Mahanagar Gas Ltd — Q4 FY26

Mahanagar Gas Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=zgapI5K-V9U Published: 5 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Manager Gas Limited Q4 FI26 earning conference call hosted by AR Securities. 0:11 11 seconds As a reminder, all participant lines will listen only mode and there will be an opportunity for you to ask question 0:18 18 seconds after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on a 0:27 27 seconds touchtone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Gagan Digshit. Thank you and over to you sir. 0:37 37 seconds Yes. Thank you. A very warm welcome to everyone to discuss Mahanagar gas in FI26. 0:44 44 seconds It is our pleasure to be able to bring to you the management of Mahanagar gas led by Mr. Sam Kumar Shak managing 0:52 52 seconds director. Mr. Adina Pie managing director Mr. Rajesh Patil, chief financial officer and Mr. Rajeshwave, 1:01 1 minute, 1 second senior vice president marketing. So with this, I would now hand over the conference to the Manager Gas management. Over to you, sir. 1:12 1 minute, 12 seconds A very good afternoon and welcome to the earnings call of Managar Gas Limited for the fourth quarter of the financial year 1:18 1 minute, 18 seconds 2025 2026. I would like to thank you all for attending our earnings call today. 1:26 1 minute, 26 seconds Due to the supply disruptions arising from the recent ongoing geopolitical crisis in Iran and wider Gulf region which has adversely impacted LG 1:35 1 minute, 35 seconds facilities and created significant challenges in the global LG supply chains particularly cargos rooted through the state of Hormones our 100% 1:44 1 minute, 44 seconds DPNG and major part of PNG requirement is supported by domestically produced gas ensuring 100% supply to these 1:51 1 minute, 51 seconds customers. Gas supplies to industrial and commercial customers is partly curtailed. Prices may be affected due to global indices in the near term. 2:01 2 minutes, 1 second However, they are expected to improve over time. MGL continues to create CGD infrastructure across across its business segments in the license area. 2:11 2 minutes, 11 seconds During the quarter, 1 lakh 43,997 domestic households were connected and thus we have established connectivity 2:19 2 minutes, 19 seconds for nearly 3.21 into 1 million households. We have laid 138.48 km of 2:26 2 minutes, 26 seconds field and PE pipeline taking the total length to over 8,320.43 2:33 2 minutes, 33 seconds km. We added 28 PNG stations during this quarter and with this we have 518 2:41 2 minutes, 41 seconds stations as on 31st March 2026. We added 334 industrial and commercial customers. 2:49 2 minutes, 49 seconds During this quarter as on 31st March 2026 we have 5,924 industrial and commercial customers. 2:58 2 minutes, 58 seconds During the quarter there is an addition of 34,854 CNG vehicles and now we have more than 3:06 3 minutes, 6 seconds 1.28 million CG vehicles registered in our geographies as of 31st March 2026. 3:14 3 minutes, 14 seconds During the year 3 lakh 42,157 domestic households were connected and thus the company have established 3:22 3 minutes, 22 seconds connectivity for nearly 3.21 million households. We have laid 499 kilometers of steel and PE pipeline taking the 3:31 3 minutes, 31 seconds total length to over 8 8,320 km. We also added 52 PNG stations during 3:39 3 minutes, 39 seconds the year and with this we have 580 station as on 31st March 2026. 3:47 3 minutes, 47 seconds We also have added 872 industrial and commercial customers during the year and 3:53 3 minutes, 53 seconds therefore as on 31st March 2026 we have 5,924 industrial and commercial customers. We 4:01 4 minutes, 1 second have added 1 lakh 18,590 vehicles during the year and the total 4:07 4 minutes, 7 seconds vehicle as on March 31st 2026 is 12 lakhs 84,828. 4:17 4 minutes, 17 seconds Coming to MGS operation during the quarter we achieved overall average sales volume of 4.672 4:24 4 minutes, 24 seconds MMS CNN as against 4.620 620 mm CMDB in the previous quarter which is an increase in 1.12%. 4:33 4 minutes, 33 seconds Current quarter volumes consist of CNG volume of 3.349 MMS cmd, BPNG volume of605 4:42 4 minutes, 42 seconds mm CMD and 719 MMD of gas was supplied to the industrial and commercial customers. Compared to the corresponding 4:51 4 minutes, 51 seconds quarter of last year, average overall sales volume has increased from 4.40 402 4:57 4 minutes, 57 seconds to 4.672 mm cmd which is an increase of 6.15%. 5:04 5 minutes, 4 seconds Share volume of CNG has increased from 3.125 mm cmd to 3.349 mm cmd which is an increase of 7.12%. 5:15 5 minutes, 15 seconds Sales for domestic btng have increased from.5 91 mm cmd to605 5:23 5 minutes, 23 seconds mmd which is an increase of 2.2 24%. In case of industrial commercial, sales 5:29 5 minutes, 29 seconds volume has increased from 686 MMS CMD to 719 MSMD, an increase of 4.87%. 5:38 5 minutes, 38 seconds Average gas sales for the current year ending 31st March 26 is 4.585 MSMD 5:46 5 minutes, 46 seconds whereas it was 4.235 MSM the last financial year which is an increase of 8.25%. 5:54 5 minutes, 54 seconds Sales volume in the case of TNG has also increased from 3.047 MMS CMD to 3.67 6:03 6 minutes, 3 seconds MMS CMD which is an increase of 7.2% volume. Volumes for domestic PNG has 6:09 6 minutes, 9 seconds increased from 0 556 to 590 MMSD which is an increase of 6.14%. 6:17 6 minutes, 17 seconds And in case of industrial and commercial the volume have increased from 632 to 727 mmd which is an increase of 15.04%. 6:28 6 minutes, 28 seconds RNG supplies are disrupted due to west ACR crisis and hence supply to industrial and commercial customers is 6:35 6 minutes, 35 seconds curtailed to approximately 80% as per characters time to time 6:42 6 minutes, 42 seconds impacting the volumes adversely due to major impact of supply of LPG 6:49 6 minutes, 49 seconds due to the crisis government has taken all measures at the central and state level to push faster adoption of PNG. 6:58 6 minutes, 58 seconds And this is a very positive move for the CGT sector in the long run. And MGL is going to seize this opportunity to roll 7:05 7 minutes, 5 seconds out infrastructure and increase its volume. 7:09 7 minutes, 9 seconds Net profit after tax for this quarter is rupees 132 crores as compared to the previous quarter. Net profit after tax of rupes 202 crores. 7:20 7 minutes, 20 seconds [clears throat] Abitita from operation for the financial year 202526 is rups451 7:28 7 minutes, 28 seconds cr compared to previous financial year AITA of rups 1570 crores. Net profit after tax for fy 7:38 7 minutes, 38 seconds 202526 is rups 847 cr compared to net profit after tax for the previous financial 7:45 7 minutes, 45 seconds year of rups 1,041 cr. I'm happy to announce that board has approved a final 7:52 7 minutes, 52 seconds dividend subject to the approval of shareholders at the AGM at the rate of 180% that is rupees 18 per equity share 8:02 8 minutes, 2 seconds for the current financial year plus including interim dividend already paid at the rate of rupees 12 total dividend 8:09 8 minutes, 9 seconds is rupees 30 per share for the financial year 202526 with this I conclude and would now like to open the floor for the question. 8:20 8 minutes, 20 seconds Thank you very much for the patience. 