Sir, my first question is towards this railway pricing, this INR74,000, which you said that is finalized right now, what is the cost of basically production cost you are factoring, especially the coking coal? Since coking coal has been declining, is there a risk of this pricing coming down?
Noted, sir, but then is there -- because coking coal prices have been come down significantly. Is there any cost advantage, which we need to pass on to the railway in the subsequent quarters?
Thank you for the opportunity. So, my first question regarding your 10%-15% volume guidance. Even if you look at currently, since the last three years, second half was heavy. Our asking rate is still closer to 900 KT or more. So, and you talked about the slowdown which usually takes time to reverse. So, just wanted to understand then which are the pockets from where we are generating this confidence of meeting that certain kind of the volume guidance?
Noted. My second question pertains to our capital allocation. This has come in the past as well. Our CAPEX requirement and working capital requirement is far below than the cash we are generating. So, how should we look at the excess cash in terms of dividends you would distribute or what would we do with that cash? If you could just throw some light on the CAPEX, capital allocation.