Vibhav Zutshi

Congratulations on the good revenue growth in challenging times. The first question is on the New Energy business. Now for this 2 gigawatt hour cell line, which will get commissioned next year, just wanted to understand where are we in terms of equipment procurement and other stuff? Is the equipment already ordered?

Okay. Got it. That's very helpful. Second question is on the Gotion partnership that we had announced almost a couple of years back and now the LFP plant, which is supposed to come potentially in 2029. So just wanted to understand how is that partnership progressing? What are the next steps here in terms of technology licensing, potential conversations with customers because we've not heard much about Gotion.

Okay. Got it. And maybe one last question, if I can squeeze in. Just on this BESS plant, I think 5 gigawatt hour that you mentioned, any sense on how the margins are going to be once it's fully stabilized?

I am just trying to compare the Indian Lead Acid Battery market size from your annual reports. So it looks like it is kind of flat lined at a INR36,000 crores, INR37,000 crores level, if I compare the FY '21 annual report to the FY '25 annual report. So is it true that the battery market size is flattish over the last 2 years or there could be some assessment-related challenges over here?

Okay. Got it. That's helpful. So basically probably somewhere around $4.6 billion, $4.7 billion. And probably higher export volumes could be an offsetting factor that could keep volumes higher, like you mentioned the telecom and certain other industrial aspects are expected to be flattish, but probably export opportunity could be a key reason here?

Just on your Industrial segment, excluding telecom, could you tell us how much was the revenue growth or degrowth?

Okay. Okay. Got it. And would you expect the second half to be even better because I'm assuming government and private capex is going to pick up and like industrial UPS and solar typically benefits from that?

Okay, in that ballpark only?

Firstly, on your New Energy business just trying to understand the volatility in EBIT margins? I mean just seeing it ranging from negative 6% to 13% in the last three quarters. So could you just help explain what's happening here?

The other business which is primarily the New Energy business, your segmental margins basically was around 5% this quarter, 13% in 3Q. Yes so just by the volatility?

Got it. That's helpful. And second question is basically on the lead-acid battery business. Any capex that you think might be in store over the next few years just because you've been growing at very strong double digits? And are we maxed out on capacity and any capex that you see going forward?

Just a housekeeping question on the capex. I think in previous calls, you mentioned that the 2 gigawatt hour cell capacity would need around INR1,500 crores of capex. Is that number still in that ballpark?

Okay. That's helpful. And just when I look at your longer-term plan to go to 16 gigawatt hour and INR9,500 crores of capex. But just wanted to know how you're thinking about funding this? Because you mentioned that the JV route or equity investment may not be possible with China right now. And obviously, healthy free cash flows, but obviously, the amount of capex is quite significant.

Got it. Got it. And just 1 last question. The tech partnership that you mentioned, so is it fair to say that this is primarily for the supply chain linkages and the licensing agreement?

Congratulations on the strong quarter. First question is on the KGPL pipeline time line. Sir, what is the confidence that this will get commissioned by June because there have been some news flow about some challenges in respect to land compensation. So yes, I mean, we were expecting it to get commissioned by March and now the time line is June. So just some thoughts on your confidence level?

Okay. Got it. And just a follow-up question on the LPG imports. So if I look at the ministry data now, it looks like October to December was down. This could be largely led by base of last year because December has now seen again a pickup. But in general, if I look at the YTD number, it looks like LPG imports have slowed a little bit to just around 8%.

Yes.

First question is on the core business, given that you've seen some moderation in the first half and there are a few segments in muted volumes. How should we think about the second half? I mean you talked about outlook is positive near to medium term. But given that the base of last year is also high, can we expect to go back to double -digit growth? Or it could be a bit lumpy atleast in the near term?

Second question is on the lithium -ion business. So given that we are now a few months from completion of the plant, given that 2025 is the target year guided for. Atleast give some idea on how many customers have been on-boarded so far, because it looks like you're now focusing on- boarding the larger customers as well .

Okay. That's great. And I'm assuming that the start of production will happen sometime in 2025 and then will take 6 to 8 months for stabilization, and basically, major ramp-up will happen from FY '27?

Congrats for a strong quarter as well as the MOU with Hyundai and Kia. My first question is basically on this partnership. Could you provide some more details around the potential size of this contract and share, if you are going to be the exclusive supplier of this deal. Basically, Hyundai, globally has announced building battery plants of 20 to 30 gigawatt hour with LG and SK innovation.

That's helpful. And just as a follow -up. So, you have been mentioning in the past that margins in lithium-ion manufacturing for you won't be materially different from what you do in the lead acid business, due to the pricing advantages. Now given that we are only a few quarters away from commissioning, would you be able to provide some colour around margins, ROCE, any range?

Absolutely.