Please note that this conference is being recorded. I now hand the conference over to Ms. Jhalak Rastogi, Associate Director, Investor Relations. Thank you, and over to you, ma'am. Thank you, Neeraj. Good afternoon, everyone. I welcome you all to Hindustan Zinc's second quarter and half year, ending 30th September 2023 results briefing. In this call, we'll refer to Q2 FY 2024 investor presentation, available on our company's website. Some of the information on this call may be forward-looking in nature and is covered by the safe harbor language on slide number two of the said presentation. Today, on the call we have with us CEO, Mr. Arun Misra, and our 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'll open the floor for questions. I now request Mr. Misra to begin today's call. Over to you, sir. Thank you, Jhalak. A very good afternoon to all of you. Thank you for joining us today for the second quarter and half year FY 2024 results briefing. Before I begin today's results presentation, I would like to share some of the overarching priorities and themes that have been driving our success over the quarter. On safety front, it brings me satisfaction to report one year of fatality-free operations. This is a testament to our unwavering commitment to safety, the dedication of our employees, and our robust operational processes. A focused introspection of the key safety-related learnings, backed by automation and comprehensive safety training, helped us strengthen the safety aspect of all our operations. Even as we look ahead, our commitment to safety remains resolute, as we are determined to continue to invest in safety measures and technology to maintain this record. As an update on ESG, I am happy to share that Hindustan Zinc became the first metal and mining company in India to have validated science-based targets in line with 1.5-degree centigrade target of the Paris Agreement. Hindustan Zinc's ambitious target includes the commitment to reduce 50% of its absolute Scope 1 and 2 GHG emissions, and further reduction of 25% of Scope 3 emissions by FY 2030, from the base year of FY 2020, and to achieve net zero emissions across the value chain by FY 2050. Moving towards 5x water positive target by 2025, during the quarter, Hindustan Zinc inaugurated 4,000 KLD Zero Liquid Discharge plant at Zawar Mines, reaffirming the company's vision of zero waste and zero discharge. Coming to an update on our ground CSR activities, it gives me satisfaction to share the progress and impact of our community initiatives. In our efforts to promote education and empower individuals with different abilities, we organized visual awareness campaign in Indian Sign Language, advanced life skill sessions, and various other activities as a part of International Week of the Deaf. As a part of our skill development program, Hindustan Zinc's Kaushal Kendra witnessed successful placement of 286 trainees during the quarter in varied trades and skills. I would also like to share that another player of our Zinc Football Academy has been selected to represent India in 2023 Under-16 Championship in Bhutan, and four players selected for the Under-16 Boys National Team preparatory camp in Srinagar. Driven by inclusive growth and development, we continue to stride towards the seven key thematic areas to steer our CSR efforts towards betterment of life in the communities, including women empowerment, education, sustainable livelihood, health and water, environment and safety, sports, and community asset creation. A quick snapshot of developments made in the quarter are given on page four for reference. Moving on to the markets, macroeconomic developments have been a dominant influence on the base metal prices. The global landscape is marked by potential headwinds, including Chinese economic weakness, rising inflation in the U.S. and Europe, and the upward trajectory of interest rates. However, amidst these challenges, there are positive indicators suggesting ease in supply chain disruptions and softening of supply-side-induced inflation. The global manufacturing PMI has increased from 48.7 in June to 49.1 in September. The S&P Global India Manufacturing PMI dropped to 57.5 in September, from 58.6 in August, after rising sharply from 57.8 levels in June. Though the manufacturing activity in India is at a five month low, however, it remains strong, with the new orders supporting growth. The Indian economy has shown resilience, supported by strong customer demand, advertising efforts, and expanded capacities. The global Zinc supply and demand forces remained underperforming. Globally, demand has been muted, majorly due to sluggish economy of U.S., China and Europe. However, the Indian economy remained optimistic. The specific infrastructure requirements continue to bolster and sustain Zinc input requirements into the medium and long term. The Indian automobile industry is also on a growth trajectory, and India continues to remain a bright spot in the global steel industry. Touching briefly on Lead. Lead prices increased during the quarter, averaging to $2,170 per ton. Despite of the stalled Chinese economic