Good morning, everybody. On behalf of PL Capital, we would like to welcome you to this second quarter briefing of Mangalore Refinery and Petrochemicals Ltd. From the management, we have Mr. M. Shyamprasad Kamath, the Managing Director, Mr. Devendra Kumar, Director of Finance, Mr. Nanda Kumar, Director of Refineries, Mr. Deepak Pravakar, Executive Director, Marketing, Mr. BSV Prasad, Executive Director, Projects, and we also have Mr. Awin, Senior Manager, Marketing. Congratulations for the phenomenal performance in this quarter, sir. I would like to request you to give a briefing and post that we can open the floor for Q&A. Over to you, sir. Good morning. Good morning to everyone. Thank you for joining us on the second quarter earnings call. I am M. Shyamprasad Kamath, MD and CEO of Mangalore Refinery and Petrochemicals Ltd. Along with my leadership team, I will walk you through our Q2 performance, the operating environment we faced, and our near-term priorities. First, the operating highlights for the quarter. Throughput, we processed 4.4 million metric tons of crude and other feedstocks. We completed our turnaround of one of the complexes during Q1. Post that, we have come back fully. That is how we have been able to display this kind of an excellent throughput, showing our capabilities of the refinery once again. Fuel and loss and product yields, the company posted a fuel and loss of 10.42%. The number is slightly on the higher side because post-turnaround, there were some initial hiccups in the plants. Going forward, we expect this to be normal. The target is to be around 10% for the rest of the fiscal year. Revenue on the financial performance, revenue from operations came at around INR 25,953 crore, reflecting the rise in the CRAX and the base crude price compared. We reported an EBITDA of INR 1,565 crore and a PAT of INR 639 crore, a substantial jump over last year Q2 and subsequently from Q1 of 2025-2026. On the market context, global refining margins were better during the quarter due to some amount of supply disruptions and the normal growth demand in the country. Various agencies' forecasts tell us that CRAX may remain healthy for the rest of the year. However, global markets, as you know, are a complex play of many factors, including demand, supply, geopolitical scenarios, etc. Hazarding a forecast may not be appropriate here. Domestically, the diesel grew at around 3% year-on-year basis, while the gasoline demand remained resilient at around 7% growth. Aviation turbine fuel, we saw growth of about 1% year-on-year. Going forward, the domestic demand growth is expected to be resilient. Our focus on retail outlets will continue to deliver so that incremental margins are delivered for us. We expect Q3 also to be above 4.43 million metric tons of crude processing. With GRMs already showing stronger in October, that is with the crude price, if the crude price does not fluctuate too much, we should also be able to post good numbers going ahead in the rest of the remaining quarters. We will be delighted and open to answer any of your queries. Thank you. Thank you, sir. We will now request participants to raise their hands and introduce themselves, and then we'll proceed with the question. We have one question from Ajay Shah. Let me just allow you to. You can unmute and go ahead. Sir, am I audible? Yes. Sir, today's news, we saw that there is some uncertainty with respect to the Russian crude sourcing. There is a chance that we may have to stop sourcing from now. Do you see, sir, any risk to that tune? What is your take on that? Yes, there is some kind of a tweet which has come from the U.S. president today. There is another news which has also come saying that we will be doing what is best in the country's interest. That's what the government has made a statement, also a counterstatement. Going forward, it is not just the Russian barrels that we are going to look at. We have already started looking at other crudes which are available on discount by our own methods of sourcing crude. And on an economic basis, I'm confident that we will be able to sail through. Regarding the Russian barrels, we still believe that government has been maintaining that what is the lowest cost of energy sourcing, that will continue for us. We are confident that it will continue in the near future. Understood. Sir, the final question is with respect to the reported GRMs and any inventory impact on those reported. What will be the adjusted GRMs? Can you shed some light on that? Good morning, Devendra here. See, following the industry practice and the peer companies, we have discontinued the reporting GRM that is in a published kind of way. However, there will be indicative figures for our management consumption. Looking at the overall published results, we should be able to figure out that the GRMs reflect the reality of good CRAX in the current quarter. And roughly, I'd say it is double of the previous. Got it, sir. Got it. Thanks. Thanks. That's it. Varadha, you can unmute yourself and go ahead with your question. Yeah, thanks, sir. Just a couple of queries from my side, sir. In regard to the use of gas in the system, has there been an increase quarter on quarter? How do you see it going forward? We are consuming gas as both as a fuel and as a feed. On an economic basis, we keep on looking at it. We have been optimizing and optimizing the gas intake. Going forward, we are hopeful that the gas