Yes, thank you for the opportunity . Sir first question is onto the specialty black volume on quarter-on-quarter basis there is almost a 30% jump into specialty black volume but despite this our gross spread has been almost flattish like I believe this is commanding almost two times the gross margins as compared to the conventional grade so this jump in volumes has not been translated into your gross spreads?

The gross spread has gone up. What you are looking at is the c onsolidated numbers and Tamil Nadu still is not fully operational. Though we commissioned the line towards the end of September we still do not have approval s from major customers . It is more of spot market sales and realization is a tad less than what normally we get in P CBL so that is also kind of having a pulling down effect on the gross margin. But having said that overall gross margin has gone up on a standalone basis, and which will be more reflective of the change in product mix. O ur gross margin per tonne h as gone up from roughly Rs.33,700 to Rs.34,700, so there is around Rs.1000 improvement in the gross margin.

On quarter-on-quarter basis also the domestic sales volume has been flattish so what is the reason for that?

Domestic market continues to remain a little oversupplied , lot of capacities came up in last two years and therefore we are pushing more material in overseas market.

Any recent competitors which have expanded the capacity recently?

In last two years most of the manufacturers added capacity , Epsilon capacity came up , Continental added capacity, Himadri added some capacity , BKT added capacity and we also added capacity.. if you look at our performance from overall capacity utilization perspective, we are almost operating, if you leave aside the Tamil Nadu plant which has got recently commissioned) most of our facilities at almost full capacity.

On to the gross spread guidance like you had said earlier that that wo uld improve by Rs. 1 per kilo for the next 2 to 3 years so does t hat hold right now because currently only we are standing at a very high spread number so that will rem ain constant or how you see that going ahead?

Long-term guidance remains as is. There is no change in long-term guidance and we believe that we should be able to deliver that.

Last question from my side. On to the export market I believe we are selling almost 15 % to 20% to Europe and some of the quantities also into the United States so we are facing some issues like demand issues or an y sort of short-term hiccups which is like holding back your volumes over there and that could improve over the short term like how is the trend and demand into this international market?

This should be looked at from two different point of view . One is long-term strategy of the company - so in Europe we did not have much of the market and structurally we are trying to become big in Europe. So going forward if you are talking about next four to five years perspective, Europe certainly has lot of potential and going to become big market for us. In short term, because of all the volatilities which a re there in the market , our objective is to ensure high capacity utilization. So whichever geographies offers scope and potential we will move our materials there.

So currently the markets are weak or..

Geography wise … in the int erim I think , but structurally we are fo cusing big way on Europe and therefore we have al so opened up our own offices in a number of countries there.

Thank you. That is it from mine.

Thank you. The next question is from the line of Riya from Aequitas Investments. Please go ahead.

Thank you for giving me the opportunity and congratulation on good volumes and specialty after a long time. My first question is in regards with demand coming from the international market, w e are seeing volume growth here so which geography are we seeing this particularly I suppose you just mentioned about Europe so could you elaborate more?

We are present in more than 50 c ountries now. Like I said all geographies are important for us but w e are trying to focus more on markets w hich holds bigger potential and where our market share is still not as high as we would have wanted. In the interim, till the time these global trade disruptions or slowdown is continuing we will have to ensure highe r capacity utilization by looking at opportunities wherever it is available and structur ally in some of the geographies we see big potential where we are investing in our own supply chain capability which will create foundation for larger volume in these geography for us.

Right so this particular quarter no one geography contributed majorly for the growth?

No, it is a mix of all the countries and Asia Pacific still remains big for us.

Yes it is major. It is accounts almost 70% of market of overseas market.

In terms of specialty black, newer capacity and additional 20,000 phase two when do w e expect that to come?

It will take I guess about a year’s time.

So maybe around October 2024?

Yes around four quarters’ time.

Do we see this kind of 16,000 tonnes quarterly run rate for specialty to sustain?

We will hold on to our yearly guidance. I think we should be able to deliver that.

Because I think for Q4 we ha d guided for 16,000 so we have already achieved that so just wanted to have a true sense for it.

As I said we hold on to our guidance.

In terms of margins like specialty since we have got two ne w patents could you elaborate more on that, what kind of process patents are there, any quantitative numbers if you could give across that what kind of cost saving or something like that value added would give us?

