So similar question as the previous participant had. Like could you just help better understand this movement in revenue then because NSR is down, like what are the other factors which have offset that? And if you can give some color as to the number also?
Okay. Got it. So that's the larger part of the explanation is it?
So, my first question is on the CAPEX build up for '25 and '26. So, if you could just provide some guidance there?
And what is the kind of incentive that got booked in Q4?
Yes. Hi, good evening. Thanks for the opportunity. So on central India subsidies, how much was booked in this quarter?
Okay. And then Panna Phase-2 will also have incentives again, right?
So just a couple of questions. First on capacity. So, Panna, I think the clinker line debottlenecking was expected to happen with these maintenance seizes. I just wanted to confirm if that has been done.
Sure. Also on capex, could you just highlight how much is done? And what is the target of capex this year and next year?
On HMEL, could you please share what was the GRM that was done in FY '24? And also could you share the financials for '24?
Okay. And what was the EBITDA and PAT loss?
On CAPEX, could you spell out the target for FY ‘25 and broadly how will the CAPEX pan out over the next few years given the target of 1.5 lakh crore over five years?
And how will that scale up to, let’s say, ‘26-27?
Hi. Good afternoon. On Sanghi, I wanted to check what is the volume for Sanghi? Like you mentioned, 0.67 MT was done as MFA between Ambuja and ICC. But what is the total volume?
Also, under the MSA, there is a 9% EBITDA margin. But I see in Q4, Sanghi's EBITDA margin is 20.5%. So I just wanted to understand where is this disconnect coming from, given that the incremental volume by Sanghi was only 0.1 million tons?
Sir, my first question is on the arrangement with Adani Cement's Dahej plant. I think in the presentation, you have mentioned that you have entered into an arrangement. Can you please explain that?
This is cost plus 10% arrangement similar to, let's say, what we saw in Sanghi or it's a different arrangement?
Hi. Good afternoon. On Sanghi, I wanted to check what is the volume for Sanghi? Like you mentioned, 0.67 MT was done as MFA between Ambuja and ICC. But what is the total volume?
Also, under the MSA, there is a 9% EBITDA margin. But I see in Q4, Sanghi's EBITDA margin is 20.5%. So I just wanted to understand where is this disconnect coming from, given that the incremental volume by Sanghi was only 0.1 million tons?
Sir, my first question is on the arrangement with Adani Cement's Dahej plant. I think in the presentation, you have mentioned that you have entered into an arrangement. Can you please explain that?
This is cost plus 10% arrangement similar to, let's say, what we saw in Sanghi or it's a different arrangement?
So first question is on debt. I see from your presentation that the debt in stand-alone books have gone down Y -o-Y, but in the consol books is actually marginally up and then the difference basically between consol and stand-alone was INR1,100 crores in FY '23, it's INR2,200 crores in FY '24. So just wanted to understand like in the subsidiary books, why has the gross debt gone up so much?
Got it. That's clear. And also, the second question would be on Kesoram. I believe that the final approvals should come soon. So what would be the rebranding strategy over here? Like how would you shift to UltraTech branding in Kesoram? Will it be across markets or region-wise?
Good evening. Thanks for the opportunity. The first question is on other expenses. So like doesn't Q2 has higher other expenses which we saw and Q3 simply witnesses a drop at this time. That drop is not visible. First thing I wanted to highlight was -- I wanted to check, was there any one-off in other expenses?
Okay. So recently, this campaign has also been launched with Shahrukh Khan, of course. Congratulations on that, but that is already in the P&L or Q3? Or will that come?
My question is a bit longer term. So recall at our level, we are looking to raise coal production to 1 billion tons and then we have a lot of private captive coal mines, which are also seeing rise in production over the next couple of years. So if, let's say, like what I understand is you're saying that there is some -- coal stocks have increased. So in years ahead when more captive production comes in, like how do you think there will be marketability of all this increased production that you have? And could it lead to like a structural decline in e-auction premiums in the country, just some thought on that?
Absolutely. I completely appreciate that and congratulations. But my question was more on that side only that if supply is growing more than 10%. And obviously, there is growth of renewables and all, so coal demand per se, like -- can it meet the supply growth? Or like will it lag the supply growth? Is there some thought that you have or some work that you've done on that?
So on the cost per se, there is obviously a big decline in freight. You mentioned that it is because of the distance. What was the lead distance in the quarter? And what would have been in previous quarter or last year?
Okay. And is there any expectation of it to come down further?
I missed the opening comment, but just wanted to check if you could just tell us what was the cement realization on a Q-o-Q, Y-o-Y basis? H M Bangur Yes. Cement realization in this quarter is INR 4,843 per ton, which is 1% better year -on-year and 2% better quarter-on-quarter.
Okay, okay. Sure. And could you also be able to guide us something on EBITDA, like how much of the EBITDA came from cement? H M Bangur About INR 1,060 per ton -- INR 1,062 per ton is the exact number, which is coming for the quarter.
So, we are seeing a spate of flat steel capacity additions in the country about 15 million tonnes plus in the next 6 months alone. My unders tanding is about 25% of the consu mption market in India at this point in time. So , do we see more exports now out of these new capacities? Or could there be like a increased competition, which could probably get the pricing into a discount situation as well? Just some thoughts on that...
Yes. So , my question was like we a re seeing multiple players adding flat steel capacitie s, which total up to almost 15 million tonnes plus in the next 6 months alone. So how do we scale up these volumes? Will there be more exports? Or there could be a competition coming into the local market itself, which probably could keep local prices at a discount in import parity?
The first question is around the capacity utilization and your expansion plan. So based on current volume, it seems to be at 60% utilization with expanding capacity. And I believe we are still...
Yes, I hope this is better. So I was asking that the capacity utilization seems to be like under 60%, and the expansions are quite steep from here, and there's expectation of 75 million tons as well by FY27. So what's the plan like to take the utilization up like because the implied volume growth will actually be upwards of 15% if the current expansion plan need to come through?
On alumina, so you have mentioned that you plan to set up this 2 million ton facility. So could you just provide some more details around that, like -- as to when will that come up exactly? And will that be fully for market sales? Or you plan to kind of back it up with some smelter capacity as well in the future?
Sure, sure. Got it. Also, regarding the Chakla coal mine, I believe you had said that this will start operating in October '24. So those time lines are still holding or we should...
Good morning. So, just further on this cab aggregator policy, so like the LG approval is pending. Is there any way in which the LG approval gets delayed or what's your outlook on that, if you can share?
Okay. But also, given that, I think it was asked earlier as well, like if a vehicle is compliant with BS6 norms, can the Delhi government stop that vehicle from coming into Delhi, like assuming that it's not an EV vehicle?
After quite a long time, we have seen finally cement price hikes coming through in the southern market. I just wanted to understand like how sustainable do you think this increase can be given that we have seen like ups and downs in cement prices?
I was saying cement prices have gone up in southern markets in October after quite a long gap. I just wanted to understand like the sustainability of this price hike.