Ladies and gentlemen, good day, and welcome to Lloyds Metals and Energy Limited Q1 FY25 earnings conference call, hosted by JM Financial. 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 the star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ashutosh Somani. Thank you, and over to you, sir. Yes, thanks, operator, and welcome everyone to the call. I will first thank Lloyds Metals and Energy for giving JM Financial the opportunity to host today's call. Without further ado, I'll hand over the call to Mr. Rajesh Gupta, MD, Lloyds Metals and Energy. Over to you, sir. Good afternoon, everybody. Greetings to all the investors present on the con call, and a very special thanks to Ashutosh and the JM Financial team for hosting this call. The quarterly results of our company were very satisfying and robust, and the growth story continues both in terms of operational and financial operation, performance. We reported our best ever quarterly iron ore production as well as best ever quarterly DRI production. So this was matched by highest ever quarterly revenue as well as quarterly profit. This quarter, the highlight also was the fundraising, where we raised nearly $500 million over two issues, the QIP issue as well as the preference issue. The preference issue is still ongoing, and it should get completed very shortly. This fundraise will ensure that our CapEx program will be undisturbed through the cycle that we have planned over the next 3-4 years. On the CapEx front, the projects are executing and well executed and progressing as expected, or maybe even better. The slurry pipeline is nearly over, and testing is about to begin in the next 20-30 days, as soon as the rains subside a little bit. The pellet plant is well on track. And the DRI doubling capacity is also on schedule in Chandrapur. Regarding the market scenario, the iron ore market demand in India remains buoyant, pricing being volatile seasonally. The structural demand of steel, therefore, iron ore, therefore, the metal space is very strong, and we remain in a firm position as we speak. That's it from my side, and I would now like to hand over to our CFO, Mr. Riyaz Shaikh, who will go in more details of the performance of the company. Thank you. Over to you, Riaz. Thank you, Rajeshji. Good afternoon, everyone. Thank you for joining us today. I'm delighted to share with you our highest ever quarterly performance, both operationally and financially for quarter one FY 2025. Our revenue of INR 2,428 crore for quarter one FY 2025 saw a remarkable 23% year-over-year increase, driven by highest sponge iron and iron ore volumes. Specifically, quarter one FY 2025, quarter one FY 2025, iron ore volumes were the highest ever recorded in the single quarter for the company. On the realization front, we witnessed encouraging year-over-year growth. Sponge iron, too, recorded significant volume increase, both year-over-year and quarter-over-quarter. Our EBITDA performance mirrored our revenue growth, with a substantial 32% year-over-year increase in the quarter one FY 2025. This robust performance was primarily led by our iron ore and sponge iron segment, supported by higher margins. During FY 2024, we incurred capital expenditure of INR 169 crores, and in quarter one FY 2025 alone, we have invested INR 598 crores. These investments reflect our commitment to sustainable growth and operational efficiency. Let me provide some key highlights. Iron ore production for quarter one FY 2025 stood at 4 million tons. Dispatches were at 3.6 million tons. Realization for quarter one FY 2025 was INR 5,710 on average, a 7% year-over-year growth. EBITDA per ton for quarter one FY 2025 was INR 1,848, up 23% year-over-year. DRI and power. The DRI segment reported a quarter one FY 2025 production of 76,704 tons, a 16% year-over-year increase. Realization for the DRI segment remained marginally muted year over year. The power segment reported a steady performance with a 5% year-over-year increase in the sales for quarter one FY 25. I want to extend my gratitude to the entire Lloyds Metals team for their hard work and dedication, which has enabled us to achieve these exceptional results. We remain focused on delivering sustained growth and value for our shareholders. Thank you for your continued support. We look forward to discussing our performance in more detail during this call. Thank you. Abhishek? Ashutosh. Ashutosh? Yeah. See if you can open the floor for question and answers. Okay. