Gujarat Gas Limited — Q3 FY26

Gujarat Gas Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=3AsUPQBhQIY Published: 3 months ago

0:01 1 second Ladies and gentlemen, good evening and welcome to the Gujarat Cast Limiteds Q3 FY26 earnings conference call. As a 0:10 10 seconds reminder, all participant lines will be in the listen only mode. There will be an opportunity for you to ask questions after the presentation concludes. 0:20 20 seconds Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchstone phone. 0:30 30 seconds Please note that this conference is being recorded. 0:34 34 seconds I now hand the conference over to the company secretary of Gujarat Gas, Mr. Sepe. 0:41 41 seconds Thank you and over to you Mr. Dawe. 0:44 44 seconds Thank you. Good day everyone. A very warm welcome to Q3 earning call of Gujarat Gas Limited. I am Sep 0:51 51 seconds head of corporate communication at G at GGL. Just to give an update on the scheme of arrangement. Uh since our last 0:58 58 seconds earning call uh the scheme of arrange we have filed the scheme of arrangement with the ministry of corporate affairs. 1:04 1 minute, 4 seconds Uh the ministry of we are expecting date of final hearing from ministry of corporate affair which we are received. 1:10 1 minute, 10 seconds There were certain queries from MCA which we have addressed and we are expecting that uh final hearing of uh the matter should take come up somewhere in middle of February. 1:20 1 minute, 20 seconds That takes us to completion of the scheme by end of April including allotment of shares to GGL and GTL shareholders. 1:28 1 minute, 28 seconds Uh coming back to GGL. Uh just to give a brief background on GGL. GGL is the largest city gas distribution company in India. It is operating in 27 1:37 1 minute, 37 seconds geographical areas spread across six states and one union territory. We are good mix of mature and emerging CGD areas. We have developed pipeline 1:46 1 minute, 46 seconds network of more than 44,550 kilometers which provide natural gas to approximately 23.83 lakh households, 1:55 1 minute, 55 seconds four 4,454 industrial customers and 15,900 commercial customers. We also operate 2:04 2 minutes, 4 seconds 833 CG stations serving approximately four lakh vehicles per day. We are aggressively setting up CG infrastructure as well as upgrading CNG 2:12 2 minutes, 12 seconds infrastructure to promote use of clean and green fuel. 2:16 2 minutes, 16 seconds GGL aims to deliver affordable, reliable and cleaner energy by operating or responsibly and performing with excellence while considering 2:24 2 minutes, 24 seconds environment, social and governance factors. As part of our commitment to ESG initiative, we have signed eight new 2:32 2 minutes, 32 seconds tripart agreement with biogas producers and m scale for purchase of CBG. This takes us total tally of agreements 2:40 2 minutes, 40 seconds signed for CBG to 27 including uh eight C eight agreements signed during the quarter. 2:49 2 minutes, 49 seconds We embarked on major digitization drive across various business operation and processes. Our major contribution to environment is by virtue of promoting 2:56 2 minutes, 56 seconds use of gas for industrial customers. GGL by virtue of its average Q3 PNG sales to industrial customers reduced CO2 3:05 3 minutes, 5 seconds emission by approximately 56 lakh kg per day due to PNG utilization by customers instead of coal and through its C CG 3:13 3 minutes, 13 seconds sale we have reduced CO CO2 emission by approximately 21 lakh kg per day due to national gas utilized by customers 3:20 3 minutes, 20 seconds instead of petrol and diesel. We have been conferred with supply chain champion award in gas sector by institute of supply chain management in 3:28 3 minutes, 28 seconds supply chain ranking 2025. We are amongst top 10 supply chain champions as per isme data. We are pleased to 3:36 3 minutes, 36 seconds announce that the company has engaged Mckenzian company as a strategic consultant to evaluate growth opportunities within our existing 3:43 3 minutes, 43 seconds businesses as well as to advise on both organic and inorganic expansion initiatives. At Gujarat Gas, we have 3:50 3 minutes, 50 seconds highest standards of safety and a strong culture of safety. GTL is an ISO certified organization for integrate 3:57 3 minutes, 57 seconds integrated quality occupational health, safety and environment management systems. We build, create and maintain a 4:06 4 minutes, 6 seconds safe and reliable gas network in our areas of operation. With this brief background of G&GGL, I now request Mr. Deepen Chavan to share business updates. 4:14 4 minutes, 14 seconds Over to you, Deepen. Thank you, Sep. Good afternoon everyone. 4:20 4 minutes, 20 seconds First I'll update on the domestic and commercial segment. We are seeing a positive growth in the domestic segment. 4:26 4 minutes, 26 seconds GGL's customer base is now more than 23.83 lakh domestic customers. GGL has added 38,000 commission customers in Q3 4:36 4 minutes, 36 seconds FY26 and registered 40,000 customers in Q3 FY26. 4:41 4 minutes, 41 seconds The commercial segment is showing a steady growth in connection numbers. We expect the numbers in the domestic and commercial segment to increase over a 4:50 4 minutes, 50 seconds period of time as the new new areas mature. ETL at present has a customer base of 15,897 4:58 4 minutes, 58 seconds commission commercial customers. Now let me update on the industrial segment. In the industrial segment, sales volume 5:05 5 minutes, 5 seconds were 3.93 MMS CMD for quarter ended 31st December 2025. Whereas the sales volume 5:12 5 minutes, 12 seconds during the previous quarter was 4.35 mm cmd and overall decrease of approximately 10%. The average morby 5:21 5 minutes, 21 seconds volumes during the quarter was 1.6 mm cmd and nor morby volume was 2.25 mm 5:27 5 minutes, 27 seconds cmd. The morby volume reduced from 2.13 mm cmd in Q2 FI26 to 1.68 MMS cmd in Q3 FI26. 5:40 5 minutes, 40 seconds As anticipated, the prop and prices remained considerably lower than the GGL's natural gas prices due to which 5:48 5 minutes, 48 seconds Mori volumes were lowered during the quarter. The nonmorby volumes of 2.25 MMS CMD for quarter ended 31st December 5:57 5 minutes, 57 seconds 2025 has grown from 2.22 MMS CMD during the previous quarter. That is an increase of approximately 1%. 6:08 6 minutes, 8 seconds The non morby volumes have shown a steady growth despite the Diwali festival where majority of the non morby 6:15 6 minutes, 15 seconds market have lower consumption. The non morby volumes has grown by approximately 6:22 6 minutes, 22 seconds 7% as compared to the same period in the previous financial year. The recent reduction in sport RLG prices and crude 6:31 6 minutes, 31 seconds prices enable GG to reduce the prices in Mori ceramic segment by rupees 4 rupees 6:38 6 minutes, 38 seconds 50 pesa per SCM with effect from January 1st 2026. 