Hi, am I audible? Ms. Shweta Dikshit, Systematix Group: Yes, you're audible.

Thank you for the opportunity. So, I actually missed a couple of points from the starting. So, I just wanted to u nderstand what are the timeline s for the new bauxite and alumina, bauxite mine and the alumina refinery? And like, what's the cost of production in the alumina refinery we are expecting? Shri Brijendra Pratap Singh, CMD NALCO: So, as far as bauxite mines is concerned, we are planning to, already tender is o ut for MDO and we are planning to start the mines somewhere, may be February, March, 26. Latest by June, 26 we ar e planning, but we are early with our all dates. May be latest by May, June, 26, we'll be starting the bauxite mines, Pottangi mines. And alumina refinery 5 th stream, I already said, we are planning to start the commercia l production from maybe June, 26 onwards. As far as cost is conce rned, cost of the alumina produced in this new, our new 5th stream refinery expansion, that will be almost similar to the cost which we are producing now. Because, of course, interest is not there. We are not taking any loan for that. Depreciation will be loaded, but that will be made offset by the industry technology. It is a better technology where the causti c soda consumption will be on the lower side, manpower will be on the lower side, overall manpower, because here in a single line, we will be producing around 10 lakh tons. Now , with four lines at present, w e a r e p r o d u c i n g 2 0 l a k h t o n s . S o , t h a t a d v a n t a g e o f t h e v o l u m e w i l l b e g e t t i n g w i t h a lesser manpower because manpower is the most costliest thing, which is our fixed cost, as far as fixed cost is concerned. So, cost will be almost similar kind of, as far as what we are incurring now, as far as alumina is concerned.

Okay, sir. And just, I wanted to know, what was the alumina r ealization for this quarter? Shri Brijendra Pratap Singh, CMD NALCO: Alumina realization for this quarter was around $35,000. It was around $400. $416 dollars average.

Okay, sir. And, sir, just another question, like, what drove th e other expenses for this quarter? The other expenses are quite high. So, I just wanted to understand. Shri Brijendra Pratap Singh, CMD NALCO: Other expenses, of course, what you are telling is Rs.707 crores is on the higher side. This may, I think, RPO obligation is on the higher side. You can just deliberate on that. RPO, my Director (Production), or maybe my ED (Finance), we had some RPO obligations, as far as renewable power is concerned, which cost us around 70 to 75 crores. That was 10 | Page the additional cost, which we paid, because the norms, government norms have changed. We have to have 30 percent... Shri Pankaj Kumar Sharma, Director (Production): Basically, our core project is basically, so we are having our RPO obligation of around 3 percent of our electricity consumption. But now, due to the Ministry o f Power guidelines for year 2024‐ 25, we are bound to have obligation of around 29.4 percent for the year 2024‐25, and 33 percent for the year 2025‐ 26. So, in that connection, we have purchased this e‐certificate for around Rs.75 crores for the year 2024‐25. That has increased the cost. Shri Brijendra Pratap Singh, CMD: And some program… Shri Srimanta Panda, ED (Finance): There is increased attribute in repair maintenance and the coal transportation cost to captive coal which was 7.2 lakh in the far earlier now this quarter it is 9.89 lakh. So in our presentation of accounts, the transportation of coal is captured in the other expenses not in power and fuel. So that a lso has added to around Rs.10 to Rs.12 crore. So, these are the major things and little bit of in CSR expenses and RPO obligation. Then the general administrative expenses increase by around Rs.8 crores. And due to higher volume movement of alumina from refinery to smelter, there is an increase in transportation cost also and a higher export of alu mina also that has increase selling distribution expenses.

Okay. Thank you, Sir. Shweta Dikshit, Systematics Group: Thank you. Shweta Dikshit, Systematics Group: We'll take the next question from Aditya Welekar. Please go ahead.

Yeah thank you. Am I audible? Shweta Dikshit, Systematics Group: Yes you're audible. Please go ahead.

