Ladies and gentlemen, good day and welcome to Star Cement Limited earnings call for quarter and nine months ended 31st December 2024, 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 to join the conference call, please signal an operator by pressing star then zero on your touch-tone phone. 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 Star Cement Q3 and nine-month FY 2025 call. On the call, we have with us Mr. Dilip Agarwal. He's the Chief Commercial and Corporate Affairs Officer of Star Cement, and Mr. Manoj Agarwal, who is the CFO of the company. At this point in time, I'll hand over the floor to Mr. Dilip Agarwal for his opening remarks, which will be followed by an interactive Q&A. Thank you, and over to you, Dilip, sir. So good evening, everyone. Myself, Dilip Agarwal, Chief Commercial and Corporate Affairs Officer for Star Cement. I welcome you all in this conference call for discussing Q3 numbers and YTD numbers of FY 2025. One small clarification that Mr. Tushar Bhuraria was very willing to join, but he has been traveling, so he has not been able to join this call. Otherwise, with me, my CFO, Mr. Manoj Agarwal, is there. So he will take you through all the numbers of Q3, and then we will try to answer your questions in question-and-answer session when he talks. Thanks. Over to Manoj. Yeah, yeah, hi friends. Very good afternoon. I, on behalf of Star Cement Limited, welcome you all to our phone call for discussing our number of Q3, FY 2025, and nine months ended 31st December 2024. I would like to clarify that we will be discussing the historical numbers, and there is no invitation to invest. Having said that, now, I will just take you through the Q3 number followed by YTD number. Starting from clinker production, during the quarter ended December 2024, we have produced 6.42 lakh tons of clinker as against 7.37 lakh tons same quarter last year. So far, as cement production is concerned, we have produced 10.82 lakh tons this quarter as against 9.81 lakh tons same quarter last year. Now, I will take you through the sales volume. During the quarter, we have sold 10.60 lakh tons of cement and 0.07 lakh tons of clinker as against 9.70 lakh tons of cement. That means an approximate 10% growth is there. 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 8.30 lakh tons as against 7.32 lakh tons during the same quarter last year, and as far as outside Northeast is concerned, we have sold 2.31 lakh tons of cement this quarter as against 2.38 lakh tons same quarter last year. In terms of grade mix, it is almost 11% of OPC, and the rest is PPC. These are the quantitative numbers of the quarter. Now, I will take you through the financials. The total revenue figure this quarter is around 719 crores as against 651 crores same period last year. As far as EBITDA figure is concerned, this quarter we have done an EBITDA of around 107 crores as against 153 crores last year. PAT is 9 crores as against 74 crores in the same period last year. The decrease in PAT on account of increased depreciation due to capitalization of our 2 million ton grinding unit at Guwahati and also the clinker plant at Lumshnong. On per ton EBITDA front, it is 1,000 during this quarter as against 1,576 per ton same quarter last year. This is what our quarterly numbers of third quarter. The total revenue figure for the nine months ended 31st December 2024 is around 2,111 crores as against 1,997 crores same period last year. As far as EBITDA figure is concerned, during the nine months ended December 2024, we have done an EBITDA of around 321 crores as against 395 crores last year. PAT is 46 crores as against 207 crores in the same period last year. The decrease is on account of increased depreciation as explained earlier. On per ton EBITDA front, it is 1,005 during the nine months ended December 2024 as against 1,304 per ton same period last year. These are the quarterly and year-to-date numbers. Now, I request all of you, if you have any queries, you can ask the same, and I will request Vaibhav to moderate the query where it requires. Thanks. 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 withdraw yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. 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, a couple of data points. Trade share, premium share, lead distance, and Kcal for this quarter, so share of trade in Q3 was around 81%, and the rest has been non-trade. What else did Shravan ask for? Premium share, lead distance, and Kcal cost. Premium share this quarter is 12%. 