8:25 8 minutes, 25 seconds Thank you. We'll now begin the question and answer session. Anyone who wishes to ask questions may press star and one on 8:32 8 minutes, 32 seconds their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. 8:39 8 minutes, 39 seconds Participants are requested to use handset while asking a question. 8:44 8 minutes, 44 seconds Ladies and gentlemen, we'll wait for a moment while the question queue assembles. 8:53 8 minutes, 53 seconds The first question is from the line of Probal Sen from ICICI Securities. Please go ahead. 9:00 9 minutes Thank you. Good afternoon sir. I hope I'm audible. Yeah, you are audible. Please go ahead. 9:07 9 minutes, 7 seconds Yes, a few questions. Firstly with respect to the supply disruptions we understand from Petronet LNG also that 9:14 9 minutes, 14 seconds the h utilization slipped to about 53% in March versus about 108% average on 9:21 9 minutes, 21 seconds Jan fair. So in terms of our business did we also see this much of volatility in terms of our gas especially in March. 9:28 9 minutes, 28 seconds Can we just get a sense of how the business was uh in March? So as I think uh MD already said in his opening 9:35 9 minutes, 35 seconds remarks uh as far as uh domestic PNG and PNG is concerned 100% supply has been 9:41 9 minutes, 41 seconds ensured because uh it mostly 100% of the domestic PNG is through APM which is locally produced and as far as PMG is 9:50 9 minutes, 50 seconds concerned it is also majority is out of domestically produced and balance was assured through cold gas mechanism which was announced uh somewhere around 9th of 9:59 9 minutes, 59 seconds March. As far as uh industrial and commercial customer category has been concerned roughly you know 80% uh supply was maintained containing around 20%. 10:10 10 minutes, 10 seconds within which probably some time to time directives have changed to ensure that you know small commercial restaurants, schools, colleges, crematorium etc 10:18 10 minutes, 18 seconds should be supplied 100% and wherever large industrial customers who can afford to you know uh switch to either alternate fuels or who can afford to pay 10:27 10 minutes, 27 seconds uh higher market price prevailing at that time can be given. So overall there was not much much of an impact maybe 10:35 10 minutes, 35 seconds after 9th of March there were two three days which are holiday. So there was no practical impact but in Fortnite maybe 10:43 10 minutes, 43 seconds overall in the month of March like we lost about uh 1.25 25 1.3 lakh SC cmd 10:51 10 minutes, 51 seconds out of let's say Feb average of 5.75 or 20 22% volume we lost 11:00 11 minutes in case of industry and industry industry yeah excluding the commercial commercial we managed to maintain supplies because many of them were you 11:08 11 minutes, 8 seconds know going to critical customers hospital cantens messes of you know government institutions schools etc Right. Right. 11:19 11 minutes, 19 seconds The large industry where the supply was gota of it. 11:24 11 minutes, 24 seconds So sir sorry was ready to take you know at the prevailing price that also we have given 11:33 11 minutes, 33 seconds but under the normal uh this we we certain the supply to around 80%. 11:38 11 minutes, 38 seconds Yes that are about 10 or 12 customers industrial customers whom gas supply was very critical. 11:46 11 minutes, 46 seconds Okay. They had us for you know you source any market price gas we okay so then we managed to source a small volume 11:55 11 minutes, 55 seconds separately and you know that they offer a premium. 12:00 12 minutes Got it. So sir is it fair to assume that April may have seen similar kind of volume and supply level that we are 12:08 12 minutes, 8 seconds seeing now or has there been any change in the environment? 12:13 12 minutes, 13 seconds April is more or less similar as far as industry goes. 12:18 12 minutes, 18 seconds May let's see may have just started but we're expecting maybe some small improvement to happen. 12:25 12 minutes, 25 seconds Got it. The second question sir was with respect to sourcing mix. So you already mentioned about domestic uh PNG and of 12:32 12 minutes, 32 seconds course most of CNG but if I can just get a little bit of granularity out of the 12:38 12 minutes, 38 seconds 4.7 MMS CMD total sale is it possible to sort of split out how much of let's say domestic I mean APM and how much of 12:47 12 minutes, 47 seconds Henryhub link and how much of spot we sort of sourced it from for this quarter. 12:54 12 minutes, 54 seconds So APM which is anyway available 100% for domestic PNG 13:02 13 minutes, 2 seconds as well as including CNG was uh in the range of around 1.6 6 mm cmd. Okay. Okay. 13:09 13 minutes, 9 seconds Uh NWG and pool gas is another uh 73 or 13:15 13 minutes, 15 seconds 75. Okay. HTT uh we could source apart from the term contract maybe through 13:22 13 minutes, 22 seconds exchange etc. which was in the range of around 0.9. Okay. Okay. 13:27 13 minutes, 27 seconds Um HH uh this I'm talking about March only on very specific quarter. 13:35 13 minutes, 35 seconds Okay. March only. Got it. Okay. There was a difference only in March. Okay. Mhm. 13:40 13 minutes, 40 seconds It was retail to a slightly lower level maybe you know to 50% of our 1.5 13:47 13 minutes, 47 seconds contracted quantity and we have to rely some uh for some quantity on spot as well. 13:55 13 minutes, 55 seconds If you wish to know specifically for the quarter u maybe you know apart from small amount 14:02 14 minutes, 2 seconds of because it will get averaged out. So yeah yeah yeah small amount of cool gas was there. Yeah. 14:10 14 minutes, 10 seconds Yeah. So I think this March is useful sir. March is useful because that will probably be the sort of template for Q1 14:18 14 minutes, 18 seconds from what I understand in the situation process. This is this is really useful. 14:23 14 minutes, 23 seconds Yeah. But you know the poolled and NWG quantities are you know uh depending on availability has been changing. So I'm 14:31 14 minutes, 31 seconds really not able to you know give you any clue that the same level will continue in April or May or in forward because 14:38 14 minutes, 38 seconds depending on the availability of gas how things move how the supplies you know come from Gulf it will keep on changing and we have to leave this time in uncertainty. 14:49 14 minutes, 49 seconds One last question if I may any price changes and results on the CNG fund in going forward is this something that we are looking at? 14:59 14 minutes, 59 seconds uh we have already taken a price increase on uh 22nd of April 1 rupee. Okay. 15:06 15 minutes, 6 seconds Okay. and let us see how does you know alternate fuel prices move specifically for CMG since you asked we will take a 15:13 15 minutes, 13 seconds call uh and definitely uh uh we can sustain for you know sometime the higher 15:21 15 minutes, 21 seconds uh cost but you know if it is slightly longer or it sustains for a longer time we will be uh considering appropriate 15:30 15 minutes, 30 seconds price rise in CNG as well as in domestic PNG if required and compared compared to probably last quarter definitely because 15:38 15 minutes, 38 seconds of the Brent link alternate fuels are already high uh there is an improvement in the realization on IMC sector. 15:47 15 minutes, 47 seconds Mhm. 15:48 15 minutes, 48 seconds As we follow alternate fuel link pricing. Yeah. 15:51 15 minutes, 51 seconds Right. Right. Perfect sir. That is extremely useful. Thank you so much for your time. I'll come back. Sure. Thank you. 15:59 15 minutes, 59 seconds Thank you. A reminder to all participants that you may press star and one to ask question. 