Ladies and gentlemen, good day, and welcome to the Q1 FY 2027 Earnings Conference Call of Hindustan Zinc. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing *0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Raksha Jain, Director of Investor Relations of Hindustan Zinc. Thank you, and over to you, Ms. Jain. Thank you, operator, and good evening, ladies and gentlemen. Thank you for joining us today to discuss the Q1 results of FY 2027. In this call, we will refer to our investor presentation available on our company's website. Please note that today's entire discussion will be covered by the safe harbor clause mentioned on slide two of the presentation. Before we move ahead, we would like to update everyone that our Board of Directors has appointed Mr. Amarendu Prakash as the CEO and Whole-Time Director of Hindustan Zinc with effect from first August 2026. Mr. Prakash is our steel industry veteran with over 30 years of experience at SAIL. He served as Chairman and Managing Director of SAIL from 2023 to 2026. During his tenure, he spearheaded key initiatives in operational excellence, capacity expansion, and digital transformation. Today's call is joined by our CEO, Mr. Arun Misra, CEO Designate, Mr. Amarendu Prakash, and our CFO, Mr. Amit Gupta, who will also be interacting with you during the call. As you would have seen from our earlier announcement, Mr. Amit Gupta has recently been appointed as the Chief Financial Officer of Hindustan Zinc. The management will be discussing the operational and financial updates for the quarter, followed by a Q&A session. I would like to invite Mr. Arun Misra to present the results. Over to you, sir. Thank you, Raksha. A very good evening to all of you. Thank you for joining us today. We are pleased to begin FY 2027 with a strong quarter marked by solid operational and financial performance and continued execution of our strategic priorities. Our integrated business model, industry-leading cost competitiveness, and disciplined approach continues to differentiate us and position us well for long-term value creation. During the quarter, we also achieved a significant milestone in our diversification journey by securing a mining lease of a rare earth elements and yttrium block in Gundlupet, Karnataka, further advancing our ambition of becoming a diversified multi-metal enterprise and reinforcing our commitment to supporting India's Critical Mineral Mission. On the sustainability front, Hindustan Zinc continues to make strong progress against the performance expectations set by the ICMM. During the quarter, following Chanderiya Lead- Zinc smelter, Rampura Agucha Mine became the first mine in India to receive The Zinc Mark certification, underscoring our commitment to responsible resource use and lower environmental impact. Our renewable energy consumption increased to 22%. We deployed India's first 250 metric ton electric crane and strengthened our partnership with The Energy and Resources Institute through a 250-hectare natural forest development project at Chanderiya. We've also signed MOUs with Advantech Associates LLP and Aeroeagle Automobiles Private Limited to advance the adoption of green hydrogen and other clean energy solutions. I am pleased to share that these industry-leading sustainability practices have led to Hindustan Zinc's inclusion in the Dow Jones Best-in-Class Emerging Markets Index for the first time, a testament to our unwavering commitment to sustainable value creation, responsible business practices, and ESG excellence. Our CSR initiatives continue to create meaningful impact across local communities through focused interventions in nutrition, healthcare, education, and sustainable livelihoods, strengthening community resilience and generating long-term social values. During the quarter, we added 1,869 new Nandghars across Rajasthan, taking the cumulative total to over 11,000 Nandghars. Moving to the market environment, India continues to remain one of the fastest-growing major economies despite an evolving global backdrop. Manufacturing activity remained in expansion territory during the quarter, supported by resilient domestic demand, sustained government capital expenditure, and continued infrastructure investments. Against a backdrop of geopolitical uncertainties and evolving trade dynamics, base metal markets remained relatively resilient during the quarter. Zinc averaged $3,466 per ton, reaching a high of $3,625 per ton, while lead averaged $1,954 per ton. Market fundamentals remained broadly supportive, underpinned by constrained mine supply and steady demand from infrastructure, galvanization, and battery applications. Silver prices moderated during the quarter to $73 per troy ounce, compared with the strong levels seen in the previous quarter, reflecting broader macroeconomic and investor positioning factors. Nevertheless, silver fundamentals remain supported by robust industrial demand from solar, electronics, and electrification applications, alongside continued investment interest. While near-term price movements may remain volatile, the medium-term outlook continues to be constructive, driven by structural demand from the energy transition and relatively constrained global supply growth. Turning to operational performance, we delivered a strong start of the year with the highest ever first quarter mined metal