12%. Lead distance? Lead distance 222 km. 222? Yeah. Kcal cost? Kcal cost is the same, similar to the 1.5, around 1.5. That was more or less in the same line as last quarter. Okay. Now, the basic things of how do we now see in terms of the volume growth for the fourth quarter and for FY 2026? See, Dilip, yes. Yes, sir. We are expecting a volume growth of around 7%-8% for the full year and around 10% in Q4. Okay. Got it, and for next year, how one can look at? But we must add here that in Northeast market, this year, demand was flat-ish kind of thing. If you consider the demand of the industry as a whole, then the demand was flat-ish, and we are expecting to grow by 6%-7% this year. And next year also, we are expecting to grow by 12%-15% for next year. Sorry, sir, 12%-15%, you said? Yeah. We are talking about our growth. Yeah, yeah, yeah. 12%-15%. Okay. Got it. And sir, in terms of the profitability, so we were looking at so decent in terms of 220-230 odd kind of EBITDA in. Yes, yes. That is what we have seen. So that we remain at the same number, that we should be closing around the similar numbers. Given the issues that we faced in Q3 in terms of stabilization time of our new clinkerization unit, and then followed by some purchase of clinker from outside. Otherwise, our Q3 numbers would have been better. But we are expecting that Q4 will pan out much better than earlier quarters. So that is what our EBITDA projection is, around 225-230 on the conservative side. Okay. Got it. Got it. And now, sir, how one can look at in terms of the pricing, so current prices, so January until now versus the third quarter average for Northeast and outside Northeast? What I can add here that prices so far as Northeast is concerned. Let me take first Northeast market, so as I said, that the demand was flat-ish so far as industry is concerned during this current financial year, and price is looking stable as of now, and it should remain stable or with maybe a bit positive side. We are not expecting a price cut going forward in coming months, so far as outside Northeast is concerned, prices have taken a beating, and I think volume has also, there is a degrowth in volume also. Okay, so broadly, if somebody looks at current prices, whatever is for outside Northeast, how much it would be lower versus the third quarter average? More or less third quarter and fourth quarter, because already third quarter, already prices have gone down in the outside Northeast. So we are hopeful that there will be no further decrease will not be there. Maybe we have done an increase in the maybe November, December, the increase was there. So that full impact will come only in this quarter. So prices from here, even if some decrease, it will be either flat or there will be increase in prices. Okay. Got it. And on the CapEx front, lastly, sir, timeline for both the expansion, Silchar, and Jorhat, so is there any change in the timeline and in terms of? No, that is fine. FY 2026, we have growth for Silchar and for Jorhat, FY 2027, that is still remain the same. Okay. So Silchar, I think last time we said third quarter of FY 2026. So now. That is, I mean, December 2025 or maybe that is FY 2026. Okay. Got it. And in terms of the CapEx, how much we have done and for full year this and next year, how much the CapEx we are planning to do considering everything, the AAC block plus the WHRS plus all the expansions, AFR, everything? Actually, major CapEx which is left out is now Silchar and Jorhat only, right? Jorhat full CapEx should pan out in next one and a half years or 2.1 to 2 years, you can say from now. Silchar, we are hopeful to commission in FY 2026, as my colleague rightly said. The full projected CapEx of Silchar should get exhausted during the next financial year. So far as AAC block project is concerned, it is in advanced stage, except for some trade bits. I think in this quarter, the project should be commissioned. Sir, in terms of the absolute number, if you can help us, how much we have already done CapEx in nine months? And for fourth quarter, how much? And for FY 2026 and FY 2027, if you can, in terms of the absolute value, if you can specify the CapEx? Nine months, we have already done around 440 crore. The rest of the period in this quarter, I think it should be around between 200 crore to 250 crore. Okay. Next year, sir? FY 2026 and 2027, sir? FY 2026 should be around 600, and say another three to 400 you can take for FY 2027. Okay. Lastly, the incentive for third quarter, and then I will be in queue. What do you want to know, Shravan? Incentive for third quarter. Third quarter total incentive is INR 43 crore. Okay. Okay. Thank you and all the best, sir. Okay. Thank you. You may please press star and one to ask questions. The next question is from the line of Rajesh Ravi from HDFC Securities. Please go ahead. Hi sir, good evening to Manoj sir and Dilip sir. My first question pertains to this quarter. You mentioned that there was impact of one-off clinker purchase because of the new line was getting stabilized. However, could you explain what led to sharp jumping in the other expenses and what would be the normalized rate? Because earlier, it was close to INR 800-INR 900. This quarter, it is almost close to INR 1,170. Rajesh, the