prices are going to be economical only for us. At the maximum, like, you know, what is the kind of amount of gas which you can potentially use in your refinery? Is it for Is it for both the naphtha, I mean, for hydrogen as well as fuel? Nanda, you would like to give some numbers on that? Yes, sir. Nanda, you're on mute. Yeah, audible now? Yeah, you're audible. Yeah, yeah. We have a hydrogen unit which can take gas. We have power plants in our refinery as well as in the aromatic complex which have gas turbines. So both can also consume gas. In the extreme case, we can even take some gas into our general fuel of the refinery. So presently, I think I can put my outer limit, considering the refinery and aromatic complex, it will be 0.7 SEMD. With some modification in the near term, probably we can go up to one SEMD natural gas. Though presently, we are not up to that limit. We are lower because of the economic outlook. The gas is not to that extent, it is not yet. We will be able to capitalize on that opportunity. Looking at that, what would be the current rent ratio? You said 0.7 to 1. It's close to 0.5, I can say together. Fair enough. Also, in the current quarter vis-à-vis the previous quarter, if you can share any details as to the throughput of not crude, but other products, in the aromatic complex or, for that matter, any other chemical production, if you can share some volume, has there been a significant increase? MD, sir, would you like to answer or should I take it? I'll have to take out the data. One second. Maybe we can come back on this question. No, I can pitch in. See, as far as if you see our polypropylene, our operating capacity is still either at design or slightly above the design numbers, more than 100%. Secondary process units are also running more than its design number. As far as the aromatics are concerned, we produce benzene, which is, I would say, as a byproduct we extract. When we make MS, we need to extract out benzene from the naphtha streams. That will take it out. We also make MTO, mineral turpentine oil. We are also introducing, we introduced already, toluene, which is another aromatic product. So we are into that. Toluene is actually a small quantity now at present because we have just started the production, but we can go. Aromatic complex, presently, we are producing benzene as a byproduct from the extraction. And the aromatic complex is primarily making reformat, which is actually sold as a feedstock also. That's useful, sir. I'll come back to that also. Thank you, Varadha. Akash, you can go ahead and ask your question. Hello. Am I audible? Yes, yes. Go ahead. Yes. Hi. Just one question just want to understand in terms of the sourcing from Russia, how it has moved over the quarters. What's the proportion in the second quarter, current rate, and what was it in the first quarter, and how it's trending? There was some disturbance. Can you repeat the question, please? In terms of crude sourcing, what is the crude sourcing from Russia in Q2? What was it in Q1? How is it trending going ahead, how the company plans in terms of crude sourcing from Russia? What's the percentage of the overall crude basket for MRPL? See, there has not been much variation from the kind of crude, the Russian barrels that we have been sourcing in the previous quarters. Not much variation. Only during the first quarter, there was some reduction because we had a planned turnaround. To that extent only, we had reduced. Otherwise, we are now going back at the kind of levels in which we were there in the previous quarters. There is no change in that. Okay. That would be around what? How much would that be? Like 35%, 40% or more than that? Yeah maybe it's somewhere around that number, between 35%- 40%. Okay. Okay. Yeah, that's it from my thank you. Thank you. Thank you, Akash. Dhaval, you can unmute yourself and go ahead with your question. Am I audible, please? Yes, yes. Yeah. Sir, I have one question regarding the FX. Does the company have a guidance on where it sees the dollar to be, like in INR/USD? What would be the complete impact on GRMs for the third and the fourth quarter, if you can share light on that? Second question I have is around sustainable aviation fuel. Given the government has the 1% mandate and IOC has already started some work on it, is there anything on cards for MRPL as well? Yeah. I will take the second question first. On the sustainable aviation fuel, we are already implementing an SAF project in Mangalore, which has been mandated to us. It is based on an indigenous technology with a production rate of around a target of 20 kiloliters per day. This is one way. We are also looking at trying to produce SAF also from co-processing in one of our units. So we have completed some amount of design works on that. Whatever is the 1% target, we will be ready by the date of, say, January 2027 to meet those targets. Okay. That's helpful. I understand that sourcing and all that is in place, right? I understand this will be much more expensive. If you can answer the question regarding FX, I might later check with you offline regarding sustainable aviation fuel. Sorry. Yeah. I'll answer that. See, we are, if you can visualize it, almost 40% of our total turnover is from our export sales itself. Even the domestic sale, most of it is linked with the RTP, which is, again, based on the international prices. To that extent, we are actually neutral on that account. Your