Ladies and gentlemen, good day, and welcome to the Q2 FY 2024 earnings conference call of Coal India, hosted by Antique Stock Broking. There will be an opportunity for you to ask questions after the presentation concludes. I now hand the conference over to Mr. Rohit Natarajan from Antique Stock Broking. Thank you, and over to you, sir. Thank you, Zico. Good evening, all, and thanks for logging in the call. We are pleased to host Shri P. M. Prasad, Chairman, CIL, for the investor call post Q2 FY24 earnings, and to discuss his views on the coal sector. Along with him, we have Shri Debasish Nanda, Director, Business Development and Director of Finance, Additional Charge, Shri Mukesh Choudhary, Director, Marketing, Shri S. K. Mehta, CFO, ED Finance, Shri B. P. Dubey, Company Secretary. Now, I hand over the call to Shri B. P. Dubey, Company Secretary, CIL. Over to you, sir. Thank you, Mr. Natarajan. I extend a warm welcome to all the participants conference call, sir. The CI top management, led by Shri P. M. Prasad, is there to address all the queries, sir. The corporate presentation is on, in NSE and BSE website, and also the website of Coal India Limited. The con call is expected to duration around one hour. I request all the participants to kindly adhere to timeline, sir. Request Mr. Natarajan to kindly, before the meeting, sir, I request chairman for his opening remarks, sir. Mr. Natarajan and all the participants, joined, very good evening, and, welcome from, Coal India. We are ready, and whatever queries, we are ready to answer. With the encouraging of, H1 results, both in coal production, dispatches, and overburden removal, and, overall dispatches, and also to powerhouses. Almost as per schedule we are going, both Q1 and Q2. Now H1 is completed, and even the month of November, October and November, Q3 is also as per schedule we are going, and as per the target of 78 million ton this year, we are progressing. Now, over to you, we can... Mr. Natarajan, you can kindly start the Q&A session. We request participants kindly to unmute themselves one by one. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use answers while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question is from the line of Amit Dixit from ICICI Securities. Please go ahead. Yeah. Good evening, everyone, and thanks for taking my question, sir. Congratulations for a good set of numbers. I have two questions. The first one, if I look at the subsidiary wide volume for this year, so until October, what we have seen that MCL's volumes have remained quite flat, and it's a 1% growth, YTD, October. And I just wanted to understand what is going on over there, because MCL was a subsidiary that showed very good growth over the past two years. So have we hit a plateau or something, or what kind of long-term growth plans you have for this subsidiary? Also, if you could highlight the incremental volume growth we can expect for BCCL. That would be great. This is my first question, sir. Number 1, in MCL, there was a land issue in one of the fields, Basundhara Coal Field. From July 2 to almost July 27, almost 26 days, that field was stopped by villagers in demand of higher compensation of the land and other things, employment. We all immediately, from 2 to 3, it was flagged to Chief Secretary, Odisha, and Ministry of Coal, but somehow it was the almost three and a half weeks it has taken to settle. But Team MCL and Team Coal India is quite sure that target of 204 million will be assured. And MCL, initially, it was lagging, even in August, September, but now it is turnaround, and the company is in growth trajectory, and we are pretty sure that it will do 204 million. There is no doubt, number one. Number two, overburden, it is doing well. And other land issues, small issues, we are taking care. In case of BCCL, yes, it is in last two years. It is also stellar growth in the company, 36.18 last year, and 41 million this year we have to do, and with a growth of 6%-11%, it is quite on course. There is right from first month onwards, BCCL is steady growth. BCCL will let you all the three parameters: production, coal dispatches to railway sector, power plants, and also OBR. All three, it is going well. So, BCCL, you mentioned 41 million tons is the target for the year? Yes. Okay. Sir, the second question is on e-auction. What is our targeted e-auction volume for the second half of the year? And if you could highlight, the latest e-auction premium over notified price that is currently going on on an average. 90%. 90%, another 10%. It is percentage of premium over 90 notified price, it is 90% at overall, as a Coal India as a whole. In BCCL, it is 56; ECL, 71; CCL, 114; NCL, 114; Mahanadi, 107. It is almost 90% premium over notified price. Whereas quantity offered in that, whatever we offer, about 51 million, 45.6 million was booked. So main primarily, we have to supply these power plants, and then we have to balance this e-auction. Both goes together. In power plant, we are supposed to give 610 million. We are quite sure that we will be committing, and we will be fulfilling 610 million. After that, this e-auction, and, other than that, supplies to SAIL and RINL also, we are taking care, working well. Sir, what do you expect e-auction volume to be for second half of the year, H2? 