Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Amit Dixit from ICICI Securities. Please go ahead.

I have two questions. The first one relates to aluminum division, wherein the mining -- the commencement of mining at captive block has been pushed back by a couple of quarters, even VAP expansion has been pushed back. So just wanted to understand the reas on for that while coal block might not be fully in your control, but VAP expansion definitely is. So just wanted to understand the reasons behind the same? That is the first question.

So maybe, John, we have John Slaven from Aluminum CEO with us. John, would you like to answer?

Yes, certainly. Thanks for the question. So I'll answer the first question on the mining projects. We are working across all of the mining projects that we have through process of approvals. As you probably would imagine, is a pretty complex process. And I am very pleased with the progress that our team is making in terms of securing those approvals. So while we may not have kept up to the initial time lines that had been shared, I think we are making very, very good progress now. And the time lines that we have shared in th e presentation, we are confident that we can achieve as we move forward. The second question, I will defer to Sunil. Sunil Gupta, can you please answer that question?

In second question, the mining project you are talking about, I think?

Second is the value-added product project.

Yes. Value-added product, I just wanted to say that we have all the 100% capacity of value - added projects in Jharsuguda and BALCO. Both put together, Jharsuguda, we are putting up 480 kt value-added project. And similarly, 450 kt in BALCO. Both the project s are on and they are coming in time is what I can say. And by this, we are going to have around 85% of VAP.

Sunil, if I may add, while two coal mine projects are maybe slightly delayed because of various clearances, the Jamkhani project, which was originally designed for 2.5 million tons as actually, when we speak, it is currently operating at 4.5 million tons capacity on the monthly numbers, if we add up. So, we have doubled the production from the one mine, which is already in clearance. Other two mines, so we have made up for that. Whereas the value-added products is actually the strict time lines that we've taken for ourselves. That is for various reasons, maybe slightly delayed, but the numbers, the productions that will come up now will suffice for whatever delays that are caused by it.

And secondly, sir, for both the coal blocks also, there we have done substantially good progress on the public hearing we have already done. We have already started the land acquisition also. So we will complete in that timeline.

Sorry, just wanted to understand where we are stuck there. I mean is it related to land acquisition? Is it related to the...

No, no, no. It's the various stages of the forest clearances, which is Stage 1, Stage 2 clearance and they are always coupled with some clarificatory questions, and they're going to go back and they keep settling. So nothing undue delay there.

Okay. The second question is on ferrochrome. Now here, our capacity expansion plans are quite, I would say, aggressive by 300 ktpa and ferrochrome, as we all know, is a power guzzler. And our larger goal is to reduce the emission. So how do we tie the powe r -- our goal of reducing emissions and enhancing ferrochrome capacity? That is one. And secondly, where do we expect to ship this ferrochrome? I mean as far as I understand, ferrochrome capacity is -- I mean, there is like, the market is quite balanced today. So why is the sudden plan of expanding in this ferrochrome? Or whether we want t o expand in stainless steel at a later stage as well?

So as is the nature the way our group operates, we have always been in business where we are the number one, number two or number three. We would not like to become a small player in a big market and continue in that status. So our ambitions are always to be in the number one, number two and ferrochrome expansion plan is no exception. That is to begin with our intention on a visionary level. Second, when we talk of ferrochrome, it's a key ingredient for stainless steel making. And in Indian steel production growth, if you see last 10 years, which have mostly been in the auto sectors or on the building sector, which are long products that people have expanded. We firmly believe as GDP per capita grows, as the country grows, you will see expansion in consumption of aluminium, expansion in consumption of stainless steel. And it's not only India, entire Southeast Asia, this is going to be the situation in next five years to 10 years. And keeping that strong growth in mind, we feel that Vedanta will play a key role in that development part of India and hence the nature of this expansion. As far as your question on ferrochrome production being power guzzler and it's been dependent on thermal pool, we need to appreciate that our own group company, Serentica is already putting up thousands of megawatts capacity of hybrid power of solar, wind, followed up by -- backup by pump hydro storage. Almost all Vedanta units are signing up with them for power supply. So most of the power supply currently signed up would land anywhere between 2024 to 2026. And I'm sure ferrochrome projects will take another three years to come up. And by that time, we will have round -the-clock renewable power agreements and the lines be ing drawn or the capacities being put up. So there would be time that we will stick to our emission reduction targets that we have set for ourselves by 2050, net zero and as well as looking at the numbers of 2040, 2030 internal targets are there. We have got our actions completely lined up as far as emissions are concerned.

