Ladies and gentlemen, good day, and welcome to the Q3 Earnings FY25 Conference Call of Sarda Energy & Minerals Limited. 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 the conference call, please signal an operator by pressing star and zero on a touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Vinita from Stellar IR. Thank you, and over to you, ma'am. Thank you, Ms. Kern. Good afternoon, everyone, and thank you for joining us today. We have with us today the senior management team of Sarda Energy & Minerals Limited: Mr. Pankaj Sarda, Joint Managing Director, Mr. Manish Sarda, Deputy Managing Director, Sarda Metals & Alloys Limited, Mr. Padam Kumar Jain, Director and Chief Financial Officer, who will represent Sarda Energy & Minerals on the call. The management will be sharing key operating and financial highlights for the quarter and nine months ended December 31st, 2024, followed by a question-and-answer session. Please note, this call may contain some of the forward-looking statements, which are completely based on the company's beliefs, opinions, and expectations as of today. These statements are not a guarantee of our future performance and involve unforeseen risks and uncertainties. The company also undertakes no obligation to update any forward-looking statement to reflect developments that occur after a statement is made. I now hand over the conference to Mr. Pankaj Sarda. Thank you, and over to you, sir. Thank you, and good afternoon, ladies and gentlemen. Welcome to Sarda Energy's Q3 earnings call. I hope you have had the opportunity to review our results, press release, and presentation uploaded on our website and the stock exchanges. Macroeconomic overview: The global economic growth has remained steady and is projected to maintain stability through the CY 2025. Stronger growth in the U.S. is likely to offset slowdown in other economies, including Europe. The recent ceasefire in the Middle East should help ease the geopolitical tensions leading to stabilization in energy prices and ocean freight rates. However, potential tariff escalations and policy shifts could heighten trade tensions, could disrupt supply chains, and weigh on global growth. In India, we have observed growth moderation over recent months. The Trump 2.0 era in the USA may bring significant changes to international trade policies and climate change regulations impacting global economic order and, consequently, India's economy. The US Fed, after three rate reductions in 2024, has kept rates steady due to persistent inflation concerns. India's fiscal deficit is projected to decline to 4.4% against 4.8% estimated for the current year. RBI has rolled out a plan to infuse INR 1.5 lakh crores to ease liquidity. Tax rebate for lower middle class is expected to boost consumption and economic activity. The recent reduction in the repo rate after five years signals the start of an easing cycle, though banks may take time to pass on the benefits due to high deposit costs and tight liquidity conditions. Operational performance: We achieved the highest-ever quarterly generation of captive power plant at our Siltara plant in Raipur. Hydropower generation grew by 7% YoY, supported by a strong monsoon. The performance of IPP thermal power plant improved significantly, achieving a load factor of 74% during the quarter and 67% for nine months compared to 56% in FY24. Various operational efficiency measures have contributed to this improvement. It could have been even better, but for planned maintenance shutdowns and lower power prices on energy exchanges. We expect further improvement with January already recording PLF of 97%. Additional capital expenditure CapEx has been planned to ensure sustained operations at full capacity. Our Indonesian coal mine, which resumed operation in September 2024, produced 0.33 million tons of coal. In Raipur, one of the five ferroalloy furnaces was under shutdown for modification from 1st September to 1st November 2024. The captive power plant at Visakhapatnam also underwent a 22-day maintenance shutdown, affecting ferroalloy production there. Expansion and project updates: Coal mines: Gare Palma IV/7. The mining capacity at Gare Palma IV/7 is set to increase from 1.68 million tons to 1.8 million tons. Gare Palma IV/5: We have acquired another fully explored underground coal mine, Gare Palma IV/5, with 78 million tons in geological reserves and 39 million tons in extractable reserves, grade G8. The vesting order was received on February 4th, 2025, and we anticipate coal extraction within the next financial year. Shahpur West Coal Mine: The mining lease has been executed. Mine opening permission is expected this quarter, with production targeted within two years. Bartunga Hills JV Coal Mine: We are preparing the detailed project report and mining plan. Rehar Hydropower Project: 25 MW. The project has begun trial runs and is expected to be commercially operational by the end of this financial year. Captive Solar Power: 50 MW. While progressing on schedule, delays in the construction of CSPDCL substation bay and transmission line may slightly impact the timeline. Mineral Wool Project: This sustainability initiative is progressing well and should be operational before the financial year's end. 30 megawatt TG set