or at par or better than industry growth. 33:31 33 minutes, 31 seconds We are aiming to deliver better than industry. 33:36 33 minutes, 36 seconds Okay. And the capex for fi 28 would beh once we announced so broader would be the last time we said 2728 put together 33:45 33 minutes, 45 seconds would be a close to 9,000 odd. So that way one can look at I think last time we said that for the next two years we're looking at 3,000 to 33:53 33 minutes, 53 seconds 3500 every year. So I think that's pretty much be what you're saying today also three uh new announcements 34:02 34 minutes, 2 seconds because that math will not tell if you want to reach a add another 10 odd million tuh uh to reach that we need to 34:11 34 minutes, 11 seconds do a a decent capex so at least 6 7,000 k to reach that so let's wait for the next announcement we 34:19 34 minutes, 19 seconds have said this is the capex without any announcements okay okay thank Thank you. Thank you. 34:28 34 minutes, 28 seconds Uh the next question is from Sedhart Meotra from KOTC Securities. Please go ahead. 34:36 34 minutes, 36 seconds Uh thank you for the opportunity. Sir, I just wanted some uh sense of the breakup of this capex guidance for 2027. 34:45 34 minutes, 45 seconds So roughly this 3200 3,400 odd crores. 34:48 34 minutes, 48 seconds if you could help me understand different projects maintenance capex any other capex such as renewables that would be very helpful so that's my first 34:57 34 minutes, 57 seconds question so I think in the I think covered that you know 32 to 3400 the overall guidance 35:05 35 minutes, 5 seconds roughly 2200 to 2300 would be on account of the expansion which is underway so I think balances by and large you know are 35:14 35 minutes, 14 seconds capexes and plans That's the latest and any further details you would rather avoid. I think 35:23 35 minutes, 23 seconds our balance she will keep talking as and when we spend them. 35:28 35 minutes, 28 seconds Uh okay. So basically the thousand cr which is over and above the uh projects announced basically maybe we can split 35:35 35 minutes, 35 seconds them half into maintenance capex and half into efficiency projects. Is that the correct way to think about it? also some land also. 35:44 35 minutes, 44 seconds So this this 50/50 is not the right way but I think we can keep it at that and the thousand would be for our regular rotations. 35:52 35 minutes, 52 seconds This will this will be a mix you know this is a moving thing you know there are return capexes expansion you know some small futuristic capexes and 35:59 35 minutes, 59 seconds maintenance capes we don't want to split hairs beyond understood sir and out of this total 36:06 36 minutes, 6 seconds capex of like 6800 odd crores for the two announced projects already uh roughly what proportion of capeex is 36:15 36 minutes, 15 seconds pending cex is pending yes what proportion of this 6,800 cr of 36:23 36 minutes, 23 seconds capex is spending for us pertaining to these projects which have already been announced. 36:28 36 minutes, 28 seconds we won't have that percentage handling you know the way the incurs of the projects keep running and the payment cycles keep coming you know after a while so what cash out has happened 36:37 36 minutes, 37 seconds versus what is the progress done on the project are two different numbers we won't have that handy but I don't think we should worry about that just look at 36:44 36 minutes, 44 seconds you know the commissioning outlooks for the organization we are on track as we have said and that's you know where we would want to leave it 36:53 36 minutes, 53 seconds got it so thanks uh for this uh just one small sort of query uh do we sort of expect any meaningful 37:01 37 minutes, 1 second change in fuel mix to happen over the next say two or three quarters like uh is that something which uh is possible 37:08 37 minutes, 8 seconds and if yes what would be the possible quantum of the shift? 