So, what you're confirming is that ferrochrome plant would be fed from round -the-clock renewable power capacity?

As in future, obviously, yes.

Okay, sir. Thank you and all the best.

Thank you. Next question is from the line of Pallav Agarwal from Antique Stock broking. Please go ahead.

Yes. Good evening, sir. So just firstly, I just wanted a clarification on the arbitration award. So part of the impairment, I'm guessing that would be under exceptional items. Is that understanding right, so that would not affect our revenue and EBITDA portion?

That's correct, Pallav. If I give a background, as you know, in the whole arbitration, there are two dimensions. The first remains allocation of the common developmental costs across developmental areas, which is DA1 and DA2. The second aspect remains reco very of exploration costs in many areas. On both the areas, the arbitration award is positive for Vedanta Limited. That leads to that one significant gain in terms of revenue and EBITDA in the current quarter, almost INR4,600 crores. Secondly, that also lead us to reevaluate our CIHL investment, the carrying value towards DCF that lead to impairment reversal made in the past year, almost INR1,200 crores. That will not impact EBITDA, you're right.

Sure. And also, for the -- we have been showing the additional cess on oil also as a separate item. So I think in this quarter, maybe it's not mentioned separately. Was that a significant amount in Q2?

It is now part of our routine results, Pallav, and amount again is in significant. It will not show up. On the point of the award, one more clarification. This is not only a notional gain, the entire INR4,600 crores will be recovered in cash. As in future, we'll pay our PP to the government. Also on a continuing basis, we'll have a gain on the profit and loss account, both profit and the cash almost $20 million on every quarter basis. The quantum is large in current quarter, given it pertained to last several quarters. So it is a real gain impacting both profit and the cash in future.

Ajay, sir. Thank you for the clarification. Just also -- but on the deferred tax write-off, so that is a non-cash item. So that will not affect -- impact any cash flow as such. Is that correct, sir?

That's right. And the new tax regime, the discussion is on for quite some time. And in the current quarter, looking at multiple scenarios, be it the pricing or, for example, our allocation of capital policy, we believe transition to new tax regime is beneficial. It will lead to onetime noncash -- you're right, noncash impact of INR6,130 crores, but it also gave us tax benefit, which is a cash benefit in the last fiscal, almost INR2,340 crores odd. The quantum will be almost similar in the current year as well. Net -net, the cash tax benefit is real over the next three years' time. The onetime write-down is noncash.

Sure, sir. Sir, finally, if I can just, on the aluminium CoP, we have been seeing reductions. So can we expect a further reduction in 3Q, a significant reduction apart from coal and other input costs?

If you see quarter-on-quarter. They have a steady decrease in CoP. And that trend will continue as long as their own Jamkhani productions, own coal productions have gone up and new coal mines, which is Radhikapur and Kurloi as they come into operations, we can only expect and Lanjigarh capacity expanding bauxite mine coming into play. We have a clear road map to reducing to immediate terms about $1,800 per ton and in future maybe another $200 or so, we should be able to reduce.

Sure, sir. Thank you so much.

Thank you. Next question is from the line of Vikas Singh from PhillipCapital. Please go ahead.

Good evening, sir. Sir, my first question pertains to Oil & Gas segment. Just wanted to understand, since we are just failing to ramp up the production to a desired level in the quarter after quarter, what is the capex which we need just to spend to maintain the volume only, if not the extra volume? So, the volume of 130 to 140 kboepd, what is the capex which we need to continue to spend just to maintain the volume there?