6:43 6 minutes, 43 seconds The reduction in natural gas prices coupled with increase in propen prices has enabled GGL to reduce the price differential to propen that is natural 6:53 6 minutes, 53 seconds gas premium by rupees 2.4. 40 per SCM. 6:58 6 minutes, 58 seconds The prop and prices are expected to increase further during the month of February which shall further reduce the premium of natural gas. We expect the 7:07 7 minutes, 7 seconds more volumes to increase from the current levels during this quarter. We continue to monitor the various aspects 7:14 7 minutes, 14 seconds affecting the volumes that is price movements of sport RNG and alternate fuels and consumer demand across all our 7:23 7 minutes, 23 seconds operating areas and shall adjust to such market dynamics so as to maintain balance between margins and volumes. 7:31 7 minutes, 31 seconds Finally, let me update on the CNG segment. PTL reported a strong performance in Q3 FY26 driven by robust 7:40 7 minutes, 40 seconds growth in EMG volumes and expanding infrastructure. CNG sales rose by 11% year-over-year with Gujarat recording a 7:49 7 minutes, 49 seconds 9% increase and areas outside Gujarat delivering a notable 22% growth undercoring GGL's success in deep presence across geography. 8:00 8 minutes As of December 2005, the CNG vehicle bid across vehicles network reach approximately 16.94 lakh compared to 8:09 8 minutes, 9 seconds 14.89 lakh a year earlier reflecting a solid 14% growth. CNG continues to offer 8:17 8 minutes, 17 seconds a compelling economic advantage being approximately 45% cheaper than petrol and 23% cheaper than diesel further 8:25 8 minutes, 25 seconds reinforcing the attractiveness am I mean amid volatile fuel prices looking ahead is well positioned to capitalize on 8:33 8 minutes, 33 seconds increasing shift towards cleaner energy with ongoing infrastructure development a growing CNG vehicle base and strong 8:41 8 minutes, 41 seconds customer adoption the company remains confident in maintaining its growth trajectory and strengthening its 8:48 8 minutes, 48 seconds leadership in the CNG segment. Finally, I'm happy to update that during FY 26, 8:56 8 minutes, 56 seconds we mark significant milestones in our company's digital transformation journey with a soft focus on innovation and operational excellence as we go for 9:04 9 minutes, 4 seconds merger. We have planned to strategically expand our enterprise resource planning ecosystem to incorporate additional key 9:13 9 minutes, 13 seconds business functions and achieve the benefits of seamless integration across verticals. 9:19 9 minutes, 19 seconds Along with this, the plan technology transformation of ERP will help to leverage advancement in AI powered 9:25 9 minutes, 25 seconds analytics and enhance decision making and risk management capabilities. 9:30 9 minutes, 30 seconds On the operations front, we have drove blueprint for implementing a robust and secure scattera system to enable 9:38 9 minutes, 38 seconds centralized monitoring and control across all geographies. An advanced metering infrastructure is also planned to facilitate data collection from 9:47 9 minutes, 47 seconds industrial and commercial customers through various meter types and transmit consumption related data to ERP system 9:55 9 minutes, 55 seconds for billing and to scattera system for centralized monitoring and control. This scalable agile infrastructure is designed to support our evolving 10:04 10 minutes, 4 seconds business dynamics and ensure responsiveness in a rapidly shifting global environment. Furthermore, we have 10:12 10 minutes, 12 seconds identified automation opportunities across multiple business processes that currently fall outside the scope of our 10:19 10 minutes, 19 seconds ERP system. These initiatives are designed to strategically address operational challenges and enhance 10:26 10 minutes, 26 seconds overall process efficiency through seamless integration and robust monitoring mechanism. 10:33 10 minutes, 33 seconds Thank you very much. Now I'll hand over the mic to our CFO Mr. Rajes Sudas. 10:44 10 minutes, 44 seconds Thank you. 10:46 10 minutes, 46 seconds Good evening ladies and gentlemen. I'm Rajesh Sudasan the chief financial officer and the head of investor relationship at Gujarat Gas. I welcome 10:53 10 minutes, 53 seconds you to the earnings call for the third quarter of the financial year to 2526. 10:58 10 minutes, 58 seconds Thank you for joining us today. I trust you had the opportunity to review the financial results for the quarter ended 31st December along with the accommoding 11:06 11 minutes, 6 seconds press release and the investor presentation which is recorded in our website and the stock exchanges. During the quarter, the company added over 11:14 11 minutes, 14 seconds 38,600 domestic connections, bringing a total domestic connections of more than 23.83 lakhs. Our pipeline infrastructure 11:22 11 minutes, 22 seconds now spans approximately 44,540 kilometers of fee and steel networks, which continues to be our key driver for 11:29 11 minutes, 29 seconds our growth. During the 9 months, we have invested approximately 49 grow 408 crores in gas infrastructure. And for 11:38 11 minutes, 38 seconds the full financial year, we plan to incur a capital expenditure to the range of 650 to 700 crores. With respect to the financial highlights for Q3, the 11:45 11 minutes, 45 seconds revenue from operations stood at 4,865 crores compared to 4333 crores in the corresponding quarter of the previous 11:53 11 minutes, 53 seconds year. The IITa stood at 502 crores against 439 crores in Q3 of the previous year. During the 9 months, the IITA is 12:01 12 minutes, 1 second 1,62 crores compared to 1566 crores during the 9 months of the previous year. The profit after tax accounted to 12:08 12 minutes, 8 seconds 266 crores compared to triple2 crores in the previous last year. During the 9 months the pad stood at 1176 crores as 12:16 12 minutes, 16 seconds compared to 1159 crores in the 9 months of the previous year. The IITA margin per SCM stood at 6.52 against 5.04 12:25 12 minutes, 25 seconds corresponding to the previous year. For the entire financial year, we estimate the IITA margins to be in the range of 5.5 to 6.5 per SCMs. 12:35 12 minutes, 35 seconds With respect to the gas allocation during the third quarter, we have received 100% allocation for the domestic segment. However, there is 12:41 12 minutes, 41 seconds there was a 64%age shortfall in the CNG segment resulting in an overall shortfall of 51%age in in to the 12:49 12 minutes, 49 seconds priority segment that is domestic and CNG. The APM shortfall was mitigated through allocations from new well gasphd 12:56 12 minutes, 56 seconds and sourcing gas through spot and long-term volumes. The allocation of new well gas for the Q3 for the financial year 2526 was approximately 0.31 mm cmd 13:06 13 minutes, 6 seconds down from 44 mm cmd. The Q2 of the current year continues to maintain a strong rate 13:12 13 minutes, 12 seconds profile with aaa stable rating and a1 plus rating from uh crystal care and India ratings as requested by investor. 