16:06 16 minutes, 6 seconds The next question is from the line of Yogesh Patil from Dollar Capital. Please go ahead. 16:12 16 minutes, 12 seconds Thanks for an opportunity sir. So just continue with the uh previous participant question. Uh APM, HPHT, NWG, 16:20 16 minutes, 20 seconds HH if we add up all them it it is giving closer to 4 Mmd only. So remaining was a spot. Is it a correct understanding? 16:32 16 minutes, 32 seconds uh we did sign some of the term contracts in the beginning of uh Jan some is also signed uh during April okay 16:40 16 minutes, 40 seconds but due to the disruption the quantity may not come fully your understanding is correct but spot is likely to be in the 16:47 16 minutes, 47 seconds range of you know 04 or so not 7 as you are expecting okay fair enough sir recent price hikes 16:56 16 minutes, 56 seconds in the DPNG and the CNG so how much percentage it has covered up the increase in gas cost of the last two 17:04 17 minutes, 4 seconds months. Any broader idea if you could last two months? Yeah, I mean uh we have 17:12 17 minutes, 12 seconds seen the gas cost have gone up from March and the April only if I'm not wrong and uh we have taken uh BPNG and the CMG price hikes in a month of April. 17:24 17 minutes, 24 seconds So just wanted to understand how much percentage of that increase in a gas cost we have already covered up or the 17:32 17 minutes, 32 seconds burden has already passed on to the consumer and the partial burden we have taken up any probable u uh uh number if 17:40 17 minutes, 40 seconds you could share if you consider you know domestic PNG uh as you know it is 100% through APM 17:48 17 minutes, 48 seconds supply and there is a 25 cent increase from 1st of April linked to this whatever uh credit for a committee 17:56 17 minutes, 56 seconds curricular. Okay. So 25 cents plus there is a uh upside in the cost duty exchange 18:03 18 minutes, 3 seconds rate. So considering both this uh we have taken a hike of 1 and a2 rupee on 18:10 18 minutes, 10 seconds 22nd April 2026. Before that also there was some hike but little earlier than this. So that more or less covers uh you 18:20 18 minutes, 20 seconds know uh the BPLV increase. We also consider that okay the for some time exchange rate had spiked but it could 18:28 18 minutes, 28 seconds stabilize so we didn't want it to take a complete hit and we will watch out further how does exchange rate move from 18:35 18 minutes, 35 seconds here as far as CNG is concerned I think you can understand that it's a temporary 18:42 18 minutes, 42 seconds volatile situation so there could be uh increase in the gas cost but uh as far as pricing is concerned we would prefer 18:50 18 minutes, 50 seconds to keep it in a stable manner and we might absorb you know uh this short-term volatility and if it is stabilizes at a 18:58 18 minutes, 58 seconds higher level definitely we will take a a call to increase price also considering you know how is the movement on 19:05 19 minutes, 5 seconds alternate fuel petrol diesel we will certainly uh take a call and do the p pass through but to very to be very 19:14 19 minutes, 14 seconds specific to your answer CNS since we have taken only one rupee increase and pas in February we take some increase 19:22 19 minutes, 22 seconds It's certainly not fully passed on. Cost increase considering uh mixing of pulled gas and uh current 19:30 19 minutes, 30 seconds brand level other gas prices have gone up. So it is not fully passed on but we consider that this is a short-term phenomena. It should improve going forward. Fair enough sir. Next question. 19:42 19 minutes, 42 seconds As per the 9th March government notification CGDs will get the supply based upon the last 6 months average 19:49 19 minutes, 49 seconds sales volume. But now the question comes here how are you managing the incremental growth in the CNG and the 19:56 19 minutes, 56 seconds DPNG are we sourcing from the spot or you just mentioned about the recently contracted the LNG which you are still 20:04 20 minutes, 4 seconds not getting. So are you right now managing the incremental CNG sales and the DPNG sales volume through the spawn. 20:12 20 minutes, 12 seconds So you know uh any term contract during this time can go under force measure whether recently signed or signed 20:19 20 minutes, 19 seconds earlier. So that impact was there on our as well. Okay. So definitely for uh CNG as well as uh domestic PNG we might have to source some amount of spot. 20:33 20 minutes, 33 seconds Okay sir. And lastly is sequentially our other expenses uh has gone up. uh is there any oneoff item which has led to 20:41 20 minutes, 41 seconds increase in other expenses you are referring year on year then I can tell you uh see uh CNG volumes have 20:49 20 minutes, 49 seconds gone up by almost 8%. So directly variable uh expenses like power and fuel LCV transportation 20:58 20 minutes, 58 seconds uh dispensing charges etc have gone up in line with the volume increase. Okay. 21:03 21 minutes, 3 seconds Uh other than that there is an increase of around 30 35 cr uh in case of employee salaries which mainly consists 21:11 21 minutes, 11 seconds of you know there is a provision actual provision on account of new wage code which is in the range of around 14 21:18 21 minutes, 18 seconds crores and uh maybe in the same employee category there was a normal increment which consists of around 11 cr and some 21:27 21 minutes, 27 seconds marginal increase on account of some staff welfare activity. Other than that uh miscellaneous opex is uh mainly 21:34 21 minutes, 34 seconds repair maintenance and uh some of the rent for the you know CNG plot or stores etc which we have hired and some of them 21:42 21 minutes, 42 seconds are already commissioned some of them work is still going on has gone up. So uh this is broadly uh is the breakup or 21:52 21 minutes, 52 seconds reason for increase in the operating cost. Thank thanks a lot sir and all the best. Thank you. 22:01 22 minutes, 1 second Thank you. The next question is from the line of Vikas Chen from CLSA. Please go ahead. 22:09 22 minutes, 9 seconds Yeah, thanks for taking my questions. I have a couple of them. Firstly, sir, if you could give the breakup of uh 22:16 22 minutes, 16 seconds commercial and industrial volume for this particular uh quarter. So, where did it stand uh uh in terms of this year? 22:28 22 minutes, 28 seconds I think Mr. Wang already said uh 57.57 was industry and if my total uh was uh 22:39 22 minutes, 39 seconds 719 balance is commercial for this is for this quarter 1.4 4 1.5. 22:48 22 minutes, 48 seconds Yeah. But uh this is not a representative volume because despite demand we have to curtail even though we might have connected new customer we 22:55 22 minutes, 55 seconds have differed because overall category was asked to be curtailed at 80%. Yeah. 23:01 23 minutes, 1 second Okay. Okay. And uh it it it I just want to understand see till March honestly 23:08 23 minutes, 8 seconds there wasn't really so much of impact that you would have faced because by the time the government put in those restrictions it was more towards the 23:16 23 minutes, 16 seconds latter part of March and uh pricing increases for many contracts like new 23:23 23 minutes, 23 seconds well gas uh only happened later right so is it fair and and at at the same point 23:31 23 minutes, 31 seconds of time. How does the after now that you're getting gas based on the allocations that everybody is at 80%. 