Ladies and gentlemen, good day, and welcome to Lloyd Metals and Energy Limited Q2 FY25 earnings call, hosted by Equirus Securities. 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, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Siddharth Gadekar. Thank you, and over to you, Mr. Gadekar. Good morning, everyone, and thank you for joining us today. We are excited to see Lloyd Metals and Energy Q2 FY 2025 results conference call. We have with us today Mr. Rajesh Gupta, Managing Director, Mr. Riyaz Shaikh, our CFO. Now, I would like to invite Mr. Rajesh Gupta to initiate the proceedings for our results call. Thank you. Good morning to all the people, investors, and analysts present on this call. We appreciate your continued support and interest in Lloyd Metals, and special thanks to Siddharth and the Equirus team for hosting this call today. We value the opportunity to share our progress and insights and the process of the company with all of you. I'm pleased to report that our Q2 and H1 FY25 results have been very satisfying and robust, reflecting strong performance on both operations and financial metrics, and in continuation of our target to create a cyclical proof steel business. In terms of iron ore volume, we have achieved 5.67 million tons in the first half, and in sponge iron production, also we have done better in both the plants, since now two plants are operational, than the previous year substantially. The iron ore market domestically remains buoyant. There is some headwind, but the prices have remained stable at around $100 for the 62% grade in the international market. In the Indian market, for the first time after many months, we are seeing double price increase in the market itself. In addition, there's a considerable demand for high quality ore, which very positively influences our outlook for our iron ore business. In terms of project updates, we are excited to announce the successful laying of the 85 km slurry pipeline, completed in record-breaking time, and probably one of the faster durations of around 8-9 months since we started the project. This pipeline is now awaiting the completion of the first pellet plant, which should be completed within this financial year in Konsari. The DRI plant in Ghugus also is well in progress, and future projects of a second pellet plant and the 1.2 wire rod mill in Konsari and Ghugus are also advancing within, well within schedule. Regarding the mine expansion, we have received permissions state by state, and within this fiscal year, we hope to announce the mine expansion also as per our original projections. With these updates, I will now hand over the call to Riyaz, our CFO, who will walk you through our quarterly numbers. Over to you, Riyaz. Thank you, Rajesh. Good morning to all participants on this earnings call. Thank you for joining us today. A brief overview on our H1 FY25 performance. H1 FY25 revenue grew by 26% year-on-year, driven by higher sponge iron and iron ore volumes. On the iron ore front, both volumes and realization showed encouraging growth year-on-year. Sponge production also recorded increased volumes and realizations year-on-year. The company received close to INR 72 crores as IPS benefits from previous years, contributing to overall performance, and this forms part of our income, or other income for reporting purpose. On EBITDA front, EBITDA improved revenue performance, increasing by 37% year-on-year in H1 FY25. So robust performance was supported by high margins from both iron ore and sponge. Speaking about capital expenditure, we incurred a capital expenditure of INR 1,690 crores in FY 2024 and INR 1,714 crores in H1 FY 2025. We'll now. I will now give you a brief snapshot on per ton metrics as well. Iron ore realization. For quarter 2, FY 2025, the iron ore realization was 5,516 rupees per ton, up 19% year-on-year. And for H1 FY 2025, it was 5,638, up 11% year-on-year. EBITDA per ton. For quarter 2 FY 2025, INR 1,668, up 17% year-on-year. And for H1 FY 2025, INR 1,782, up 21% year-on-year. DRI segment volumes were as follows: Q2, FY 2025 was 84,552 tons, and H1 FY 2025 was 160,974 tons. Realizations remain stable both year-on-year and quarter-on-quarter. Power segment performance. Power reported a steady performance with 28% higher sales year-on-year for quarter two FY 2025. For H1 FY 2025, volumes were also higher by 4% year-on-year. CapEx and project updates. As mentioned by Rajesh, all our projects are progressing at a great, great speed. Certain projects are ahead of schedule, but we will maintain our CapEx design as previously guided. Fundraising undertaking by the company has supported fast execution of all the projects. Taking cue from Rajesh, we foresee a much better H2 FY 2025. Thank you all for taking the time to join this call. I look forward for your insights and questions during this call. Thank you. Over to you, Siddharth. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question, may press star then one on your telephone. If you wish to remove yourselves from the question queue, you may press star then two. Participants are requested to use handsets while asking the question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Parthiv Shah from TS Builders Private Limited. Please go ahead. Thank you, sir, for letting me with the question. And firstly, congratulations for a brilliant set of numbers. Sir, I want to understand what has been the average iron ore prices during the quarter, and also what has been the existing iron ore prices? The average, for this quarter, the iron ore prices was 5.16. Got that, and what is the next? For the half year, it is 5,638. Sir, have you increased the ore prices for the October delivery? Not able to hear you properly. Sorry. Have you, sir, increased the ore prices for the October deliveries? And also, if you could justify, because NMDC has taken two price hikes in October. Yeah. So we go with the flow of the market, and we have also taken price hikes. Our price hikes are more constant, our price hikes or price falls are more constant. This year, or rather this quarter, like I mentioned earlier, after many times, many months, the price increase of two price has been announced by NMDC, and we have followed suit, little bit better than that. Okay. Sir, what is your production volume guidance for twenty-four estimates, FY24? FY 2024-25. So, we expect around 13, 14 million tons. Assuming that, if the EC for the expansion comes by February, mid-February or so. Okay. Sir, one last one. In your prior calls, you had mentioned that as and when your iron ore mining goes up, you tend to get complete leverage and that will reduce your cost. Could you throw some light as to where your costs can look at after this enhanced, extra enhanced mining? After enhanced mining, the cost, the MDO cost should come down once it stabilizes by around INR 100-INR 200 a ton. And once the beneficiation starts, by another INR 100-INR 200, whether then the volume go up really high. Very fine. Number one. Number two, the slurry pipeline cost, once it is started, which will start along with the pellet plant, that should reduce our transport cost by around INR 600 a ton also. Brilliant. Thank you. Thank you so much for answering my questions. All the best. Thank you. Thank you. The next question is from the line of Vikas Singh from PhillipCapital. Please go ahead. Good morning, sir, and thank you for the opportunity. So just wanted to understand the way I see that the strong iron ore bit has jumped on a sequential basis, while we believe that the prices was kind of lower for most of the players in Chhattisgarh region. So just is there anything additional in this 27 history I'm missing out right now? We have got permission for previous year IPS, Investment Promotion Scheme, in this year, which we have accounted for as other income of around INR 72 crores. So that is the one-time income that is added to the bottom line. Understood, sir. Sir, in terms of pellet trading, this started and had done all the marginal losses this quarter. Just wanted to understand that, why, if we are able to sell iron ore, then why this pellet trading is happening here right now? Or, Pellet trading, we have started from three or four operational reasons. The primary reason is that it becomes our seed marketing effort for our higher grade pellets that we will be coming into the market very shortly, so that we can have the better knowledge of the market when we are fully commercial. This quarter, like many people know, the pellets margins, especially on the export front, were very low, so we have not had much export or rather zero export. And the marginal loss that you see is basically a carryover from the previous quarters, some bigger than our balance administrative and selling costs. Understood, sir. So just one last question. How much CapEx we have allocated for the first half and the remaining CapEx for the second half, which we are getting, and for after 2026 as well? We've done around INR 1,700 crores in the first half, and we should be doing an equal amount in the second half of this financial year also. Understood, sir. And lastly, if you would like to give us some idea about the beneficiation of low-grade iron ore project, where it is right now, by when we are thinking of starting and how we capture the incremental income... additional cost which we had to incur with the beneficiation of iron ore? The beneficiation plant, we have started a pilot plant which was commissioned in end of March 2024. That pilot plant is giving us very good results. We are getting little better results than what was earlier thought to be. We're getting 68% output through the beneficiation route. We have produced some quantities, and we are now going to do this testing of these quantities of pellet making as well as steelmaking, so that we understand the full benefit of the ore, and/or if any objection, any correction needs to be done from downstream, the production activities, number one. Number two, we have from the project angle, the... With the beneficiation pilot plant completed, the flow sheet of the project is now final, and detailed engineering is going on along with our Chinese contractor simultaneously. Simultaneously, the permissions required for the forest land, et cetera, are being processed. We are in line, as predicted, for the first plant to be ready by end of 2027-2028. We are well in line within that. Understood, sir. So what is the cost, additional cost if you need to take versus the premium of 67% Fe grade, what is it in, right now, the premium and what is additional cost we expect, to pay? The cost of beneficiation would be around INR 800, INR 700 extra, but that is