13:20 13 minutes, 20 seconds Financials of GSPC for the half year for the financial year 2526 has been uploaded in GSPC's website. Now I hand over to Dendra for the further updates on the gas sources. 13:31 13 minutes, 31 seconds Uh good afternoon. I am Dendra Aradal executive director commercial. I will highlight the key strategic commercial 13:39 13 minutes, 39 seconds metrics few sourcing updates and the market market challenges we face during Q3 2026. 13:48 13 minutes, 48 seconds um growth in priority sector which is basically CNG and domestic PNG has been robust and it continues to grow at 11% 13:56 13 minutes, 56 seconds uh uh visa ways Q3 2025 on the sourcing side APM gas allocation 14:03 14 minutes, 3 seconds has in shortfall has increased from 45 to 51% uh for total requirement 14:09 14 minutes, 9 seconds shortfall in CNG is currently 64% and the the same is being met through uh spot as well as a long-term contract 14:18 14 minutes, 18 seconds that we have and the proportion uh had increased to 30% from 18% in the last quarter. 14:27 14 minutes, 27 seconds Uh as with regard to the revised uh trunk line tariffs uh the zonal tariffs 14:34 14 minutes, 34 seconds we have analyzed the impact on our financials uh we believe that at the u current 14:41 14 minutes, 41 seconds operating volume level which is like 8.4 4 MSMD uh we are currently revenue neutral and 14:48 14 minutes, 48 seconds we'll continue to be uh so till at least 3.4 MCMD additional volume which is like 14:56 14 minutes, 56 seconds 8.7 8.8 28 MSMD U uh level on the MOB 15:03 15 minutes, 3 seconds side uh the uh volumes have uh experienced a substantial cor uh contraction 15:12 15 minutes, 12 seconds uh volumes decreased 50% from 3.35 MCMD in Q3 2025 to 1.68 M cmd. Now this 15:20 15 minutes, 20 seconds represents 21% reduction from 2.1 trade in the immediate preceding quarter. 15:27 15 minutes, 27 seconds Uh the decline was u because of high volatility in spot prices over the past one year. While spot prices saw 19% 15:36 15 minutes, 36 seconds reduction, the price of propane, a key alternative fuel for especially the more consumers has decreased by 25% making it 15:46 15 minutes, 46 seconds you know uh price uh much more attractive option for the u industrial consumers. 15:55 15 minutes, 55 seconds To counter this challenge uh our parent company GSBC has identified locations for storage of uh storage and handling 16:05 16 minutes, 5 seconds of propane. We are currently in advanced talks to reserve unloading capacity um ensuring that we have uh access to 16:13 16 minutes, 13 seconds physical infrastructure to basically capitalize on this opportunity to manage competition. will be actively 16:21 16 minutes, 21 seconds offering propane as an alternate fuel solution, ensuring that we retain our c uh customers, maintain customer 16:29 16 minutes, 29 seconds relationship and market share in the industrial uh belt of Mori and other industrial locations. 16:37 16 minutes, 37 seconds On the LG market side, u the uh LG market over the next two three years is projected to experience a significant 16:45 16 minutes, 45 seconds supply um uh glut driven by massive massive wave of liquefaction capacities coming 16:52 16 minutes, 52 seconds in uh particularly from the US and uh Qatar and this surplus is expected to 16:59 16 minutes, 59 seconds put downward pressure on spot prices in uh in Europe and Asia. uh although the 17:08 17 minutes, 8 seconds long-term demand growth remains intact especially in emerging economies like China and India on some of the 17:15 17 minutes, 15 seconds challenges uh the ongoing geopolitical tension could could uh have a negative 17:22 17 minutes, 22 seconds impact uh could it could disrupt the supply chain impact shipping routes and cause price volatility commissioning timelines for some of the 17:31 17 minutes, 31 seconds projects such as golden pass and Northfield NF of Qatar are they could be delayed uh however they are already 17:39 17 minutes, 39 seconds delayed quite a lot and so uh these are this we can highlight as a key uh challenge going forward thank you very 17:47 17 minutes, 47 seconds much and now I hand over the mic to our company secretary Mr. moderator, please start Q&A session. 17:56 17 minutes, 56 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press 18:04 18 minutes, 4 seconds star and one on their touchstone telephone. 18:08 18 minutes, 8 seconds If you wish to remove yourself from the question queue, you may press star and two. Participants, you are requested to use handsets while asking a question. 18:19 18 minutes, 19 seconds Ladies and gentlemen, we will wait for a moment while the question assembles. 18:27 18 minutes, 27 seconds The first question is from the line of ProL from ICA securities. Please go ahead. 18:36 18 minutes, 36 seconds Thank you for the opportunity sir. Good afternoon. Uh firstly couple of questions on Modi. You mentioned that you have taken a 4 and a2 rupees 18:44 18 minutes, 44 seconds reduction in industrial prices at Mori and the discount to propane has come down. Can we get a sense of what are the equivalent prices in rupees for tons 18:53 18 minutes, 53 seconds right now for your industrial segment in Modi and equivalent propane price 19:05 19 minutes, 5 seconds the propane price is around 38.6 six against the our gas prices of 41. 19:13 19 minutes, 13 seconds So sir uh just a hypothetical question at what price of propane does the industrial price and propane price sort 19:20 19 minutes, 20 seconds of coincide? How much would NPG prices need to induce from here on in? Another $25 $30 a ton will do it roughly $25 to $30 per ton. 19:33 19 minutes, 33 seconds Okay. Uh the Got it sir. Got it. The second question was respect to the CNG. 19:40 19 minutes, 40 seconds You mentioned the uh growth rates for Gujarat and non-G Gujarat. Is it possible to get a sense of the volume split right now for CN between Gujarat and non Gujarat area? 19:51 19 minutes, 51 seconds Yeah, Gujarat is close to 2.95 and outside Gujarat is 0.51. 19:58 19 minutes, 58 seconds Okay. And can we expect or rather is your sense that long chart will continue to grow at the kind of run rates we've been showing for the last uh let's say 20:07 20 minutes, 7 seconds three four quarters. Uh should we be building in that kind of 15 to 20% growth in this particular part? Yeah, I 20:14 20 minutes, 14 seconds think the double digit growth should go through in both the areas because outside Gujarat also we are growing at a higher rate because the new areas right the volume yeah the base is lower. 20:26 20 minutes, 26 seconds for that reason. 