23:39 23 minutes, 39 seconds How does that work? I mean are your old contracts still live? For example, the earlier contracts you had from Henry Hab 23:47 23 minutes, 47 seconds are you still getting gas at the same price or there is a poolled price at which you get the gas uh you know uh required. 23:57 23 minutes, 57 seconds So I think my broad understanding and probably that is the way uh supplies are worked is uh every contract has some 24:05 24 minutes, 5 seconds supply or pay threshold or tick or pay threshold right. 24:08 24 minutes, 8 seconds So for the purpose of poolled gas uh over and above the supply or pay commitment has been pulled and given as a full price to all the CTDs but 24:18 24 minutes, 18 seconds balanced gas has definitely come to all of us. But there is a caveat if there is a force measure even that can be reduced. But as far as Q4 is concerned, 24:27 24 minutes, 27 seconds we have got uh up to supplier pay level all the contracts we have received the gas and uh as far as you are saying that 24:36 24 minutes, 36 seconds you know impact of this crisis uh not only at the second of the March it was for the full second half of the March. 24:42 24 minutes, 42 seconds So second fortnight we received uh uh full gas and part of the first fortnight as well. So it started around 12th of 24:52 24 minutes, 52 seconds March almost. So I would say 23 uh of the Mar month of March was impacted and 10 days or 11 days uh was normal. 25:04 25 minutes, 4 seconds No. So for example CNG I I I believe you said uh uh correct me if I'm wrong 7 mls CMD is what you are using gas for that. 25:14 25 minutes, 14 seconds No no no no. I think Mr. Yogesh Patil from dollar says the contract wise and APM what I gave numbers totals to around four. So where did you source balance 7? 25:27 25 minutes, 27 seconds So when you say balance 7 it is meant for all the category not only for uh so 25:34 25 minutes, 34 seconds what is the new gas number that you said? Sorry I missed taking that number. 25:38 25 minutes, 38 seconds Newwell gas I said in the second fortnite was in the range of 04 more than little more than 04. 25:45 25 minutes, 45 seconds Okay. So that's about 10% a little uh 12% of your CNG requirement. So on that 25:53 25 minutes, 53 seconds for example gas prices has gone up by 70% or so right like it's now $14 or so 25:58 25 minutes, 58 seconds right now uh for the month of May. Uh no no not really not really not so much. It 26:07 26 minutes, 7 seconds ranged maybe you know 111 115 uh maybe it spiked a little bit in uh 26:14 26 minutes, 14 seconds April and then again it is looking down probably now because you see uh Brent also went up and then came down and uh 26:23 26 minutes, 23 seconds Indian crude market basket also went up and came down. 26:27 26 minutes, 27 seconds Okay. But the May price is based on April price right? I mean April Yeah. 26:33 26 minutes, 33 seconds Yes. Okay. Okay. Uh so uh oh in the price no the moment you change the weighted average source of gas it may 26:42 26 minutes, 42 seconds change. So we are really not having any clue how does it get calculated. Okay. 26:47 26 minutes, 47 seconds Okay. Okay. Okay. Okay. I get that. So sure. But in terms of your blended uh 26:55 26 minutes, 55 seconds price of raw material that has gone up considerably in April May as compared to 27:01 27 minutes, 1 second where it was in March, right? Uh is that correct? 27:08 27 minutes, 8 seconds Certainly yes because uh if poolled gas uh hovers between 11 to $13 27:15 27 minutes, 15 seconds uh and other indexes are also up because see earlier quarter we were below even uh the ceiling and because Brent was 27:23 27 minutes, 23 seconds hovering $60 $65 kind of a thing now Brent is at 90 or $100 there is uh going 27:30 27 minutes, 30 seconds to be impact on the gas cost also exchange rate uh went up and slightly have now come So that is saving a little bit. 27:40 27 minutes, 40 seconds Okay. And so given all of this you what is your volume growth guidance for say FY27 and also your margin guidance if 27:50 27 minutes, 50 seconds any and then you know okay uh and as things normalize do you maintain guidance beyond the war uh to be how it 27:59 27 minutes, 59 seconds was historically correct? Could you repeat those numbers? 28:04 28 minutes, 4 seconds If you look at you know whatever blessings in disguise has happened due to this war is circular or gadget 28:11 28 minutes, 11 seconds notification dated 24th of March where lot of you know uh functioning of CGD 28:17 28 minutes, 17 seconds has been eased out also there is a reduction in the road reinstatement charges permissions are uh becoming 28:25 28 minutes, 25 seconds faster. If you apply for a road digging permission and it has not received within specified time, you can you know 28:32 28 minutes, 32 seconds assume it is a deemed permission and start your work. RI charges has been slashed down and central as specified uh 28:39 28 minutes, 39 seconds very lower R. So it will save on the cost. It will faster my network creation. So we are very positive that 28:48 28 minutes, 48 seconds there will be certainly very good boost to the volumes especially in uh PNG industrial I mean domestic PNG 28:55 28 minutes, 55 seconds industrial and commercial customers because we'll be able to connect the customers faster including even you know private societies where you have a 29:03 29 minutes, 3 seconds neighboring society who was not given the earlier permission according to that notification even private private property also they have to give 29:11 29 minutes, 11 seconds permission or give reasoning so there are a lot of enablers which has come for CG PG industry and that will definitely you know put us on a uh fast track as 29:20 29 minutes, 20 seconds far as laying pipeline and connecting the new customer is concerned. Uh so our guess is if I have clocked 8.25 25 29:29 29 minutes, 29 seconds overall volume growth this year. It should be certainly more than that. We should be able to you know cross uh 29:35 29 minutes, 35 seconds double digit. Uh if this uh remains for a longer time and we are able to see of course there are constraint in terms of 29:43 29 minutes, 43 seconds how do you get the required amount of labor plumbers contractors to execute that work. Okay. because all the CTDs 29:51 29 minutes, 51 seconds are uh eyeing for the same pool of resources as far as pipeline laying uh abilities or the labor available in the 30:00 30 minutes country. So considering that uh our view is if we do faster connection volume will be uh maintained or it will be 30:08 30 minutes, 8 seconds increasing. Now coming to margins, I think it's a very difficult call uh as 30:16 30 minutes, 16 seconds of today because nobody knows how long uh this kind of a situation and supply of RLV will improve. Uh so uh but our 30:25 30 minutes, 25 seconds endeavor is if you know there is a room compared to the alternate fuels we will be certainly trying to take uh know 30:33 30 minutes, 33 seconds required price increase to pass through the uh gas cost impact. uh so maybe our wish and endeavor could be we will 30:40 30 minutes, 40 seconds maintain more than 8 rupees uh a beta for STM but we'll have to consider multiple factor before we decide to do 30:48 30 minutes, 48 seconds any price changes however one good factor is if uh Brent is remaining slightly higher it is helping us in uh 30:56 30 minutes, 56 seconds industrial commercial sector realization much better compared to earlier two quarters I would say where Brent was in 31:02 31 minutes, 2 seconds the range of $65 $70 and now it is at least is $900. 