Ladies and gentlemen, good day, and welcome to Hindustan Zinc Second Quarter and half year FY 2025 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there'll be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Miss Kritika Mehta, Investor Relations. Thank you, and over to Miss Mehta. Thank you, Neeraj. A very good afternoon, everyone. I welcome you all to Hindustan Zinc second quarter and half year ending 30 September 2024 results briefing. In this call, we will refer to Q2 FY25 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 second slide of the said presentation. Today, on the call, we have with us our 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 the financial performance, after which we will open the floor for questions. I now request Mr. Misra to begin today's call. Over to you, sir. Thank you, Kritika. A very good afternoon to all of you. Thank you for joining us today for the second quarter and half year FY 2025 results briefing. Before we dive into presentation, I want to inform you with profound sadness and a heavy heart that there has been an extremely unfortunate incident in our Sindesar Khurd underground mine on 19th of August 2024, where we have lost two lives due to the inadvertent entry of the jumbo machine into an open stope, resulting in fatal injuries. I extend my deepest condolences to the families of the deceased and assure them that we stand in solidarity with them as they navigate these difficult times, offering them full support. It is depressing to encounter such incidents in spite of a constant emphasis on inculcating a culture of safety first across every corner of our business. Following an in-depth investigation, we will implement robust control measures and review our current safety measures to prevent such tragedies in future. Further, breaking the stereotypes against women, we have established all-women surface rescue teams of thirty employees, fully equipped and trained in critical areas, including work at height and confined spaces, et cetera, across locations. Our first all-women underground mine rescue team has also gone global, securing the title of world's second-best women's task force at the thirteenth International Mine Rescue Competition, held in Colombia. Such pathbreaking initiatives and industry-leading people practices have brought recognition to Hindustan Zinc as an employee's choice workplace at the WE- Matter Global Employees' Choice Awards of 2024. Featuring the Zinc City Udaipur, we organized India's most beautiful Vedanta Zinc City Half Marathon during the quarter for a noble cause of Run for Zero Hunger, garnering more than 5,000 participants, and also hosted the prestigious Zinc College 2024 for around 100 international delegates from over 20 countries, solidifying India's zinc-intensive low carbon future. Coming to the advancement on the sustainability front, we have extended our partnership with Serentica Renewables, with the third round-the-clock power delivery arrangement for 25 years, increasing the total RE power capacity to 530 MW, with a guaranteed power supply of 315 MW in each 15 minutes time block. This agreement takes the overall renewable power supply to an equivalent of 70% of the operational power requirement across the operations of Hindustan Zinc, as against the current overall renewable power share of 14%, resulting in a 69% carbon emission reduction from 5.5 million tons CO2 equivalent to 1.7 million tons CO2 equivalent per annum. Last quarter, as you already know, we have commenced our journey towards zinc-based battery by partnering with US-based Aesir Technologies as a preferred supplier for the nickel zinc batteries. Further advancing in this space, Hindustan Zinc is collaborating with Jawaharlal Nehru Centre for Advanced Scientific Research, a premier institute sponsored by the Department of Science and Technology, Government of India, for the development of new age zinc-based battery technologies, accelerating the global transition to a sustainable energy solution. As an update on our corporate social responsibility, Hindustan Zinc's unwavering efforts to bring in a positive impact on all communities intertwined with our operations have been recognized at the fourth Social Impact Award by the CSR Universe. Our state-of-the-art Zinc Football Academy has also been recognized as the Sports Academy of the Year at the Sports India Awards 2024. A quick snapshot of a few key CSR initiatives taken during the quarter is provided on slide 12 for your reference. Moving to the market update. As per leading analysts and latest updates, the market witnessed a wide range of sentiments despite the prevailing geopolitical tensions. Post a larger-than-expected rate cut by US Fed and the policy support measures announced by China, with an increase in demand from improved manufacturing activities on the back of lower interest rates, coupled with constricted base metal supply growth, we remain bullish on the