20:28 20 minutes, 28 seconds Yes. And just a couple more uh outstanding questions. One was the EITA guidance seems to have been increased in this quarter. If I heard you correctly, 20:36 20 minutes, 36 seconds you mentioned about 5 and a half to 6 and a half being the expected rate for the full year. Can we build in a slightly higher run rate for 27 and 28 20:45 20 minutes, 45 seconds as well given the dynamics of rising and the volumes? 20:51 20 minutes, 51 seconds I think you can take the same rates. uh I think we'll update you in the when we come with come up with the March results wherein you'll have the consolidated 20:58 20 minutes, 58 seconds balance sheet wherein you'll have a sense of the numbers which are there. 21:04 21 minutes, 4 seconds Okay. Okay. And sir uh last question was Apex you mentioned about 700 SRO for this year uh for the next couple of 21:12 21 minutes, 12 seconds years also is that the same runway I mean for at least the standalone Gujarat CG business I know the next year will be it's all picture 21:21 21 minutes, 21 seconds a CG business 700 is the runway we should be building yeah that's 21:29 21 minutes, 29 seconds okay all right sir thanks so I'll come back thank you so much for your Thank you. The next question is from the line of Jesh Patil from Dalith Capital. 21:42 21 minutes, 42 seconds Please go ahead. 21:44 21 minutes, 44 seconds Thanks for taking my question sir. Sir, question related to gas cost. Gas cost of Q3 FI26 versus a Q2 FI26. 21:54 21 minutes, 54 seconds Despite multiple favorable factors for the gas cost reductions on sequential basis like lower food prices, lower APM 22:03 22 minutes, 3 seconds prices, lower spot LGS, our gas cost has reduced mere 20 pesa perm on sequentially. If our in in our 22:12 22 minutes, 12 seconds calculation it was indicating the gas code reduction was a little bit higher. 22:17 22 minutes, 17 seconds Can you correct us where where where we are missing anything? 22:26 22 minutes, 26 seconds Well, this year I think uh the spot prices if you compare it with uh uh I mean on a uh if you compare it visa with 22:36 22 minutes, 36 seconds crude is much higher than last year are you talking about the absolute numbers or uh 22:44 22 minutes, 44 seconds so sir our gap cost per unit has come down 22:52 22 minutes, 52 seconds by 20 pesa per STM on sequential basis Q1Q. 22:57 22 minutes, 57 seconds So if we compare it on the crude levels, spot for LNG levels, everything is down on the Q1Q basis. So that's why we 23:07 23 minutes, 7 seconds wanted to understand a mere 20 pesa per SCM reduction versus the uh there was a huge expectation of 1 rupees per sem kind of a gas cost reduction. 23:22 23 minutes, 22 seconds I think it depends on the sources of gas and where you are sourcing the gas. I think only APM is only 24% of the entire portfolio we are having. The rest of the 23:30 23 minutes, 30 seconds portfolio is for the long-term and the short-term gas we are having. 23:34 23 minutes, 34 seconds Okay, great. Sir, uh could you please share the gas sourcing details uh APM spot uh IGF uh in terms of the MMSD that would be really helpful for us. 23:48 23 minutes, 48 seconds I'll tell you that of the 8.5 MS MMS CMD which we have purchased of 24% is APM 23:55 23 minutes, 55 seconds gas new well gas is 4%age and long-term contracts are 39%age and short-term is 33%age 24:03 24 minutes, 3 seconds uh in short-term uh IGS plus spot is that a correct understanding yeah yeah right understanding is right 24:11 24 minutes, 11 seconds okay uh sir uh recently a cut in the PNG industrial prices what is the response from the mortgage consumer consumers. So 24:19 24 minutes, 19 seconds the PNG industrial volume from the level of Q3 1.66 Mmd has really gone up. Uh 24:26 24 minutes, 26 seconds any any uh numbers if you could share for the January month and what is your expectations f? Yeah, sorry. Go ahead. 24:35 24 minutes, 35 seconds Yeah, it has uh actually uh if we had not reduced the prices, it would have further reduced. So from 1.68 it has uh 24:45 24 minutes, 45 seconds basically increased to 2.2 to MSMD and we expect uh when the new Saudi CP would 24:54 24 minutes, 54 seconds be announced for already it is it has is already there so when comes towards the end of January probably we will see 25:02 25 minutes, 2 seconds somewhere around close to 2.6 6 2.7 SMD at least. 25:07 25 minutes, 7 seconds Any any idea about the February and uh and and March month uh possible? 25:15 25 minutes, 15 seconds We are expecting close to 3 to 3.2 MCMD uh in propane in in more sorry on gas. 25:23 25 minutes, 23 seconds Yeah. Yeah. And and the last question sir as you mentioned the new gas transmission tariffs are revenue neutral as of now at a current volume and even 25:32 25 minutes, 32 seconds if the.3 mmd volume growth from the current level increases it will hardly impact but uh a small uh kind of a 25:42 25 minutes, 42 seconds understanding we want from your side. uh as the morbi volume is going to increase I mean it will increase at least 1 mmd 25:49 25 minutes, 49 seconds as per your guidance in the next few months then how much it will impact to our gross profit margins considering the 25:56 25 minutes, 56 seconds new uh gas transmission tariffs 26:16 26 minutes, 16 seconds Sorry to interrupt. So your voice is not audible. Yeah. 26:19 26 minutes, 19 seconds Just one second is approximately uh uh 1 rupee per SCM. 26:33 26 minutes, 33 seconds Okay. So is it a fair to understand 1 MMS CMD jump in the PNG industrial volume will have a kind of a one rupees 26:40 26 minutes, 40 seconds per STM kind of a negative impact on the gross profit margins. Is that a correct understanding? Yes. 26:48 26 minutes, 48 seconds Oh thank thanks a lot sir and all the best. 26:53 26 minutes, 53 seconds Thank you. The next question is from the line of AIT Murka from Access Capital. Please go ahead. 27:02 27 minutes, 2 seconds Yeah. Hi. Yeah, good afternoon. Uh on Morby uh uh just wanted to clarify the data point that you mentioned. So uh did 27:10 27 minutes, 10 seconds you say that uh Q4 volume will is expected to be 32 3.2 Mmd or did you say the exit quarter volume will be that? 27:20 27 minutes, 20 seconds We said in February the volumes would be close to 3 3.2 MCMD. 27:25 27 minutes, 25 seconds Uh and it could it could uh be the same for February as well. March. March. Sorry. March. 27:34 27 minutes, 34 seconds Okay. Okay. Uh and currently what would be the run rate? 27:42 27 minutes, 42 seconds Current run rate is 2.2. 