National Aluminium Co Ltd — Q4 FY26

National Aluminium Co Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=cKy-yMbTuos Published: 13 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Q4 FI26 and FI26 earnings call of National Aluminium Company 0:09 9 seconds Limited Malco conference call hosted by Systematics Group. 0:14 14 seconds As a reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:23 23 seconds Should you need assistance during the conference call, please signal an operator by pressing start then on a touchstone phone. I now hand the 0:30 30 seconds conference over to Miss Shwa Dixit from systematics group. Thank you and over to you Mr. Dshit. 0:41 41 seconds Thank you. Good evening everyone. On behalf of systematics, we welcome you to 0:47 47 seconds the Q4 FI26 and FI26 earnings conference call of National Aluminium Company 0:55 55 seconds Limited. I would like to thank the management for giving us the opportunity to host this call. I now hand over to 1:02 1 minute, 2 seconds Mr. Bat Sahu, company secretary Narco to discuss the company's financial and operation performance. 1:10 1 minute, 10 seconds Over to you, sir. Thank you ma'am. Namaskar. Good evening. 1:17 1 minute, 17 seconds Uh greetings from National Aluminum Company Limited. So on behalf of Nalco Collective and especially from Nalco board uh let me welcome all extreme 1:26 1 minute, 26 seconds investors analyst bond houses to this earning call hosted by systematics group. Today is a historic day for 1:33 1 minute, 33 seconds Nalco. The board of directors have approved the financial statements for the financial year 2526 registering the 1:40 1 minute, 40 seconds best performance in every front. Uh we have our CMD Sri Bender Praab Singh along with our other functional 1:48 1 minute, 48 seconds directors director production Sri Pankar Sharma uh director PNT Sri Jagis Aurora 1:54 1 minute, 54 seconds uh director HR Dr. Tapas Fortnite, Director Finance Sri Akumar Vorya and uh 2:01 2 minutes, 1 second director commercial Sri Hamil Kumar Singh in this uh conference call and 2:08 2 minutes, 8 seconds presentation on this uh Q4 and FY26 is already uploaded with the stock exchanges as well as in the company's 2:16 2 minutes, 16 seconds website and I hope uh systematics group must have also circulated it to all our investors and uh now I request our CMD 2:25 2 minutes, 25 seconds sir to kindly highlight the results and also the outlook of the company. Over to you sir. 2:32 2 minutes, 32 seconds Uh good evening. Uh good evening to uh everyone connected over VC. All our directors are present here in this our 2:40 2 minutes, 40 seconds boardroom uh and our company secretary Barat SA. Uh everyone connected through VC along with 2:49 2 minutes, 49 seconds the systematic groups. uh our uh today uh we have declared our results and with 2:57 2 minutes, 57 seconds a very robust performance of the company. I would like like to deliberate on the highlights of the 3:10 3 minutes, 10 seconds I would like to uh deliberate on the highlights achievements of the organization. Uh 3:19 3 minutes, 19 seconds this year uh we have done best ever physical performance in all the areas. 3:25 3 minutes, 25 seconds uh box kite excavation, aluminina hydrate production, calcand aluminina production, metal production, 3:32 3 minutes, 32 seconds net power generation, wind power generation and all the areas uh the growth is there compared to 25 uh the 3:41 3 minutes, 41 seconds actual production of 24 25 uh boxite production around 6% growth. Hydrate and calcine and aluminina production around 3:50 3 minutes, 50 seconds 11.5% growth cast metal production around 2.61% 61% growth. Coal production uh from our Utkal coal block around 3:58 3 minutes, 58 seconds 41.84% growth. Power generation uh from our power units 4.7% growth. Wind power 4:06 4 minutes, 6 seconds around 9.25% growth. Uh along with along with that our sales performance also have been uh uh robust. We have done 4:14 4 minutes, 14 seconds best ever sales both in terms of uh aluminina and metal. aluminium metal uh aluminina sales has grown by around 30.74%. 4:25 4 minutes, 25 seconds And metal sales that is aluminium sales has grown by around 2.8%. 4:29 4 minutes, 29 seconds Uh so all the physical performances in all areas and uh sales performance has 4:37 4 minutes, 37 seconds been ever best backed by this performance. Our financials also we have done best ever financial performance 4:45 4 minutes, 45 seconds this year. Uh last year we had best ever in 2425 and we have surpassed those figures. Revenue from operation uh in 4:53 4 minutes, 53 seconds the year 2425 was 16,788 crores which has gone up to around 17,843 crores a growth of around 6.28%. 5:05 5 minutes, 5 seconds Abita uh has grown from 7,922 cr to 8,613 crores around 8.72% growth. profit 5:15 5 minutes, 15 seconds before tax from 7,135 crores to 7,767 crores around 8.86% growth packed uh 5:25 5 minutes, 25 seconds from 5325 to 5816 around 9.22%. 5:32 5 minutes, 32 seconds So all these uh financials are also our best and all this achievement what we have done the two major reasons of this 5:40 5 minutes, 40 seconds achievement where uh dedicated and hard work of each and every employees support of our stakeholders support of our uh 5:49 5 minutes, 49 seconds ministries and government and our physical performance was best ever physical performance we have improved not only on the volume we have improved 5:58 5 minutes, 58 seconds on the techno economy figures also like costic soda consumption, CPC co consumption, furnace oil consumption, 6:06 6 minutes, 6 seconds all these areas also lot of uh savings we have done. So with uh increase in volumes, increase in our efficiencies, 6:14 6 minutes, 14 seconds we have increased our profitability in spite of reduction in the aluminina prices. Aluminina prices if you see uh 6:22 6 minutes, 22 seconds year on year around more than $200 it has gone down in the year 2425 average aluminina relation was around $580 which has come down to around $370 this year. 6:33 6 minutes, 33 seconds Of course in metal uh side the average relation has increased from around 2550 6:39 6 minutes, 39 seconds to around $2700 uh US. So major uh highlight is that we have been able to tap our potential reach to the fullest 6:48 6 minutes, 48 seconds capacity of our potential with the uh good improvement in our technoconomic figures. Thank you. 6:59 6 minutes, 59 seconds Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may please press star and one on the touchstone 7:08 7 minutes, 8 seconds telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use answers while asking a 7:17 7 minutes, 17 seconds question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. 7:30 7 minutes, 30 seconds The first question is from the line of Adita from Access Securities. Please go ahead. 7:36 7 minutes, 36 seconds Yeah, thanks for the opportunity and congrats for the great set of numbers. 7:41 7 minutes, 41 seconds So just wanted to understand uh on aluminina front uh if you can throw any 7:48 7 minutes, 48 seconds guidance on FI27 production and sales volume both on aluminina and aluminium. 7:56 7 minutes, 56 seconds FYI27 if you see uh our target is our fifth stream refinery is coming. So we are planning to add uh because that will 8:04 8 minutes, 4 seconds commissioning will uh start in June and maybe take 3 4 months to uh reach to the production level. So this year we are planning optimistic planning we have 8:13 8 minutes, 13 seconds done of two lakh tons. So around 25 lakh tons of aluminina production and sales we are planning that is around two lakhs 8:20 8 minutes, 20 seconds more than the previous year and if it it will further increase as far as the commissioning process goes. As far as 8:28 8 minutes, 28 seconds the metal uh production is concerned, metal production again uh we have targeted more than this year slightly more because we have already reached to 8:36 8 minutes, 36 seconds the upper limit. Our capacity is 4.6 lakhs. Uh last year we have done around 4.71 lakhs uh of tons of metal 8:45 8 minutes, 45 seconds production. This year we have planned around 4 uh 73 lakhs tons of metal production. So 8:52 8 minutes, 52 seconds uh both areas in uh aluminina and metal we have uh looked for the growth. 8:59 8 minutes, 59 seconds So what what is our exposure to middle east in terms of aluminina exports? 9:06 9 minutes, 6 seconds Is there any impact of uh on the sales volume next year? 9:11 9 minutes, 11 seconds Our aluminina sport to the Middle East of course that was going uh earlier uh in the previous years plot of around uh 9:19 9 minutes, 19 seconds 40 50% of our export was going to middle east which has got affected but now from Indonesia and other places also orders 9:27 9 minutes, 27 seconds are there of course that has resulted into the reduction in the uh uh spot prices. the spot prices has gone down to as low as around $310 to $35. 9:38 9 minutes, 38 seconds Uh that is the effect of the war. So once this smelters of the Middle East the Middle East smelters the production 9:46 9 minutes, 46 seconds curtailment is there till they reach to the uh fullest capacity there will be effect on the uh aluminina pricing and the spot prices. 9:57 9 minutes, 57 seconds Now in terms of volumes any impact on sales volume because of this disruption there uh 10:04 10 minutes, 4 seconds sales volume till now no our volumes whatever spot tender we are uh doing uh we are getting the order in fact in our 10:12 10 minutes, 12 seconds last spot tender we got the order of around 36 uh orders we are getting we are trying to increase our presence in the domestic 10:20 10 minutes, 20 seconds market also like last two around 25 24 25 our domestic sales was 40,000 tons 10:27 10 minutes, 27 seconds uh this year 25 26 we have done around 1 lakh 40,000 we have increased the volumes of in domestic sales by around one lakh this year again we are 10:35 10 minutes, 35 seconds targeting to further increase go to around 2.5 to three lakhs I think something like that so we are targeting domestic market to further increase the 10:43 10 minutes, 43 seconds volumes and we are trying to have some long-term uh uh relationship long-term engagement with smelter manufacturer 10:50 10 minutes, 50 seconds across the globe so that we have the uh uh comfortability of selling aluminium to the FS. 10:59 10 minutes, 59 seconds Okay, got it, sir. Thank you. I'll get back to the Thank you. The next question is from the 11:07 11 minutes, 7 seconds line of Man of Goia from Yes Security Securities Limited. Please go ahead. 