Yeah. So just on the 5 th stream of alumina refinery, what kind of means in the last call you have guided on volumes of 5 lakh ton from that in FY27. So we are keeping it that guidance unchanged correct? Shri Brijendra Pratap Singh, CMD: Yes. Yes. In FY27 we'll be aiming for five lakh tons from that because if you are able to start in June, 26 that much volume we will be getting. Yeah. 9 months will be there. Three quarters. It is a 10 lakhs capaci ty. Three quarters minimum five lakhs we should go.

And just related to that so once the plant stabilizes what kind of utilization can we expect post the full ramp up? 11 | Page Shri Brijendra Pratap Singh, CMD: Actually, initially if you start in June, 26 initially some utilization will be on the lower side but slowly maybe within n ext 6 months we'll be trying to take it to the rated capacity of 10 lakhs tons. It will take may be 3 to 6 months but since it is only a chemical plant, chemical process plant so it will not take a lot of time. That's why we are taking five lakh tons for financial year 27.

Understood sir. just on few numbers in the last call we have given alumina sales volume guidance of 12.8 lakh tons, out of which 12.3 are exports. So those numbers are also unchanged right? Shri Brijendra Pratap Singh, CMD: This year you are talking for this year?

Yeah. FY26 this year. Shri Brijendra Pratap Singh, CMD: This year, that will increase. Our exports will increase, whatever we have done last year. Last year we have done around, shipment if you talk in terms of shipment‐36 shipments. This year we are planning for maybe 41 or 42 shipments. That will increase by may be five shipments. Because we are increasing the volume, overall production volume will increase.

what will be that sir? Total production volume guidance for this year...? Shri Brijendra Pratap Singh, CMD: Last year, Calcined Alumina we have done around 20.7 l a k h t o n s , t h i s y e a r w e h a v e p l a n n e d f o r 2 2 . 5 l a k h t o n s . B u t w e a r e a i m i n g , w e ' l l b e achieving around 23. Maybe around two or two and a half lakh to ns more of production will be there. So, in domestic market we are also increasing ou r presence. Last year we have, sold around 40,000 in the domestic market. This year we a re planning you will be selling around maybe 1 lakh or 1,20,000 in the domestic market and the rest will go to the exports. So export maybe around 1 lakh or 1 lakh 50,000 will increase.

Okay. So total sales volume will be 12.8 lakhs total. Shri Brijendra Pratap Singh, CMD: It will be it will be around more than 12.5 lakhs. 12.5 or 12.8 lakhs.

Understood. Sir, my last question is on that brownfield smelt er of 0.5 million ton. Any progress on the DPR? we said that we can file a revised DPR. Shri Brijendra Pratap Singh, CMD: As far as brownfield expansion of smelter is concerned, already DPR preparation activities we have started. For DPR pr eparation we have to have a Consultant. Already appointment of consultant we are doing, within may be next 2 months or 3 month, we'll be having consultant 2 to 3 months, an d they will be there for preparing the DPR we are planning next maybe 7 to 8 months we w ill be ready with the DPR to take it to the Board for the approval. That is the time line? our Director (Project & Technical) is here, he will further clarify. 12 | Page Shri Jagdish Arora, Director (Projects & Technical): Y e s , f o r t h i s m o n t h o r t h i s f i n a n c i a l year, we'll complete all the DPR preparation and all the activities and one good thing is that the land acquisition which was held up that has taken shape and we have completed all the formalities of land acquisition and now the final stage of land acquisition is taking place. S o w h i c h w e ' l l b e c o m p l e t i n g i n a n o t h e r 4 t o 6 m o n t h s a n d b y t his time our all the preparation would be ready. So next financial year we'll start the tendering process and on‐boarding the parties.

Understood sir. Thanks a lot. I'll get back in the queue. Shri Brijendra Pratap Singh, CMD: Thank you. Shweta Dikshit, Systematics Group: Thank you. We'll take the next question from Shrikant Hemant. Please go ahead.

Yeah. Hi everyone. Can you hear me? Shri Brijendra Pratap Singh, CMD: Yes.

