Please note that this conference is being recorded. I now hand the conference over to Ms. Shweta Arora, Head of Investor Relations. Thank you and over to you, ma'am. Thank you. Good afternoon, everyone. I welcome you all to Hindustan Zinc's third quarter and nine months ending FY 2022 results briefing. On behalf of Hindustan Zinc, I wish you and your family a very happy new year, 2022. Today on the call we have with us our CEO, Mr. Arun Misra, and our Interim CFO, Mr. Sandeep Modi. Mr. Misra will begin with an update on business performance, while Mr. Modi will walk you through financial performance, after which we will open the floor for questions. I now request Mr. Misra to begin today's call. Over to you, Mr. Misra. Thank you, Shweta. Good afternoon, everyone. Thank you for joining us today for the third quarter results. First of all, I would like to wish you all and your loved ones a very happy new year, 2022. May this year bring the best of health and success to each one of you. With the recent rise in COVID cases in the country due to the new variant, it's important to mask up, vaccinate, and help control the spread. I am happy to inform that almost all of our employees, business partners, and their family members have been administered the second dose of the vaccine. This has helped us to control the positivity rate and improve recovery rates, which minimize need of hospitalization. We have also started administering vaccination for all eligible kids of employees and business partners, as well as the booster dose as per government protocol. Before I begin today's results presentation, I regret to inform you all that we lost one of our colleagues in an unfortunate accident that happened at our Gari mine, part of Zawar group of mines, on the third of November 2021. I would like to offer my deepest condolences to the bereaved family and friends of the deceased. One life lost is one too many. We commit to stand by the family in this hour of distress. We have conducted an in-depth incident investigation through an Independent Investigation Committee. The learnings from the incident have been reviewed and are being implemented across all our operating assets. Coming to an update on the ESG front. I am happy to inform that not only have we maintained our first rank in Asia Pacific in the Dow Jones Sustainability Index amongst metal and mining peers, we are also Number 1 globally in the environment category. At the overall level, we have moved up from seventh position to fifth position globally. This is highly encouraging and gives us confidence to march ahead on our ESG vision. We have also committed to spend $1 billion for our green energy initiative and reduce our carbon emissions. We will continue to focus and make sustained efforts to reduce our dependence on non-renewable sources of energy and bring the share of renewable energy to over 50% in the next three years. We have already released an expression of interest for 300 MW renewable energy round the clock sourcing at Zawar. The power purchase agreement signing for the same is under progress. To preserve the biodiversity around our locations, we have signed up for a three-year engagement with the International Union for Conservation of Nature, IUCN, for the development of biodiversity management plans, focusing on a no net loss approach to achieve our sustainability goal 2025. We maintain zero liquid discharge at all our locations. I am also happy to inform that we have formed a board level ESG and sustainability committee and its first meeting was conducted in December 2021. These are some of the timely steps required for us to achieve our commitment of net zero by 2050. Coming to an update on CSR activities. Our CSR team has continued their efforts on ground, catering to life, livelihood, and oxygen supply during the COVID period. In addition, they have done significant work in creating strong, self-sustaining institutions on ground, be it through efforts of creating farmer producer companies in five districts of Rajasthan or converting microfinance organizations into legal entities to create sustained platforms for enhancing the local economy. We continue to see our CSR role to be that of a facilitator to create such micro enterprises which will assist in strengthening the local economy by engaging and enhancing the ownership of the communities. We have formed a not-for-profit company to manage the Zinc Football Academy. This will help the academy to participate in football at a professional level under the events organized by All India Football Federation. This is an essential platform to provide competitive exposure to our budding football stars. I am happy to share that Hindustan Zinc has won the Leaders for Social Change award by Social Story Foundation for their Sakhi women empowerment initiatives. Our CSR team was also awarded at CMO Asia's Best CSR Practice Award Forum in the Best Overall Excellence category. I am elated to share that our people practices were recognized in the form of PeopleFirst HR Excellence Awards. I am also happy to share that our leaders at Hindustan Zinc were recognized at Great Managers Award, which is joint initiative between People Business and The Economic Times to recognize and reward great managers in the country. Turning to market update. The rapid spread of Omicron COVID variant is clearly a source of uncertainty for the global