metal prices. India, which is the fastest growing economies of the world, is forecast to have a GDP growth rate of 7%, and this demands a higher supply of metals to cater to the growing disparity between production and consumption, which is being translated into a steady increase in the metal imports. The steel production is also expected to reach over 300 million tons per annum by 2030, as compared to current production level of just over 100 million tons per annum. This deficit, however, ensures a strong domestic market for Hindustan Zinc. The domestic zinc demand has grown sequentially and is expected to remain strong, positioning India as the third largest zinc consumer by 2026. The silver prices touched their highest, $32.48 per troy ounce, in the month of September. In India, with the reduction in bullion import duty from 15% to 6%, domestic prices have fallen significantly. However, with improving customer sentiments and expected industrial demand, silver market is poised to grow much stronger. Giving an update on the operational performance of the company, I am extremely pleased to inform you that Hindustan Zinc has recorded its highest ever second quarter and half year mine and refined metal production. The mined metal production in second quarter stood at 256 thousand tons, up 2% year-on-year, while the refined metal production in second quarter was 262 thousand tons, higher by 8% year-on-year. Our precious metal silver production also stood at 184 tons, up 2% year-on-year and up 10% sequentially. Although the fumer is currently under ramp-up stage, we have produced an additional silver of 3.3 metric tons of silver and 1.5 kilotons of metal. Full ramp-up is expected by quarter four of FY25, enabling the achievement of 33 tons of designed silver production. Here, I would like to bring your attention to an important yet overlooked fact, that Hindustan Zinc boasts an industry-leading compounded annual production growth rate of around 5% in metal and silver, which is way ahead of other global zinc and silver peers. With consistent efforts during the quarter, we have also delivered a significant cost reduction of 6% over last year to help the company register a net profit of INR 2,327 crore, with a massive growth of 35% over last year, on the back of year-on-year growth in total revenue by 22%. Coming to projects, progress for the new 160,000 tons per annum roaster in Debari, and the 510,000 tons Hindustan Zinc Fertilisers Private Limited project is on track, with final commissioning targeted by quarter four of this year and quarter two of next year, respectively. Talking of to-date production, we have recorded a refined metal production of 524,000 tons in H1 of FY25, which is up 5% year-on-year. Considering a similar improvement in second half of this financial year, refined metal production, we are confident on achieving the guidance and would like to keep it unchanged. With this, I hand over the call to Sandeep for an update on financial performance. Thank you, Mr. Misra, and a very good afternoon, everyone. As Mr. Misra highlighted the best quarter operational performance, it is noteworthy that financial performance has been well supported by consistent cost reduction. I am happy to share that company has achieved the lowest second quarter cost in last four years. With the increase in share of our renewable energy power as a part of third PDA with Serentica as a group captive scheme, our major cost bucket of power will be predictable as it is a 25 year flat rate without any inflation. It will help us to move towards our design cost of $1,000 per ton in a faster way. Along with the favorable LME environment, the resultant financial numbers have been the best in terms of EBITDA margin, clocking over 50%, highest in last eight quarters, with four fifty basis points YOY increase in margin. Our revenue, EBITDA, and PAT before exceptional items, have been the best in last six quarters in absolute terms. Precious metal segment, that is silver segment, continues to contribute well around 40% in our overall segment results. Our domestic primary zinc market share has also improved significantly to 78% from 71% last year in the same quarter. Before dwelling into the details of the financials, I am excited to share with you that Hindustan Zinc has won Bronze Award at the fifth Tax India Online Taxation Awards 2024 for Outstanding Tax Transparency in the corporate above rupees 5,000 crore turnover category. Along with multiple other recognition, including the GST Compliance Excellence Awards and the Eighth Tax Strategy and Planning Summit Awards, et cetera, underscoring the company's unwavering commitment towards transparency and best governance practices. In addition to the government's commitment to empower the MSME sector, Hindustan Zinc has taken a lead and prioritized payments to its MSME vendors with an average payment cycle of 23 days during the quarter, which is half of the