31:08 31 minutes, 8 seconds So giving a number is really difficult as of now. 31:12 31 minutes, 12 seconds More than 8 rupees uh in FY27 will possibly mean an exit of closer to double digit, right? Because first 31:20 31 minutes, 20 seconds quarter is more or less in front of us and that's going to be most likely lower than what the 4Q margins are. So more 31:28 31 minutes, 28 seconds than eight average for FY27 will require a reasonably high margin exit for the year, right? 31:38 31 minutes, 38 seconds that that's why I'm saying that it is very difficult to give a number but our endeavor and let's hope that you know things normalize but I I'm saying that 31:45 31 minutes, 45 seconds in the long run uh this is going to be a very uh good uh opportunity for MGL to create infrastructure and uh volume and 31:53 31 minutes, 53 seconds margin both our focus on increasing infrastructure and volumes will be at a slightly higher priority 32:01 32 minutes, 1 second than uh you know maintaining margins if you have to temporarily lose margins or gaining volumes. I think we're okay 32:08 32 minutes, 8 seconds to do that because this margins can be changed pretty quickly but these kind of opportunities to you know grow 32:15 32 minutes, 15 seconds infrastructure volume they don't uh I mean they come pretty rarely sure 32:22 32 minutes, 22 seconds okay what normalization margin guidance sir before I kind of let go uh another positive thing on margin is 32:32 32 minutes, 32 seconds earlier you had lot of volatility in Henry hub whereas we have 1.5 contract recorded quantity even we are getting 32:40 32 minutes, 40 seconds half of that at least and so I hope that you know there is no force measure and we continue to get that we just stabilized below $3 so there is already 32:47 32 minutes, 47 seconds a respite in terms of pricing uh of Henry H which is almost no one/ird of 32:55 32 minutes, 55 seconds our contracted quantity a little more than onethird of our contracted quantity so there are multiple factors which are 33:03 33 minutes, 3 seconds against and some are positive also I'm Okay sir. Thank you. Thanks for answering my questions. 33:13 33 minutes, 13 seconds Thank you. The next question is from the line of Korov Jen from ICICI Provincial Mutual Fund. Please go ahead. 33:22 33 minutes, 22 seconds Sir, uh thank you for the opportunity. A couple of questions from my side. One is uh on the Henry hub uh the the volume 33:30 33 minutes, 30 seconds that we are getting is at HH link and the earlier terms only or is there some change in the pricing that we are 33:38 33 minutes, 38 seconds getting it at? That is first. Second sir you mentioned somewhere that uh you while you can add more commercial and 33:46 33 minutes, 46 seconds industrial users but you are uh not adding it currently because of the restriction of 80% of total gas in that 33:54 33 minutes, 54 seconds sector or something. So uh but we have the opportunity because there is demand. 34:00 34 minutes So how does that tie? These are the two questions sir. 34:04 34 minutes, 4 seconds See uh first Henry have it is formula there can be change in the quantity the formula and the pricing remain same link to the index and whatever constant and 34:13 34 minutes, 13 seconds the slope you have. So there is no change for whatever supplies you are getting. Okay. What I said in case of industrial commercial connection is we 34:22 34 minutes, 22 seconds will be connecting the customers faster but because of the overall 80% curtailment of the volume unless I get 34:29 34 minutes, 29 seconds you know some market link volume and the customer is ready to take volume may not increase okay on commercial side there 34:37 34 minutes, 37 seconds is a good potential for increase because the situation is LPG is not very good so a lot of demand is there for pipe gas 34:46 34 minutes, 46 seconds even at a premium So we we are getting a lot of uh registrations. I mean previously we you 34:54 34 minutes, 54 seconds know the registrations would number in hundreds now they're coming in thousands and with the ease of infrastructure 35:01 35 minutes, 1 second laying pipeline permissions etc. We'll connect these uh customers and uh overall commercial volumes are not that 35:09 35 minutes, 9 seconds high. Plus the government is also telling us that uh you know give uninterrupted supply to critical 35:16 35 minutes, 16 seconds commercial customers who are involved in you know food and so small restaurants are falling in that critical customer category. So they are 35:25 35 minutes, 25 seconds continuing to get the requirement and that sector is growing very hard high. 35:31 35 minutes, 31 seconds It is only some large industries which who are facing some curtailment and that too at present I think the curtailment 35:39 35 minutes, 39 seconds level has reduced significantly in the month of May. Hopefully if that continues we'll be back to our normal handc volume growth. 35:52 35 minutes, 52 seconds And lastly sir on uh spot LNG if you can highlight that at what price from what 36:00 36 minutes region how easy is the availability I mean whatever color you can give on the spot LNG availability for you and the country at large also that will be helpful. 36:11 36 minutes, 11 seconds What LNG we are sourcing through IGX or wherever we have a framework agreement with multiple suppliers we keep on 36:19 36 minutes, 19 seconds checking if somebody has a quantity then we get it. So that's the two mechanism through which we get uh smart LMG. As 36:28 36 minutes, 28 seconds far as pricing I think it is available in the public domain it is ranging between you know 11.5 to $13 sometimes 36:35 36 minutes, 35 seconds $14 and that keeps on changing uh depending on the volumes available depending on the time at which you are 36:42 36 minutes, 42 seconds trying to approach the market. So we don't source caros directly. So uh usually through aggregators. 36:54 36 minutes, 54 seconds Uh got it sir. Thank you and all the best. 36:59 36 minutes, 59 seconds Thank you. The next question is from the line of Amit Murala from Access Capital. Please go ahead. 