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

Congratulations for a good set of numbers in a very trying quarter, I would say. Couple of questions from my side. The first one is essentially on aluminum cost. So, if I look in this quarter, the hot metal cost is $1,734 per ton. Our guidance for the year is lower, but alumina cost has surged. So, what confidence we have in meeting the aluminum cost guidance in this backdrop?

Our Aluminum CFO, Anup Agarwal to respond.

So, thank you, Ajay. So, Amit, to your question now, so you would have seen even in this quarter now while the aluminum cost has been higher, you will see that on the power and the other costs, we have shown a lower number. Going forward, the near -term opportunity lies in Lanjigarh expansion. The work that we have done on our assets, that will give us further reduction in terms of the power costs and the operational efficiencies. So, Amit, what we have done is we have kept the target the same, $1625 to 1725. In H1, we have done 1725, and we believe that in Quarter 3 and Quarter 4, we will be back to the lower cost levels, which will maintain our cost guidance at the same levels.

No, the question was more in the line because alumina prices have surged in the recent times. So, maybe the inventory that you might have had for imported alumina would have kept the cost a little bit lower in Q2. But going ahead in Q3, when that complete impact will hit us and coal mines are still some way away. So, that's what I was wondering that how can you maintain the alumina cost at the similar level as Q2?

So, Amit, let me reiterate . You are right. See, the alumina prices have increased, bought out alumina. Let me reiterate that as we go into Q3 and Q4, Lanjigarh ramp up is coming into the field. Arun ji mentioned that our present run rate is somewhere around 3 million tons, almost 30%, 35% higher than what we have done in the first two quarters. So, the cost opportunity lies in Lanjigarh ramp up. As I mentioned on the power side, the first two quarters we have done major repairs and maintenance. We will now have the benefit of it where you will see almost $40, $50 lower. So, Amit, basically we will see bought out alumina prices- this will be higher, which will be to an extent or mostly offsetted by power costs and the other costs. And of course, on the alumina, let me also tell you that not all our contracts, bought out contracts are market linked or the API current cost linked. There are also some contracts which are linked to Aluminium and that will give us the benefit.

The second question is on oil and gas. So, is it possible to give some more detail about the progress of ASP injection in Mangala well pad? We have taken some write back of impairment that we took earlier. So, how much more impairment can we write back based on the current progress? In particular ASP injection progress would be something that I am looking for. And also, whether we expect this decline in Mangala oil field, MBA oil field rather to be arrested in this year?

So, let me start with the first, the Cairn impairment part and request my colleague Hitesh Vaid, Oil and Gas, CFO, to comment on volume one. So, as you know, Amit, in terms of impairment exercise across the business verticals between the carrying value on the balance sheet and future cash flows, this exercise is quite routine and is semi-annual. We do it at least twice in a year. So, it is part of the same process, September and March end. Now for enhanced oil recovery Vedanta Oil and Gas has commenced injection of ASP in few select fields in Mangala field. Now this program of injection of ASP is working out well. It will also proliferate increase to other areas. This has led to accounting for higher resources in the entire valuation model. That is one part. Secondly, as we know, while looking at the valuation of an asset, there are dozen other factors. Example remains the cost of capital, tax rate, discount to Brent, gas prices, all of those. Looking at all the factors, we have taken an impairment reversal in the current quarter. Now while making a provision , one has to be conservative and when we write back a provision , we are doubly conservative. So, the entire writeback has a tinge of conservatism on writeback. And in terms of the volume, I will request Hitesh Vaid, CFO, to comment.