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles... Who would like to ask a question to the management may press star and one. The first question is from the line of Sanjeev from Anand Street. Please go ahead. Hi, sir, Arun. Good afternoon. Hi, good afternoon, sir. I'm Arun. Yes, go ahead. Yeah. So just wanted to know the status of the increase in this mining capacity, which is going, which you are planning to take it from 10, 10 million, and what is the status on that? And what is the timeline when you would come on stream, and if you can throw some light on what kind of, you know, numbers are you looking, you know, once these mines are up and running, so as far as the different numbers are concerned. The mining capacity enhancement has three steps. One is the two steps of the approval process. One is the IBM approval for the mining plan, since it's a very major size expansion, and that process is over, and we got the IBM plan approved by them. The EC clearance is the next step. We are in the process for that and should be in line by, I would say, January or so. Regarding the production process itself, we are enhancing our, as we speak, the grinding capacity and equipment, screening grinding capacity, as well as the mobile equipment, also electrifying most of the new equipment, so that, as soon as we get the approvals, we should be up and running with the total capacity. Like you saw, we have done 4 million tons in this quarter, so we, if you extrapolate, it'll come to 16 million tons. By the time the approvals come, we should be up and running with the requisite monthly capacity, and then pro rata, we would be able to do as required for the year. So, sir, is it my understanding correct that if all the approvals come in, say, by mid to end of January, it will only be two months of the new capacity on stream? So last year, you've already done, you have already done 10 million tons. On a pro rata, it will be- By that time, we should have achieved 10 million tons, and so these next two months would be around 20% of around another 5-6 million tons is what we hope to do. But that's obviously not given. It depends on so many other factors, primarily being the final approval coming in. Okay. And sir, we even have the, so this new approval is between the iron ore, I believe it's between iron ore and the BHQ, right? What will be the mix of that going forward, between iron ore and the BHQ? Approval is for producing X quantity of mine, 55 million tons is what approval we will get. We will limit our mining to 25 million tons in the first year, only, iron ore. Dispatch of only 55 million tons of iron ore, 25 million tons of iron ore, in the first full year. Subsequently, as we speak, the beneficiation process, beneficiation plant, putting up that process is going on, including environmental approvals and land acquisition and all that. So once... and of course, the engineering, the pilot plant, all that of the beneficiation is also ready. Every year we will add one module of the beneficiation plant of input of 15 million tons and an output of 5 million tons, capping the total output at 25 million tons over the life of the mine. Okay. Great, sir. What about the steel facility which you're planning to put in for, say, by 2026, 2027? What is the progress on that, sir? Like I clarified earlier, the in 2024-2025, we should be up and running with the pellet plant, the first pellet plant, and the slurry pipeline to go with it, as well as to double our DRI capacity to 700,000 tons. The pellet plant would be 4,000,000 tons. That will be, should be up and running by the end of this financial year. Next financial year, we would 2025-2026, we would be able to, we hope to start the second pellet plant of another 4,000,000 tons. The 1.2 million steel plant would be June to September of 2026. Okay, sir. So just one last question. So just considering, you know, your electric plant will be coming up in phases in 2025 and 2026, what is the kind of delta you are expecting from this plant? If you could specify the numbers. Given the quality of the iron ore, as well as the pipeline that would be in place by that time, along with the pellet plant, we expect the delta to the evident delta to be around INR 1,200-INR 1,500. Okay. Thank you, thank you so much for, for your answer, sir. Thank you so much. Thank you. The next question is from the line of Siddharth Gadekar from Equirus Capital. Please go ahead. Hi, sir, good evening. My first question was on realizations. If I look at the steel mill prices, prices remain similar to the last quarter, but we have seen a sharp drop in realization of around INR 500 per ton on the iron ore side. What explains the drop in the realization? From last quarter to this quarter? Yes. From Q4 to Q1, the realization difference would be primarily because our lump production was maximum last quarter. During the end of the year, we were focusing on extracting the maximum lump, and this year it has been the normal mix of around 18-20% lump and balance is fines. So that is why the drop is there. The price per lump, per fines has gone up by around 6-7 rupees, quarter-on-quarter. No, the price has come down for Q1 by INR 500 in fines, plus the factor of this lump lesser. Okay. Sir, secondly, in terms of our GH2 facility, we were supposed to do some trials in April to June. Have you got any results on that? So the pilot plant has been commissioned, and the results are as expected. It's around 64%-66% Fe we are getting. On a consistent basis, 67 we have reached, and the yield of that material is around 38%-40%. Our first beneficiation plant should come online by 2027. Is that understanding correct? Yeah. So thirdly, in terms of CapEx for the next two, how should we look at the CapEx numbers? Arya? Yeah. CapEx