Yeah. Hi. This is Shrikant from HSBC. Thanks for the opportun ity to ask questions. Three questions for the time being. I'd like to tak e them one by one. So first one is how much of alumina sales in this quarter were on a spot basis and how much were under long‐term contracts? Shri Brijendra Pratap Singh, CMD: Whatever, we have sold in export market, every month, one shipment is going for long‐term and the rest is going on spo t . O n a n a v e r a g e f o u r shipment per month we are doing exports.

Okay, understood. My second question is on pricing. So for lo ng‐term contracts, how is pricing determined? Is it linked to LME aluminium prices? Shri Brijendra Pratap Singh, CMD: Y e s , i t i s l i n k e d t o t h e L M E p r i c e . I n t h a t s o m e percentage is decided. On that percentage it is decided. We do a tender, and on that tender basis whoever the tender is going, giving the maximum percentage on the LME, the order is given on that.

O k a y t h a t ' s v e r y c l e a r . A n d t h i r d w h a t i s m a n a g e m e n t ' s o u t l o o k f o r alumina and aluminium cost of production and can you just remin d us about the cost of production in Q1? Shri Brijendra Pratap Singh, CMD: As far as cost of production is concerned, I will request

my Director (Finance)…

Shri Abhay Kumar Behuria, Director (Finance): S o , a s f a r a s t h e c o s t o f p r o d u c t i o n o f alumina is concerned and our cost of production is varying arou nd 20 to 21,000. It is not the total cost. So far, the cost of production of alumina is concerned. Our cost of production 13 | Page is varying between 20,000 to 21,000 and out of that is 60% is our variable cost and balance is fixed.

Okay and what's the outlook for this year? Shri Abhay Kumar Behuria, Director (Finance): I t w i l l b e a l m o s t s i m i l a r k i n d . W e m a y because of our techno economic performance very good. We expect reduction in our cost because our performance parameter has improved well. The key consumables caustic soda is the other parameter we have a great control over that. So, w e expect that our cost will come down at the end of the year.

Okay this was very helpful. I've got couple more questions but I'll come back later. Thank you. Shri Brijendra Pratap Singh, CMD: Thank you. Shweta Dikshit, Systematics Group: Thank you. We'll take the next question from Saket Kapoor. Saket, please unmute yourself and go ahead.

Thank you for the opportunity. Shweta Dikshit, Systematics Group: Your voice is a little distant. Can you come closer to the mic?

Yeah. Yeah. Yeah. Now am I audible Sir? Shri Brijendra Pratap Singh, CMD: Yes.

Namaskar to the entire team and thank you for the elaborate discussion we are having sir and we hope for the continuity. Sir, on the value‐added product if you could just throw some light, what is our road map going ahead and how will value added sales will contribute? I think so some investment in the Angul park was also envisaged earlier so where are we? what are we going to invest when are we going to see value added contributing to the top line and bottom line? if you could just give us the road map. Shri Brijendra Pratap Singh, CMD : As far as value added product is concerned, our focus n o w i s i n c r e a s i n g t h e p r o d u c t i o n o f w i r e r o d s , b e c a u s e w i r e r o d we are producing only around one lakh tons per year yearly. So, we are trying to get one new wire rod mill, so that our whatever Ingot we are selling in the market that we wi ll be able to control and convert into wire rods, that is one target we are taking. Already DPR has been made earlier for that, we are revising the cost estimate and going in for te ndering. The whole activity may take around 2 years for the mill to come. And next is the foil sector – the aluminium foil. That area als o we are trying to have some kind of presence where we are going in for appointing one consu ltant who will be suggesting us what kind of foils to be made, what will be the market and all that. And, very 14 | Page small investment is required in that maybe around 150 to 200 cro r e s o f i n v e s t m e n t i s required. So these are the two areas as far as aluminium metal is concerned where we are targeting next two years or 3 years, 2 and a half years we should have presence, increasing our wire rods and foil segment from our rolled product units. And even rolled product units, we are going to have one annealing furnace which is coming in the March, 26. So rolled product units may on an average we are producing 2,000 tons per month that will increase to 3,000 tons per month from March , 26 onwards. So that area also will give more valued products from rolled product units. As far as alumina is concerned, there are the two areas i.e. sp ecial grade alumina, fused a l u m i n a , t h e s e a r e t h e a r e a s w h e r e v a l u e ‐ a d d e d w e c a n m a k e . W e are exploring the market for that. What kind of market is there? The market is there for that. We'll be going in for maybe some kind of conversion or setting up our own units that is also is there in our mind. You have to go in for that.