If you look at last four quarters, five quarters, we have been steadily maintaining the same volumes between 135 to 138 or 140 kboepd barrels. So this is something we'll continue. As far as expanding the volume beyond this or then how to counter the natural decline, I will ask Hitesh is there. Hitesh, you would like to comment, how to prevent the natural decline?

Yes. Good evening. I think for the Oil & Gas business, as you rightly said, to manage decline, we continue to drill additional wells in our in fields, in all our traditional fields which we call it as infill wells. And generally, every year, we end up dril ling around, say, 25, 30 new wells, which cost us, say, around $150 million to $200 million of additional capex on a gross basis. So, from our share side of view, roughly between $100 million to $150 million is the cost which we incur on additional new infill wells, which help us to manage the decline.

Understood. My second question pertains to Zinc International business. That segment is also seems that we are not actually increasing the volume to desired level. Last two quarters has been kind of stuck. Gamsberg kind of stuck in the sub-50 kt. So is it because the market is weak and that's why we are not ramping up? Or there are some other issues, which is forcing us not to ramp up to desired level?

See, Zinc International now is in a transition stage. While they are -- they have to maintain between 60 kt to 70 kt of production per quarter on the MIC front, but they are also have launched expansion of the open pit mine to augment the production to 600 ktpa and put up a concentrator and all that projects are also on. So, we see the transition maybe another two quarters of very aggressive overburden removal and then aggressive stripping work will happen for maybe a couple of more months or maybe a quarter more. And then their production will come back to even 70 kt, 75 kt per quarter kind of a number, we'll see being generated by them.

Understood, sir. And sir, just one clarification. Since you said this INR4, 600 crores, so this is not an incremental immediate cash inflow, but we will pay less in the subsequent quarters and that's why the cash generation in the subsequent quarter would be higher. This is not a one bullet payment, which we get. Is that understanding correct?

Correct. The EBITDA impact of INR4,600 crores is the impact that we'll have a positive cash impact over next few quarters. So it will be -- have an impact on the cash as well going forward.

So, cash outflow would be, say, basically less in the subsequent quarter, adjusting for this money?

That's correct.

Yes. That’s all from my side. Thank you for taking my questions and all the best for future.

Thank you. Next question is from the line of Ashish Kejriwal from Nuvama Wealth Management. Please go ahead.

Yes. Good evening, everyone. Thanks for the opportunity. Sir, I have three questions. One is you mentioned about the captive coal. Definitely, we know that this is not under our control. But is it possible to share where are we in that stage? Whether we have received Stage 1 or Stage 2 forest clearance and environmental clearance? Because this is a sequence which we normally follow for its clearance -- environmental clearance and mining lease and then only we can open the mine. So if it's possible, that will be great. And if we are very confident about the second quarter FY '25, it will be great if you can guide us what kind of captive coal we can do in FY '25? That's my first question.

So if we look at the three coal mines, Radhikapur, Kurloi and Jamkhani, Jamkhani has already started operating and we are operating at double the design capacity that we started with to make up for the shortage in supply because of the delay in other places. Radhikapur's already environment clearance is obtained, but some of the forest land clearances are in the Stage 1 or Stage 2 state. Kurloi's forest clearance is on, and then we will be able to move it. So, I think it's another -- Sunil, any comment on the time-line, maybe another couple of quarters when we can set it through.

I think the Kurloi will be the first, we are going to start the quarter 1'FY25. And what you have said rightly that we've got the EC also and the forest clearance is under progress. So , this is the progress. Jamkhani, already we are running at double the capacity. And Radhikapur, already we are in the stage of the forest clearance first.

So sir, do you want to give any guidance of volume guidance for FY '25 from these mines? And in Jamkhani also, when we are operating at double the capacity, have we received the EC on that? Or it will be just on a monthly basis, we have the capacity?

