Just a question, you mentioned about the employee cost coming d own. But in this particular quarter, we've seen a lmost a 13% increase Y-o-Y and a 26% sequential increase compared to third quarter. So, is there any one-off or any gratuity provisions that were there in this quarter?
Yes, employee costs.
Yeah, good evening, sir. So first question was on the divergenc e between -- hello? Am I audible?
Yeah, so the first question was, you know, on the divergence b etween aluminium and alumina prices. You know, so normally alumina is probably at a 14%-15% off the spot LME aluminium prices over the long-term. So, recently we have seen that alumina has been pretty weak, whereas aluminium has continued to go up. So any particular reason, you know, for the weaker alumina prices right now?
First question was on the EBITDA bridge in your presentation from 2Q to 3Q. There, one of the negative things has been shown as the v olume impact. But I thought we had an increase in volumes compared to on a sequential basis. Any reason for that negative impact due to volume?
So, primarily it is because of lower saleable steel production, not the sales volume.
Hello! Good morning. Just a question on, you said you expect realizations to improve. So, could you just give a break up of how the flat and long prices move between Q1 and Q2 and currently where spot prices are compared to Q2 average?
Sure, sir. And so this was you see partly offset by the sale of scrap and defective. So, this did not show up in the blended realization?
Sir just wanted a clarification on the debt number. So, I think you mentioned that capex acceptances are not in the debt. So, are there any revenue acceptances that we have?
And this revenue acceptance, yes Sir.
Sorry for the confusion. So, I had a question on what percentage of our product mix will benefit from the safeguard duty. So, a portion of flat products has been going up in the mix. So, can we assume that most of that will benefit from the safeguard duty?
Yes. So, our proportion of flats has been increasing. So that should overall be beneficial for our blended NSR?
In your opening remarks, you mentioned that the iron ore cost had gone up this quarter. So is it possible to quantify what was the increase? And what is the expectation for 4Q given that NMDC has taken some price cuts, so do we expect some benefits from the fourth quarter?
So last quarter, there was an increase of INR 96 per tonne and next quarter or 4Q, we're expecting INR 100 to INR 200 reduction in the cost?
So just I had a question on our remaining CAPEX. So, I think our total growth CAPEX was about Rs. 31,000 crores, and we have already spent close to Rs. 20,500 crores. So, normally we do have some performance guarantee related payouts that are deferred. So, is it right to understand that the balance, at least 10-15% of the balance amount, would probably happen over the next couple of years and not immediately?
And what will be the maintenance CAPEX, sir? This is a part of the growth CAPEX.
Yes. Good evening, sir. Sir, just want to get a sense of what is the proportion of renewable energy in this quarter and what can it be at the end of FY '26?
Sir, and this should be one of the factors for our cost COP staying down?
Good evening, sir. First question was, I think this quarter, mine metal production was fairly good, but refined metal was impacted. So, was there any shutdown and now has other plants operating at normal levels now?
So that should help us meet the production guidance.
Good evening, sir. So, with HRC prices softening a little from the month of June , so do we expect any destocking at the distributor level?
Also, you mentioned this payables we've reduced. So, how does the pricing work with these major steel mills? Like, do they give some credit period or they insist on upfront cash payments? So, if you could just explain that broadly?
Yes, good evening and congratulations on a good set of numbers. So just on the positioning of APL Apollo, so what was the branding expenses that we incurred this year and what are we planning to incur the next couple of years?
Good evening, sir. I had a question on the realization. So, this quarter on an average HRC prices did fall from the previous quarter, but we have shown our blended realization there's an increase over the second quarter. So, any particular reason for that? Is it due to our value -added product or what has led to the better realization?
So, I have to reduce the stock in trade, what was the purchase even from the sales to come to the blended NSR?
Sir, I think in the opening remarks, Anubhav had mentioned solar pipes, so just wanted a little more details on this. So, is this basically solar torque tube that we are manufacturing, or this is more of the mounting structure of the solar thing, I remember a few years back we had a JV with a tracking company and that I think did not go through, so some more details on the solar thing will help?
I got that part. So, I am talking about solar torque tubes which are using the tracking system, so right now we also manufacturing that, or we empaneled with some of the vendors who supply that or this is?
So first question was on the domestic pricing outlook. So we've seen that international prices have been broadly reach-bound on the Chinese prices, whereas domestic prices, we've also taken a price hike. So are these price hikes sustaining? And what is leading to -- is it the safeguard duty on steel? Is that helping the iron ore pricing outlook as well?
Sure, sir. So also, I think this quarter, we saw a pretty sharp jump in employee expenses and other expenses. So is this the run rate that will be there for this -- for the next year or this includes some performance-related pay or sort of one-off in this quarter?
Yes, good evening. So, a related question on the alumina cost, because currently the market price is around $350 per ton. And our cost of production at Lanjigarh also seems to be either in that range or a little higher. So, once probably the captive bauxite starts, what sort of cost reduction are we looking at compared to the current cost of production?
So the API landed cost you are saying, compared to that?
Yes, good evening, sir. Sir, just a clarification. KCM is still part of Vedanta Resources, right? Or is there any plan of shifting that to the base metal business during the restructuring?
Sure. So , just a couple of , you know, clarifications. So , if I look at the Zinc International business, we have had higher production and lower cost, right ? And even zinc prices, zinc has been sequentially higher. So , why have we seen a small, you know, decline in EBITDA on a sequential basis?
I just wanted to check what is the impact of this CBAM in Europe. So does it apply to stainless steel as well? And if it does?
Okay. And the renewable energy costs would be lower than our current power cos t. Is that also a benefit that can happen?
Sir, just had a question on the outcome of the China Stimu lus efforts. So, we have seen a lot of news flow from there, so what would be the view on where this will actually help domestic demand over there and probably reduce some of the dumping into India?
And like the carbon steel manufacturers probably are asking for more, stricter implementation of quality standards. So, is something like that on the annual for stainless-steel as well?
Just on the level of domestic aluminum hedging, so how much are we hedged and at what rates?
Also, I mean, we have given the guidance for FY '24 Novelis CAPEX at, I think, $1.4 billion to $1.6 billion. But given that the costs have escalated, so, is there any phasing of the balance outlay out of the $4.1 billion over the next two, three years? What levels of CAPEX can we look at?