economic outlook. Base case assumption is that like the Delta variant before it, the impact on global growth will be modest. However, the new variant is likely to ensure that supply chain issues are now likely to remain a significant feature of the global economy in 2022. As has been the case in 2021, it may delay the meeting of pent-up demand for zinc-intensive manufactured goods. According to WoodMac data, mine supply in 2021 has rebounded following the sharp fall in 2020. Mine capability is also expected to further rise in the medium term. Zinc's price retreated from its year-to-date cash high of $3,800 per ton. Even though we are yet to see real evidence of sizable metal cutbacks, spot refined metal premiums in all regions have received a boost, and some annual contract premiums in Europe and the U.S. for 2022 are expected to double. Higher power prices in Europe and China remain key risks to watch out for in terms of refined metal production. Talking about LME exchange stocks, at the current levels, they are only sufficient to meet seven days of global demand, which is one of the lowest levels for the calendar year 2021. We feel relatively low stocks, supply chain disruptions, and robust demand will continue to put upward pressure on spot metal premiums globally. At a global level, zinc demand supply market remains tight, and uncertainties pertaining to refined metal output due to rising energy prices and smelters either reducing output or going into care and maintenance keeps premiums high. This, in our view, should continue to support prices in the short to medium- term. On the domestic front, India's manufacturing sector activities moderated in December, and as per the survey-based IHS Markit India Manufacturing PMI eased to 55.5 from the 10-month high of 57.6 in November. We are still decisively in the expansionary phase, but input cost inflation is at one of the highest levels in around 7.5 years as per the report. This is a constant concern in addition to supply chain disruptions. As for domestic zinc demand, government spending continues in infrastructure, highways, electrification, and transmission projects, so structural tailwinds for the metal are intact, and we do not face any issues of selling in our stocks in the Indian market. Coming to lead. Lead prices remained relatively flat on a sequential basis. Battery demand has been quite modest in the December so far. Battery producers did experience some rise in demand earlier in the month when SHFE prices started increasing, triggering buying from the distributors and retailers. This activity slowed down when the SHFE prices stabilized, after which battery demand was met from inventory wherever possible. Coming to silver. It has benefited from a noticeable improvement in market fundamentals over the last quarter. Economic momentum, easing lockdown restrictions, and comparatively weaker silver prices, along with the month-long festival wedding season, has helped silver demand recover strongly, although it is still expected to fall short of pre-pandemic levels. Demand in rural areas saw twice the growth rate with respect to metro cities, which can be rooted to ample monsoon and healthy harvest, resulting in higher disposable income. Coming to update on operational performance. During the quarter, mined metal production was at 252 KT, up 3.4% year-on-year. For nine months, it was at 722,000 tons, up 5.5% year-on-year. This was on account of higher ore production at Sindesar Khurd, Rampura Agucha, and Zawar mines. Improvement in recovery, partly offset by lower mining grade. Subsequently, mined metal production grew by 1.4% sequentially, mainly due to higher ore treatment at Rampura Agucha and Sindesar Khurd mines and improvement in recovery. Integrated metal production was 261,000 tons for the quarter, up 11% year-on-year and up 25% sequentially. This was supported by better plant and mined metal availability and improved operating parameters. Integrated zinc production was 214,000 tons, up 17% year-on-year and up by 32% sequentially. Integrated lead production for the quarter remained flat sequentially at 47,000 tons, but was down 10% year-on-year on account of Pyro plant of Chanderiya operations on zinc-lead mode compared to lead mode only. Overall, for the nine-month period, metal production was 707,000 tons, up 5% year-on-year, in line with better plant and mined metal availability. Integrated silver production was 173 tons, down 5% year-on-year, in line with lower lead production, but up 14% from last quarter. For the nine-month period, silver production was 4% lower, to 485 tons, in line with the lower lead metal production and depletion of the silver WIP. Our nine-month mine development was also at historic high level. At the current run rate of production, we are confident to deliver on the 1 million ton production mark this year. As discussed last quarter, the deliveries of our new equipment orders have started, and this will further aid our operational efficiencies and improve equipment reliability, which is very critical in our business. Coming to project updates. We are stepping forward towards fulfilling the needs of the domestic market's demand for zinc alloys from setting up the new facility with investments in the latest equipment and world-class technologies. We aim to manufacture high-quality, value-added zinc alloys products which are currently