So how much have we outlined for that, I mean that firstly the wire rod part two years’ timeline which you have said how much we will be spe nding on the same and what would be its revenue contribution Sir? As on today market prices. Brijendra Pratap Singh, CMD NALCO: As far as, wire rods is concerned we get a premium of around 10,000 in wire rods. If you see the contribution, the contribution difference is around maybe 5,000 to 6,000 because the conversion we take the conversion cost into account. Rod products we see we get a premium of around 30,000 to 35,000 in the range of depending on the product. But contribution again there is, I think contribution must be around, I think it must be around 6,000 to 7,000 contribution a s far as rolled product is concerned. So contribution is there in both rolled products and wire rods and more importantly is that because if you are selling ingots we are heavily dependent on t he LME. So if you want to insulate ourself from the LME the fluctuations of the LME and ge t t h e p r e m i u m i n t h e market it is very important that we go in for increasing the vo lumes of wire rods, rolled products and also going into the foil markets. Foil market agai n has a very good contribution margin.

So m y qu e st i o n w as w h a t i s t h e C A P E X w e a r e d o i n g t o f o r t h e wire rod segment, and for aluminium foil. Shri Brijendra Pratap Singh, CMD NALCO: As far as CAPEX of the wire rod mill is concerned. It is around in between 200 to 300 crores for a capacity of 1 lakh ton mill. For setting a foil plant, again it is a very low capex plant around maybe 50 crore s or 60 crores for a maybe 1,000‐ton monthly capacity plant. Depends on the capacity what we are setting so wire rod will cost around maybe 250 to 300 crores that is a CAPEX as far as wire rod is concerned. 15 | Page

And last point Sir on the alumina realization, so what are th e current spot market realizations and for this quarter and the ensuing quarte r at what prices have we contracted our shipment? If you could just give some color on that. Shri Brijendra Pratap Singh, CMD: A s f a r a s c u r r e n t s p o t p r i c e s a r e c o n c e r n e d t h a t i s averaging around $400. This first quarter was we got around $460 was the average because some last quarter which balance quarter shipment that order was o f the high er v o lu me rate. But whatever spot prices currently we are getting is somewhere around $400 and we are expecting that in the coming quarters also that will remain somewhere in between $400 to $450.

Right sir. Thank you, sir. I will join the queue and all the best to the team. Shri Brijendra Pratap Singh, CMD: Thank you. Thank you. Shweta Dikshit, Systematics Group: Thank you. We'll take the next question from Pallav Agarwal. Pallav please go ahead.

Yeah. Good morning Sir. So, I had a question on how the aluminium physical premiums have been moving. So, is it more linked to MJ P or you know since we sell a majority of our products i n the domestic market, so we s hould be probably commanding a better premium compared to our peers? Shri Brijendra Pratap Singh, CMD: You are talking about the premiums in the metal sector?

Yeah. Shri Brijendra Pratap Singh, CMD: T h a t I w a s t e l l i n g e a r l i e r a l s o a s f a r a s p r e m i u m i s concerned, in wire rods we get a premium from our Ingot around 10,000 and our conversion cost if you see is around I think Rs.3,500 to 4,000. The additional benefit of around maybe 6,000 or 7,000 we get in wire rods as far as wire rods is concerned depending on the quality and grade of the wire rods we are producing. As far as rolled product is concerned road product we get a premium of around in between 30,000 to 35,000, extra premium. But of course, conversion cost is also there. So if you see margins, actual margins after co nversion cost it will come arou nd maybe 5,000 to 10,000 in between depending again on the what product we are talking a bout, sizes and all that. If you're going in the lower sizes 0.3 mm or 0.5 mm the premium is on the higher side but our productivity goes down. If you are producing on the thinner side the productivity goes down and the volume comes down. We have to balance in that.