37:07 37 minutes, 7 seconds Uh yeah. Hi, good evening and thanks for the opportunity. So uh when you say that you expect uh more than 10% growth in FI27 37:15 37 minutes, 15 seconds uh I think you also said that industrial is down 20%. So are you like expecting much higher growth from domestic PNG as 37:23 37 minutes, 23 seconds well as CNG if you could break out the expected growth rate segment wise also? 37:29 37 minutes, 29 seconds I think uh I would like to correct the understanding. What what I said is since you know infrastructure laying has been 37:36 37 minutes, 36 seconds eased out and there is a uh demand increasing for PNG due to LPG uh 37:43 37 minutes, 43 seconds curtailment definitely we have a uh you know opportunity to connect more and more customers. So going forward if we 37:52 37 minutes, 52 seconds are able to work on lay the infrastructure and connect the customers this year we have done 8% we can definitely you know if number of 38:00 38 minutes customers get added faster we can achieve 10% volume okay not necessarily I'm saying 26 27 38:09 38 minutes, 9 seconds the delta will probably come from pipe gas CNG may be you know at the usual normal rate of growth 38:19 38 minutes, 19 seconds sure So pipe gas and like is it possible then that we add maybe lot of customers and maybe we get like 20% or higher 38:28 38 minutes, 28 seconds growth rate in pipe gas uh volume this year that seems like a real possibility if you see industrial commercial last 38:36 38 minutes, 36 seconds year I'm saying 24 25 we grew by 24% this year also we have grown by 15%. And with this happening if our ability to 38:45 38 minutes, 45 seconds lay and connect is faster because of lot of easement on the road digging formations etc. we expect that we will 38:53 38 minutes, 53 seconds be able to do better than in the past but again the one more caveat on it because we are already into May now the 39:00 39 minutes monsoon won't start soon. So once the monsoon starts then it's not going to be you know possible to lay too much 39:08 39 minutes, 8 seconds infrastructure on public roads inside housing societies inside industrial promises yes that work will continue but 39:16 39 minutes, 16 seconds there would be some slow slowing in growth in you know June July onwards once the rain hit so 39:24 39 minutes, 24 seconds basically you know because of LPG dependence is very uncertain there's a lot of demand for commercial LPG 39:31 39 minutes, 31 seconds household if you see the notification wherever there is a gas connection available if somebody is using LPG 39:38 39 minutes, 38 seconds that will not be allowed beyond 3 months and he has to mandatorily opt for PNG. 39:43 39 minutes, 43 seconds So in our view that will help us grow our domestic customers also uh high compared to what we have done in the 39:50 39 minutes, 50 seconds past. Okay. So that will result in definitely volume growth. 39:56 39 minutes, 56 seconds Sure. Sure. And uh I I guess then capeex would also be higher this year if you're looking to lay so much of your pipeline infrastructure. 40:05 40 minutes, 5 seconds Some capeex may get reoriented as Mr. 40:07 40 minutes, 7 seconds Wag said earlier we will be focusing on laying of pipeline infrastructure and connecting the customer. So we may you 40:14 40 minutes, 14 seconds know uh uh and and there is a reduction in the RAI cost substantially. So that will get 40:23 40 minutes, 23 seconds saved. So overall there could be an increase but not very substantial because almost 40:31 40 minutes, 31 seconds by more than half okay what is the guidance that you'll give for kp for 27 40:39 40 minutes, 39 seconds certainly it will be whatever we have been given 1,200 cr range it can be little more than that if you are able to 40:46 40 minutes, 46 seconds do and uh you know see as I also said there is a constraint on the labor supply plumbers etc because every CGD is 40:54 40 minutes, 54 seconds now uh in the same situation. So a lot of pushing for the resources is happening. Uh there could be some impact of you know this crisis on the 41:02 41 minutes, 2 seconds availability of material also. So unless labor and material both are available uh depending on the availability of both 41:12 41 minutes, 12 seconds these we will be definitely connecting more people and infrastructure. 41:17 41 minutes, 17 seconds only one uncertainty which used to be there in the past on capex which is will we get permissions or not that has gone away 41:25 41 minutes, 25 seconds that has gone away got it sure 41:32 41 minutes, 32 seconds thank you the next question is from the line of vinit panka from Nuna please go ahead 41:40 41 minutes, 40 seconds hi sir thanks for the opportunity sir the the recently contacted wing that you talked about we find in Jan and April. 41:48 41 minutes, 48 seconds Are these Brent linked? Yes. Brent link. 41:53 41 minutes, 53 seconds So what is the logic of finding B contract when India is like3 42 cheaper? 41:59 41 minutes, 59 seconds I think these were contracted sometimes before. 42:05 42 minutes, 5 seconds Okay. And to balance our portfolio of industrial commercial supply with uh Henry Hub, we are more skewed towards 42:13 42 minutes, 13 seconds Henry Hub. So you know in the shorter period like a quarter or two quarter things can move over and here and there 42:21 42 minutes, 21 seconds but if you have balanced portfolio it helps over a longer period of time. 42:26 42 minutes, 26 seconds Okay. And sir why was angria volume cut to 50% in March is it going to the pool gas? 42:33 42 minutes, 33 seconds Yes. Must be going to the pool gas we don't get any this but our supplier is cut definitely. Where will you know Gail 42:42 42 minutes, 42 seconds uh will get the gas from all the term contracts which they have they will pull by you know curtailing the supply to 42:48 42 minutes, 48 seconds every buyer to the extent of uh supply or pay and they will put it to pool for coming to supplying to CGD requirement 42:57 42 minutes, 57 seconds but we do not know we don't have direct visibility on that so difficult to answer so any idea when this cooling mechanism 43:06 43 minutes, 6 seconds will be discontinued because India is the cheapest source of gas for you and this has been cuted by 50%. 43:14 43 minutes, 14 seconds I think all depends on how fast and when West West Asia crisis or over which nobody can run today. Uh I think 43:23 43 minutes, 23 seconds okay sir and sir do you have any flexibility in terms of increasing HP gas because new world gas is now much more expensive than even the HB. 43:34 43 minutes, 34 seconds any any way you can include HPS in place of new one. 43:39 43 minutes, 39 seconds HBST gas has been coming through uh IGX uh in small quantities and there are some uh old contracts which are expiring 43:48 43 minutes, 48 seconds and whenever they come up for rebuilding since CGD has a priority now we we will 43:54 43 minutes, 54 seconds be hopeful that we will get uh some HPT in you know coming months definitely there will be some availability of HPT 44:04 44 minutes, 4 seconds in this quarter or okay so last lastly How is the pricing of pulled gas derived? 44:12 44 minutes, 12 seconds Pricing of gas. The pulled gas. 44:15 44 minutes, 15 seconds We we we we are not private to gas that so we don't know. 44:20 44 minutes, 20 seconds Okay. But the pool gas is basically the imported gas, right? So the probably the weighted average of all the volumes that come together. 44:30 44 minutes, 30 seconds I think it is anybody's guess. I I will not be able to it could be some local also. I don't know. 44:38 44 minutes, 38 seconds Now you should ask. 44:42 44 minutes, 42 seconds Sure. Sure sir. Okay. So lastly uh so uh incremental volume how much upside do do 44:50 44 minutes, 50 seconds you have a number on how much volume upside we can see on BPG conversion because of MPG supply not being there not so uh easier access to lay down 44:58 44 minutes, 58 seconds pipeline. Maybe not for the near term maybe longer term. What is incremental volume of cycle there? 