Yes, good evening. Thank you so much, sir. Just two from my side. One is with regard to the valuation review that was conducted for the US operations. Did that cover the mining rights assets also that are part of the US books? I believe those are fairly large amount.
Okay, but were these mining rights also assessed in terms of, the value of that they carry at this point in time
The sharp decline in power and fuel cost this quarter on a quarter-on-quarter basis sequentially, is that primarily led by lower coal costs? Or is it the U.K. closure? If you could please help us understand?
Okay. So, this is a sustainable number going forward, right?
Yes, good evening, gentlemen. Thank you so much for taking my questions. So, in your opening remarks, I believe I heard a number of 8.9% increase in capacity for soda ash for the full year last year at the global level. Just wanted to confirm that number. And then if you could please also just help us with a demand growth number if you would happen to have that for last calendar year as well?
Understood. And with regard to the outlook for capacity in the global market, will it be possible to share your perspective on how you are seeing things. There is a large capacity expansion by Sisecam, I believe it's called in the US, 5 million tons odd, and then some other smaller expansion in various parts of the world. So, any sense of how much capacity could be expected over the next 2 or 3 years?
Sir, first question on the margins. So the gross margins this quarter are stable on a sequential basis, 58% odd, even though the CDMO business has ramped up substantially on a sequential basis. So just sort of trying to understand what the dynamics are there would expect normally the margins have expanded a little bit more?
Okay. And the other one was just with regard to the margin guidance for FY27 in the context of this inflationary environment. So is 30% still a good benchmark to work with? That was one. And just the other quick thing from my side. The HPP vertical seems to have shifted markedly towards India in the past two quarters in terms of sales. So what might be driving that?
The depreciation and finance costs, the significant increase in this quarter. Is that largely because of the commissioning of the fluoro specialty project, the INR540 crores. And for the year ahead, if you could please help us with any broad estimate of where these two line items might go in the context of what we are expecting to capitalize. Also, if you could just share a number on the capex budget for fiscal '26?
Just one other quick thing. On the Opteon project, is the margin profile comparable with what we have at company level or somewhat…
So Anish, the R32 expansion project that Nitin and you alluded to earlier on the call, for whic h your discussions are ongoing. Could you please give us some color around that? How large could the further expansion be what time lines, how much capex, etcetera?
Okay. Got it. The second one was just on the Specialty Chemicals disclosure about these 2 molecules being introduced in Q4 and Q1, the third bullet point on that slide. So are these part of the multipurpose plant or something separate?
So maybe just to start with the volume versus price breakdown of the revenues this quarter, if it's possible to share that, please, on a Q-o-Q and Y-o-Y basis?
Got it. And just on HALS, on a sequential basis, what would the volume trajectory have been like 3Q versus 2Q?
Good afternoon. Thank you so much for taking my questions. First one, just a clarification on the opening remark regarding the expansion of the addressable market by $1.5 billion that you alluded to earlier on. This is exclusive of HALS, right? Just to understand.
So, this is the total global addressable market.
Yes. Good evening. Thank you so much. Just a couple from my side. One is within the cost of goods sold line, it seems like there's been a significant increase in the inventory built up, it seems to be about Rs. 2,200 crores, Footnote #8, I am looking at. S o, yes, just what exactly was the thought process there and then should we expect that the production rate at our plants will actually, come down a little bit, slow down a little bit in the next quarter or two, have you digested this inventory?
Got it. Thank you. The second thing was just on the impairment loss item, so Rs. 192 crores is shown on the face of the P&L. We have described this Rs. 112 crores item pertaining to the Brazilian distributor, but what will the remaining Rs. 80 crores have been attributable to?
On the other comprehensive income, there is a negative item of about INR578 crores. Just to confirm whether that is related to the impact of rupee depreciation on the US$loan book that we have?
That's really helpful. And just one last quick one for Anand, if I may. On the employee cost, please, there's a significant decline in employee cost quarter -on-quarter. So, is this a good run rate to model for subsequent quarters?
Just a couple from my side, Anand. One is the UPL Specialty Chemical numbers in the presentation seem to have been adjusted quite significantly from last year. The 2Q FY '24 numbers, the year ago numbers, they seem to have been adjusted quite significantly downward. So just trying to understand what the changes made there might have been.