production, up to 68,000 tons for the fifth consecutive year, alongside refined metal production of 260,000 tons, which was up 4% year-on-year. This growth was driven by better mined grades and the benefit from the 160,000 tons per annum roaster, which is now taking care of the additional concentrate requirement during the maintenance activities. The output was further supported by debottlenecking at Chanderiya and Dariba, despite the planned maintenance activities at the lead smelter. On the cost front, despite a volatile geopolitical environment, we achieved the lowest quarterly zinc cost of production, excluding royalty, since underground transition to $851 per ton, reflecting a decline of 16% year-on-year. The reduction was driven by better grades, higher metal production, increased renewable power consumption, and better by-product realization, partly offset by higher input commodity prices, especially energy prices, in line with the geopolitical crisis globally. We achieved 149 tons of silver production in line with the lead production, and our silver portfolio continues to contribute 46% to overall profitability. With our continued focus on capitalizing on the favorable price environment and optimizing inventory, during the quarter, we strategically sold 10,000 tons of lead concentrate. This combination of lowest cost of production, strong output, and commodity tailwinds translated into an all-time high quarterly financial performance. During the quarter, we reported highest ever EBITDA of INR 8,074 crore, resulting into record net profit of INR 5,469 crore, making a new milestone for the company. On the growth projects front, we are making steady progress as planned for the 250 KTPA integrated zinc smelter at Debari. Mine development activities have started for matching the mining capacity. For the tailing reprocessing plant, construction activities have started, and site mobilization for the infrastructure development is completed. Our other two key projects, that is hot acid leaching plants at Dariba and fertilizer plant at Chanderiya, are on track to be completed by Q2 of the year. Looking ahead, our strategy remains clear and consistent. We are committed to execute our growth projects with discipline, maintaining our industry leading cost positions, strengthening our resource base, and prudently allocating capital to maximizing long-term returns. The strong start to FY 2027 reinforces our confidence in the execution of our strategy. As demand for zinc, silver, and critical minerals continue to be supported by global mega trends, we believe Hindustan Zinc is well-positioned to deliver sustainable growth, resilient cash flows, and long-term value creations for our shareholders. As I conclude, I would like to express my heartfelt gratitude to our shareholders, employees, customers, business partners, and all our stakeholders for their unwavering trust and support throughout my tenure. It has been an absolute privilege to lead Hindustan Zinc and be part of its remarkable transformation and growth journey. As shared earlier, Mr. Amarendu Prakash will now take over the responsibility of leading Hindustan Zinc. Having worked closely with him, I am fully confident that his vision, deep industry expertise, and proven leadership will guide the company to even greater heights. On a personal note, it has truly been an honor to serve Hindustan Zinc. I leave with immense pride in what we have accomplished together and with great optimism for the company's future. I sincerely thank each one of you for your trust, encouragement, and partnership throughout this journey. I wish Amarendu and the entire Hindustan Zinc team and all our stakeholders continued success in the years ahead. With this, I now hand over to Amit for an update on the financial performance. Thank you, Mr. Misra, and good evening, everyone. The global macroeconomics environment continues to be influenced by geopolitical development, evolving trade policies, and uneven economic growth. Despite these challenges, India remains one of the fastest growing major economies, supported by strong domestic demand and infrastructure investments and a stable policy framework. While commodity market may remain sensitive to global development in the near term, the long-term outlook for our key metals remains positive. Zinc demand continues to be supported by infrastructure development and galvanized steel consumption. While lead fundamentals remain stable. Silver is benefiting from accelerated adoption across solar, electronics, and other energy transition applications, creating a strong structural demand outlook. In this environment, Hindustan Zinc focus on operational excellence, cost leadership, disciplined capital allocation, and a strong balance sheet provides a solid foundation for sustainable growth and superior shareholder returns across commodity cycles. I am pleased to share that we have started FY 2027 on a strong note, delivering record financial performance and crossing the INR 8,000 crore quarterly EBITDA milestone for the first time. This performance reflects our focus on operational excellence and disciplined execution, supported by the benefits of last year's de-bottlenecking projects, the commissioning of the additional roaster, higher operational efficiency, and the lowest zinc cost of production, excluding royalties, since