Ladies and gentlemen, good day, and welcome to JK Cement Limited's earnings conference call for quarter and half year ended thirtieth September twenty twenty-four, hosted by PhillipCapital (India) Private 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 then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vaibhav Agarwal from PhillipCapital (India) Private Limited. Thank you, and over to you, sir. Yeah. Thank you, Michelle. Good evening, everyone. On behalf of PhillipCapital (India) Private Limited, we welcome you to the Q2 and H1 FY 2025 call of JK Cement Limited. On the call we have with us Mr. Ajay Kumar Saraogi, Deputy Managing Director and CFO, and Mr. Prashant Seth, President, Business Information and Investor Relations. I would like to mention on behalf of JK Cement and its management that certain statements that may be made or discussed on today's conference call may be forward-looking statements related to the future developments and which are based on current expectations. These statements are subject to a number of risks, uncertainties, and other important factors, which may cause actual developments and results to differ materially from the statement made. JK Cement Limited and the management of the company assumes no obligation to publicly alter or update these forward-looking statements, whether as a result of new information or future events or otherwise. I will now hand over the floor to the manager of JK Cement for their opening remarks, which will be followed by interactive Q&A. Thank you, and over to you, Saraogi sir. Thank you, Vaibhav. Good evening, and welcome to this Q2 call. The board of directors met on twenty-sixth of October to review the working for the quarter ended September twenty-fourth, as well as half year ending September twenty-fourth. The major highlights of the workings: The net sale for the quarter was INR 2,322 crores as against INR 2,555 in the previous quarter, a dip of about 9%, and INR 2,476 year on year, a dip of about 6%. The operating expenses were lower by 2% at 2,119 as against 2,164, the previous quarter, and year on year, flattish, 2,124. The EBITDA for the quarter was 273 crores, as against 479 in the previous quarter, a dip of 43%, and 447 in the previous year, dip of 39%. EBITDA margins was 11.7% for the quarter, as against 18.7 in the previous quarter and 18% in the previous year. If you look at profit before tax, it was 64 crores as against 292 crores and 246 crores, and profit after tax was 45 crores as against 203 crores and 179 crores. EPS for the quarter was INR 5.80 against 26.2 and 23.1. For the half year, April, September, the net sales were down by 3% at 4,877 crores, as against 5,117. The operating expenses was lower by 1% at INR 24,283 crores, as against INR 4,345 crores. The EBITDA was down by 11% at INR 752 crores, as against INR 849 crores. Margins was 15.4%, as against 16.9%. Profit before tax was INR 355 crores, as against INR 454 crores, a dip of 22%. And profit after tax was INR 247 crores, as against INR 305 crores, a dip of 19%. The EPS was INR 32.10, against INR 39.50. As you would have seen, the working for the quarter was not on the expected lines. That was mainly on account of both external and internal factors. External factor was the demand because of the monsoons, and the expected demand was not there, and there was pressure on pricing continued. For internal, there was additional shutdown because of monsoons and that which resulted in incremental expenses affecting the bottom line. As regards the project, the six million ton expansion work, that's at a good speed, and we are confident that we will be able to commission as per the expected lines by either end of third quarter or beginning of fourth quarter, FY 2026. If you look at the balance sheet, the gross debt as on thirtieth September was INR 4,664 crores as against INR 4,592 crores as on March. The cash balance as on 30th September was INR 1,620 crores, as against INR 2,011 crores. Net debt was 2,582 crores as against 3,044 crores. The net debt to EBITDA was 1.6 times as against 1.29, and net debt to equity was 0.56 as against 0.48. So these are the major highlights. I'll be happy to answer your questions. Thank you. Thank you very much, sir. We will now begin with the question and answer session. Anyone who wishes to ask questions may press star and one on their touchtone phone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. You may please press star and one to ask questions. The first question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi. Thank you, sir. Sir, first, on the other expenses for this quarter, was how much one time, which we will not be seeing from third quarter onwards, because that has impacted profitability a lot? There are two things which are there affecting, which may be classified as one-time. There would be an incremental one-time expenditure of about INR 30 crores, which is there, which we should not be there in the subsequent quarters. Also, you know, in the raw materials, because of the shutdown, we