37:13 37 minutes, 13 seconds Can you repeat the question please? Uh sir are we expecting a meaningful change in the fuel mix to happen say away from 37:20 37 minutes, 20 seconds pet coal maybe higher coal mix higher efr and if that is the case maybe can we sort of uh quantify what sort of change 37:29 37 minutes, 29 seconds in mix will happen the fuel mix situation is quite dynamic region to region plant to plant I think any kind 37:38 37 minutes, 38 seconds of may not hold true after that but directionally you know as pets get more expensive we have to look alternate 37:45 37 minutes, 45 seconds directly what we are doing wash and local folks and alternate that's directly what we achieve. 37:54 37 minutes, 54 seconds Got it. So thank you. Thank you for your time. Thank you. Thank you. 37:59 37 minutes, 59 seconds Before we take the next question like to remind participants to ask a question please use the raise hand feature. 38:06 38 minutes, 6 seconds Next question is from Jinam Sha from Insect Securities. Jam please go ahead with your question. 38:17 38 minutes, 17 seconds China we unable to hear you 38:26 38 minutes, 26 seconds since there is no response we'll move on to our next question from Sake Kapoor from Kapoor and company please go ahead 38:37 38 minutes, 37 seconds sake can you please unmute your connection yeah namaskar sir hope I'm audible Sir. Yes. Yes sir. 38:44 38 minutes, 44 seconds Yeah. Thank you sir. Sir firstly if you could give uh some color on the uh the capacity addition for the industry as a 38:52 38 minutes, 52 seconds whole for the year ending uh March 26 and what is NVIS as the capacity 38:59 38 minutes, 59 seconds addition for the current year which are in the pipeline years. 39:05 39 minutes, 5 seconds Yeah. Second here. So uh so if I just you know broadly talk about the entire industry I think uh the industry is 39:13 39 minutes, 13 seconds adding somewhere around 160 to 160 million tons of uh you know audio is not very clear 39:21 39 minutes, 21 seconds u s just to repeat again I'm seeing that for the industry as a whole the cement industry expected to add somewhere 39:29 39 minutes, 29 seconds around 160 to 170 million of capacity between 26 to 28 and out of that uh around 40 odd million t has been 39:38 39 minutes, 38 seconds commissioned in 26 so far. So somewhere the balance of around 110 to 120 odd million t of the capacity is expected in the next two years. 39:50 39 minutes, 50 seconds Correct sir and sir in in terms of the in terms of the average utilization uh if you could just give some color on how 39:58 39 minutes, 58 seconds the utilization for the industry has been for year ending March 26. 40:04 40 minutes, 4 seconds So as of now most of the companies are yet to announce their results. So it would be a little difficult to uh estimate that but uh because very 40:12 40 minutes, 12 seconds broadly we have seen as a trend industry you know somewhere operates between 65 to 70% of declaration and uh we believe 40:20 40 minutes, 20 seconds that that will uh be of a similar ballpark number in this and s as you alluded in your 40:28 40 minutes, 28 seconds presentation about the benefits that we have uh we have garnered out of the cost reduction exercise but now with the with 40:36 40 minutes, 36 seconds the inflationary trends pet petco prices and and even industrial diesel prices being uh being being hiked earlier. So 40:44 40 minutes, 44 seconds are these gains will be weaned out in uh in the times to come or what should be our uh trajectory in terms of cost 40:52 40 minutes, 52 seconds reduction per turn? I think so we did some very good numbers last year. So where do we you see ourself placed for 41:00 41 minutes the current year in terms of the inflationary trends which we are witnessing currently? 41:06 41 minutes, 6 seconds I don't know sir how to answer this question. We have said we are chasing 50 to 100 rupee reduction internally this is our initiatives what happens externally is something that we will 41:15 41 minutes, 15 seconds have to see and you know bake in our numbers as and when they come. So that's where we'll have to leave it for any modeling that we want to do. I think both these line items have to be modest. 