11:14 11 minutes, 14 seconds Hello. Yes, a very good evening and thank you for the opportunity. First of all, congratulations for the strong year that you've had. So uh one question followup from the previous participant. 11:26 11 minutes, 26 seconds Could you give me the average aluminina realization price for the quarter and how is it shaping up in Q1? 11:35 11 minutes, 35 seconds Quarter means which quarter you are asking uh for Q4 what was the average American realizations and how is Q1? Q4 25 Q4 25 11:44 11 minutes, 44 seconds 26 Yeah. Q4 25 26 average relation was somewhere around 3,000. 11:52 11 minutes, 52 seconds Aluminina. Aluminina you are talking or aluminum? Aluminina. 11:55 11 minutes, 55 seconds Aluminina. The chemical aluminina. 11:58 11 minutes, 58 seconds Yes. Aluminina it is $348. 348 was there in Q4. 12:05 12 minutes, 5 seconds Okay. And how is Q1 looking? 12:09 12 minutes, 9 seconds Q1 it was 460. No Cuban this one right now. 12:14 12 minutes, 14 seconds It will go down further go down. It is around 320 average we are getting now. Okay. 12:22 12 minutes, 22 seconds Okay. Got it. Uh okay sir. Uh so just one question. Are we uh you know because aluminium prices are quite strong are we 12:29 12 minutes, 29 seconds doing any putting any hedges in place or it's going to be directly linked to LME how we have been doing till now for aluminium? 12:39 12 minutes, 39 seconds hedging we are not doing uh it's directly linked to LMA since LM is on the rise so that's why we don't uh 12:46 12 minutes, 46 seconds required to do any kind of hedging okay got it and so for volumes for aluminina you just stated that you know 12:55 12 minutes, 55 seconds we are going to be doing incremental two lakh tons from the new refinery earlier we were targeting five you know 50% 13:04 13 minutes, 4 seconds utilization then we had got it down to 30% now we sort of at a 20 to 25% utilization. So I mean are we expecting 13:12 13 minutes, 12 seconds some delays or uh is it how should we look at? 13:17 13 minutes, 17 seconds In fact not delays we were expecting by June uh yeah some some delays will be there because we were expecting that by 13:24 13 minutes, 24 seconds June we will be completing the total production uh commissioning process but in June we are starting the commissioning process. It may take two 13:31 13 minutes, 31 seconds three months to complete it. Uh two lakh is a very optimistic figure which we are targeting. uh maybe it can further go up 13:39 13 minutes, 39 seconds if the commissioning process is completed early. 13:43 13 minutes, 43 seconds Oh okay. Okay. And uh so my second question would be you know where where are we in the process for the new aluminium smelter and uh how should we 13:52 13 minutes, 52 seconds take a look at the capeex number going ahead for the next 2 three years. Now the new aluminium smelter already uh we 14:01 14 minutes, 1 second have placed the order for mixing DPR uh for both smelter and our power plant. 14:06 14 minutes, 6 seconds Now preparation of DPR is under progress. Technology licenser already we are appointing. Our target is by this m 14:12 14 minutes, 12 seconds this year um maybe September October we'll be uh August September we will be able to complete the DPR get the board 14:20 14 minutes, 20 seconds approval and start the tendering process for uh procurement which will take six to 7 months means next month next year 14:28 14 minutes, 28 seconds uh April May we can complete that ordering and start the actual groundwork and it will take around three and a half 14:36 14 minutes, 36 seconds years from there our target is by 20 December 2030 or will be early 2031 to complete the overall commissioning. 14:46 14 minutes, 46 seconds Oh, okay. Got it. And uh how does the capeex number look for 27 and 28? And where can we see the capeex you know peeking out? 14:55 14 minutes, 55 seconds Uh capex like uh this year the capex will not come but uh 27 28 the capex will start coming once the ordering is 15:03 15 minutes, 3 seconds done. So capex will further capex phasing how much have we have done 2728 we may increase 15:11 15 minutes, 11 seconds around capex will be around 4,000 this year we are targeting around 1,800 to 2,000 that is 2627 15:18 15 minutes, 18 seconds uh 2728 it will go to 4,000 somewhere around 4,000 and similar kind of capex it will further increase it will further increase 15:25 15 minutes, 25 seconds further increase to because our total investment will be around uh uh both effici power plant and base will be around somewhere around 30,000 15:34 15 minutes, 34 seconds So that will be phased out in around 3 to four years from next year onwards that is 2728 onwards. So maybe first 15:42 15 minutes, 42 seconds year will be around 4 to 5,000 next year will further go to around 8 to 10,000 and 15:49 15 minutes, 49 seconds 28 29 and 2930 will peak out will peak out to around 8 to 8 to 10,000 from okay got it. So thank you so much sir. 16:01 16 minutes, 1 second All the very best. I'll turn back to you. Thank you. 16:04 16 minutes, 4 seconds Thank you. The next question is from the line of Sakin from HSBC. Please go ahead. 16:12 16 minutes, 12 seconds Thank you very much. Sir, first of all, can you give us the aluminina and aluminum cost of production in the fourth quarter and what would it be 16:20 16 minutes, 20 seconds today at at in one Q given the cost inflation that we are seeing? 16:27 16 minutes, 27 seconds Now if you see the cost of production of our aluminina and aluminium aluminina our cost varies from 20,000 to 22,000 in 16:36 16 minutes, 36 seconds between okay and uh if you're talking about aluminum it is 155 to 100 one lakh 16:45 16 minutes, 45 seconds 55 to one lakh system that is very but the first quarter the cost will not increase much though there is some 16:52 16 minutes, 52 seconds increase in the input cost but uh since our management Employees costs are getting down because of the high paid 17:01 17 minutes, 1 second employees are getting recurred and we are recruiting a new one. So whatever extra cost we are including in the input cost that will be set up by our fixed 17:09 17 minutes, 9 seconds cost in fixed cost employees cost power and fuel. Uh so there will be much hike 17:16 17 minutes, 16 seconds in the cost. It will be var that range only within one lakh 60,000. 17:22 17 minutes, 22 seconds Uh so far that's very good to hear. uh but do you expect that trend to continue in the second quarter as well because we 17:29 17 minutes, 29 seconds are seeing costic and fuel oil and carbon prices all rise very sharply. 17:36 17 minutes, 36 seconds We are expecting that what is suppose there is increase in the costic and pitch city pitch but we are going to increase 17:44 17 minutes, 44 seconds cold supply from our captive mines our captive mines we call D and E that will give us some comfort whatever cost we'll 17:52 17 minutes, 52 seconds be incurring cost and input cost outside XA that will be to great extent will be compensated the reduction of the power 18:00 18 minutes cost whole cost from our capital mines because in the next year we are going to increase production by 8 lakh more. So that company will be getting. 18:10 18 minutes, 10 seconds Got it. Uh so my second question is that uh the Japan aluminum premiums have risen very sharply from just around $100 18:19 18 minutes, 19 seconds to nearly $300 per ton. Uh for Nalo's aluminum sales, what were the premiums that the company realized in fourth 18:28 18 minutes, 28 seconds quarter and what do you think will be realized now? 18:33 18 minutes, 33 seconds on what premium metal we have a pricing policy we don't changes frequently the 18:41 18 minutes, 41 seconds premium part we have a mechanism of pricing calculation and we have fixed the premium uh I think six seven months 18:48 18 minutes, 48 seconds back that pattern we are following so it is linked to the l so we don't change our premium frequently because that is a 18:56 18 minutes, 56 seconds transparency policy we are following so that gives very confident to the to all of our stakeholders so We don't link it 19:04 19 minutes, 4 seconds to the premium regularly. It is fixed. I think last year it was fixed and that is continuing. We don't say. 19:11 19 minutes, 11 seconds Do you expect to revise it anytime soon, sir? Given that the premiums have risen very sharply across Asia. 19:18 19 minutes, 18 seconds Uh uh maybe some in a month or two we'll be going for export tender and whatever premium we'll be getting there. System 19:27 19 minutes, 27 seconds is key. We go for export tender in within every 6 months something like that and whatever premium we are getting that we adopt for next 6 months. So 19:36 19 minutes, 36 seconds we'll be going for export tender and whatever premium we get then we will include in our uh pricing. 19:43 19 minutes, 43 seconds Got it. Got it. Thank you very much sir. This is very very helpful. 19:49 19 minutes, 49 seconds Thank you. The next question is from the line of Palava Garval from Antic Stock Broking. Please go ahead. 19:57 19 minutes, 57 seconds Yeah. Uh good evening sir. Uh so just a question on you know you you mentioned about you know s the employed costs uh 20:04 20 minutes, 4 seconds coming down but in this particular quarter we've seen you know almost a 13% increase y and a 26% sequential increase 20:12 20 minutes, 12 seconds compared to third quarter. So is there any oneoff or any rapidity provision that were there in this quarter? 