our underground transition. Silver continues to be a key earning driver during the quarter, contributing approximate 46% of overall profitability and reinforcing its strategic importance to our portfolio. During the quarter, we delivered our highest-ever quarterly revenue from operations of INR 13,747 crore, up 77% year-on-year, driven by higher metal production, supportive commodity prices, better by-product realization, lead concentrate sale, and a stronger dollar. We have also delivered the highest-ever quarterly EBITDA of INR 8,074 crore, up 109% year-on-year, with a net industry-leading EBITDA margin of 59%. This performance was further supported by the lowest-ever quarterly zinc cost of production, excluding royalty, since our underground transition at $851 per ton. During the quarter, we also monetized 10 KT of lead concentrate, equivalent to approximate nine ton of silver and 6,000 ton of lead metal content. Reflecting this strong operating performance, we delivered our record quarterly net profit of INR 5,469 crore, up 145% year-on-year. Our ability to generate strong free cash flow of INR 5,253 crore, pre growth CapEx, demonstrate the resilience of our business model, industry-leading cost competitiveness, and disciplined financial management. This robust cash generation enables us to fund our strategic growth projects, maintain balance sheet strength, and create long-term value for our stakeholders. We ended this quarter with a net cash position of INR 5,572 crore, providing significant financial flexibility to pursue value-accretive growth opportunities while maintaining an attractive shareholders' return profile. Our strong balance sheet, net cash position, and disciplined capital allocation framework position us well to fund future growth while continuing to reward shareholders. Our capital allocation priorities remains unchanged, investing in high-return growth opportunities, maintaining balance sheet strength, and returning surplus cash to shareholders. Reflecting our confidence in the business and strong cash generation, during the quarter, the company paid its first interim dividend of INR 11 per share, reaffirming our commitment to delivering sustainable shareholders' return. Beyond the value creation for shareholders, we remain committed to create meaningful value for the broader economy and society. During the quarter, Hindustan Zinc contributed approximately INR 6,450 crore to the national exchequer through taxes, royalties, duty, and other statutory levies, underscoring our role as a responsible corporate citizen and a significant contributor to India's economic development. Looking ahead, our priorities remains clear: maintaining industry-leading cost competitiveness, executing our growth projects safely and efficiently, preserving balance sheet strength, and delivering superior returns through the cycles. As we progress on our 2x growth journey and capitalize on the long-term structural demand outlook for zinc and silver, we remain confident in our ability to create sustainable value for all stakeholders. With that, I would like to thank all our stakeholders for their continued trust and support. I will now hand over the call to the operator for the Q&A session. Thank you. Thank you very much. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press *1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press *2. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Pallav Agarwal with Antique Stock Broking. Please go ahead. Yeah. Good evening, everyone, and congratulations to Mr. Arun Ji, and best wishes to the incoming management team. I had a couple of questions. First one was on the power and fuel cost. On a sequential basis, it has gone up despite metal production being lower, and I think the RE proportion of energy also was better compared to the Q4. Any particular reasons for the increase in power and fuel cost on a sequential basis? The power and fuel cost during the quarter has increased majorly due to our realization of linkage coal, which is slightly lower due to the various reasons, including the mine conditions from where we take coal. On top of it, there is an impact of imported coal, which is slightly at a higher cost as compared to earlier, although we have consumed more RE power. This quarter is slightly higher on the power and fuel cost. Okay. What is the proportion of domestic coal in terms of linkages? 36% compared to, it was 54% last year, 64% in Q4. Sure, sir. If you would just, I think, as a policy, we never used to sell concentrate earlier. Are we doing this on a temporary basis till the smelting capacity comes We still don't sell concentrate. We still have the same policy that we don't sell concentrate. If you recall, when we commissioned the 1 million ton capacity new mill in RD mine. In the initial days, during stabilization of the plant, we had produced lots of lead concentrate, which are of a slightly inferior grade and unusable in our own smelters. We thought we would make good of that with the good grades that we produce later on. Looking at the price of silver and the good prices that we are doing, we didn't want to lose the opportunity by derating these smelters by using inferior grade of concentrate. That stock, which we were carrying for a long time, overage stock, that's what we sold in the market, taking opportunity of the high