Ladies and gentlemen, good day and welcome to the earnings conference call for the quarter and half-year ended 30th September 2024 of Star Cement Ltd, hosted by PhillipCapital (India) Pvt Ltd. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vaibhav Agarwal from PhillipCapital (India) Pvt Ltd. Thank you, and over to you, Mr. Agarwal. Yeah, thank you, Michelle. Good evening, everyone. On behalf of PhillipCapital (India) Pvt Ltd, we welcome you to the Q2 FY 2025 and H1 FY 2025 of Star Cement. On the call, we have with us Mr. Tushar Bhajanka, Deputy Managing Director, and Mr. Manoj Agarwal, CFO of the company. I will hand over the floor to Mr. Manoj Agarwal for his opening remarks, which will follow up with direct Q&A. Thank you, and over to you, Manoj, sir. Good afternoon, all. My name is Tushar Bhajanka, and I'm the Deputy MD of Star Cement. I would like to welcome you all to the earnings call of quarter two. I have our CFO of the company with me. He will run you through the numbers of quarter two, and then we can have our Q&A session. Thank you. Yes, hi, hi, friends. Very good afternoon. I, on behalf of Star Cement Ltd, welcome you all to our phone call for discussion of our results of Q2 FY 2025 and half-year ended September 2024. I would like to clarify that we are discussing on the historical numbers and there is no invitation to invest. Having said that, now, I will just take you through the Q2 numbers followed by half-yearly numbers. Starting from clinker production during the quarter ended September 2024, we have produced 6.58 lakh tons of clinker as against 6.48 lakh tons same quarter last year. So far, as cement production is concerned, we have produced 9.55 lakh tons this quarter as against 8.95 lakh tons same quarter last year. Now, I will take you through sales volume. During the quarter, we have sold 9.62 lakh tons of cement as against 8.96 lakh tons of cement the same quarter last year. And we have also sold 0.16 lakh tons of clinker during this quarter. This is as far as cement and clinker sale is concerned. As far as geographical distribution of cement is concerned, in Northeast, we have sold around 7.49 lakh tons as against 6.72 lakh tons during same quarter last year. And as far as outside Northeast cement is concerned, we have sold 2.13 lakh tons of cement this quarter as against 2.24 lakh tons same quarter last year. In terms of blend mix, it is almost 10% of OPC and the rest is PPC. These are the quantitative numbers of the quarter. Now, I will take you through to the financial. The total revenue figure this quarter is around INR 642 crore as against INR 585 crore same period last year. As far as the EBITDA figure is concerned, this quarter, we have done an EBITDA of around INR 96 crore as against INR 104 crore last year. Profit after tax is INR 6 crore as against INR 41 crore in same period last year. The decrease in PAT on account of increased depreciation due to capitalization of our new 2 million ton grinding unit at Guwahati and our clinker plant at Lumshnong, Meghalaya. On per tonne EBITDA front, it is INR 995 during this quarter as against INR 1,164 per tonne same quarter last year. This is what our quarterly number of second quarter. The total revenue figure for the half-year ended September 2024 is around INR 1,393 crore as against INR 1,346 crore same period last year. As far as the EBITDA figure is concerned, during half-year ended September 24, we have done an EBITDA of around INR 215 crore as against INR 242 crore last year. PAT is INR 37 crore as against INR 134 crore in same period last year. The decrease is on account of increased depreciation as explained earlier. On per tonne EBITDA front, it is INR 1,007 during the half-year ended September 24 as against INR 1,176 per tonne same period last year. These are the quarterly and half-yearly numbers. Now, I request all of you that if you have any queries, you may, can ask the same, and I will request Vaibhav to moderate the query wherever it requires. 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 the touch-tone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. The first question is from the line of Keshav Lahoti from HDFC Securities. Please go ahead. Wanted to know the status of Meghalaya clinker SGST benefit. Have they recorded in this quarter, and how much? So for the Meghalaya clinker plant, the GST benefit that we are supposed to get, we have recorded some part of it. you know, but because the clinker is, this new clinker plant, we are having some problem with the clinker plant, so it did not manufacture much. So because it did not manufacture a lot, you know, the overall benefit was very small compared to what we expected. Understood. And how much incentive has been recorded for this quarter overall? So overall, incentive this quarter, INR 37 crore is the incentive which has been, you know, booked in the book for this quarter. Okay. And lastly, on the CapEx, what is the CapEx for this year, and how are your expansions, Silchar and Jorhat working? Is it running on track? Yeah. So the CapEx for this year, you know, in the H1 2025 was about INR 337 crore, in which, you know, a last portion went in completing our new clinker plant and also the WHRS. For the H2 of this year, we plan to spend about INR 377 crore, out of which, you know, a major part is going in the Silchar project, and some part of it is going in the clinker plant, the new clinker plant, WHRS. Okay. There is an overall cutting CapEx. Earlier, the total year CapEx was INR 835 crore. Now it is broadly. Yeah. INR 720 crore types. Yeah. So now it is, yeah, you're right. It's at about INR 720 crore. Yes. So is the timeline delayed for