These are kind of ne wer grades in the market and the potential for volumes in these grades would increase gradually . As of now based on our capa bility, we see may be volume of 6,000 tonnes annually. In terms of market potential, I am talking about us specifically , so initially it will be about 2000-3000 tonnes and in two to three years time we expect to reach 6-7,000 tonnes.

Thank you. That is it from mine.

Thank you. The next question is from the line of Jatin Damania from Svan Investment Managers. Please go ahead.

Thank you for the opportunity and congrats on good set of numbers. Sir carrying on to the previous participant’s questions in terms of the pa tented products , now since you indicated that the volume will be 6000 per tonne but can you help us in understanding what would be the margin or the EBITDA per tonne as compared to the current product mix on the patented product?

I can give you an indication because it is a recently launched grade. We have just patented it and just introduced it in the market. Our expectation is that it will be around maybe $1200 to $1300 kind of contribution per tonne.

So that will be about 4-5x at the current base rate you can assume it right?

Yes roughly.

Second question now with the ramp up of Tamil Nadu and the Chenna i facility that will be starting in October 2024 so if one were to look at the longer term h orizon of 4 years to 5 years down the line what are the volume growth drivers one should assume , are we planning to l ook at some a cquisitions or looking at some another round of expansion of Tamil Nadu or Chennai for the base grade and the specialty grade?

With the kind of potential, which is there in the market, we believe that we will have to keep adding capacity ev ery y ear. Sometimes it can be through Brownfield, sometime it could be Greenfield. And in terms of inorganic opportunity if something comes up, there is nothing available in the market a s such, but if something comes up at a valuation which is acceptable to us and if the portfolio is right, we may also consider that.

With the c urrent land bank what we have, what is the i ncremental expansion we can carry on in the base grade and the specialty grade?

I will tell you both rubber black as well as specialty. Down south in Tamil Nadu we can add another 90,000 tonnes of Brownfield capacity. It will be mostly rubber grade for t yre application and industrial app lication. As far as specialty is concerned , we are already working on this additiona l capacity in Mundra which should be ready within a year ’s time and in parallel we have started to look at the possibility to add something more over there . We have still n ot decided on the exact capacity or the reactor design so cannot make any comment beyond that at this point of time on specialty.

So as of now you can probably go with 20 ,000 tonnes of specialty until October 2024 and rubber black of incremental 90,000 whenever we decide in the future, right?

90,000 additional rubber black facility o ver a period of say next year or two years ’ time maximum.

Thank you. The next question is from the line of Sanjesh Jain f rom ICICI Securities. Please go ahead.

Good afternoon, Sir. Thanks for taking my question . S tarting with our energized brand which is a b attery chemical earlier I thin k a quarter or two back you said that we are very close and now we have supplied the sample can you can you elaborate more particularly in battery chemical what is the component we are looking at it, what is the present opportunity, how critical that element is and what does our internal assessment t alks about our ability and what are the other opportunity within the battery if at all we are looking beyond this product?

So Sanjesh in market currently there are three types of battery technology. One is the old technology, which is dry cell, the second one is lead acid battery which is second generation battery technology and the latest one is lithium -ion technology which is the ion batteries with high power storage and all . W e already have done great work catering to the first - generation battery dry cell. W hat we have devel oped now is going to cater to the second generation and the third-generation battery. See there are different kind of grades which can be manufactured and w e are targeting grades with more capacit y so the grade that we have launched is kind of interim capacity or little less than where we would have wanted the conductivity in these particles. While this will cater to lithium-ion batteries also but this will be like low end of lithi um batteries not t he really high end Tesla kind of batteries . Those grades are still at the lab level in our R &D lab and this Energia grade that we have launched, we have already given the samples to one of a very large EV manufactu rers who also is into battery cell manufacturing. Lab level testing was successful at their end and now they are testing it at industrial scale.

Fair enough, fair enough that is quite useful. The second one is o n the specialty there has been a sharp acceleration in the volume wha t is driving it more of a coating or pigment which is rubber what within the specialty is driving this growth and what are in the catalyst because it has been a very smooth and steady growth but it looks like there is a step of jump this quarter can you elaborate more on that?

One is we got additional capacities Sanj esh during th e quarter. This Mundra specialty line getting commission ed, that gave us this capacity cushion. S econd, generally demand for high end things have gone up, be it fabric, be it automotive and all so that is where specialty gets consumed . Moreover our market penetration has also increased . We have added a number of customers. The foundation was already laid when we gave the annual guidance about the volumes, etc. Most of the w ork was already done so now that we have capacity, we are able to sell more volume.