On the monthly rated basis and overall, as you know, we've been operating whatever we produce has to be under EC. So on that account, there is no issues on that. As far as giving guidance is concerned, we don't give specific guidance on every items of the production, so to say. Our aluminum guidance remains same. If you are interested in knowing current Jamkhani production, what percentage is of the total coal input, it's somewhere around 9 to 10% only.

Okay. So that means if I understand correctly, next year also, we can produce 4.5 million ton from Jamkhani itself.

Sure, sure.

Okay. Sir, second is obviously about Vedanta Resources that, is it possible to give us a status of what -- where we are in terms of repayment, restructuring and how we are going to deal with it? And along with that, can we also indicate that the debt which we have at Vedanta Limited level, this could be the peak debt for this year?

Sure. So let me start, Ashish, my colleagues also may help. I'll start with our lo fty vision, what we committed almost 2.5 years ago. And there, we committed will be deleveraging VRL 4 billion over 3 years. If you look at FY '22, '23 and the current fiscal, in 2.5 years, we have deleveraged VRL by 3.5 billion. So both in terms of value and the time scale, we are on plan, in fact, ahead of plan. Now looking at the near term at Vedanta Resources, in Q3, ending in December, we barely have any maturities. And the next port of calling remains in the fourth quarter, which is ending in March, sometimes in January, almost $1 billion of bonds. So net-net, we need almost $1 billion at VRL in the next 6 months' time, for which we have multiple options. We're engaging with many bankers. And I think looking at Vedanta's ability of raising resources, our deep engagement with the capital markets, I think that will be addressed pretty soon. Hopefully, by December end, we'll have $1 billion, which is required in the fourth quarter, fully fully addressed. Coming to Vedanta Limited, our debt is about 8.5 billion. And again, if I give you a picture in the near term, in the third quarter in December, the refinancing need is almost INR4,000 crores. and the fourth quarter, almost INR5,000 crores. So give and take, over the next 6 months, almost 1.1 billion, which, again, I would think, looking at our operating assets and the free cash flows and our ability of refinancing, which is par for the course. Overall Ashish, all I will say, both for Vedanta Limited and Vedanta Resources for upcoming maturities in the current fiscal, we feel absolutely comfortable.

Sure. And sir, and just to elaborate on that, definitely, we can get it, but will it be much higher cost as compared to the maturity which we have to analyze?

No, not really. I would say -- I mean, say, the cost of the funding, I would say, right now is more a reflection of the current macro environment, not necessarily in terms of Vedanta or Vedanta Resources. Our recent refinancings are in the same ballpark, not very high. But of course, as we go along, we'll have more information and we'll know more.

Sure, sure. And sir, lastly, on the dividend payment, where we are in that status conversion of general reserve into retained earnings?

The status has not changed, I would say, over the last couple of months and still we need NCLT approval, which again requires approval by the creditors. We're engaging with them for sure, but nothing substantive that we can share with you right now.

Next question is from the line of Vikash Agarwalla from Bank of America. Please go ahead.

Just a couple of follow-up questions on some discussion points before. One is on the arbitration award, so I'm seeing the amount mentioned as INR9,545 crores as the government demand, whereas what you have written back as part of revenue and EBITDA for this quarter is INR4,761 crores and asset impairment write -back of INR1,179 crores. Can you help us reconcile this number? And if you can also just share some insights on how the cash flow discussion that you mentioned you will be benefiting from lower cash outflow in the coming quarters? So how would you distribute this cash flow in the coming quarters, the INR4,761 crores wh ich you have which you've written back? That's my first question. And the second question is if you can share also the retained earnings level for Vedanta Limited stand-alone at the end of September?

