Krishan Parwani

Hi, sir. Thank you for taking my question. So, I actually joined the call late. So, I am not sure whether you have answered any of these. So, just first on the carbon black side, there has been a sharp decline in per kg EBITDA. So, do you already respond to that? Why is that?

Okay, great. Thank you for the elaborate answer. Just on that particular inventory losses, if I may, if I call it that, how much of an impact do you think it would have made on your per kg . Let us say it is X of 100 income, Rs. 14, Rs. 13.5. So, X of that inventory losses would you have been around 15-15.5?

And just a clarification on that front, because I think you mentioned about US tariffs. And as I see your exports sequentially has declined to about 62 KTPA compared to 65, 63 run rate . So, and how much of a volume is to US? Because as far as my understanding is probably not more than 5% to 10% of the overall carbon black sales. Or is it high?