statutory requirement of 45 days. This corroborates our strong emphasis on the ESG principles, fostering trust in our supply chain partnership to enhance social responsibility. Now, detailing on the financial performance, the total revenue from operations during the quarter stood at INR 8,252 crore, up 22% YOY, with better metal and silver volume and price. Further supported by strong dollar and marginally offset by lower lead prices. It's up 2% quarter on quarter. On account of better lead and silver volume, partly offset by lower zinc volume and metal prices. For the half year, the revenue stood at INR 16,382 crore, up 16% YOY on account of better metal volume and higher silver prices, further supported by strong dollar and partly offset by lower silver volume and net prices. The quarter two zinc cost of production before royalty stood at $1,071 per ton, lower by 6% YOY on account of higher volume, better linkage, coal availability, further supported by softened coal and input commodity prices, along with the operational efficiency year- on- year. It was lower 3% sequentially, in line with better linkage, coal availability, operational efficiencies and softened coal and input commodity prices, further supported by better metal price realizations. Hindustan Zinc has delivered a 7% reduction in the half year cost of production, which clocked the four-year lowest COP of $1,089 per ton on H1 basis and for the quarter two, $1,071, indicating a progress towards recording the four-year lowest cost for the full year. The resulting EBITDA for the quarter registered a six-quarter highest, as stated earlier, at INR 4,164 crore, up 33% YOY and 6% quarter on quarter. For the H1, it stood at INR 8,109 crore, up 25% YOY, in line with the revenue and cost of production. The consolidated net profit before exceptional items for the quarter stood at. It's the highest in the last six quarters at INR 2,389 crore, up 38% YOY and 2% quarter on quarter. Net profit before exceptional item for the half year stood at 4,734 crore, up 28% YOY. Coming to net profit after exceptional item, it was 2,327 crore for the quarter, 35% YOY, in line with EBITDA, and down 1% quarter on quarter on account of exceptional item, higher finance cost and tax expenditure, offset by higher EBITDA. For the half year, it stood at 4,672 crore, up 27% YOY, in line with EBITDA. As a global industry leader, we have always been vigilant on the market dynamics, proactively monitoring and assessing their impact on our business. Last quarter, we have raised 90 KT of our expected zinc production for the full year as an ideal opportunity surfaced to cash in the prevailing volatility in the market. This quarter, we have further sold forward 61 KT of zinc, totaling the outstanding hedge position net of squared-off during the quarter at 99 KT of the zinc production for the remaining part of the fiscal year at an average price of $3,008 per ton. Taking it a notch up, we have taken a confident leap of expanding our hedge to our precious metal, that is silver. During the quarter, we have sold forward 83 metric tons of the silver for the second half of the year at an average price of $32.26 per ounce. During the quarter, the company has locked in a gain of INR 60 crore through a strategic hedging program. While Hindustan Zinc industry-leading production growth rate, as Mr. Misra mentioned, is worth mentioning, it is just one out of the numerous parameters like completely integrated operations, global cost leadership, ESG leadership, long mine life with second highest zinc reserve globally. India's only silver producer through primary route and consistent triple A rated by CRISIL and other agencies, which differentiate it from its global peers. While benefiting from these strong competitive advantage, Hindustan Zinc has been consistently recording a higher EBITDA margin among its global peers. Coming to the closure, we keep our cost and CapEx guidance intact, and now, I open the floor for your questions. Thank you. Thank you very much. We'll now begin with 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 handsets while asking a question. Ladies and gentlemen, we will 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, hi. Good evening, everyone, and congratulations for a good performance. Couple questions from my side. The first one is that the pyro plant was run on lead mode during the quarter. Now, lead prices were relatively subdued, so was it to exhaust the existing inventory that we might have since SK mine production was also a little bit lower, as mentioned in the press release, or was it to take advantage of the higher silver prices? And what would be the mode of operation going ahead? So, technically, we operated on the lead mode to take advantage of silver prices. Absolutely correct. Also, once we made the changeover, immediately returning back to zinc would require some more further distillation of the zinc product in the pyro