had purchased certain clinker, and that clinker quantity should not be there. There could be some marginal clinker, which we have procured for Central India in the month of October. Otherwise, you know, there would be no requirement of any purchased clinker going forward. These two could be the one-time expenditure, which, if we look at in terms of the value, could be anything around INR 45-50 crores, could be a one-time impact, which is there in this quarter. Got it. Now, sir, if I look at from the grey cement perspective, so 1H, we have done close to 2.1% volume growth, and we were looking at 10% for this year. So, now how we look at portfolio, how much we are looking at? So yes, we, we were looking at 10% overall, and even now, since H- in H1, you know, the growth is only nominal. Even though we are expecting a good demand, we would see that we should be closing anything around with a growth of about 6%-7%. Got it. And, in terms of the, realization for grey cement was actually QOQ, if I'm just looking at the numbers, it is 0.8% up, whereas for the white, it was, 3% down. So for both the things, just wanted to understand, because for other companies, we are seeing 2%+ kind of a, QOQ, decline in realization. So, is there anything, even if you can specify the incentive, that how much we have booked in this quarter, so that will help, and also how the prices are there in the October month now? Oh, so, as far as realization is concerned, one, since we had lower volumes, so we cut down sales in certain non-so remunerative areas, which normally we could have done. So we, one, that was, some volumes were cut in the low retention areas, in some non-trade segments, because we did not have sufficient volume available, especially in the south also. And there has been a marginal increase in the premium product sale also. So all these factors have resulted, you know, that, though the prices was under pressure, but on an average with the mix, we are not seeing any fall in the realization quarter. Now, how we look at the prices in the October month versus our Q2 average? So Q2 average, marginally up, but we have to really see. This is, I mean, whatever some prices had increased, but not across, but in the north and all. So marginally up as compared to average of Q2, but we have to see how we are able to increase upon some more pricing in coming days, post-Diwali, maybe. Okay, okay. And in terms of the- I'm sorry to interrupt you, sir. Yeah. No issues. No issues. Thank you, sir. Thank you. sir. Thank you. Participants, to ask a question, you may please press star and one now. We'll take the next question from the line of Amit Morarka from Axis Bank. Please go ahead. Yeah, hi, good evening. Thanks for the opportunity. So, while the one-off expenses were explained in the quarter, like, some other operating revenue was also there, I believe, which was on the higher side. Also, generally, could you talk about, like, in South, you had an extended maintenance shutdown, so how has it improved your efficiency, or what was that extended shutdown taken for? ... So, you know, in case of the other operating expenses, we had got one time, you know, subsidy, which had come from Central India. So that subsidy is included in the one time expense, so that it was realized and got in this quarter, so that is reflected. Okay. And also the South extended shutdown, like could you just maybe talk a bit more about it as to what was it for and how that improved your efficiency or any cost metric? See, what has happened in the South India, we had planned a shutdown of about 45 days, which also included some modification to be carried on, so that we are able to, we were saying that with the usage of AFR, you know, the scale output was becoming, had lowered. So we wanted to do certain modifications in the cyclone preheater, so that, you know, we are able to, A, maintain a high usage of AFR and have, in fact, improve, get more clinker and maybe some additional clinker. So while doing so, when there was, I mean, the rain, there was a continuous rain which disrupted the working, and, the overall shutdown was for about 70 days. Because of that extended shutdown of about 25 days, we were forced to even, you know, to get to be in the market and not lose the trade market, we had to even purchase lot of clinker to feed into the market. That extended shutdown has not been on the cost front, it is not, you know, something substantially high, but that has resulted in some additional, or the period, the clinker which we had to buy from the market, so that resulted in loss of contribution which is reflected, which could be a one-time. The incremental cost was not that high. That was only about INR 10-12 crore in this south plant. Sure. And also, lastly, the kcal cost has gone up on a QOQ basis. Why would that be? The kilocalorie cost has gone up during this quarter because, one, the AFR cost has increased, so we are seeing that there is a fall in the fuel pricing, marginal fall. But the usage of AFR, the AFR suppliers, the AFR cost