In the pharma business, you have mentioned on Slide #13, some new additions to your business like new CDMO order and three new projects. So, is it poss ible to quantify this in terms of what will be the impact on revenue and some color on exit revenue for FY25 if I may ask?
The second question was what do you hope to achieve as revenue by the end of March 2025 or exit revenue for the base for FY26?
Thank you very much, good evening, Anand and Mike. So, in the UPL Corp numbers you have shared for Q2 and first half, can you give us how much of Advanta Seeds international revenue is included there?
Okay. So that is only crop. Okay. Second thing is, if you look at the kind of volume growth you're talking about, double-digit growth in first half and then single-digit growth in second half. On that base, what is the kind of ballpark volume growth we can expect assuming normal conditions of consumption and weather, say, for FY '26? Any sense you can give on that?
Yes. So, the first part is in terms of the operating cash flow, you adjust the inventory losses. So -- and the Argentinian forex loss. So, you're talking about something around INR 2,250 crores. Is that kind of cash flow visible in this quarter? And do you see any improvement in your net working capital in terms of number of days, although you said it will be higher than last year. Compared to 3Q, will your working capital come down and thereby, you'll be able to release some cash. How do you see that in the collection in the fourth quarter?
So, in terms of operating cash flows, net of working capital, you will be able to manage the operations and so forth without any incremental debt. Is that a fair understanding?
Good morning, and thank you very much and wish you the best of season’s greetings. So, dwelling again on Gas Marketing segment. So, is it fair to understand that now that you have placed all the gas you have sourced, how is the gas sourcing and the bidding balance for this quarter? Are you back to normal? Balance between what you're sourcing and able to place. And in terms of the volume, what is the kind of number we should assume for the s econd half compared to what you have done in the first half in terms of MMSCMD. And when do you think we'll see some growth, because last year you had mentioned that you expect about 5 million cubic meters per day of growth in gas marketing. So what is the kind of growth we could assume, say, in FY '26 and '27 in gas marketing?
I'm not asking about the margin specifically. Since you mentioned that the reason for the lower margin second quarter was because there was an imbalance between what you could source and place. I'm just -- I am trying to understand whether you are back to normal sourcing and placement on a back -to-back basis this quarter. And secondly, what is the kind of growth one can expect in marketing volumes in the second half and, say, over FY '26, '27.
So, in terms of the conversations with the regulator, PNGRB, do you have any sense in terms of when you will get the compensation for the cost of LNG which you used last year, which you were saying that the regulator was considering? And do you see any ri sk of the regulator revisiting your integrated tariff in the foreseeable future?
So, I'm just saying to understand if there is any risk of the regulator revisiting your int egrated tariff and reducing it?
Sir, in terms of the balance sheet to look at the provisions and receivables and the net provisions as of September, you have made provisions worth Rs. 599 crores, right?
Yes, so what is the likelihood of this? How much of this would you think you will be able to write back and when would that happen? And secondly, when you look at the receivables, net of provisions, when do you think you will be able to make progress in receiving these outstandings of Rs. 1715 which is the net receivable on take or pay?
So, if you look at the nutrient business, what is the understanding you have in terms of potential increase in the NBS rates in the second half or when the industry have to go for an increase in retail prices, given the recent increase in the input cost and the subsidies being frozen at April. What is the current thought process there?
So, if you look at your Crop Protection business, when you say that the domestic market is looking up and the international business also stabilizing, do you see the decline in prices getting arrested? What was the decline in prices in the overall equation bet ween volume and prices for your Crop Protection revenue performance?
Sir, just to put the discussions on your growth plans, the Specialty Chemicals and investments in chemicals and perspective. So can you give us an idea in terms of when you expect this capex of Rs. 1,200 Cr to Rs. 1,500 Cr to be monetized in terms of revenue and profits? Would it be somewhere in the second half of FY '26? Or can we expect it from the beginning of FY '26? Or will it slip into FY '27?
Okay. So if you look at the Specialty Chemicals and the S NP revenue, on a background level calculation, your non-subsidized revenues of about Rs. 4,500 Cr, EBITDA of Rs. 600 Cr and if you net out the CPC you are in a non -subsidized business, comes to about Rs. 2,000 Cr, excluding the SNP piece. So if you look at this, excluding the CPC, whatever the non-subsidized business, what is the kind of growth you can expect in that? And right now, I think your EBITDA margin is about 16% to work out. So is this margin going to be in this range, 16%? Or will you see the margins improve? And what are the top line growth you can expect in the non-subsidized business excluding Crop Protection?
Sir, just to put the discussions on your growth plans, the Specialty Chemicals and investments in chemicals and perspective. So can you give us an idea in terms of when you expect this capex of Rs. 1,200 Cr to Rs. 1,500 Cr to be monetized in terms of revenue and profits? Would it be somewhere in the second half of FY '26? Or can we expect it from the beginning of FY '26? Or will it slip into FY '27?
Okay. So if you look at the Specialty Chemicals and the S NP revenue, on a background level calculation, your non-subsidized revenues of about Rs. 4,500 Cr, EBITDA of Rs. 600 Cr and if you net out the CPC you are in a non -subsidized business, comes to about Rs. 2,000 Cr, excluding the SNP piece. So if you look at this, excluding the CPC, whatever the non-subsidized business, what is the kind of growth you can expect in that? And right now, I think your EBITDA margin is about 16% to work out. So is this margin going to be in this range, 16%? Or will you see the margins improve? And what are the top line growth you can expect in the non-subsidized business excluding Crop Protection?