other expenses because we have to write off one because the shutdown cost was there. The one-off kind of thing is 10 crores is the one-off things. Okay, that will not be there in the next quarter. What happens, Rajesh, let me explain that whenever you take a maintenance shutdown for any reason, whether for a stabilization or normal shutdown, so two things which happen. One, we have to incur some cost for maintenance. On the other side, because of lower production on account of maintenance shutdown, your fixed cost doesn't get spread over the volume. Thirdly, since it was normally after October, the season starts of cement in Northeast. You have a demand growth also during that time as compared to second quarter. We have to just to maintain the market share and all, we had to purchase some outside clinker also. So outside clinker is always costly. So everything taken together, it has a bearing on the bottom line. So if we want to strip out the one-off costs, including maintenance and the one-off clinker purchases. Can you speak a bit loudly, Rajesh, please? I'm saying, okay. Hi, sir. So I'm saying if we strip out this 10 crore and the clinker purchase cost, how much would be the impact in Q3? Because 1.5 lakh ton we have purchased clinker, that is almost INR 30 crore. And INR 30+ INR 10 crore shutdown, you can additional shutdown cost. So INR 40 crore is the one-off kind of thing in this quarter. Which will not be recurring in subsequent quarters. Yeah, yeah, yeah, yeah. Okay. So almost INR 400 odd rupees impact because of these two elements. There will be two things in Q4 which we are there in Q3 and will not be there in Q4. One is no purchase cost of clinker and another is additional shutdown cost. Okay. And this logistics cost, Q4, will it remain at similar elevated level or will it again come down to? Normally happens because everybody has the volume pressure. So Q4, there is always a slight increase in trade cost is concerned there. So there maybe. Only gap of seasonality. That's it. Otherwise, there is no long-term or any such kind of cost. Okay. So this WHRS you would be commissioning. This would become operational in Q4? 12 MW? Yes, yes, yes. New WHR will be operational in this quarter. New WHR. Okay. And sir, lastly, on the competitive landscape, we believe that the Dalmia project is still far away. But once that kiln gets started early next year, what sort of scenario would that lead to pricing erosion in your market? Rajesh, I don't think that this can happen. Theoretically, yes. But I don't think that there should be any call on price discipline. So we do not expect much of prices getting down. And we can discuss it at appropriate time when Dalmia is already there in the market. And sir, one last question. If I see the trade share trend, the trend for your trade sales, start of Q, FY 2024, we were close to almost 89%-90% was the trade sale volume, which has come down to 81%. So is there any change, aggressiveness in the non-trade market, or it is just one-off that we are close to 81% in Q3? No, there is no change. The only change is that you are aware that we have commissioned a 2 million grinding unit also in this current financial year. And we have also commissioned the clinker unit at Lumshnong. So earlier, our production was just matching the market requirement. Now, with the increased capacity, we are testing the waters so far as non-trade infrastructure market is concerned. So that now our clinker production is going to almost stabilized. So on a day-to-day basis, we are utilizing around 70% of the capacity of the new unit, clinker unit. Similar is the case with the new grinding unit at Guwahati. So we are exploring. Since earlier, we were not focusing too much on non-trade market because of lower realization on non-trade as compared to trade. Now, with increased volume, we'll definitely look for some share in non-trade markets also. So that is why the pie of non-trade is looking a bit higher this time against 10%-11% to 18%. But with increased volume, I think it should again go down. Okay. Great. Great, sir. That's all from my end. I'll come back to you. Thank you. All the best. Thank you. You may please 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. Yeah, good afternoon, sir. Thanks for the opportunity. Sir, your premium cement share has improved to 12% from 9% last year. So where do you see this premium cement still moving ahead? Sorry. No, because whatever growth we are doing, whatever growth was there is in the Northeast market. Because as Dilipji told, that the Northeast market has not grown. Nine months, it is a flat kind of thing. But still, we have grown more around 10%. So whatever sale for the growth was there, it's from Northeast. And outside Northeast, you know, prices were lower. And also, we have a clinker constraint. So we have not put much of the effort for improving the volume in