either of the Silchar plant or be it Jorhat plant? So I think the Silchar plant, you know, earlier we were expecting it to commission by September, October 2025, 2026. Now we are expecting it to commission by December 2026. There is a two-three-month delay. But besides that, there's no, no significant delay. The Jorhat plant, we are expecting, you know, by 2026-2027 end. Okay. Thank you. I'll come back into. Thank you. Thank you. You may please press star and one to ask questions. The next question is from the line of Pratik Shah from Climb Capital. Please go ahead. Good afternoon, sir. I have two questions. First is, what is the difference between North east cement market versus rest of the India cement market? Second is, how much incentive do you expect to get in balance two quarters and for next full year on consolidated basis? So, you know, the Northeast markets are basically the seven states in Northeast, right? That is what constitutes, that is what constitutes the Northeast market. The outside Northeast market is basically West Bengal and Bihar for us, so that's how we differentiate, I think, in our results as well, and you know, the subsidy that we expect. You know, in quarter three, we were having some, again having some problems with the new clinker plant. You know, it was having some problems in stabilizing, and you know, by 20th or 21st of November, we finally expect you know to light up the kiln again and be able to run, so because of that, the generation subsidy till now has been quite poor, but in you know in whatever is left of Q3 and in Q4, we do expect you know a good generation of GST. The exact numbers, you know, I will quantify, and I'll let you know. I'll probably ask my CFO to get back to you. But I think about INR 50 crore-INR 60 crore quarterly is what we expect in the coming quarters. Okay. Okay. Thank you. Thank you. Please press star and one to ask questions. The next question is from the line of Sahil Solanki from Dialwealth Securities. Please go ahead. Hello. Hello. Yes, sir. Please go ahead. Very good evening, sir. My first question is, what capacity utilization do you expect for Q3 and Q4 of current year? And what is your expectation for FY 2026? So, you know, in Q3 and Q4, I expect to go at about 11%-12%. That is what the expectation is, right? So I think with that, of course, in Q4, we do expect the utilization to significantly improve. Because Q4 is in Northeast season time, right, when the rainfall is the lowest. So we do expect, you know, to operate at about, you know, 85%-90% capacity, during, you know, season time in Q4. In Q3, I think the capacity utilization will be at about 70%. Okay. And for FY 2026? FY 2026, I think, you know, on a year average, I think our capacity utilization will be at about 75%. Okay. And my second question was, how much EBITDA do you expect for the balance of the year and for FY 2026? So, I mean, you know, as I told, you know, we were having some problems in our Q3, because of the clinker plant. You know, there has been a you know, there has been some technical difficulties that we've been facing, and because of which, you know, there is a problem in the production of the new line. But in Q4, our expectation is good. I think it should definitely be much higher than last year. It should be about INR 220 crore-INR 230 crore in Q4. Okay. That's all from my side. So thanks so much. Thank you. Thank you. You may press star and one to ask questions. The next question is from the line of Uttam Kumar Srimal from Axis Securities Limited. Please go ahead. Yes, sir. Good afternoon. Thanks for the opportunity. Sir, last time we had guided for 11% volume growth for FY 2025. So, are we sticking with that kind of that, volume growth? I'm sorry. How much did I suggest? 11%? 11%. 11% for the full year. Okay. So, you know, this year also, you know, we grew in Northeast by about 11%. Mm-hmm. In outside Northeast, we grew by about - 5%, so that's why the weighted average is about 7%. And we, you know, in Q3 and Q4, we do intend to grow by 11% overall, so I think for the coming two quarters, we do expect to grow by about 10%-11%. That will still be our estimate, but we are focusing more on Northeast, so the growth rate in Northeast is going to be higher, and growth rate in outside Northeast, which is basically West Bengal and Bihar for us, will be a bit lower. Okay. And sir, how is the current pricing and demand scenario in both Northeast as well as in this region? So in Northeast, you know, the pricing scenario is definitely, you know, much better than outside Northeast. You know, in Bihar and West Bengal, the prices have seriously crashed, you know, and compared to you know, the earlier two quarters, you know, I think in Bengal and Bihar, the prices have not improved. So whatever the average was of Q2 still remains the price currently. In Northeast, you know, the prices have increased by about INR 10 compared to the quarter two. So the Northeast, the prices are a bit more stable than outside Northeast. Okay. Sir, how is the capacity utilization for your new grinding unit in Guwahati, and where will we see the capacity utilization by the end of this year? So, you know, the capacity utilization for Guwahati is at about 70%-77%. That is also primarily because we are utilizing our old line a bit lesser, and we are focusing on a new line. Overall, between the two plants in Guwahati, line one and line two, the overall utilization will be at about 70%. By the end of quarter three, and, you know, in quarter four, we do expect full utilization of both lines. Okay. Sir, a couple of data points. Trade mix and non-trade mix, premium cement sale, lead distance, and