41:26 41 minutes, 26 seconds Come again sir. 41:28 41 minutes, 28 seconds I saying we are chasing internally as we said 50 to 100 rupees cost take out every year. That's internally what we want to chase. What happens as an 41:36 41 minutes, 36 seconds external impact in terms of inflation and headwinds you will have to factor in as and when they come in. 41:42 41 minutes, 42 seconds No sir you are correct there. But what what I was trying to make sense is how have the inflationary trends affected 41:48 41 minutes, 48 seconds our uh gains that we have uh booked last time because of the cost reduction exercise with the type of inflationary 41:55 41 minutes, 55 seconds trends currently we have how much have that being mitigated I think you can look at the the right hand side of the chart where you have 42:03 42 minutes, 3 seconds seen shown you know adjusted numbers for the Tamilan s and Petco I think that is the right way for you to understand our opinion performance 42:11 42 minutes, 11 seconds and as covered in remarks also I'll get that uh we expect about 100 20 150 rupees increase in the coming quarter 42:19 42 minutes, 19 seconds which is imposed on us by sir. Thank you. Thank you sir. 42:28 42 minutes, 28 seconds Next question is from Indrajit Agarwal from CLSA. Please go ahead. 42:34 42 minutes, 34 seconds Uh hi. Hi sir. Thank you for the opportunity. I have one question actually two questions. One how has the demand trend been in April so far? I 42:42 42 minutes, 42 seconds know it's too early but given the price hikes across commodities are you seeing any weakening of mainly ISB demand 42:52 42 minutes, 52 seconds I think uh you know demand in April seem to be holding up u you know in cement we 43:00 43 minutes have usually seen based on our past experience that even if there is a slowdown uh it takes some time to uh you 43:09 43 minutes, 9 seconds know feel the slowdown in the industry because the existing projects keep getting completed the new projects could 43:17 43 minutes, 17 seconds get offered and similarly you know when the economy picks up acceleration maybe so I think it's too early to decide whether there's a slowdown or not in 43:26 43 minutes, 26 seconds April I think the effects in my view will get you know visible in probably a couple of quarters only so month to 43:34 43 minutes, 34 seconds month I don't think we can conclude anything I think maybe H2 will be the real test of you know what's going to happen. uh 43:43 43 minutes, 43 seconds it's too early to say right but as Punichi mentioned for the full year we're looking at a decent demand so we are hopeful and anyhow we had a 43:52 43 minutes, 52 seconds little lower investor base also last year in quarter one and quarter two on account of high let's see we are optimistic on the demand 44:00 44 minutes sure and we are confident of growing ahead of the industry for F27 right yes my second question is on availability of 44:08 44 minutes, 8 seconds key raw materials like let's say pet coke which is imported or PVC granules. Are you seeing any issues with that? 44:15 44 minutes, 15 seconds Pricing aside but is availability of some of these raw materials a concern now the cost has gone up and supply 44:23 44 minutes, 23 seconds disruptions we have been able to overcome through timely interventions. 44:28 44 minutes, 28 seconds We have not faced issues in terms of availability and I don't foresee that problem to come but cost cannot be controlled at this. 44:38 44 minutes, 38 seconds Sure. And one more if I may. uh what would be the sensitivity of freight cost to diesel price increase? Let's say if 44:45 44 minutes, 45 seconds there's a 5% diesel price increase pump price increase how much could the freight cost go up 44:52 44 minutes, 52 seconds typically I think if you have to use the formula every 5% jump 15 rupees per cost 44:59 44 minutes, 59 seconds roughly that's the ballpark so 5% rise in diesel price is 50 rupees per turn in cost 50 one5 45:06 45 minutes, 6 seconds yeah yeah 15 right thank you that's all from my side and just to your first point what you said I think the the situation in March 45:15 45 minutes, 15 seconds was a little tough for the industry. I think we take a lot of pride in the way we have been able to navigate the month of March and you know without you know 45:22 45 minutes, 22 seconds taking too much pressure on cost at the same time ensuring regular supply. I think uh we have played this game well and I'm confident they continue to 45:32 45 minutes, 32 seconds no this is very helpful. Thank you so much. Thank you. 45:37 45 minutes, 37 seconds Next question is from Harsh Mittal from MK Global. Please go ahead. 