replacement: Work is on track, with operations expected to commence in mid-FY26-27. Now I hand it over to our Director and CFO, Finance, Mr. Padam Kumar Jain, to discuss financial performance. Thank you, Pankaj. Revenue: The company achieved consolidated revenue of INR 1,319 crores in Q3 FY25, marking a growth of 43% year-on-year and 14% quarter-on-quarter. Profitability: Despite challenges in the steel and ferroalloy segment due to downturn in prices, lower production, inventory losses, and lower profit from hydro segment due to seasonal effects, operating EBITDA almost doubled year-on-year from INR 194 crores to INR 382 crores. Despite mark-to-market provisioning of INR 46 crores on investments, consolidated profit after tax grew 75% year-on-year to INR 200 crores and remained steady quarter-on-quarter. Debt and liquidity: Net consolidated debt, including working capital loans, stood around INR 1,400 crores. Long-term loans repayable within the next one year is INR 223 crores. The liquidity is strong, with cash and liquid investments exceeding INR 1,400 crores as of 31st December 2024, which is in addition to loans given as part of our treasury operations. The credit rating of the company is reaffirmed at AA- by CRISIL post-acquisition of SKS. I now hand over to Sri Manish Sarda to discuss the steel and ferroalloy industry overview and outlook. Over to Manish- ji. Thank you, Mr. Jain. Global steel production declined by 0.9% to 189.4 million tons in CY 2024, with China recording a decline of 1.7%. India, however, bucked the trend, growing at 6.3% to 149.6 million metric tons due to slowdown in the domestic economy. Despite fall in steel production, China recorded the highest-ever steel export of 110.72 million metric tons of steel in CY 2024, recording a growth of 22.7% over 2023. Aggressive exports from China weighed on global steel prices. In December alone, China exported 9.72 million tons, which is higher than average for most previous months. Many countries have invoked safeguard measures against Chinese imports. India remained the net importer of steel despite moderation. During the calendar year 2024, India imported 10.82 million metric tons of steel against 9.03 million metric tons in CY 2023, whereas the exports fell to 7.63 million metric tons against 7.83 million metric tons in CY 2023 in 2024. Ferroalloy prices remained subdued during the quarter. Merchant power prices also remained subdued due to above-average rainfall and increased generation. Power prices on the exchanges remained below INR 4.00 on average. The Indian Coal Index recorded a fall of 14.84% from 155.44 in December 2023 to 132.38 in December 2024. Domestic crude steel production in Q3 FY25 was 37.78 million metric tons, up 3.5% year-on-year and 2.9% quarter-on-quarter. Domestic finished steel consumption grew by 7.64% year-on-year and 3.33% quarter-on-quarter to 38.46 million metric tons. Our ferroalloy exports during the quarter were down to 23,250 metric tons due to fall in production as compared to 28,200 metric tons in last quarter and 33,400 metric tons in Q3 of 2024. We expect pickup in credit offtake and economic growth supported by liquidity infusion and government spending. Net import of steel and fall in the coking coal prices are major inputs for primary steel producers expected to keep steel prices in check. Expected safeguard measures to check steel imports in India will help in improving margins for the Indian steel industry. India remains the fastest-growing major economy driven by domestic demand and favorable demography. The reversal of the interest rate cycle will enhance competitiveness and encourage capital investments, creating demand for steel and other metals. Improved PLF and sales realization in our IPP business and fall in finance costs should further strengthen profitability. That concludes the performance and outlook. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from question queue, you may press star and two. Participants, I request that you use handsets for asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Vikash Singh f rom Phillip Capital, please go ahead. Good afternoon, sir, and thank you for the opportunity. Sir, I just wanted to understand the iron cost even on the standalone level. If I see there was a sharp uptick, any particular reasons for the same? Madam, voice is cracking. We are not able to hear the questions clearly. There is a problem in the line. Can you switch the line or? Is it better? Hello? For us call? Yes, sir. Is it better now? Yes, sir. Disturbance. Hello, sir. I will check with the line. Thank you. Oh, Vikash, can you speak again? Hi. Am I audible? No, sir. It's better now. It is better, but not too. We are still finding it. There is a cracking in between. Should I, sir, reconnect you again? Yeah, yeah, sure. No problem. Yeah. A little better. Should I reconnect? We have connected with the management line. Mr. Vikash, you can go with the question, please. Am I audible? Yeah. Yeah, yeah. Yeah, sir. Sir, just wanted to understand our iron costs on a standalone level have jumped up pretty sharply. So what are the main reasons behind the same? Iron ore? Our total raw material cost has increased very sharply. One could be iron ore. What are the other cost components which have