growth on account of challenges in the real estate sector, the state subsidies and energy transition credits have been generating E.V. sales, including hybrids, thereby contributing to lead demand. Along with the supply-side issues due to mine closure, demand continues to remain robust on the back of rising urbanization and industrialization in developing nations, as well as increased vehicle usage. Growing telecom and infrastructure sectors will further increase the need for industrial batteries, fueling the domestic demand. During the quarter, LME and SHFE stocks swelled on the back of backwardations, closing the quarter at 77,000 tons in LME and 71,000 tons in SHFE warehouses. Coming to silver, during the quarter, prices oscillated around $23 per troy ounce, closing the quarter with an average price of $23.6 per troy ounce. Silver prices remain influenced by a combination of geopolitical and technical factors, including the dollar strength, gold prices, interest rate expectations, industrial demand, and geopolitical tensions in the Middle East. Ahead of the festive seasons, domestic demand of silver is expected to rise in medium term. Industrial demand globally is expected to increase significantly due to new-age technological developments like vehicle electrification, investment in 5G infrastructure, and the ever-evolving solar panel technologies. Now, coming to an update on operational performance, I am happy to report highest-ever first-half mined metal of 509,000 tons. In the overall performance for the quarter, we achieved modest results influenced by the scheduled maintenance activities, and we are now well positioned to enhance production with our facilities ready to deliver over 275,000 tons of metal. We have also started working towards 1.25 million tons of refined metal through various debottlenecking initiatives across the smelters, and we target to return with a more comprehensive plan in subsequent quarters. While Sandeep will provide a detailed run-through of our business performance in a few minutes, I will take a moment to share recent developments in our investment front. During the quarter, I am pleased to inform you that our internal team commissioned India's first fumer plant in an innovative method and with the help of online support from Chinese experts. We also commissioned a 30,000 tons per annum alloy facility and a new concentrator in Rajpura Dariba mine, increasing the production of zinc and lead MIC. The new roaster at Debari and our fertilizer projects are also on track. I'm happy to share that our 450 MW renewable energy power delivery agreement with Serentica is also progressing well and is on track, on completion of which over 50% of our energy requirement will be met through green power. For more details, please refer to page nine of our investor presentation. On our growth strategy for FY 2024, we remain laser-focused on producing concentrate and metal as per the guidance, optimizing costs, and enhancing production efficiency to further strengthen our cost leadership globally. Based on the same, we are confident of delivering as per our guidance and would like to keep it unchanged. With this, I hand over the call to Sandeep for an update on the financial performance. Thank you, Mr. Misra, and a very good afternoon, everyone. In the face of current economic scenario, we posted a robust and steady financial performance in second quarter of this financial. The quarter was underscored by strengthening foundations, reinforcing the fundamental infrastructure, and optimizing cost, resulting in strong cash delivery and sustainable growth. With a continuous cost reduction exercise, while we continue to remain in the first decile of the global cost curve, happy to share that we delivered third consecutive quarter of cost optimization and the lowest cost in last six quarters, reflecting our resilience and adaptability in navigating the ever-changing business landscape. As we delve into the details, I will share the company's financial performance for the second quarter and half-year ended September 2023. Revenue from operations for the quarter was INR 6,791 crore, down 19% YOY, majorly on account of significantly lower zinc prices, lower zinc and silver volume, and differential strategic hedging impact, partly offset by better lead and silver prices and favorable exchange rates. Sequentially, revenue was down by 7%, primarily due to the lower zinc LME and plant shutdown, which resulted into a lower volume on account of scheduled maintenance activity, partly offset by improved lead and silver volumes. For the first half of FY 2024, revenue from operations stood at INR 14,073 crore, down 21% YOY, primarily on account of lower zinc LME, metal production, and silver production, and differential strategic hedging impact, partly offset by better lead and silver prices and favorable exchange rates. Zinc cost of production before royalty during the quarter was $1,137 per ton, 5% better sequentially and 10% better YOY in U.S. dollar terms. For H1 2024, zinc COP was $1,167 per ton, 7% better YOY. The cost improvement was mainly on account of