So, ASP has been one of our key projects which we have been trying to implement. What we have done is we have started injecting in a couple of well pads in Mangala. In parallel, we have also awarded a contract for large -scale execution across a cluster of Mang ala well pads. So, while the current injection has already started and we have started seeing some gains in the next 3 to 6 months, the larger project is also on where we will start injecting in around 15 to 18 months' time across all the well pads. So, ASP is one project which we were talking about, now it is being executed on the ground. And of course, as we have said earlier, the ASP project is going to lead to an increased recovery of around 10%, which will translate across India, it leads to an increased recovery of more than 200 to 250 million barrels. So, that project now is on the ground running, and we will start seeing some reversal of the decline which we have seen in the past. But this is one part of the story as far as oil and gas business is concerned. So, beyond the ASP as well as the in field wells which we are drilling to manage decline, what we are also doing is on the East Coast, we are working on a five-year exploration campaign and that we intend to start somewhere in March. On the West Coast, we are again starting a drilling campaign from December 2024 onwards. The rig is being mobilized, and that program targets five infill wells. In addition, we have a DSF field in the West Coast, Cambay, which we had acquired some time back. So, we are trying to put that also into production, which will happen once we complete this 5-year program, there will be a continuous drilling program to get that also in line. In parallel, what we are also trying to do, I mean one of the most exciting prospects which we have is our Deepwater East Coast prospect. We are looking for partners. It has material volume. We believe it is in excess of 5 TCM and that's why our plan is to spud the well in a year's time. We have 3-4 discoveries in that block. So , we are trying to monitor that discovery as well as bringing the new partners who can help us with further exploration. So , that's the whole story. But yes, the ASP injection, which is the key, we have already started, and we will start seeing gains from the project.

Thank you. We will take our next question from the line of Ashish Kejriwal from Nu vama Institutional Equities. Please go ahead.

Sir, again my question is also on aluminum. You said that we can overpower the rising alumina price by reducing power cost or increasing our aluminum volume. But even after that, one thing is how our power cost will reduce $40 -$50 when either you are saying that FSA power will increase or e-auction prices are on a higher side? And secondly, in terms of alumina, when you are talking that we have delivered around $813 per ton cost in this quarter, so do you think that we can manage going forward also with the help of captive alumina as well as you mentioned that we have a contract also in alumina ? So, this mathch, if you can explain in detail which can give us a comfort or confidence on maintaining our guidance of overall 1725$/t, that will be great, sir.

Hi, Ashish. Anup on this side. So, Ashish, first let me come to the power cost. As I said in the first two quarters, we have done major repair and maintenance in our assets and when you will look at it, there will be a cost to the tune of $40-$50 which has gone in the cost. And to your question on the coal, both the linkages and our captive coal constitutes around 85% of our total coal consumption and in MCL, e -auction premiums are nil. So, you will see that is what gives us the confidence that once the monsoon is also over, we will get the better co al grade and the coal cost will be $50-$60 lower. So, that is one point. The second point on your question on the alumina, so I agree that maybe a month or two we may see a higher alumina cost, but as I said that as we go forward in the Q3 and Q4, the Lanjigarh expansion, I will reiterate that we are running at a capacity of 3 million tons, that is a run rate of 3 million tons, and we will also start commissioning the Train 2 in the month of December. So, as we exit the year now, we will almost be at a run rate of you can say 4 million tons with our coal, alumina, and of course some long-term contract at a lower price, as I said, we believe that Quarter 4 cost would offset if at all some cost inflation is there in the Quarter 3. So, that is what gives us confidence that we should be able to meet the 1725-1750 guidance, what we have given.

So, you mean to say that we are already, so October month also we have run at a run rate of 3 million tons in alumina plant. This is as of today you are saying.

So, Ashish, let me tell you, see , and I will reiterate what we said in the last call also , that we have been running with some shared infrastructure, okay. Those shared infrastructure were in terms of red mud handling system, alumina handling system and the bauxite handling system. So, in the month of October, one of those have come into line. That is the red mud. We will have the alumina handling system coming into line this month, the first mid-half and that is where the capacity has gone up to 3 million tons. So, the current capacity as we are running today is at 3 million tons.

Secondly on coal blocks, because we have been hearing it for last one year now, we are on the verge of commissioning of this coal block. So, is it able to understand when can we expect now and where we are actually on receiving the approvals?