20:20 20 minutes, 20 seconds They're billing quarter to quarter. 20:22 20 minutes, 22 seconds Yeah. Employee cost cost overall year to year it has gone down 20:29 20 minutes, 29 seconds 18% to 16%. Year to year if you see it has gone down as compared to 425 last 20:36 20 minutes, 36 seconds financial year it has gone down by around 65 crores employee cost because we have uh retirement of around 351 20:45 20 minutes, 45 seconds people and we have inducted around 358 but whatever retirement was in the higher pay scale and induction is in the lower pay scale. If you compare the 20:54 20 minutes, 54 seconds quarter to it some of the provision is being made at the end of the year actual valuation 21:01 21 minutes, 1 second everything and if you see the overall 2425 and 25 26 there is a reduction of 2%. 21:10 21 minutes, 10 seconds Before 25 our employees cost composition of total expenditure it was 18%. And this year it is 16%. 21:18 21 minutes, 18 seconds Sure. And we expect this to continue right uh in FI27 also we don't see uh a material increase I think uh it will continue this year 21:27 21 minutes, 27 seconds FI 27 also further uh superation is by around 250 number 250 and our recruitment will be also similar 21:34 21 minutes, 34 seconds kind of thing and supering staff is always on the higher pay scale and uh the people joining are on the lower pay 21:41 21 minutes, 41 seconds scale. So similar kind of savings will be there. 21:45 21 minutes, 45 seconds Sure sir. Also on the other expenses you know again maybe because the fourth quarter you know there's been a significant increase on a Y basis at 21:52 21 minutes, 52 seconds about 850 crores. So again is it some year end provision which will probably not going other expenses it's about 850 crores for this quarter. 22:03 22 minutes, 3 seconds Uh other expenditure actually we have made some extra provision because of some statuto 22:11 22 minutes, 11 seconds one. So there is a statute provision that after you come utilize that red pond you have to give a 22:18 22 minutes, 18 seconds complete cover of that which is green and everything that we have made a provision of around 40 crores for that. 22:24 22 minutes, 24 seconds Second additional provision we have made for our flyers utilization because the nearby area where we are used to dump 22:31 22 minutes, 31 seconds our flyers that has been exhausted and we have to transport further distance. 22:36 22 minutes, 36 seconds So we have made a provision of transportation cost. So that has I think we have kept 54 critional 22:44 22 minutes, 44 seconds these are the expenses we have taken in the fourth quarter that's why there is some additional impact 22:52 22 minutes, 52 seconds okay so almost 90 provision not the cash expenditure that is only provision sure sir uh also so and what was the 23:00 23 minutes capex that we actually incurred in FI26 FI 26 23:08 23 minutes, 8 seconds around 22 2,000 crores 2,000 quickly. Sure sir. 23:13 23 minutes, 13 seconds Our target was 1,700 but we have exceeded by almost 400 cr more. 23:20 23 minutes, 20 seconds Sure sir. So and lastly you know uh you know uh coming back to the aluminina pricing scenario. So I think you earlier mentioned that Indonesia the smelters 23:29 23 minutes, 29 seconds were delayed but the aluminina refineries had come on stream. So there was a pressure on pricing. uh so you know by when do you expect this to 23:37 23 minutes, 37 seconds probably normalize and the smelting capacity you know to start operation in Indonesia 23:45 23 minutes, 45 seconds Indonesia smelting capacity is going to start this financial year end some of the smelting capacities but in spite of that their uh refineries capacities are 23:53 23 minutes, 53 seconds on the higher side there will be an excess of aluminina in the market every time this year or maybe next year and with this uh some of the splenders in 24:01 24 minutes, 1 second the middle is going down and their revival itself will take around 7 to 8 months or maybe 1 year. So uh this year this financial year there will be an 24:10 24 minutes, 10 seconds excess of aluminina in the market and the pressure on the pricing will be there. 24:15 24 minutes, 15 seconds So I think in the Middle East there was some aluminina refinary capacity also. 24:19 24 minutes, 19 seconds So is there any impact on that or that is operating at normal levels right? 24:25 24 minutes, 25 seconds Uh the refining capacity is less than their smelting. They were importing the uh aluminina. So refinery as of now we 24:33 24 minutes, 33 seconds don't have any uh uh update on the refining capacities whether it has any effect on that but of course smelters 24:40 24 minutes, 40 seconds three smelters oneam inqatar and uh EGA Dubal and one more smelter uh has got 24:48 24 minutes, 48 seconds affected and they reduced the production by around 50%. So that's why their overall aluminina consumption has gone down. 24:57 24 minutes, 57 seconds Okay. So, yeah. Thank you so much. 25:01 25 minutes, 1 second Thank you. The next question is from the line of N Modi, an individual investor. Please go ahead. 25:08 25 minutes, 8 seconds Yes, sir. Thank you, sir. At what percentage of this coal and kachod we 25:13 25 minutes, 13 seconds are able to produce, sir? Captain, what percentage of coal? Yes sir. 25:22 25 minutes, 22 seconds Overall coal overall coal requirement is around 7.2 million ton. Out of that last year we 25:31 25 minutes, 31 seconds have produced our own uh utkal mines has produced around 4 million t this year we are targeting 4.8 million t that is the 25:39 25 minutes, 39 seconds uh our inhouse coal production out of 7.2 4.8 date this year we'll be producing and as far as costic soda is 25:47 25 minutes, 47 seconds concerned around 50% of our total requirement is produced in our JV that is uh in G&L 25:54 25 minutes, 54 seconds yes sir and balance we are procuring from outside huh rest costic soda we are procuring 26:02 26 minutes, 2 seconds from outside and coal may be around uh 2.7 2.5 to 2.7 uh million tons we uh 26:10 26 minutes, 10 seconds source from MCL through our L linkage route F dual supply agreement route. 26:17 26 minutes, 17 seconds Sir one more thing sir this price of costic soda has gone up now during last two three months. 26:23 26 minutes, 23 seconds Yes. Yes. Yes. The cost of costic soda has gone up. It has gone up by how much? 26:29 26 minutes, 29 seconds The costic soda if you last year average uh it was beginning of the year it was 26:35 26 minutes, 35 seconds around 38,000 and 25 average cost is around 42 and first quarter we are 26:42 26 minutes, 42 seconds expecting 45,000 for from 42 to 45,000 it has gone in last uh 6 months. 26:50 26 minutes, 50 seconds Yes. Right. Okay then. Thank you. Thank you. 26:55 26 minutes, 55 seconds Thank you. The next question is from the line of Vikas Singh from ICSA Securities. Please go ahead. 27:03 27 minutes, 3 seconds Hi sir, good evening and thank you for the opportunity. So my first question pertains to your previous remarks that 27:10 27 minutes, 10 seconds you said coal would be 4.8 million tons from the capital sources next year. So has we received the EC because as far as 27:18 27 minutes, 18 seconds we are concerned I think we had four of that is all almost uh under process and 27:25 27 minutes, 25 seconds we are very much sure that next coming 3 four months we will get it. 27:31 27 minutes, 31 seconds Yes sir. So second question pertains to the rare earth uh projects which we were able to which 27:41 27 minutes, 41 seconds we are about to take off. So anything happened in cabail or any other sequence uh any positive there if you could give us some idea? 27:52 27 minutes, 52 seconds Uh we are not getting you are not uh clearly audible. Just if you can repeat the your question. 27:58 27 minutes, 58 seconds Uh I'll repeat myself sir. So regarding there was a lot of news uh of us about this exploring the rare earth and 28:06 28 minutes, 6 seconds critical mineral assets as well. Apart from the cabill Argentina mine, have we scouted or zeroed down on anything else? 28:16 28 minutes, 16 seconds Yes. 28:18 28 minutes, 18 seconds Uh apart from cabill uh we have taken two three projects. 28:23 28 minutes, 23 seconds Gallium recovery is one our let you in and critical minimal. Um we 28:32 28 minutes, 32 seconds have a huge amount of red mud lying with us and there some projects we have taken 28:39 28 minutes, 39 seconds it up and u in coming times there are some uh some visibility that we'll be 28:47 28 minutes, 47 seconds getting some valuable item from this but presently at presently these all are at 28:54 28 minutes, 54 seconds uh pilot scale level it will take another two three years to firmly decide upon the uh value which we will get out 29:03 29 minutes, 3 seconds of this. But in some of the projects like gallium extraction project, we are at advanced stage of putting up a pilot 29:11 29 minutes, 11 seconds plant and uh we'll get the first right of extracting and putting up a gallium 29:18 29 minutes, 18 seconds plant uh down the line after 2 three years. 29:24 29 minutes, 24 seconds No sir. This lastly when we will be starting spending capex on the half a million aluminum smelters 29:32 29 minutes, 32 seconds uh when we can expect that project to take off and the capex will start going in 29:39 29 minutes, 39 seconds that that will happen to be capex will start in 27 but that will be starting of the cape but the main cape cycle will 29:49 29 minutes, 49 seconds start in 28 29 and 2930 will be the peak kix cycle and we'll be completing ing in 29:55 29 minutes, 55 seconds by 30 or 30 uh month first half. So we'll be starting in 27 and 3 years 30:02 30 minutes, 2 seconds we'll be completing our okay so what could the FI 27 and 28 cap 30:12 30 minutes, 12 seconds figure if we need to build in in our estimates for.5 million t it will be around 18,000 30:20 30 minutes, 20 seconds cr 2728 is asking 27 will be around 4,000 around 4,000 to 5,000 5,000 cr 30:27 30 minutes, 27 seconds will be 2728 After that the capacity will further increase next 3 years it will go to around 8,000 to 10,000 30:35 30 minutes, 35 seconds because smelter will come with a power plant also uh 270 into 4 uh megawatt 30:42 30 minutes, 42 seconds power plant also is there so will be considering uh both of the uh projects. 