Y e s s i r . W e a l s o s e e y o u k n o w c o m p e t i t o r s a l s o t r y i n g t o p u s h more material in the domestic market. So, is that is there enough demand to block that? physical premiums can sustain at these levels? 16 | Page Shri Brijendra Pratap Singh, CMD : D o m e s t i c m a r k e t , w h a t w e a r e s e e i n g i n t h e consumption pattern of the aluminium in the domestic market aro und 45 to 50% is going into the power sector. Now, the kind of infrastructure development, the kind of power lines, grid lines and government thrust in the electrification is there. The demands will be there, as far as power sector is concerned. Now, solar panels, lot of solar panels are there again extrusio n demand is there in solar panels. Lot of solar panels are coming. EVs, again, in EVs lot of usage of aluminium being a light lightweight metal is replacing the steel. So all these areas infrastructure, other areas infrastructure development also lot of the demand in the domestic market is still there because you are seeing the domestic GDP growth is around maybe 5% to 6% growth GDP which is projected a nd the aluminium as far as whatever historically we see aluminium requirement is around 1.5% of the GDP. It is almost there, it grows like that so aluminium requirement will grow at the end of maybe 7 to 8% or 9%.

Yes sir. Lastly you mentioned that we incurred almost 75 crores in RPO obligations. So are we planning on putting up you know captive solar or maybe increasing the wind power capacity so that we don't have to purchase we ca n reduce the external RPO purchase. Shri Brijendra Pratap Singh, CMD: Yes of course we have to do that. We are going in for appointing a consultant in a very planned manner. Already 7 MW solar power is under our tendering stage that will come within next 1 year or one and a half years but that is a small quantity. Wind power is an area where we have to see or maybe setting up in hybrid mode. Wind and solar both, we are exploring on that. Maybe our plan is by 2030, next four five years we will have to have more of at least 15% to 20% of green power into our portfolio. Shri Brijendra Pratap Singh, CMD: Our Director (Projects & Technical) will supplement. Shri Jagdish Arora, Director (Projects & Technical): This is a very good question and going forward everybody and we are working on it in different format and very soon we'll have a fixed plan that how much green would be coming and as our CMD Sir had told this 10 megawatt of solar will come in one year but another 10 megawatt of our wind power will c o m e i n o n e o r t w o m o n t h s b e c a u s e i n K a y a t h a r , i t i s r e a d y . N o w, it is being getting clearances in maybe from September or October, 25, we'll be having 10 megawatt of additional plant and we are working on a hybrid round the‐clock combination of solar, w i n d , a n d b a t t e r y s t o r a g e a n d a l l w e a r e w o r k i n g o n w i t h a l l t he power producers and another three four months’ time we'll be fixing up our road map for the next few years.

Yes, sure sir. Also, Sir, I mean with the captive coal now at 4 million tons, is there any incremental cost savings that can come in or you k now most of the benefits are now already in the P&L? 17 | Page Shri Abhay Kumar Behuria, Director (Finance): Y e s , d e f i n i t e l y t h e r e i s a s a v i n g b e c a u s e what we are taking coal from MCL on fuel supply agreement and our own production there is a difference of around 400 rupe es we are getting advantages. And transportation cost also because that our mines is very proximate to our CPP so tha t advantages we are also getting. Both we are getting advantages in our in‐house coal su pply that is from our own mines.

Okay. Okay sir. Thank you. Shweta Dikshit, Systematics Group: T h a n k y o u . I ' l l t a k e t h e n e x t q u e s t i o n f r o m M a n a v Gogia. Please go ahead.

Yes. Hi. Very good morning and thank you for the opportunity. Shri Brijendra Pratap Singh, CMD: Good morning.

So, you had mentioned the cost of production of alumina at 20,000 to 21,000 rupees per ton. Can you provide the same for the aluminium segment as well? Shri Brijendra Pratap Singh, CMD: Aluminium our cost is around 1,50,000. Shri Abhay Kumar Behuria, Director (Finance): 1,55,000 to 1,60,000 it is varying within that range only, the aluminium product, because that is depended upon our product basket. I am talking about the average cost of metal. The more we go for old product the cost may vary. But the range is within 1,55,000 to 1,60,000.