Yes, sure. So let me cover all the areas, Vikash. First, starting with the INR9,500 crores, about $1.2 billion, it was a demand raised by DG H as part of their audit processes. In terms of the arbitration award that we received, on almost all the points, be it the allocation of common cost on developmental areas or in terms of exploration cost recovery, it is positive for us. So against 1.1 billion demand, what we write back now is almost INR4,600 crores, give and take 550 million in the current quarter, which goes to both revenue and EBITDA. Additionally, almost INR1,200 crores is a reversal of impairment taken in the past. So INR4,600 crores will be cash as well in the future. How this INR4,600 crores will metamorphose into cash? When we pay profit petroleum to the government in the coming quarters, we'll be withholding or adjusting that amount in future, hence, INR4,600 crores also will be cash impact in future. Let me also add that this is not a onetime gain, as I initially mentioned. Going forward, on a quarterly basis, almost 20-odd million will impact both on positive on cash given the PP becomes lower from 60% to almost 50 percentage right now. Finally, third part, you mentioned about what is RE provision for Vedanta Limited. So as on September 30, the quarter just passed by, it is INR2,400 crores as of now.

Thank you. Next question is from Abhiram Iyer from Deutsche Bank. Please go ahead.

Just a follow-on, on the previous question. You mentioned your PP is now going to reduce to 50%, which is why there will be a cash -- basically the total payments to the government of around 20 million per quarter. That's over and above the INR4,600 crores that you are going to -- that you had from the arbitration award this specific quarter? And also, what's the time frame for the INR4,600 crores to come in if this is not the $20 million, if this is over and above the $20 million?

So both are, in fact, separate and addictive, I must say, Abhiram. So the INR4,600 crores is gain in the current quarter, which will get liquidified over the next, I guess, few quarters, and that will be the lower PP that we pay to the government in future. Now in terms of time lines, it all depends in terms of the pricing environment and how much PP is yable. It will take some time for sure. But the entire INR4,600 crores would be cash realisation. 20 million will be additional impact for the future revenues with the government. It will be 20 million every quarter EBITDA and free cash flows. So both are separate and both one can add.

Okay. So we also got our Oil & Gas CFO, Hitesh Vaid on the call. I'll request him to share some more information.

Yes. So I think out of this INR4,700 crores in this quarter, we have adjusted INR1,000 crores. So roughly, it will take around, say, 5 quarters to adjust the full amount. And of course, we will adjust fully and then start paying again.

Got it. So -- but from the margin -- so from my understanding, from a margin perspective, the higher margin will be seen this quarter, but you'd go back to the margin improving by that 20 million that you talked about from the next quarter onwards. However, from a cash flow perspective, give or take, INR1,000 crores, as you mentioned, would be getting reversed?

Correct, correct. So that 20 million will be an EBITDA benefit. But of course, that 20 million gets added to this recoverable. So that's why INR1,000 crores we recovered in 1 quarter. So roughly over 5 quarters we'll recover the full INR5,000 crores roughly.

Understood. Understood. And another clarification is with respect to your annual report, you already had about INR1,500 crores as a potential asset -- other financial assets in your books as of March. And so shouldn't the amount that would be reversed INR6,200 crores because that's INR1,500 crores plus this INR4,700 crores?

No. So in the books because PP is payable on the first day of the next quarter, so that is not a correlated or same number and some of the provisions are for different matters as well. For example, issues related to special excise duty as well as other matters. So this is not 1:1 comparison with that.

Okay. And just one last question, sorry, just clarifying this matter. You mentioned in the recent financial that GOI has sought additional interpretation and clarification from the tribunal and that's still pending. The company does expect a positive order result here. But is there any time frame for this final response? And is there any recourse for the government to withhold this payment or withhold this award, withhold its cash award to you by challenging this order in the court or something?

See, from the award point of view, the government has sought for some clarification, but these are -- as far as the merit is concerned, the matter has been closed and awarded, right? So it would take the settlements here around the month or so to get back. But then this amount, as we said, government cannot adjust as such because we have to deposit, and we have started adjusting based on the financials, which we have submitted to the government as an outcome of the award.

Perfect. Perfect. Thanks for the clarification

Thank you.

Thank you. Thank you for the opportunity and congrats on the second quarter performance. And Mr. Goel, great to have you back. I have two questions. The first one, can you just let us know where you are now in your attempts to sell your steel and iron ore mines?