being imported into the country. Currently, our value-added product share stands at approximately 20%. With this, we aim to take it to over 50%. With this, I hand over to Sandeep to update on the financial performance. Thank you, Mr. Mishra, and good afternoon, everyone. This was a great quarter where we crossed significant milestones and continued the positive momentum of our financial performance. We delivered historically high quarterly revenue and EBITDA, as well as our highest ever PAT since transition to underground mining. The winning streak is underpinned by our relentless efforts on volume delivery, operational efficiencies, cost rationalization, as well as the favorable LME environment. Being in the first quarter of the cost curve, our margins exhibit resilience even in the input commodity inflationary environment as positive correlation to LME prices creates a favorable trade-off for us. Coming to an update on the financial performance for the third quarter and nine months ended December 2021. The total revenue from operations during the quarter was INR 7,990 crore, an increase of 32% Y-o-Y, led by higher zinc volume and higher zinc and lead LME prices, as well as higher premium, which was partially offset by lower lead and silver volume. Over the year, zinc and LME prices were up 28% and 23% respectively. Sequentially, revenue increased 31% primarily due to the higher metal and silver volume and zinc LME prices, partially offset by lower silver prices and WPP volume. Sequentially, zinc and silver sales volume increased 29% and 14% respectively, while lead sales volume remained flat. Zinc cost of production before royalty was $1,148 per metric ton for the quarter. It is marginally 2% higher sequentially and up 21% Y-o-Y. The COP for the nine months ended December 2021 was $1,116 per ton, up 16% Y-o-Y. The COP has been affected by higher coal prices due to the increased use of imported coal, which is also at the higher cost owing to the lower linkage coal availability. This was partially offset by higher volume, operational efficiencies and better recoveries. Coming to the EBITDA. EBITDA for the quarter was INR 4,392 crore, which is a 1/3 Y-o-Y up and 32% sequentially. EBITDA for the nine months ended December 2021 was at INR 11,282 crore, which is 43% Y-o-Y up. The rise was primarily due to the higher zinc volume, higher zinc and lead LME and silver prices, as well as the higher premiums. Net profit for the quarter was INR 2,701 crore, which is up 23% Y-o-Y and 34% sequentially. Nine-month net profit stood at INR 6,701 crore, which is 22% YOY up. Effective tax rate for the quarter was approximately 30% and for nine months was 31%. Based on the projections, our ETR guidance for the year, full- year remains at approximately 32%. I am also happy to state on record that in December 2021, the Board had approved an interim dividend of INR 18 per equity share, which is 900% basis face value of INR 2 per share and amounts to INR 7,606 crore. This reinforces our commitment to our stated dividend policy as well as our superior stakeholder returns. With this, I open the floor for your questions. Thank you very much, sir. Ladies and gentlemen, we will now begin the question- and- answer session. Anyone who wishes to ask a question may press Star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press Star and two. Participants are requested to use handset while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask a question, please press Star and one. The first question is from the line of Abhiram Iyer from Deutsche CIB Centre Private Limited. Please go ahead. Hi. Congratulations on a very solid set of numbers. I have two questions. The first one was, could you give us a sense of whether debt has reduced from the end of September quarter? Because as I can see, the cash and equivalents have reduced, but that's pretty much the amount of the dividends that have been paid. I was wondering whether, you know, debt or working capital has had an impact on, you know, the cash flow that's actually been generated from operations. That was the first question. The second question is, you were looking at certain inorganic sort of acquisitions. Some of these did pertain to, you know, Zinc International sister company. Could you give us any update on that? Is this still in committee in terms of discussions? If I may address the second question first, that our strategy of expanding beyond the boundaries of India remains intact. Of course, we are looking at South Africa and Zinc International and if alternative properties come up for discussion on that. However, whenever they are approved by the Board, we'll be able to report back. As of now, they are under active consideration by all board members and as well as the stakeholders of the company. Hi, Abhiram. Coming to your first question, the debt reduction, yes, you are right. We have reduced our debt by INR 1,750 crore, which was primarily CP as a term loan during this quarter. Thanks a lot for clarification on both. Thank you very much. Next question is from the line of Pinakin Parekh from JP Morgan. Please go ahead. Sure. I have one question. There has been a subsidiary which has been created, I think Hindustan Zinc Alloys Private Limited. Can you give us more sense of what business this would involve in? Thank you for that question. As for the, as the name suggests, this actually