numbers. We have, in this year, we have first quarter, we've been around INR 598 crore. We should be... What we have planned with all these projects to be completing, we should be doing INR 2,700 crore more in this, the next nine months. So that should be taking us around INR 3,300 crore in this year, and around INR 6,500 crore-INR 7,700 crore in the next year of the CapEx. Lastly, on the CSR expenses, have we front-loaded the entire CSR expenses this quarter? Last year, the CSR expenses for the whole year was around INR 65 crore. This year, the first quarter itself has seen a big jump, but we have completed our schools, started a new school, completed one school, completed the garment factories and many other things. So it's been around INR 68 crore in the very first quarter of CSR expenses. So the- So how should we- The capital nature of the CSR has been completed, 2 schools, 1 hospital, and 1 garment factory. These are big-ticket items which have been completed, and this will help the community at large over the next 50 years, obviously. So, how should we look at the CSR expenses for the entire year then, going ahead? It will be now going back to INR 7-8 crore per quarter. Okay. Got it. So thank you so much, sir. Thank you. Thank you. The next question is from the line of Amey Garve, an individual investor. Please go ahead. Congratulations on the good set of numbers. I just have one question, sir. Like, can the company, you know, maintain your debt-free status even after doing the INR 32,000 crore CapEx? Yes. As you might be aware, we've just done a fundraise also of QIP of INR 1,200 crore, and we are also in the process of doing a preferential warrants issue, which is around INR 2,960 crore. So that would be taking care of, that would be around INR 4,200 crore of debt, of fundraising through via equity. This is what we had planned. We would all our projects, what we have planned, we intend to remain debt-free. The company intends to remain debt-free with for all the projects. Funds, the fund raised will be used for any shortfalls, if any, it would be used in all the projects. Okay. Thank you, sir. That's all mine. Thank you. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Nikunj Lahoti, an individual investor. Please go ahead. Sir, the company has more mines or wish to plan to bid for new mines? As of now, there have been no such opportunities where we are very, we have been very excited. Sir, how much is the freight cost for iron? Freight, freight cost up to our siding is around INR 1,100. Our total freight cost is INR 1,600, because much of our material we are transporting up to the gate of the customers. So the average freight cost has been around INR 1,600. Sir, how much after starting of railway pipeline, how much do you expect to get lower? On an average, I would say around, say, INR 800-INR 900 a ton will be reduced. Okay. Thank you, sir. Thank you. The next question is from the line of Rajesh, Rajesh Majumdar from B&K Securities. Please go ahead. Yeah, sir. Thank you so much for the opportunity. This is my first time in this call, so I just want to know some broad questions, broad answers from you. ... those new mines that we have for suspension, what is the royalty on these new mines? And do you apprehend any increase in the royalty structure given the fact that the government, the court has clearly allowed, so the state can charge extra royalty on mining? That is my first question. I couldn't understand the first part of the question. I'm saying that, given the fact, I want to know the current royalty status on the expansion of the iron ore mines. The second part you already know the question. Yeah. So, the royalty would continue to remain the same, around 19.8% of the average sales price. Which includes DMF. which include DMF and NMET. The current court case, which is still being studied, it's a 300-page document. This, we studied it. Prima facie, it's not that additional royalty will or can be charged. It's prima facie saying that royalty is not a tax, and the state can charge taxes. That's, that's the broad basis of the case. The exact implication and effect of that on, on the total iron ore industry and the steel industry is yet to be understood and studied by everybody. Sir, I wanted to know who are our main customers in iron ore? We have around a book of 25-35 customers quarterly. We have customers ranging from JSW, JSPL. We all the Chandrapur customers, which are smaller in number, in each quantity, Gopani, Cham an, et cetera, but they buy all our lump product. We are selling to Bajrang, we are selling to, I mean, Sunflag. So very wide, wide-ranging customer. I think and the largest customer is around 15, 18%, 20% of our product range. Would that be JSW? Yeah, that is JSW. Okay. Yeah. Also, I wanted to know your outlook on the, on the domestic prices, the discount that prevails, over the iron ore, imported landed cost. Do you foresee any change happening there, given the fact that a large amount of mining capacity is coming in India? So, the international pricing, even at this fresh rate, is around $100 per ton of 62%. Indian