fuel mix. Okay. So the trade percentage was 85%, compared to Q1 20 25, 84%. That of course means the non-trade was 15%, as to 15% in Q1. The lead distance is about 218 km versus 207 km in Q1. And the share of premium sorry? Yeah. Lead distance has increased from earlier quarter. Yeah, so the lead distance was 218 km this quarter, right, and last quarter in Q1 2025, it was 207 km. Yeah. The share of premium is about 10.6% this Q2 compared to 9.1% in Q1. Okay. And sir, lastly, fuel mix for this quarter? Fuel mix. Yeah. So, fuel mix, you know, most of our coal has come from FSA. So, about 55% of the coal has come from FSA, FSA, Coal India, you know, coal agreement. Then, you know, about 18% has come from biomass, and the rest of it has come from spot contracts in Nagaland. Okay. And sir, what is the CapEx guidance for FY 2026 we have given for FY 2025? And for FY 2026, if you can quantify? Yeah. So in, you know, for FY 2026, we basically intend to complete our Silchar plant, which will be the main CapEx. And besides that, there'll be operational CapEx. So I think in total, we estimate overall CapEx of about INR 450 crore. Okay, sir. That's all from my side, and thanks so much. Thank you. Thank you. If you wish to ask a question, you may please press star and one. The next question is from the line of Amit Murarka from Axis Capital. Please go ahead. Yeah. Hi. Thanks for the opportunity. Just wanted to check, like, you mentioned that line three faced some issues. Could you just help better understand, like, what issues and, like, after the resumption, like, will it be a normal run rate or will it take time to kind of ramp up the unit? Yeah. So I think, you know, there were some incidents in the plant where, you know, there were some default faults in the panels. So because of that, we had to replace the panels in the electrical room. And, you know, so it was just taking time for those panels to come. So now, on the 17th, those panels will be replaced, and on the 22nd, we'll erect those panels. And I think after that, we should have a smooth functioning. So this is, broadly, you know, what we're doing. What kind of ramp-up is expected on this unit? I mean, you know, ideally, it is, has a capability of producing about 10,000 tons a day, which is almost about 2.8 lakh tons- 3 lakh tons a month, which is actually more than our current clinker capacity of the line one and line two. So, you know, so we expect that, you know, in November, whatever teething problems there would be, will sort out. And by end of November, we are able to at least operate it at 7,000 TPD-7,500 TPD, tons per day. And from there on, we can stabilize it to 8,000 tons-9,000 tons a day. So, I think once it ramps up, you know, we should not have any problem of clinker, and we'll also be in a position to sell clinker to the rest of the plants in Northeast and also players in North Bengal, because there'll be a very, you know, acute shortage of clinker in Northeast in the coming season, and there'll be huge demand for it. Understood. And just generally understanding, like, you actually have seen so much consolidation in the last year or so. Generally, what are your thoughts about it? Like, how does it impact the industry? I know in Northeast, there has not been much, but then, like, JK Lakshmi, I believe, is trying to enter the market, and even UltraTech has been trying to do that. So, what is your outlook on these new entrants, and as well, what are your thoughts on this wave of consolidation in the industry? So I mean, particularly to Northeast, you know, I think JK Lakshmi is attempting. They've also bought something in Northeast, you know, to put up a plant. So I think the process is, you know, a bit more complicated in Northeast, right? Because the land acquisition, the possession, the local, and even the legality of the mines, right, is a bit more complicated than in other areas. So I think anyone who attempts to put up a plant will at least take four, five years to put up a plant, given that they have now, you know, finalized the land and finalized the mines. So I think, UltraTech and other players, you know, I wouldn't like to name, but they are, I think, all looking for, you know, something, but they're not really being able to put up in particular site or to a particular mine. So given that, I think it's, at least, you know, whoever comes will take four, five years to come. And so I do not see, you know, the situation, or, you know, like rest of India, repeating in Northeast, anytime soon. In terms of consolidation, you know, in other parts of the country, you know, I think it's good for the industry overall because, I mean, most of these areas were highly fragmented. And for any, pricing discipline and for, you know, decent profitability, I think there was a need for consolidation, which is happening. Sure. And you are not, in any way, into the M&A market in terms of either thinking of acquiring something or anything like that? No, we are not in the M&A market right now because we were earlier looking at South, but South, you know, for as a kind of company size of the company that we are, and the kind of margin there is in South and the variability in the margin, it did not look like, you know, it did not look like the right kind of market. We have acquired mines in Rajasthan in option recently, about 65 million tons of reserve. So we are conducting geological survey. It is in Nimbol. It is very close to Nuvoco's Nimbol plant in Rajasthan. And we have, we are conducting surveys there, and we are awaiting the geological reserve and the quality. And once we are sure of the quality, then we will start the land acquisition