No, just to make my question a little clearer. The numbers for the spec chem business last year, for example, Q2 FY '24 were INR3,500 crores. And I think this time around, we've shown a number of about, sorry, just pulling it up here, it is about...
Just one question on the refrigerant side, for R32, what would our estimate of total world demand be at this point in time? And if you have a forecast for the next 5 years by 2030 or so, that would be great to have as well. And also, how much might China production be at presen t for the product?
Sure, sure. That's fine. And maybe just one other thing then. You did mention at the close of your opening remarks that some businesses could see some near-term pressures. So, if you could please just specify which areas you might be seeing that in?
Sir just on the comment regarding the fact that maybe 1H is expected to be a little bit softer than 2H, if I understood it correctly. So just was hoping to get your perspective on what are the factors that sort of lead us to believe that this might be the trend?
Okay. So just to clarify, in Fiscal Year 2025, we saw a mix of about 42:58 between 1H and 2H, so we can broadly go with a similar kind of trend for next year as well?
Just two questions from my side. One on Specialty Chemicals, for FY25, given that we are just two months away from the close of the financial year , is there any update you might be able to help us with in terms of the expected growth for this full financial year?
Understood. Thank you. That is very helpful. And the other one I just had was on the R32 capacity. Where do we stand in terms of capacity utilization for that? I know we wanted to maximize output in CY24 through 2026. So, how are we progressing in terms of utilization?
For the first half of the year, could you help us with the Specialty Chemicals revenue growth sir, if possible?
And with regard to the refrigerant realizations, this pressure on international prices, is it in any particular products, R125 in particular, or is it more broad-based across the entire base?
So just a clarification on the Government incentives. So number one, this was for 10 years, so how many more years does it continue for? And if I heard you correctly, you mentioned that there was some accumulation of the incentives this year. So for what period exactly has this INR 161 crore number have been received?
Right. Just to clarify, so is it fair to assume that out of this INR 160 crore, maybe INR 60 crore or INR 70 crore would have pertained to FY25 and the rest would have pertained to the previous years?
Yes, thank you so much and good afternoon. The gross margins this quarter seem to be really strong, almost at record levels, despite the fact that there has been some price cuts in the CSM business as we alluded to in the presentation. So just sort of wondering what's behind the really strong gross margins. And with regard to the EBITDA margin outlook for FY26, what's the range we should work with ? I mean, this quarter we reported 26%, but the full year was 27%. So what's the right number to work with for next year?
Okay, thank you. And the other thing was just on the couple of data points, if I may, for Mr. Agarwal. One was what was the pharma EBITDA loss for FY25? We've given the PBT loss, but it will be possible to just share the number at the EBITDA level. And the presentation states that there's this target of aspirational target of increasing the biological revenues 5x in 5 years. So where those revenues stand at present and therefore, where do they go in the next 5 years? Thank you so much.
Good afternoon and thank you very much. My first question is with regards to the depreciation and amortization expense which seems to have increased quite significantly quarter -on-quarter. If you could please just help us understand the reasons for that? And whether this is a good run rate to trend off of going forward.
Thank you. The second question is just with regards to, I guess, number one, if it's possible to share the order book number as it stands at this point in time. And just to clarify whether the revenue growth guidance, which has been mentioned as singl e digits in the presentation, last quarter it was high single digits, so should we interpret that, that has been reduced a little bit or how should we interpret that?
Good evening and thanks for taking my questions. Suyog, first on the outlook for fiscal ‘26, would it be possible to share any revenue or EBITDA kind of targets you have for the year? I know there's a three-year target out there, but anything you would like to share for fiscal ‘26 please?
Second, just on the tariff impact, are most of the products you export to the US exempt from the tariffs? and if so, what so rt of implications, if any, do you see for your business in the context of these whole tariff developments?
So, from my side, just to understand this commentary about the pricing headwinds and the overcapacity from China, are there specific categories of ours where these pressures are more apparent or are it pretty much across the board, across the NCB, Nitrotoluene – just hoping to understand that a bit?
On the sort of EBITDA outlook for the subsequent periods, while I understand it's hard to commit on the full year at this point. At this point, given that half of the second quarter is behind us more or less, should we expect more or less a similar kind of number? Could we expect some modest sequential improvement, is that how we should think about it for 2Q?