So, if you look at your performance this quarter based on the revised nutrient-based subsidies, how do we read the EBITDA per ton for the phosphatic business and how do we see that moving forward given the reduction in the prices YoY. What is the outlook for the EBITDA per ton?
So, in terms of the backward integration, how much is the actual production? Actually, you have given the number. Phosphoric acid production is 92,000. So, how much of that is going into TSP?
Good morning and thank you very much. On the proposed merger there is an item which says you need to transfer an aggregate consideration of Rs. 564.57 Crores as consideration for such share transfer what is this exactly is there a cash outflow and what is this for?
In terms of the growth plans in MCFL and Paradeep is it remains more or less unchanged based on your current product mix and the investments you have made and the efficiency gain projects you have done is there any indirect tax saving or other tax savings which will help you improve the post tax earnings post merger?
Just to put the new recent NBS rate how do you think you will be able to navigate that reduction in the context of the recent increase in input prices and will there be a similar impact in terms of additional provisioning required in third and fourth quarter like you want to do the first quarter, what is the reading on that?
And so if you are looking at the volume growth for FY25-26, what is the kind of percentage volume growth that is probably the best metric we can look right?
Basically on Unison Enviro, based on the volumes you have achieved so far, what is the kind of top line you have booked this quarter? And how do you see the EBITDA per SCM for the quarter and for the coming quarters in FY '25? And how do you see that improving, say, in FY '26?
So, in terms of the earnings, EBITDA or EBITDA for SCM, can you give us some insight?
Sir, if you look at your consolidated results and try to break it up, I get a revenue of around INR56 crores and a loss of INR12 crores before tax and the gross contribution of INR31 crores, presumably for the Unison Enviro and the gross margin seems to be very high, if we just take February, March volumes on that 0.14 run rate. Sir, can you give us some sense in terms of what is the aggregate volume MGL has done for February, March in the consolidation? And what is the gross margin? And when do you expect to turn around this PBT loss to EBITDA positive? We don't know whether the EBITDA is positive or positive gross margin. So what is the reading in terms of how much it can grow in FY 2025-26? And what is the kind of EBITDA run rate you can expect, say, over the next 2 years? And when do you expect to see positive profits at the pre-tax level?
So -- and how do you see that growing in the next 2 years in terms of percentage growth?
So when you talk about these vehicle conversion numbers going up from 13,500 to 16,000, that's not showing up in the kind of growth that you've reported for CNG and this has been a challenge in the last 2, 3 years. You have been reporting numbers, but there doesn't seem to be any direct linkage in terms of the growth percentage in CNG consumption compared to the vehicle addition. So when do you see that actual CNG vehicles -- CNG sales growth fully synchronizing with the vehicle additions?
When you say significant, what will be the percentage growth Y-o-Y?
Thank you and good evening. In the fourth quarter, gross margins have improved, but your EBITDA margins are down. So barring the impact of the option expenses and employee cost, what is the reason for the increase in employee cost and the other expenses? And is that something which will possibly even out or is it something which we should assume will be the trend for the next four quarters?
Okay, so if you look at the history over the last five years, after ' 21, you're kind of, grown for two years and then your numbers have gone back to where you were, let's say, ' 21. So, apart from the headwinds most of the industry has faced in FY'24 , is there any company -specific or client -specific factors which has actually dampened your performance in '24? And what is the timeframe over which one can expect that growth phase to come back, say, if you take a 2, 3 year view? And secondly, what is the reason for the sharp increase in net debt to EBITDA between FY '23 and ‘24 for Suven, key ratios as per the FY ‘27? And when do you see net debt to EBITDA ratio being brought back to something reasonable?
Congratulations on a good results in your opening remarks. So if the branch accounts presented in your notes, Vizag accounted for about INR329 crores, that's about 8% of your overall profits. So once your rough unit is ready and you get the benefit of the bottom upgradation. Roughly, what is the kind of profit number you can expect from branch accounting as anyway you've disclosed it. So will it increase in terms of the overall share of your profit here to 15%. But right now, I'm just talking about whatever you disclosed on the fourth quarter, how would that move?
Overall profits?
Sir, if you can give us some direction in terms of how you see the standalone CGD ramp up in terms of CNG stations, volumes and capitalization of assets. That will give us some sense in terms of how the revenues will shape up and when do you expect the CGD business to be visible in terms of the impact on your standalone, top line and EBITDA?
So, these numbers you have said, are they all in the standalone GAs or do they also include your CNG?
The first thought is your segment results from the gas business has dropped more than 30% whereas the gas price hasn't declined that much. What is the reason for the sharp decline in the gas segment earnings?
If you look at your growth drivers for next year, based on the 10% growth in oil production, maybe similar growth in gas, assuming the costs remain the same and there is no increase in the dry well write-off, would we be able to reverse the decline in ear nings we have seen this year? Would you be able to get back to growth in earnings, say, in FY25?
Good evening and thank you very much. So if you're looking at your blended margins and your margins on PVC pipes, there is a healthy trend in terms of margins per ton. Th is percentage margin will vary with the top line. So in terms of your own assessment of the market, how do you see the EBIT per ton for the pipe business moving, say, in the next one to two years based on the ability to grow the volumes and operating leverage as well as the change in input cost and the overall...?
It is a blended margin. And how about in the pipe segment, because the pipe segment is already at about INR18 to...