The guidance was that we will sell 10,000 metric tonne more versus previous quarter and in one quarter we have sold 5000 more it appears that we are way ahead of our guidance.

Our annual guidance Sanjesh for 50,000 to 55,000 tonnes of specialty and we remain on track so the first 6 months volume is about close to that 27,500 tonnes.

The number is 10,000 additional but got the point and number three on the operating cost particularly now that the Tamil Nadu has come in but our total operating cost sequentially has come down. Can you explain that Raj how is that?

Our operating cost structure remains very lean and cost structure s if we were to discuss not only operating but overall cost structure, we expect about Rs.45 Crores of depreciation on a full year basis roughly about Rs.35 Crores of interest cost and another 40 odd crore of plant maintenance cost, manpower etc.

If you look at other expenses last quarter was Rs. 149 Crores this quarter is Rs.144 Crores while we have operated the first phase of Chennai plant for the full who le quarter this quarter this was not here for the last quarter and yet our other expenses has declined by 5 Crores.

You are talking about the other expenses right so last quarter there were some fees, etc., also which was paid during the quarter and which appeared here which was more of a one - off.

Got it so this Rs.144 Crores is a steady state from here on or because of phase two there will be a little bit more increase?

So, the current quarter is reflective of the annual run rate.

This will be for the full operational plant, right?

Yes.

It should take us about 3 to 4 months more.

That is fair and one last question on the global market. Europe is supposed to remove that quota of buying from Russia starting I think if I remember like July of next year are we in active discussion with the large player European to have long-term contract for buying carbon black and hence ramping up Chennai facility faster than what we th ought. I think even in this quarter we are already at a 50% utilization which I think is a very good run rate to start with , you expect this ramp up to be much sooner than what we have ear lier anticipated?

The major hurdle now in way of capacity utilization, I would say , is approval from major tyre customers. And it is more of the process, which is taking time, not any problem as such which is delaying the process . The normal process itself takes about two to three qu arters time for all the approvals to come by and t yre accounts for almost 65% of volume s. We believe in next three to four quarters’ time we should reach 80% capacity utilization and we expect gradual ramp up from here on so whatever volum e we have been able to do in current quarter , next quarter vol ume should be better from the cu rrent quarter and fourth quarter should be even better.

So, the emphasis is what more domestic customer or more European customer, Chennai is a sweet spot for us right considering the port we are very close to the port?

Geographical mix Sanjesh would remain more or less similar , so maybe about two third is domestic market and one third is international market. In the interim , till the time we have approval from all the tyre customers in the domestic market, we are just trying to utiliz e capacity by selling more in international market.

Got it. Fair enough. Thanks for answering all my questions and best of luck for the coming quarters.

Thank you. The next question is from the line of Dhiral from Phillip Capital PCG. Please go ahead.

Good evening, Sir. Thanks for the opportunity. Sir in next three to four quarters you talked about Tamil Nadu plant will reach 80% utilization am I right?

Yes.

This product mix and all the real capacity would be somewhere around 1,25,000 to 1,30,000 tonnes roughly 10,500 tonnes a month roughly.

Got your point S ir and any debt reduction plan in next two or three quarter s since we have generated a very good cash flow?

If you look at our debt equity ratio leveragin g is hardly there, I think 0.2 2 on a standalone basis.

So, going ahead our working capital which is there at our short term borrowing which is around Rs.550 Crores that would remain same or we would like to use from the internal accrual?

If you look at total debt, we had on a net basis we had just about Rs.650 odd Crores of debt as of September 30, 2023, and the cost of debt is also very competitive . O ur average borrowing cost is sub eight, long-term, short-term all included. And like we mentioned that we are on a high growth path in our mix, five to seven y ears we expect to add capacity almost every year, so some debt would remain on book. But philosophy wise we want to go down on debt . Maybe once we are through with our capacity expa nsion programme, then we will pair debt completely.

Just last one q uestion Sir for the domest ic market particularly do we expect any high er volume growth at least for th e next few quarters since the capacity has been added even by the other peer as you talked about so what kind of volume growth we are expecting in domestic market?

I would not say domestic or international but our focus would be to ensure high-capacity utilization and the guidance that we gave for the full year we are on track to achieve that.

Thank you so much Sir.

Thank you. The next question is from the line of Sailesh Raja from B&K Securities. Please go ahead.