27:45 27 minutes, 45 seconds Understood. Uh also on the uh price revision at at Mori um the 4.5 rupee cut 27:54 27 minutes, 54 seconds or the 441 rupee price which is there currently. So with the rupee kind of depreciation that 28:02 28 minutes, 2 seconds is happening and uh like there has been some jump in the spot pricing also in the last week or so. Um is there any 28:09 28 minutes, 9 seconds risk to uh that price going up uh with the with the cost pressures that could happen in the next few months or how do you think about that? 28:19 28 minutes, 19 seconds I don't think uh uh see this in sudden increase in spot price uh is a very uh I 28:28 28 minutes, 28 seconds think it will be is going to be a very short-term uh phenomena basically because of the severe winter that is 28:34 28 minutes, 34 seconds that has hit uh Europe and uh US it has resulted into spot prices going up but 28:42 28 minutes, 42 seconds we expect uh the prices to again come back to uh initially $9 kind of a Well, 28:49 28 minutes, 49 seconds and then going forward in 202 middle of 2026, we expect lot of SP term contracts 28:57 28 minutes, 57 seconds to you know uh to start get delivering volumes into India. Uh we expect uh spot 29:05 29 minutes, 5 seconds prices to be much more reasonable uh once the winter is over which is probably 2 months from now. 29:14 29 minutes, 14 seconds Sure. Understood. Uh just lastly on uh the scheme of arrangement uh so by when you think that all of it will be 29:21 29 minutes, 21 seconds completed and the GSPL relisting can be expected by when? Now we are expecting a final hearing from MCA somewhere in the month of February. 29:33 29 minutes, 33 seconds Uh that will be followed by we once we receive a final order from MCA and completed the formalities. So expect that by the time we get onto the next 29:41 29 minutes, 41 seconds earning call I think all formalities will be completed as including the relisting of GSPL. 29:50 29 minutes, 50 seconds Including relisting of GST GSPL that is GTL. Yeah. Okay. Sure. That's all for me. 29:57 29 minutes, 57 seconds Thank you. 30:00 30 minutes Thank you. The next question is from the line of Mik from Aquarius. Please go ahead. Yeah. Hi. uh thanks for the opportunity. 30:09 30 minutes, 9 seconds uh a couple of things what's the update on this FDO scheme that uh 100 CG stations were supposed to come up uh and 30:17 30 minutes, 17 seconds you got some uh clarification from the government of Gujarat also and will that increase because in the last couple of 30:25 30 minutes, 25 seconds quarters the CNG growth rate has been consistently around 11 12% kind of a rate by what kind of an in percentage 30:32 30 minutes, 32 seconds increase we expect post commissioning of this uh the stations Uh first of all today is a very good day 30:41 30 minutes, 41 seconds for us. Today we have uh commissioned our first FDO online stations in Mori. 30:47 30 minutes, 47 seconds Uh before that also we have started one ADO station in Duara also. We have signed total 77 uh agreements uh abdo 78 30:57 30 minutes, 57 seconds agreements for the abdoo and they are in the various stage of uh construction and the way things are going we will uh 31:05 31 minutes, 5 seconds connect more than uh 10 CNG stations in this financial year and balance in the next financial year. 31:14 31 minutes, 14 seconds And what kind of increase one can expect in your assessment that CNG growth can it go back go to the 13% kind of a rate 31:23 31 minutes, 23 seconds because you have been see without last in last two years what you have done is you have converted a lot of your water booster station to the online stations 31:30 31 minutes, 30 seconds which supported this growth right and because the CNG stations per se has remained constant around 830 kind of level for the last 2 three years now 31:38 31 minutes, 38 seconds with this number is increased by around 70 80 stations over the next two three quarters three four quarters will this 31:46 31 minutes, 46 seconds increase the growth rate from 11% to 13% 14%. Or it will be remain around uh 11%. 31:53 31 minutes, 53 seconds No, we are quite hopeful because the way if you look at the way CNG vehicles are being sold in the market apart from that 32:01 32 minutes, 1 second uh there's a huge 45% headroom for the uh CNG and petrol prices and uh the way 32:09 32 minutes, 9 seconds new technologies are coming in CNG vehicles we are expecting 13% at least we would like to achieve 32:16 32 minutes, 16 seconds and what's what's what's your sense on nonmor because see the nonurb after many many uh quarter since last three four 32:23 32 minutes, 23 seconds quarters it has been growing at an high sing mid to high single digit kind of a growth um always there has been an expectation that the growth will come 32:32 32 minutes, 32 seconds from Ahmedabad the rural tane and some of the other industrial areas but it has not materialized to the extent what one 32:40 32 minutes, 40 seconds could have expected earlier has the things have changed for better for the non-modi volume and can we see a 32:48 32 minutes, 48 seconds meaningful growth which can move the overall needle in an either in overall volume. Uh so any anything has changed 32:57 32 minutes, 57 seconds in non modi where we can expected a significant growth in next two to three years. 33:06 33 minutes, 6 seconds Yes definitely if you see means we have started connecting all our major market new major industrial market that is 33:13 33 minutes, 13 seconds Ahabad rural dah kutane uh UDI in the Madhya Pradesh Walssad and 33:21 33 minutes, 21 seconds surrounding areas also we have started connecting so we are expecting good volume growth because infrastructure is in place we are in the process of 33:30 33 minutes, 30 seconds getting cheaper gas compared to whatever we are getting right now so yeah quite hopeful about that. 33:36 33 minutes, 36 seconds So, so one of the challenge was always the setting of the initial infrastructure. Has this been resolved in most of these the GS which you mentioned that your initial 33:44 33 minutes, 44 seconds infrastructure is already in place for all these G. 33:49 33 minutes, 49 seconds Um yes we have started just just to update you. We have just uh almost commissioned uh a steel pipeline for 33:55 33 minutes, 55 seconds doera region also. Same way we are laying uh we are connecting various business parks in D and surrounding areas. Tane of course we have to connect 34:05 34 minutes, 5 seconds Boiser and surrounding areas also. So slowly but steadily we are connecting all the major potential markets through our steel pipeline. 34:16 34 minutes, 16 seconds Okay. Got it. Thanks. 34:21 34 minutes, 21 seconds Thank you. The next question is from the line of Vartan Shiva Shankaran from Antique Stock Broking Limited. Please go ahead. 34:30 34 minutes, 30 seconds Thanks for the opportunity sir. So I want to once again look at this uh uh outlition. 34:37 34 minutes, 37 seconds So you gave some idea as to what you what is going to happen uh next year. So effectively that 77 being commissioned. 34:45 34 minutes, 45 seconds So if I were to look at next maybe like you know threeear time frame what is a kind of a potential addition in outlets one would be looking at I mean I know 34:53 34 minutes, 53 seconds not an exact number but balper kind of a number what you can give as to the potential based on your assessment. 