prices are much, much lower, always have been. Number one. Number two, so there's no link to that, actually speaking. And, in terms of mining capacity being added, there's also steel capacity being added, like we all know. The Prime Minister's program is to produce 300 million tons of steel by 2030. For that, we require around 300 million tons more of iron ore, which is nearly doubling the capacity, just like of steel. And that capacity we do not see on the annual right now. So my last question, if I could rather than one more question, is that the beneficiation plant is, I mean, going to be using the iron ore that you're mining. So the total capacity of our iron ore mine those expansion is 25 billion tons, out of which, beneficiation is 40-45 million tons. So basically, 20 million tons is additional beneficiation capacity. Is that correct? So the output of the beneficiation would be 15 million tons, and, forty-five million tons would be the input, and fifteen million ton would be the output, and, of the beneficiation plant. Ten million tons would be direct sales though, so ten plus fifteen would be 25 million tons, ultimately over 3-4 years. Okay. So 10 million direct sales of the current and 15 million in selling. Yes, yes. The beneficiated ore would be producing 66%-67%, which is much richer ore, very low in alumina and in cost. So we should be getting a good, if we use it internally, we good premium in production costs. If we sell it, it'll be good premium in selling price. Thanks so much, sir. Thank you. Thank you. Participants, if you wish to ask a question, you may press star and one. The next question is from the line of Giriraj Daga from Visaria Family Trust. Please go ahead. Yeah, hello again. So my first question is regarding the price sector. So like last month, I mentioned the price. So what are the average realization for July, compared to average of month two? The price realization in Q1 has been around INR 5,700, partly delivered to the customer, partly delivered to the siding. Yeah. The average realization this quarter, this month would be little lesser than that. We have reduced the prices once. So we don't know how exactly the quarter will play out given the scenario. But there is something like change only to be got NMDC also. That's a similar thing. Would be same. Given like with the expectation of another coming from the first quarter onwards, so are you also anticipating similar change only to be done? At the moment, we are well booked till nearly end of August, so we don't know. But, it's... Nobody can predict the prices of commodities, like you very well know, sir. No. Because so, understand, let's say we are booked on the quantity, so we will not see, let's say, variation to prices, even if NMDC reduced one, the customer will ask us to give the prices for them. We're not under pressure to market the product right now because of the monsoons. Even like, you know, NMDC has had problems in the monsoons. We are having problems in the monsoons of delivery. So with all of that, the pressure of the sales is not there. We would not be looking at a price cut immediately. Okay. Second, what is the specific beneficiation projects for the different mines? Around INR 5,000 crore for all the three plants, three units. Okay. Then lastly, on a full year number, like last quarter, you mentioned about 12-13 million tons of iron ore, depending on the approval. So how confident are you for this number now as of now? There are many external factors, primarily being the EC approval. Last time we got the EC approval after the IBM approval, we got it within 5-6 months. We got the EC approval last month, so fairly quick, fairly quick. IBM approval. IBM, I mean to say. Let me guide myself. We got the, last time we got the EC approval after IBM, after 5-6 months. Mm-hmm. This time we got the IBM approval in the month of early July or maybe mid-June. So from that angle, January seems to be a possible thing. Okay. Okay, sure. Thank you. Thank you. The next question is from the line of Amey Garve, an investor. Please go ahead. Yeah, I don't... Sorry to interrupt, sir. Your voice is not proper. Come closer to the mic and speak. Uh, hello? Yes, please go on. Yeah, I just want to ask, okay. Sorry, sir, the voice is not clear. Could you please fall back in the queue again? The next question is from the line of Jay Lahoti, an individual investor. Please go ahead. Yes, sir. Jai Shri Ram. Jai Shri Ram. [Foreign Language] We have no more, no other mines other than the ones that we are operating right now. [Foreign Language] Ventura report. I'm not aware. I don't think [Foreign Language] [Foreign Language] [Foreign Language] [Foreign Language] Thank you. The next question is from the line of Harshal, an individual investor. Please go ahead. Yeah. Good afternoon, sir. Good afternoon. Hello. Hi, Harshal. Yeah, I have one question, like, what will be the CapEx spend for financial year 2025 and 2026? And, are we, like, doing through internal funds or are we taking debt to fund it? We are not taking any debt. That is very clear what we've always been mentioning. The plans