LME, and we realized almost silver equivalent of nine tons through the sale and about 6 KT of metal through the sale. That's how we have made good of a situation where the old stock we disposed of, creating value for all of us. Sure. Is the stock being exhausted, sir, or we still have some of that old inventory with us? Almost we are segregating, maybe some amount still is there, but we'll figure out if we can use it. Now the smelter shutdown are all over, capacities are back, and we won't like to keep the smelters empty, so we will not immediately sell unless we find that mines productions are at such a level that the smelters are not starving of any amount, then, and then only. Sure, sir. Also, if you could just share the absolute revenue number of the concentrate sales. The INR 315 crore is the revenue from concentrate. INR 315 crore. Okay. Finally, are we expecting any production for the rest of the year? We shouldn't have any further shutdown or maintenance plan, right, for the remainder of the year. Roughly, we have given a guidance of 1.1 million ton for the year, right? And we have done 260 KT just now. Yes, now everything is back and we won't have any further shutdown, and we will deliver on our commitment of 1.1 million ton. Sure, sir. Thank you so much. Thank you. Our next question comes from the line of Suman Kumar with PhillipCapital. Please go ahead. Good evening, everyone, and congratulations on a really good set of numbers. My first question is, considering the kind of production for Q1, what we have achieved, what is the confidence that we will achieve the targeted production guidance? Would the management try to even revise or change the guidance for the year? That would be my first question. No. See, if we see Q1, if we have done 260 KT, even on a straight line method, we are already at 1,040, right? We have given a guidance of 1.1 million ton only. It's only little. We are absolutely confident of producing where typically Q2, Q3, as we go forward, the production numbers are the highest. Q4, normally we touch even close to 280, 290 KT. I don't see any reason why we will have any difficulty in reaching 1.1 million ton. Second, sir, what is your expectation of what is the net cash position of which we will be exiting FY 2027? At this point of time, we are a net cash company. Based on the volumes we have predicted and the prices which are going in the market, we believe that we are going to be net cash company now. Okay, sir. Just one more question. In the notes to accounts, specifically in point 5, there have been mentioned that SEBI had flagged a couple of observations on related party transactions. Although there has been no financial penalty or restriction or any kind of imposition on the group, it has been mentioned that in line with SEBI's directions, several corrective measures have been taken. Could you please throw a little bit of light on this, please? The way it operates is, all the related party transactions, we take a omnibus approval and staying with that limit, we operate. Suppose in that omnibus approval, I had, say, INR 300 crore for a metal quantity of, say, I'm just giving a number of, say, 100,000 tons, right? The operating people always focus on that 100,000 tons. Now, if the LME increases, the value crosses INR 300 crore. That's what, for us now, internally the SOP we will do is, at a 80% level, alarms will be generated that we are about to cross 80% of the value approval. Go back to board and inform audit committee and take that approval. Otherwise, there is no breach as such. Thank you, sir. I just have one more question, that in the presentation, when we are mentioning that the zinc smelter and the lead smelter, that is close to about +600 KT of metal capacity, that is in conceptualization stage. Could we have a timeline, as in like once the board approval happens, what is the timeline, or how many months are we looking at for this capacity to come online, and what would be the approximate CapEx outlay for this? This CapEx outlay, we just can't, because we are now going through the tendering process, and maybe in another one month's time we would know exactly. If I do a straight line method, for a 250 capacity, we say around INR 12,000 crores. We can see, including mines, somewhere around 650 KT will be about two and a half times of that, so roughly about INR 24,000-25,000 crores. Yet, I will wait for that tendering to be done. Second, we are estimating a timeline of 36 months of construction period, post approval by the board, which we expect by Q3 of this year, we will move for board approval. Okay, sir. Thank you, sir. Thank you. Thank you. Our next question comes from the line of Manav Gogia with Yes Securities. Please go ahead. Hi. Thank you so much for the opportunity, and congratulations on the good set of numbers. Sorry to interrupt, Manav, your line seems to be slightly muffled. I request you to please check the mode that you're using. Yeah. Hi. Is this better now? Yes, much better, sir. Please go ahead. Yes. Thank you so much for the opportunity. My first question is in line with the previous participant on the operational guidance. If you look at refined metal, looks to be achievable for whatever guidance you had given for 1.1 million. When we look at the volumes for silver, how should one look over the next three quarters? Because if we