Sure sir. Got it. So, one question if you could provide the nu mber for the landed cost of the caustic soda for the quarter. Shri Brijendra Pratap Singh, CMD: I t h i n k i t w a s s o m e t h i n g c o s t w a s 4 4 , 0 0 0 something…increased slightly. You see the landed cost of caustic s o d a , i f y o u s e e Q 1 ‐ FY2024‐25, it was 36,300. This quarter this year, FY25‐26, it i s 44,301. So, it has increased if you compare to Q1 of last year. If you compare Q4 last quart er…. (inaudible) 44,000 is the price which we are getting now.

Sure, sure sir. Got it. Thank you so much. That's all from my end and all the very best. Shri Brijendra Pratap Singh, CMD: Thank you. Shweta Dikshit, Systematics Group: Thank you. We'll take the next question from Shrikant Hemant. Please go ahead.

Yeah, thanks again for the opportunity. Three more questions f rom my side. So, first is what is our total coal requirement and how m uch of this still needs to be purchased externally. 18 | Page Shri Brijendra Pratap Singh, CMD: Total coal requirement is around 7.2 million ton. So, we are already producing around 4 MT from our internal and 3 to 3.2 MT we'll be taking from coal India, MCL.

Understood. Very helpful. Second is regarding our bauxite mines. So, when do the leases for the existing mines expire? Shri Pankaj Kumar Sharma, Director (Production): Presently we are operating two mines and the present validity, is in 2029 and 2031. And we will initiate process for renewal also. So, this is the situation.

Understood. And the last question is regarding long‐term alumi na contracts. So is it safe to assume that roughly 75% of alumina exports would be on spot and rest would be on long‐term contracts. Is that understanding correct? Shri Brijendra Pratap Singh, CMD : I think long‐term will be on the lesser side because we had done one long‐term tender, we did not get sufficient price, was not very good. So as of now we are aiming to go more on the spot. Maybe it will some where around 80% spot and 20 long‐term.