led to such a sharp increase in the sequential iron ore cost? Iron cost, I mean to say. It's not only the iron ore cost, because if we have a power plant also, then coal package is also there. And in case of ferroalloy, you see the selling price has gone down. So the raw material cost has not gone down. So raw material consumption includes the effect of the higher cost of the inventory of the manganese. And so far as the total material consumed is concerned, that includes the coal consumption in the IPP. Understood. Sir, in terms of realizations, how should we look at these spot realizations right now? What are the three-year averages? How much are they higher or are they at the same level? If you could give us some idea. More or less, prices are at the levels at which these were for the Q3 average. Understood. Sir, our SKS power plant would have been 70 or higher PLF level this quarter. So if you could tell us by when we can see the full utilization and the phase two, any idea on the phase two expansion plan? Because we have already utilized 600 MW as of now. It's already conveyed in our opening address. In January, we have achieved 97% PLF. So the machines are operating at full capacity, but in between, we are facing certain maintenance issues. So we are addressing all those issues. So average PLF will improve, but yes, we have to take certain more steps to ensure that at sustainable level, we achieve the 100% capacity utilization. So that is the case with PLF, but as of now, the plant is operating at 100% capacity and is generating a capacity of 600 MW. Any plan to expand this capacity? I believe we have some already. The infrastructure is already there for the next 600 MW. Yeah, basic infrastructure is readily available, but we have to seek all the approvals and carry out the techno-economic viability study and all environmental-related clearances. So it will take its own time, not in the immediate future. But yes, we will take steps one by one. Effectively, first, we have to go for the approval. Understood. Sir, my second question is related to ferroalloy division. Are they making PAT level losses right now? And since the manganese prices are sharply up in the last few days, have we seen this reflect in the finished product prices as well? The ferroalloy prices recently have moved up, and we have seen a little bit of improvement on the manganese ore side as well. But we'll have to wait and watch in the coming two to three months as to what happens, because there are protectionist measures which are being taken by many countries like Europe, U.S. They're both announced. So we'll have to see how the demand pulls up in the coming two months. But for this quarter, we had PAT level losses. Is that assumption correct, looking at the number right now? Because we had inventory losses to some extent, but not PAT losses at the PAT level. Understood, sir. Understood. Sir, that's all from my side for the timing. I'll join the queue if I have further questions. Thank you. The next question is from the line of Mahek from Augmenta Asset Managers. Please go ahead. Yeah, hello. Hi. Thank you for the opportunity. Sir, I wanted to understand more on the pricing point of view. So what is the pricing difference between the power in which we sell from the hydro power plant and from the SKS power plant, as well as the profitability? Hydro power plants, we have long-term pricing contracts. So those are supplied at a fixed price, and there are different prices for different plants which commissioned at different points of time. So far as IPP thermal power plant is concerned, we are selling part of the power in the long-term part of the power, in the medium-term part of the power, in the short-term, and the remaining power we are selling in the exchanges. So these prices are subject to market fluctuations. Comparing directly is very difficult because where we have a long-term contract here, we are selling majorly in the spot market. A part of it is going into the medium-term also. There cannot be a direct comparison. Prices of IPP power plant will be subject to the market fluctuations and seasonal effect also. During rainy season, the price realizations may be lower. During summer season, you may get much better prices. There is no direct comparison between both the projects. Okay. But any ballpark number, what would be the average realization like for thermal? You mentioned in the last previous phone call, it's close to INR 5 unit. So similar, what is in the hydro power plant as well? Any ballpark number? Hydro power plant, in one plant, we have a tariff of INR 3.85. Another plant, we have INR 5.21, and third power project is subject to cost-plus formula. So that varies from maybe INR 7 to INR 5 or so. Okay. Understood. In case of thermal power plant, we can definitely expect INR 5 plus on average for the whole year. Okay, and profitability will be different for both. Like for thermal, EBITDA level is close to 40%. In hydro power, it would be more, or it's in the similar range? Yeah. Hydro Power, EBITDA level is in the range of 80%. 