more than offset by the fact that this material would be piped by slurry pipeline to our steel plant or pellet plant facilities, number one, as well as the royalty would come down because we are doing this beneficiation outside the mine area, and the royalty will be paid on a lower grade material, so we believe that the cost would be well under control, compared to currently, in spite of a higher grade. Regarding the premium of the higher grade, the market is giving a premium of around $40-$50 in the international market. And if you look at steelmaking, we expect around similar benefit, not similar, maybe little lesser benefits if you look at steelmaking as part of the benefit. So overall, it's a, it's a win-win situation. Yeah, yeah, it's still way above the cost we are enjoying. Yes. That's all from my side, sir. Thank you for the question, and I'll do best for future. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Nishant Bagre from InCred Capital. Please go ahead. Yeah, thank you for the opportunity, sir, and this is audible, and I have a couple of questions on the CapEx front and also on your, iron ore. So, so my first question is, like, can you give some highlights on the CapEx front and share timelines on each plant commissioning over the next two, three years? The CapEx, as I mentioned during this first half, we have done seventeen hundred crores. It was very backed up with the fundraise also what we did. So the projects are all going much on time. We expect to do around thirty-five, thirty-four, thirty-five hundred crores in this year of CapEx year, and followed in the next year to two years of almost, I mean, not close to double the cost per thing, what we're doing here. So we should, that, that's how the CapEx plans are. All our projects are running much in advance as of today, as we mentioned, but we just continue sticking with the same dates what we have earlier mentioned. All projects are almost one and a half years ahead of schedule than what we are going on, so we should be completing things very, very soon. But we should be coming out with things very soon. Sir, and like the first collect- If I can give some update on the project-wise, first is the 25 million ton dispatched from the mine, either DSO or beneficiated. We hope to complete this by February twenty twenty-five. The beneficiation, like I mentioned earlier, by end of financial twenty-seven, twenty-eight, what we originally hope to do it around six months earlier than that for all the three phases. The iron ore grinding plant and the pipeline, like I mentioned earlier, the pipeline is already completed. The grinding unit of the will be completed by March twenty-five. The pellet plant, the first one will be completed by the March twenty-five, and the second one by March twenty-six. Our original guidance was around six months to- One year. One year, more than this. For the integrated steel plant, the first phase of that is the DRI plant. We hope to complete this by March 2025 again. And part of the captive power plant in March 2025, one small part in January 2025. And the 1.2 million ton steel plant with BF, blast furnace, coke oven, and wire rod mill by September 2026. So, Okay. Okay, thank you. These are our internal projections. Our projection to our board are the only projection to the board were a little bit more than this, like we have mentioned. Okay. And just wanted one more clarity on the CapEx. Like, we have spoken about almost INR 32,000 crore CapEx over the next five to six years. So 4,300, can we assume the entire CapEx will be covered by internal accruals? Yes. As of today, we have all decided it should be, and it would be all without it, is what we have. We should be continuing. We had a fundraise of pre through QIP as well as warrants. Warrants is around 35% is what we got, and it will be I think 65% more. So we have, so this would be funding in the for the projects. Nothing, it would be with. We still maintain it would be without it. Okay. Okay. And then one more, like, what would be our cost of beneficiation, I don't know. Can you give any sense on the all-inclusive cost of, I don't know, including mining and beneficiation and royalty charges? The all inclusive charge of beneficiation, royalty, and transport to the consuming center, that is either pellet or steel plant, would remain more or less the same as of today. Okay, around INR 2,500, INR 2,800 to INR 3,000. Okay. Okay, sure. Thank you, sir. Thank you. The next question is from the line of Rajesh Ravi from HDFC Securities. Please go ahead. Hi, sir. Good afternoon. Good afternoon. As part of the question, giving the timeline, just wanted to first, the INR 500 crore, this would be in FY 2025 and INR 7,000 crore each is in FY 2026 and 2027? Yes. Okay, and as per your timeline, most of the projects will be completed by FY 2026 end, so the BHU beneficiation line also you mentioned would be completed by FY 2026 end or early FY 2027. The last phase of that will be completed by September 2028. Okay, okay. So September two thousand twenty-seven, sorry. Okay, so FY twenty-eight, it will be completed. So for FY- We get a statement of three million tons, which expenditure of this land has started, and the full study of the project is on right now. That 16,000 crore project would be apart from land will be invested post some of these biggest