For the coal block like the Kuraloi coal block is in the advanced stage now. We are on the verge of getting the forest clearance. We have already done the public hearing and everything is done. We have started acquiring the land also. Government land is already allotted. CA land is already allotted. So, Kuraloi coal block we are expecting first quarter of '26, it will get operationalized and which we are trying to ramp up by third quarter of '26. The Radhikapur, we have already got the forest clearance . We are in the process of land procurement there and which is also expected that we are trying to operationalize before first quarter of '26. And for the Ghogarpalli, we have already got the vesting order from the government. We have started the approval process from the government, which we are targeting by 4th quarter of '26 it gets operationalized. We are on track in this.

So, Radhikapur or Kuraloi, do you think that any further delay in that, any other thing which can struck us and this Q1 can become 4Q FY '26?

Right now, I have, this is Kuraloi Mine, I am very, very clear that it will get started in the first quarter of '26. Radhikapur also, we are on track and only because of some election, central election, it got delayed, some process. Otherwise, it has picked up. So, I don't see any further delay in the opening of the coal blocks.

And sir, lastly, about our demerger, where we stand , do we think that we can still manage to complete the process by FY '25 and/or there could be some spillover? Or is there a possibility that we get approval for all the companies and not for all and then we can't demerge all?

So, thank you for your question. We are very confident that this whole demerger process is the last leg of completion. And we are very confident that this will get done on or before 31st of March 2025. Our scheme is extremely flexible , and it allows us as and when each of these companies gets approval from NCLT and along with creditors and shareholders ' approval, has the ability to get listed as and when we have the approval.

Thank you. We will take our next question from the line of Sumangal Nevatia from Kotak Securities. Please go ahead.

My first question is on Aluminum. So, during the quarter, we had an accident at Red Mud Pond at Lanjigarh. Just want to understand what was the impact? Is everything running regularly now? And what was the financial impact also of some compensation which we read in the news articles?

So, for the Lanjigarh water pond breach, there is no impact on the operations. When it happened, we did not have any interruption in the operation. We are running our Lan jigarh plant as usual. There was only some part of the land which got affected, which has been already cultivated, and it has been given back to the villagers. We had already paid , we had already reimbursed some compensation as advised by the District administration. As s uch, there is no financial impact because of this pond breach. Now, we have already taken steps to again repair this water pond. And IIT Roorkee has been engaged in that and we have already engaged one third party for the review of the design.

Sunil, Arun Misra here. See, first clarification is, it is not the red mud pond. It is the in-process water reservoir. Again, these reservoirs are normally empty through the year. It gets filled up only in the monsoon. And this time, it was an unexpected rainfall over a short period of time that caused the overflow and caused the water to go out. That is when our people were so alert, it could be quickly checked in time. Whatever little damage to the paddy fields happened, that could be recovered. And now we are ensuring that what is the excess amount of rainfall water it can accommodate, to that account, we are putting global experts into the redesigning of these process water ponds. Normally, we don't need to increase the capacity, but we will ensure that, you know, last 50 years, as to the rainfall, we should be able to protect ourselves. And that is the kind of global standard we are trying to adopt now.

Next question is on alumina production, full-year guidance. There has been cut versus what we had guided at the start of the year. So , just want to understand, is it because of delaying line to Train 2 or some other reason?

Hi, Sum angal. See, as I said in the beginning that we were running with some shared infrastructure, you are right. So, we had some delays there and not helped by the unprecedented rain that we saw. But I think that is now behind us and Quarter 2, we will see almost 30%-35% better production compared to the H1. But yes, in the beginning of the year, the guidance that we had given, we are now revising our guidance slightly lower.

And given that, so you commented that end of fourth quarter, we will be running at 4 odd million tons run rate. So, for next year, should we expect somewhere in the range of 4 to 5 million tons of production? I mean, what's our bauxite sourcing break up for that?

Sumangal, so let me tell you, as I said, that we will start commissioning the Train 2 by end December- early January. And we expect that by June - July, we should be able to fully ramp it up. Okay. So, to that extent, the math, if you do, you will get where we will have the alumina. Coming to the bauxite, and we said in the beginning that Sijimali, we are seeing a good traction now, and we expect that in quarter 1, next year, we should start the m ine. And to the bauxite requirement, we feel that OMC and OMC is also expanding its min e. Between OMC, Sijimali and maybe some other sources we should be able to tie up the entire bauxite requirement for the next year.