concern about FX rates having any adverse impact would not be, that interpretation would not be fully correct in that way. Thanks. Thanks. Thanks. That's helpful. Thank you. Thanks, Dhaval. Deepak, you can unmute yourself and go ahead with your question. Thank you for the opportunity and congratulations for a good set of numbers. So my primary questions will be, apart from the falling crude prices, what has contributed to our EBITDA margin expansion? There are two things primarily. That is, from Q1 to Q2, the quarter one, the throughput was 3.5 against the average of around 4.5 million tons. This year, this quarter, we have restored it to the routine 4.5 range. A clear jump of one MMT approximately from Q1 to Q2. The second is the improvement in the CRAX product CRAX. Our export sales have been pretty good, even the domestic sales, which is linked to that. So both of them have contributed to Q2 profitability. Got it. Coming over the macros, as America is constantly pushing us apart from the Russian oil, how do you see that over the ground? Sorry, you would like to take? Yeah. On the ground, per se, in the Indian context, if I can say, or in MRPL's context, we are not trying to slow down or anything. For us, it is business as usual with respect to sourcing because we are sourcing those Russian barrels that are available today. Got it. Third, but not the last. Who is your technology partner into sustainable aviation fuel? It is a domestic developed by Engineers India Limited and Indian Institute of Petroleum. It's an Indian Institute of Petroleum technology along with Engineers India Limited. Got it. Okay. Thank you. Thanks, Deepak. Sumit, you can go ahead and unmute yourself and ask your question. Thank you for the opportunity. First is how many retail outlets are operational right now, and what are our roadmap for the same? As we speak, we have commissioned about 185 retail outlets in the three states: Karnataka, Kerala, and Tamil Nadu. By the end of this year, we target to cross 250. That is the number. We also plan to add at least another minimum of around 100 to 130 retail outlets on a year-on-year basis from there. Okay. Secondly, when can we expect a separate reporting of the retail outlet revenue and the international sales? Right now, we consider that the retail outlet sales is forming a small part of the overall sales. It is in a growing phase. Until it stabilizes, we would like to keep it on a consolidated basis. Once it takes off on its own, otherwise, you'll keep looking and comparing the expansion costs and comparing with the sales from the only retail outlets, which would not give a correct, true, and fair picture. Maybe next year onwards, as early as next year onwards. Yeah. Okay. Two more questions. One is the Russian crude which we are buying. How much discount we are getting right now? This is a question which keeps coming up on and off in this forum. The Russian discount is to be treated at two levels. One is the direct kind of discount, which you look at, which could vary anywhere between $0.50 to maybe about $4. That is the range we have seen in the past. It is not fixed for each cargo which comes. More importantly, the second part is the timing issue. These are all crudes which are on a delivered basis. It de-risks our timing issue. Just to give a sense of proportion, even if two crudes are at level, the preference would be for Russian barrels just because of the contractual terms. It's on a delivered basis. Okay. Got it. Final question from my side. Are we buying U.S. crude also? If yes, how much costlier is it because of the logistic cost or other factors? No. We see any crude that we source is done on an economic basis. The U.S. crude is also there in the basket when we carry out the evaluation. Currently, it is not getting picked up on an economic basis as of now. Going forward, the situation can be different. We did buy a Russian crude in the last quarter of the last financial year. We had purchased one cargo of U.S. crude. Okay, thank you very much. Thanks, Sumit. Inder Kumar, you can unmute yourself and go ahead with your question. Thank you, sir. My question is regarding the retail outlets. If I remember, last quarter, we added around 170 retail outlets. Right now, we have only 185. I just wanted to know the incremental addition of outlets from previous quarter to current quarter. Thank you. In this financial year, we have added almost 18 retail outlets now. As we speak, another 35 retail outlets are under construction. Typically, the construction period is about 75- 90 days for constructing a retail outlet and bringing it to commissioning. That is where we are today. Thank you, sir. Thanks, Inder Kumar. Sir, we have a couple of questions in the chat box. I would like to request you to answer on that one. The first question is, any update on proposed phase four expansion or any petrochemical diversification projects? If you could give any timelines or expected KPIs on that part. See, there were two parts of it. One based on the refinery streams which were available. The final report on that has come, and that is under review now. The phase four expansion also, the study is also being carried out. That report is also yet to be concluded because the current market dynamics are we are looking at various options on that, considering the current market for the petrochemical products. Sure, sir. The next question is on the isobutyl benzene project that