mode when we run. So otherwise, you would be producing product which will not be fetching us the same premium like a zinc oxide that we sell. So that would require some more distillation columns to be put in. So we normally do the lead run if we at all. Whenever we pick up, we at least try to give a four, five-month run of operations in a row, so that you know, the material, that silver has to get into WIP, then from WIP, it has to get into bullion, then it gets into refining. That whole cycle can be completed, and we can take care of the WIP or locked up silver before we exit that mode and get into zinc plus lead mode. We say that we, we see that another maybe one or two months of operation would help us recover the silver, which is locked in the WIP, and then we can transfer it to the zinc plus lead mode sometime towards the end of this year. Zinc prices are steadily, you know, at around $3,000. As long as it is there, we'll take benefit of that by producing more zinc. ... Okay, that's very helpful. The second question is essentially on the cost of production. Now, this quarter, we also saw very good control on cost. Cost went further down, and now it is basically a little bit above the mid-range of what we guided for the year. Now, going ahead, since coal prices might just remain soft, other-- I mean, you will get the other cost advantage also because volumes are expected to pick up. So why have we kept our cost of production guidance same? I mean, shouldn't we be revisiting it now, or will we do it maybe at the end of third quarter also? So while Sandeep will address the details, see, the strategy is going forward, as you know, H2, as the quarter three, quarter four performances are much stronger. So we would always expect much better performance, both in terms of grade of material being mined, the operational performances, the current efficiencies, et cetera, et cetera, which should give us a cost advantage. While the coal prices may go up, at the same time, more and more renewable power will also drop in as time goes by. And we are very confident of hitting the cost guidance as well, along with the metal guidance that we have given. Maybe Sandeep can elaborate on this. Yeah, Amit, thanks for the question, and I am sure you are fine. Regarding the cost, I think just wanted to highlight the renewable energy has helped to reduce the cost YOY nine dollars per ton, and our renewable power share has moved to, from last quarter, 8% to 14%. So it is very clearly that renewable energy is adding into the cost benefit. And by quarter four, we will be exiting around 23%-25% with the renewable energy share. Of course, the cost guidance, as you said, mid, but I think we have also given the lower band of $1,050. So it's better to achieve the lower end of the guidance and to be a better, rather than revising the guidance. But I'm sure we have a better cost in terms of what we are predicting, but we would like to keep it unchanged between 1,050-1,100. That has been the overall guide given. But we are confident that we will be delivering towards the lower end of the cost band. Okay, that's very helpful. Thank you, and I'll be back. Thank you. Thank you. Participants, you may press star and one to ask a question. Next question is from the line of Kirtan Mehta from BOB Capital Markets. Please go ahead. Thank you, sir, for this opportunity. We had on the last call mentioned that we had appointed a consultant for expansion to two million ton mine run rate, and that report might be available by August, September. Would you be able to share highlights from the report and recommendations? No. So, the report that we have now says that the mines have to be developed in a particular manner to make, you know, adequate ore for two million tons. So for that, we are now inviting discussions with mining contractors, which are, who are global contractors. So by the end of November, we should be able to fix the global contractors, whom we will appoint for starting the mine development. Because that is the first part, is the mine development, then only we can produce. Then the question comes on the logistics of how to transport the material out of the mine and then the concentrator expansion, which is feasible and very easy to do. So that will follow. But first part, as far as this of a two million ton is concerned, project is feasible. There is no doubt on that. It is only the mining contractor's appointment, and to see how the adequate metal and concentrate can be produced from the mine. How would that be linked to the exploration strategy? Because we'll also have to sort of enhance exploration as well. Obviously, obviously. So we have got, say, thirty million ton metal in ore as resource, and out of that, we have got close to twelve million ton metal in ore as reserve. So, that twelve million ton metal in ore as reserve provides at least five years, which you require mandatorily for mine planning, for getting