for the two years is, in this year, 2024-2025, we are looking at around INR 13,300 crore of CapEx. And in the year, 2025-2026, we are looking around INR 6,500-INR 7,000 crore of CapEx. As I have earlier also mentioned, we have just done a fundraise of QIP as well as a potential warrant as per the secondary process. So we plan to do all these projects through internal approach. Any shortfall or any issues would be supported with this fundraise of QIP as well as the... Okay. Okay, sir. Thank you. Thank you. The next question is from the line of Prince George from Pink. Well, please go ahead. Hello? Hello, Mr. Prince. Hi, good evening. Yes. Sir, I have a question, like, for 25 million tons per annum for iron ore, and 25 million tons after the post expansion, how much will be used for the capture conversion and how much it will sell to the customers? Post-expansion, post all the total expansion plan- Mm-hmm. We'll be selling around 4.2 million tons of steel, 6 million tons of pellets, and 8 million, 9 million tons of iron ore. So, out of 25 million tons of iron ore that we mine, this would be the end product sale that we will be doing. 4.2 million tons of steel, 6 million tons of pellets, and 9 million tons of iron ore. This iron ore, which we will mine about 25 million, it will be used for the captive process? ... Yeah, 4.2 will consume around 8.8 million tons. So 3 million tons will be, 9 million will be sold as iron ore. 6 million tons will be converted from iron ore to pellets, and around 8 million tons will be converted from iron ore into steel. Okay. That gives you 25 million ton overall reach, sir. Okay. Sorry, I was late in concall. How much late cost will it be using the slurry pipeline? Could you repeat that? Lower cost while using the slurry pipeline. INR 800-INR 900 rupees is what we'll be saving on the slurry pipeline transport cost. Okay. Thank you. Yeah, that's informative. Thank you. The next question is from the line of Manish Jain, an individual investor. Please go ahead. Hi, good evening, sir. So given that the company is moving towards forward integration and will be producing value-added steel products, what is the management's projection for EBITDA margins? After steel production, I think it's too forward-looking for us to respond on this concall at this point in time. Okay. Okay. Thank you, sir. Thank you. The next question is from the line of Amey Garve, an individual investor. Can I expand on that answer that, the gentleman just asked me? Yeah, sure, sir. So, compared to my competitors in the steel business, we will be lower on the iron ore cost because we have no premiums. We'll be lower on the iron ore cost because we have a good pipeline network will be set up. So these two savings are around INR 4,000 a ton of iron ore, and that translates to around INR 8,000 a ton of steel. So this is definitely where our delta would be, for the life of the mine. Yes, sir. Should we move on to the next question? Yeah. Yes, it's from the line of Amey Garve, an individual investor. Please go ahead. Yeah, I just have this question, sir. Like, what will be the, you know, timeline guidance regarding to the 30 million ton iron ore of Q1? I just answered that. I think by January 2025, we should be up and running, subject to the EC approval being received. Okay, okay. As to that, like, is there any, you know, volume guidance that you would like to provide for iron ore for the next financial year? We will be capping our iron ore production at 25 million tons. Okay. Yeah, that's it from my side. Thank you, sir. Thank you. Participants who wish to, like, to ask a question may press star and one. Ladies and gentlemen, if you wish to ask a question, you may press star and one. The next question is from the line of Sumal Sukari from Sumal Traders. Please go ahead. Mr. Sumal, your line has been unmuted. Please go ahead with your question. Hi, sir. Jai Shri Krishna. Sir, there's a project in Surjagarh, Gadchiroli, Surjagad Ispat Private Limited. Will it benefit our plant or our mine in any case? We hope that they will be our customers of iron ore out of the 9 million that we have to sell. So definitely that will be beneficial to the company. Sir, any plans of taking stake in that company, sir? No, we have no such plans at the moment. Okay. And sir, one more thing, there is a mine, Bange mine, B-A-N-G-E, Bange mine of Sunflag Iron and Steel. In, in that mine, Supreme Court case is going on. So any plans that we are going to take the mine in future from Sunflag, and Thriveni is going to operate it because Thriveni is the best in mining. Thriveni is one of the finest mining MDO operators. Definitely, that's why we're doing our mining. However, regarding the Bange mines, I have no idea and no knowledge of what is Sunflag's plans or Thriveni's plans for that matter. Okay. Thank you, sir. Thank you. The next question is from the line of Bhavin Chheda from Enam Holdings. Please go ahead. Yeah, good afternoon, sir. Bhavin here. Sir, 2, 3 questions. Sir, one was, what was the mix of lumps and iron ore mines in this quarter versus quarter four? The second is iron ore sales, what, what, what was the sales mix state-wise, like entire sales happened in Maharashtra, or you sent to other states and was there any exports and so? And the third question was, what was the blended Fe of the iron ore you produced in the quarter? So these are my three questions. The third question I could not understand. What was the Fe content, average Fe content of the iron ore what we produced in the quarter? Okay. Third question is very easy. It's our blend is 63-64% totally for lumps and for fines. And other than the export, we have not done anything in this quarter. So 63-64% has been the Fe content in this quarter. This number two, the lump versus fines. Lump has been around 18-19% in this quarter. Last quarter was around 23-24? No, 21. Higher, 25%. 