we had said we will be doing the pilot upon. If you could give any timelines for that as to what is the update on it. The unit is almost ready for declaring mechanical completion, which we'll probably be declaring in the next week to 10 days, mechanical completion. By mid-November to 3rd November, we are confident of commissioning or taking the first trials on this unit. Sure, sir. Another question is on the payables. Payables seem to have increased in H1. If you could give the reasons and if you could also assist us with a normalized level of payables on that. There is a short-term bump in the payable side that will be settled because of contractual terms again. The payments are getting due by the 15th of October or 16th of October. It will be settled in these two weeks. Actually, it would have been settled till now also. That will normalize in Q3. There's no extraordinary jump or something like that. Sure, sir. I think, Ajay, do you have a follow-up question? Yes, sir. Yeah, go ahead. I just wanted to know, what is the average throughput per outlet we are seeing? Is there any, how are the outlets performing? Sir, why is there this push by private players and even you guys to expand on the retail side? Yeah, I would request our ED Marketing, Deepak, if you can take that question on the average sales per RO. Good morning. Deepak here. Typically, we have been seeing an average sale of about 140 to 160 KL per retail outlet per month. This is very much in comparison with what other public sector OMCs also achieve. While private sector OMCs, some of the OMCs have a higher sale because of a different model. Certain other companies adopt a model of low volume, high penetration. We are approaching it as a middle path where we would also look at both penetration as well as a minimum threshold volume of at least 130 to 140 KL per month per outlet. Sir, on the part where why is there a drive to increase both from OMC side and private side for expanding the outlet rather than exporting it? There is a strong, as MD said in the beginning of the presentation, there is a strong domestic growth happening in both the MS as well as HSD. There is still adequate space in the market for a more number of retail outlets. It is also a fact that while there is a lot of concentration in urban areas, as we move to rural areas and to emerging areas like MDRs and state highways, the penetration is not all that good. Plus, there is a lot of new highway expansion that's happening within the country. These locations also would need to be fed. That is why there is a significant push towards not just by the private and the standalone refineries. I would say even by the established players, there is a push towards installing new retail outlets. Understood. Sir, just one clarification from CFO, sir. You mentioned about the de-risking part, the second portion of the Russian discount card. Can you elaborate? Because I was not able to understand that portion. The second part is concerning the contractual terms. Crudes are delivered normally FOB or delivered. That is, the pricing is decided on the date of delivery. There is a timing issue. Crudes coming from the U.S. is more than a month away. You are fixing up a price at the start of the journey. Here, the price is fixed, finalized at the delivery point. It reduces the timing difference between the pricing when it is actually reaching the refinery gates and when you sell the product after maybe 25 days of processing. That reduces the uncertainty in the pricing. Sir, is it like majority will be DES and FOB versus CIF for MRPL? Yes, Russian barrels are delivered, yes. Understood. Thanks, sir. Thanks for the clarity. Appreciate that. Thanks, Ajay. Somaya, you can unmute yourself and go ahead with your question. Hi. Thanks for the opportunity. Hope I'm audible. Yeah. Thank you. The first question is on the product CRAX. We have seen diesel CRAX going up. It's almost crossed $20. Gasoline, which was weak, is also starting to catch up. We are seeing some tightening in naphtha also. Could you give us some color in terms of supply-demand dynamics? Is it purely because of some supply outages because of the Russia-Ukraine war that's causing a supply crunch and CRAX are going up? Is there anything else different that's happening on the global space? There is one more point which is there. There are some of these refineries which are getting closed down. That is also adding into the supply-demand issue. Like you have seen a couple of refineries getting closed down in the U.S. Australia, we understand only one refinery is operating now. That is also on the verge of probably getting closed down, something like that. New Zealand is practically closed down, the refinery. There is, apart from the geopolitical things, some of these refineries getting closed down is also pushing the supply-demand imbalance. Understood, sir. On the demand side, is there anything else? I mean, demand estimates have been cut down through the year. What started at $1.2 million, $1.3 million has now come down to $0.6 million barrels a day. Is this sustaining at these levels? You're seeing demand to be trending even lower than what was expected in recent times? The domestic demand, as I mentioned, MS is resilient. We are expecting it to grow with the recent changes in the GST also. We have seen the kind of sales that have got picked up in the automobile sector. The diesel demand is also, now that monsoons