outside Northeast. But now that everything is streamlined, now we will see if the prices will improve, then we will also focus on the outside Northeast. Okay, and sir, what has been the capacity replacement of the Siliguri plant during this quarter? Siliguri plant is still because last year also, it is around 45% till now, so we are hopeful that. Okay. Sir, Uttam, Siliguri plant mainly caters the markets of West Bengal and Bihar. So as we said earlier, that markets of outside Northeast have not grown that way. And we had some clinker constraint also, and we had to buy from outside too. So we were not focusing upon Siliguri grinding unit. And the realization-wise also, Northeast market are much, much better than Bengal and Bihar markets. That is why capacity utilization has not increased as compared to last year. But during this current quarter, we are expecting some improvement in rest of East and Siliguri capacity utilization. But in any case, our prime focus will still remain with Northeast market so far as overall price is concerned. And sir, what has been our main mix during this quarter, petcoke, biomass, and fuel? Yeah. What do you want to know? Because if you can say TSR for the replacement, it's this quarter around 13% kind of thing. Okay. So overall, sir, fuel mix last time it was 20% Nagaland coal, 20% biomass, and 60%. From the fuel supply arrangement, 13% is the biomass, and around 20% is Nagaland coal. So this is the mix for this quarter. Okay, sir. That's all from my side, and all the best. I wish you all the best. Thank you. Thank you. Thank you. Please press star and one to ask questions. The next question is from the line of Nihar Dave from IIFL Securities. Please go ahead. Yeah. Hi, sir. Thank you for the opportunity. So, sir, like you said, you purchased 30 crores of clinker from outside. So have we had no clinker production at all, or what is the clinker production for this quarter? The clinker production during the quarter, I have already given the number. This quarter, we have produced 6.41 lakh, 42 lakh clinker we have produced. But two things are there. One is that new plant was under a little bit took more time to stabilize, and second thing is that because the road was also a problem because the. There were two constraints, actually. One was, as we already elaborated, that our new clinker line was under stabilization. And the second was that there were some issues so far as Silchar, Khliehriat, road, highway is concerned. There is some long-time repair work which was due for a long time. Now, government has released funds, and the work is going on full-fledged. So there were issues of availability of vehicles, transport also. So that is why dispatches were a bit low. We are expecting this road to complete in the next one month's time. But we are trying some alternate way of dispatching in terms of alternate routes and all. So both the cases taken together, our number is looking like that. Okay. So even for the most part of this quarter also, that road is not completed. So we should see a similar sort of scenario for this quarter. Purchase will not be there. Purchase will not be there. I mean, dispatch of cement from our Lumshnong plant. That's it. We have two plants. One is at Lumshnong, where capacity is very minimal as compared to the rest of the plant like Guwahati and Siliguri. But whatever dispatches which we are supposed to take place from Lumshnong because of this road issue, it cannot pan out like that as expected. It is one-off issue. I think in this quarter, it should get resolved. We are already doing good numbers this quarter. I don't think there should be an issue this quarter so far as road is concerned. Clinker production is already now in line with our expectation. Both the things, as of now, it looks at rest. Okay. Perfect. And sir, just one last question. In our regional mix in Northeast and East, so what was our sales in the Eastern region? So Northeast was around three-quarters of the sales, around 75%. Sorry. 79% of the total sales, and around 20%-21% was outside last quarter. Got it. Got it. All right. Thank you, sir. Thank you very much, sir. Thank you. Ladies and gentlemen, this will be the final reminder, and no further reminders will be given. That you may please press star and one to ask questions. The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi. Sir, just needed a clarity in terms of the UltraTech stake from the existing promoter. So any comment in terms of the future plan, or is there a possibility that they can have a higher stake? I think we have already clarified this issue in past also when this issue had come up. Our rest of the promoters are stand committed about the future plan of Star Cement. There is no such plan of further evolution so far as the rest of the promoters are concerned. So whatever we have told earlier in this issue, I think we reiterate the