investments being completed. Okay, okay. So this is the third leg, you know, beyond this between the 17 and 18 thousand, which is going to be spending in three years. Yes. The remaining 16, 27 is what includes that. Sorry? The first, if you want to break it up, we have the DRI plant, the pellet plants at around, and the pipeline and the beneficiation of around INR 16,000 crores. Okay. 3 million-ton steel plant at around 16,000 crores, roughly. I'm giving broad figures. So the 16,000 crore figure investment would start, apart from land and technology, build up, would start post most of the other projects being over. Okay. Understood. Great, sir. I understand. Thank you. Thank you. The next question is from the line of Manish Sehgal, an individual investor. Please go ahead. Hi, sir. I just want a quick clarification on our relationship with Sunflag, given we are having about six crore shares sitting there, which could be potentially a supply overhang. And also there was some core supply agreement. Clarify a bit on that as well. Sunflag, as you all know, it was an arbitration matter, but yet we had given them these OFCDs, which got later converted into equity shares. That is around six crores of equity shares, which they have. And also based on this same order, we entered into an offtake agreement, where we share the supply with them almost. We have their requirement of around one million tons per annum. So, at a cost plus basis, so we've been doing that as part of the arbitration order for them. So, and it's just simply completely, the shares are in the non-cumulative part of the holding, and they're nowhere else. Thank you. There was at least, in the initial list, the warrant for issue to them also, but of course, finally, I think it is okay. Yeah, they were not able to support for it. Yes. So, I mean, is there some long-term thinking on the relationship with that company as well, or it is just outside, sitting outside? In terms of long-term relationship, it is limited to the supply of iron ore, where for which we have a long-term supply agreement with them. Okay, so the supply can come into market, actually? Supply of iron ore, I said, huh. No, no, no, I'm just in this- Supply of shares, we are a company, no, it's a part of the public shareholding, and we are not in a position to comment on that. Okay. Thank you. Thank you. Before we take the next question, we would like to remind all our participants that you may press star and one to ask your questions. The next question is from the line of Siddharth Sudhakar from InCred Capital. Please go ahead. Hi, sir. Sir, can you just tell me how much price hike have we seen in October? We are taking one price hike of INR 425, and the second one is around INR 380 or INR 400, I'm not, in the fines sector. And in the lump sector, the first one was INR 425, the same figure. Second one, I think it's INR 500. I'm not able to remember the second one offhand right now. Close to 500. Yeah. So broadly, excluding the royalty, incremental royalty, that we might be paying on the higher realization, broadly, everything should flow to our EBITDA in the third and the fourth quarter, assuming prices are right? Yeah, the royalty, apart from the royalty, everything should flow to the bottom. So secondly, on the IPS number, where you said we have to sixty or how should we look at these numbers going ahead over the next two, three years? I think this number is more or less the final figure for the overhang that was there for the past investment. For future, once the pellet plant is started, then we will start our new series of the IPS for Gadchiroli at 150%. That would start post the pellet plant, which would also be for the DRI plant in Gadchiroli. Twenty-five. Similarly, for the DRI plant, the new plant, once we start, post that, the income would start accruing. So we can expect some benefits to start flowing in from FY 2023 for me? Yes, yes. So once we complete our positioning for FY25, we start operations in FY25, twenty-six. We should be fine. So secondly, about the slurry pipeline, which I've just commissioned already, when do we expect to actually start utilizing the slurry pipeline? The iron ore grinding unit is under preparation, and the pellet plant, even if the iron ore grinding unit is started, we can start sending ground material to the pellet plant area and try to dispatch some ground material to some customers. However, the delay is more expected around the same time as the pellet plant, around last twenty-five. So the cost of transportation in the pellet plant would be around fifty. Is that a fair understanding? To the pellet plant? Yeah. Yes, yes. Around INR 50. Okay. That's it for myself, sir. Thank you. Thank you. The next question is from the line of Ashutosh Somani from JM Financial. Please go ahead. Thanks for taking my question, sir. If you could spend some time on the domestic pricing also, both in the short term and in the long term. So short-term perspective, in terms of what are your customers saying and what kind of room you are seeing in terms of pricing for this? And from a longer-term perspective of mines expiring in and how do you set the pricing out there? Ashutosh, thank you very much for a very nice question. We have commissioned BigMint and Questro for a detailed market study, to answer some of these questions. Some, in the