has increased, whatever contracted quantities which we had. Now we are again renegotiating. Actually, you know, AFR pricing is also linked to the fuel pricing. So what they do, they always link it to the fuel pricing. Now, with the softening of fuel prices, we need to, we are again renegotiating, you know, the gap to be maintained between the price of, AFR versus fuel. Otherwise, it would not be economical to use the AFR, make all the effort of using the AFR. Okay, okay, so it's mainly because of AFR costs going up, right? Because petcoke costs have gone down in the quarter. Yes, yes, because petcoke prices. Okay, that's all from my side. Thank you. Thank you. You may press star and one to ask questions. The next question is from Patanjali Srinivasan, from Sundaram Mutual Fund. Please go ahead. Thank you for the opportunity, sir. I wanted to understand how much our unit cost of production can go down by in the next couple of quarters, because I think, from last quarter's base to this quarter, the number has gone up, like, quite a bit. So I think it's up almost INR 450 per ton. No, see, this quarter is exceptional because of low volume, and so the cost has gone up. When you use your inventory, the inventory cost is much higher because it contains an element of fixed costs. So, you know, as per the accounts, so all that affects the overall cost of the goods. But if you compare with the normal, as we said, you know, if you look at Q1 cost, so sequentially, the cost should be reducing. You know, I think with the fuel prices softening and all, we should see an impact of about fifty rupees coming up in each of the remaining two quarters. Okay. As in, so Q1, FY 2025, it was INR 4,800. So you're saying Q3, Q4, it can go drop by INR 50? Yeah, yeah, about INR 100 a ton. Yeah, so it can get to around 4,700. Is that correct? Yeah, yeah. Yeah, yeah. Yeah, yeah. Okay. Okay, sir. Sir, and, any, region-wise, could you give us some color on what the demand was? Any region where demand was not as good as we expected, or it was better than what we'd expected during the quarter? Demand... see, the demand slip was not so much felt in Central India. Okay. There was a dip in demand, definitely in the north and the southern part. Okay. Okay. Sure, sir. Thank you so much. Thank you. You may please press star and one to ask questions. The next question is from Ritesh Shah, from Investec Capital. Please go ahead. Hi, sir. Thanks for the opportunity. A couple of questions. Sir, first is, any update on Toshali, specifically on looking at, the limestone long term supply agreement that we were looking with the government, that's a- So, uh- Second question is on the paint business. Yeah. So in paint business, what we would like to know? What is happening on the paint business? Yeah. So sir, where are we on the paints business right now, the revenue number and the EBITDA number for the quarter, and how are we looking at the ramp up of the paints business? And, the third is, we have indicated a number of INR 150-INR 200 per ton of cost savings over 2025, 2026. Where are we on that journey? These are the three further questions, sir. Thank you. Okay. So on the Toshali, we are actually we recently had a meeting with the CM also. And we had, because of the change of guard, so whatever had been discussed earlier, so we had to really, in a way, start afresh. So we had a meeting, and we had discussed with him, and you know, for a long-term arrangement, which and we had a meeting with the chief secretary also. And I think we should get some, their proposal, whatever we have submitted, their response sometime in the month of December also. So if we, we are hopeful. So let's see. Once we get that, we would be able to take a call going forward. So once a long-term agreement. See, one is a given indication first, which the whole thing, the finalization of this will definitely take some time. But at least it will help us in formulating our strategy for entering into the east, and at what time, what is the time frame? Because as such, we are also, the only thing is that we want to firm up the arrangement of limestone so that the opportunity for entry into east is there. But immediately, we are not going to start. That we are clear till we will take a final call where to go for the next investment once we are about to complete the six million ton expansion. So at this stage, the only thing is to conclude the tie-up for the limestone, which is for entry in the east, right? As far as paint is concerned, yes, we have done in the- Yeah, our turnover in this quarter was INR 53 crores, and it- I'm sorry. Yeah, six months is INR 117 crores, and the EBITDA loss for the six months is INR 25 crores. Yeah, and so we- Can you explain the sales business? Yeah. So, you know, this is the thing. Now, as we see, you know, October is a main season month. So, we have done a record sale in this month, and we, as we had a guideline, that, you know, we should be closing the year, somewhere between 250-300 crores as a top line. So we are confident that