Coming to Radhikapur FC2 still is in process. We are targeting that within one-month time we get it. Ghogarpalli, like I said, we have already received the mining plan and land schedule. Now we have submitted for the approval to the government authorities.

And for Sijimali, I think mining plan is approved, but what is the status of EC, FC at Sijimali?

So, for the Sijimali already we have done the public hearing and the Gram Sabha hearing. We have applied for the FC1, and we are expecting that FC1 is we get by this month or by 15th of December. So, Sijimali is already on track. We have already acquired 800 acres of govt. land. So, this is the status of Sijimali block.

If I may just squeeze in one more question on VRL, one is we had the ICL due, I think, by end of this year, December. So, are we on track to receive that outstanding intercompany loan from VRL? Number one. And number two, at $4.8 billion net debt, what is our interest obligation? And also , are we looking at ending this year lower or has there been some front ending of payment, I think , from a royalty perspective in the quarter? So, for this year, is it possible to guide what is the end target for net debt at VRL?

Sure. Maybe I will start with the last one , Sumangal, and as you will recollect at the year beginning, we guided the market that the VRL debt, we further deleveraged $3 billion over three years, starting this year first April. And in the first half alone, we have deleveraged by a billion. Now, how much more we can do ? As you know in the second half, the requirement is almost 220 odd million between now and December and plus interest almost equal value. We believe most of the second half requirement will be met through free operating cash flows. So, one may look at a number of more about 4.6 or so at VRL once the year is closed. Secondly, in terms of ICL between VEDL and Vedanta Resources, the last tranche, almost 417 million is due towards year -end. It will get serviced as we come close near the maturity. The past couple of installments have also been serviced . So, we will address as it becomes due in third quarter. Finally, in terms of interest cost, the second half requirement is almost 190 million , and we believe our next year requirement will be almost 550 to 600. I also like to present the bigger picture for Vedanta Resources very briefly. So, the 4.8 requirement as of now has three components. It has bonds worth 3 billion. It has a billion worth of bank loans , and the remainder 850 is PCF, the private facility from Stan Chart. We will refinance all the bond stacks between November and January over next three months' time. The bank loans will get refinanced, repaid as and when they become due. And finally, the PCF from Stan Chart, next installment is due sometimes in April. It will be addressed half 400 million by the brand fee in April. So, net net, overall by end of this fiscal or early Q1 next year, the cost of funding at Vedanta Resources will be single digit, debt give and take 4.5 billion. In that case, the interest obligations at VRL will be met through a routine brand fee. Hence, the operating profit and loss account at VRL will be self-funded. With bond refinancing done in the last couple of months and more in the offing, the maturities at VRL going forward will be 700 million or so. And that princip al agreement can be easily taken care of by a routine dividend with 5 %-6% yield. Net net VRL starting next year will be self-funded in equilibrium, both P&L and the balance sheet.

That's a great turnaround. So, thanks for this detailed explanation and congratulations on this. I am done with my questions.

We will take our next question from the line of Ritesh Shah from Investec. Please go ahead.

Couple of questions. First, I will just continue with VRL. Sir, just a clarification. When we see this $4.8 billion, is this including IC L and whatever we have outstanding on KCM? If not, including both these variables, what the number would be?

So, the 4.8, Ritesh, is the external debt. So, it does not include the inter-company loan. And when we speak of numbers of 4.7 deleveraging, it is all app le-to-apple. So, 4.8 plus 0.4, 5.2 is total debt.

And do we, sir, have anything outstanding at Konkola Copper miness? I think there were some operational cre ditors which were taken care of and there was some initial incremental commitment of $1.2 billion over a few years. Is that a part of debt or something that we are looking at VRL level?

Yes, so the 4.8 includes everything, Ritesh. So, it includes everything.

Also Ajay, we have got Chris who is our COO Base Metal. He can give you a better update on the operational status of Konkola Copper mines and the way forward. Chris?