Look, so we had -- to let the world know that we have a strategic interest in looking for strategic investors in our steel and iron ore mine business. But we are, at the same time, investing in growing the business. We are investing in debottlenecking the operations. We are investing in getting the best people to run the shops there. So these two are two independent activities. As of now, I won't be able to put a finger on when and to whom the final decision will go to. As and when it happens, we will let it be known.

Okay. The second question is with regards to your dividends. You received a dividend from Hindustan Zinc back in July. Any plans to pay that dividend out?

See if you look at our allocation of capital policy, Imtiaz, on the website, which is sometimes in 8th Feb, 2022, the time frame that we have committed for pass on is six months. In that case, July, we have time until January. Now you also appreciate that any dividend declaration is a board matter, and it will be, I think, a tad, I think, early in terms of commenting what is the plan now. Overall, if you see Vedanta's current year dividend, which is about INR39 per share is far higher than what Vedanta got from the Zinc as well. So from taxation viewpoint, which is our 80M deduction, we are anyways fully covered.

Okay. Great. And my last one is just a clarification of something you just said earlier with regards to maturities at Vedanta Limited. Could you just repeat what you said? Do you -- did I hear correctly, you have about $1 billion at Vedanta Limited maturin g over the next couple of quarters?

That's correct. So between Q3 and the Q4, the year second half, almost $1.2 billion are the maturities. And what I also say if you look at our cash flow plan for the second half, it will be more than $1.2 billion. And also our deep engagement with the capi tal markets, be it a PSU bankers, multinational bankers, FIIs, we feel, in fact, quite comfortable in terms of refinancing or repaying, both are the options.

Okay. So this is at a limited level, yes?

That's correct.

Great. Okay, thank you. That's all I had. Thank you very much.

Next question is from the line of Shreyans Daga from Barclays Bank. Please go ahead.

I think my question has already been answered on the tax of -- tax regime. I'd like to skip. Thanks.

Thank you. Next question is from the line of Ritesh Shah from Investec. Please go ahead.

Yes, hi, sir. Thanks for the opportunity. Sir, a couple of questions. Sir, first, can you please repeat the status of GR to RE for both Hindustan Zinc as well as Vedanta? I did hear that does the NCLT approval and we are waiting for creditors' approval. If you could please clarify for Hindustan zinc and Vedanta separately, please?

Yes. So for Vedanta Limited, I clarified that we are awaiting NCLT order and there the critical step remains getting creditors' approval. We are engaged with them, and we don't have right now a time line that we can commit to right now. For zinc is concerned, the next hearing is happening on 8th of November. And we are forcing that to get closed in the current quarter.

Sure. That is helpful. So second question is pertaining to the debt maturity at Vedanta Resources. I think you indicated around $1 billion. This pertains to, I presume, the Jan bonds. But if I remember it right, I think we had intercompany loans, which was due for Jan, Feb, March. I don't see it in the presentation this time around. So just wanted to know the status for that, besides the bond. In addition to that, are there any loans which are there? So if I have to look at it on a cumulative basis beyond the bonds, including ICL, how should we look at it?

So you're right, the $1 billion bond I mentioned is, in fact, is due sometime in January, which is fourth quarter. There is no ICL due in the current fiscal. You might remember the ICL has been deferred till 2024. So barring this $1 billion bonds in Q4, nothing more is due for refinancing at Vedanta Resources in the current fiscal.

Can you help me with the number? I think it was $450 million. It was due Jan, Feb, March. Has it been pushed out? I'm not aware of it, if it could help me with the time line, a particular month or a quarter would be helpful, sir.

Yes. So the exact amount is $415 million, that is due on December 31, 2024.

This is helpful. And how should we look at the maturity for FY'25? To my understanding, I think that is something which is outstanding from Oaktree and there are two bonds, $1 billion each. And I'm not sure if there are any loans outstanding. But based on your prior commentary, I think the number was around $3 billion. Can you help us with the time line over here and a broader breakup will also help, sir.

