Hi. Thank you for the opportunity. My first question is on hedging. What are our current hedging positions that we have across metals?
Sure. Thanks for that. This is helpful. Also, if you recall, in last year's Investor Day you had highlighted two EBITDA targets, $6 billion for '25, and $7.5 billion for '27. While we have fallen short of FY '25 despite commodity prices being resilient or robust, how confident are we of the '27 target of $7.5 billion?
Hi, sir, thank you for the opportunity . A few questions. First, on the two large projects , that is Ghogarpalli Mine and Sijimali Mine, what are the milestones that are still to be received or achieved, and what should we look out for timely commissioning? Because Bauxite Mine Sijimali is actually as soon as next quarter, so how should we look at it?
Sure. Thank you. This quarter we also had a slight increase in alumina cost of production, captive alumina cost of production. What were the drivers for that? And how should we look at it going forward?
Most of my questions are answered. I have two questions. One , on the reversal that we had on oil and gas business, is there any tax incidence on it, or is it just a book entry? Is there any cash tax impact of this?
That is helpful. And second is on your notes to account number 6 on the Avanstrate business where you have bought out the holding of Hoya. So, what was the outgo because of this? And you mentioned about you want to reorganize the capital structure. So, what could be the payout on this? What is the intent and CAPEX that we can have here?
A couple of questions. First, the 10% volume growth that you mentioned, that is organic like - for-like, right, versus 4% for the industry?
Broadly, excluding that, we will still be above mid-single-digit, right? I mean organically?
Hi, sir. Thank you for hosting the call and thank you for the opportunity. J ust one question, at Rs. 1,800 crores, if I do.
Yes. Thank you for the opportunity. So at Rs. 1,800 crores CAPEX, if I do a 5x asset turn, it is roughly about Rs. 9,000 odd crore of topline . As things stand today, if I were to take today's number, you will be the number 2 player and if I take , let us say, even 5 years out, you will probably not be in the top 3. So again, what would be our right to win in terms of the brand over here? I understand the distribution channel and all , there is a lot of similarity. So would we go more aggressive on pricing or would it be more like we will see a significant change in distribution, how is the approach on the marketing and sales side?
A couple of questions. First, the 10% volume growth that you mentioned, that is organic like - for-like, right, versus 4% for the industry?
Broadly, excluding that, we will still be above mid-single-digit, right? I mean organically?
Hi. Thank you for the opportunity. I again have a question on Novelis. Fundamentally, what happens to scrap prices in case of tariff? And in turn, what happens to scrap spread as a result? I mean, we understand this time it could be different, but how does that flow through?
And the pricing of scrap, is it generally as a percentage of LME or percentage of LME plus Midwest premium, how does the pricing generally work?
No, sir, I understand that. So at INR 31,000 crores and at 15.9 million tonne capacity, we could have arrived at, say, a profitability, the implied profitability or the increase in profitability or EBITDA through this capex. Now that the capacity, overall upstream capacity is not rising, would that INR 15,000 crores additional means that, that EBITDA per tonne will be that much more higher to generate mid-teen IRR?
So when you calculate that ROCE? Is there any kind of spread improvement that you build in, in your assumptions? Or you are taking current spot spreads?
A couple of questions. First, a bookkeeping question. How are the NSRs for this quarter versus last quarter? And how is the spot NSR versus say 2Q average?
That's clear. And what kind of iron ore inflation can we see in this quarter, in third quarter, broadly as things stand today?
Hi, thank you for the opportunity. I have two questions. First, what exactly is happening in the consumer segment? Because we have had this 38, 40% of the order book as consumer last quarter as well, but growth over has been tapering. So , is it more like by choice or there are some execution issues? What exactly should we read through over there?
Understood, sir. A follow-up on that. Does low margin also mean low ROCE or asset turns are better so that the ROCEs are offset in the consumer segment? And secondly, is consumer largely exports?
Hi. Thank you for the opportunity. I have a question on margins. So, as we head into the second half which is a seasonally stronger period. In addition, we will have a much better proportion of exports, somewhere close to 26%, 27% if I go by your guidance. And the order book looks more geared towards a higher margin product. So, what makes us from about 8.5%, 9% margin this quarter to conservative on the full-year margin guidance? Why can't we do it closer to the current run rate?
Okay, thank you. And secondly when we look at the capex from here on, right? Now, whatever is remaining in Pune and then the IPO proceeds, wi th that, we coul d do somewhere close to maybe INR6,000 crores INR6,500 crores on topline. So, post that, what kind of asset turn can we look at, say, on the medium term basis?
One question. On Penna and Sanghi, what is the current cost differential versus our traditional capacities, ballpark?
So, once you have undertaken all your initiatives, can the costs of these companies come in line with your target of INR3,650 or there will be some cost disabilities still there in these two acquired assets?
Hi, thank you for the opportunity. Most of my questions are answered. I just have one question on the cash flow. There's a sharp increase in other current assets and other current liabilities if you can -- or cash outflow because of these 2 items. If you can please highlight what costs asset items led to this increase?
Sure, sir. I'll connect with you separately because the numbers I'm looking at in the consol cash flow, other assets, cash outflow INR2,100 crores and other liabilities of INR800 crores.
One question. On Penna and Sanghi, what is the current cost differential versus our traditional capacities, ballpark?
So, once you have undertaken all your initiatives, can the costs of these companies come in line with your target of INR3,650 or there will be some cost disabilities still there in these two acquired assets?
Hi, thank you for the opportunity. Most of my questions are answered. I just have one question on the cash flow. There's a sharp increase in other current assets and other current liabilities if you can -- or cash outflow because of these 2 items. If you can please highlight what costs asset items led to this increase?
Sure, sir. I'll connect with you separately because the numbers I'm looking at in the consol cash flow, other assets, cash outflow INR2,100 crores and other liabilities of INR800 crores.
I have a couple of questions. In the TV interview and over here also, y ou talked about U.S. acquisition. So just to understand what kind of ticket size, what business profile are you looking at? Is it more on the downstream or similar EMS business?
Sure. My second question is at the current gross block level of the EMS business, what kind of revenue can we clock?
Most of my questions are answered. I have two house keeping questions. First, how much was the working capital absorption or release in the first nine months?
Release?
My first question is on the accident at Rajgangpur. So what is the kind of impact? Is the plant up and running now? And what kind of maybe a volume or profitability impact we can see in 4Q?
Any quantum that you can highlight now?
Sir, at 49 -odd million tons, even if you grow 1.5x industry, by FY '26 we will have closer to 66%, 67% utilization. So do we think the focus should be to get the utilization up first before focusing on the next leg of capex because the industry anyway we can still grow 1.5x industry with the current capacity at least for the next three, four years or so. And secondly, on the same, would we be losing a reasonably high amount of money in Central region right now? Broadly, what proportion of your volumes would have been Central in this quarter?
Sir, lastly, given the current rate of expansion gets over, let's say, by mid -FY '26, so would we have sufficient clinker if we want to operate the entire at 49 million tons at 100% utilization?
I have 2 que stions. First, going back to the display fab. Globally, what kind of ROCs these entities generate or these facilities generate? And does it make sense for us to go for it if there is no government subsidy?
And what could be the...