Thanks, Arun. Just for the fundraising for a billion dollars over the next five years, that's still a work in progress. So, that doesn't add any debt to VRL. At some point in time, as we raise that to complete the investment, that will be debt at the KCM level, depending on where the investment comes from. But perhaps I can just mention that, as you well know, we got the asset back in August. So, from September, where we started heating up the plant, we did just over 1 kilo tons of copper in September. October, we were already at 8 kilotons. This month, we should be at 9. We should be at a run rate of about 15 kilotons per month by the end of the financial year. So, this year we should already in the eight months of production, produce around 80 to 90 kilotons of Copper and be at a run rate, an annual run rate of 150 kilotons already by the end of eight months of production. And that's kind of the level of production that we were producing before the liquidation five years ago . So, very rapid ramp up on the back of us taking over the production. And as many of you know, this truly is one of the spectacular Copper ore bodies globally. So, as we finish the investment over the next five years of a billion dollars, that's on top of what has already been invested in KCM of $3 billion. So, low capital intensity investment, quick ramp - up in a high-grade long life ore body. So, as we are speaking to potential investors in KCM at the moment, so we are seeing lots of interest in this ore body. There is, of course, a lot of interest in Copper. There is a lot of interest in Zambia and an even more so fantastic interest into KCM. So, all round actually things are going very nicely, notwithstanding a couple of small hiccups, but really good rapid ramp up that's happening at KCM as we speak.

Thank you so much for the detailed answer. Sir, just to come back to VRL, sir, just wanted to, can you highlight the maturity broadly for second half of this fiscal and next three years?

Sure. So, if you look at the second half between October through March, so October is what we are taking care of. What we need between now and the March end, the principal is almost 0.2 billion. It's about 220 million requirement and interest almost same number. The requirement at Vedanta Resources in the second half is almost $400 million. As I mentioned, we intend to address most of it through operating free cash flows and maybe a very small portion through refinancing. So, that's the requirement. If you look at next year FY '26, the requirement is almost 820 million in principal and interest . So, give and take 1.2 billion, 1.25 next year. I would say the outer areas at '27, let us park for the moment, because we also intend to refinance the remainder bonds. In that case, the maturities will be de-cluttered and get flattened out.

And sir, 27.

'27, as I mentioned, right now it is about 1.1 billion, but once we refinance the remainder bonds, it will come down to a sub billion . So, 0.4 in the current year second half, 820 next year and about 1.1 billion in FY '27.

This is useful. So, that was the first part of the question. Secondly, would it be possible for you to indicate broadly on what's happening on bauxite globally, specifically touching upon Guinea and why there is so much of hue and cry in the global bauxite market? How do you see this playing out over the next six to nine months? That's one. And the second is very encouraging to see that our alumina refinery is ramping up well. But just wanted to understand what is the sort of comfort that we have on sourcing. Earlier we had indicated OMC can go from three to six. Where are we on that? And if possible, if you could quantify something on the pricing for OMC, imports and Sijimali whenever it comes?

. So, Ritesh, first on the alumina, okay. So, as I said that we will be probably a 5 million run rate refinery as we end quarter 1 beginning of Quarter 2. Now, what you rightly said is around the bauxite, bauxite also I will reiterate that Sijimali will be started in say Q1 . So, we plan to get whatever 4, 5 million or 3 to 4 million next year from there . You know that the peak capacity there is around 9 million. OMC, if you would have picked it up know, they are already into the expansion mode. 3 to 4.2 they are already doing expansion, and from there , they will go to 6 million ton. So, between these two, we believe it's mostly, say, 85%-90% it should cater to our next year requirement. We also have some other domestic as well as some small tie-up with the Guinea which should cater the balance. And coming to your issues what we have recently picked up in Guinea, so we are in touch with EGA who is our long-term supplier. We believe that it's a routine custom matter . Nothing to worry. In any case, we have a very small contract, say , around 10%-15% of our requirement , and they should be able to supply us. And Ritesh, on a bigger picture, since everyone was talking about the alumina, let me reiterate, okay, a little bit on the aluminum picture. Now coming to the volume, we said that we will start commissioning BALCO end of this quarter. Probably by the middle of the next year we should be around 3-3.1 million tons with some debottlenecking done. In the near term, as I said, the cost opportunity lies in alumina ramp-up at Lanjigarh, the power only from the assets and the efficiency part of it, the materialisation and whatever operational excellence we bring into it. With that, we believe the LME where it is, NEPs you have seen that quarter-on-quarter, we are growing in high teens , and we believe that with the increased VAP and the domestic sales, we should be doing closer to 300, 320 in Q1. If we do the math, at 2,600 LME, 300, 320 of NEP cost is 17 - 1,800. We should be at $1 ,200 and multiplied by 3.1, a 4 billion business, maybe in the Quarter 2.