Yes, thanks for the opportunity. Sir I have two questions you are saying only gradual ramp up production from Chennai facility but due to lower tax rate and also expect a better production yield in Chennai facility is it possible to shift the production from existing plants to new C hennai facility, also I need to understand basically how easy to get the customer approval for s hifting the production and how long it will take to get c ustomer approval for change in production facility and also with each customer we will be taking approval for all our facilities or particular customer will be taking approval only from the particular facility will be supplying, so how this will work in our industry can you explain it will be helpful?

You are right Sailesh that Tamil Nadu from tax point of view is more efficient . And when I say gradual ramping up of volume it is only because of the process involved in the grade approval right- the quality approval by the major tyre customer. So even if we vacate PCBL capacity does not mean that we can utilize Tamil Nadu capacity and we believe in next 6 to 8 weeks’ time these approvals should start coming in. And once we have these approvals then the ramping up would be faster. W hen I say 4 to 6 quarters it is little conse rvative maybe we will be able to achieve faster ramping up. W e feel that there can be few things which we may not factor in now and therefore it is bett er not to create expectations of full capacity utilization before that . But our focus would be to ens ure to get thos e approvals faster and utilize capacity to the maximum as possible.

Great Sir. Sir my second question for the incremental volume growth for next two years so how much you are betting on new customer wins and how much it will come from increasing share of business from existing customers in percentage terms if you could give us it will be very helpful and also in Europe we are expecting orders from new customers or again their increase in share of business with existing customers and also can y ou share what is our landed cost there in Europe versus Russian carbon black next two years how much volumes you are expecting from Europe M arket due to this ban on Russian carbon black from next year can you explain this?

Sailesh so far as our customers are concerned , domestic or i nternational, we are already there. We have existing relationship with most of them and therefore , in that space, new customer addition w ill not be many ; there will not be too man y. New customer addition is mainly happening in the area of performance and specialty grades w here we are also launching new grades every year. In terms of potential in Europe, like I said that we look at Europe a s geography with large potential . And we have been in last 3, 4 years started investing in our supply chain capability there . So that holds potential. O ur aspiration is to increase our volume from the current level to at l east 2x in next two years’ time .And it is growing rapidly, like I said 2 to 3 years back we were hardly d oing any volume, our share of Europe in overall international volumes was just about 3-4% and from there last year we clocked 14%. Europe currently is going through a slowdown so therefore, this year may not be the ri ght year to track performance in term s of volume growth, etc., but structurally it holds lot of po tential and that is how we are looking at these geographies. We are building up and setting up our own offices. We are investing in distribution capabilities.

We are competitive. L anded cost would also depend on what grade we are supplying. I n terms of logistics cost we incur red just about $4 0 to $50 a tonne and which is not much because even when we are suppl ying in domestic markets to tyre customer,, our average cost works out to around Rs. 2500 to Rs.3000 so if we are incurring $40 to $50 it does not have impact on the margins.

Thanks.

Thank you. The next question is fr om the line of Balasubramanian from Arihant Capital. Please go ahead.

Good evening, Sir. Thank you so much for the opportunity. I am new to this company. Sir, I just want to understand how much we have invested for this Chennai and Mundra plant and what kind of asset turn we can expect in these investments?

Mundra this capacity addi tion is happening in two phases . O ne is already commissioned and the second will come up in a year’s time. Between these two lines we estimate a capital outlay of about Rs.330 Crores to Rs.340 odd Crores. A good part of that is already spent about Rs.220 odd Crores is already spent because lot of infrast ructure is common. Tamil Nadu, we expect t he overall project cost to be about Rs. 950-1000 odd Crores but then again, the spending that we are doing will also kind of have some kind of civil infrastructure creation for the next phase of Brownfield expansion.

Sir what kind of asset turn we may expect in those investments?

On a ful l capacity utilization basis and at current crude prices we expect to generate about Rs.1400 Crores kind of revenue on a full year basis from Chennai.

Including both investments right Sir this Rs.950 Crores and another Rs.340 Crores?

That Rs.200 Crores is Mundra this is not Chennai. So, I am talking about Chennai and on Mundra side we should be able to generate roughly about Rs.200 Crores kind of revenue.

Got it. Thank you.

Annual revenue from that facility.

It is increased?

Overall in Mundra plant capacity like asset turn o r incremental revenue around say Rs.200 Crores incremental revenue from Mundra facility or it is only for phase one or it’s included in both?