gives us the facility of concentrating all the alloy making operations under one roof, who would develop expertise in delivering the alloy products which currently in various users in India are importing. It serves two ways. One, it expands our domestic market. Second is also that import substitution as far as zinc coming into the country through the alloy route is concerned. This facility will be put up in one of our operating locations with all environment-friendly technology. The focus remains on developing alloys, which will expand our business and also give us better premiums going forward. Can you give us a sense of what kind of investment this will involve over the next one to three years? As of now, we have kept INR 200 crores. We have kept INR 200 crores for this. We will start with a capacity matching with our market study, and as the market grows, we will take it forward. Understood. Thank you very much. Thank you. Next question is from the line of Amit Dixit from Edelweiss. Please go ahead. Thanks for taking my question, sir, and congratulations for a good set of numbers. I have two questions. The first one is on the coal sourcing currently. How much are we getting from linkage and how much we are importing? Given the current international coal prices, what kind of power and fuel cost change you expect in Q4 over Q3? Sandeep, you can add. Yeah. In terms of coal mix, we are supposed to have 25% linkage coal and 75%. I think there's some noise coming from there. 25%- 30%- Sandeep, I think this is mute. Your connection has been dropped, sir. Dixit, if you can please maybe mute your connection while not speaking. Yeah, sure. Thank you. Sorry for that, sir. Please continue. Roughly the linkage coal consumption mix remain 25%-30%. However, due to the non-power sectors not getting prioritization by Coal India currently, in the Q3 it was 3%-4% of the linkage coal consumption mix, sir. This has put a pressure on our coal cost and ultimately the power cost and overall cost, which is roughly overall put together $50-$55. However, in terms of the coal security, we are fully secured in terms of the import coal parcel, so no worry on that part. I think I hope I am able to answer your question. You mean that out of, I mean, of 25%-30% normal linkage, it was just 3%-4% linkage in Q3? Yeah. Q3 it was 2%-3%, 3%-4%. Okay. Thanks for the clarification. The second question is essentially the transfer to retained earnings of around 10,000 odd crore. While you have indicated that, you know, it would be like as the board deems fit, it can be utilized for the shareholder return. I mean, is it fair to assume the second tranche of dividend, if any, I mean, in this financial year? I will just simply say this is a standard Companies Act which was amended in 2013. We have just followed the same practice and moved this to free reserve under retained earnings. This will essentially move the amount from DRR to RE as general reserve does not exist in the company that's 2013. I would not read too much into it, and neither would we comment on any dividend-related announcement as they are solely board-related decision. This is simply an enabling act. Free reserve, as the name suggests, are not bound by any end use, simply is a more progressive act. Hence, we are also transitioning as a best practice. This essentially give us a more headroom. Okay, great, sir. All said, all the best. Thank you. Thank you. To ask a question, please press Star and one. We would also request our participants to limit their questions to two per participant. Time permitting, you may return to the queue for your follow-up questions. The next question is from the line of Sumangal Nevatia from Kotak Securities. Please go ahead. Yeah. Thanks for the opportunity. My first question is on the annual volumes. Are we on track to reach 1,025 KT-1,050 KT volumes, which we had guided in the previous quarter and INR 724 billion? Also, if you could share why, I mean, why we have missed or not declared the outlook in the commentary. It was a regular practice, but this quarter I think we have discontinued it. No, they're not every quarter. Roughly, we expect to do it about twice in a year. If you look at the current performance, in nine months, we are up 7% as far as ore production compared to last year's nine months as well as 6% up on mined metal production. We hope that the run that quarter four normally Hindustan Zinc enjoys, we will be crossing the 1 million ton mark. However, close to the guidance that we had issued previously, we can go. It depends upon how much we perform in this quarter. Okay. On the cost of production, if you can just share what would be the impact of the current cost inflation on the commodity side. I think previous guidance was around $1,075, south of $1,075. I guess that has to be revised again. If you can just share some cost details also. Yeah, Sumangal. Thanks for asking the question. You would appreciate that we are in a super commodity cycle. The thing that we need to prioritize at all times is to stay in the first quartile of global costs, sir. We are not throwing caution to the winds and remain cognizant of the risk posed by the coal prices, and I've spoken about the coal linkage coal availability and import coal crisis which is globally being expected. We will continue to focus on delivering volume, keeping a tight watch on the cost rationalization