preliminary discussion, some surprises have been thrown up. For example, many of the SAIL, Steel Authority of India Limited, mines also expire at the same time, as, some of the other mines in 2030. That I didn't know, for example. So continuing with the long term, the steel market is expected to grow to 300 million tons by 2030, 2032, 2033, and, there's a growth of around 7-8%, per annum for the next four years or even more. Given the pace of the iron ore mining increase in the past few years, we do not see that taking place, so we see a mismatch. Some of this mismatch will be covered by other beneficiation projects which are being thought about, but we don't know the extent of that. That is the study that BigMint would try to cover for us in the next two, three months, we'll have that detailed report with us. Regarding the short term, the steel plant capacity in the country has been added by around 8% in the last quarter due to mega blast furnaces being commissioned, apart from many other units being added. There have been no mine announcements coming up, so that is probably part of the reason of this mismatch and price increase. The Indian market continues to remain at a big discount to the international prices, and so that does remain in the overall scenario that we factor in. Sure. That answers my question. Thank you. Thank you. The next question is from the line of Aryan Sharma from B&K Securities Limited. Please go ahead. Hi, sir. Good afternoon. Just one clarification. I know you had mentioned it already, but could you please give a more detailed breakup on your future costs? Like, how much for beneficiation, pipeline, steel plant, et cetera. Could you just share? I think that would be quite detailed. Can we ask you to approach our investment division cell, and they would be glad to update you on that. Sure, sure, sure, sure. No problem. Thank you. Thank you. Does that answer your question, Mr. Aryan? Yes, yes. Yes. Thank you. The next question is from the line of Deep Mehta from Bank of India Mutual Fund. Please go ahead. Hi, sir. Thank you for the opportunity. Just one clarification. We will get our EC limits for increasing our mining capacity end of this year, correct? End of this financial year, yes. Yeah, end of this financial. And how much have we expect to ramp up the production to the rated capacity? Let me clarify on the EC, which is the mining plan has been approved, the TOR has been approved. Now, the public hearing would happen post this Maharashtra elections, and subsequent to that, the EC would be issued by the central government, MoEF. That is the process that is balanced, what has been completed and what is balanced. We expect the timeline by February fifteen, 2020, something like that. We have already processed up to 2 million, 2.5 million tons also per month. So we hope that the 25 million ton DSO sales on a per month basis could happen more or less immediately in line with the EC clearance. Our MDO, Thriveni, has already started implementing machinery based on this. So is it right to assume that for FY 2026, we might reach 20 million tons or so, or something like that? Twenty-five million. 25 would be a more accurate figure. Very clear, sir. And the pellet plant will also start, right? So what will be the sales to the outside world then? For sure. Yeah. Okay, sir, and pellet plant should start by, during the start of the next financial year, right? First pellet plant will start, first pellet plant and the first DRI plant capacity enhancement, both should happen by the end of March 2025. Operation should start from the next financial year. Okay, sir. Very clear. That's all from me. Thank you. Thank you. The next question is from the line of Vikas Shah from RNM Capital Advisors. Please go ahead. Yes, sir. Thank you for the opportunity, and congratulations on the robust performance. The first question is with respect to, so, what is the yield that you got in the pilot beneficiation plant? And can we assume that the yield will improve when we do beneficiation on a larger scale? The yield that we got is around 38%. Originally, we had anticipated 35%, so 38%, little bit improvement on that. I would say that this 38% is an optimum figure. There are too many variables in a larger plant, so I would say 38% would be in our internal thinking. Okay. So when we talked about 45 million tons of beneficiation, which would give us around 15 million tons of sellable iron ore, and this number will be even higher also? It will be little bit higher, but again, that's. We have to appreciate that this is the first time that this plant is being run in India, so we are being very, very conservative in announcing our figures, and the pellet plant is showing 38%. Okay. Then the last question, yeah. What is the mining that you've done in any month? Just to understand, like, how fast you can ramp up the mine. Sorry, come again? I lost your question. So what I'm saying is that what is the peak mining that you have done in any month? Just to understand, like, how fast you can ramp up the mine. Around 2.2 million tons was done, I think, in the beginning of this financial year. Okay. Okay, okay. Thank you so much for answering. One more thing that we have to keep in mind- Yeah. is the logistics movement. So that, that becomes a bottleneck. With, with the pipeline of 10 million tons