Congratulations for a good set of numbers. So most of my questions are already answered. Just one or a couple from my side. One is on the IBC side, we have increased our stake recently to around 19% something. So going forward, is there any target we have internal to take up our stake in this business?
Got it. But in future also, would be looking to raise our stake, if at all required?
So first question is on the TAN volume side. This quarter, we did, I think, one of the highest volume on a quarterly basis. Although in last 2 quarters, there was some subdued numbers. So is this a new run rate for us? Or is there some backlog sales also i n this quarter, which led to higher volume?
Got it. Sir, in terms of realization, if you could highlight how much benefit we have seen in this quarter or how much is expected to be coming in the Q1 as I believe still considering the kind of volume, revenue is slightly lower as what we have seen, the kind of prices prevailing in the market? Subhash Anand: Let me start and then Tarun will add into this. Yes, and as you can see on the international market, the prices of FGANs are firming up, primarily led by disturbance or distractions in the -- because of war in Russia, Ukraine, some of the export got banned. And some of the volume got, I'll say, since the import quantity in the country got restricted on top of that, FGAN prices started getting firm up. So that is getting reflected on our realization or getting -- is visible at this point of time.
As we are seeing price realizations are down significantly. So once we see any significant improvement there. So how we will be seeing the price negotiation with our customers basically, how are the contracts aligned, including our long-term as well as the short-term contracts?
Okay. And on all these short-term contracts, basically, when they are due for negotiations?
Good to hear a positive outlook for your Specialty Chemicals. Just one question on Packaging side. First of all, on this aluminium foil business, initially, the capex size was somewhere INR450 crores which end up around INR536 crores. So initially, the asset turn was 1.7x to 2x what we have indicated. So currently also, we are maintaining that asset turn? Or is there will be some changes?
Okay, sir. And lastly, on just BOPET and BOPP side, just to hear what kind of a situation we are seeing and how this margin is going to be shaped up going forward, as we are now below 5% EBIT margin. So still the lower supply situation is there, but how we are seeing this from your side?
So, on this BOPP capex side, the new capex which we have announced , so I just wanted to understand what would be the asset turn and the margin profile for this company. And then is it the same product, which Xpro India is making currently or one which they have discontinued some time back.
Okay. So just on the margin side, would it be fair enough to say that it could be slightly north side of the current BOPP and BOPET side margins.