30:52 30 minutes, 52 seconds Okay. So majorly 4,000 K majorly for the smelting plant in FI27. Is that a correct presentation? 31:00 31 minutes Yes. And all the best for you. 31:07 31 minutes, 7 seconds Thank you. 31:10 31 minutes, 10 seconds The next question is from the line of Sumangal Netia from COC Securities. Please go ahead. 31:17 31 minutes, 17 seconds Yeah, thank you. Uh for the chance uh I got disconnected so please excuse if it's already discussed. My first 31:24 31 minutes, 24 seconds question is on uh Cole. Can you just uh remind us what was the captive coal production uh for FI26 31:32 31 minutes, 32 seconds and for 27 what is the expectation and then the remaining coal which is roughly around 3 odd million tons which we are buying from coal India if you could just 31:41 31 minutes, 41 seconds share what is the mix between linkage and e auction as far as our coal production uh fi 26 31:49 31 minutes, 49 seconds we have done 4 million t and 4.8 8 million ton rest of the coal uh we are taking through uh uh FSA linkage route 31:58 31 minutes, 58 seconds from coal India e auction very less quantity we are taking I think out of the total quantity around 10% 15% only we are taking from e auction route out 32:07 32 minutes, 7 seconds of the remaining around 2.5 2.6 6 million rest we are taking through linkage rule. 32:13 32 minutes, 13 seconds Okay. And roughly what would be the cost difference between uh linkage uh euction and captive call 32:21 32 minutes, 21 seconds uh between our captive and uh um uh this uh linkage call the difference is around 300 rupees 32:28 32 minutes, 28 seconds 600 300 rupees per turn and in captive to linkage if you see it like captive to e auction it will be around maybe 600 to 32:36 32 minutes, 36 seconds 700 600 to 700 however in 2526 our linkage 32:44 32 minutes, 44 seconds Coal cost is around 1,800 and our captive call is 1,500 difference and captive and 32:54 32 minutes, 54 seconds option call is slightly higher around 2100. Yes. 32:58 32 minutes, 58 seconds So it will be around 600 difference with the option but the option very less quantity we are taking around only 10 to 15% of the total requirement 33:06 33 minutes, 6 seconds especially for jury taking option. 33:12 33 minutes, 12 seconds Understood. That's that's very clear. Uh uh so second on the employee cost, can you guide us for next one or two years? 33:19 33 minutes, 19 seconds What is our expectation? What is the employee count currently? Uh and uh uh what is the uh retirement expectation over the next few years? 33:30 33 minutes, 30 seconds On an average yearly retirement is around 250 numbers will be retiring next four five years. 33:38 33 minutes, 38 seconds uh our recruitment this year we'll be doing around maybe 200 250 recruitment this year next year we will see as per our requirement we will do so employee 33:47 33 minutes, 47 seconds cost will go down because uh the retiring people are in a very high scale of uh basic and DA they are in so that 33:54 33 minutes, 54 seconds will further go down because you see this year our overall employee cost was around 1721 crores overall expenditure 34:01 34 minutes, 1 second on employee and last year it was 73 786 65 crores we have saved on employee cost 34:09 34 minutes, 9 seconds and uh it is coming overall 10% of the to overall expenditure. So this is slightly reduced slightly reduced. 34:17 34 minutes, 17 seconds What is the crown today? around 4600. 34:22 34 minutes, 22 seconds Strength uh strength is around 49 48 sorry 48 34:31 34 minutes, 31 seconds 480 4880 okay because we were expecting the similar around 3 400 deduction uh 34:39 34 minutes, 39 seconds recruitment of 200 odd but year on year there's no there's no change last year also whatever number I have it's around 34:46 34 minutes, 46 seconds 4,800 yes yes similar kind of thing the people retiring in similar kind of people we are recruiting same number but our fifth 34:54 34 minutes, 54 seconds stream which is coming we since we are going for expansion and the fifth stream which is coming for that we'll be requiring an additional manpower of 35:02 35 minutes, 2 seconds around maybe uh 200 to 250 for which our recruitment process has start started so that uh in that area since our volumes 35:10 35 minutes, 10 seconds will also be increasing so uh some additional manpower will be uh required there 35:17 35 minutes, 17 seconds okay and uh the pay commission uh uh impact Uh when do we start seeing that? What is the estimate? 35:26 35 minutes, 26 seconds Commission impact will start from January 27. 35:30 35 minutes, 30 seconds Uh there will be some impact on because of implement the last quarter of this fiscal and from 35:37 35 minutes, 37 seconds next financial uh average increase will be 10 to 15%. 35:42 35 minutes, 42 seconds But if you see the overall cost because our volume will increase. So if you see the port turn of cost it will be coming 35:49 35 minutes, 49 seconds down. Though the absolute figure will may go up but turn cost will become coming down because of volume. 35:57 35 minutes, 57 seconds Okay. So roughly around 200 2,000 odd crores is what we can expect from FI28. 36:04 36 minutes, 4 seconds FI 2728 now it is 1700. Yes 100 additional question 15% 15%. 36:16 36 minutes, 16 seconds Got it. Got it. All right. Thank you and all the best. Thank you. 36:22 36 minutes, 22 seconds Thank you. The next question is from the line of Dashan Meta from Dallet Capital. Please go ahead. 36:35 36 minutes, 35 seconds Mr. Dashan Meta, please go ahead with your question. Your line is unmuted. 36:43 36 minutes, 43 seconds Mr. Ma, can you please proceed ahead with your questions? 36:50 36 minutes, 50 seconds As there is no response, we'll move to the next question which is from the line of Narish Nikker from systematics. Please go ahead. 36:57 36 minutes, 57 seconds Yeah, very good evening sir. Thank you for giving the opportunity. So I have the questions on chemical segment uh if 37:05 37 minutes, 5 seconds you see the revenue fall it is 12% decline from 7,600 cr to 6,690 per cr. 37:13 37 minutes, 13 seconds So I want to know what are the main primary factors this uh will happen and uh when the situation will normalize and 37:21 37 minutes, 21 seconds going further how do you see the volume and realization on this payment? 37:26 37 minutes, 26 seconds You are talking about reduction in the revenue from chemical sector. Yeah revenue and market. Yes sir. 37:34 37 minutes, 34 seconds uh chemical sector you see uh our prices has gone down by around $219 compared to last financial year which has resulted 37:43 37 minutes, 43 seconds into uh less revenue of around 2659 crores that is the uh amount of loss we 37:52 37 minutes, 52 seconds have suffered due to reduction in the spot prices but we have compensated it by increasing the volume we have sold 38:00 38 minutes around 3.4 four lakh tons of excess of aluminum by increasing our volume production which I have told earlier also that we are targeting to increase 38:08 38 minutes, 8 seconds the volumes we have increased the volume of around production by around 2.5 lakh to three lakh tons. So it has given us additional a favorable impact of around 38:17 38 minutes, 17 seconds 1714 crores. So net adverse impact of aluminina uh is around 784 crores only 38:26 38 minutes, 26 seconds in spite of uh 2,660 crores of adverse impact due to pricing. 38:33 38 minutes, 33 seconds Okay. Yeah. Thank you sir. 38:38 38 minutes, 38 seconds Thank you. The next question is from the line of Axar from NRA securities. Please go ahead. 38:45 38 minutes, 45 seconds Uh thank you for the opportunity and congratulations on uh very good set of numbers sir. Uh uh sir uh what would be 38:53 38 minutes, 53 seconds your uh view on the aluminina prices going forward uh looking at the amount of surplus that is available due to 39:01 39 minutes, 1 second shutdown of some of the sar in middle east etc. Do you think that it's it's now at the bottom or do you see still scope of uh the prices going down? 39:11 39 minutes, 11 seconds That's number one. And also similar uh outlook on the prices of aluminium. Yeah. 39:18 39 minutes, 18 seconds Uh as far as aluminina prices are concerned, this is almost on the bottom. 39:21 39 minutes, 21 seconds We are whatever spot uh tenders we are doing, we are getting the price of around 310 310 to $320. In few tenders 39:29 39 minutes, 29 seconds we are getting 36 330 or $336 also. But what we are expecting this fiscal this financial year it will be somewhere around between 300 to $310 average. 39:40 39 minutes, 40 seconds Aluminina pricing will be there. Metal pricing of course uh at present it is at the peak around maybe uh 3,600 lm is 39:49 39 minutes, 49 seconds there. We are expecting that it should be somewhere around uh average if you see the average of the total year somewhere around 3,000 it should it will 39:57 39 minutes, 57 seconds come down once the wars are over and all that the situation normalizes but somewhere around 3,000 because already the demand supply gap will be there. We 40:06 40 minutes, 6 seconds expect that it will be LME somewhere around 3,000 average we'll be getting. 