being commissioned simultaneously, that bottleneck can reduce dramatically. Perfect. Okay, sir, thank you so much for answering. Thank you. Thank you. The next question is from the line of Shrey Gandhi from C.R. Kothari & Sons. Please go ahead. Good afternoon, sir. Thank you for the opportunity. I just have a small question. When I was going through the quarter results, I see the mining revenue has decreased quarter on quarter by 2 million Cr. So could you just throw some light on this end? Sorry, we're not able to hear you properly. Yeah, am I audible now? Yeah, yeah. The mining revenue decreased by almost 200 CR in the quarter two as compared to last quarter. Can you throw some light on this and what can we expect in the coming future? The quarter two guidelines are always going to be lower for any year because of the rains and monsoons, and the demand, et cetera. So all put together, that's always going to be little lesser than quarter one or quarter four. Quarter three also. For, it's- It's It's the nature of the animal. Seasonally weak quarter. So the second quarter always is the weaker time for it, right? But this quarter has been better than the year-on-year quarter. This half has been better than year-on-year half. Yes, so in the, like, coming quarter, we can expect something similar to that or maybe more than this, quarter one? Like we mentioned earlier, we would be having our. If you talk about mining, figures will continue on the same basis till we get the EC changes, and the overall guidance would be around 13 million-14 million tons for the year for mining, and our DRI plant of around 330,000 tons a year will be the overall guidance. Okay. Thank you, sir. Congratulations for the great numbers. Thank you. Thank you. The next question is from the line of Farhad Bajeta, an individual investor. Please go ahead. Yeah. Am I audible to you, sir? Yes, sir. Yeah. What is the incremental volume as we get the EC clearance by year-end of June 2025, as you said? So we, the incremental volume could be. Right now it is 10 million tons, so 13 million, so that'll be 3 million tons will be the incremental volume in the last one and a half months. Given the iron ore prices are today. Can you repeat that? Given the iron ore prices are today. We're losing the first part, I think something wrong with the line. Current levels, and our iron ore prices today. I would leave that to the very, able analyst to analyze that. There are nearly a hundred people in the group, so I'm sure many of them would be doing a lot of that analysis. Thank you. Thank you. A reminder to all participants that you may press star and one to ask a question. We will wait for a moment while the question queue assembles. The next question is from the line of Amit Ojha from GEPL Capital. Please go ahead. Good afternoon, sir, and thank you for giving me the opportunity. Am I audible and clear enough? Yes. Yes. Can you please elaborate on how the slurry pipeline contributes to reducing the carbon footprint and operational efficiency? Okay. In terms of carbon efficiency, I don't have the figures with me, but we, do we have the figures? We don't have the figures, but the truck movement should be- The truck movement is with diesel, and this is through pumped power, and the slurry reduces this. I'll work on this. It's a very interesting question. We have the figures in rupees, but not in carbon footprint. We'll evaluate that. Apart from that, what we also doing in carbon footprint reduction is the minimization. We're going to work with LNG, not with oil. So that will reduce that carbon footprint in a very big way. The local transport to the supplying to the nearby customers would be through LNG trucks. That is, as far as the transport is concerned. Within the mine, much of the equipment by the year-end two thousand twenty-five would be through electrical equipment, again, reducing the carbon footprint dramatically. All of that put together, the footprint reduces. By the next quarter, I think we would be able to have a more precise, not precise, but more elaborate answer to your question, my friend. Thank you. It was very helpful. And last question is, are there any diversification plans or technology investments aimed at enhancing operational efficiency? Within the plans that we're doing, there's a continuous effort to improve efficiencies, improve profitability, improve costs, and things like that, so that is an ongoing process. If, apart from this, there's no specific thing that we are addressing right now. The steel plant, if you're talking about the three million ton steel plant, we are looking at the latest technologies in the blast furnace route, et cetera, to ensure that the technologies are very well up to date, so whatever plants we are buying are state-of-the-art, up-to-date plants. Thank you. That was very helpful. Thank you, and all the best. Thank you, sir. Thank you. As there are no further questions, we would like to end the conference. Over to the management of Lloyd Metals and Energy Limited for closing comments. I would like to thank everybody for the active participation and the very interesting questions. And, happy Diwali to one and all, and wish all a happy and prosperous investing New Year. Thank you. Thank you, sir. On behalf of Equirus Securities Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your-