same thing. Okay. And Manoj, sir, for this quarter, third quarter in terms of the Northeast, it would be the per ton, and outside Northeast would be how much? Do we have that number, please? Just a moment, let me. It is around. I think those numbers are not bifurcated over here. Okay. You. Northeast and ROE EBITDA are not separated, so as of now, we will not be in a position to comment upon EBITDA in Northeast and rest of East. Okay. Okay. No issues, sir. Second, in terms of our future expansion in Rajasthan, so to reach a 20 million ton capacity by FY 2030, so that stance still remains intact. Any update there in terms of the land acquisition or anything? Yeah. I said in an earlier call that we have already won the bid for Rajasthan mines. The deposit was around 65 million. The exploration for testing is going on, and side by side, this land acquisition process is also going on, so we stand committed to the Rajasthan project, and at appropriate time, we will definitely discuss the timeline, etc. also, but yes, as of now, Rajasthan is on. Yeah. So, sir, just broadly looking at, so post both Silchar and Jorhat, we will be reaching close to 11.67 million ton capacity at the cement level. And also to reach a 20 million ton, so that is a kind of 8 million, 8.3 million kind of additional capacity we need. And in terms of the timeline post FY 2027, it will be just three years. So obviously, we need to start doing a CapEx. So just trying to understand broader level, if somebody wants to understand how much CapEx we would be needing to reach a 20 million ton capacity. So, see, as of now, so far as cement is concerned, we are already close to 8 million, 7.7 MTPA precisely. Another 4 million will get added in Jorhat and Silchar. So it will give us a number of around 12 million. And how much is Rajasthan? So, so far as 20 million by 2030 is concerned, so still we are left with six full years to conceive a start and complete the project. And with our experience of rolling out the project, we do not find any issue in reaching that projected capacity. So far as CapEx is concerned, so you can calculate it the way nowadays cost per ton of cement is coming so far as rolling out a greenfield project is concerned. So the number should be around that only. Is it fair to assume INR 900-INR 1,000-odd crore for greenfield, kind of a 1 million ton kind of a CapEx? That's the way one can look at? Or it would be INR 700 crore-INR 800 crore? Yeah, you can consider because one million because if it is a capacity bigger, then the average will come down. That will be a price. I think for a 2 million, 3 million ton grinding is kind of. 2500, 3000. No, it's not it. Yeah, Northeast isn't it? So the last project which we have commissioned, this is only clinker, 3.3 million. So the cost was around INR 1,300 crore. And if you add cement of similar capacity, then maybe say another. 600. 600 crore. So INR 200 crore., INR 2,000 crore., you can consider for around 3 million ton of capacity. So you can calculate the number accordingly. So around INR 4,000 crore., you can assume. Okay. Got it. But just trying to structurally, so obviously, Northeast is the highest in terms of the profitability. So now we moved. I assume the entire new capacity would be coming outside Northeast, so including the Rajasthan one. So don't you think that in terms of the ROE, ROC, that would be a kind of a lower versus what right now we would be getting at the Northeast? As you know, that cement is a business of volume. And if you are getting a good EBITDA in Northeast and not barely that kind of EBITDA in the rest of Northeast or rest of East also. But on a blended basis, you will find that if you consider Northeast also, then we should point out better than what is happening today in the cement industry. And you see, because Rajasthan will take three years time, and then who will know what will happen in the market in two, three years? The prices, where it will go? Because obviously, prices will going to increase from here because everybody's cost will going to increase after 2030. So nobody knows predict what is the market demand and prices. That is one. And secondly, in industry, a lot of consolidations are happening. I don't think there should be much of bidding on prices. Got it. Got it. And in terms of the incentive now, so this quarter 43, so we were previously looking at 200 odd crore annual. So from this quarter, fourth quarter onwards, kind of a 50 crore-60 crore. Yes. Yes. Currently leveled right? See, everything is related with volume. As we said earlier, that we had a volume constraint because of our stabilization of the clinker issue. So that is why this 43 crore you are looking at. But in the coming quarter, it should be 50+ crore. Got it. Got it. So that's what I'm just trying to understand. So even let's say in the fourth quarter, if you would be doing whatever you said, kind of a 10% kind of a growth, so would be a 1.5 million-1.6 million odd tonne. So even if I just do the math, so next year, we should be doing a minimum 5.5 million-5.7 million tonne, which should be a kind of a closer to a 20% growth. But we were saying just a 12% kind of a growth, so. 20% growth. 