in that area, and put up a clinker plant, look to put up a clinker plant there. But that I will confirm in the next quarter. But there are already details. I think we had also submitted in SEBI, the details of mines that we had participated in one. Sure. Thanks a lot, yeah. Thank you. Thank you. Ladies and gentlemen, this will be the final reminder, and no further reminders will be given. But you may please press star and one to ask a question at this time. We'll take the next question from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi. Thank you, sir. Sir, fuel cost on kcal for Q2 was how much? So the fuel cost, just a second. The fuel cost is at about INR 1.5 per GCV. Okay. And likely to remain similar in the third and fourth quarter? Yeah. Yeah, yeah, yeah. I think it probably will remain the same only. So I think in Q1 also, it was INR 1.5. Right now, it's about INR 1.5, and I think it should remain INR 1.5 in the coming quarters as well. I think that there could be some reduction, but no increase. Okay. Sir, this 12 MW WHRS, which was supposed to start in October and November, has it started? It should start by end of November. We have phased it out into sets, you know. One part of it, which will produce about 6 MW, will start by end of November, and the second one will start by December end. Okay. Got it and in terms of the CapEx, so you've obviously for FY 2025 and FY 2026 also, previously we were seeing a INR 670 crore and now INR 450 crore. So for both the year, we are reducing the CapEx, so just trying to understand the delay what you have mentioned is the clinker plant will be now by December will be starting, and the Jorhat will start by end of FY 2027. Yeah. So the clinker plant, you know, we should come, you know, be able to commission by December, January next year. And the Jorhat plant will be a year after that, you know, year or 15 months after that. Okay. So both, you see, is kind of delayed by three to six months. Delay is there on that part. Yeah. Yeah. Because we are also trying to time it with the market, right? Because we don't, you know, because we are just making sure that, we are, timing it with the pace of the market, right, as the market demands. So, so we are buying land. We are taking all the permission, right? Like, for example, we have already taken the, you know, we have already done the public hearing, and we are in the process of taking the environmental clearance for clinker. The same we'll do for Jorhat. And we are just, trying to pace it depending on how the demand situation is. Okay. Got it. And in terms of the volume also, you mentioned that in the second half, we are looking at 10%-11% kind of growth in the second half. So once this clinker will restart in November, and then for the next year, broadly just trying to understand how one can look at on the volume front. So trying to understand how the Northeast would be growing in the next year and how we will be growing in the next FY 2026. You know, so basically, you know, the main problem, at least in Northeast, was that the government expenditure in Northeast in the first half was a bit low, right? And because of that, the demand was a bit subdued. Even despite that, we had grown at about 11% in Q2 of this year in Northeast, right? So, so we do expect the demand to pick up because there are signs of government releasing its, you know, you know, scheme in, Northeast at least, you know, from December, January onwards. So I think that will definitely positively affect the demand, right, for the coming two, three quarters. And, and we have to see, you know, what kind of schemes they bring in, you know, to boost up housing and all. So in case the schemes are lucrative and they're effective, then I think there could be a surge in demand again. In Q2, sorry, in next year, you know, it's hard to predict right now because, you know, there's a lot of fluctuation at a macro level, right? But I think by next quarter, I think we'll be better placed in giving a forecast about next year. Okay. And you mentioned that in the third quarter, our profitability will be lower. So just trying to understand, given that, as you mentioned, the Northeast prices are INR 10 off, and outside Northeast is slightly on QoQ basis. So just trying to understand on QoQ basis, given the incentive, how the incentive, as you mentioned, INR 50 crore-INR 60 crore. So still, there will be a decent QoQ improvement. There should be in the third quarter on the profitability front. Yeah, so I think, you know, there should be, but it also depends on the price, and you know, that INR 40 crore-INR 50 crore, we have not been able to, you know, get because, you know, as line three, the new clinker plant was not producing, right? So we'll only get some part of the quarter three will get that benefit, but the entire benefit should be visible in the books from quarter four onwards, right? So because of the line three, you know, the new clinker plant problem, you know, we also had to buy clinker from outside, right? So that will also affect the profitability, but you know, from end of November onwards, we should start building up the clinker stock. And then I think by quarter four, we should have enough stock for ourselves. Also, at the same time, we should have stock to sell, right? Q4, I see, should be a drastic improvement in the profitability compared to last year Q4. Okay. And lastly, Manoj sir, in terms of the depreciation of this quarter, INR 82 crore-INR 83 crore, so how one can look at the second half and even what kind of a reduction one can look at in FY 2026? The reduction is very good, because we are on the WDV method. Okay. So the