Phase one. Rs.200 Crores.

What about phase two Sir?

Phase two the line is s till under design, so it will also depend on the product mix and all. We expect a similar kind of revenue from that line also.

Got it. Thank you.

Thank you. The next question is from the line of Deepak Poddar from Sapphire Capi tal. Please go ahead.

Thank you very much Sir for this opportunity. Sir first of all I just wanted to understand this quarter our EBITDA per tonne was around Rs. 18,200 odd and I think the mix of specialty was also high in this quarter so jus t wanted to understand what sort of sustainable EBITDA per tonne we are looking at maybe this year or next year as we also tend to increase the share of specialty volume?

So, this is sustainable . T he market is not in best of the situation currently. The domestic market remai ns oversupplied and international market w e all know t here are problems. There are geopolitical issues, t here are gr owth issues with global economy, right, and therefore whatever we have made is not only sustainable but we expect that next three to four years because of changing product mix, increasing efficien cy and operating leverage we can further improve on it.

Would we look to target 20,000 kind of a range in next two to three years?

Yes, our guidance was 2027 we expect it to be around that level. I t may happen before t hat also.

Fair enough and in terms of volume overall at the company level what sort of growth we are expecting over the next two years I think we were at about 4 ,50,000 right in FY2023 and we do look to improve our capacity utilization as you mentioned in one of the comments?

12% to 13% volume growth CAGR right?

Yes.

That is very helpful Sir. I think that is it from my side. All the very best to you. Thank you.

Thank you. The next question is from the line of Vallabhee Rungta from RoboCapital. Please go ahead.

Sir other day I was reading this article like which says that some of your clients are talking about switching to silica instead of using carbon black so I would like to have your view on this and what price diffe rence this silicon carbon black per kg or per metric difference you are seeing if you could guide on that?

See silica has been there since ages. This is not a new ly discovered material and while carbon black has both adhesive and binder ability, s ilica on its own does not have that adhesive capability and therefore it require s to be mixed with some other additives for it to be used in tyre compounds. Also, it is very corrosive for tyre equipment and therefore, even now, most of the ty re companies are u sing onl y very small portion of silica in their t yre compound and that too from showing that they are adopting green practices. F rom that perspective it is not a replacement in real terms.

Got it. Thank you.

Thank you. The next question is from the line of Omkar Kamtekar from Bonanza. Please go ahead.

Thank you for taking my question so first question is say about three or four quarters down the line what would be the blended capacity utilization of all say our total capacity currently stand at 770 metric tonnes so what would be the one year down the line b lended capacity utilization?

I guess in four to six quarter s time we should be reaching our full capacity utilization but then this 770 is the installed capacity which can be achieved only if we were to manufacture one grade all the time. The mix that we have we can go up to maybe 625 ,000 to 630,000 tons, that is m aximum that we can achieve. In four to six quarter s’ time, we should be reaching the full capacity.

Specialty as of now we have 9 2,000 ton nes and in a year’s time we will have anot her 20,000 tonnes. I am talking about in terms of the gross ca pacity right the breakup of 770 and the rest is capacity which is fungible between tyre grades and performance grade.

Okay so 92 is the current specialty black plu s 20 which will be coming about in a year's time and the rest is fungible that is correct okay and finally with respect to from a longer term horizon this was covered to a certain extent by the comment in the previous question so 20,000 could be achieved say by FY2025 and it will be an optimistic thing based on the crude oil being benign and our growth being in double digits so we can reach say a quarterly run rate of revenue closer to Rs.1600 Crores or Rs.1700 Crores would that be a fair assumption?

Yes, that is possible so if crude were to remain stable then volume growth will reflect on the topline. If we are saying 12 % to 13% CAGR volume growth that would reflect on our topline if crude prices were to remain the same and if there was no change in our prod uct mix.

So, product mix would also play a big role yes you are right on it?

Our product mix is also improving.

On the product mix the specialty black what is the EBITDA per tonne on the specialty black can you disclose it?

We roughly make about 2 to 2.5x of our tyre grade margin.

Thank you. That is it from my side.

Thank you. The next question is from the line of Harsheel Mehta from Mehta Vakil and Company Private Limited. Please go ahead.

Good evening, Sir. L ately we have been reading a lot about the chemical industry being affected in general by dumping by Chinese companies is this something that affects us for our portfolio products or is it somet hing that th e Chinese industry is no longer as competitive or carbon black and specialty black?