45:05 45 minutes, 5 seconds Okay. uh historically DPNG has not grown very fast about 6% or so definitely this 45:13 45 minutes, 13 seconds can go to double digits. So again one thing we need to keep in mind that uh our penetration in you know the city of 45:21 45 minutes, 21 seconds Mumbai for example in whichever buildings we are inact is pretty high almost 90%. The residential potential is 45:29 45 minutes, 29 seconds relatively less and our expansion areas if we go towards you know the municipalities which are in the suburbs 45:36 45 minutes, 36 seconds and further away there per capita consumption comes out to be lower. So today if we have uh you 45:44 45 minutes, 44 seconds know 2 million burning BPG customers we are trying to add at least uh you 45:52 45 minutes, 52 seconds know four or five lakh additional to that in the shortest possible span of time but the incremental addition will 46:01 46 minutes, 1 second not give you the sale per capita consumption because this is going out in the extended suburbs. 46:07 46 minutes, 7 seconds But definitely the volume contribution we expect to be more than 10%. 46:13 46 minutes, 13 seconds I think apart from even extended suburbs in the existing area where you know it was justified say 90%. And 10% people 46:20 46 minutes, 20 seconds who stay 6 months in India and 6 months outside or somewhere else outside Mumbai uh since they will be mandated to switch 46:28 46 minutes, 28 seconds to PNG because of the government notification their average consumption also will be low. So I think the additional connections will not ensure the same per capita uh consumption. 46:40 46 minutes, 40 seconds Yes. So even if we do a 20% increase on you know customer base of DPNG burning customers actively burning customers that may translate into maybe 12% or so. 46:52 46 minutes, 52 seconds Yeah. And of increase in volumes in DPNG. 46:57 46 minutes, 57 seconds Sure sir. Thank you. Thanks for the answer. Thank you. 47:01 47 minutes, 1 second Thank you. The next question is from the line of Indra Kumar Gupta from TL Capital. Please go ahead. 47:10 47 minutes, 10 seconds Uh thank you for the opportunity. Uh I think the first question was answered. I just have uh second question which is more of housekeeping. Uh can you please 47:19 47 minutes, 19 seconds uh break down the uh CNG vehicles added uh in terms of you know um buses, cars or those for FI26? 47:34 47 minutes, 34 seconds So year on year we have added uh taxis 26,000 47:43 47 minutes, 43 seconds private cars 48,000 238 freewheers 33,200 47:50 47 minutes, 50 seconds private buses 223 mini buses 188 we have MSRTC buses 48 47:58 47 minutes, 58 seconds trucks 318 temples 105 5 small commercial vehicles 7,400 and two wheelers 2,465. 48:08 48 minutes, 8 seconds So in total around 1.18 lakhs of CV vehicles have been added in this financial year last financial year. 48:18 48 minutes, 18 seconds Okay. Thank you. 48:22 48 minutes, 22 seconds Thank you. The next question is from the line of Nitan Tari from Philip Capital. Please go ahead. 48:30 48 minutes, 30 seconds Hi. Thank you for the opportunity. Uh good evening sir. Um so sir um my question first person first is a is a clarificatory one. Um so if you could um 48:38 48 minutes, 38 seconds just for the sake of uh you know clarity reate what was uh what was our uh gap 48:44 48 minutes, 44 seconds supply uh breakdown for the fourth quarter and also for the month of March. 48:49 48 minutes, 49 seconds I suppose you gave it out for the month of March and then I mean if we can put the contracted quantity in perspective as well. will not be the first one. 49:03 49 minutes, 3 seconds [clears throat] 49:05 49 minutes, 5 seconds So you want mark again yourself or uh no if you can if you can first uh I mean uh give out the contracted quantity 49:13 49 minutes, 13 seconds that we have against that how much did we get in the fourth quarter and in March that's what I'm trying to understand 49:22 49 minutes, 22 seconds contracted quantity how much you got in the Awesome. 49:44 49 minutes, 44 seconds HS we got around you know in the Q4.78 okay 49:53 49 minutes, 53 seconds against the contract of 1.5 you said right correct correct yeah yeah because see it was also done by us in 50:01 50 minutes, 1 second some months purposely because it price was high so we tried taking uh so I'm 50:08 50 minutes, 8 seconds saying this quantity will not matter because depending on the relative price in the next month or next quarter we will keep on changing because you saw 50:16 50 minutes, 16 seconds you know in January February when Henria was as 7 and a half dollar we did did not take even contracted and 50:25 50 minutes, 25 seconds we took spot so but still asking for a figure I'm giving you okay and in the month of in the in the month 50:34 50 minutes, 34 seconds of March how much was this quantity uh the term HH quantity in the month of March. 50:57 50 minutes, 57 seconds Sorry, you're saying H in the month of March. 51:01 51 minutes, 1 second H was uh H I'll tell you for the second Fortnite was little more than half a million. 51:09 51 minutes, 9 seconds Okay. And if you can have first Fortnite it was almost 75 or 78. 51:16 51 minutes, 16 seconds So average could be 65 or 7. 51:22 51 minutes, 22 seconds Okay. Second Fortnite was 0.5 and first Fortnite was 7, right? 51:27 51 minutes, 27 seconds Yeah. Yeah. You can do Sure sir. And if you can have the same figures for your HPH contracted uh 51:36 51 minutes, 36 seconds quantity as well as other terminal NV contract I don't have HP whatever we get you know 51:43 51 minutes, 43 seconds contracted or through IBS the combined number as I said earlier in the month of March we have taken almost.9 HPT 51:52 51 minutes, 52 seconds okay and in the fourth quarter fourth quarter combined HPHT to uh 7 average. 52:05 52 minutes, 5 seconds Okay. And uh same fig for APM and NWG for the fourth quarter and for the Mar month of March again. 52:13 52 minutes, 13 seconds No no APM for the full quarter on an average of more than 1.73. 52:20 52 minutes, 20 seconds uh okay for uh March first fortnite could be in the range of 1.7 but second fortnite was 52:28 52 minutes, 28 seconds somewhere around 1.56 or so okay and uh NWG sir 52:37 52 minutes, 37 seconds NWG both you can take little more than 4 quarter as well as for the yeah 52:44 52 minutes, 44 seconds for the quarter both March also little more than4 Not much difference with because balance came to full pool gas. 52:55 52 minutes, 55 seconds Uh sorry sir you had initially mentioned that NWG pool was around 73 to 75 for the month of March right 53:03 53 minutes, 3 seconds I said NWG plus pool I had said okay okay okay so NWG was 04 53:10 53 minutes, 10 seconds uh a little more than 04 yes okay and remaining was pulled right yeah yeah but as I said earlier also 53:18 53 minutes, 18 seconds these quantities keep on changing there is no guarantee no understand sir but uh I mean um what What I'm trying to understand is that in 53:26 53 minutes, 26 seconds the fourth quarter uh basically pool pricing came in only in March right so uh yeah so I mean when we are looking at 53:33 53 minutes, 33 seconds the quantity for the entire quarter the effect of pool would be only in the month of March so uh what was the NWG 53:41 53 minutes, 41 seconds uh quantity for the entire quarter it was still 4 and was there for some part of first 53:48 53 minutes, 48 seconds fortnite also so not only the second for March yes you are saying roughly twoird of the March was in pulled Uh all right. 54:02 54 minutes, 2 seconds Thank you. The next question is from the line of Kai Kotcha from Noama. Please go ahead. 54:09 54 minutes, 9 seconds Hi. Hi sir. Thanks for the opportunity. 54:12 54 minutes, 12 seconds Uh so it seems that you there's a 1% you're on your form in your PNG domestic volumes. Um is there any specific reason for this? 54:24 54 minutes, 24 seconds There's no fall in domestic PMG volume. 