40:12 40 minutes, 12 seconds Uh all right sir and uh as you have mentioned that our prices are linked to LM and we do uh we do not do more 40:19 40 minutes, 19 seconds frequent uh revision in our prices. So uh uh can we see can we assume that the 40:26 40 minutes, 26 seconds the it is basically some sort of a long-term arrangement? uh 40:34 40 minutes, 34 seconds is not a long-term arrangement because LM keeps on changing and every 3 days we keep on changing our price as per the 40:41 40 minutes, 41 seconds variation of the LM is there and the premium we do the export tenders every 6 months we do the export tenders in 40:48 40 minutes, 48 seconds between also sometimes we do and depending on the whatever the premium we are getting on the export tender we fix up the premium 40:56 40 minutes, 56 seconds formula is fixed so so how much how should we spot and how How much would be a fix long-term contract in aluminina and aluminum both? 41:07 41 minutes, 7 seconds So telling aluminina most of our aluminina is going on spot tenders because uh every month four shipment we 41:14 41 minutes, 14 seconds are doing on spot. Uh we have done some few of the tenders on the long-term that is 3 month and uh four uh 6 month tender 41:23 41 minutes, 23 seconds also. Now at present we don't have uh long-term because since uh the pricing is very low we are not going for the 41:30 41 minutes, 30 seconds long-term now we are only relying on the spot tenders once the prices slightly stabilizes the work situations are over 41:38 41 minutes, 38 seconds we'll try from some uh long-term contract also and are we on track with our expansion 41:45 41 minutes, 45 seconds plans for aluminina and aluminina aluminina fifth stream expansion our target was June we will start the 41:53 41 minutes, 53 seconds commissioning June we will be starting the commissioning uh commissioning process takes 3 to four months because is a chemical plant process plant to 42:01 42 minutes, 1 second stabilize the production and reach to the 50 60% of the rated capacity. So uh as far as as of now we are on track 42:10 42 minutes, 10 seconds maybe one or two months delays we are expecting depending on the what happens when we start the commissioning process. 42:17 42 minutes, 17 seconds Uh that was helpful sir. Lastly uh we have also mentioned in our uh in our results that uh the board has decided to 42:25 42 minutes, 25 seconds discontinue the utkers JV with uh Mishra Zhatu Nikam. So uh are there any plans 42:33 42 minutes, 33 seconds for going in value added products because earlier it was emphasized that we will be going into value added products in defense and aerospace and 42:41 42 minutes, 41 seconds like that. So what would be the plans going ahead and how much would be the right taking? Actually Utkar's JB was 42:49 42 minutes, 49 seconds made and that uh basically at that time the forecast was that growth in the transportation sector will be there. Of 42:56 42 minutes, 56 seconds course, different sector requirement was there but different sector requirement was very less and the kind of capex involvement was there around 4,500 to 43:04 43 minutes, 4 seconds 5,000 crores capex was required for that and uh as of now the uh requirement in the transportation sector has not grown 43:12 43 minutes, 12 seconds like that that's why it is not looking that much favorable even the IR uh with the capex investment was coming negative 43:20 43 minutes, 20 seconds that's why we are not going ahead with that as as of our existing plant is concerned we are going for one more wrote mill to increase our wrote 43:28 43 minutes, 28 seconds production. Vrod also be considered as evaluated and the new wrote mill will be producing uh more of a alloy grade wire 43:36 43 minutes, 36 seconds rods and good quality wro,000 tons of wrote mill we are going in it will take around 2 years. Uh our flat 43:44 43 minutes, 44 seconds product road product plants we are adding one analing furnace that will increase the production from our road plant. road plant on an average we are 43:52 43 minutes, 52 seconds doing around 2,000 per month. We are targeting from this year onwards around 24 2500 tons per month that will again 43:59 43 minutes, 59 seconds be value added. These are the two areas where we are working to increase our value added presence in the existing operation. Of course in our uh 44:08 44 minutes, 8 seconds expansions we will be targeting more of a value added that is wire rods maybe some road products or maybe billet something like that. 44:17 44 minutes, 17 seconds Uh that was really helpful sir. Uh thank you so much and wish you all the best. Thank you. 44:24 44 minutes, 24 seconds Thank the next question is from the line of Jay Tap from Pineapple. Please go ahead. 44:31 44 minutes, 31 seconds Hi sir. U I'd like to know in the beginning you mentioned that your uh additional capacity in aluminina would be two lakh tons. That was your optimistic approach right? What would be your conservative approach? 44:43 44 minutes, 43 seconds I think I don't know. It's very difficult to tell. It depends on the commissioning process. optimistic and conservative. Uh 2 lakh is the minimum 44:52 44 minutes, 52 seconds we we are targeting. It can go to maybe three or 3.5 lakh also depending on the commissioning process. 44:57 44 minutes, 57 seconds Oh okay. Okay. Got it. Uh my other questions related to pricing were answered. Thank you very much and all the best. Thank you. 45:26 45 minutes, 26 seconds Yes ma'am. Any can I Hello. 45:34 45 minutes, 34 seconds Yeah. Yes, please. 45:36 45 minutes, 36 seconds Yeah. I just said thank you all the very best. Okay. Thank you. Thank you. Okay. 45:48 45 minutes, 48 seconds Ma'am. Uh. Yes sir. 45:51 45 minutes, 51 seconds Yes ma'am. Any other questions? Any other? We are audible to you. 46:00 46 minutes Yes sir. 46:01 46 minutes, 1 second The next question is from the line of Rajesh Majunar from 361 Capital. Please go ahead. 46:08 46 minutes, 8 seconds Yeah, good evening sir and thanks for the opportunity. uh I actually missed out on the employee uh cost increase in FI28 on account of the uh pay 46:17 46 minutes, 17 seconds commission. uh what is the percentage increase you said in FI28 will happen on the employee cost 46:25 46 minutes, 25 seconds around 10 to 15% increase uh in the employee cost will be there that will be the impact of uh pay revision in between 46:32 46 minutes, 32 seconds 10 to 15% which can be around 12 to 13% or more okay uh right and uh my second question 46:40 46 minutes, 40 seconds was around aluminina exports what is the uh figure for the exports for the year because you have given the total aluminum aluminina aluminina hydrate sale of 14.46. 46:50 46 minutes, 50 seconds But what is the export figure and what is the domestic sales? 46:55 46 minutes, 55 seconds If you see the export sales we have done uh uh aluminina export sales uh uh we 47:04 47 minutes, 4 seconds have um 1.38 is domestic 1.38 is domestic and uh put in the 47:11 47 minutes, 11 seconds export sales we have done around 13.09 09 lakh tons. Yes. 47:15 47 minutes, 15 seconds And around 1.37 lakh tons of domestic service. So total 1.37 lakh tons. Is this uh uh calcium aluminina or special grade? 47:26 47 minutes, 26 seconds It is combined consigned and hydrate both. 47:31 47 minutes, 31 seconds Okay. And special grade aluminina what would be the production? 47:35 47 minutes, 35 seconds Special grade is very less. We are producing around 15 to 20,000 annually. 47:40 47 minutes, 40 seconds that much amount only is there that is also included in this. 47:45 47 minutes, 45 seconds Okay. And with the new capex there is no increase in the special grade production. It's all calcium aluminina right? 47:51 47 minutes, 51 seconds No no no only calcine and hydrate will be there. 47:56 47 minutes, 56 seconds Only hydrate. Yeah. Okay. Fine. And uh so my uh last question was on the uh aluminium smelter and power plant. 48:05 48 minutes, 5 seconds Initially we had talked about uh putting the power plant in a kind of joint venture structure with NTPC or somebody like that but now are we doing it on our 48:12 48 minutes, 12 seconds own entirely going to be the full capex to be born by Nelco or uh there's no joint venture uh already we are into uh agreement with 48:22 48 minutes, 22 seconds Neville ligignite we have signed one with them and we are in the advanced stage of negotiation with them with nei 48:29 48 minutes, 29 seconds corporation for forming a JV company in which uh 50/50 50 partnership will be there because Navalign Ignite has got a 48:38 48 minutes, 38 seconds coal mines here in Tal and that will be very near to our CPP. So we will be having a coal security also for our 48:44 48 minutes, 44 seconds expansion. So now we are in the uh advanced ph of the JV company. 48:52 48 minutes, 52 seconds So the entire capex is not going to be boned by. 48:56 48 minutes, 56 seconds Yeah. Yeah. The capex will get uh shared by both the JV companies. 49:04 49 minutes, 4 seconds Right sir. Uh just one last question sir if I could squeeze in uh if on the boxite royalty 49:12 49 minutes, 12 seconds if I look at the other expenses sheet the figure on royalty has varied a lot in the covid years it was like below 200 49:20 49 minutes, 20 seconds rupees per ton and then like now one in the after co it was 600 and now it is somewhere around 300. What is the figure 49:28 49 minutes, 28 seconds of the royalty and what is the royalty charge on the new boxite mines and will there be any revision in the royalty of 49:34 49 minutes, 34 seconds the old boxite mines royalty to the huh let me say royalty 49:42 49 minutes, 42 seconds figure will changes since the is high royalty is 100% because it is calculated by calculation 49:49 49 minutes, 49 seconds so it is not it is what is the percentage percent of royalty 49:58 49 minutes, 58 seconds a percentage 0.56 percentage I think it is calculated content of aluminum and the oxide if that part is calculated it 50:06 50 minutes, 6 seconds is coming around royalty port 450 currently it's coming around 400 but if LMA increases it will go further 50:14 50 minutes, 14 seconds got it got it and on the new mines also it's the same 50:21 50 minutes, 21 seconds quality is almost 42% aluminina and if it is directly into LM me does 50:30 50 minutes, 30 seconds the new minds also the royalty will be same same. Okay. Thank you very much. Thank you. 50:42 50 minutes, 42 seconds Thank you. 50:45 50 minutes, 45 seconds The next question is from the line of Rakkesh Roy from Omara Capital. Please go ahead. 