softened coal and import commodity prices and better domestic coal availability and utilization, further supported by better grades sequentially. The resulting EBITDA for the quarter was INR 3,122 crore, down 29% YOY and 7% sequentially, mainly on account of lower revenue impacted by significantly lower zinc LME and volume, partly offset by improved cost. For the half year, EBITDA stood at INR 6,481 crore, down 33% YOY, due to lower revenue offset by improved cost. Please refer to EBITDA brief from slide 27-29 for further details. Consolidated net profit for the quarter stood at INR 1,729 crore, down 35% YOY and 12% quarter-on-quarter. For H1, it stood at INR 3,693 crore, down 36% YOY, primarily on account of lower EBITDA, offset by lower tax expenditure. In regards to recent development of corporate restructuring, I would like to inform that management has appointed external advisors to assist in evaluating various options, and the work is still in progress. Way forward, along with the possible options, will be updated to the Board upon completion of the evaluation exercise and recommendation by Committee of Directors. The effective tax rate for the quarter and the first half of FY 2024 is approximately 25% in accordance with the new regime. Having demonstrated a constant cost control in our operation, we would like to reiterate the cost guidance and also keep our CapEx guidance unchanged. With this, I conclude my comments, and we open the floor for your questions. Thank you. Thank you very much. We'll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Participants, you may press star and one to ask a question. The first question is from the line of Amit Dixit from ICICI Securities. Please go ahead. Yeah, good evening, everyone, and thanks for taking my question. I have a couple of questions. The first one is essentially on the cost. We have seen a very impressive performance on cost. Cost of production has declined year-on-year as well as quarter-on-quarter. Just wanted to get the overall drivers of that, how much, whether it was due to increased linkage materialization or due to lower crude cost or, I mean, what are the key factors responsible for lower cost, and how much of it is sustainable? Also, if you can give the outlook for Q3, that would be great. Thanks, Amit. The cost has two, three key aspects. One is, of course, the imported coal prices got softened. We were also able to secure some opportunistic coal parcels. That has also helped. Secondly, while you are right, linkage coal materialization, but at the same time, if you see historically, Hindustan Zinc used to consume in the blend of 30/70. 30% was the maximum which we used to have a linkage coal consumption. However, we modified our power plants in the last one year at Chanderia and Dariba, which has given us flexibility to use almost 100% of the linkage coal in some of the units. I will say this is more from the initiatives and efficiency which Hindustan Zinc has developed in an innovative way. Our overall coal basket in the quarter two, FY this year, it has been a 45% blend was of the linkage coal. We expect that 45% will depend upon the linkage materialization, but the flexibility which we have developed, which is something like, which will be constantly is favoring us. Second aspect, which has been there in terms of specific coal consumption also has gone down, so that is also operational efficiency beneficial. Quarter-over-quarter, if we see, our grade has also improved from 7.1%-7.4%. These are the three, four factors which are the driving factors in terms of operational efficiency and the market factors. Of course, there are certain shutdowns which were planned in the quarter two, which has also impacted the cost, which will not be there. Coming to the overall cost guidance, given the $1,169 cost for the H1, which is well within our cost guidance of $1,125-$1,175. Given this cost trajectory, we believe that for the whole year, we should be towards the lower end of the cost guidance on a full year basis. Okay, great. That's helpful. The second question is essentially on grade improvement. You indicated that grade has improved from 7.1%-7.4%. Now, from the written commentary, it seems that, you know, Rampura Agucha production was down in this quarter. Even with Rampura Agucha production down, your grade has improved. If you can highlight the, you know, what were the key drivers behind this grade improvement? Because traditionally, we understood that Rampura Agucha has possibly the highest grade of zinc available. Yes, Agucha normally maintains their grade. The key change happened in the Zawar mine, where the grade is normally expected to be, say, around four to four and a half, but that goes down because of high dilution. This time in Zawar mine, the work on grade was very well. While Agucha maintained a grade of 13.3, Zawar maintained a grade of 4.6, which is far above than expected. Normally, it is a grade of 4.1. Key work that happened, where the quantity in Zawar mine was increasing, and at the same time, they maintained the grade, and that's why the overall grade performance was better in