54:26 54 minutes, 26 seconds Are you talking about per capita consumption or you're talking about absolute volume fall? 54:32 54 minutes, 32 seconds Absolutely volume sir before to be clear. 54:34 54 minutes, 34 seconds Domestic volume year on year has grown by 7% or 6.6%. 54:42 54 minutes, 42 seconds There is an increase in domestic volume. There is no fallen domestic volume. Okay. All right. No problem. 54:52 54 minutes, 52 seconds DPNG and4 and INC. Yeah. Okay. No problem. 55:03 55 minutes, 3 seconds Thank you. The next question is from the line of Yeshanda from Test Investment. Please go ahead. 55:12 55 minutes, 12 seconds Uh hi sir. Am I audible? Yeah, you are. 55:16 55 minutes, 16 seconds Thanks a lot for the opportunity. uh most of my questions are answered just one uh in if you look at a longer uh 55:23 55 minutes, 23 seconds term version we were sort of talking about the energy prices sort of going uh downwards in uh in say 2 3 years because 55:31 55 minutes, 31 seconds of the increased capacity coming in in US what do you think would be the price in the long term at which it would 55:38 55 minutes, 38 seconds become attractive for most of the Indian people in the switch so last time you were mentioning somewhere around $9 to 55:46 55 minutes, 46 seconds $10 will be the a price at which u price title customer would convert. What would be the price right now for you? 55:55 55 minutes, 55 seconds It totally depends on what the alternate energy sources or alternate fuel prices are. No 10 15 years back I mean $5 look very high today $5 normal. 56:08 56 minutes, 8 seconds Okay. 56:10 56 minutes, 10 seconds So basically it will be a function of say petrol diesel versus uh LNG right? LPG and industrial fuels. 56:19 56 minutes, 19 seconds Okay. LPG and industrial fuels. Okay. Understood sir. Yeah. Thanks a lot sir. 56:26 56 minutes, 26 seconds Thanks a lot for that. Uh please. 56:30 56 minutes, 30 seconds Thank you. The next question is from the line of Shrias Dwan and individual investor. Please go ahead. 56:37 56 minutes, 37 seconds Uh thanks for taking my question. 56:40 56 minutes, 40 seconds [clears throat] I just wanted to understand that when when the uh brand goes from let's say 60 to 95 right there 56:48 56 minutes, 48 seconds is of course uh an input cost pressure that we get because of our sourcing mix and there is an output price benefit 56:56 56 minutes, 56 seconds that we get from our INC because it's linked to the uh brand good but as a net impact uh generally is this beneficial 57:04 57 minutes, 4 seconds for our company like when it goes from 60 to 95 or it hurts us that's what I wanted to understand. 57:13 57 minutes, 13 seconds Uh see as you rightly said the realization will go up. Okay. Uh when you say Hertz is because if my uh input 57:21 57 minutes, 21 seconds gas cost is linked to Brent more proportion then it may remain similar but we have a mix and mix is skewed 57:29 57 minutes, 29 seconds towards HH which has remained low while Brend is higher. So under this scenario it should benefit us in terms of net 57:37 57 minutes, 37 seconds margin especially in the INC segment the absolute term the increase in gas cost 57:46 57 minutes, 46 seconds is lower than the realization so that way higher oil prices help us inc 57:55 57 minutes, 55 seconds uh correct in INC they do help us but in the other segments where we still uh there is a there's an input cause that 58:04 58 minutes, 4 seconds gets you know impacted because of our like the resources which are linked to the brand that is also going to have a negative impact at an overall level. So 58:13 58 minutes, 13 seconds at an overall level I just wanted to understand. 58:16 58 minutes, 16 seconds No no I see as far as domestic PNG is concerned it is fully through APM which has a ceiling. 58:23 58 minutes, 23 seconds Even CNG oneird of the quantity is through APM which has a ceiling. If I have 0.9 roughly HBHT which is also 58:31 58 minutes, 31 seconds ceiling driven so it doesn't impact directly but directionally if you look if there are sustained high level of brand 58:40 58 minutes, 40 seconds then you know after some time prices do go up I mean yes the government will stabilize for some time but that cannot 58:48 58 minutes, 48 seconds happen indefinitely right so if Brent is up and petrol diesel prices are kept artificially at a lower 58:55 58 minutes, 55 seconds level then I will certainly get impacted temporary impact uh but otherwise it is not there. So 59:02 59 minutes, 2 seconds rent going up generally will help generally this is good for margins. 59:08 59 minutes, 8 seconds Okay thank you. The next question is from the line of Amit Muraka uh from Access Capital. Please go ahead. 59:20 59 minutes, 20 seconds Uh yeah hi uh thanks for the opportunity. So um I just wanted to understand like um the the CNG vehicle 59:28 59 minutes, 28 seconds addition seem to have slowed down a bit as we can see from the WAN data. Um so what are the reasons for for this for for this slowdown 59:37 59 minutes, 37 seconds which period you are referring to Nik I mean sorry Amit u like generally I was looking in the last 6 months. 59:46 59 minutes, 46 seconds So if you see last two quarters we have added almost 67,000 vehicles. Okay, which is quite a high number compared to 59:54 59 minutes, 54 seconds earlier two quarters which was uh roughly 50,000. So in fact there is an increase there's an increase. 1:00:02 1 hour, 2 seconds Oh okay maybe maybe uh maybe I'll just reconnect with you. I saw the data talk but maybe 1:00:10 1 hour, 10 seconds presentation as well you can uh see them. 1:00:13 1 hour, 13 seconds Sure. Um yeah sure and on on the margin if I can just reconfirm you mentioned that uh the near-term margin is a bit 1:00:21 1 hour, 21 seconds lower uh than what it was in Q4 right I mean what you're seeing right now in in April and March in April and May you said that the cost price increase is not 1:00:30 1 hour, 30 seconds fully covered for the cost increases that understanding is correct right yeah yeah specifically in case of CNG 1:00:37 1 hour, 37 seconds complete pass through could not be done Hello. 1:00:48 1 hour, 48 seconds Thank you. Due to time concentration, we'll take this as a last question. I now hand the conference over to Mr. 1:00:55 1 hour, 55 seconds Gagan, sir. Thank you. And over to you. 1:00:58 1 hour, 58 seconds Yeah. Uh before we end, I would like to mention that some of the statements made in today's discussion, we followed in the media and we believe that expectations contained in the areas. 1:01:08 1 hour, 1 minute, 8 seconds However, these treatments involve the number of risks and uncertainty that may lead to different results. We urge you to consider that quarterly numbers are 1:01:16 1 hour, 1 minute, 16 seconds not a reflection of long-term trends or indication of uh full year results. With that, uh I will now hand over the call to the management for closing remarks. 1:01:25 1 hour, 1 minute, 25 seconds Over to you, sir. 1:01:28 1 hour, 1 minute, 28 seconds Thank you everybody for joining us on this call. Yeah. Thank you. Thank you so much. Thanks so much. 1:01:37 1 hour, 1 minute, 37 seconds Thank you on behalf of ARA Securities. 1:01:40 1 hour, 1 minute, 40 seconds That concludes this conference. Thank you for joining us. You may now disconnect your lines.