50:50 50 minutes, 50 seconds Hi sir. Uh so my first question regarding export market uh maybe I miss sir as you say 40 to 50% of your export 50:58 50 minutes, 58 seconds come from Middle East sir 40 to 50% of export you are talking about chemical 51:07 51 minutes, 7 seconds yes sir yes sir aluminina aluminina our uh uh like total sales 51:14 51 minutes, 14 seconds last year was around 3.4 Four lakh we have increased uh uh total sales uh export we have done around 13 lakhs and domestic we have done around 1 lakh 51:23 51 minutes, 23 seconds 37,000 so export sales is uh domestic sales is almost around 10% of the export 51:31 51 minutes, 31 seconds and how much is from middle east middle east what I was telling earlier 51:38 51 minutes, 38 seconds also around 40 to earlier 50 to 45 to 50% used to go to middle east maybe sometimes more also but now 51:47 51 minutes, 47 seconds it has gone down and uh what is the outlook for 27 especially for middle east export export 51:55 51 minutes, 55 seconds this will come down further it will depend on the war when the war ends it's very difficult to predict if 52:04 52 minutes, 4 seconds the uh war ends and because now the uh route is also closed whatever route is there whatever aluminina was going it is 52:11 52 minutes, 11 seconds going to the state of homist so that's why they have to take it to road route. 52:16 52 minutes, 16 seconds So it's very difficult to predict now right sir my last question as you say 52:23 52 minutes, 23 seconds alina parise will come down again for 300 to $310 uh any impact on margin front so for 52:30 52 minutes, 30 seconds this will come down because this is uh any impact on margins you are telling me margin already 52:40 52 minutes, 40 seconds uh margins means already uh compared to last year the it has gone Because last year our uh average 52:46 52 minutes, 46 seconds aluminina price was uh in 2526 you see it was $376 average which we have got in 2425 it was $570. 52:56 52 minutes, 56 seconds Now this year we are targeting around we are seeing expecting that around 300 to $310. 53:02 53 minutes, 2 seconds So that is and how much is down any as for your calculus? 53:10 53 minutes, 10 seconds uh sir I think it will not affect the margin as a whole because if not getting price in the aluminina but it is being 53:18 53 minutes, 18 seconds compensated through metal price because we talking about aluminina aluminina 53:26 53 minutes, 26 seconds come overall I think there will be no impact on the price 53:34 53 minutes, 34 seconds agree why I'm asking because as you say aluminium price will over 3,000 just 53:43 53 minutes, 43 seconds aluminina price will come down. So your aluminium price will stay down 3,000 and but aluminium price will come down 53:50 53 minutes, 50 seconds compared to last year then overall margin will come down. 53:54 53 minutes, 54 seconds Overall margin will not go down. You see our overall uh revenues around 70% of our revenues is coming from metal that is aluminium 54:03 54 minutes, 3 seconds and 30% of our revenue. This year it's it went down to around uh 27 54:09 54 minutes, 9 seconds 27%. 73% from uh aluminium and 27% from aluminina. So we are getting better 54:16 54 minutes, 16 seconds margins on aluminium. So it will not reduce in fact it will increase our margins. Right sir. 54:24 54 minutes, 24 seconds Thank you sir. 54:28 54 minutes, 28 seconds Thank you. The next question is from the line of Ashish Keshal from Noama We Management. Please go ahead. 54:36 54 minutes, 36 seconds Yeah. Hi. Uh thank you for the opportunity. So quickly a few questions from the raw material side. Um are we seeing uh uh how much 54:45 54 minutes, 45 seconds price increase in coal which we are buying from e auction? Uh what kind of price increase we have seen in last two three months, two months actually. 54:56 54 minutes, 56 seconds uh e auction actually we very very less quantity coal we are buying only suppose if we are buying around uh we are taking 55:02 55 minutes, 2 seconds coal from FSA route through coal India NCL that is around 2.5 uh uh million t 55:09 55 minutes, 9 seconds out of that around 10 to 15% only buying in the e auction route and that is approximately 200 to 300 more than the 55:19 55 minutes, 19 seconds fuel supply agreement FSA root linkage So 300 rupees more we are uh getting. 55:27 55 minutes, 27 seconds So sir actually in last 2 months have we seen any increase in e- option coal price in last two months? Two months 55:36 55 minutes, 36 seconds think we have not done any we have done last two months we have not done any we have gone for in a coal if you 55:45 55 minutes, 45 seconds compare with the last year average price and current year there is a reduction because it is a notified price plus some premium. So last year it was average 55:54 55 minutes, 54 seconds because to us is 2 2,700 and this year 25 26 it is 2,400 total totally. So there is a trend 56:03 56 minutes, 3 seconds of reduction of price if you compare with the previous year. So yeah understood sir I was just looking at last two months because no we have seen 56:12 56 minutes, 12 seconds increase in telling about due to war situation you are telling any 56:22 56 minutes, 22 seconds it is not increased in fact not increased because there is an excess of coal available also the coal production capacity has increased so uh evacuation 56:32 56 minutes, 32 seconds is a main issue so link euction coal prices has not increased Thank you. The next question is from the 56:39 56 minutes, 39 seconds line of Kartika Kumar Pande from 361 Capital. Please go ahead. 56:46 56 minutes, 46 seconds Hello. I'm audible. Yes, sir. Yes, you are. 56:51 56 minutes, 51 seconds Uh yes. Uh most of my questions are answered. I uh just uh sorry if I'm repeating the question again. Uh uh so 56:59 56 minutes, 59 seconds can you just briefly mention the cex number that you mentioned I guess uh to a participant in the scope for 26 27 and 57:09 57 minutes, 9 seconds then factory for aluminium capacity 57:16 57 minutes, 16 seconds uh this year that is 26 27 we are targeting a capex of around 2,000 crores next year onwards that is 2728 what I 57:24 57 minutes, 24 seconds told earlier also somewhere in between 4,000 to 5,000 crores and after that the subsequently year it will further go up 57:32 57 minutes, 32 seconds that will the peak time of uh smelter uh uh erection and all that that will go to maybe 7,000 to 8,000 crores 57:41 57 minutes, 41 seconds in totality 30,000 crores that you it is not 30 actually it is smelter is 57:49 57 minutes, 49 seconds uh 17 to 18 and uh our power plant is around 12 so since power plant we are going for JV so only 50% and maybe 5 57:58 57 minutes, 58 seconds 6,000 will be requiring for that. It will come down to around uh 2324 23 24. 58:09 58 minutes, 9 seconds Okay. Thank you. 58:12 58 minutes, 12 seconds Thank you. The next question is from the line of Van Sarda from Nel Bank Securities. Please go ahead. 58:21 58 minutes, 21 seconds Thank you for the opportunity. So can you please give the aluminum realization 58:26 58 minutes, 26 seconds for Q4 FI26 and the current realizations relation of you talking about aluminina or metal? 58:35 58 minutes, 35 seconds Alum aluminium metal. 58:38 58 minutes, 38 seconds Metal aluminium average relation which currently which we are getting is around 3600 LME hovering but now just because 58:47 58 minutes, 47 seconds of war situation and all that is it has increased but what we are expecting should be somewhere around 3,000 or 3,100 for the average throughout the 58:56 58 minutes, 56 seconds year and Q4 realization spy 26 Q4 59:02 59 minutes, 2 seconds uh Q4 it was around 20 276 $67 59:10 59 minutes, 10 seconds two for average 25 2765 59:21 59 minutes, 21 seconds 2676 276 276 2767 59:28 59 minutes, 28 seconds expecting aluminium prices to come below 3,000 going forward in the financial year 2027. 59:37 59 minutes, 37 seconds So the average would be 3,000 like it is currently overing around 3500 3600. 59:44 59 minutes, 44 seconds Of course this 3536 is a very escalated uh thing due to war situation because already some of the smelters are closed 59:52 59 minutes, 52 seconds down the capacities are reduced. Once the smelter come to the capacity everything is normalized. So that demand 59:58 59 minutes, 58 seconds supply gap will further reduce. And uh at that time the LE may go down. 1:00:06 1 hour, 6 seconds Before these uh smelter disruption before this war aluminum was hovering around 3200 to 3,300. 1:00:15 1 hour, 15 seconds So that's why yes that is optimistic which you are thinking it can go down to maybe 3,000 1:00:22 1 hour, 22 seconds also but somewhere around 30 3,000 to 3100. 1:00:29 1 hour, 29 seconds Thank you sir. Thank you so much. 1:00:33 1 hour, 33 seconds Thank you. The next question is from the line of Arjun from Chasing Laxmi Investment. Please go ahead. 1:00:41 1 hour, 41 seconds Hi sir. Good evening uh everyone. So uh congratulations on the robust water and land performance. My question is in three parts. The first is the fifth. 1:00:50 1 hour, 50 seconds I'm sorry to interrupt you Mr. Rajan. We are unable to hear you clearly. There is a lot of disturbance from your line. 1:01:00 1 hour, 1 minute Mr. Sergeant, can you please check? Hello. 1:01:09 1 hour, 1 minute, 9 seconds Mr. Sergeant, can you hear us? 1:01:14 1 hour, 1 minute, 14 seconds As there is no response, we'll move to the next question which is from the line of Daran Meta from Dallet Capital. Please go ahead. 