are over and there was a good monsoon, we are expecting the diesel demand also to come back. We are seeing that now. It's almost 2 to 3% there is a demand for diesel also. Understood, sir. Sir, with respect to Russia sourcing, I mean, these are all on a spot basis, or do we have some contracts, medium-term contracts for this? These are all, I would say, on a spot basis. We don't have a kind of a term deal for Russian supplies. Got it, sir. If the Russian barrels have to be replaced, which will be the ideal mix of crude that we would look for as a replacement? See, it's a very kind of a question which, you know, depending on how the product CRAX are and how the demand supplies are, the crude economics change. It is difficult to say that A crude will be replacing the B crude. It's basically on economics and given on that particular period of time. Got it, sir. Sir, in terms of your capex outlook, how do we look at it for the next couple of years? Also, in terms of deleveraging, how do we look at it? We do have our normal capex for the refinery, like the routine revamping or enhancement of life projects or other smaller projects, like just, sir, as I just mentioned about the isobutyl benzene project. In addition, there is an ongoing capex for phase four, the initial part of it. Plans are offered. The only thing is we cannot give any concrete details about the phase four. The study is still being finalized and to be reviewed internally at the highest of levels. That is about the phase four. That is the major part. Apart from that, there are some JVs which are under consideration at a high level and with the parent company. It will be taken up as and when something concrete is available. Sharing any details would be too preliminary at this stage. Regarding your second part, can you just repeat it so that I don't miss out on the accuracy part? Yes, sir. The question was more on deleveraging. Also, if you could give what is. Yes. We Yes. We have an upcoming STT payable at the end of this calendar year. We are on target, on schedule to pay that from the internal resources itself. Given the market conditions, we do not expect it to be refinanced. That is our current plan. Understood, sir. Any FY 2026, what is the capex plan for the current year? Capex plan is in the range of typically ₹1,500 crore. That is the normal. If there is any movement on phase four, that will be enhanced suitably. If there is a major project, it will be leveraged accordingly. That is still some time away. Helpful, sir. Thank you. Thanks, Somaya. Sir, we have a few more questions in the chat box. We'll just take it one by one. What is the difference in logistic cost from U.S. versus that from the Middle East? It could be around, if I can just put up a number, around $3 per barrel. See, it again depends. U.S. cargoes at times, we take it on a delivered basis also. It is difficult for us to really put a number. It all, again, depends on the kind of cargo sizes we are talking about because typically, U.S., we'll always be looking at a 2 million barrel versus the Middle East, I can always look at a 1 million barrel. Vessel availability plays a major role in the freights. Depending on whether a Suezmax or a VLCC availability, we have seen for a Suezmax cargo, a VLCC is cheaper. Those kind of scenarios are also we have been seeing. Putting really a hard number is difficult. On a thumb rule, you can say it's around $3 differential. Sure, sir. The next question is, what was the split between domestic sales and exports in the quarter two? We mentioned it's about 40% export sales. Sure, sir. One person is asking the forex loss that we had of INR 355 crore. Was that on account of crude or crude consumed or account of the crude which is lying in the inventory? No. Forex loss is on account of two things, what we see there. One is the realized, that is on the transaction part. The other is the revaluation of our outstanding ECB loan. It's about INR 109 crore on the realized part, on the transaction part. The balance is towards the revaluation, which is marked to market. It is not something which is sustained. It could get actually reversed if the exchange rates move. Secondly, we did discuss some of the forex movement earlier, that you don't actually lose out. If there is a movement in foreign exchange, what you see in the expenditure side is actually more like a contra entry. You get compensated on the revenue side also. Sure, sir. Another question is, the person is asking about our initiatives towards energy transition, like biofuel blending or, let's say, hydrogen adoption or decarbonization. Are there any milestones that we intend to complete in FY 2026, for example? FI 20, no, the projects are on right now. In terms of, say, in terms of sustainable aviation fuel (SAF), I mentioned about the project which is on. In terms of decarbonization, we have a kind of a power input project with which we are expecting our carbon emission also to come down. That is expected to be commissioned by the middle of next year. Both these, that's a capex project which is also going on. Sure, sir. We have a next question from Sumit. Sumit, you can unmute yourself and go ahead with your question. Yeah, any maintenance planned during the remaining time period of this year or next year, maybe? There is no planned maintenance during the balance of the year. I mentioned in my opening remark that we have completed a turnaround of one of the