we would be in that region, on the top line. Our expected loss for this for the whole year was around 40 crores, so we should be within that range only. And next year, we have a plan as a ramp up. Next year, we have a plan of about INR 400 crores top line, INR 400-INR 450 crores, and INR 600 crores by FY 2027. So where we should be having a breakeven. Hello? This is Joseph, sir. And on the cost side... Yes, sir. And on the cost side? On the cost side, you know, we had three, four levers, and the one was on the logistics. We are working towards that, and I think we have already been able to factor in about INR 22 of logistics savings. We expect that, you know, by March, our exit should be around INR 45-INR 50 in case of logistics. We are already in advanced stage for certain more agreements for green power. With the other lever, one was on increase in the AFR. We are working towards that. I mean, we are in the south, we would be able to further increase our AFR consumption. With the stabilization now of Panna, we should be able to start AFR consumption at Panna also. These were the major three areas where we expected the cost savings. I think that will gradually come up and should be visible, you know. I think if we look at an exit by FY 2025, we should definitely have an exit of between INR 60-INR 75, so INR 60, which is a saving which would have accrued. We should be seeing that saving in FY 2026, and other savings will come in FY 2026, which will, you know, pile up to about INR 150-INR 200. Sir, very useful. Thank you so much, and all the very best. Thank you. Please press star and one to ask questions. The next question is from the line of Naveen Sahadeo from ICICI Securities. Please go ahead. Yeah. Good evening, sir. Am I audible? Yeah, yeah. Yes. Right. Thank you for the opportunity. Sir, before I ask a question, just a clarification on the previous question. EBITDA loss, you said for the first half was 25 crores, so how much would that be in Q2? No, no. Pardon? You said EBITDA loss. I said the EBITDA loss- For the previous quarter. Is twenty- Okay. In Q2, it is INR 15 crores. In Q2, it is INR 15 crore, and first half. Q1 is 25. Yeah. Full year, it will be around forty. About INR 40 crore. So my first question was with respect to the TSR rate. So I think previous quarter in your actual presentation, I'm seeing that there was a decent jump towards the end of 2024, and further it increased in Q1, but in Q2 this has dropped sharply to 13%. So- Yeah, yeah. So, see, you would see that Q2 being a maintenance period for all the kilns. Right. You know, so, that has resulted in a sharp decline. And secondly, Naveen, there is one more factor. Actually, earlier, we were covering only nine plants out of the 13. Now, we have got the SBTi approval for covering all the 13 plants. So this data is actually revised for the 13 plants now. That is also a reason for the reduction. So all the new plants are added now in this. So Panna was actually not included, and if you look at the AFR usage in Panna, being Indian coal usage, that is the plant which uses the least volume of AFR. Mm-hmm. So thermal substitution is the minimum, and it has actually, the journey has started now after, you know... The first thing at Panna was to ensure the full stabilization of the plant. And this quarter, you know, the Panna kiln, you know, but... Because, see, nowadays, yes, monsoon is there, but the monsoon, the type, the typical type is that you have very excessive rain for a few number of days. Right. That actually, you know, even that is something which really disturbs the entire thing. I mean, so one, I mean, as we say, one-time loss, even in Panna, though declining was due in the month of October, I mean, from end September, and which is now there. But this excessive rain, you know, has you know when the kiln was closer to the shutdown, it did have an effect on the kiln, and we had to, you know, we had to run the kiln at a very low output for almost a month. And also, in between, we had to, you know, close kiln for two days, one day, and and that's so during the quarter, the availability of the kiln was also less. The kiln ran at normal output only for one-third of the month and at reduced output for the balance period. So all that has also resulted, affected the cost factor, the other things, and all the thermal substitution and everything got disrupted because of this erratic working during the quarter. A fair point. Understood. Thank you. My second question was on the new announcement on two coal block auctions, which you have won. So if you could give more details as to when are these mines you're expecting it to, like, you know, come into production, what benefits that one can expect, from this, or if this is more like securing- No, no, it is a long-term benefit. It is going to have, give us substantial benefits going forward. So we have won two coal blocks, one at Shahdol and one at Mahan, both in Madhya Pradesh. So Shahdol, the first block is a smaller block, which is not. I mean, that is, that block