1:01:26 1 hour, 1 minute, 26 seconds Mr. Ma, please go ahead with your question. Your line is unmuted. 1:01:38 1 hour, 1 minute, 38 seconds Mr. Meta may be requested to please unmute yourself and proceed ahead with your question. As there is no response, we'll move to the next question which is 1:01:46 1 hour, 1 minute, 46 seconds from the line of Sakit Kapoor from Kapoor and Company. Please Please go ahead with the question. 1:01:59 1 hour, 1 minute, 59 seconds Yeah. Yeah. Namaskar sir. Hope I'm audible. Uh yes. Yes. Namaskar. 1:02:04 1 hour, 2 minutes, 4 seconds Yeah. Yes sir. Sir. Firstly, if you could uh please explain uh the the key reason uh in terms of our profitability 1:02:12 1 hour, 2 minutes, 12 seconds taking a dip uh for the aluminina segment year on year and uh if you could give us some color on how what are the 1:02:19 1 hour, 2 minutes, 19 seconds current price trends uh with respect to aluminina uh you see uh as far as aluminina is 1:02:28 1 hour, 2 minutes, 28 seconds concerned uh profitability I told earlier also this year uh in aluminina segment 1:02:35 1 hour, 2 minutes, 35 seconds uh our volumes has increased. Our volume has increased by around uh 3.4 lakh tons. Extra sales we have done compared to 2425. 1:02:45 1 hour, 2 minutes, 45 seconds Uh 2425 our production was 20.75 lakh tons. This year we have done around 23 lakh tons. So this has given an 1:02:54 1 hour, 2 minutes, 54 seconds advantage of around 1714 crores. Of course the prices have gone down. The prices has gone down from 595 average in 1:03:02 1 hour, 3 minutes, 2 seconds 2425 to 376 average in uh 2526 which has resulted into negative impact 1:03:09 1 hour, 3 minutes, 9 seconds of around 2659 crores. Overall if we see the adverse impact is in aluminina segment as compared to 2425 is around 1:03:19 1 hour, 3 minutes, 19 seconds 784 crores. So that is there because of reduction in the prices but we have also 1:03:27 1 hour, 3 minutes, 27 seconds uh improved in the efficiencies like costic soda consumption and all that that has given some advantage of around 1:03:33 1 hour, 3 minutes, 33 seconds 100 to 150 crores. So coming to this year if you see this financial year our 1:03:40 1 hour, 3 minutes, 40 seconds volumes will be from existing refinary will be almost similar kind of volume because we have reached to the peak of around 23 lakh tons. fifth stream which 1:03:49 1 hour, 3 minutes, 49 seconds is additional refineries coming two lakh further will be added. So similar kind of uh figures with because prices will 1:03:58 1 hour, 3 minutes, 58 seconds further go down. The prices of aluminina which is average was 376 last year that is 2526 1:04:06 1 hour, 4 minutes, 6 seconds uh will go down to around maybe 310 or 320. So that will have be having another financial impact of maybe around uh 1,000 or 1200 crores. 1:04:20 1 hour, 4 minutes, 20 seconds Okay. And sir, when how are we pensioning in this $310 uh mark? Uh have we contracted for the 1:04:27 1 hour, 4 minutes, 27 seconds entire year in terms of that or the current spot prices uh are hovering in those levels when what have we how are you? 1:04:37 1 hour, 4 minutes, 37 seconds Yes sir. 1:04:38 1 hour, 4 minutes, 38 seconds Current spot prices are at the level of 310 320 sometime we are getting 330 also. uh but the kind of situation which 1:04:45 1 hour, 4 minutes, 45 seconds is there there is an excess of aluminina in the market there's an excess of aluminina from Indonesia the requirement has gone down that's why we are 1:04:53 1 hour, 4 minutes, 53 seconds expecting key the prices may not go up we'll be hovering somewhere around 310 to 320 1:05:00 1 hour, 5 minutes okay sir earlier there was a formula on the basis of the LM prices say 12 to 13% correct me there of the what the LM 1:05:09 1 hour, 5 minutes, 9 seconds prices for aluminium that was the price trend for aluminina Yeah. So have has that trend uh taken some head back 1:05:18 1 hour, 5 minutes, 18 seconds because of the availability of aluminina or what should uh we factor in when we see because of availability only because 1:05:25 1 hour, 5 minutes, 25 seconds earlier we have got in long-term around 15 16% 17% also of the LME but now when we are going for long-term agreement 1:05:34 1 hour, 5 minutes, 34 seconds last in or last long-term agreement we got around 11.5 11 to 11.5% only and the main reason is the excess of aluminina 1:05:42 1 hour, 5 minutes, 42 seconds in the Okay. And sir then for the metal part of aluminium what are we penciling in in 1:05:48 1 hour, 5 minutes, 48 seconds terms of the current year means the profitability shift has taken there is a significant probability shift when you 1:05:56 1 hour, 5 minutes, 56 seconds look at the segment results uh towards the higher aluminium prices. So what should the investors strengthening in in 1:06:03 1 hour, 6 minutes, 3 seconds terms of the uh profitability from the aluminium segment with the type of price trend that we currently have and also 1:06:11 1 hour, 6 minutes, 11 seconds the incremental volume of the metal that we can uh uh produce and sell for the coming year. 1:06:20 1 hour, 6 minutes, 20 seconds Now as far as the volumes are concerned volumes metal also we have reached to the peak because our capacity is 4.6 lakhs. Last year we have done around 1:06:29 1 hour, 6 minutes, 29 seconds 4.71 lakh tons of cast metal and this year we are targeting slightly more that is maybe 2 3,000 more but we have 1:06:36 1 hour, 6 minutes, 36 seconds already picked out volumes will be almost similar kind of volumes. LME as of now is on the higher side that is 1:06:43 1 hour, 6 minutes, 43 seconds 3600 or maybe 3550 it is there. uh but once the situation normalize the uh 1:06:50 1 hour, 6 minutes, 50 seconds smelters again uh start producing the LM will come down shortly because now the supply is also not there from the middle 1:06:59 1 hour, 6 minutes, 59 seconds east to the other parts of European where from middle east was going that's why also they have reduced the production so LM will reduce to around 1:07:06 1 hour, 7 minutes, 6 seconds maybe what it very difficult to predict but what we are thinking is somewhere around 3,000 to 3100 1:07:13 1 hour, 7 minutes, 13 seconds okay enter for the first quarter the the quarter which This is now in the month of April. What has been our average sales realization for the aluminium 1:07:22 1 hour, 7 minutes, 22 seconds metal and uh how much have we contracted for the for the the remaining part of the quarter? 1:07:30 1 hour, 7 minutes, 30 seconds This quarter first quarter like uh this month our average realization is somewhere around 3600 3550 3600 we are 1:07:39 1 hour, 7 minutes, 39 seconds getting this month that is April and May also we are expecting first quarter will be good. quarter we will be averaging around maybe 3500. 1:07:49 1 hour, 7 minutes, 49 seconds Okay. So there will be significant uh contribution from uh on on the higher higher realization from the aluminium segment whereas for the aluminina part 1:07:58 1 hour, 7 minutes, 58 seconds we will be in the same vicinity of 310 to uh 300 $15. Right. Right. 1:08:06 1 hour, 8 minutes, 6 seconds That was that was yes. 1:08:09 1 hour, 8 minutes, 9 seconds If the metal price if you see our metal average metal price for the last year 2526 our profitability based on the 1:08:17 1 hour, 8 minutes, 17 seconds average metal price is 2674 the whole year average if telling that if our aluminum price 1:08:26 1 hour, 8 minutes, 26 seconds varies from 3,00 to $3,100 for the this fiscal 26 27 so we'll be 1:08:33 1 hour, 8 minutes, 33 seconds getting $400 more. So that is a comfort zone we are expecting. Though there is some reduction in the aluminina prices 1:08:43 1 hour, 8 minutes, 43 seconds but we'll be getting that comfort in the metal price if the holium metal average price behaves in the range of 3,00 to 3,100. 1:08:54 1 hour, 8 minutes, 54 seconds Okay sir. And so so just to just to model it out uh the quarter 4 uh numbers uh it give us a base uh in terms of what 1:09:03 1 hour, 9 minutes, 3 seconds we can expect uh taking into account the current geo uh the current uh evolving situation. So we should be setting this 1:09:11 1 hour, 9 minutes, 11 seconds pace of say 2300 uh PBT number that that should not be trending lower if the cost uh component 1:09:19 1 hour, 9 minutes, 19 seconds does not go uh uh higher. This understanding is correct on a on a uh uh that is correct almost that is 1:09:27 1 hour, 9 minutes, 27 seconds correct. If you produce that much of volume then we are expecting that profit of more than 2,000 plus first quarter 1:09:34 1 hour, 9 minutes, 34 seconds because price is in our and and on the volume front also sir we have said that we have already reached 1:09:41 1 hour, 9 minutes, 41 seconds the peak in terms of both the aluminina and the aluminium whatever production or dispatches we can 1:09:48 1 hour, 9 minutes, 48 seconds do. So going ahead we are not getting we are not going to see any incremental volume for the coming financial year 1:09:56 1 hour, 9 minutes, 56 seconds advantage of any incremental volume financial year whatever incremental will be coming from there will be the additional fifth stream refinary so from 1:10:04 1 hour, 10 minutes, 4 seconds the existing refinary almost similar kind of volumes will be there and the new stream will be s uh will be 1:10:11 1 hour, 10 minutes, 11 seconds uh commensurating in in which quarter uh we are starting the commissioning process will be starting starting in 1:10:19 1 hour, 10 minutes, 19 seconds June and the commissioning process itself take around 3 to four months. So maybe in the last quarter only we will be able to uh uh have the production 1:10:27 1 hour, 10 minutes, 27 seconds from there. That's why we have targeted only two lakh tons from the new refineries. 