decision will get diminished, keep on decreasing on the year-to-year basis because the first year is the highest one, and then the second year onwards, it will start getting decreased. Okay. So this quarter, whatever depreciation has come because you know, because last year in March, we have capitalized our Jorhat unit, and April, we have capitalized this clinker plant. Okay. And part of WHRS will also be capitalized in the Q2, Q3. So this year, depreciation will be higher, but next year, in Northeast, it will start diminishing. Okay. Got it. And lastly, what was the PPC share in the second quarter? PPC share? Yeah. PPC share, PPC, OPC. 10% is OPC. Balance all are PPC. Okay. Okay. Got it. Thank you. And all the best, sir. Thank you. We'll take the next question from the line of Prateek Kumar from Jefferies. Please go ahead. Yeah. Good evening, sir, my couple of questions. Firstly, the startup, this starting of this large clinker unit, has like any major startup cost which can also hit your performance in next quarter? Or is it only related to, like the other factor which you have mentioned on the profitability for Q3? I'm sorry. Can you please repeat that? It wasn't too clear. Is there any specific one-off startup cost which also, like, is going to hit the cost performance or like any specific marketing cost over next two quarters which can have an impact on your profitability? No. So I think those kind of marketing campaigns, you know, we have already undertaken, you know, and so that already has hit the profitability in the Q1 and Q2. You know, and unfortunately, we had this technical problem of panels in our plant due to which we were not able to support the, you know, to support the sales team in doing their best, right? So I don't think there should be any hit in terms of the marketing cost, the startup cost, or the startup of the kiln cost, right? I think it should, there should be no ongoing cost as such. Of course, the first one or two months when the kiln operates, it is still trying to reach its efficiency. I think there will not be a surge in the fuel or power cost, but there will definitely be over time a decline in these costs as we, you know, stabilize the Q3 and we are able to operate our new and the latest, more efficient kilns. Sir, and o n demand, you talked about the East demand -5, for last quarter. In October, has the things improved, like in terms of demand because we have a low base overall for East in the month of October? So I don't, you know, the demand has been subdued in East. But in Northeast, oh, you know, I think overall our vol, you know, volume may have been growing in single digits. And Northeast, we've seen an uptake, but in East, we haven't seen really an uptake. And we've not been also focusing that much on East because right now the pricing is such, and there's so much, you know, work that we have in Northeast itself, and the profitability in itself is so high in Northeast that we are focusing only in Northeast, and we don't focus on East as much. Particularly on Northeast with your commissioning of plant, and Dalmia Bharat is also commissioning of plants later in the financial year. Do you see any specific pricing pressure into next year? So, I mean, there could be a pricing pressure, but I think Dalmia, from what they have announced, is coming in the next financial year, not this financial year, according to their investor presentation, right? So I do not think that we should be facing a pricing pressure at least in quarter four. So I think there could be a pricing pressure in Q1 to next year. But quarter four should be quite smooth because, you know, I think in Northeast, no one really has clinker to serve the demand, right, which comes in quarter four this time. So I think the pricing should be higher just because of the demand supply gap. Sure. Thank you, sir. And it's in my question. Thank you. Thank you. We'll take the next question from the line of Uttam Kumar Srimal from Axis Securities Limited. Please go ahead. Yes, sir. Thanks for the follow-up. Sir, what is the current status of our AAC block in Guwahati? AAC block in Guwahati should be commissioned by December, in the first two weeks of December. And with that, we're also commissioning, you know, construction chemicals, right? So we will be getting into, you know, mortar, you know, waterproofing chemicals and all these items. And, you know, so I think that should start, and we've already started with, you know, advertising. And I think, by first two weeks of December, we should be able to launch it. So we will also receive incentive for this AAC block? I'm sorry? We're also going to receive incentives for stabilizing this AAC block? Yeah. We will be receiving incentives for the AAC block as well. I think it is eligible in both the central subsidy and also the state subsidy. Okay. And so, what was the cost of clinker purchase, during this quarter? In quarter two? Quarter two, yeah. In quarter two, I don't think we have purchased that much clinker. But I'll get back to you. You know, in quarter two, we did not purchase much clinker. I think it is only in quarter three that we purchased clinker. In quarter two, we may have purchased like less than 5,000 tons-6,000 tons of clinker. Okay. Okay, sir. That's all from me. Thank you. Thank you. The next question is from the line of Keshav Lahoti from HDFC Securities. Please go ahead. Your employee cost run rate will remain at this level, INR 60 crore, in upcoming quarter also, INR 60 crore-65 crore? This quarter there is an ex-gratia payment of around INR 3 crore. So that will be down in the coming quarter. The rest will remain the same. Only the ex-gratia