So, 2 questions. First, continuing on the ROCE question discussed earlier. When you say stabilized business ROCEs of 18% to 20%, can you help us understand what kind of steel prices and raw material prices you take into account when you derive these numbers?
Sorry, I did not get you. Can you please repeat?
I'm very sorry to harping on this capex question again. Just to understand this better. So this INR 15,000 crores of additional capex that would happen over the next 3 years, how do we look at the IRR of this INR 15,000 crores? I understand it would be for sustenance and cost savings, etc. But what is the internal math s you would have done in terms of benefits, both in revenue side and opex side?
Okay. Thank you so much.
I have just one question. Just trying to understand what has driven iron ore price hikes to the level where you say they are unsustainable? Maybe alternatively, what should drive them down assuming global iron ore prices stay where they are? Just trying to understand if there is any structural issue with iron ore prices over here.
Just one bookkeeping question. What was the share of exports during the quarter?
Two questions from my side. Heartening to hear that cost optimization journey is on track. But can you please help us understand the quantum of cost savings achieved during the year? Also is there any change in the guided benefits of INR100 per ton in fiscal '26 and INR150 in fiscal '27? That's my first question.
Yes. So I just wanted an update on the guidance for the next couple of years. I remember last quarter, you talked about higher -- greater than INR100 per ton savings expected in fiscal '26 and another INR150 in fiscal '27. So that's broadly on track, right?
Earlier during the call, you mentioned that around INR4,500 crores incentives could be received over a period of time. Any idea over what time period can we expect these incentives?
So, is it safe to assume that you would see additional around INR500 crores every year on top of INR600 crores on the expanded capacity?
Yes, hi. Thank you for taking my question. I have couple of questions. First, on a console basis, volumes grew by around 9% year -on-year, and this is on the back of industry struggling at around 1%, 2%. So can you give more color on what's happening on this? What drove such high growth? Similarly, on the pricing side, I understand a strong pricing was also a function of you gaining -- or the expansion of premium products. But if I look at prices per bag, that has also not fallen a lot from INR249 to INR247. So any additional color on this front would be very helpful? Thank you.
Yes. So just to understand this, you would have substantially gained market share on volume s within the quarter. So anything different that you are doing or was industry not that bad? How should we reiterate this 9% year-on-year growth?
Couple of questions. So just taking the previous participants' question forward, so we saw around 20 billion sequential decline in cash position for ACC as well, so is it more driven by a buildup of inventory and higher working capital outgo? Can you just please help us give breakdown of this Rs. 20 billion?
No, I understand that. So the reason I asked this question is, we are not seeing any material CAPEX plan for ACC at least in the near term. So what specifically is driving this large Rs. 2,000 crores?
Two questions from my side. Heartening to hear that cost optimization journey is on track. But can you please help us understand the quantum of cost savings achieved during the year? Also is there any change in the guided benefits of INR100 per ton in fiscal '26 and INR150 in fiscal '27? That's my first question.
Yes. So I just wanted an update on the guidance for the next couple of years. I remember last quarter, you talked about higher -- greater than INR100 per ton savings expected in fiscal '26 and another INR150 in fiscal '27. So that's broadly on track, right?
Earlier during the call, you mentioned that around INR4,500 crores incentives could be received over a period of time. Any idea over what time period can we expect these incentives?
So, is it safe to assume that you would see additional around INR500 crores every year on top of INR600 crores on the expanded capacity?
Yes, hi. Thank you for taking my question. I have couple of questions. First, on a console basis, volumes grew by around 9% year -on-year, and this is on the back of industry struggling at around 1%, 2%. So can you give more color on what's happening on this? What drove such high growth? Similarly, on the pricing side, I understand a strong pricing was also a function of you gaining -- or the expansion of premium products. But if I look at prices per bag, that has also not fallen a lot from INR249 to INR247. So any additional color on this front would be very helpful? Thank you.
Yes. So just to understand this, you would have substantially gained market share on volume s within the quarter. So anything different that you are doing or was industry not that bad? How should we reiterate this 9% year-on-year growth?
Atul sir, I have one question, just a clarification on medium - to longer-term understanding of cost improvement. So you have guided for INR300 cost improvement and towards that, we have already achieved INR 86 in fiscal '25. Now how do we see this from the lens of Kesoram and India Cements consolidation, given majority of the cost benefits will start reflecting from fiscal '27 end? Does this mean that we will see some tail benefits on the consolidated entity fiscal '28 and beyond? Just trying to understand how should we look going forward?
Got it. So just to understand this -- just one small clarification. So we may not have apple-to - apple comparison by fiscal '27, but we would continue to see benefits and India Cements and Kesoram would really start seeing fiscal -- every year actually.