complexes which was due. Okay. The retail outlets which we are opening, are we just focusing on liquid fuels, or are we also keeping some provisions for maybe CNG or EV charging stations out there? Deepak, you would like to take that question? Yes. Deepak here. Yes. All our retail outlets would feature one alternate fuel option. It could be CNG or it could be an EV charger. We look at it as a mix of requirement of the customers. In many places, we would install chargers which are capable for two and three wheelers because that's the current market space. Some of the larger highway outlets, we'd be also looking at larger charging stations in collaboration with some other companies. Yes, we do have a mix of all fuels planned for our retail outlets, while the focus remains on liquid fuels at the moment. Okay. Last question from my side. On the hedging policy, do we hedge anything on the currency part, or do we just keep it open? We do a small hedge on the crude purchases. We don't do hedge in terms of paper transactions and commodities as such. Okay. Okay. Thank you very much, sir. Thanks, Sumit. We have a follow-up question from Indra. Can you go ahead and ask your question? My question is regarding the crude sourcing. I see in the result that there has been some sourcing from Kuwait. I just wanted to understand, is there any difference in terms of premium or discount in crude sourcing from Russia versus Kuwait, whether it is a kind of positive as compared to Russia? It is slightly positive compared to Russia. That is all I can tell you. Any number if you can provide, please? It is difficult to put a hard number there for me because that will be challenging. It is not possible to share that number, but it's slightly at a positive to the Russian market. Okay. All right. Thank you, sir. That's all I have. Thanks, Indra. Gagan, you can unmute yourself and go ahead with your question. Yeah. My question is, what is the OMPL, sir? What is the OMPL, sir? What is the production volume in the last quarter? If you could just give the sense about what are the typically average? Which one? Can Which one? Can you repeat the question? In the last quarter. Gagan, can you please repeat the question? Gagan, can you please repeat your question? There was a lot of background noise. Management is not able to understand. I'm going to the call quiet, please. Yes. My question is that this for the OMPL, what is the production volume in the last quarter, I mean, in the September quarter? If you can give some sense about some key products, what are the prices and this margin in gross margin in part and dollar per ton basis in the last quarter? I can't right now because I don't have the data right now. All I can tell you is the complex in the quarter two, we have operated beyond 100%. We were on a reformate mode of operation from that complex and making benzene also. I'll have to pull out the data right now. I don't have it. Okay. Okay. So mostly is the reformat. Even sir, what is the average realization? That will be helpful, sir. Sir, can I chip in here? Yeah, please. Yeah, Deepak. Gagan, OMPL as an entity does not exist. It is a fully integrated aromatic complex for us. The main purpose of doing the merger was also to operate on an integrated basis. We really don't look at OMPL as a separate entity where we need to calculate margins and things like that separately. It is part and parcel of our overall refining margin. Okay. Even if you can give the sense about the reformat, the prices, that will also help. Otherwise, it's okay. Reformat is typically linked with one of the MS grades, higher-run MS grades. Typically, MOGAS of 97 or higher. Okay, sir. That's fine. Yeah, thanks. Thanks, Gagan. Ajay, you can unmute yourself and go ahead with your question. Sir, my final question to Deepak, sir. As we see crude moderate further, do you expect any excise duty hike or RSP cut in the MS or HLG price at retail outlet levels? No, that's, I think, a question that we will have to answer when the time comes. While we have seen the entire range of CRAX and prices in the past one and a half years, and we have seen retail outlet prices remain stable, we expect that to continue. I'm not really anticipating any excise duty changes unless, of course, the impact of the recent GST2 has been very significant on the states, which is not really the case. At least October month indications are that it is fairly neutral. It looks as if we may see stable prices going forward. Understood. Thanks, sir. Thanks, Ajay. Sir, we have the last question in the chat box where the person is asking a rough breakdown of petrol, diesel, jet fuel for Q2 as well as for first half. Quantity or in terms of quantity, right? Yes, sir. Either quantity or yield, I think both should be. See, in terms of the light distillates, in quarter two, we were at around 30%, 29.8% compared to 31.4% in Q1. Middle distillates in Q2 was 53.6% versus about 49.6% in Q1. Thank you, sir. That was the last question. On behalf of Prabhudas Lilladher, we would like to thank all the participants for their valuable time. We would like to thank the management for giving us this opportunity to host this call and to interact with the investors and give answers in detail for their queries. Thank you very much, sir. All the best for the future. Thank you. Thank you all, and Happy Diwali to all. Happy Diwali, sir. Thank you. Thank you. Thank you and Happy Diwali. Bye. Thank you.