have to attain the 680 tons target, then we'll have to average at about 175 tons a quarter now. What would your view be on this, considering that prices have come down and now zinc prices are also quite attractive. If you look at the silver production, actually, the silver grade this quarter has been better. In spite of a better grade, we have just produced 149 tons, a rough estimate of 10 to 15 tons of silver would be locked up in the WIP. If you take out the concentrate sale, then actually 158 tons of silver that we have, value has been extracted. Going forward, typically Q2 up till Q4, we ensure that the mine development is such, we hit even better PPM ore for silver, and we maximize in Q4. Looking at that, we can surely say it will not be difficult to achieve the guidance numbers. Okay. Understood. Second question would be, if you could let me know if there are any current hedges which are open for FY 2027, and how should one be looking at the hedging policy going forward. At this point of time, we have 48 KT of zinc which are open at the rate of USD 3,162 per ton, and silver 34 tons at the rate of USD 63 per ounce. As of now, we are not doing any hedging, considering the volatility in the market. At the appropriate time, whenever we do, we will update. Okay. We did these hedges in Q1, or these are carry forward from Q4? No. This year, we haven't done any hedging. Okay, we haven't done as of now. Okay. One last question I wanted to also ask was, this is related to your DAP fertilizer plant. Since it is expected to commission in Q2, and we're already out within Q2, can we get a definitive timeline on what is the targeted date or the month? Can you also shed some light of how the unit economics is expected to look out of the same? What will get commissioned in Q2 is the phosphoric acid portion of the fertilizer plant. It's the phosphoric acid plant that will be commissioned. If you note that for the fertilizer plant, we are yet to complete the whole construction because the environment clearance and other regulatory approvals are pending. Once that is completed, then only we'll move to fertilizer. As of now in Q2, you can expect phosphoric acid plant to be completed and maybe some of the sulfuric acid will be converted to phosphoric acid for better realization in the market. Okay. Got it. What would be the timeline for the fertilizer plant then? Fertilizer plant should come in place by Q1 of next financial year. Okay, got it. Sure. Thank you. That's all from my end. All the best. Thank you. Our next question comes from the line of Pratim Roy with 360 ONE Capital. Please go ahead. Yeah. Hi. Congratulations on the strong quarter, ma'am, and whole team. I have three questions. Firstly, there are several media article on Government of India selling the stake in Hindustan Zinc. Is there any update which can be shared on these figures? That is the first question. It's for government to give the update. We really can't give any update on what government will do. Okay, sir. Okay. Secondly, is there any change in the dividend policy after the demerger happened at Vedanta? How should we see the dividend paying this year? Dividend policy, there is no change. There is no change in the dividend policy. We have a minimum 30% of our profit and/or 5% of reserves, as per the policy we'll pay. During the first quarter, we have paid INR 11 per share already. It's a matter of board. At the appropriate time, whatever decision is being taken, we'll be updating. Okay, sir. Okay, thank you, best of luck for the coming quarter. Thank you. Thank you. Our next question comes from the line of Anirudh Nagpal with JM Financial. Please go ahead. Thanks for the opportunity, sir, and congrats on a great set of numbers. My only question is that recently company won the RE block at Karnataka. Can you please share the action plan or the details of the block, and by when should we expect the production to come? How should we see the net concentrate sale? Will it be coming in the coming quarters? Yeah, that's my question. This is a RE yttrium block, if you know that yttrium is used mostly for various electronic purposes, like any red LED lamp that we see, red LED is made out of yttrium as a phosphor element in that red LED. It is used for various other medical purposes as well. It is a very important metal for India's development. The question is, we have just got the block at G2 level. Immediate task is exploration. Typically, it would take two years to three years for exploration, establishing the reserve resource base, and then doing the mine plan. You can say the mining and then metallization will take at least anywhere between five to six years. That means maybe 2031, 2032 would be the first time the production will come to market. Got it, sir. Thank you. Thank you. The next question comes from the line of Sumangal Nevatia with Kotak Securities. Please go ahead. Yeah, good evening. Thanks for the chance. First question is on the cost. On the $50 per ton reduction quarter-on-quarter, can we share some breakup as to what are the drivers, and quantify? During the quarter, our COP is broadly in line with the guidance we have given, which is $975-$1,000, and the additional benefit is because of the by-products realization, which is higher than this. Okay. Between, say, this quarter and last year, what would be the incremental