That's encouraging. Goel sir, any hedge positions that we have across businesses right now ? If you could quantify volume value, that would be great. Sure.

So, let me just cover two large businesses. Now starting with the Zinc business, Zinc India, the hedge quantity in the current year is about 150 KT and that covers almost 18%, one-eight percent of the volumes for the full fiscal. Out of 150 KT, 50 KT has already unwound in the first half and as of September end, about 100 KT remains outstanding. That's one. So, 150 is the hedge for the full fiscal, 50 has unbound, 100 remains outstanding. The hedge value is about $3 ,000 per ton in case of Zinc. Now coming to Aluminum, the hedge quantity is about 190 KT, and that is about 8% volume on a yearly basis. The hedge price is about 2,580, give and take, $2,600 per ton. Out of 190, about 125 remains outstanding as o n September end. So, 18% Zinc has been hedged in summary at about $3,000 per ton and about 8% Aluminum has been hedged at about $26,00 per ton.

Also sir, can I squeeze one question?

Sure.

Sir, as a last question, Goel sir, how are you looking at the capital structure for both Vedanta and Hindustan Zinc? I am asking this question in conjunction with the reducing promoter holding at both Vedanta as well as Hindustan Zinc. The reason I asked is, I think the de-leveraging at VRL has progressed at a pretty good pace and still we are seeing some basically offloading from the promoters for both the entities. So, it gives a bit of a conflicting signal. So, how should one look at that particular variable?

So, I will say it is a bifocal, Ritesh, at least two dimensions. Firstly, in terms of structuring, holding of VRL as in promoters into Vedanta Limited, and we believe as a group with a current holding of 56.4%, we are quite comfortable. I don't think there is an intention right now to dilute more or acquire more. So, the current stake should continue. One should also look at the current holding in the context of de -merger and as we all believe, there is a preponderance of opinion where everybody believes post-de-merger the value of the sums will be the parts will be more than the sum and hence maybe stake valuation post-de- merger perhaps will be more beneficial. So, we foresee the holding of VRL into VDL or VDL into Zinc in near future will not materially alter. Secondly, on the debt side, again I like to also comment, at Vedanta Resources, our intent is to go down to 3 billion over 3 years starting the current fiscal . So, from current 5.8 at the year beginning will go down to 3 billion by end of 2027. At Vedanta Limited, since it is an operating company, it will not be appropriate to ascribe an absolute value in the growth environment, and hence one should look at net debt to EBITDA at Vedanta Limited. Right now at 1.49x, it is set to go down to less than 1x where EBITDA at Vedanta will be more than the debt. So, in summary the holding structure will remain more the same in the near future , demerger being the context. Debt viewpoint, VR will be less than 3 billion debt. At Vedanta Limited. Net debt to Vedanta will be less than 1x.

Thank you. We will take our next question from the line of Indrajit Agarwal from CLSA. Please go ahead.

Most of my questions are answered. I have two questions. One , on the reversal that we had on oil and gas business, is there any tax incidence on it, or is it just a book entry? Is there any cash tax impact of this?

That is helpful. And second is on your notes to account number 6 on the Avanstrate business where you have bought out the holding of Hoya. So, what was the outgo because of this? And you mentioned about you want to reorganize the capital structure. So, what could be the payout on this? What is the intent and CAPEX that we can have here?

So, right, AvanStrate used to be almost 51% holding until the remainder stake by our JV partner, Hoya, we bought, sometimes in the current fiscal. With Hoya stake buyback, our holding at AvanStrate, ASI, is almost cent per cent It's about 99%. The total payout is about 88 million, out of which 66 have been paid by sale of materials at ASI, AvanStrate. So, ASI was holding some metals, which have been locally sold and paid to Hoya out of 88. Balance 22 million is paid by ASI's holding company, CIHL. So, cash, 22, 66 is through metal sale.

