Good afternoon. Yes, thank you so much, sir, for taking my questions. The INR 1,100 crore capex that we incurred for FY26, sir, would it be possible to just break down of specific key projects in which this investment has gone?
Okay, but just to clarify, the presentation says pharma capex was about INR 91 crore for the year?
Thank you very much sir. So just on the cash flow statement, there is a significant increase in contract assets of about INR 450 crore, if you could please just specify what that might be due to?
So yes, if you could please just help me understand the accounting here. I mean, what exactly does this asset represent on the balance sheet?
Good afternoon. Yes. Thank you so much for taking my questions. First, just on the agrochemical intermediate project, which you have stated in your presentation is to be -- start deliveries in March. Is there some meaningful amount of business that we could expect this year itself in fiscal '26? And then do you expect it to scale up to full potential in '27 itself? Or will it take a little bit longer? And if I may just add on one related kind of extension to that question. Deepak, would appreciate your outlook for how this year is going to end up overall in terms of maybe EBITDA or something and then what you are expecting for next year as well?
No. That is really helpful. And any thoughts, preliminary thoughts for fiscal '27 as well at this point? Or is it too early?
Good afternoon, thank you so much. Just a follow -up on the MMA question that was asked with regard to the tariffs actually, this tariff differential between; for us now from India versus China on MMA, do you see that as a significant advantage in helping us gain more market share in the U.S.?
So, you also spoke about integrating MMA to sort of make it more stable over the next couple of years, including maybe sorting out the feedstock dependence. So, would there be plans to maybe backward integrate in this product? Or what exactly is the strategy you are kind of envisaging here?
Good afternoon. Thank you so much. Just with regard to the cost -cutting part of the guidance that we have spoken about. So this INR150 crore to INR200 crore is now mentioned as fully completed. Is this in the base in terms of the P&L numbers that we see in the expense numbers? Or is some benefit yet to flow through in coming quarters?
Any sort of numbers you could put around that? How much of the INR150 crore to INR200 crore is in the base versus how much we should expect next year?
Just on the agrochemical intermediates, where there's been some kind of stop in exports. Are the U.S. tariffs a factor behind this as well? Are these intermediates subject to the tariffs? And is that a factor holding back the demand from customers? Or is it purely a matter of end demand?
Okay. Fair enough. Yes. Got it. And just on the Advanced Intermediates segment, the 3% revenue decline we see year-on-year this quarter to INR 588 crore. Would it be possible to just help us get a split between volumes and prices for that segment for the quarter?
Just a few updates on some of the key projects, if it's possible to share. So just on nitric acid, should we expect the benefits to start from the second quarter of this financial year? Or will it really start from the third quarter? And could it add something like 200-300 bps to the Advanced Intermediates segment margin? Is that a fair estimate to have?
That is helpful. And then on the MIBK, MIBC project, you've mentioned H 2 FY26 as the commissioning time line. So realistically, what sort of capacity utilization percentages could we work with for this financial year and then maybe next financial year?
On the world demand and supply environment, if you could help us with your estimates of what the demand situation. Demand decline which we seen in CY '23 and your outlook for '24? And also you have mentioned that the m arket is oversupplied. So, is it possible to quantify how much the extent of oversupply is right now in the market? Thank you.
And just one other thing on our capacity expansion plans. In the context of the oversupply, any sort of second thoughts you might have about some of the expansion in the U.S. or Africa?