Hi, good evening, everyone, and thanks for the opportunity. My question is on the AL-31FP engine. So, I just wanted to understand the delivery schedule f or that and what are the indigenization levels currently in this particular platform? Also, we had signed a MoU with PTC Industries for some specific indigenization, perhaps. I just wa nted to understand whether that MoU will translate into actual order. That was my question.
I have some follow-ups. I will come back in the queue.
Yes. Hi. Good evening, everyone . And thanks for the opportunity. Congratulations for a good performance under very challenging circumstances. So, a couple of questions, the first one is on EBITDA per ton. Now, in Q4 we saw EBITDA per ton dropping below Rs. 14,000 after quite a few quarters , actually quite many quarters. So , I just wanted to understand the profitability trajectory from here, because export sales do not seem to be going up as a percentage of overall, and other conditions possibly remain similar. So how do we see EBITDA per ton trajectory going from here and what would be the guidance for FY ‘26? That is my first question.
Okay, that's great. The second one is, essentially recently we signed MOU with the Government of Maharashtra for a considerable investment over here. Now we do have spare land at Chromeni as well, so just wanted to understand, are we still evaluating both the options or do we plan to expand at both these locations, I mean, how is it going to be in future?
First of all, congratulations for a good set of numbers in a very difficult quarter. I have 2 questions. The first one is pertaining to the ongoing safeguard duty investigation. Now in the document, stainless steel products are kept out of the investigation despite stainless steel industry suffering maximum on account of unfairly priced imports. So just wanted to understand the general outlook of regulatory authorities regarding...?
Okay. So is it safe to assume that a similar notification can be issue d for stainless steel considering the injury that we have suffered as an industry?
Congratulations for a record performance for the year-end the quarter. Couple of questions from my side. The first one is, if I turn Slide #8, where you have mentioned that the profitability of overseas operations in Q4 is 25% of overall. Now if I compare it with Q3, the profitability of overseas operations was 53%. So just wanted to understand the reason behind this drop. And, if on long-term basis until FY '29 as you have sounded your key tenets, if we can have a similar aspiration for overseas business profitability?
But on a -- let us say on a -- I mean, steady basis, what kind of profitability, I mean, do we target? If you can give a broad range that also would be great.
First of all, congratulations for a good performance and return to 10% EBITDA margin. 3 questions, if I may. The first one is on the utilization of QIP proceeds. While you provided a little bit of shape that INR245 crores has been used for repaym ent of borrowings and working capital, going ahead, just wanted to give a little bit more color on this that whether it will be used for geographic -- geographical expansion abroad? If you can highlight some of the commodities in which you would be interested, whether it is related to steel and paper at the moment and that's what we und erstand. Could it be utilized for some kind of copper recycling opportunity. So just wanted a little bit more color on that. This is the first question?
Okay. Very clear, sir. The second question is on the aluminium. So, if you look at the aluminium volume, it has jumped up sharply compared to the last quarter or even on Y-o-Y. Have we seen some movement around the listing on MCX that we were thinking t hat we would be able to hedge aluminium with?
First of all, great work on presentation. I mean quite a few data points illustrated over there. I have a couple of questions. The first one essentially is on the repetitive impairment diminution that we have been taking on Australian subsidiary. Now if I look at the utility of this Australian subsidiary, I mean, over the last 10 years, it has practically done nothing. And it's like salami slicing every time that we take a little bit of diminution, still around INR5,000 odd crores of investment is left. So, I just wanted to understand the future of this. Will we ever get coal from here? It is under care and maintenance. What is the thought process on this subsidiary? Why don't we get out of it, I mean, once and for all, take whatever provision is required?
Sir, my point is that whenever we took any impairment, it was always fully supported by the assets, but that particular goalpost has been a moving one. So that's why I asked the question.
Hi. Thanks for the opportunity. Congratulations for a good performance. A couple of questions from my side. The first one is essentially on value-added products in aluminium. Now, if I look at this year, it works to around 14%. Now given our production is going to increase to roughly 3 million tons at the lower end of the guidance, what kind of value-added proportion in terms of percentage can we expect for FY '26?
Sorry, what did you say, 17, 1-7 or?
Yes, hi. Good evening, everyone. And thanks for the opportunity. First of all, congratulations for a very good set of numbers in a very challenging quarter. I have two questions. The first one is on oil and gas. So , while I understand that the ASP injection is in progress, we have been taking a lot of initiative from that front. But still, we see a secular one -way decline in oil production. Just wanted to understand when this decline will be arrested, and we can see actually a bump up in production.
Thanks, Hitesh. Very elaborate answer. So, what it means is that in H2 FY '26 maybe we can see the production bumping up if all these initiatives and steps go in the right direction. Will it be a reasonable assumption?
Just a couple of questions from my side. The first one is again on iron ore volumes. So you mentioned in your prepared remarks that the EC is still pending, and we may fall short by 1 million ton or something thereabout. So what would be your guidance at this point in time for FY '26? And the related question is that where we see this EC approval getting stuck because 1 month has already passed in Q1 FY '26. So just wanted to give a little bit more color on this aspect.
Okay. So that means the second half could be a bit more heav y in terms of volumes compared to the first half of the year?
Yes. Hi. Good evening, everyone. And thanks for the opportunity, sir. And congratulations for a great set of numbers. A couple of questions from me. One is that how did the aluminum cost of production move in this quarter? And if you could highlight the prospective sense also that how it is likely to move in Q4? That is the first question.