delta from by-product realization? Is it possible to explain? Yeah. By-product we are selling through the auction, and whatever price we are realizing, it is getting offset in COP, cost of production. Based on that, the numbers which are there, we're reflecting in our financials. Sure. Second question is on the zinc processing plant. If you could just share some details as to what is the recovery expected on full utilization, and what is the time for the ramp-up. Same with the Which zinc processing plant we are talking about? Is it a tailing recycling plant? Yeah. Tailing processing. Are you talking about the tailing recycling plant? Yes. For tailing recycling, we have just started the construction, so it will be another 24 months before the facility can be constructed. We expect about 30, 35 KT of zinc to be produced out of that. Okay. Does it take to ramp up or, say, in three years' time we can get this output? Tailing reprocessing, apart from in one mine in Australia, nobody has done. We are at such capacity. I would expect it to have a ramp-up period of anywhere between six to eight months. Okay, understood. Just lastly, with the fertilizer plant, what is the total CapEx we've spent till now, till Q1? Around INR 500 crore we have already spent. Understood. All right. Okay, thank you and all the best, sir. Thank you. The next question comes from the line of Tejas Pradhan with Citi. Please go ahead. Yeah. Hi, sir. Just wanted to recheck on the hedge number. I missed the quantity for zinc. The price, I think, was $3,162, right? Zinc quantity is 48,000 ton, 48 KT. 48 KT. Silver was 34 tons at $63, right? Right. Okay. Understood. Just on the first quarter, what would be the hedge losses? The hedge losses are to the tune of INR 200 crore. INR 200 crore. The full year CapEx guidance and the CapEx spent in Q1? The guidance for the year is, on the gross project is around $ 500 million-$600 million we are expecting. During the quarter, we have spent around INR 800 crore on that. INR 100 crore. Okay, understood. Thanks. Thank you. Ladies and gentlemen, we will now take one last question, which will be from the line of Pinakin with HSBC. Please go ahead. Yeah. Thank you very much. Just trying to understand, the sulfuric acid prices have been very, very strong. They are up 200% on a year-on-year basis, prices have again recovered. Is it fair to say that the cost of production, because you report cost of production net of by-product realizations, would further reduce in the Q2? I guess in the Q2, we have just done 260 KT of metal, Q2, if we have to meet 1.1 million ton guidance, should cross around 280 KT. Right? That means the more mining has to happen, in that case, automatically on the input side, the cost will go down. If you produce more metal, then more acid will be produced. If the price is similar at current level, the cost is supposed to be better off unless we are struck by higher input commodity prices, which is also a likelihood. Sure. Just a clarification. If I take royalty as a percentage of revenues, it is at multi-quarter lows. This will essentially be because of higher sulfuric acid revenues, right? Where you don't have to pay a royalty. Your voice is muffled. I'm unable to hear properly. No. My point was that the royalty as a percentage of revenues is at a multi-year low. This would essentially be because of sulfuric acid revenues being booked under revenues, where you don't pay a royalty. Would that be correct? Which royalty you are talking about? Mineral royalty? Mineral royalty. As the P&L item, the percentage of revenues. Sulfuric acid, there is no royalty as per law because it's not any mineral product. It's something has to be produced because of environmental concerns. You cannot create sulfur dioxide out in the environment. Right. The mineral royalty, as I said, percentage of the price, that is the LME that is set. Automatically it becomes a percentage, not revenue in absolute terms, but in the price in absolute terms. Got it. Thank you very much, sir. Thank you. I would now like to hand the conference over to Ms. Jain for closing comments. Over to you, ma'am. Thank you, operator, and thank you all for joining today's call. Before we conclude, I would also like to take this opportunity to express our sincere gratitude to Mr. Arun Misra for his outstanding leadership and invaluable contribution to Hindustan Zinc's growth journey. Under his leadership, the company achieved several significant milestones and further strengthened its position as a global leader in the zinc industry. On behalf of the entire Hindustan Zinc family, we thank him for his guidance and wish him continued success in his future endeavors. We are pleased to share that we have published our fourth integrated annual report, which provides a comprehensive overview of our strategy, financial and operational performance, sustainability initiatives, and long-term value creation journey. As always, our complete reporting suite is available on our website. We welcome your feedback and suggestions as we continue to enhance the quality of our disclosures. Should you have any further questions or require additional information, please feel free to reach out to the investor relations team. Thank you and have a great day. Thank you. On behalf of Hindustan Zinc, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.