45:44 45 minutes, 44 seconds Harsh please unmute yourself. Yes please go ahead. 45:47 45 minutes, 47 seconds Thank you. Thank you for the opportunity. The first question uh is that uh in the slide number 11 we have mentioned that our limestone 45:56 45 minutes, 56 seconds is more than 48 years in the southern region. Uh so sir as per public data we have seen that Dalmia has has been 46:04 46 minutes, 4 seconds selected as the preferred bidder in multiple mines in Tamil Nadu in the month of February this year. So uh does 46:12 46 minutes, 12 seconds this reserves uh include uh the reserves won recently? Yes. Yes sir. Sure. 46:21 46 minutes, 21 seconds So what would be the uh quantum of the reserves which we added? If you can share that data 46:29 46 minutes, 29 seconds quantum I don't have it off and h maybe we can share separately. 46:34 46 minutes, 34 seconds Okay. Uh second question sir uh uh our cement and clinker there is a mismatch in the particularly in the northeast 46:42 46 minutes, 42 seconds region. So uh do do we expect any grinding capacity addition in the 46:49 46 minutes, 49 seconds northeast region uh as part of your 72 to 75 million t plan. 46:56 46 minutes, 56 seconds Yes sir I think you can expect that. Let us wait for more announcement but yes you are right and we might be looking at a granting capacity soon. 47:05 47 minutes, 5 seconds Uh any any the size of the grinding capacity sir if you can uh will it be 2 million t three four any capacity if you can just share. 47:14 47 minutes, 14 seconds I said I would suggest let's wait for the opportune time to have a chat. 47:18 47 minutes, 18 seconds Sure sir. Thank you. These were my questions. Okay. Thank you. 47:24 47 minutes, 24 seconds Next question is from Rajesh Ravi from HDFC Securities. Please go ahead. 47:31 47 minutes, 31 seconds Hi sir. Uh two questions. Uh one if I am I audible? Yes please. Yes. 47:36 47 minutes, 36 seconds Yeah. So if I look at the change in the assets on the annual basis I see a number of uh you know much higher number 47:45 47 minutes, 45 seconds of around 3500 crores whereas in the capex outflow has been close to 2,000 47:51 47 minutes, 51 seconds cr. So for the full year could you reconcile why there is a sharp different of 1500 cr between the two numbers 48:00 48 minutes I think there is one more line item that you need to look at the other financial liabilities a lot of cips that we have incurred during the year is still 48:08 48 minutes, 8 seconds standing as payable in our books and that is actually one reason that you know the the guidance we gave earlier in terms of the cash out capex is much 48:16 48 minutes, 16 seconds lower in this quarter and you know as we were you know we all know towards the end of you know of this entire geog ical situation started. So I think we have 48:24 48 minutes, 24 seconds just deferred our cash flows a bit u and that is sitting in our liabilities and that should get sorted in the next couple of a few months and quarters. 48:32 48 minutes, 32 seconds Understood. So this 3,300 cr capex outflow which you're targeting for FI27 uh that includes this one or this will 48:40 48 minutes, 40 seconds be over and above the uh you know 1,000 cr or or whatever number uh which is sitting as liabilities in FI26 and 48:49 48 minutes, 49 seconds yeah next year number includes the liability of this year which will get paid up next year. 48:54 48 minutes, 54 seconds Okay. So in fresh capex amount would be much lower. Is this understanding correct? for FY27 49:01 49 minutes, 1 second this would be so you might see the opening closure in a similar way. 49:08 49 minutes, 8 seconds Okay. Okay. And uh last question from my end would be on the uh recent uh you know uh uh news going on the uh SFIO has 49:19 49 minutes, 19 seconds uh you know filed uh has tried to reopen the mutual fund case and I think MCO MCA 49:27 49 minutes, 27 seconds has initiated or have instructed uh relevant bodies to reinvestigate. Could you please throw some light if there is 49:33 49 minutes, 33 seconds any progress or you have as a company received any notice from uh the relevant authorities? 