any approval through IBM and other such authorities, right? So with that, we are safe on that. We have got five years, more than five years of proven reserve at two million ton level. Now, the question is, we have got, if you subtract the twelve million ton, we have got more than eighteen million ton metal in ore in the resource category. Then the target would be to convert that into reserve. At about 90% level, that would also go down to maybe 16-17 million tons of metal in ore as a reserve. And then, of course, parallelly, we will be adding more from Zawar mine, from Rajpura Dariba mine. There are probability of adding more and more in the resource. Net-net, about 10 years of reserve at 2 million ton level, that is 12 million ton current reserve, to expand to more than 20 million ton is very feasible and visible also. How would this be split across mines when we sort of target the two million ton run rate? What would be the contribution of Zawar, Rajpura Dariba and different mines? So as a percentage, I won't, I won't comment right now because let the full thing of the project be done. But of course, we would love to have as much production from Rampura Agucha as possible, because that is the highest grade. And the biggest expansion that can happen with the current operations from is in Zawar, Zawar mine, where there is virgin resources are available. So we will have to make a combination so that, you know, overall grade, which is around 7.2%-7.3%, does not vitiate, because that will impact the cost. Right, sir. One more question was about, would you be able to highlight the sensitivity of your EBITDA to zinc and silver prices for a change of, say, $100 and $1 in silver? ... So I think it is not only the sensitivity of the prices, also the operational point of view. Given that, how much the lead MIC will be there, how much the zinc MIC, how the SK lead MIC will be there. So that is also one of the major driver when we take any pricing decision. Of course, from a thumb rule number point of view, even at the silver, if that current level of $32, if I just put theoretically, the zinc prices has to be $3,400-$3,500, if I have to make it break even. Just from your key understanding point of view. But it is more driven from the availability of the right blend of the concentrate, especially for the SK mine. I hope you are. I'm able to convince- I did not actually hear. You said that actually hear. You said that the $32 silver, you said that the zinc price need to be around $3,400-$3,500 for break even. Yeah. I actually did not follow that. I'll probably- So I was saying, you were saying about the pyro lead ore versus the zinc lead ore. To make it a break even, if the, I have to produce zinc or silver, that is more from a technical driven decision. Availability of the concentrate, especially on the SK mine, and as Mr. Misra was saying, technical WIP liquidation, there are many other variables. But from the pricing point of view, as an analyst, it may be a break even if the silver is $32 and zinc is $3,500, then we may make silver and zinc EBITDA equal. Unless, because currently the zinc LME $33,000 and silver $32, it's better to make silver, but the metal also has to be made available to consume. Understood, sir. And then probably the one more last question in terms of the zinc outlook. We had earlier expecting sort of zinc to reach $3,000. We are already at that level. So how do you see zinc progressing from here to the end of the financial year? I have been very consistent in saying zinc balanced, stable price is $3,000, so I don't expect a big change anywhere before December. November sixth is the U.S. election. I think the results should be out by January first week. I think January sixth is their date for transfer of power. By December eighth, once we know the results of U.S. election, I think that will be the... The Fed rate cut has happened. China, they have declared their policies for boost up of the economy. Now, the next big thing that can happen is U.S. elections, and we will see how the world market reacts to that. Rest of the events for geopolitical events, whether it is Russia, Ukraine, or Israel, Gaza, both are more than one year old, and the whole business ecosystem has become oblivious to that. Sure, sir. Thanks for the answers. Thank you. Thank you. Next question is from the line of Vikas from Phillip Capital. Please go ahead. Good evening, sir, and thank you for the opportunity. Sir, given that, our second half usually quite good in the volume terms, and we already did five 23 K in the first half, can we safely assume that we will at least meet the higher end of the volume guidance and probably exceed the expectation? First, landing at the guidance is always important, because these are talking of volume. Where we end, of course, it depends upon how much more Quarter Four can be compared to Quarter Three. So I'm with you on that, that I should motivate my people to