15% of production, you can say, roughly. 15% of production. Okay. And the current e-auction premium you are saying is 90%? Ninety percent. Okay. Fine, sir. Thank, thanks a lot. I will come back in the queue. All the best. Thanks. Thank you. Thank you. Our next question is from the line of Alok Deora from Motilal Oswal. Please go ahead. Good evening, sir. Sir, just had a couple of questions. Firstly, on the e-auction premium, which you mentioned about 90%, it has been little volatile, where it went to around 50%-60% in a few months back. So how do we see the e-auction premium moving ahead for this financial year? Sir, right now it is moving ahead quite well, but it depends on many factors. One is the demand, number two is other international prices, markets, import quantities. But as of now, the demand is there, and we are quite sure the price consideration of imports is also being taken care. We are looking into that also. But quantities are almost being booked. Got it. And, sir, this offtake has been pretty robust this year. So, could you just comment on how the demand is right now in the last couple of months? How is it? Is the momentum continuing or any change you have seen in the demand pattern from across the end-user segments? It is in October month alone, 33% coal-based power growth is there. And it is but for sure, till monsoon, it will continue. The way the demand and railways, core sector, and our coal sector being geared up, almost weekly, twice or thrice, the subgroup meetings are being held regularly to monitor that there is no shortage on account of coal supplies. And we are taking care, and almost it is every week, at least thrice or thrice, the subgroup with all the three ministries, it is being taken care. Got it, sir. Sir, just one last question. You actually mentioned about the e-auction volume for second half. So that 15% you mentioned is for the second half, right? Yes, yes, H2. Okay, okay. That's all from my side. Thank you, and all the best, sir. Thank you. Next question is from the line of Digant Haria from GreenEdge Wealth. Please go ahead. Hi, thank you for giving me the opportunity. So my question is, so that last time in the call, you said that, you know, the improved profitability that we are seeing over last four, five quarters is not because of, you know, abnormal profits on e-auction, but it is because of efficiency in the whole Coal India ecosystem. So that if you can just elaborate more, that is this efficiency just coming out of the lower employee costs, or is our mining operation getting more and more efficient? And how much more can we get out of just this efficiency part? That's my question one, sir. In the case of explosives and diesel, we are incurring less cost compared to previous year. This is one thing. Employee cost, though, there is a wage revision is there, that we have taken into consideration. But other factors, it is being cut down. And employee, overall manpower, we are having a slight reduction. Though the salaries & wages is there, but the other factors like sales realization, it is there. And cost per ton, there is no much increase, rather it is decrease of 1%, cost per ton produced. Sir, volumes are- Volumes, since volumes are increased both in case of dispatches, so sales realization is being done, and the overall production, so that our stocks are also improving at our end also. And recently, last 15 days trend, in this month particularly, about 3 billion plus power plant side also, the coal stocks are also being increased. Okay. Okay, sir. Sir, and second question was that, you know, if we, if we do reach our, you know, target of 1,000 million by in the next 2-3 years, do you see that there will be enough demand for so much coal in India itself, or we'll also have to look for more routes like export or something? Enough coal. Enough coal for this up to 2030, there is absolutely no doubt. Future is very secured, and there is a heavy demand. Sir, so basically, whatever we can mine, we can sell. That is what you are trying to say, right? That, Definitely. Next 6 to 7 years, absolute, there is no issue, but rather, I will say it is up to 2040 also, but immediately we will keep up to 2030, the projections, so next 6, 7 years. ... Okay, okay, sir. Sir, and lastly, like, you know, are, do we see this 1,000, you know, 1,000 million, this target by March 2026, March 2027, where do we see this, our company reaching this goal? Yes, we are progressing. Last year, 622-703, we are there. And again, in this year, 44 million in first 7.5-8 months, it is, we are witnessing. So 780, so next year it is 850. So incrementally, we are going 11%-12%. Right. Okay, sir. All the best. Thank you. Thank you. