Ritesh Shah

Congratulations for the good set of numbers. A couple of questions. Sir, first, basically, can you indicate, on a 2 -year CAGR basis, the underlying volume growth number, please? Investor Relations - investor.relations@pidilite.co.in CIN: L24100MH1969PLC014336

Is it possible to break it up, say, for 2 years, if you can?

For 4 years, okay. That's helpful. Sir, secondly, I just wanted to pick your thoughts when you say rural is growing faster than the urban. What are the underlying variables that we are looking at?

Sir, first, would it be possible for you to quantify the volume growth on a 4-year CAGR basis?

That's helpful. Sir, second, again, the question is on demand, volume growth was really good. But when we look at ceramics, wood panel category, cement, all these categories, we haven't seen volume growth. It is like single digit. So again, just trying to understand how to better understand the growth. I appreciate you have answered this in different ways before.

Right. Sir, if I just had to play a devil's advocate, right, the underlying variables, what you indicated, is just a continuous affair that the company indulges in. Then if that is the case, then we should not be witnessing the kind of deviation on volume growth that we look at it on a year-on-year basis. Investor Relations - investor.relations@pidilite.co.in CIN: L24100MH1969PLC014336

So, first question is very simple, when we look at incenti ves or basically rewards for carpenters or influencers, what is the typical tenure? Is it less than 12 months or does it extend for over two years, three years?

So, would it be possible for you to quantify to what percentage of the rewards is less than 12 months, so 60% is usu ally 12 months, 40% over next two years ? The reason why I asked Sir, I just wanted to und erstand on the accounting side, when we report the reven ue number, is it net of incentives or t here is something , there is a b ucket which sits in the working capital, and as it stands realized that gets…

Okay, but we will recognize as say , if I am a carpenter, if I get something, if I buy something right immediately the company will recognize i t, and that is the net revenue that we look at, is that the right way to understand it?

Hi, sir. Thanks for the opportunity. So my question is pertaining to ELT and cost drivers. Sir, can you indicate what is the sort of clinker factor that we are looking at, two, three years out? I think it's around 0.6 right now. Just a related question, how do we look at composite cement as well as calcined clay over here? That's the first question.

Okay, fine. And sir, my second question is on cost. Sir, you have indicated on the logistic cost. But could you comment on the mix on road, rail and sea? I think Vinod ji did touch upon a higher draft. So what is the percentage of volumes that we moved vi a sea last year at a consult basis and how it could change over the next two to three years? And the second question was on fuel cost.

Yes. Hi, sir. Thanks for the opportunity. A couple of questions. Sir, first is, can you please repeat on basically the orders that we have placed and if you could highlight, like, are we looking at KHD, FLS or any of the Chinese equipment suppliers?

Okay.

Both under Ambuja, right? Marwar obviously and Mundra as well, right?

Hi, sir. Thanks for the opportunity. So my question is pertaining to ELT and cost drivers. Sir, can you indicate what is the sort of clinker factor that we are looking at, two, three years out? I think it's around 0.6 right now. Just a related question, how do we look at composite cement as well as calcined clay over here? That's the first question.

Okay, fine. And sir, my second question is on cost. Sir, you have indicated on the logistic cost. But could you comment on the mix on road, rail and sea? I think Vinod ji did touch upon a higher draft. So what is the percentage of volumes that we moved vi a sea last year at a consult basis and how it could change over the next two to three years? And the second question was on fuel cost.

Yes. Hi, sir. Thanks for the opportunity. A couple of questions. Sir, first is, can you please repeat on basically the orders that we have placed and if you could highlight, like, are we looking at KHD, FLS or any of the Chinese equipment suppliers?

Okay.

Both under Ambuja, right? Marwar obviously and Mundra as well, right?

I will just continue on the prior question. Sir, you indicated 50,000 tons of volumes from Nal- se-Jal for this year, which is roughly 10%. So, should we assume…

It was 25,000 tons, not 50,000 tons.