and operational efficiencies. I will also give an For example, the way in the Q3 to Q2, we had a cost increase of a marginal $24. If you see the margins which have improved is almost $350, which is ultimately translating to my bottom line of INR 400 crore. Even if we consider a scenario where coal prices remain high and linkage coal already become a concern, that will only impact cost marginally, which we would continue to offset with higher volume and operating efficiencies. Understand. If I may just ask one more on the CapEx. We are talking about a $1 billion expenditure in ESG over the next two years, and then there will be a regular maintenance CapEx and also expansion CapEx from $1.2 billion to eventually $1.5 billion. In between, we were evaluating Gujarat, the smelter expansion in Gujarat also. How should we look at overall CapEx on an annual basis over the next, say two to three years, if you could just tell? This $1 billion expenditure on the ESG front I spoke about is not exclusive of regular maintenance or regular growth. Only part of those, like in maintenance, in the sustenance CapEx, we buy equipment under replacement category. Wherever I am buying replacement, I should look forward to ESG compliance or something like battery operated vehicle. Those kind of expenditures we will make, which will take us in our journey of net zero 2050. That this $1 billion will comprise of some of the routine expenses for maintenance as well as part of the growth expenses wherever I do. If I have, like, as I spoke about in Dariba, we are in a power purchase agreement situation for supplying 300 MW of renewable power. Similarly, any new facilities that I put up all the time technologically looking at, can that new facility be made green product from day one, like the melting casting unit that will come up. Our target will be the value-added product that we'll produce should be green product, meaning it is produced by consuming green energy only. Those are the kind of investments summed up together. We have kept aside $1 billion. Any guidance on the annual CapEx run rate for next two, three years? I think for this year, the CapEx guidance remain unchanged. That's for this year. We will come up with, in the new year, about the CapEx guidance for the next year, 2023. Okay. Thank you and all the best. Thank you. Thank you. Next question is from the line of Vishal Chandak from Motilal Oswal Financial Services Limited. Please go ahead. Yeah, thank you very much for the opportunity, sir. Sir, you know, on a strategic note, just wanted to understand one thing. You know, zinc prices are at a north of $3,300. Prudence says that whenever the cycle is in an uptrend, any acquisition done especially of a mine, et cetera, leads to, you know, kind of an impairment when the cycle turns down. At the peak of the cycle we are considering acquisition of Vedanta Zinc International assets. How far do you think, you know, this would be a prudent acquisition? I don't think we have come up with a clear decision on acquisition. All I have said is it is under consideration, but when it will fructify, when it will be executed, it's a matter that will be decided by the Board on the timing, the extent, how to do it. So all that, it's a matter of thing that the board will come out with. As of now, it's purely in the consideration in the form of planning business case. Does it help in the long run? I take your point that timing will depend upon whether we're at the right time of entry, we will do that. That's very nice to hear, sir. My second question was with respect to, you know, the target of 1.2 and then subsequently reaching to 1.3 million tons. Where are we with that respect? 1.2, the run rate in quarter three, if you look at the metal production of 260 Kt, we are almost upwards of 1 million tons. In quarter three we are targeting to achieve at the rate of 1.2 million tons. Next, the number of equipment that is being brought in as replacement as well as addition for this year and next year, I'm sure next year we should be able to achieve the committed goal of 1.2 million tons. We are also investing in studies and preparing technical designs for going up to 1.35 million tons. As we stand today, we already have the approval from the Board to move forward on those studies, and that will help us to propose schemes to the board for approval, maybe sometime between July or August of this year. We will see next year, I think some of those CapEx growth projects kicking in. Thank you very much. Thank you. Next question is from the line of Kunal Kothari from Centrum. Please go ahead. Thank you for the opportunity. My question is, you mentioned that we have aimed to increase the VAP, value-added production share from 20%- 50%. What will be the timeline and thought process behind it? It will improve the overall profitability for the company. As of now, we should be finishing this year anywhere close to about 20%-21% on the value-added product. If I look at it realistically with the new facility coming in next year, we should be between 30%-35%. Then, next year we should target 50% depending upon our ability to produce the quality that the market needs and also various customer approvals that we need to take. Mr. Kothari, we can't hear you. Hello. Yes, Mr. Kothari. Yeah. Sir, can you throw some light on how it will improve the profitability through this? Generally, if