Hi. Good afternoon. Thanks Akshaya for taking the question. And b est of luck for your next journey, and I welcome Abhijit. So, my question first around the 5G subs. I know it's too early for us to call, but can you help us understand how much percentage of a customer in our coverage area have the 5G phone and how many of them have opted for the subscription? Because 5G is only beyond 2 GB per day plan. Can you help us with 5G?
Clear. Second question.
First, on the 4G net add, it's been more than 4 months, 5 months. We have not seen material uptick in 4G. When should the benefit of this network expansion should start visible in terms of 4G addition accelerating? That's my first question.
Very clear. So how has the experience of earlier 5G launches in a few locations where we have done? Have we seen the trend showing that at least early signs of that?
Good afternoon, Akshaya. First question on the network operating cost. Now that we are scaling up the network , this quarter really didn't show up. I believe we did a lot of investment at the fag end. How should we look at network cost going up from here in the next few quarters as we expand the network?
No, that's clear. That's clear. On the 5G expansion, when should you start that? Will be starting in next quarter or two quarter down the line, when are we thinking to roll out 5G and the circles that will be priority for that?
This quarter, we had this tariff increase. I agree that there was a decent ARPU growth of 7.6% quarter-on-quarter on the customer basis. But the subscriber continues to decline. When do you think that we will stop the customer losses and by when do you think with this 80 billion of capex plan, we should be trending into a positive territory?
A related question there is that we did the largest 4G expansion of 42,000 towers, and a decent amount of them came in a better coverage spectrum which is 900. And yet we have lost 4G customers in this quarter. Now, how does this carry? Is it more of a SIM consolidation or do you think there was an initial move towards BSNL which has stopped? How do you see this one?
First on the agrochemical side, can you help us understand what really has happened, it is lower demand, because destocking appears to be largely behind for t he conventional portfolios of the innovators or it is China oversupply, because China still continues to add a lot of capacity. So that issue doesn't look like going away very soon. So what gives us confidence that we should see a much better recovery going forward?
Okay. Perfect. Then I will ask all the questions. So second on the, you said that volume was steady. That means, on a standalone basis — particularly in AI — volumes were broadly flattish, which suggests that agrochemicals have declined. Within the non -agrochemical segment, what should be the expected growth rate, especially for some of our key products like sodium nitrite, OBA, and BHA? How has that portfolio evolved? That's number two. Number three, on the value creation from the agrochemical value chain, which you spoke about last quarter that you intend to move up in the value chain. Where are we in that effort? And when should we see benefit of that going in? And lastly, on the new product commission , could you provide an update on its ramp-up progress?
First, I want a clarification. Maulik bhai, you said in your opening remarks that we are looking at a few downstream product s in agrochemicals, moving up in the value chain. Second, you spoke about the new product, which will have application in agro and pharma and probably another for industrial solvent and energy. Can you give us a little bit more color on this product and what is the capex we are looking at, expansion of these products?
What chemistry is it?
First question on the Phenolics, in the opening statement , Maulik, you mentioned that there's a 10% expansion in the capacity. We earlier were doing annualized 3,50,000 metric ton nes of phenol. Is it 10% of the 2 lakh metric tonnes of the base capacity we are talking or on the expanded capacity of 3,50,000 metric tonnes?
Okay. So, the expanded capacity is 3,50,000 metric tonnes plus/minus?
Yes, thank you. Good afternoon, sir. Thanks for taking my questions. A couple from my side. First, on the R32, can you help us understand what is the capacity we added now by retrofitting the existing plant? And we said in the opening remarks that we are looking to scale up to this 30,000 metric tons by end of FY '26, is that right understanding? Or you will wait for validation of this product and then you would want to expand and take a decision? O r we have already started the work on expanding?
Okay. So, by when are we expecting this existing plant, I do not know what capacity we have added to reach the optimal utilization? And what is the capacity with this first phase we have done?
First set of question on the increased working capital on Fluoropolymer and Battery Chemicals. You said that we have built a good inventory in the anticipation of rising demand in the 1H of FY '26. Do we have a confirmed order? Or do you think it's more of an anticipation and projection, which is leading to a bump up in the inventory level at our end?
When we say that there is a long-term projection provided by the customer, that means we have been completely approved? We have received POs or how is it?
I have a few of them. First, on the fluoropolymer business, has the 3M plant shut down? And you have said in the presentation that we have received the approvals or a verification for the value-added grade, which I believe would have been sold by the legacy player. In this context, when should we start seeing the material offtake of fluoropolymer growth coming in? Will it be Q4 onwards? Or do you think it will be more like a second half of FY '26? And second follow-up question on it is India was expected to increase the consumption of FKM on the back of ethanol -based vehicle or ethanol supportive vehicles coming into the market, which need FKM. Has that phenomenon started? This is first on the fluoropolymer business.
Got it. And one on the -- this international sales of SKM. We had 21,000 metric tons of PTFE and including PVDF, we were, what, 18,000, 19,000 metric ton in the new fluoropolymer. Should we be reaching the peak utilization in FY '26?
First, on the specialty side, you mentioned that there was some strategic pricing action that has been taken. And in the initial remarks, you said that there were pricing pressure. In a scenario of pricing pressure, and I think when you say strategic pricing, you're talking of upward revision, now what's transpiring there?