Correct. And sir, how should we look at this number for the next fiscal? Will we do better than this? Like do we already have an order book? Because in one of the earlier calls you had indicated that we had an order book of 480 crores, which would be over the next 12 months. So, sir, I just wanted to update on that number and what order book position we have right now and how much visibility do we have for next year?

Couple of questions. Sir, first, a very basic one. You indicated that the debt will be apportioned in the ratio of assets. Sir, why should it be in the ratio of assets? Why not on the basis of cash flow? How should we understand this?

Sir, you touched upon asset cover. So if hypothetically it get apportioned on the basis of asset what is the debt -to-EBITDA ratio that one would possibly look at for each of the segments? Because if I do the math on the basis of assets we are looking at debt to EBITDA potentially upwards of 5x. Is this something which is sustainable or will a lender be okay with it or is there something off and what I'm looking at?.

Sure. This is helpful. Sir, my second question was, sir, we have indicated $3 billion of repayment at the VRL level, including the interest component of servicing over the 3 years, what will that number be? Like if I assume like 13%, 14%, it will be like $5.5 billion. How should we look at this number, including ICL and the interest cost?

Hi, sir. Thanks for the opportunity. Couple of questions. Sir, first is possible to quantify how much is the retained earnings numbers for Vedanta and Hindustan Zinc December end?

That helps. Second question is congratulations on the liability management exercise. I just wanted to get a gist on how much is the cost of funding, one is for the $1.25 billion facility. And the second is if you look at on a total basis of, say, $6.4 bill ion outstanding at VRL, how much will be the cost that one should look at?

This includes guaranteed, non-guaranteed loans as well, as well as ICL from Cairn, everything on a blended basis, is around 13%? Or would that be a fair thing for $6.4 billion?

Yes, hi, sir. Thanks for the opportunity. Sir, a couple of questions. Sir, first, can you please repeat the status of GR to RE for both Hindustan Zinc as well as Vedanta? I did hear that does the NCLT approval and we are waiting for creditors' approval. If you could please clarify for Hindustan zinc and Vedanta separately, please?

Sure. That is helpful. So second question is pertaining to the debt maturity at Vedanta Resources. I think you indicated around $1 billion. This pertains to, I presume, the Jan bonds. But if I remember it right, I think we had intercompany loans, which was due for Jan, Feb, March. I don't see it in the presentation this time around. So just wanted to know the status for that, besides the bond.

Can you help me with the number? I think it was $450 million. It was due Jan, Feb, March. Has it been pushed out? I'm not aware of it, if it could help me with the time line, a particular month or a quarter would be helpful, sir.

Sir, I had 2 questions. First was on Jaypee. How much money did we make on a per ton basis on the tolling that we did, 0.6 million tons for the quarter and for the fiscal? That's one bookkeeping. And the second question is, would it be possible for you to actually bifurcate the entire 9.4 mil lion tons? So we understand that 5.2 million ton part of the kitty is pretty much clear. So how should we look at it?

All right. Sir, you indicated that the lenders will need a NOC over there. Who's the lead banker over here? Have the banks already approved it or the consortium still needs to approve the bid? And is there scope of some probability for a re-auction over here? Or should we assume that we should roll it out?

Okay. Lastly, Jaypee profitability on the tolling volumes?

I have 3 questi ons. Sir, first is on the industry side, you indicated price growth of around 2%, cost inflation of 1.5%, and EBITDA in the range of INR1,200. Would it be possible for you to give a sense on what is the threshold ROCE that you look at, at the industry level? The reason to ask this is, basically, we are looking at both attractive volume growth as well as pretty decent profitability.

I would presume this is post tax and excluding incentives?

Okay. That was helpful. Sir, my second question is on, I think, the next phase of expansion. I was just looking at the milestone options. I think company has done phenomenally well to augment results upward of 1.3 billion. However, we posted an average premium also is upwards of 50% .

Couple of questions. S ir first is on the Bathware side. Can you indicate how far we are on the number of SKU s, number of stores and any timelines by when will stop bleeding at EBITDA level over here and if you want to highlight anything on the management changes and even we have senior level departure recent?