Hi. Thanks for taking my question. So, j ust one question , I know this 18 billion CAPEX is a small number in an overall scheme of things, but any inclination how this will be divided over the next couple of years or most of it would come in the front loaded or towards the Fiscal ‘27?
Great. And Atul, sir, this would be too premature to ask , but would you be building a team separately or it would be in-house putting?
Atul sir, I have one broad question, which may not be a near-term thing. Just want to understand one thing, you have been continuously surprising positively on realization versus what we see on pan -India prices. If I compare numbers for the last quarter, y our trade segment has not changed much. So what drives UltraTech's continued delivery on realization versus the industry? Just to understand this better.
Sir, just a follow-up on this. Is it fair to say that apart from being a preferred brand, you being a pan-India player helps you cushion some of the regional disturbances on prices? Or is it a more...
Atul sir, I have one question, just a clarification on medium - to longer-term understanding of cost improvement. So you have guided for INR300 cost improvement and towards that, we have already achieved INR 86 in fiscal '25. Now how do we see this from the lens of Kesoram and India Cements consolidation, given majority of the cost benefits will start reflecting from fiscal '27 end? Does this mean that we will see some tail benefits on the consolidated entity fiscal '28 and beyond? Just trying to understand how should we look going forward?
Got it. So just to understand this -- just one small clarification. So we may not have apple-to - apple comparison by fiscal '27, but we would continue to see benefits and India Cements and Kesoram would really start seeing fiscal -- every year actually.
Hi. Thank you for taking my question. Two questions. I know you don't want to discuss what ailed volumes growth during the quarter. But can you please help us understand from the context of how to look over the next couple of quarters , number one. N umber two, now that you are moving away from guiding on volumes for full year, how should we look at earnings trajectory on back of let's say Rs. 75 to 100 cost improvement that you have guided for next year? Thank you.
Thank you. And what about any specific reasons of relatively weaker volumes during the quarter? I am asking this question more from the context of , if consolidation is theme for the near future, then how should we think about your volumes? Thank you.
So one question for you, Puneet. And sorry for harping on this again. Can you help us understand how competitive landscape is evolving in East and South market specifically? Just trying to understand if you continue to grow at, say, 1.5x of industry will that come at the expense of cement prices over the next couple of years? I know you made a point that processes at culture shift would take 3 to 5 years. But just trying to understand what would happen over the next couple of years.
Sir, I have just one medium -term industry question for you. You have talked about industry prices being weak, not just now but for some time now. If industry prices don't move up steadily given competitive intensity, does that risk capacity expansion for the industry? Or do you think that capacity expansion could come, but at the expense of ROIC? Any views over here?
So just to understand this better. So at what capacity utilization levels, do you think that pricing power comes back materially? Or how should we look at -- what prices it makes sense for the industry to add capacity, not thinking about near-term headwinds? Or do we just forget about near-term headwinds and think about medium-term and long-term outlook for the industry and not think about ROICs in the near term?
Jayant sir, one question for you , and this is a broader question from the industry perspective. See, with the rising iron ore demand for the industry, I understand all major players would want to improve their backward integration, but what would be the risk of deteriorating ferrous content of ore over the next few years and what could be likely implication for that?
So, just one follow-up on this. So, given where we are as the company and as the industry, with the expanded capacity of, let's say, around 300 million tonnes crude capacity, if not by 2030, by let's say sometime later than that, availability of iron ore in the domestic market is not a concern despite a depleting ferrous content, right?
Sir, I just want to understand one thing, this quarter you prioritized premium products versus volume. If I remember right, in the first quarter, you shifted some volumes from North to East where prices are relatively low, right? And you gained market shares on volume. So, just trying to understand what is your strategy on volumes going forward? Can you just help us guide how you will fare versus the industry over the next couple of years?
So, just one follow up, given that you have reached your initial target of 15% premium product, and you would want to normalize this going forward, how should we look at volumes over the next couple of years?
So my first question is on B2B business. Can you just help us understand what your strategy is on B2B business in terms of P&L. I know you'll continue to add products and you want to explore or expand in the retail network as well. But last quarter, you sa id that the monthly run rate was around ₹2 billion revenues. This quarter, you have said that the quarterly run rate is around ₹5.5 billion.
I have just one question. I know you have talked about your strategy around B2B business. But can you just help us understand how should we look at this business from a revenue and profitability perspective over the next few quarters and maybe next couple of years? I mean, I remember you talked about around ₹200 crores monthly revenue run rate last quarter, which in this quarter, you have talked about around ₹550 crores per quarter. So I just want to understand how you are looking at this business. It helps us model better.