Okay. Got it. That's clear. Second, on the R32, you said that India market was weak, but we as a countermeasure found some market in the exports, which are the markets which are showing traction for R32 for us?
My first question is on the refrigerant gas, what was the utilization last year? Now that we have started our AHF plant, would it be fair to assume we’ll be using 100% in FY26?
Got it. And from the pricing perspective, now that we see the inventory level in the US coming down, which adds to the demand, how should we see pricing for the HFC in FY26? Should we hold on to the pricing of FY25 exit?
First on the specialty chemical, got that Q4 is going to be very strong. What is the sense are we getting? It is a restocking demand which they are seeing or there is an underlying recovery in the agrochemical demand? Or it is that we have sitting on a lot of approval and that is driving , so what exactly is playing out so strong for specialty chemical for us and in general?
And in the Q4 when you see, a significant portion of incremental demand is coming from the new products or even the existing?
Thank you. Thanks for this opportunity. I have a few questions. First on the graphite, today there was a news article telling that US has put some 93.5% EDD or has proposed to put 93.5% EDD on Chinese graphite and we intend to be in the anode active material , how do we see this as an opportunity? Because we have generally spoken about cathode, not so much on the anode , are we looking to harness this opportunity as well?
What exactly are we looking to export? Because in anode we have not spoken much about and we have not announced any CAPEX, can you give more color on the anode side of the business?
Just touching upon again on the inorganic growth, Prachur, you mentioned that it's largely because of industry consolidation -- the scope of inorganic infrastructure business, which is TowerCo. or does the scope expand beyond this and you may look at entering any other businesses, allied or non-allied? Any thoughts there will be helpful. That's one. Number two, on the tower addition...
So first on the inorganic growth, Prachur, you mentioned that you would look at further industry consolidation if any opportunity comes around this. But is inorganic limited to the tower industry or we are open for doing inorganic in a non-allied business, any other businesses other than the tower industry? That's number one. Number two, on the tower growth for FY26 and the capex for this number, the capex appears to be higher. Is that indication that we couldn't deploy while we had an order book and that's where the inventory lying with us and Q2, Q3, we may see an acceleration as th e weather conditions normalize. Will that be a normal reading for us which we are writing? And third, on the energy margin, though we had challenges, but on a year -on-year basis, our energy margin losses have come down by 160 basis points. Will it be fair to assume that at least 160, 200 basis points reduction in the losses is quite feasible for this year?
Thanks for taking my questions. I have a couple of them. First, starting with the dividend. The dividend policy remains intact, right? 85% of the free cash flow will be distributed to the investors. Does the method of repaying the cash is to be decided or even the dividend policy is being rethought by the committee?
And number two, we still have some debt on the book. What will be the priority in terms of cash distribution from the capital allocation perspective ? Is it to first go net debt free and distribute the remaining cash to the investor or we are okay with the small leverage on the balance sheet?
First on the contrast media, I just want to check this here. The growth has been muted, in fact, it's declined.
What about the underlying molecule? Do you expect still to grow in ABA-HCL?
Good evening sir, Thanks I got a few, but will restrict to two. First, on the BUSS ChemTech, we did announce the arrangement and exclusive technology transfer. We are already building an HF capacity, there should be more distillation, right, to bring in the purity here. We are talking about PPB level or it is still PPM level? That's number one. Number two, what really the application does it have in solar and on the electronics side, what really characteristics or the effect does it add? And how big the opportunity is for us? Because I think India is adding a lot of solar capacity. In that background, can you help us understand that?
No, that's clear. But are we putting any other asset for this? Or how is it? We haven't announced any capex?
Couple of them. First, on the Nectar project, we have started dispatches, but is the performance of the plant on the expected line in terms of yield, operation and all, and has it been running on the expected line there? Anish Ganatra Do you want me to respond 1 by 1 or you want to put your questions...
I will put my questions first in that case. The second question is on the CDMO, particularly on the Fermion product on the European MSA what we have signed. It appears to be one of your competition has been reporting a very strong number, while for us CDMO has been more like a flattish. Is that a lot of it will get captured from Q4? And from the registration perspective, now you said that you have started dis patching directly. Is it fair to assume that now with the registration probably completed soon, we should be scaling up? And when you say we have secured the order for CY '25, what is the quantum of order that we are talking about? And the third question is on Specialty. Domestic continues to do quite well and export is dull. Is the classification difference or there is a delivery difference? How should one read about it? And the last question is on AHF. Once the AHF plant start, what is the savings that w e could do as we are buying AHF now from the outside market? These are my questions. Anish Ganatra All right. Thanks a lot, Sanjesh. And firstly, again, thank you to you. I'm kind of remembering the time in Dewas when you highlighted the EcoVadis...
Yes. Good afternoon, Siddharth and Happy Diwali. Thanks for taking my questions. I got a few of them. First, you said that entire growth what we have seen both in Perform ance and pharma intermediate segment has largely come through volumes, which is very impressive, 30% plus, right? What current utilization are we running our plant right now in both this segment? And do you anticipate more capacity addition in the coming quarters?
Siddharth, can you break this between the legacy and HALS because HALS is something which is a newer product?