we have to work from the beginning. We have already done the vesting agreement has been done, and now we have the full team on board for the block, and we have initiated a plan to start work at that block, to do the mining lease and the mining evaluation and everything, procurement of land, so that we are able to... I mean, though the time frame given by the government for commissioning the block is by, you know, FY 2029, but we are targeting at least, you know, one year of fifteen months earlier. So that is the status for the block. The second block, which is already partially developed and which is a bigger block, that, you know, we are in the process and within the month of November, we should be having that agreement with the government. And we are already, you know, we have made out an action plan for what to be done. So immediately after the agreement, the site will be handed over to us, and we should be able to start work at the site. We feel that we are planning that maybe exact timelines we'll know once we go to the site, but we plan maybe in 30 months, you know, we are able to commission this block. This commissioning of both the coal blocks is going to, one, secure our fuel, especially for Central India, which is dependent on linkage fuel and domestic fuel that is the only. The fuel cost would be far, far cheaper. I mean, today we are getting linkage fuel at about, you know, INR 1.50-INR 1.60 per 100 GCV NCV. This would come at a much lower, around INR 1, INR 1 max, outer limit INR 1.10. Interesting. So this can even, if not now, at least three years down the line, this can- So, yeah, yeah. So many companies, if you look at in the region, everybody has a coal block. So we are fairly at a disadvantage on that concern, so we will not be at a disadvantage, as compared to the competition. And maybe if that fuel works out, we are also working on whether we can feed some volumes to the northern plants also, because it makes business sense. So we have options. But central plant, definitely where we have, north line two is coming up, where the major expansion is there. So it will secure fuel over there at a very nominal, at a very good price. Sorry, the last comment. You said, you know, second line, north, up? No, no, sorry. I said the second line of Panna, so where we are doing, already doing two expansions are there. So that will have about, you know, that will become, at a single location, the largest point for us, over twenty thousand tons of clinker. No, understood. If I can just jump in one last question. What is now the game plan for the paints business, JK Paint? Because now we are already seeing advertisement of JK Paint in some Times of India news channels as such. So if you could, first of all, just give us that how many touch points are there, how many dealers we have as of now, and what is the game plan, so that we can get a broader perspective about the paint business. And does this mean that since the advertisements and these are coming up, there could be a further cost to it in terms of branding and et cetera? Thanks. No. So I will answer the second question first. The branding cost and all, as we said, is part of INR 600 crores, which we have committed to the paint business. That is, even and we would like when the paint business, and so there is no further commitment beyond INR 600 crores. And the total plan, you know, from a journey to close to INR 300 crores this fiscal and to INR 600 crores by FY 2027, is all part of the INR 600 crores. And by this time, the business should become self-sufficient. So, that is the plan. Yeah. Yeah, helpful. But any further clarifications, you let me know. No, helpful. Thank you. Thank you. Thank you. Ladies and gentlemen, this will be a final reminder for questions, and no further reminders will be given, that you may please press Star and One to ask questions. We'll take the next question from the line of Abhishek Poddar from HDFC Mutual Fund. Please go ahead. Hi, sir. Thanks for taking my question. Just one regarding the white cement. We have seen realizations of falling in last few quarters. How is the market there? Can you talk about the competitive landscape there, how the margins are doing, and where do you see the bottoming out? The paint manufacturer, especially Asian Paints, continues to be very aggressive as far as putty is concerned. And the dip in realizations is only on account of the putty realizations dip in putty. So we expect, though there has been some correction, I think, when we were thinking earlier that, in last year, March, that it has already bottomed out, but it, the onslaught by Asian continues. However, I mean, after, you know, recent in July, after announcing some increase in the paint pricing, they also increased some pricing. They agree, but still some hidden discounts and other things do continue. We feel that, you know, this may have bottomed out, but it continues. The putty field continues to be very, very competitive. Asian Paints, you know, with all that, they have already taken the number