I look at the premium of various value-added products over our routine product of SHG, it varies between $5 per ton to $50 per ton. It is only the product mix and customer approval that will determine. I won't try to put a big number there as of now, but I am very hopeful that once it will increase our share of domestic market, second, it will also increase the RC percentage, so it is very obvious that it will surely increase in better NEP. Now, depending on the prevailing LME prices, whether it will translate into EBITDA over and above current year or not is a factor of both LME as well as NEP. I am not going to do a guessing work there. Sir, will it help in dealing with the fluctuations in LME prices? Can we take this as a possibility? Yes. If some of the products which are in the high premium segment and which are not purely guided by the LME, there will be some amount of absorption of the fluctuation into the premium that we take. Again, this market itself and the application of zinc, whether it is in alloy or it is in coating products, it only constitutes a very small percentage of the total product cost. Accordingly, the LME variation, how much it will absorb, I'm not going to put a number there. Surely it will give us a market which is not from the LME, but more from commodity demand and supply perspective since the application area is different, at least the steady demand will be there. Not that if it's a coated product, whether the auto sector does well or not, that determines the market for galvanizing zinc. Whereas in case of a, say, Zamak 3, which is most into furnishings and fittings, of a high-value retail houses, then it is not impacted by whether a particular sector is doing well. Our belief is that those sectors, the demand will be more sustainable irrespective of the commodity price fluctuation. That will give us a steady volume to produce and supply to market. Good. Thank you. Thank you. Next question is from the line of Pallav Agarwal from Antique Stock Broking. Please go ahead. Yeah, good evening, sir. I had a question on, you know, the other expenses. This quarter we've seen an increase and this is, you know, royalty and power and fuel are separate expenditure items. Any particular reason for the increase in this quarter in other expenses? Royalty has increased on account of the higher mined metal production as well as the higher LME. What was your other thing? No, I'm saying, this doesn't include royalty and power and fuel. This must be some other, you know, some other head has increased. Okay. You know, sequentially, if you see, it is a function of the volume as well. If you see our volume has also increased more than 25%, sequentially. This is on account of largely pertaining to the volume and our higher mine development which has also happened during the quarter. Okay. Also I just wanted to, you know, get a better sense of the refined metal capacity. In between, you know, for lead, although I think our capacity is about 200,000 tons annually, we have been operated at close to, you know, produced even close to 60,000 tons per quarter in the past. What is our current, you know, capacity in terms of zinc and lead in our refined space? It is again any smelting capacity or even you take steel plant capacities are a factor of what is the product mix they want to produce. Now, lead prices remaining almost flat, whereas zinc prices surging upwards provokes us to produce more zinc metal within the same capacity. That actually allowed us to run the Pyro in the lead plus zinc mode. Hence, if you look at it compared to last year when it was mostly on lead-only mode operation, that means in Pyro we were not producing any zinc. This year in the Pyro we are producing zinc. To that extent, yes, 60 Kt per quarter production if I run only in lead mode. If I don't run only in lead mode, then I will produce less. Overall, I have to maximize revenue as well as EBITDA. That has been the deciding factor on the capacity. I don't take capacity of the plant as a fixed category. It depends upon what products I will produce and accordingly decide what capacity I will utilize. Can we take a total zinc lead capacity? Will that be a better figure to take, you know, probably a 1 million ton per annum combined zinc lead in capacity? If I give you the right figure, it can vary from 1.02 million tons per annum to 1.23 million tons per annum, depending upon what are the products I am making. To give you an example, along with SHG if I make PW zinc, then I produce more zinc, but my customer may not remunerate me as much in PW zinc if I rather produce lesser amount of zinc and try to produce more of value-added product. It's a call that I have to take. Similarly, if I have more lead ore with higher silver PPM, I may decide to run more on lead-only mode in pyro, so then I produce more lead and I produce more silver along with that, which may compensate for the earnings that I lose by producing less zinc. That's a dynamic thing, I guess. From month to month, we may change the strategy and depending on that, the whole capacity can go anywhere between 1.02 million ton-1.13 million ton, depending upon how I look at it. Sure, sir. Yeah, this has been helpful. Yeah. Thank you. Thank you. Next question is from the line of Bhavin Chheda from Enam Holdings. Please go ahead. Yeah, good afternoon, sir. My question was on, I just thought if, as