20 because we will be considering maybe at least whatever we are projecting, 12%-15% growth over the next year we are projecting, we will be targeting. If the market grows better than this, then obviously, because then it may increase. But we are targeting 12%-15% for the next year. Maybe this year we will close down to 4.7, then you can take it 15% from here. So 5.5, 5.4, 5.5. Yeah. Got it, sir. Thank you, sir. All the best. Thank you. The next question is from the line of Milind Raginwar from BOB Capital Markets Limited. Please go ahead. Yeah. Hi, sir. Thanks for the question. So essentially, the headroom that we have is around 4.7, 4.8. Can you hear me? Yeah. Yeah. Your voice is very good. Hello? Yes. Please proceed, sir. Hello? Sir, please proceed. You are audible now. Yes. So 4.7, 4.8 of the kind of capacity utilization at that level would be still much lower than what our capacity currently is for FY 2024 at around 7.7. Now we are taking two big leaps in FY 2026 and 2027. We move to around 2 million each in FY 2026 and 2027. So can you just call out on the kind of the growth scenario, demand scenario, major CapEx program of the government as well as some private CapEx that's happening so that we can get some fair idea on how the demand would be in the region? Yeah. Actually, you might have seen that the kind of budget allocation the central government is doing for Northeast infrastructure development. Very recently, I had a meeting in government last week only, and we have been given to understand that their infrastructure projection for the Northeast is 1 lakh crore. And the kind of development, it's not only the numbers what they are saying. We are also witnessing on the ground projects coming out and getting rolled out. So we are expecting a good growth in the infrastructure sector. And that is why we have planned two grinding units looking at the growth prospect in one in Silchar and one in Jorhat. Let me add here that Jorhat is a kind of location. It is called Upper Assam. So Upper Assam, Jorhat is the lead distance from Guwahati to Jorhat is around 300 km. That will give us an added advantage in the catchment area of Jorhat markets where we can push directly our brand to the catchment area of Jorhat. Lots of infrastructure projects are coming in Jorhat side also and in this proposed grinding unit at Silchar side also. We are expecting a good growth in the non-trade segment. That is why these two projects have been planned and now in the process of getting rolled out one after another. We are not expecting, coming to your question, that sudden jump in capacity. We are expecting that we should be able to utilize the capacity of both the plants gradually. And in three, four years, I think from now, and by the time this capacity will be commissioned, Jorhat in FY 2023, Silchar in FY 2026, and Jorhat in FY 2027, by that time, some growth will always be coming. And then after that, in next two, three years, we'll be able to utilize the capacity fully. That is what we expect as of now. And one thing to add because it is a cement is a big kind of seasonality is there. So at time, you can use 100% because even if you are yearly, you are utilizing 70% capacity, but in season time, you are using it 100%. So that is the thing in the industry. We are working only on 75%. Unless you have a, I mean, surplus capacity, you won't be able to serve the increased demand during the season time post October or from early November till April. To take care of those demands, you have to have the capacity. Okay. That was quite helpful, sir. The second thing I wanted to understand was you had called out on the other expenditure runoffs and also on the RM cost. Similarly, the freight, anything that you would like to call out on the savings that we would be having in the fourth quarter over third quarter? Freight cost, two things are there. One is there because we have added 120 vehicles, okay, because the new plants, clinker plants, because we have a requirement of more trucks. So we have been using our own fleet for carrying of clinker so that not only do we have a flexibility of using our fleet first utilizing, but it's still because we can take on the competitors so that they cannot increase much of the freight. We can bargain better negotiation with the transporter. So that is the one plus advantage. And the other thing is that we are getting a very good, what you can say, saving when we are operating all fleets. So that is the one thing which will be because the clinker will be because now the roads are okay and all this. We will be getting