25%. 25% was the lump, versus 18% this year. Yes, sir. For this quarter. What was your third question, sir? The iron ore was sold in Maharashtra, or you did sell out of Maharashtra? We have a well-distributed policy. The lumps are sold mostly in Maharashtra, to both blast furnaces and DRI units in Maharashtra. Fines are sold in Maharashtra, Raipur, Karnataka, sometimes to UP also, maybe not so much in this quarter. I think we did sell something to Jharkhand. So it goes, and of course, to Goa, we have sold. As you mentioned on the earlier part of the call, that IBM approval is received, and I think you're awaiting EC approval, which is by January, as you guided. Except for the EC, any other approval which you also be required for incremental iron ore volumes? So when I say EC approval, it includes EC approval, and then we have to add the CTO, clear to operate, and then we are ready to go. That's a process. That's part of the same process. So environmental clearances, there's no other clearances, like forest or something, is not required. Forest is not required. No, yeah. Okay. Okay. Okay. And the trial production of the BHQ plant, what you had started, that's running fine and all that? See, that's the deal. I clarified earlier, 66% regularly, 67%, in trials, and around 30%-40% yield from BHQ to, a finished product. Thanks a lot. Thanks. Yeah. Thank you. The next question is from the line of Rohan Koshy from New Horizon. Please go ahead. Yeah, hi. Thanks for taking my question. Just want to expand a little bit on the comment you made on the benefit that you have of about INR 8,000 a ton on steel, and how does that kind of sustain over time? And you said also INR 4,000 a ton on iron ore price. So there are two post the 2015 MMDR Act, all mines which are more than 50 years had to go in for a compulsory auction, and most of the mines, post 2030, will have gone for that. In the last from 2015 to 2024, 7-8 years, there have been around 140 million tons of capacity, which has gone in for auction at an average premium of 120%. So I'm taking that as a premium of around INR 3,000 that those mines have to pay. If we extrapolate that to the further auction, that will happen, including major steel players that are still operating the older mines, that 120% translates to around INR 3,000 on a very, very conservative basis of premium that they are paying over and above the royalty that I am paying, or that they would need to pay. So that INR 3,000 is one delta. And, then we add to that the pipeline saving. Most of the steel plants are not attached to the pipe to the mine. They're always, and the pipeline network is not there in any of the plants or the mine for that matter. So the transport cost, if you add that further, that's around INR 1,000 on an average, is what I've estimated for all these mines, mine/plant combinations. I'm talking about the big steel plants. The smaller steel plants, like the mini, the high pellets on a commercial basis, et cetera, I'm not even including that in this discussion. This INR 4,000 rupees delta that I have, steel requires around approximately 1.9x-2 x of iron ore of the steel output. Iron, iron is 1.6-1.65, and then iron to steel is around 1.1, 1.15, and then further losses. So I'm taking two, 2 x, 1.9 x. So INR 4,000 rupees translate to INR 8,000 rupees. Understood. Does that sustain over the life of the mine, or is there- Contractually, contractually, yes. Contractually, yes. And, when I talk about this beneficiation plant, sir, the beneficiation plant produces, like I said, 66% Fe content. That reduces the coke content of, the coke requirement to the blast furnaces or, coal requirement in the DRI furnaces or power requirement in the arc furnaces. Whatever way you make the iron, in the net steel making, around 15%-18% energy requirement, either of coke or coal or power, comes down. So that's, that's again, the data which I have not yet calculated. Understood. Thank you. Thank you. Ladies and gentlemen, that was the last question for today's conference call. I would now like to hand the conference over to management for the closing comments. Thank you, everybody. It was a nice session. Hope you have clarified and replied to all your queries and questions. Thank you very much. On behalf of JM Financial, this concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you very much.