And you talk about strengthening the capital structure . So, if you can lay out some plans in the next 2-3 years, what kind of CAPEX can you see over there?

I believe the glass business will be a wonderful business. And right now, there are 4 large players globally. And Vedanta, post the entire stake acquisition, we want to recapitalize the business, rebuild the furnace more so in our Taiwanese operation. And that's more actions you will see in the current quarter. From an incremental profit viewpoint, this business has great potentials. Secondly, as you have seen in terms of our domestic applications with the government on display side, between ASI: AvanStrate and VDL, the glass business will have great synergies in future.

Thank you. We will take our next question from the line of Raashi Chopra from Citigroup. Please go ahead.

I just wanted to reconfirm some of the numbers that you gave at the debt, for the debt at the parent level. Now the 220 million of debt and 220 million of interest payment is due for the remaining FY '25. In FY '26, you said that the loan amount due was 820 million and 1.1 billion in FY '27. Is that correct?

Yes, that is correct. So, current year second half, Raashi, the principal is 220 , interest almost 200. Total requirement about 400. FY '26 next year, the principal loan is 820 , and interest will be 550, so about 1.3. And FY '27, about 1.1 principal. And I will urge that, let us not look at right now FY '27. For Vedanta Resources, multiple refinancing of bond has taken place in the previous quarter and more will come, so the entire debt wall at Vedanta Resources will be far more decluttered in near future. But as of now, the number is 1.1 in FY '27.

And essentially you said that in the repayment that you have, that the 4.8 billion has broken up, 3 billion is bond which you will refinance, 1 billion is bank loan which will be a mix of refinance and repayment, and 850 million is a private facility. So , out of that 850 million, that is due in April '25. Is that correct?

So, out of the 850, 400 is due in April , and that also is a link with a brand fee that is anyways due in April. So, out of 850, 400 gets paid in April and thereafter this loan also has make-whole clause, you know, the lock-in, which is set to end sometimes in August next year. So, we intend, and this is a high-cost debt, Raashi. So, we intend to repay this once make -whole gets over sometimes August next year.

And just for FY '27 and FY '26, the 820 plus 550, what is the funding breakup for this, planned funding breakup? In the sense, how much is from brand fee, how much is dividend, etc.?

Well, it's a tad early, I would say, but if you look at brand fee, what you paid in the current year, FY '25, it is almost 400. Now, with the higher volume and hopefully the better pricing, that 400 can become 450 or thereabouts. So, almost half will be met through brand fee and the remainder will be dividends. So, as I mentioned, going forward, brand fee should be equal to the interest cost at Vedanta Resources. And with the flattened maturities, a routine dividend, whereby the receipt at VRL, give and take 750 million, should take care of principals. So, it will be a mix of brand fee and a normalized dividend next year.

And at the India level, your repayment due for the remaining out of FY '25 was how much? And Vedanta India?

If I just speak of Vedanta Limited, standalone, so it is about 2,700 in current quarter and about 5,800 in the fourth quarter. So, total about 8,000 crores, a billion in the second half. Now, as you know, at Vedanta Limited, almost entire debt is secured. And with our current operating f ree cash flows, repayment and refinancing, knowing it is secured, is an option. So, VDL debt in terms of debt maturity servicing is far different than Vedanta Resources.

And just lastly on Alumina, I just wanted to check that when you go to the run rate of about 3 million for Alumina, that would make you captive at about 60%-65%. So, for the remaining 35% or so, how much is spot? And you said you don't have much spot purchase . So, between spot and long-term, what is the split, very roughly?

60-40. 60 would be long term.

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

Thank you, Yashashree. I would like to thank you all for taking time to join this call today. I hope we were able to answer most of your questions. In case you have any follow-up questions, please feel free to reach out to us. This concludes today's call. Thank you, everyone.

Thank you.

Thank you. On behalf of Vedanta Group, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.