This was very helpful. That's all from my side. Shri Brijendra Pratap Singh, CMD: Thank you. Shweta Dikshit, Systematics Group: Thank you. A couple of questions from my side as well. So, regarding the brownfield aluminium project where you said t he DPR is currently o n g o i n g . S o , h a v e w e i d e n t i f i e d a n e w t e c h n o l o g y p a r t n e r s i n c e there were certain challenges with the previous partner. Shri Jagdish Arora, Director (Projects & Technology): Yeah. The new technology supplier, we have already finalized it and in another three four months l ast time. I told the same thing in 3 to 4 months’ time we'll onboard the new technology supplier. Shweta Dikshit, Systematics Group: So, DPR preparation since you said it's ongoing so that would be basis finalization of the technology supplier right? or is it something which happens after the technology supplier is identified? Shri Jagdish Arora, Director (Projects & Technology): I didn't get your question can you come again please? See, DPR preparation, this technology suppliers’ input is requi red. So by the time we are fixing up who will be preparing our DPR, this technology suppli ers would be finalized and they'll be onboarded. We have almost finalized the things now w e are doing the formalities. Being a PSU, we have to go through a process and very soon we'll be on boarding the technology supplier. 19 | Page Shweta Dikshit, Systematics Group: Understood. And, so the next question was on the wind capacity that's commissioning that you said 10 MW. So, what platform are we looking at and what is the rated capacity of these turbines? Are we loo king at the latest turbines? Are we looking? Shri Jagdish Arora, Director (Projects & Technology): It was actually a very long project with went into NCLT, but this now 10 MW, 1.5 megawatt is the ca pacity of each turbine and six such turbines would start producing it. So, we'll be ge tting clearances from MNRE and State of Tamil Nadu. In this month we'll finalize this and, then we'll start utilizing it. We'll see, what and how is the best possibility of utilizing this. Shweta Dikshit, Systematics Group: Okay, understood. So, I missed your, I think a participant asked this question. I missed that point. So, could you just reiterate what is the export proportion of alumina sales and, do I stand correct in understanding that around 75 or 80% of your export sales are in on the spot basis right? Shri Brijendra Pratap Singh, CMD: Y o u w a n t t o k n o w t h e v o l u m e o f e x p o r t s a l e s a s compared to domestic? Shweta Dikshit, Systematics Group: Yes, Alumina. Shri Brijendra Pratap Singh, CMD: If we see this year what I was telling every month, maybe four shipment we are doing export. So that comes to around 1,20,000. In between some month we are doing four shipment, some month five shipment a l s o . A v e r a g e 1,20,000 and domestic sale will be around monthly if you see mo nthly domestic sale will be around in 20,000, in between 20,000 to 25,000, maximum 20,000. So that will be around maybe 15% to 20% of, 15% of the total. Volume will be going into domestic market. Shweta Dikshit, Systematics Group: Understood. And like 70 to 80% of the export would be on spot basis. Shri Brijendra Pratap Singh, CMD: Yes. 80% on spot and maybe 20% will be going on long term basis. Shweta Dikshit, Systematics Group: Okay Sir. That's it from my side. I think we are done from all the participant questions as well. So, I hand over to the management for any closing remarks. Then we can conclude the call. Shri Bharat Sahu, Company Secretary: T h a n k y o u m a ' a m a n d t h a n k y o u a l l o u r e s t e e m participants, analyst and our institutional investors for reposing confidence in NALCO time and again and coming in such a h uge number with so many of ques tions, giving insight to our production, our marketing activity it's also about the expa nsion diversification activities. And we hope and expect the same kind of co‐operatio n in future also and I just hand over the mic to our CMD sir just to close the Investor Call. 20 | Page Shri Brijendra Pratap Singh, CMD: Once again on behalf of everyone present here all our Directors, I would like to thank all the investors, analysts and everyone connected through V C f o r g o i n g t h r o u g h N A L C O ’ s r e s u l t s a n d g i v i n g c o n f i d e n c e i n NALCO. Whatever your queries I hope we have explained them well. One thing which, I would like to tell on behalf of our Board that as far as NALCO is concerned, NALCO’s perform ance, we are trying to increase the volumes. We are trying to improve our techno‐economics. As far as market is concerned, every time market is not in our hand, the prices, the demands are not in our hand. What is in our hand is to increase the volume, maximize the production and increase the techno so as to reduce the cost. That already we have taken, very challenging target this year as compared to previous year. We have taken at least maybe 10% higher targets in all the areas and in as far as first quarter is concerned we have achieved all those targets. We are very much sure w e w ill be ach iev in g tho se tar g et s. S o, at the en d of th e y ear the financials will be very good. What advantage we have? We have both upward and downward integration. Upward integration may we have our own bauxite mines, where we're gett ing very good quality bauxite, sufficient quantity of bauxite. Now we are having our own coal mines from where we at least maybe 60% of coal we are getting, which is again giving advantage to us. We are having JV with GACL for having caustic soda that is agai n giving a security as far as caustic soda is concerned. Our power plant as far as power security is concerned that is our own captive power plant where we produce the power at the rate of maybe 3 to 3.5 or 3.10 rupees per unit, that again is giving advantage to us. So, lot of advantages as far as our total integration is concerned. Now we are going in for expansion mode. The refinery will come next year. Our target now is to expedite the expansion of smelter along with the power pl ant that we are aiming to next 3 to four year, it should come, so that whatever alumina w e are producing excess of alumina, should be converted to aluminium. So, after that only this overall turnover of the company will g o above 25,000 to become a M a h a r a t n a c o m p a n y , t h a t i s o u r t a r g e t a n d w i t h a l l t h e t h i n g s going we are hoping whatever we are planning we'll be able to do it. So, thank you once again in having confidence in NALCO and shar ing all your experiences with us. Thank you. Thank you very much. Shweta Dikshit, Systematics Group: Thank you sir. Thank you for hosting the call and thank you all the participants for joining in. We now conclude the call. Shri Bharat Sahu, Company Secretary: Okay, thank you. With this we come to an end of this session. Thank you all. *****