And in terms of coal sourcing, sir, when both Meenakshi and Chakla come on-stream, and assuming we are able to extract the full EC limit, so whether you will need linkage and e-auction coal then due to technical or logistical reasons? Or we will meet our entire requirement through captive, provided coal prices remain where they are?
Yes, hi. Good morning, everyone, and thanks for the opportunity. Congratulations for good performance in a very challenging quarter. Three questions if I may from my side. The first on e is on sales volume growth, which we saw at 16 %-odd YoY in the quarter. Now, this quarter I understand was a period of very tepid consumption at least in December and none of your peers have shown this kind of growth. So, just wanted to understand the spe cific areas where we saw th e demand in this particular quarter?
Volume, yes. sales volume.
I have 2 questions. The first one is around the rail price provision and the benefit of INR1,637- odd crores that has been recognized in this quarter for prior periods. So just wanted to understand what is the quantum of FY'23 towards rail price revision still left? And is there something for FY '24, if you can quantify it? And when do we expect to get the mone y for there?
Sir, just a little bit of clarification now since for FY '23, there is a difference of INR14,000. We have already recognized INR1,637-odd. How much is remaining now to be recognized for FY '23?
Good morning, everyone. And congratulations for a good performance. I have a couple of questions. This one is on aberration side.
Yes, I am using my handset. Is it better now?
Congratulations for a good performance in this quarter. I have 2 questions. The first one is on MRSAM. Again, there was some delays from BDL side earlier because of the component being sourced from outside . But there were -- there was news that it is getting indigenized. So just wanted to understand our role over there? And how much will that account for us as revenue and when it can be recorded? That is first one. And there's the second -- then the Part B of this question that recently BDL also got MRSAM order from Indian Navy. So what could be our portion in this? And when we expect to get this order?
The second one is that you indicated that the next big order that will come would next generation corvette, but also, we expect that P - 75 and P - 75I could also be ordered in due course. So just a ballpark, what kind of share we expect, at least from electronic component and all from these orders?
First of all, congratulations for a good set of numbers in a very testing quarter. I have a couple of questions. The first one is essentially, if I look at the EBITDA per ton, which is outlined in Slide number 24, so compared to your peers who have shown a decline of roughly INR500 to INR800 a ton, I mean, from the results that have been declared so far, your EBITDA per ton in carbon steel has actually gone up by almost INR1,000 a ton. So just wanted to understand the key drivers behind that, whether it was because of more downstream products or cost -- because iron ore cost, I know went up in the quarter, but surprisingly, your EBITDA also went up. So just wanted to understand the key drivers behind this?
Sure. Got it. The second question is on the -- it was the first quarter where we actually got into the, I would say, flat product, where we sold cold-rolled coil. So just wanted to understand the market feedback of the same. How has the response been? Which region if you can share, I mean, where you have targeted this? And how is the demand shaping up for this product?
Yes, hi. Good evening, everyone and thanks for the opportunity. Congratulations for a good set of numbers this quarter. I have a couple of questions, sir. Is it possible to quantify the hedging gain in this quarter, the residual hedging quantity we have, and if there was any fresh exposure taken in this quarter?
Okay, no fresh exposure were taking on this quarter?
I have a couple of questions. The first one is on consumption growth. Now if I look at December data, the consumption growth is possibly the lowest in the last several months. And as per our channel checks, the price hikes that various companies took in Ja nuary have not been fully absorbed. So, don't you see headwinds of consumption, and already more than half a month has gone by? So, don't you see challenges to volume growth going ahead, particularly in this quarter and maybe the next when some of your peers are also coming up with capacity?
The second one, is it possible to highlight the progress on the coking coal mine at Mozambique?
I have a few questions. The first one is on commercial aerospace. So, we are seeing that things are now improving all the Company, particularly after going quieter quarter, there is optimistic commentary from all the global majors. I just wanted to understand that whether we have anything on annual or leap engines, are we now engaging some of the parts or are we buying for that particular engine, which is basically as it would be fastest growing engine in the history of aviation?
Yes, because the question was more in light of the fact that both GE Aerospace and Safran, who have got the collaboration, the y are our clients. So, we are just wondering that we should also have a foot in the door, at least?
Good evening and t hanks for the opportunity ; just a couple of questions. The first one is that there are two or rather four very interesting products we introduced. Two among them are Prahasta and Barbarik and we have been hearing a lot about them , s o just wanted to understand whether they are being sent for testing and and if anything further on that front has been done to commercialize these two products.
What will be the time to market for Barbarik?
Couple of questions. The first one is despite pushing volumes, the general structure segment we found that the contribution was negative. So, what explains that? Are we pushing volumes at the cost of margins and the realization ? In that case, it could be counterproductive as we ramp up our capacity. So, that is the first question I have that how do we see this margin shaping up of this critical, I would say bucket, which is like 45% of your overall sales volume?
I was asking what gives us confidence that the steel prices will not fall from here because what we have seen the Chinese stimulus, I mean the measures and the impact has been fairly, I would say muted at this point in time. Chinese exports have a again came to 10 million tons odd. And last quarter also we said that now things , are the worst is behind us possibly. But although we said that Q2 might be a little bit here and there. But going ahead in Q3 also the demand that we saw is like 4% to 5% now in Q2. So, what gives us confidence that we will go back to this EBITDA per ton of 5,000 in 2-3 quarters?