reach the higher end of the guidance. But let's see, we should be in the guidance. I think that is what we can safely enforce. Understood. Sir, my second question pertains to the fumers. We didn't get update on the fumers, what stage they are in, and the pending fumers, have they commissioned or not? So fumer, we have been ramping up, and of course, we have faced many technical difficulties in the fumer. One, of course, we could not get Chinese experts at site because of various visa issues, but we have been taking their help remotely and trying to manage. Last three months of operation, three or four months of operation, has given us sufficient knowledge as to set right lot of the either design inefficiencies or, you know, early failures of certain parts of the equipment, which we are now taking a long shutdown, and we are setting it right. We are very confident that after this shutdown, the fumer will come back in the way it will operate, and we know exactly how to operate now. So we should get fantastic results starting from Quarter Three into Quarter Four. So as of now, we have not get any benefit of the fumers, so far? No, no. I think about three tons of silver we have got out of this fumer. So... Understood, sir. One and a half something like metal we have got. Understood. Sir, silver prices versus the MCX, so, I believe we had to sell at certain discount. So what was the discount in the 2Q, and what is the spot discounts? No, we don't sell- Or if there any? No, no. No, no, we don't sell on the discount. Basically, we compare our silver sales versus the CRISIL benchmark. So whatever the CRISIL publish the daily benchmark, against that we do, and we have been always better than the CRISIL benchmark. So we don't sell at a discount to the LME prices. Understood. And, just one last question, if I may pitch in. Once our DAP plant with commission, I just wanted to understand the, what is the additional EBITDA at a full utilization, at current prices that plant can make versus the assets which we are selling? You are talking about DAP plant, means Debari plant? ... No, no, no, no, that's the fertilizer plant I'm talking about. That, that, that. Hindustan Zinc Alloy. So Hindustan Zinc Alloy has already given the EBITDA up to INR 13 crore in the H1, and the quarter two, it has been given 17 crore of the EBITDA in the Q2 itself. So at a full capacity level, it will be give around INR 70-80 crore of the EBITDA on a full year basis. Sir, that is understood. My question was pertains to DAP/ NPK Fertilizer Plant at Chanderia. DAP, DAP. So DAP- DAP. Yeah, yeah, DAP. So once that is commissioned, then obviously our byproduct costs would also go down because we would be consuming it there. So EBITDA additional EBITDA expectations, I just wanted to understand. Additional EBITDA over the asset price realization today, what we are getting. It will be around INR 450-500 crore on the five next term of the DAP NPK production. Understood, sir. That's all from my side, and thank you for taking my questions. Thank you. Thank you very much. Participants, you may press star and one to ask the question. Next question is from the line of Ritesh Shah from Investec. Please go ahead. Hi, sir. Thanks for the opportunity. Couple of questions. First is, do we have any hedges at this point in time for second half or for next fiscal? Yeah. Hi, Ritesh, I hope you are doing good. Yes, we have hedges for the H2 1 lakh ton around for the zinc at $2,008, as I said in my opening remarks. And also the silver has been hedged for the H2 83 ton at the price of $32.226 ounces. Sir, anything for next fiscal? No, nothing as of now for next fiscal. Nothing. Okay. My second question was, any updates on Bamnia Kalan? Specifically, it's a big one. How are we looking at it? Any timelines? Bamnia Kalan mine, it's boundary work which has already been done about 90%, and the portal construction work is going to start. We believe that next 12 to 18 months, because it's the mine that's opening, so we have all the necessary approval in place. Mine opening is taking some portal construction, reaching to the ore body. It should be say, in my view, around the quarter four of 2026, kind of thing, situation where we should be able to reach to the ore body. All right. Thank you. This is helpful. So third question is on Supreme Court mining judgment recently. Most of the companies basically they have spoken about hefty liabilities, but it's more work in progress. There is no clear-cut understanding on what the quantification is. So what is our takeaway here? I was just looking at our contingent liabilities. There is a number which is there, but would like to have your take on how we should understand or read this matter. Ritesh, I think just to update you, I think that contingent liability number will not remain now. Whatever the number was there, has been already provided. So net impact on account of the Supreme Court judgment from the retrospective