35:01 35 minutes, 1 second you you you talking about uh CNG stations outlets CG stations that's correct 35:08 35 minutes, 8 seconds okay yeah I think I won't be surprised if we'll enter into fourdigit number in coming two to three years that is we may 35:15 35 minutes, 15 seconds cross thousand CG stations okay and you are going to be dependent on entirely on FDO model from year on or 35:23 35 minutes, 23 seconds are we also looking at no no no no in fact we we we are coming out with uh various options whatever 35:30 35 minutes, 30 seconds available in the market and to us and Abdoro is one of them. 35:36 35 minutes, 36 seconds Sure. My second question was on this uh uh cases pending in the Delhi High Court uh uh with regard to uh regulations as 35:45 35 minutes, 45 seconds well as like you know these issues. Has there been any kind of a progress on that and are we looking at any outcome and what is the ground reality today in 35:52 35 minutes, 52 seconds terms of people putting up let's say even the LNG or any other like know infrastructure? 35:58 35 minutes, 58 seconds uh how is that are you refer to referring to the litigation in pending in Delhi echo 36:04 36 minutes, 4 seconds related to open access guidelines for CB that's correct 36:10 36 minutes, 10 seconds right so PNGB has initiated this regulatory process for open access since early 2021 36:18 36 minutes, 18 seconds gas has gone ahead and obtained a stay order from Delhi high court this stay order was continued till 2024 where PNGB 36:26 36 minutes, 26 seconds refilled the earlier regulation and came with a new set of regulation. We again move Delhi High Court and obtained no BC order. So that's intreme protection 36:34 36 minutes, 34 seconds available to us. Subsequent to that, Delhi High Court has decided to hear this matter fully. In fact, they've concluded the hearing on open access 36:42 36 minutes, 42 seconds guideline final hearing since uh May 2025. 36:47 36 minutes, 47 seconds Mhm. Thereafter they have reserved the order. Then they also it was also indicated in the open court that they are not going to pronounce this open guideline principle regulation only. 36:56 36 minutes, 56 seconds they are also going to deal with the associated regulation like like access code. There are some issues associated with exclusivity uh regulation as well. 37:04 37 minutes, 4 seconds So they are hearing those regulation regulatory matters hearing is still going on. So once they conclude hearing and then only they will give a final verdict on this. So it will be difficult 37:12 37 minutes, 12 seconds to predict the time frame not likely to happen at least uh in very near future. 37:18 37 minutes, 18 seconds So pending that like you know there is no infrastructure creation in the G. Uh uh so is there a stay in order as of now? 37:27 37 minutes, 27 seconds There's no stay in order. Infrastructure and creation is going on. It's going on very well. Okay. Thanks a lot. 37:35 37 minutes, 35 seconds Thank you. 37:37 37 minutes, 37 seconds Thank you. The next question is from the line of Sabriika from MK Global. Please go ahead. 37:45 37 minutes, 45 seconds Yes. Good afternoon. Uh two questions. 37:47 37 minutes, 47 seconds Uh firstly uh your CNV volume growth over the last two three years have been like quite uh strong although the 37:54 37 minutes, 54 seconds addition of uh CNG stations has been like not uh to that extent. Uh so are you able to like increase the throughput 38:01 38 minutes, 1 second per outlet considerably or is it that large format outlet are coming up? U is there any particular reason uh behind 38:09 38 minutes, 9 seconds growth being much faster than infrastructure additions? 38:15 38 minutes, 15 seconds Yes, I think we have focused on uh upgradation of our CGC. We have converted so many router booster to 38:22 38 minutes, 22 seconds online stations and uh if you just see that will increase the our compression capacity just like adding a few more 38:31 38 minutes, 31 seconds this this is just like adding few more CNG stations but at a le lesser cost or 38:38 38 minutes, 38 seconds I can say operational hazards. So we are focusing on building our in existing uh 38:45 38 minutes, 45 seconds CNG network and CNG stations and that's the result why we are getting this growth. Apart from that whatever we have planned for coming two to three years as 38:53 38 minutes, 53 seconds I mentioned earlier that we are planning to cross thousand CNG stations in coming two to three years. This will further increase our growth. 39:04 39 minutes, 4 seconds Okay. And uh uh second question is uh when you say victer STM uh guidance so this includes the other income also right? 39:14 39 minutes, 14 seconds Yeah. Yes. 39:15 39 minutes, 15 seconds I mean if I were to compare it with this Q3 it's basically 6.5 is the number 39:22 39 minutes, 22 seconds which which is for Q3 right? Dividing 502 cr with 8.4 mm. Is that right? Yeah you're right. 39:31 39 minutes, 31 seconds Okay. And and just last small question uh uh your uh uh volume can are you in a position to give a volume growth 39:38 39 minutes, 38 seconds guidance for next year uh given that there is some stability in the industrial industrial side and and if 39:45 39 minutes, 45 seconds the price cut that you have taken is for both mi as well as non morby industrial or just mi industry 39:56 39 minutes, 56 seconds I think the volume growth guidance depends on how the prices move in with respect to propane. and gas. Yeah, I think we'll give you a better push into 40:05 40 minutes, 5 seconds guidance by March, April for the next year. 40:09 40 minutes, 9 seconds Okay. The price cut is for the entire industry or it's just more is only for MBI. 40:17 40 minutes, 17 seconds Okay. For the other rest of the others is a little uh this a premium to that. How much? Around 2 premium to mori. 40:25 40 minutes, 25 seconds It's around uh yes close to three rupees. 40:29 40 minutes, 29 seconds 3 rupees premium. Okay. Yeah, thank you so much. Thank you so much. 40:36 40 minutes, 36 seconds Thank you. The next question is from the line of Lokesh Manik from Balum Capital. Please go ahead. 40:44 40 minutes, 44 seconds Yes. Hi, good afternoon. Thank you for the opportunity. Uh now my question is uh a little more broad-based. 40:52 40 minutes, 52 seconds uh if you can give us a sense of what is the volume potential of the Gujarat market for CNG and PNG and similarly for 41:01 41 minutes, 1 second non Gujarat market uh that is one and second is when do you expect these GS to mature up what is the time frame that 41:10 41 minutes, 10 seconds you know you're taking three years five years so any guidance on on that front would be very careful 41:19 41 minutes, 19 seconds I think you you are talking of the entire potential of the CNG market in Gujarat. Yes. Yes. 41:26 41 minutes, 26 seconds Yeah. That's little difficult to predict because the number of vehicles being added every quarter, it's it's surprising to us also. 41:36 41 minutes, 36 seconds But this is 10 10 to 11% growth rate or 12% is being followed by all the companies. So you can guess it if you have numbers. 