80%. Okay. Okay. Sir, last question. We don't have any raw material cost. There is more of the interest cost. So EBITDA cannot be compared for both the projects. One is the raw material. Another is the interest in raw material. So there is no direct comparison on EBITDA level. Okay. Understood. And sir, last question. Any update on the Supreme Court ruling for the SKS power plant? Hearing has not yet taken place. Okay. Done. Thank you. Thank you. A reminder to all participants, you may press star and one to ask question. The next question is from the line of Balasubramanian from Arihant Capital Markets. Please go ahead. Good afternoon, sir. Thank you so much for taking my questions. So my first question regarding this ferroalloy price is QoQ 19% decline average realization for ferro manganese, around 8% QoQ silico manganese. So any specific reasons or what are the dynamics in the market? Can you repeat the question, please? Because I'm not able to hear you clearly. Jain Saab, can you hear clearly? We couldn't. Yes, sir. Okay. So in ferroalloy price trend, I'm looking at PPT. It's a 19% QoQ downside for ferro manganese and around 8% QoQ downside for silico manganese. Any specific reasons for it? And what are the market dynamics at this point of time? Sorry, we are not able to hear your question clearly. Voice is very muffled. Voice is very muffled. It is actually coming very muffled. I mean, I can hear some parts of it that you want to know the silico manganese prices and the ferroalloy overall pricing coming down and what are the reasons thereof. Is that correct? Yes, sir. Yes, sir. Yeah. So particularly, there is no reason. It's a commodity, and there's a cycle. We have seen that there has been a bit of a slump in demand, and that's the only reason. Hello? Hello? Yes, sir. So my second question regarding. I'm looking at the sales volume data for the iron ore pellets and sponge iron, etc. So only sponge iron only year on year 48% growth. The remaining are into less than some of the volumes are looking at 20%. The remaining are 18% kind of downside only. So our revenue has reported 42%, 43% year- on- year. And how much it comes from price realization side and volume realization side? Can you actually rejoin? Because everything that you're saying is muffled up. We can't hear you clearly. At least I'm not able to. Jain Saab? Oh, we are not able to hear clearly. So I'm able to. It's all echoing or muffling up. I'll come back and check. Yeah. Can you just rejoin and again come back and ask the question, please? Fine, sir. Fine, yes. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Deven from Eagle View Ventures. Please go ahead. Hi, sir. My voice is the audio one? Yeah. Yeah, yeah. Yeah. Clear, clear. Absolutely clear. Sir, our long-term borrowing increased from INR 1,000 crore to INR 2,400 crore. What is the peak debt we can see in coming quarters? I think this must be the peak for the coming quarters. Okay. So this is the peak number per day? Yeah. Unless we go for some other major activity, at least for the next few quarters, this is the peak. Now it is getting reduced as we are starting repaying the loan taken for SKS acquisition. So it will go down from here. Okay. And sir, my second question is we have a good cash on balance sheet. We have very low debt. Can we expect dividend payout in coming quarters or coming year? That is a matter to be discussed at the board meeting and decided by the board. It's very difficult to comment on this at this juncture. Okay. Okay. Thank you, sir. Thank you. The next question is from the line of Vikash Singh from Phillip Capital. Please go ahead. Hi, sir. Thank you for the opportunity. I just wanted to understand our capital allocation preferences. Given right now our debt is high, but obviously we would be paying with the cash flow. If we have a second round of CapEx, then our choice of the business would be majorly first choice of the investment would be steel, power, or ferroalloy? How should we look at it? No. We are investing in a diversified way. We are investing in hydro power projects also. We will be taking up two more hydro power projects. We are investing into the coal mines also as a backward integration. We have planned even for the iron ore mine. So as early as we're going on the backward integration side, and definitely if we come up with the expansion of the SKS power plant, that will be another major CapEx. So the CapEx capital allocation will be distributed over all the different segments of the activities carried out by the company. Understood, sir. And sir, we haven't participated in any manganese ore mining kind of getting basically? There is no major manganese mine which has come up in the country right now. There have been two, three auctions which are all small mines. They are 6 hectares, 7 hectares, 8 hectares. And the reserves are very, very meager. They are like some 60,000, 50,000, 40,000. Those are not viable, workable mines with low grades of manganese in it, so we are not participating in these tenders. Understood, sir. Understood. That's all my questions. Thank you. The next question is from the line of Aman Madrecha from Augmenta Asset Managers. Please go ahead. Yeah, hi sir. Thanks for the opportunity. So firstly, I would like to understand our strategy on the coal mines. For example, the upcoming coal mine would be the capacity expansion on the Gare Palma site, and there would be the Shahpur West coal mine. And so how are we looking at the