payment will not be there in quarter three and quarter four. That is the one-off problem. Got it. And Jorhat land is acquired for this expansion? The Jorhat land has been identified. We still have to buy the land. But I think it has been identified, and the team is working to acquire it. The cost of manpower, you know, on a running rate basis should be on an average about INR 42 crore-INR 43 crore. Okay. Got it. One last question on CapEx side. Can you give a broad breakup for CapEx for FY 2025 and 2026? For which project, how much you are allocating? Yes. So in FY 2025, the H2, we are allocating about INR 60 crore to the clinker plant and the WHRS. So preferably, you give FY 2025 only rather than H1 and H2? Okay. So, in FY 2025, you know, we are almost spending about INR 170 crore in clinker and WHRS, out of which a lot has already been spent. In Silchar, we are spending about INR 110 crore. In AAC and the construction chemical, we'll be spending about INR 67 crore. In Jorhat, we are spending about INR 26 crore to acquire the land. We have bought about 120 trucks of our own fleet, which, you know, which is about INR 50 crore, which costed us about INR 52 crore. We are putting, we have put up a system, which should be commissioning in November, which has costed us about INR 32 crore. And we have gone for a group captive project, you know, with JSW Energy, which we had also notified in SEBI. That has costed us, that will cost us about INR 12 crore. So the OpEx, operational CapEx should be about INR 1 70 crore. So in total, it is coming to about INR 600 crore. Coming to around? Sorry? It's coming to about, I think, INR 650 crore around. Okay. Because the CapEx guidance is INR 720 crore for this year, and the remaining part? The remaining part, you know, we have, you know, for example, in clinker, we had actually, you know, I will have to, I think I'll have to revise these numbers, but I think in clinker, we had reduced some of the CapEx, because we were getting close to the two, three months, and I think in Jorhat, I think there's some CapEx that we reduced, so I think the CapEx sheet, I think I'll add it in the investor presentation, and it will be submitted. Okay. That is helpful. Do you have CapEx ready for FY 2026? Or should I look for a person? Yes. I have a tentative CapEx ready for FY 2026, which I'll also ask the CFO to kind of put in the investor presentation. So it is about INR 300 crore. Jorhat, it is about INR 100 crore. And operational CapEx is about INR 100 crore. And so in total, it is about INR 500 crore. And then there's group captive, which is INR 30 crore. So in total, it's about INR 480 crore-INR 500 crore. Understood. That is helpful. Thank you. That's it. Thank you. The next question is from the line of Hemant, an individual investor. Please go ahead. Thank you for providing me the opportunity. I have a couple of questions. First question from my side is that regarding the, when the recent promoter stakes sale, and especially it comes at a time when, the plan of the company is very, very robust. We're, finally moving towards, I mean, two million tons of capacity by FY 2030. So there has been a couple of stakes sales by, Suchita Agarwal, Gayatri Chamaria. Can you please elaborate on that? And I mean, this, this is, I think, considered as a negative sign, and, especially at a time when the plans are very, very robust, when the growth plans are very, very strong. Yeah. So I think, you know, that honestly is not, you know, so there, in Star Cement, there are about four families with the promoter group, right? And, out of that, one family is actually the one who is selling the stakes. And the other three families normally are seen as picking up the shares in the market rather than selling, right? So I think it is just a personal situation for them to sell their stakes and not a situation which is reflective of the future of the company. And you would also notice that, you know, in the last one and a half, two years, the other promoters have also increased their stakes, right? So I think that, you know, that is also there. So I think it's not necessarily something related to the company, but there's this personal requirement and personal, you know, preference. So, sir, the Agarwal family and the Chamaria family, they are not the promoters of the company right now? Because I saw it in the, I mean, I saw their name in the promoter list. Yeah. No, the Chamaria family and the Agarwal family, you know, so you know, the Chamaria family mainly is the one which is selling. I think the Agarwal family is just part of the Chamaria family in some ways, right? So I think the Chamaria family is selling the stakes right now. And they are part of the promoter group, but they are one of the four families in the promoter group, right? So what I'm trying to say is that, you know, that the Chamaria family is selling their stakes for their own personal reasons. But it is not reflective of the overall promoter group, right? So it doesn't affect the, I mean, the growth plans and the total amount of the company, right? They are quite intact? Can you repeat that? Hello? Hello? Ha ji. Can you repeat that? Yeah, yeah, so I mean, it is just a personal thing, and it has nothing to do with the future roadmap of the company and the growth plans. No, no, no. I don't think it is the future roadmap of the company. This is a personal choice that they feel that they need to tell. There has been a recent pledge by Chamaria family again, sir. Amritansh Chamaria, the recent pledge created by him. Yeah. So what was the reason behind it? Yeah. So all these things are, you know, again, they're personal, you know, whatever