41:47 41 minutes, 47 seconds Understood. Understood. And you're also seeing volume coming from commercial vehicles. Is that picking up for you for your GS? 41:56 41 minutes, 56 seconds Uh most of the volume is coming from commercial vehicles in the new GS at least. Okay. Okay. Understood that. 42:05 42 minutes, 5 seconds That's it from my side. Thank you so much. 42:10 42 minutes, 10 seconds Thank you. The next question is from the line of May Mahishwari from Morgan Standi. Please go ahead. 42:22 42 minutes, 22 seconds Hi Sam here. Uh one quick question was related to the uh long-term susing of 42:28 42 minutes, 28 seconds gas. Uh is there uh long-term s of gas to a higher 42:37 42 minutes, 37 seconds proportion versus the bigger exposure to spot that you already have right now? 42:47 42 minutes, 47 seconds long-term sources. Okay. So basically right now our uh share of long-term gas is 39%. Which 42:56 42 minutes, 56 seconds obviously we want to increase it to much higher level. Uh uh so our parent 43:04 43 minutes, 4 seconds company has uh we has signed few contracts. volumes of that will start uh 43:13 43 minutes, 13 seconds u start getting delivered uh this year onwards partially. Uh so I think uh the 43:21 43 minutes, 21 seconds objective uh is to have a stable price uh less reliance on stock and maybe on an 43:29 43 minutes, 29 seconds overall basis have 60 to 70% volume side up on long-term basis. 43:37 43 minutes, 37 seconds Got it. So do you think you'll get to like that that 70% target or so in the next couple of years because you're growing your CMG volume so as well and 43:45 43 minutes, 45 seconds EPM is coming down. So uh when do you see that kind of filtering in terms of your massive? 43:54 43 minutes, 54 seconds Maybe uh by end of 27 we should be there I think I guess. 44:04 44 minutes, 4 seconds Okay. And this uh other question was in terms of uh the entire CMG market uh as well as 44:13 44 minutes, 13 seconds industrial outside of Mi can you give us in terms of the infrastructure that you have created or you'll be creating over 44:19 44 minutes, 19 seconds the next two years outside of Mi uh what kind of traffic you'll be spending on long and some of these infrastructure 44:27 44 minutes, 27 seconds you're creating in the industrial side and how much of that will be split into the CNV sides. 44:35 44 minutes, 35 seconds I think to Mori I think we have the infrastructure is already laid there is non most of the infrastructure presently 44:41 44 minutes, 41 seconds is going in outside itself the propane infrastructure etc you don't need much is what you're saying 44:49 44 minutes, 49 seconds no propane infra that is separate that's a separate investment which you'll be looking at that will come to you separately 44:58 44 minutes, 58 seconds okay we are not we don't have propane Sorry. 45:06 45 minutes, 6 seconds Yeah, I was saying okay so outside of Mi how much is the cutest for industrial and then obviously on the CNG side what is the 700 or 45:13 45 minutes, 13 seconds no no we don't we don't differentiate between industrial and domestic because the the steel pipelines are laid which are catered to both industrial as well as the domestic connections from there on the P network starts. 45:27 45 minutes, 27 seconds Okay thank you sir. Yeah, thank you. Next question is from the 45:35 45 minutes, 35 seconds line of Somay from Aventus Park. Please go ahead. 45:39 45 minutes, 39 seconds Yeah, thanks for the opportunity sir. Um sir, my first question is on RP. So you did mention in terms of pricing difference uh around two two and a half 45:48 45 minutes, 48 seconds currently um whereas volumes maybe you're expecting around 3.2 odd. So in the case we need to get to let's say 45:55 45 minutes, 55 seconds four or five million CD. So what is the kind of price differential that needs to exist? What kind of I mean what I mean cash should be at a discount of what rate? 46:05 46 minutes, 5 seconds So the differential should not be there if you want to achieve five. 46:09 46 minutes, 9 seconds So we should be cheaper by uh I mean if you're neutral we'll be still be able to get to five or we have to be at a discount. 46:15 46 minutes, 15 seconds Yes. Yes. Yes. At at neutral we can get to five on the same. Yes. Yes. 46:24 46 minutes, 24 seconds Okay. Uh so second question u is on this uh 4 and a2 rupees price cut. So this is 46:32 46 minutes, 32 seconds an entire cost pass through or there is also uh some bit of uh uh margin that uh 46:38 46 minutes, 38 seconds we have slightly given off uh for this 4.5 cut. 46:48 46 minutes, 48 seconds So basically the reduction in spot pricing is uh is what we have passed on to the consumers. 46:54 46 minutes, 54 seconds So there is no uh it's a complete pass through. So there is no impact on for this at least for this level of cut unless uh there's good use price increase from here. 47:03 47 minutes, 3 seconds Yes. 47:06 47 minutes, 6 seconds Okay. Uh sir also in terms of propane um so uh I mean what is the thought process 47:12 47 minutes, 12 seconds there in terms of selling propane or or in terms of progress here if you could give some clarity you mentioned in the opening remark in terms of uh the parent 47:21 47 minutes, 21 seconds you know coming up with infrastructure for storage. So in terms of work that has been done here what we are expecting 47:28 47 minutes, 28 seconds FI27 any volume that we're expecting um uh in terms of protein. 47:34 47 minutes, 34 seconds So basically uh the board has decided that we should have our own infrastructure. So that that's for the u 47:43 47 minutes, 43 seconds uh slightly longer term. So we are in talks with the relevant port authorities to have our own infrastructure which 47:50 47 minutes, 50 seconds includes uh the storage of uh uh unloading and storage of propane. Uh in the meantime we are talking to some of 47:59 47 minutes, 59 seconds the existing infrastructure providers u and u we have got some uh positive 48:07 48 minutes, 7 seconds indications uh for uh uh importing and storing propane at one of the uh 48:16 48 minutes, 16 seconds terminal uh that we should be that we will be using in the short term to you know uh to start our propane journey. 48:26 48 minutes, 26 seconds uh so it could be not uh I think we'll be gaining some market share out of the 48:32 48 minutes, 32 seconds uh uh propane uh market that is being uh that is there in the in the Mori region 48:40 48 minutes, 40 seconds uh and gradually we'll have to build from there okay in terms of this propane that you're referring to any investments from 48:48 48 minutes, 48 seconds our side uh or it will be done by the parent and we'll have a agreement with them to take it from uh 48:56 48 minutes, 56 seconds So there's no infra investment which is required. It's basically they'll be uh putting uh we'll be basically booking 49:04 49 minutes, 4 seconds some capacities uh some capacity charge would be payable to the infrastructure owner and uh which 49:12 49 minutes, 12 seconds obviously will build that in the price and sell token in the market. 