So, just a follow up question over here. Are we already incentivizing our existing plumber network or to cross sell Bathware has that process started?

Sure, sir this is helpful. Sir my second question is basically on the agri basket couple of quarters back you had indicated that we will look at agri as a product category and you have also indicated that we will add extruders specifically to cater to this particular category, any specific updates over here?

Thanks for the opportunity. A couple of questions. Sir, first is on how one should look into the cement clinker ratio from now to FY'26, looking at the capacity? I think, you've indicated a number of 66% for the quarter.

Okay. And sir, what gives us confidence over here? Do we already have tie-ups or flash lag? Or is it like the deals are already in proximity, that gives us this confidence?

Okay. That helps. Sir, are we looking at LC3? A few of the companies have indicated that they are ready for commercialization. Any plans on calcined clay as a product?

Sir, a couple of questions. First, sir, you used the word, "we have taken opportunistic bets on fuel." Sir, can you please provide some more color over here? You did indicate on a rupee per k-cal basis for the quarter. If you have taken some nice bets, does it mean it is lower than the prevailing spot prices? How should we look at it?

Okay. If I put the question the other way around, would we have taken...

Okay. Right. So probably I'll try to move to the next question then, sir, you did indicate that the incremental clinker capacity you had earlier indicated at 10 million to 12 million tons. This corresponds to Phase 2 and Phase 3 together?

I'll just pick up from Satya's question. Sir, what is the sort of cost inflation that you are looking for both fly ash as well as slag? And do we have any long-term contracts on a percentage basis, which are indexed to WPI, something like that sort which can ease up on fly ash and slag for us.

Right. But sir, has the slag inflation been quite steep in recent times, basically, what we picked up is it is just more expenses than clinker costing.

Okay, that's fine. Sir, secondly, Yes. Sir, then you indicated we have around 60 days of inventory. Is it possible for you to qualify how much of the average cost over that?

Sir thanks for the opportunity. A couple of questions. One is you indicated on the gold mine that we have in Australia and you also indicated about the lithium magnetized deposit that we have? Sir can you highlight the scope of operations over here how big it can be if everything goes fine?

Sure Sir would you like to give some project IRR on the current spot prices for gold and magnetite?

Okay no worries and Sir the lastly on India specific there was this recent amendment? There have been six minerals which have been denotified from atomic metals but you said we are not very hopeful given the auction regime so are we saying that we would not go and even bid for it or how should we understand that?

Sir, my first question is pertaining to water as a commodity. I did ask this question on the last conference call as well. Given Rajasthan has a lot of water stress regions, what is our risk mitigation strategy specifically for the assets that we have in Rajasthan, if one takes a longer - term tenure? That’s the first question. H M Bangur Right.

My second question was how would you reflect on our UAE operations? And I think when we had ventured into UAE, we had indicated that we will look to cater into the western coastline by setting up bulk cement terminals. That was our thought I think a couple of years back. So where do we stand on that particular aspect? That is the second question. Thank you.

Sure, sir. I’ll just squeeze in a last question. Sir, if you look at our annual numbers, there is a significant difference between the cash tax rate and the effective tax rate. So in the annual report, there is a line item which says that items not deductible fo r tax, not liable for tax. And this has always been a pretty significant number from, say, around INR150 crores to INR400 crores on an annual basis.

I have 4 questions if allowed, sir, first is Tsingshan JV, what is the progress and the timelines? Second is Rathi Steels, the investment has already been done, are we looking to up the capacity over here? What is the incremental CAPEX and timeline, right, so first is Tsingshan, second is Rathi? Third is JUSL, t his is specifically for Mr.

Sir, just to understand the numbers that you gave for debt reduction 800 to 600 , is that gap because of this or something else upstreaming Rs. 200 crores?

Just last question for Mr. Jindal, sir, if you could just detail on the capital allocation framework, I think it is a pretty strong move by the company and secondly, we are evaluating the Indonesian assets, the mill which we are there, we have a loss making entity called Iber , I presume it is the European asset, how strategic is this and would we look to evaluate it or it continues to run as is?