that advantage from this using the entire plant. And in addition to that, because the March, you know, because generally the March quarter, generally there is some increase in the freight because everybody has the year-end pressure. But we think that there might be some increase in the overall number. There may be a slight increase, but it is not so significant. It may be a nominal thing. That is what I heard. Five weeks will be in the fourth quarter. What would be the pricing over the average of the third quarter? Average prices was INR 120 MOP prices. Can you speak a bit loudly? Sir, I'm audible now? Yeah. Please. Yeah, so I was just coming to now that we are under about five weeks in the fourth quarter, what would be the pricing scenario over the average of third quarter? As I said earlier, in the markets of Northeast, prices are more or less stable. From here, there should not be any bleeding. Rather, we are expecting some growth in prices. Similar is the kind of story there in rest of East also. From here now on, in rest of East, I mean Bihar and Bengal market where we are there, we are expecting a stable kind of prices. Okay. Okay. Thank you so much, sir. Thank you so much. That's it from my side. Thank you. The next question is from the line of Uttam Kumar Srimal from Axis Securities Limited. Please go ahead. Yeah. Manoj, what would be our gross and net debt currently? Gross and net? Yeah. Date? Gross and net? Date. Sorry? Gross and net debt in the books. Gross and net debt. So we have a total INR 420 crore is currently the summary is around INR 420 crores. And net debt is around INR 400 crores. Net debt is around 400 crores? Yeah. And sir, in terms of how much Assam, especially Assam region, would be contributing to the Northeast revenue? It should be around 55% or so. 55%. Okay. Okay. So that's all from my side. Thanks. Thank you. Ladies and gentlemen, this will be the last question for today, which is from the line of Shravan Shah from Dolat Capital. Please go ahead. Sir, last two things. First, currently or maybe for the third quarter average, just if you can tell us in terms of the trade and non-trade price gap in the Northeast? Price gap, non-trade and trade. And do we have this? I don't know. Northeast and trade prices are generally INR 25-INR 30 gap is there. Next. See, as of now, trade to non-trade gap is INR 25-INR 30 or maybe a bit more also. But with the coming increased capacity of ours, the gap may further increase, but not much. But on a normative basis, it is around INR 25-INR 30 only. Got it. And secondly, sir, if you can just help us the new clinker that we have started 3.3, for third quarter, how much we would have produced or entire the production that we have mentioned, 642,000. So how much from that, the new plant? I think we should be able to utilize around how much? Because this quarter, because the stabilization issue was there, but we will be utilizing 70% by this quarter. We are hopeful that it will be 70%-75%. We will be utilizing this quarter. No, that I understood that now the stabilization has happened, so the utilization will increase. So just trying to understand for third quarter, how much we would have produced, was it some production was there or there was nothing? Yeah. Production was obviously there. Line 3 was actually not much number so far as third quarter. Right now, we don't have the number. Okay. But third quarter, actually, in the first month itself, this issue came up, and this lingered upon almost two months, I believe. So third quarter, line 3 number is not. We don't have separately that number as of now. But. I just wanted to understand, but going forward now, as we say that we will be using. 70% is what we are expecting. No, no, so what I'm trying to. The plant is performing well now, and we are witnessing a good performance as of now. So we don't foresee any issue here on now so far as capacity utilization is concerned of line 3. Yeah. Got it, sir. But what I'm trying to understand is the old one, the 2.8 million ton clinker that the old plant. So once we use this new one, 70%-75%, so are we also significantly reducing the utilization of the old one? No, because what you are just knowing, your clinker is always in demand. Okay. As of now, we are operating all the three lines. Okay. So, we are not expecting. We cannot say about the off-season time of rainy season as of now, but so far as season time is concerned, all three plants will run. Okay. Okay. 