Yes, sir. So I had a few questions. One was that why have the receivables gone up so much in this quarter? Is there any cause for alarm? Or is that position better now?
So we should see second half cash flows going back to normal levels, right, what we've seen in the last few quarters.
I had a few questions. The first one, sir, is on the employee cost. We've seen a 9% decline in the employee cost. Now we saw a large jump in the employee cost in the last 2 years due to the acquisition and some one-offs as well. So are we to assume that the employee costs will be stable this year or come down a little bit from last year's levels? That was the first question.
better than last year.
Congratulations on a decent set of numbers in a difficult quarter, I understand. So, I had some questions on the pricing and the margins. So, if you see your realizations have been falling constantly in the last two quarters, and we've seen an increase in the price of raw materials like chromite sand and alumina. So, have we got a price increase finally on these products? That was the first question.
So as of now, even on alumina refractories, there is no price increase in the fourth quarter?
Yeah. Good afternoon, Parmod and good afternoon, Azim. First of all, let me laud you on the commendable job that you have done on the cash flow side , because I think that there has been a substantial improvement in the cash flow for operations, debt, as well as the net cash we have on the books.
So that's a positive for me. But having said that, I had a couple of questions on the volumes , if you look at the volumes of 2Q versus the volumes of 2Q last year, there's a 7% decline on the shipments, whereas in steel production is up about 6% to 7%. So while the margin factors are different, the overall volume would seem to suggest that we are losing market share in the steel business, or is there something that I'm missing out? That's the first question.
So I had a few questions. First of all, we've seen the Indian players operating at a very high utilization rate last quarter. And GrafTech is also operating at 65%. So what is your guess of the global industry utilization -- capacity utilization rate currently, excluding China?
So which means the overall industry utilization rate could be about 70%, 75%, if you...
So I was wondering that after a long time, we are seeing some capacity announcements by the Indian companies in Graphite Electrodes. Is it fair to assume that this is coming from the needle coke availability from the capacity closures in the world? And just second part of this question is the capacity closures are in the region of 1 00 to 120 kt and the capacity increases announced are in the region of, say, total 40 kt, including you and graphite? So does that mean that there will be ample availa bility of needle coke in the future for at least the next 3 to 4 years to kind of avoid a large spike in needle coke prices? That was the first question, sir?
No, that's fair. Sir, actually, my other question was that because of the tariff war that we are seeing from U.S., Japan on Chinese electrodes, is it fair to assume that there will be a price pressure at least in the HP side of the market for a considerable period of time, at least in the near term because obviously, that Chinese exports -- I don't know what the figure is for the first 6 months, perhaps you could share that as well. Is it going to put some pressure on the pricing at least on HEG?
Yes. Hi sir. Thanks for the opportunity. So, just a couple of questions from my side. One is that we saw a drop in demand in Q1 due to the early onset of monsoon, so we have seen inventory build up. We are already halfway into Q2, are we seeing any signs of the inventory position easing? And, are we seeing an early monsoon withdrawal, plus festive season being prepone this year, adding to demand factors in Q2, which will lead to a drawdown in inventory and increase in sales volume. That was the first question.
Right. So, we can expect some kind of inventory easing in Q2 itself?
So, sir, I think you've already highlighted the fact that we will be having some lag between the production and the sales this year due to the ramp-up of the plant. Combined with this, we have liquidated inventory substantially at the end of March. So, is it suffice to assume that the net debt will probably go up significantly this year and then probably fall in FY27? Maybe it will go to the higher end of our kind of 2x net debt to EBITDA before it falls again in FY27? That was the first question.
Right. That's useful, sir. And secondly, sir, if you could give us a total comprehensive requirement of coal, including the coal gasification that we'll have from, say, FY27? And how much of it will be coming from our own mines on the thermal coal side?
Sir, my first question was, is there any delay in the slurry pipeline commissioning? And when can we expect the cost savings in the slurry pipeline to start flowing in for us, a realistic date for that?
Which is what, mid FY26 or somewhere around there?
I had a question on the acquisition of AluChem. Can you give us some color on the EBITDA of this company last year? And what is the scalability of this business? Because I understand specialty alumina is a high-margin business. So some color on that acquisition, please?
Just a follow -up question. Are we looking at incremental capex in this area? And any kind of numbers on that, or even acquisitions?