same, and what is our strategy towards the same? And how are we looking at all these mines under the underground mining thing? What is your view on the same, and how viable is the underground mining scenario in India currently? Underground coal mine, as we go beneath the surface, the grade of the coal increases. The CapEx and the cost of production increases, but at the same time, the quality of coal also increases. Now we are a little dependent on our imported coal substitute also that we are buying from South Africa. All these underground coal mines will help us to reduce our imports of RB2 and RB1 grade of coal from South Africa. Even for our ferroalloy units, we are dependent on high-grade coal. That raw material base will also come from the underground coal mines. Sir, so I just wanted to understand fully the underground mining thing. For example, correct me if I'm wrong, around 95% of the coal mined in India is from open cast mine currently, and around 5%-10% is from underground mines. So what was the thing that was hindering this underground coal mining operation in India, and what will change going forward? Because we are entering into various revenue-sharing agreements with Coal India and MDOs. So what is your take on the same? We have taken only one mine under revenue-sharing arrangement from Coal India. The rest all are direct allocation to us from the Ministry of Coal. So in one coal mine, and that will not be underground as of what we have planned for the MDO mine in revenue-sharing, that will be open cast mine. And underground mines, we have taken two underground mines. One is Shahpur West, and another is Gare Palma IV/5. IV/5 is an operational coal mine which was operated earlier by Monnet and later on by Hindalco. Now it has come up for auction third time, and now we have taken. So this is an operating underground coal mine, and it has got high grade of coal near our existing coal mine, IV/7. So the 5-grade coal will be utilized for our sponge iron plant and ferroalloy plant, and to that extent, the capacity of our 4x7 will be freed for SKS power plant. Just to clarify, I assume you think that underground coal mining is difficult and just has started happening, but India has been doing underground coal mining, iron ore mining, manganese mining for the longest period of time. So there is absolutely no problems in underground coal mining per se. Understood. Understood. So sir, going by your comments, for example, this Gare Palma IV/7 will gradually meet the requirements fully of our SKS power plant. The Gare Palma IV/5, the approvals are under process, and the Shahpur West coal mine that will be used for our sponge iron, sponge iron, and ferroalloy locations, right? Correct? Yeah, and surplus coal, if any, will be sold in the market. Sir, what is the expected timeline for the Shahpur West? It can take another one and a half years? One and a half to two years. Two years we are considering from here. Once we get the mining opening permission during the current quarter, it should take not more than minimum one and a half and maximum two years of the time to commence. We are considering two years time to start the production. Sir, as of date, for the existing operation, how much of this Gare Palma IV/7 mines we are selling outside and how much we are consuming captively? No, we are not selling any coal outside after acquisition of SKS. Understood. We are selling short of the requirement. Rather, we are buying coal from the market. Okay, sir. That's all from my side. Thank you, sir. Thank you. Thank you. Before we move to the next question, a reminder to all participants, you may press star and one to ask question. The next question is from the line of Balasubramanian from Arihant Capital Markets. Please go ahead. Yes, sir. Also, the overall international market, earlier it's been impacted by international market price flooding and. Sorry. Sorry. We are not able to hear you. Hello. Right now, sir? Hello. Yeah. Sir, I'm audible? A little better. Yes, sir. Sir, in earlier, you mentioned about the overall international market has been a little bit impacted because of Australia has impacted by flood, and HRC market also is quite slow, and Gaza attack also has been impacted in the international market. You have mentioned about the demand expected to pick up from February month onwards. So what is the status on that overall international market side? See, the overall international market side right now. It is subdued, and it will take some time, I guess, once the clarity on the protectionist attitude by the European Union. We have to see. We have to look at that again. Trump has just announced duties on steel today, but it's not clear how many countries they are going to apply the duties onto, so we have to wait and watch. Right now, the focus more will be on India's domestic demand that will come in the infrastructure push and the growth that we will see in India, so India will be quite in a comfortable position because I think most of the duties will be targeted towards Canada, China, Mexico, Latin American countries. This is what we expect. So I think overall, after maybe a month or two, we'll have the complete clarity on the international markets, but right now, the demand is a little slow. Okay, sir. Sir, I'm