one position in the putty field. They have become the largest player. I mean, though they don't have any production facilities, but they are still the largest seller of putty with a market share close to about 30%, as against, you know, 24 for Birla and 22 for us. So that is the position for the putty. We are continuing, I mean, there is a growth for us year-on-year, but we are not able to match the growth of which is there by Asian Paints, even, I mean, not even UltraTech or nobody, none of the other putty players are even some paint manufacturers, so they are growing, but they are not growing at the pace which Asian Paints is growing in terms of the putty. Understood. This is very helpful. So just one question on more. How do we think volumes here, like it is one point seven last year? Should we think about growth this year? And, if you can give some guidance on how the industry is growing in this. So, if you look at, you know, the putty should be growing at about eight to nine, should grow about at 8-9% this year. We are trying to work when we see that, you know, we grow at least, you know, 5%, so our internal target is definitely much higher. But as of, I mean, what it looks, anything between 5-6% should be our growth numbers. Understood. And just one last question on the gray cement side. Are you already seeing some green shoots in demand? If you can talk about how the season is, October is, and how do you expect, post, So October is definitely much better than what it, the September is. But, you know, the, some of the government spending, I mean, that has to really come in full-fledged, and I think that should come from, November onwards. Understood, sir. Thank you and all the best. Thank you. The next question is from Raghav Malik, from Jefferies. Please go ahead. Yeah. Hi, am I audible? Yeah, yeah. Yeah. Hi, sir, thank you for the opportunity. I just wanted to check on the CapEx, your target for the year. Is it, are you still retaining the same target of, you know, INR 1,800-2,000 crores of- Yeah, yeah. Given that, you know, we've done INR 500 odd crores before- No, it is. Projects are on stream, and we are maintaining the CapEx targets. Okay, sir. That's all from my side. Thank you. Thank you. The next question is from Pratik Kumar from Jefferies. Please go ahead. Hello. Yeah, good evening, sir. My first question is on your profitability. You said that realizations benefited from maneuvering of markets during first quarter this quarter. So next quarter it should normalize, like, versus industry peers, your realization trend versus other- Yeah, yeah. So next quarter, you know, it should match with the industry, but suppose the industry shows a growth of 3% over the quarter, and there is no dip, so that will not be there. We have to then compare, you know, the situation vis-à-vis first quarter and where the industry is standing vis-à-vis first quarter in this quarter, in Q3, and we'll be at par with that. Okay, so we'll have a lower realization growth, but will that be offset by better cost performance in Q1? There will be definite cost performance. There will be definitely improvement in volumes, but now with increased volumes, we will be catering to all the segments, because we, on our long term, we cannot or medium or long term, we cannot afford to lose any segments if we have to maintain the volume growth. In Q2, we do not have the volume to further the maintenance. Right. One of the large peers, realization improvement to the tune of INR 200 per ton, going to a better per ton. So is that kind of improvement which we should also look at? We will be at par with the industry. You know, one, this realization, it will not be that the top players show that realization, and we don't show it. If the prices improve, we will be at par. We will not be behind any producer. And then last question on October volumes. So because of festive timing changes, it will still be a decline year-on-year for the volumes for the month? No, actually, I think we should be showing a growth year-on-year. Sure. Thank you. These are my questions. Thank you. Participants, please note we'll be taking the last two questions for today. The next question is from the line of Rajesh Ravi from HDFC Securities. Please go ahead. Hi, sir. Good evening. First question pertains to your Capex. You already spent 1,400 crore on consolidated basis, so you're saying that 2,000 crore is the annual target for April 2025. So are we looking at the second half to be so dull on the Capex or? No, we have spent INR 750 crores till now out of the target of INR 1,800-INR 1,900 crores. Cash flow statement, consolidated balance, cash flow, it is INR 1,400 crore. I was referring to that number. ... Okay. But I think we'll, yeah, I, we can clarify to you- The existing cash flow number. And we will check up, because the number, what is included, we will clarify that, because the actual expenditure is around INR 750 crores. INR 750 crores. INR 750 crores, which is the CapEx, but any other thing is in the cash flow. It is showing, and