49:40 49 minutes, 40 seconds Yes, we can't be responding to rumors. 49:42 49 minutes, 42 seconds If there's anything that has to be reported will reported in the proper man right now. So nothing has come at a company level. 49:51 49 minutes, 51 seconds We cannot receive any communication. 49:53 49 minutes, 53 seconds Okay, understood. That's that's nice. Uh yeah, that's all from my end. Thank you. Thank you. 50:01 50 minutes, 1 second Next question is from Hane Borisha from Sequent Investment. Please go ahead. 50:09 50 minutes, 9 seconds Ethan, please unmute your audio. Am I audible now? Yes, please go ahead. 50:16 50 minutes, 16 seconds Yeah, sorry, I was on mute. Yeah. Uh, so I have only one question. Most of the questions have been answered. So, sir, you mentioned we have took a price hike 50:25 50 minutes, 25 seconds in April which all the cost has been passed on. So if you can quantify what is the total price I we have took in April so far. 50:36 50 minutes, 36 seconds We are still in the middle of April. 50:38 50 minutes, 38 seconds I think we have already said that um you know so far we have been able to pass on the cost increase through price hikes 50:47 50 minutes, 47 seconds and hopefully we should able to maintain it and there should be no margin compression. Okay. Okay. 50:55 50 minutes, 55 seconds Oh, understood. Understood. Thank you. Thank you. 51:02 51 minutes, 2 seconds Ladies and gentlemen, we request you to limit your questions to two at a time, please. Next question is from Shravan Sha from Dalat Capital. Please go ahead. 51:12 51 minutes, 12 seconds Uh hi. Uh sir, uh our CC ratio if I look at last two years of almost it has 51:19 51 minutes, 19 seconds declined from 1.7 to now 1.6. So any specific reason and will it remain here or we will try to increase? 51:33 51 minutes, 33 seconds I think again it's a dynamic situation. 51:37 51 minutes, 37 seconds Uh we will take a call market to market but our long-term goal is to uh increase 51:43 51 minutes, 43 seconds the CC ratio and you know our car. So uh quarter on quarter uh I don't think we 51:50 51 minutes, 50 seconds can look at this. decided to look toward a shifter medium and our endeavor will be to improve it over medium. 52:01 52 minutes, 1 second Yeah, because I I look at for last two years. So in two years it has from FI 24 till F26 in almost 3 years it has 52:08 52 minutes, 8 seconds decline. That's what I asked. I am not looking at on Q. 52:13 52 minutes, 13 seconds Uh no issues. Uh last s incentive for FI27 in terms of booking would be around 200 K. 52:23 52 minutes, 23 seconds Yes please. 52:24 52 minutes, 24 seconds Okay. Okay. Got it sir. Thank you and all the best. 52:27 52 minutes, 27 seconds Thank you. Thank you ladies and gentlemen. We'll take that as the last question for today. I now hand the conference over to Mr. Punit Dalmia for closing comments. Over to you. 52:38 52 minutes, 38 seconds Thank you. I think we've had a you know very good year in terms of profitability and our first quarter also. Um we've done the highest ever over 900 cr this 52:47 52 minutes, 47 seconds quarter and we've dropped 3,000 cr for the first time. Um our capex is ongoing. 52:54 52 minutes, 54 seconds We are you know very optimistic about the future of uh the Indian economy and we will continue to invest behind uh the 53:03 53 minutes, 3 seconds growth in India. U there will be headwinds along the way and I've always said that this is not a straight road to paradise. There'll be bumps along the 53:11 53 minutes, 11 seconds way. We will navigate those bumps as we've shown resilience over the last 80 years. Um you know we've never been more excited about the future as we are now. 53:19 53 minutes, 19 seconds And I'm also very happy that our executive committee and our team is coming together uh very well. So uh 53:26 53 minutes, 26 seconds thank you for your interest and I look forward to continuing this conversation uh in the coming quarters. Thank you. 53:33 53 minutes, 33 seconds Thank you members of the management team. On behalf of Dalmiah Bharat Limited that concludes this conference. 53:39 53 minutes, 39 seconds Thank you for joining us and you may now exit the meeting. Thank you.