quarter two. It's not that Agucha grade has deteriorated. It remained about 13.3. See, the focus at a low LME environment is to minimize development required for production and maximize on the grade in every mine, so that our overall cost of producing the Metal in Concentrate is the lowest. That's how you build the cost curve as far as in the low LME environment is concerned. That strategy paid off in our operations in this quarter two. Sir, could you just repeat the Zawar grade so I- If I look at quarter two grade and see in Agucha, it's about 13.3 against 12.5 of quarter one, okay? In quarter two of last year, it was also 13.3. Right. Also, if I add, just to supplement Mr. Misra, SK grade has also improved from 4.8 - 5.2, so on a quarter-on-quarter basis. Even YOY basis, if I see, SK grade was 4.58, which is now 5.2. In all mines, the idea was that preserve grade, minimize dilution, reduce development required, and so that you produce the same Metal in Concentrate at a lower cost. That strategy paid off. Sir, was it a case of, you know, you hitting selectively the richer veins, or is it because you actually- No, no, no. Took some. Yeah. I can do the mine planning of the sequencing I decide in a way to maximize ore production. I can do also the mine planning that slightly reduced ore production, but of a better grade, and so that I can slow down progress in one particular section, increase the progress in another particular section. That flexibility offers only when you have multiple locations inside the same mine. Today, Agucha Mine has four mining locations in the same mine. It's not one mine, there are four mines inside. Zawar has got 4 different mines, each of them has got two to three production centers. Those flexibilities we are enjoying because of we could develop so many mining locations in the same mine over the last two to three years. Okay, got it. That's very clear, sir. Thank you, and all the best. Thank you. Next question is from the line of Vikas Singh from Phillip Capital. Please go ahead. Good afternoon, sir. Very good afternoon. Sir, I want to understand the fumer which we have commissioned. What is the ramp-up timeline, and when will be the next few fumers will be coming in? No, this fumer is already on and is operating. Not that there's a particular ramp-up. No, no, the product that it is producing is going back to operations, and we will be reporting the numbers production separately from fumer, I think in another 15-20 days' time. That is it. As far as new fumers are concerned, we are already working with technology suppliers, and maybe in a month or two, we will be in a position to confirm placement of order for another three sets of fumers. Understood. Sir, my second question pertains to our 1.25 million ton mine metal target. Just wanted to understand two things. We have been last four-five years been trying to reach there, but our mining capacity has increased, but not the metal capacity. What's the holdup there, and what's the holdup there? Technically, are we facing some challenges, and what's the timeline for this 1.25? No, no, no. When we were expanding in that 1.2 million project, purposefully, we did not expand the smelters. We said, "Let first bottleneck is in the mines. Let's expand the mines first, and once we can produce more than 1 million ton of concentrate every year, then you know that the time has come for expansion of the smelter." We have produced more than 1 million ton for two consecutive years. Every year, we are starting with a opening stock of MIC for the smelters to process. Even as I speak today, we still have good amount of about 12-13 days requirement of metal in concentrate in hand for the smelters to operate. That's why we have commissioned the roaster project, which will debottleneck our smelter. We are also coming back with more debottlenecking projects, which will take smelting capacity to about 1.25 million tons or maybe 1.2 million tons. Mines are already expanded. Just we need to fast-pedal the development part of it, and that will, that should produce more concentrate. No bottleneck in mines as of now. Understood, sir. Sir, since thermal coal prices are again inching up, any guidance in terms of 3Q or 4Q COP, which you would like to give it to us? If Vikas, if you, Sandeep here, if you see my first question, which I answered to Amit, we are, as I say, we are currently at $1,169, which is well within the cost range of $1,125-$1,175. We are quite confident that given the Q3, Q4 volumes will be up, we will be towards the lower end of the COP, which we would like to have a confidence to achieve. Thermal coal prices, I am not sure on what basis we are saying it's inching up. It is fluctuating, and for us, it is at a landed cost level, it is at the same level at which we procure in quarter two. Understood, sir. Sir, just one last question pertaining to industry. Given the Zinc prices have been constantly falling, what, according to you, what% of Zinc production could have come under stress? Is it possible for you to tell us that is there any Zinc production cuts we can experience going forward? Globally