1:10:32 1 hour, 10 minutes, 32 seconds Okay. And for the next year as a whole sir what would be it will be rammed up to how much? 1:10:38 1 hour, 10 minutes, 38 seconds Next year capacity is 1 million ton that is 10 lakh tons. So next year onwards it will be doing 1 million t. 1:10:46 1 hour, 10 minutes, 46 seconds Okay. And in terms of selling of the product it will be totally set the it will be catered to domestically or what percentage will go towards uh as an 1:10:55 1 hour, 10 minutes, 55 seconds export. How are we arranged the selling arrangement? like this year this year out of total sales whatever sales we 1:11:02 1 hour, 11 minutes, 2 seconds have targeted this year uh around two lakh two lakh I think two lakh 50,000 we have targeted for domestic 1:11:09 1 hour, 11 minutes, 9 seconds that we have targeted for domestic and export will be around uh I think 13 or 14 less will be export so domestic will 1:11:18 1 hour, 11 minutes, 18 seconds be around somewhere around 10 to 15% of the export okay majority will be towards the toward the export only as has been the case for 1:11:26 1 hour, 11 minutes, 26 seconds the current Okay. And and lastly said towards this the the costic soda part and and how is 1:11:35 1 hour, 11 minutes, 35 seconds our S gal the JV which we have with Gujarat alkalies how have them in the performance from the same and what what 1:11:43 1 hour, 11 minutes, 43 seconds should we anticipate going ahead from from the same you see Jal JB uh in last financial year 1:11:52 1 hour, 11 minutes, 52 seconds that is 25 20 24 25 it has given a negative impact of around how much their total loss is 38 cr they pay only 38 1:12:01 1 hour, 12 minutes, 1 second but last year it was last year they have reduced the loss from 135 cr to 38 cr because 2425 1:12:09 1 hour, 12 minutes, 9 seconds they have incurred a loss of 135 crores but they have brought down to 38 cr this year and most importantly the last 1:12:17 1 hour, 12 minutes, 17 seconds quarter they have made a profit of 11 cr that is the very uh key point for 1:12:25 1 hour, 12 minutes, 25 seconds we expect that this year again they will turn to profit and the negative positive impact which they are having which will further reduce. Oh, we'll be getting some some money from them. 1:12:35 1 hour, 12 minutes, 35 seconds Okay. And sir, uh how have the price trend been for the costed the our our uh uh when the the cost which we have 1:12:44 1 hour, 12 minutes, 44 seconds incurred through this JV although it is at arms length what how are the costic soda prices trended? 1:12:53 1 hour, 12 minutes, 53 seconds Yes. 1:12:55 1 hour, 12 minutes, 55 seconds for JV you see whatever prices we do the rest of the quantity we 50% of the quantity we take from the market so 1:13:03 1 hour, 13 minutes, 3 seconds whatever pricing uh we are cost we are getting from the market that is uh applicable to JV they have to give us at 1:13:11 1 hour, 13 minutes, 11 seconds the same price there is no price consistent yes sir there's no price that was I'm asking how have the price trend been for 1:13:18 1 hour, 13 minutes, 18 seconds the cost soda for the quarter ending March 26 price trend is like Last year 2526 it 1:13:26 1 hour, 13 minutes, 26 seconds was uh 42,177 uh rupees per ton average the quarter 2627 1:13:34 1 hour, 13 minutes, 34 seconds what we are seeing is it will be around 45,000 there is an increase of around 3,000 okay from last year averages it will be 1:13:43 1 hour, 13 minutes, 43 seconds higher by 3,000 for the first quarter June quarter uh quarter 1 quarter two because we have ordered for 6 months the first 6 months 1:13:50 1 hour, 13 minutes, 50 seconds will be around 3,000 more okay sir and lastly sir on CWIP the closing balance was 6,300 1:13:59 1 hour, 13 minutes, 59 seconds K uh so what portion will get capitalized for uh for this year and what kind what are the facilities I 1:14:07 1 hour, 14 minutes, 7 seconds think so I think I think I think 90 100% will be capitalized this year because the majority is towards 15 expansion it is 1:14:16 1 hour, 14 minutes, 16 seconds around 5,500 so if we capitalize from June onwards so I think this year the whole 1:14:24 1 hour, 14 minutes, 24 seconds will be converted to asset capitalization and and all and all the backward integration part for the coal 1:14:32 1 hour, 14 minutes, 32 seconds availability on that coal mining part how much what is the uh current uh uh the current update on the same how much 1:14:40 1 hour, 14 minutes, 40 seconds of the coal are we mining ourselves and through the MDO route and what you have answered that question very sorry sir 1:14:48 1 hour, 14 minutes, 48 seconds you see the total coal requirement is around 7.2 2 million ton out of that our own production will be around 4.8 8 million ton and rest we'll be taking 1:14:57 1 hour, 14 minutes, 57 seconds mostly from our linkage route from uh coal India and around 5 to 10% we go for e op a option 1:15:05 1 hour, 15 minutes, 5 seconds sorry to interrupt maybe request to please join the queue thank you very much uh the next question is from the 1:15:13 1 hour, 15 minutes, 13 seconds line of Ashish Keshal from Noama wealth management please go ahead yeah thanks for the opportunity sir sorry I got disconnected that time so 1:15:21 1 hour, 15 minutes, 21 seconds sir uh I think you mentioned that e auction coal prices we have not seen any major increase in last two months. That's right. 1:15:29 1 hour, 15 minutes, 29 seconds Yes sir. 1:15:31 1 hour, 15 minutes, 31 seconds Okay. Sir secondly uh the way you mentioned about costly soda price is it possible to share uh your different uh 1:15:38 1 hour, 15 minutes, 38 seconds raw material prices like CP coke CT pitch and aluminium chloride what it was in FY26 and then 1:15:45 1 hour, 15 minutes, 45 seconds you see costly soda prices average 2526 was 42,000 it has gone to 45,000 CP coke 1:15:53 1 hour, 15 minutes, 53 seconds 2526 it was 53,000 this year Q1 and Q2 it will be somewhere around 57,000 1:15:59 1 hour, 15 minutes, 59 seconds aluminium fluoride 1 lakh 21,000 it has gone to 1 lakh 30,000 HFO has further 1:16:06 1 hour, 16 minutes, 6 seconds increased HFO and LDO that is the substantial increase which we are seeing uh 1:16:14 1 hour, 16 minutes, 14 seconds from 46,000 to 70,000 so this kind of uh increase we are seeing in costic soda CP 1:16:22 1 hour, 16 minutes, 22 seconds aluminium fluid and HF what about CT pitch 1:16:28 1 hour, 16 minutes, 28 seconds CT pitch is almost Same city pitch uh 8 minutes city pitch no it has gone up from 44,000 to 56,000 1:16:38 1 hour, 16 minutes, 38 seconds [clears throat] city the city pitch has gone up from 53,000 to 57,000 oh sorry CP coke has city 1:16:45 1 hour, 16 minutes, 45 seconds pitch from 53,000 to 57,000 around uh 4,500 1:16:51 1 hour, 16 minutes, 51 seconds increase pitch and CP from 44,000 to 56,000 this may be around maybe 11 12,000 increase. 1:17:02 1 hour, 17 minutes, 2 seconds So sir, if I'm looking at from FI26 average versus first quarter, we are seeing increase in all our raw material 1:17:10 1 hour, 17 minutes, 10 seconds prices. I think that is only been uh somewhat offset by u you know I don't know from 1:17:18 1 hour, 17 minutes, 18 seconds where it is being offset. So your cost of production definitely should increase from what you are talking about 150 155 isn't it? 1:17:28 1 hour, 17 minutes, 28 seconds Yes. Yes. Cost of production will increase will increase. 1:17:31 1 hour, 17 minutes, 31 seconds So when we are talking about 155 to 160 that was for Q4 or FI26 1:17:39 1 hour, 17 minutes, 39 seconds 155 one and average cost is around 155 156 for the whole year. If you see the 1:17:47 1 hour, 17 minutes, 47 seconds key for it is around 1 one lakh 5758. So we are keeping a highest 160. It will in any case it will not not go below 160. 1:17:59 1 hour, 17 minutes, 59 seconds Understood. Understood. And lastly, what could be our power cost per unit? 1:18:05 1 hour, 18 minutes, 5 seconds Power cost per unit is around 3.15. 1:18:09 1 hour, 18 minutes, 9 seconds This is at aa level we are talking about aa level it is coming coming around from 1:18:16 1 hour, 18 minutes, 16 seconds uh if you see the expenditure it is coming coming around the power cost is 31%. 1:18:25 1 hour, 18 minutes, 25 seconds The total cost yes total cost if is the revenue it is coming around 1:18:35 1 hour, 18 minutes, 35 seconds actually I was trying to ask you know what could be our 15% revenue. 1:18:40 1 hour, 18 minutes, 40 seconds Okay. So I was looking at what could be our power cost per ton of aluminium. So when we are talking about 155 to 160,000 per ton of aluminium production. Yes. 1:18:50 1 hour, 18 minutes, 50 seconds What could be our power cost in that? It is coming around 31%. 1:18:57 1 hour, 18 minutes, 57 seconds 55 to 60,000. 55 to 60,000. Okay. Okay. Okay sir. Thank you so much. That's helpful. 1:19:05 1 hour, 19 minutes, 5 seconds Thank you. 1:19:06 1 hour, 19 minutes, 6 seconds Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to Mr. Bharat Kubar Sahu for closing comments. 1:19:18 1 hour, 19 minutes, 18 seconds Thank you ma'am. On behalf of Nalco, I thank all participants who took out their valuable time and shared their views and took in growth journey. 1:19:31 1 hour, 19 minutes, 31 seconds uh we thank you team Koras for facilitating this uh earning curve for Q4 and uh 1:19:39 1 hour, 19 minutes, 39 seconds FY26 and uh we are also thankful to systematics group for hosting the earning curve we look forward for 1:19:47 1 hour, 19 minutes, 47 seconds similar kind of cooperation uh on continued basis thank you thank you all 1:19:54 1 hour, 19 minutes, 54 seconds thank you on behalf of NAL yes sir please go ahead okay thank you thank Thank you. Okay, you go ahead. 1:20:02 1 hour, 20 minutes, 2 seconds Thank you, sir. On behalf of Narco Limited, that concludes this conference. 1:20:06 1 hour, 20 minutes, 6 seconds Thank you for joining us and you may now disconnect your lines.