Congratulations once again for a great set of numbers. So I had again questions on the wind CUF of this quarter, which has jumped from 26% to 30%. Now it seems that there have been some factors which have been favorable for us in the wind generation, which has contributed to a large rise in the Mytrah profitability. Now do we take this as sustainable or the CUF to be normalized over the coming quarters? That was my first question.
Right. Fair, sir. And secondly, sir, you mentioned KSK Mahanadi, there is no onetime. But earlier, we were looking at a kind of ₹2,400 crore EBITDA for the year for KSK Mahanadi and the 1Q is more than ₹800 crores. So would you hazard a guess as to the -- should we take a better number for the year in terms of the EBITDA? Or is it going to be similar or slightly lower than ₹2,400 crores what we had kind of looked at earlier?
Yes, sir my question was actually on the lines of the last participant. So on the thermal PPAs, we are seeing a much shorter duration of five years now. Is that the trend going forward? And since you've locked in a lot of new coal -based capacity, is that going to be a challenge in the future in terms of the coal-based capacity?
So the long-term PPAs still exist for the larger... ?
Yes. Good evening, everyone. So I have another question Odisha Discoms, we have seen a sharp jump in the profitability in Q4 as well as for the year for Odisha Discoms. So how sustainable is this? And what would be a kind of long run kind of PAT we can assume from this? Will it be slightly lower than this or will it be slightly higher than this?
Yes. And sir, a related question on this , I mean, we have seen a lot of other Discoms also being bid by some other companies, but we have not seen the kind of success in the other Discom privatization s as we have seen in the case of Odisha Discoms. So what is going on so good for you guys that is not going on so well for the other people that is distinguishing it? Any qualitative color on this?
So my first question, I may have missed this earlier, but what is the impact of the APTEL claim on the third quarter results from Mundra. Is there -- did you give a number and may I missed it? Did you -- You mentioned the note number 3 on the APTEL order and some claim provision has been made in the third quarter. What is that figure?
Okay. So it is not INR322 crores, as you mentioned earlier on some figures, this is not the same number, right? Not INR322 crores.
So my first question was actually on the solar cell plan t. Does it make sense to export cells and use imported cells for our module plan t because we've seen a number of companies who are exporting cells and generating much more EBITDA and EBITDA percentages than what we are generating right now. That was my first question.
And the balance you will be importing for the module plant. Is that correct?
Yes. Good evening, sir. And thanks for the opportunity. So , sir, just on the EBITDA per tonne if I were to ask you a question that this figure of Rs. 19,000 to Rs. 21,000 is a standalone figure, right, not including JUSL?
Okay. So it's a consolidated figure , okay. And sir, how sure are we of this , because earlier we had guided a range of Rs. 18,000 to Rs. 20,000, and more or less we are following that number for the last three quarters , and then suddenly we dropped to Rs. 13,800. So would you say 4Q was a weak quarter? And if so, for what reason specifically, if you could give us some kind of clarity on that?
Congratulations again on maintaining your profitability despite the difficult quarter. Some of my questions are answered, but I would like to ask one question for sir on NPI venture though you commissioned date ahead of schedule, is it currently viable at the $17,000 nickel price or what average price of nickel have you considered in terms for longer term viability for this project?
And just a related question o n the investments you make say over the longer term, what is the kind of return you envisaged on these investments over a longer timeframe in terms of the ROI on these projects?
I had a couple of questions on the sugar ethanol equation. So, my first question on the sugar quota, you have been selling more than the quota allocated to you, it has actually two parts. The second part is that if we go by this trend and the loss of manufacturing of various other mills in the state, will we be able to go back to 1 million tonnes plus kind of sales this year?
Okay. And what about the sales?
Again, congratulations for a very good set of numbers in the circumstances. So I had one short- term question and one long-term question. The short-term question is that we saw a fall in the realizations in 3Q across most of the product categories. So what are the trends for 4Q till Jan? Do we see similar realizations? Or have we seen some uptick in any of these products?
Right. And sir, my second question is on slightly longer term on the DI pipe business. If you look at any of the DI pipe historical projects, these projects have taken anywhere between 1.5 to 2 years to ramp up. So I mean, once you put up the capacity, the first capacity, say is due in FY '26. Will we take 2 years at least for this capacity to break even in terms of reaching a certain level by which -- and if not, why? What are we doing differently from the conventional DI pipe projects?
Yes, most of my questions are answered. I just wanted to ask you that, will the NTPC Green IPO still happen on time in the light of current market conditions? And what kind of approximate valuation are you looking at in that - a range would do, sir?
It will be concluded by 3Q as per original plan, the IPO?