point of view, has been INR 83 crore, which has been well provided in the books, in quarter two and appearing as part of the exceptional item. It's only 83 crores, right? Also provided for, that's right? Yes. Yes. Okay. That's, that's useful. So just coming to broader questions, Hindustan Zinc hasn't provided for the dividend date. Usually we see Hindustan Zinc going first and then Vedanta. Any specific reasons or not the right question? No, on the board minutes, you will notice, there's no discussion on dividend today. Okay. We did not give any dividend intimation, anytime. No. Correct. So normally it's us first, and then basically, Vedanta comes in. What you are saying, frequency is fine, but the timing is different, no? First, the first activity has to start for the second activity. First activity will start with the notification for dividend, which has not happened. Correct. Fair thing, and so just three quick questions. Earlier, the company was planning to bifurcate the company into silver and zinc. Is it something which is on the table or is it on the back burner? No, nothing on back burner. It is, all the issues we are discussing with government, and whenever, you know, both sides agree, it will happen. The government, disinvestment- Okay. - is, effort is also going on, so there are so many things happening parallelly. Okay. And so there were talks about setting up a zinc smelter in Gujarat. Is it on the table or is it off? No, it's not on the table. Okay. And lastly, sir, you indicated a couple of numbers for DAP, NPK production. Possible to give some timelines over here, please? So fertilizer committed timeline is going to start in the FY 2026, between around Q3. Like Q3, FY 2026. That's very useful. Thank you so much for the answers. I really appreciate it. Thank you. Thank you, Ritesh. Thank you. A reminder to all the participants, you may press star and one to ask a question. Next question is from the line of Sumangal Nevatia from Kotak Securities. Please go ahead. Yeah, good evening, sir. I just have one question left. If you could please guide us on the capital structure and what sort of debt do we expect to see on the balance sheet on a steady-state basis? This question is because in the first half, we've given a substantial dividend, and now we are sitting on almost INR 6,000-odd crores of net debt. So are we open to, I mean, for the dividend requirements, et cetera, are we open to run a net debt balance sheet, or this is just a timing thing, and we would have close to a net net debt zero balance sheet going forward? ... So, Sumangal, I think you rightly pointed out, it's a timing mismatch. Of course, given that 12,000 crore was given in the form of dividend, and we have already generated free cash flow of 7,000 crore in the H1, and normally has to remain better. So I think it's only a timing difference. Of course, we are having the CapEx as well. So overall, we expect that given a $1 billion, we expect to generate free cash flow during this year, and by March end, we expect to be around 2,000 crore kind of net debt number at the year end. On a steady basis, we'll be always in net cash, but as we go for the two million ton of the expansion, we may look for some debt equity, depending upon our project IRRs being a very, very high business. So we'll see what is a better capital allocation when you go for two million ton. However, in the steady state, we don't have anything at this point in time which should be worried about. Understood. Just one more question, given we are talking about the very long-term target of two million tons, we're losing two mines, which is Zawar and RA in 2030, or we would be able to retain it because of our offer clause. Is it possible to share what sort of, I mean, cost escalation scenarios are we building in internally, given this expanded capacity will come in around that time itself, and we have to participate in the auction or at least match the highest bid? You will appreciate in today's dynamic economic scenario. We normally plan at the most for three years. We are in 2024, and the event is likely to happen in 2030. It's six years ahead. Let's see what happens to the policy by then. The realization of the entire auction process also would be better known. We'll see by then what happens. This would then be just one last question. Given all our projects are working well, next year, could we expect very close to our rated capacity of 1.2 million tons in terms of? Yeah, of course, of course. We will try, we will, reach the 1.2 million ton next financial year. Understood. All right. Thank you, sir, and all the best. Thank you. Thank you very much. A reminder to all the participants, you may press star and one to ask a question. As there are no further questions, I would now like to hand the conference over to Miss Kritika Mehta 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, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.