they are. Because, you know, you have to understand that in Chamaria family also, the share equity is quite divided, right? Because they're also having, like, four brothers and four brothers are now having their children and. Correct. You know, so on and so forth. So I really do not know what is going on in, you know, they together constitute a family which may be owning about 14%-15% of the company, right? So I do not know what goes around in that 14%-15%, really. So my point was that, you know, if there's 67%, is the promoter holding, the rest, 52% is actually not the ones who are buying or selling, right? So this is 15% which is actually selling and buying. So I think it should just be looked at, as a personal choice rather than, you know, something which is a bit more serious. One more thing I wanted to ask you is, sorry, in the previous quarter, I mean, in Q1, we had some issues, like clinker, we had to buy from outside. And we were supposed to get the benefit of GST. Then the FSA benefit. So ideally Q2 should have been much better, right? Because I think we were also expecting the logistics cost to get reduced as we were introducing 100 new trucks. And the power and fuel cost should also must be going down as we had decided earlier. So I want to think that Q2 should have been much better. You know, our expectation honestly was also that the Q2 should have been better, you know, and that has mainly, you know, the unfortunate part was the clinker, right, that we were not able to stabilize the clinker plant till now, and that was giving us the hiccup. And it has, kind of, you know, given us the hiccup for the last five, six months. And that is where, you know, we have kind of suffered, but you know, having said that, you know, I am confident that by end of the month, right, we will be able to stabilize the plant, and you know, and we should be able to get the benefits of having a new setup in terms of the GST also, in terms of the availability of clinker as well. In terms of, you know, the heat rate, power, and all those other aspects, right? And the clinker use rate and all, you completely died. But we also expected a reduction in freight, but the freight cost and all those things could not reduce as much and have increased because there was, you know, a lack of availability of clinker. So the entire logistics and the, you know, movement of clinker just changes and then increases and puts pressure on the logistics, right? So I think that is what we were struggling with, you know, in the last quarter two. And I completely respect and agree to the fact that, yes, we were expecting better results, and we should see it, right, given the price affords us, right? Because price is something which is not in our control. You know, and given how these prices have been behaving, it's very, very, yeah, it's not great, right? So. So, sir, sorry. Given the price. Ha ji. Sorry to cut you off, so sorry, it's the same clinker plant which is, I mean, troubling us, right? From Q2, right? Yeah. The clinker plant is basically something which we are looking to stabilize, you know, by end of the month. It should stabilize. But there's nothing, you know, long-term wrong with the plant. It is just that, you know, some parts of the plant, like the crusher and the stack reclaimer, we are waiting for it to come, right? So once, you know, now that the plant is completely ready, in the sense that, you know, some aspects of the plant which needed to be completed are also completed, I think we'll be able to stabilize it in a much better way, right? And it is just a hiccup of running the plant now, right? So I think that we should be able to come up with better results. So the expectation. So it's the same clinker plant, right, sir? Ha ji? It's the same clinker plant, right, which was troubling us in Q2, right? Yeah. The same clinker plant, same clinker plant. And, so, sir, shall we expect a sequential recovery from Q3 or Q4? Because I think the dispatches are also less, because of monsoon season and all. So shall we expect a sequential recovery from Q3 or Q4? I think a better recovery and achieve the profitability would be from Q4, right? Because, I mean, I'm talking about November end to kind of stabilize the plant, right? So I've already crossed October and November, right? So the recovery of getting a new plant, you know, and be able to sell clinker and all those things will actually start coming in the GST also because the GST will also come for the clinker plant when you produce clinker, right? Correct. So, you know, that benefit, I think, will be from Q4, right? Q3 will still be a struggle. But Q4 is where we actually see the benefits coming. And sir, as per the annual report of 2024, you were guiding was 20% growth in revenue, with higher EBITDA in FY 2025. Are we some sort of lowering guidance for FY 2025 given the kind of problem we are facing for clinker unit? No, I think the problem is not only of the capacity. You know, the problem is also of demand, right? Like, as we have seen for the cement companies also, they, most have some of them have degrown, right? And some of them have actually grown in only single digits, right? So in the entire India, I think there is a problem of demand, right, that we are facing. So my expectation will still be double digits, right, that we should be able to do, Q3 and Q4 well. But, you know, I do not think that the number will be touching 20%, right? Because, the demand also needs to support for that to happen. Yeah. So maybe early double digits, we can say, right? Yeah. Early double digits. Like, I think 12%, 11%-12% would be a good estimate. And one more thing, I have a