level, basically. As I know, only Tara Mine of the Boliden that got shutter. Apart from this, we did not hear any major cut in the zinc prices. I think everybody is taking the cut in the cost and especially European smelter, where the power cost is down. Since the India, we're having a unique advantage on the both power and labor, so we continue to remain in the first decile of the cost. Understood, sir. That's all from my side. Thank you for answering my questions. Thank you. Thank you. Thank you. Participant, you may press star and one to ask the question. Next question is from the line of Love Sharma from JP Morgan. Please go ahead. Hi. Thanks. Thank you. Just question around the NCLT update on the conversion of general reserve to retained earnings, if you can share where that is standing. Secondly, realistically, the cash balance which we currently have, you know, more than $1 billion now, and the debt outstanding is kind of similar. How should we think in terms of the debt versus cash mix? Like, you would be probably carrying some, you would be doing some negative carry by holding this cash versus the debt on the books. In terms of NCLT, the next date of hearing is on the eighth November, and this is more on the procedural aspects. In terms of the cash and the borrowing, you are right, the numbers are similar, but I would like to share that both our investments and borrowings are largely on the long-term basis. We don't have any negative carry. Specific number I can't tell, but on the post-tax basis, we don't have any negative carry. Can I just ask a follow-up? On the NCLT side, if you could just highlight what is the procedural aspect which is still remaining or pending at the NCLT level? Second motion has been gone to the NCLT. ROC was supposed to file the reply, which I understand they have filed. Next date of hearing is on the 8th November, and then accordingly, order can be reserved for the announced pronouncement. Let us hope for the best. Understand. Okay. So far, as of now, if you just can update on the current value of the retained earnings on the books at September 30. Retained earning at this point of time in the books is INR 22,400 crore. 2,000. Okay, thank you very much. Thank you. Participants, you may press star and one to ask the question. Next question is from the line of Shantanu from Net Fertilizers. Please go ahead. Hello? Hello, yes, sir. Yeah. I was just wondering, you know, we essentially work on the fertilizer sector, so we were looking at your DAP-NPK plant. You know, you said that you have now got a technology partner, and we just wanted to know more about it. Because, you see, the domestic rock phosphate is a big problem in terms of quality, also in terms of availability. We were wondering whether domestic rock is going to be enough because it's a large size DAP plant. We wanted to know what is the capacity of this DAP plant and what is the kind of investment that you are planning on it? When is it going to be commissioned? Who is the technology partner that you've onboarded, and what do you think is going to be the source of your rock phosphate? Because, of course, you'll be manufacturing the sulfuric acid, and so that's what we were thinking, you know, we would ask. No, your apprehension is very correct. As far as Indian rock phosphate is concerned, and we being in Rajasthan, RSMM is the only source of rock phosphate, which is a state enterprise. Yes, there are issues, but we are in talk with RSMM for, one, expanding their mines to produce rock phosphate for us, which Hindustan Zinc can extend their help. It's a matter of finalizing the agreement. Second part is also putting up a beneficiation plant for upgrading the rock phosphate that RSMM has. That is one part. Second part is import. In our design, we have considered a certain percentage, if I remember the number correctly, around 40%-50% of rock phosphate that would be imported. As far as capacity is concerned, it's about 5 lakh tons per annum, half a million ton plant. In the first phase, also the design and utility has a capacity of absorbing or taking it up to 1 million ton at a later date. Our construction partner is L&T, and as far as technology partner is JESA. Technology partner is JESA? Yeah, yeah. J-JESL, right? JESA, S.A. It's an American company. American company, okay. Right, so when do you think this is going to be commissioned? It's in construction only. It will take another 18 months or so, 18 months, two years time number. Okay. Thank you very much, sir. Thank you. Bye. Thank you. Participants, you may press star and one to ask the question. Ladies and gentlemen, you may press star and one to ask the question. A reminder to all the participants, you may press star and one to ask the question. A reminder to all the participants, you may press star and one to ask the question. There are more than 20 parties in the conference. As there are no further questions, I now hand the conference over to Ms. Jhalak Rastogi for closing comments. 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. On behalf of Hindustan Zinc Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you.