Sure. So the numbers are right on a ballpark basis, if you look at FY'25 , next fiscal, the term loans is almost $1 billion. In fact, a tad lower than the $1 billion. And we've got almost $2 billion worth of bonds, $1 billion each. It's about $3.1 billion overall in the next fiscal. The breakup is practically $0.5 billion in the first quarter, $1 billion in second quarter and almost the same breakup between Q3 and the Q4. So $0.5 billion, $1 billion; $0.5 billion, $1 billion.

And where does Oaktree stand over here? Is it included in $3 billion?

Correct. So the $3.1 billion for the next fiscal includes everything, be it term loans or bonds, including Oaktree.

So should one presume around $2 billion as bonds, around $0.5 billion for Oaktree and the balance is outstanding loans?

Okay. That helps. Sir, I think you did clarify on the steel assets. I understand you are not giving any time lines over here. Just trying to have your thoughts. Has the company thought of securitizing the brand fee, given that's captive? And secondly, has the company even exercised advance pay and supply agreements for any of the commodities that we operate in?

Advance, I didn't get you the last one.

Sorry, advance pay and supply agreement. So this is a trade finance agreement. Typically, if you want to bolster your cash flows at this point in time...

So that's also a strategic initiative that we have launched on our marketing front, maybe with a few of the customers as and when we are able to secure such agreement with an advanced payment, not so much in steel. It happens mostly on our base metal side. We do have advanced payment agreement with long-term commitments with key international buyers, not so much to do with steel. But as and when it happens, we'll let you look.

Okay. But sir, my question is do we have anything of that sort right now on the balance sheet where we are already seeing the benefits?

No, I don't think on the steel side we have.

Sir, nonferrous, specifically from base metals.

For nonferrous, see, there are various stages in aluminum, zinc. There are advanced payment and long-term commitment to key buyers. We have that as they are all on the supply side, maybe for seven months, eight months, nine months kind of a duration we have.

Is it possible to quantify the number? And how much of leeway do we have to increase this because this is a big variable that can actually help our cash flows?

No, no. So I won't be able to put because these are all specific agreements with specific customers. Won't be able to let out that number exactly.

Sure. And sir, brand fee, have you thought of securitizing the stream of brand fees? Is there a possibility over there?

Multiple options are being discussed, all I can say right now. But at this point in time, sharing more information will not be possible. Once we take one definite decision, maybe you will be the first one to know I can commit that.

Sure. And just last question, sir. If you can help us with a status on KCM. How much is the debt over there? Are there any time lines? How should we look at that particular asset?

No. So I think right now, KCM is -- we are talking of VEDL only?

Thank you. Next question is from the line of Vikash Agarwalla from Bank of America. Please go ahead.

Just a quick follow -up to the earlier comment on Vedanta Limited maturity. You mentioned about $1.2 billion in second half of FY'24. Can you provide a breakup of what these maturities are and what's the refinancing plan?

So Q3 is about INR4,200 crores, and Q4 is about INR5,500 crores. So about INR9,500 crores, INR9,600 crores, that's the number we have for the second half. As I mentioned, if you look at our H2 cash plan and typically, our Q3 and Q4 specifically, is a far bigger than H1. So our cash flow, I think even post capex will be more than $1.2 billion, which can take up the whole maturities. At the same time, we're dealing with multi bankers, be it P SU bankers or multinationals. So both in terms of refinancing and repayment, we have multiple options. And as I mentioned, we feel reasonably comfortable in the managing refinancing or repayment or both.

Got it. Thank you so much.

Thank you.

Thank you very much. Ladies and gentlemen, we will take that as our last question. I now hand the conference over to Ms. Prerna for closing comments.

Yes. Thank you, Nirav, and thank you all for taking the time to join us. I hope we were able to answer most of your questions. In case you have any further questions, please feel free to reach me or my colleagues at the IR team. This concludes today's call . We look forward to reconnecting you for next quarter's earnings call. Thank you, everyone.

Thank you very much. On behalf of Vedanta Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you.