concern, and it is very, very disheartening. We as an investor, and we are also doing equity research, and no one picks up the call. And, I mean, I mean, the number which had, there in the website and the number, which was there in the investor presentation, we were unable to reach the investor relation department. No one picks up the call, neither the sales team, nor any replies to emails. So this is very, very disheartening, sir. And one two numbers, sir, one two numbers are not working also, sir. Like the Guwahati number or something number, I just got a chance to connect with the Delh i team, and they were, I mean, someone from the sales department or someone else picked up the call, and they were unable to get me connected to the investor relations department. So it is very, very disheartening. Please note this as a concern, sir. Which fund are we speaking from? No, I am an individual investor, sir. Okay, so I. I do my own research and I invest and do most of the companies. Okay. So I will. It's very, very disheartening, sir, actually. No, I get it. So I will do one thing. I will, in this, in this presentation that there is, you know, I will make sure that all the numbers are working and you don't have this problem. And I will also ask the team to be a bit more responsive to such queries. Thank you. Thank you so much, sir. Thank you. Thank you. The next question is from the line of Jinesh Shah, an individual investor. Please go ahead. First of all, thank you for the opportunity. Once our clinker plant will be established by end of November, how much cost saving in terms of operation cost saving we are expecting on a monthly basis? If you can elaborate on this, please. You know, once the clinker plant does come end of November, then we expect to shut down line one, the first line that we have of clinker. You know, where the heat rate is almost touching 780 kcal, and the power is 65 kWh/mt. You know, to a bigger line which has a power consumption of about 50 units and a heat rate of about 710 kcal. You know, there will be a substantial saving of about. You know, I'm expecting a saving of just from the operational operations perspective. I think this will be saving about INR 50, right, from operating the new line. Then also the SGST benefit. The GST benefit of the central subsidy that we'll get, right, which should be another. You know, about, another, weighted average should be about INR 100 of benefit on cement. So I expect about INR 100-INR 150 of benefit from operating the new kiln. And then, of course, you know, the new kiln will also give us the benefit of selling clinker and availability of clinker, which is a huge benefit, right? Because, as I said, the demand in Northeast for clinker is also going to be very high. It's still high and going to be very high, especially in the season time. And, at that position, if we are able to sell clinker, then I think that will generate additional, you know, income for us. Okay. And what is the current market price of cement, OPC, PPC there in Northeast, and how do you see trend in Q3, Q4? So, I'm sorry, can you repeat the question? So what is the current cement price in Northeast, and how do you see the cement price trend in Q3, Q4 in Northeast? So, you know, the current price in Northeast is about INR 460 per bag, right? And we, like in November, I do not see an increase in the pricing. But I think, going ahead, hopefully, I think we should be, you know, I think by December, I think normally the prices will increase. So we do see like a INR 15-INR 20 scope of increasing prices. But that, you know, we don't know. It depends on how the demand behaves and, how, you know, the pricing behaves, you know? So, I think the last, like, a few, you know, like the experience from last year is that, you know, normally the prices increase by about INR 15-INR 20, you know, in December leading to the season. Okay. And, sir, we have a production plant in Northeast, and if the demand in Northeast is not increasing, and if we are selling our products outside the Northeast, are we still entitled for the central subsidy? In clinker, yes. No, but not in. So basically, there are two benefits. One is the SGST benefit. That is, of course, the state of Assam benefit. And that we only get for sales in Assam, you know. Then there's a GST benefit that we get on the clinker that is for overall GST. That is a central subsidy benefit, right? So the central subsidy in clinker we get for all our sales. But for the sales from grinding unit, the benefit is only for Assam. Thank you, sir. Ladies and gentlemen, due to time constraint, we will take the last question for today, which is from the line of Prachi Kadam from Dolat Capital. Please go ahead. Hello. Yes, please proceed. Yeah. Hi, sir. Can you help me with the EBITDA per tonne for East and outside, Northeast and outside Northeast? Yeah. So the EBITDA per tonne for Northeast was about INR 1,300 per tonne. And the EBITDA per tonne for outside Northeast was about -INR 200. S orry, sir, -INR 200? Yeah. For rupees per tonne was the EBITDA for outside Northeast. Okay. For Northeast, it was about INR 1,300. Okay, sir. Thank you so much. Thank you. Thank you. As 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, we would like to thank the management of Star Cement for the call, and all participants for joining the call. Thank you very much, sir. Michelle, you can now conclude the call. Thank you. Thank you, sir. Thank you. Thank you, members of the management. Ladies and gentlemen, on behalf of PhillipCapital (India) Pvt Ltd, that concludes this conference. We thank you for joining us, and you may now disconnect your lines. Thank you.