all other expenditure is, you know, as per the plan, because there's nothing new has happened. Mm-hmm. So, we still continue to on the project. The project is on schedule as per the schedule, so we continue to spend on the project in the same manner. So there is... I don't think so, and whatever other expenditure which we have done on the normal CapEx and all, they are as per schedule. There's nothing. Okay. And second, on the volume growth, see, first off, your grey volume is flattish and white volume we are seeing 5% decline. You are maintaining 10% volume growth for the grey business for full year. So are you confident the second half will be able to deliver 20% volume growth in the grey cement business, and similarly for white and putty? I suppose you guided 5% growth against 5% decline. So second half, a 10% growth, is it, you know, do you see green shoots good enough to support that kind of volume numbers? So in grey, as I said earlier, that our numbers, we should be anything between 6%-7%. We are not talking about anything, you know, that's the numbers. And in case of white, I mean, there is no negative growth. I mean, the white, if you look at the volume numbers, I mean, it is not. I mean, it, the total number, it is, year on year, it's sales is about 3% growth. For which... Okay. See, last year, Q2 was, Yeah, six months is an- Yeah, six months, I am referring to six-month numbers. Even six months it is higher. See, we have, like combined number of 7 lakh 86 thousand tons, as against 7 lakh 61 thousand tons, six months last year, and cash flow also, I am looking at the consolidated cash outflow on the CapEx is INR 745 crores. Where did you get the number of forty? I'll recheck my number. Yeah, you please check both the numbers, the white business volume, this, everything. Okay. Let's check. Yeah, I think these are all the... I could just chip in one last question. You mentioned that you are looking at 50-60 rupees savings through logistics and another similar amount of savings you are looking from the inching above green power save, right? Yeah, yeah. On use of alternate fuel and- Alternative fuel. So basically, FY 2025 and 2026 total 150 odd, which is, you are looking over the next two years, 2025, 2026, so it will be equally split between both the years, the savings? What I said, you know, we should see an exit of about INR 60 in March. Okay, on cumulative INR 60 in this year. So, yeah. Yeah. So we should see, broadly, a INR 60 exit sometime March, and maybe balance we should see in FY 2026. 90-odd rupees you're looking at next, for FY 2026. Yeah, yeah. Okay. That's thank you. Thank you. The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi, sir. Sir, just a couple data points. So blended mix for this quarter and road, rail mix was how much? One second. Yeah, the rail road was. It was rail only 9%. Okay. Yeah. And blended mix? Seventy percent. 70%, okay. And, sir, for this quarter, how much was the incentive that we have booked? It is 58 crores. Fifty-eight crore, okay. And for all the six million ton expansion, so previously we said that December twenty-five, next December we will be starting. So that timeline remains intact or update there? By December twenty-five, so first quarter, the last quarter, end of third quarter, beginning of fourth quarter, should be the commissioning. Okay, got it. And, also, is it possible to share the fuel mix for this quarter? How much was the petcoke, imported coal, and- By heat, petcoke was around 75%, and the balance is the alternate fuel and the imported. Okay, got it. And sir, is it fair to say that this quarter, let's say, at a consolidated level, if we look at 11.1% kind of a EBITDA margin, so the white cement or let's say, whatever way we can look at grey margin would be much lower and white is still higher than this blended average? You have to arrive at that number yourself. We are not sharing as we know- No, that directionally just trying to understand because, as you mentioned, that the putty, significant competition is there. So just trying to see whether that margin also has also come off decently there also. No. What I would say, yes, I mean, the gray business margins would be marginally lower in this quarter as compared to the white. Okay, got it. Got it. Thank you, and all the best, and Happy Diwali to you. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Vaibhav Agarwal for closing comments. Over to you, sir. Yeah, thank you. On behalf of PhillipCapital (India) Private Limited, we thank the participants for joining the call, and thank you very much, sir, for giving us the opportunity to host the call. Thank you, Michelle, and conclude the call. We wish you all a very happy Diwali and a very happy Dhanteras. Thank you. Thank you everyone for joining, and wish you a happy Dhanteras and happy Diwali. Thank you. Thank you very much, sir. Thank you. Ladies and gentlemen, on behalf of PhillipCapital (India) Private Limited, that concludes this conference. We thank you for joining us, and you may now disconnect your lines.