Devesh Lakhotia

Yes. Congrats on the results. Just a couple of questions. One, this quarter, if we look at the volume mix, there has been a bit of a change on a sequential basis. Pellet volumes have gone up while sponge and carbon steel overall volumes have gone down. So, if you can maybe throw some color in terms of, is it more because of demand scenario, more because of economics or any other reason?

Got it. So, more BAU only? Nothing to highlight?

Then secondly, I think in the March call, we had highlighted that we were sitting on a bit of RM inventory, which we had kind of loaded on too. So, what's the inventory situation like right now? And sir, largely because this quarter, we did see a lot of margin improvement sequentially. So largely, has that kind of all been booked in Q1 and sequentially now it will track more...