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, Michelle. Sir, I have one question, especially for Dilip sir. Dilip sir, I believe you have spent a very long year in the cement industry, and you were with Star Cement in your past also, and then you joined some other cement company, and then you came back to Star Cement. And this is your first public appearance after joining Star Cement. So I just have you categorically clarified on this call that UltraTech's buyout or 8% buyout in Star Cement is nothing that calls for anything more to think or address at this point of time. But I want to know from you that because you have spent so many long years in the Northeast cement industry, how do you foresee the Northeast industry in terms of consolidation? Do you see that there are other smaller players in the industry who are being targeted by larger players, or do you think that their promoters might exit, or there is something on the cards in terms of consolidation for Northeast? What is your say about broader Northeast market, not just about Star Cement? As far as consolidation is concerned, you are aware that most of the capacity is there. As far as cement is concerned, in Meghalaya only, because of proximity of raw material. And if you take Star and Dalmia, both taken together in the complete capacity of the Northeast, they fit in around 60% of the total capacity. And there are around eight or nine operating plants in the rest. All are very small ones. So I don't think if anybody goes for consolidation, first of all, I don't think there is any opportunity of buying out or consolidating so far as the smaller. Most of them are less than a million-ton plant. Right? So that is one. So that kind of opportunity, I don't think that it exists, Number 1. Number 2, putting a new plant for a new company or outside company, you know that they are, as compared to rest of India, Northeast poses a lot of challenges in terms of land acquisition, local issues, and all. So the things are not on the very brighter side so far as consolidation or putting a new plant is concerned. If you go and put a new plant, if you are able to do it, considering all the hurdles also, then also minimum four to five years is the minimum timeline. So I don't think that in the immediate future or near future, something big is going to happen in Northeast so far as capacity or consolidation is concerned. Dalmia is already expanding. We have expanded, and we are also expanding in Northeast. There are some more little expansions coming up in the existing plant, but not of that great capacity. So I don't foresee any challenge so far as surplus capacity is concerned. As I told you that infrastructure, there is a lot of infrastructure activity going on, and Government of India is focusing upon Northeast so far as infrastructure growth and better location is concerned. And it's not just for the sake of saying; it's happening also on the ground, and we are able to see the way it has been panning out in Northeast. So on the demand side also, we are expecting a good number to roll out in coming years, good growth in the demand. So that is what I foresee. I have been working in Northeast market for the last 14, 15 years, as you know. So the kind of growth we are able to see now as compared to previous years, it gives a very promising future so far as cement industry is concerned. Sir, I take your point that the capacities in Northeast are quite small in terms of the size. They are mostly 1 million to 2 million tons, maybe 500,000-ton kind of capacity also. But having said so, related to the size of the market, the size of the market itself is quite small versus the rest of India. So from that perspective, don't you think that even if there are a million or a couple of million capacities available, larger players might be interested in taking them over? Or don't you think so? See, I don't know whether the larger player would be interested in adding up 0.5 or 0.7 million ton or even 1 million ton. There is no cement plant except us and Dalmia. There is only one that in Meghalaya Cements, they are having around 1.1 or 1.2 million ton capacity. The rest all are less than 0.7 or 0.8 million ton. So I don't think any when a larger player comes and they consolidate also, then the capacity will remain the same. The installed capacity will remain the same. If you are going to install a new cement plant of, say, 2, 3 millions, it will take 4, 5, 6 years of time, not less than 4, 5 years. If you start even today from scratch, then there are issues related to mining, etc., getting mining clearances. So these are very long-time-taking issues. Honestly, I don't see any that kind of growth opportunity so far as capacity is decreased by some outlets that is concerned. Got it, sir. Got it. Thank you very much, Dilip sir. And on behalf of PhillipCapital, I would like to thank all the participants joining the call and also thank the management of Star Cement for the call. Thank you very much, sir. Michelle, you may now come on the call. Thank you. Thank you. So thanks to all the participants from the Star Cement side also. Thanks, Vaibhav, for moderating and coordinating the call. Thank you, sir. Thank you so much, sir. Thank you, members of the management. 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.