against your linkage coal, how much coal you actually received from Coal India for this quarter and for cumulative nine months. Because any shortage normally they give it, afterwards when their volume ramps up, right? What's the balance quantity to be receivable, in future from Coal India on the linkage shortage part? Yeah. Normally we call it a backlog. Our backlog has been more than 200 rakes at this point of time. This quarter we received almost 22,000 tons of coal from Coal India. You're saying 200 rakes. Each rake is roughly 4,000, right? Yeah, I will say 4,000, then it will be almost 1 million ton. 1 million ton is pending to be received? Yep. You said, I think, as against your linkage of 25%-30%, you have received only 3% in this quarter, right? Yeah. Despite that, your cost escalation was on quarter-on-quarter basis less than $25 per ton. It was mainly operating leverage. Here you have to see and appreciate the company the way it has structurally reduced the cost and taken a lot of cost reduction program internally. You are right. You have rightly caught up that $50-$55 cost has increased on account of this, because of this lower linkage coal and higher import coal. But we were able to offset the $30 on account of the higher volume with the operating efficiency and the better residual sales. This is overall story for the cost containment. That is why we are the low in the first quarter of the global cost curve. In terms of, sir, power and fuel cost, this was the peak quarter because you will keep receiving this backlog, so your linkage coal percentage, this would be lowest ever in the quarter, right? You will at least receive much more than 3% of linkage coal what you have received in December quarter. That is exactly, that is also our hope. In quarter four, more linkage coal we'll receive. Again, it depends upon Coal India's ability to keep the same production or increase the production. We can expect they will do looking at this being a winter season and normally good months for coal mines to operate. At the same time, the demand in the other sectors which prompted government power plants to keep on running and producing, how that behaves. On that, the surplus coal will be available for us and also the rake availability. Typically, in winter season, the rakes do get diverted for various crop movements as well across India. Keep our finger crossed. We hope that our linkage coal percentage comes back to at least 20%, in the fourth quarter, which should give us better results. That's only a hope that we can have. Sir, last one. To meet the earlier guidance for the mined metal volume, you need over 3 lakh tons of mined metal run rate in quarter four. You are confident of doing that? Yes, of course. In mined metal, typically, if you look at last year, it's been touching in the month of March, about 100,000 tons we have produced. We hope that we should be able to maintain that spirit in the quarter four. It all depends upon how we actually perform under the situation. As of now, our confidence is there absolutely that we should be exiting at the rate of 1.2 million tons, what we had thought earlier, and the annual production should come to 1 million tons plus. Thanks. Best of luck. Thank you. Thank you. Next question is from the line of Shreyans Daga from Barclays. Please go ahead. Hi. Thank you. My questions are more along the lines of dividends. That you said you would not be able to guide for any full- year dividends for FY 2022? No. Dividend is a matter of Board's consideration. I think whenever they have decided, we will be able to inform. I don't think we can guide on dividend aspects in the forward-looking way. Okay. How is Q4 looking right now? Could you guide us to some earnings for Q4? Is Q3 a good run rate for Q4? We are not issuing any fresh guidance for Q4. However, as we have discussed during all the answers that we have given till now, mined metal we should be touching 1+ million ton. Cost, whatever is the current situation, we will keep managing as much as possible, and hope that some respectable number we produce at the end of the year. Okay. I see. Thanks. Just one last question. With regards to Government of India’s selling stake in Hindustan Zinc, so, do you have any updates on that? No, the update is they are already been permitted by Supreme Court and government has to come out with the mechanism. I'm sure that government is working on the mechanism, how the disinvestment will occur. Whenever they are announced, we will be participating, I guess. I'm sure government is working on it. Okay. Do you have any communication as to any timelines on that? Looking at the past precedent, I don't think government keeps communicating to the prospective buyer regarding how they are progressing, right? Oh, okay. Thanks. Best of luck. Thank you very much. Participants, due to time constraint, that was the last question. I now hand the conference over to Ms. Shweta Arora for closing comments. Over to you, ma'am. Thank you, everyone. With this we close today's earnings call. For any follow-up questions or clarifications on the results, please feel free to reach out to investor relations team. Thank you. Thank you very much. Thank you. Thank you all. Ladies and gentlemen, on behalf of Hindustan Zinc Limited, that concludes today's conference call. Thank you all for joining us, and you may now disconnect your lines.