looking at the sales data, sales volume data. Sponge iron only have more than 48% year- on- year. The remaining are less than that only. But sponge iron has been 43% year- on- year in this quarter. So how do you understand about the growth side, whether it's volume-driven or price-driven? So you see, sponge iron is one of our intermediary products which is partly consumed in the downstream production and partly sold off in the market. So when the sponge iron production has gone up, if you see, there is no material change in the sponge iron production. Slight change is there, definitely. In the nine months, we have produced against 238,000 tons. We have produced 249,000 tons. So the higher sale is on account of the lower consumption in the steel production because the steel production has reduced a little bit because we have been selling power in the market. That's why percentage-wise, it appears to be on the higher side because we are selling a very small quantity of the sponge iron in the market. So even slight change in the sale side. There is no material change in the production side, but yes, sale side, it has gone up because we have consumed less quantity in the production of steel. Otherwise, our steel capacity is more or less constant and stable, so except marginal improvement on account of the efficiencies, there is no material change in the production side in the steel segment. Okay, sir. So is there any clarity on the growth side, 43% in this quarter, year-on-year growth, whether it's driven by price or volumes? As stated, our steel production will remain more or less stable except slight improvement on account of the efficiencies. So sales of one product may slightly go up, another product may slightly go down. That may happen. Otherwise, it will remain more or less in the similar levels. Because if we are selling surplus power, because if we are getting better realization on sale of the power, we are reducing production of the steel billets. That may result in increase in the sponge iron sales, but that may reduce the sale of the billets. But it will not affect the profitability because ultimately, we are generating revenue either by sale of the steel or by sale of power. Got it, sir. Got it. Thank you. Thank you. A reminder to all participants, you may press star and one to ask question. The next question is from the line of Rajesh Bhandari from Nakoda Engineers. Please go ahead. [Foreign languange] [Foreign language] to presentation [Foreign language] both are extremely good. [Foreign language] [Foreign language] power plant [Foreign language] 97%-98% [Foreign language], that means it will generate something around 500 crore units in the year. [Foreign language], maintenance shutdowns [Foreign language]. To generally, best operated plants [Foreign language] 85% [Foreign language]. [Foreign language], 85. Okay, okay. Partly, partly [Foreign language] 80%-85% [Foreign language], which are selling in the open market, to 80%-85% ka PLF on annual basis, we should consider as a good percentage. Maybe 80%. [Foreign language] [Foreign language] INR 400 crore [Foreign language] because of SKS power plant. [Foreign language], comfortably. [Foreign language] [Foreign language] sir, that court case, any status? Any? [Foreign language] court case [Foreign language], sir? [Foreign language] [Foreign language] [Foreign language] [Foreign language]? You have started manufacturing of mineral fiber in Visakhapatnam. This mineral wool is, which is used for the insulation material in the buildings, also in the industries, also. So that heat insulation [Foreign language] But it has a better selling value? [Foreign language] The sale price, sale price is good? Yes, sale price is good. [Foreign language] Sale price is good. And sir, are we also bidding for another thermal power plant or hydro power plant? Any chance? [Foreign language] [Foreign language] sir? [Foreign language] [Foreign language] sharp up. [Foreign language] net debt [Foreign language] net debt [Foreign language] EBITDA [Foreign language] [Foreign language] sir. [Foreign language] [Foreign language] questions the. Right, sir. Thank you, thank you. Thank you. A reminder to all participants, you may press star and one to ask question. Is there no further questions from the participants? I would now like to hand over to the management for closing comments. Over to you, sir. Ya, thank you. To summarize, while the steel segment faces pricing and margin pressure, SKS Power's operational performance improved and hydro power generation showed year on year growth. Backed by sound balance sheet, low leveraging and strong liquidity, the company has been reinvesting surplus funds in a number of diverse projects for consistent growth. In the next financial year, 25 megawatt hydro power plant, mineral wool project, 50 megawatt solar power plant and Gare Palma IV/5 will also contribute to the profitability. That diversification strategy of the company has paid off to have consistently sustainable cash flows, insulating us against cyclicality of the steel industry. Please feel free to reach out to us for our IR team for any further questions. Thank you all the participants. Thank you. On behalf of Sarda Energy & Minerals Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.