49:18 49 minutes, 18 seconds So there's no investment which is required. 49:20 49 minutes, 20 seconds Okay. Sir if a current customer is taking from an existing supplier u so what kind of I mean I know it's completely commoditized so what kind of 49:29 49 minutes, 29 seconds edge that we can have uh to get uh um you know our volume sold there any differentiation that we can bring down to the table 49:38 49 minutes, 38 seconds so basically we all so all these users are already registered with us uh with GS with Gujad gas they already have a 49:47 49 minutes, 47 seconds security arrangement in place so if they buy propane from any other supplier, they'll have to pay in advance. Whereas 49:55 49 minutes, 55 seconds in case of Gujarat gas since we already have the financial securities, we'll 50:01 50 minutes, 1 second give them some uh credit uh which uh is very valuable for these consumers. 50:08 50 minutes, 8 seconds Okay, got it sir. So any any thoughts on FI27 volumes that we can have on propane and also uh how do we look at margin profile 50:17 50 minutes, 17 seconds compared to uh the gas I think this too early to comment on it. 50:26 50 minutes, 26 seconds Basically, we'll be in the next call by the time we'll be in the push in to tell you that you have been able to book capacities etc. We'll be able to tell you that push. 50:34 50 minutes, 34 seconds Okay. The last question is on this CNG station addition. You did mention the conversion of total booster stations. 50:41 50 minutes, 41 seconds So, how much has been converted and how much is still there to get converted to one station? 50:47 50 minutes, 47 seconds Of the eight we total today we have around 833 stations of that close to uh 50:55 50 minutes, 55 seconds four that is 415 stations are online today that is almost 50% of the stations are online today 51:03 51 minutes, 3 seconds and last sorry yeah tell last couple of years number of 51:11 51 minutes, 11 seconds stations it was got converted sir uh we You have converted more than 40 station last two years. 51:22 51 minutes, 22 seconds Yes. 51:24 51 minutes, 24 seconds From daughter booster or daughter to online stations. Thank you sir. Quite welcome. Thank you. 51:33 51 minutes, 33 seconds Thank you. The next question is from the line of Arjun Sha from Ambid Capital. Please go ahead. Sir, am I audible? 51:42 51 minutes, 42 seconds Yeah. 51:44 51 minutes, 44 seconds I just wanted to know that uh what is the volume in MMS CMD in the Morbix Mori 51:51 51 minutes, 51 seconds ceramic cluster overall volume like propane plus natural gas and uh what do you expect uh this volume to be in the 51:59 51 minutes, 59 seconds next 3 four years like is it increasing or is has it stagnated over the last few years? 52:11 52 minutes, 11 seconds question the overall volume is close to 7.55 of that natural gas volume in the Q2 Q3 was around 1.65 65 rest was with respect 52:20 52 minutes, 20 seconds to propane answer like this uh around 7 to 8 mm cmd 52:26 52 minutes, 26 seconds is it like last 5 years has it increased uh and do you see it increasing in the 52:33 52 minutes, 33 seconds next 5 years so there's a lot of investment coming into uh mor so some of the older units 52:42 52 minutes, 42 seconds are getting uh closed down because uh uh their products are no more uh uh uh in 52:51 52 minutes, 51 seconds in use. Uh but simultaneously new units are being uh uh set up. So what our 52:58 52 minutes, 58 seconds experience is that the total installed capacity in terms of MCMD is still uh in 53:05 53 minutes, 5 seconds excess of 8 MCMD. Uh capacity utilization is close to 7 and a2 mmd. 53:12 53 minutes, 12 seconds 7 to 7 and a2 mmd. Got it sir. Thank you. 53:20 53 minutes, 20 seconds Thank you. The next question is from the line of Hartik from ICICA securities. Please go ahead. 53:28 53 minutes, 28 seconds Yeah, thank you. Thank you sir for the opportunity. Just want to check on the blended realization for the quarter. For 53:35 53 minutes, 35 seconds this quarter you know on Q1 QS it was a flat realization despite you know we have taken a you know the full impact 53:43 53 minutes, 43 seconds they have seen on the uh industrial gas prices. So just want to know why the realization was higher despite the price cut. 53:58 53 minutes, 58 seconds the price cut was was done on 1st of January. 54:03 54 minutes, 3 seconds No no I'm talk so uh I just so in last quarter the bandage realization was 47.5 right and even in this quarter if we 54:12 54 minutes, 12 seconds talk about the realization is on similar line but the full impact even you know the last in Q2 we have taken a price uh 54:20 54 minutes, 20 seconds cut and part of it was you know yet to get in Q3 54:27 54 minutes, 27 seconds right despite that there's a realization Yeah, 54:34 54 minutes, 34 seconds we did not reduce. Yeah, the the volumes have come down but we realiz that the prices were not reduced. So that's the reason for the flat dis. If you look at 54:42 54 minutes, 42 seconds the volumes which is come down it's more than 40 to 50% there is a regression in the volumes. If you look at the Q2 numbers 54:50 54 minutes, 50 seconds yeah from two from around 2.13 we have come down to 1.68. Got it. Got it. 54:58 54 minutes, 58 seconds Yeah. Yeah. 55:00 55 minutes volume 27 overall volume it's a ballpark 55:08 55 minutes, 8 seconds I think the only thing is uh the volume changes which happens is to industrial volumes the rest of the volumes we can 55:15 55 minutes, 15 seconds estimate at 10 10 to double digit growth for the CNG segment and the domestic segment but with respect to industrial 55:22 55 minutes, 22 seconds that will be dependent on the propane and this prices how it plays out so by March April we'll be in a better position to tell you that Sure. 55:31 55 minutes, 31 seconds Thanks. That is very helpful. 55:38 55 minutes, 38 seconds Thank you. Ladies and gentlemen, as there are no further questions from the participants, that concludes the 55:44 55 minutes, 44 seconds question and answer session. I now hand the conference over to Mr. Sept Davi for the closing remarks. Thank you and over to you, sir. 55:54 55 minutes, 54 seconds Thank you. a favorable gas price regime coupled with our efforts to increase gas volume numbers. We expect to better 56:01 56 minutes, 1 second numbers in Q4. We look forward to interact with you uh with you all in numbers environment and when we meet for 56:08 56 minutes, 8 seconds next uh earning call with full financial result uh somewhere around May 2026. Thank you all for your time. 56:16 56 minutes, 16 seconds Thank you very much. On behalf of Gujarat Cash Limited, that concludes this conference. Thank you for joining with us today. And you may now disconnect your lights.