See in our space what we are discussing is that their cost structure is adversely changing for them and th erefore last five to six years they have no t been very p rominent in terms of pushing their material in India and surrounding ge ographies. 30% to 35% of our volumes we are selling in the overseas market, which is a level playing field. E ven in India there is no antidumping duty now, despite that, we could, not only increase our volumes in overseas market but also improve our margin. So that is a reflection of improvement in our capability and also simultaneously some problem s that are there in China. What we understand is that their cos t structure is now not suppor ting this industry and therefore there is a structural consolidation which is taking place. So while they still hold largest capacity globally, but in terms of price competitiveness, they are not where they were five to seven years back.

Thank you so much.

Thank you. The next question is from the line of Mahesh Attal from Attal & Associates. Please go ahead.

Congratulations on a good set of numbers. Basically the thing is that what is the lookout for the Masterbatch industry, we are the biggest supplier to the M asterbatch industry and lately we are seeing that there is a huge demand of black m asterbatch coming in the market so what is the growth coming from there and also I w as just wondering like we are already supplying to tyre industry and all that industry since a long time, are there any new channels opening up for us as a company where we are seeing that there is huge demand maybe in future it may come up or are you also in talks, as a industry we ar e able to supply to entire industry as such, I am talking about the opening up of new channels so if you can elaborate on?

In terms of opening up of new channel , there are lot of new er solutions that we have be en creating through our R&D initiat ive and earlier like primary use of carbon black were in tyres and rubbers and now it caters to all sorts of different industries. I n terms of the latest evolving opportunity, it is the conductive statement. The battery storage industry is growing very rapidly and that creates a large opportunity and that is where currently our company is focused upon . So a lot of work is happening on that front. I n terms of your question on masterbatch I will not be able to comment on that. Maybe I will revert to you once I have spoken with our specialty marketing head. Maybe he will have some view on that.

Just to add on to this s o when you say that th is conductor industry itself is so big that you are also working in that d irection so are we just looking at domestic market or we are opening up the entire world markets for this particular segment?

No Mahesh we do not consider India as our only market. We are a global company and we consider the entire globe to be our market. Even now almost 70% of o ur specialty volumes are sold ou tside India and we have a very strong custome r connect an d supply chain network outside India globally. In fact so the opportunity is everywhere not only in India.

Do you see that Indian markets growing in this particular segment?

Yes, India is also growing rapidly but I think this opportunity is evolving across all geographies ; most of Europe, Asian countries and India included.

Alright Sir. Thank you.

Thank you. The next question is from the line o f Radha from B&K Securities. Please go ahead.

Sir thank you for the opportunity and congratulations on good results. Sir I wanted to ask on that patented products you mentioned that we could do 7K to 8K tonne, now every year in specialty we wanted t o increase our volumes broadly by 10K ton nes so is that included in this 10K or it will be over and above that?

See when we give long term guidance Radha it is like something where we have very high level of confidence, right, and this is usually a conservative guidance. N ow the grade s that we have launched and we got patented are grades which got developed in our R&D lab. But having said that every year we are laun ching some 8 to 10 new grades so it is just part of those new innovation or products which we are developing every year . So I would not say whether this will be outside that guidance which was given to you. O ur efforts will be to obviously maximize the opportunity which is there, right, but we believe that 10,000 tonnes incremental volume every year is something that we should be able to achieve.

The production of this will start from?

Production has already started. For these two grades production has already started.

I wanted to understand now that all the ca pacities that are expected to be commissioned for this year is done so what would be the maintenance capex expected from this year onwards?

We incur about roughly Rs.12 Crores to Rs.13 Crores of maintenance capex per plan t every year. Now that we have five plan ts, it should be around Rs.60 Crore s to Rs.65 Crores annually.

Lastly just wanted to confirm if I heard it right the Chennai plant volumes for first half FY2024 would be 14k tonnes which is 5K in 1Q and the remaining in 2Q?

Lastly in Mundra we d o have some extra land so for that extra l and just wanted to know whether we are looking in future if we do extend after phase two so will we be expanding in specialty products or are we looking for some other new opportunities?

In all likelihood it will be a specialty line only.

Thank you Sir. That is all from my side and all the best.

Thank you. Ladies and gentlemen that was the last question for today. O n behalf of ICICI Securities that concludes this conference. T hank you for joining us . Y ou may now disconnect your lines.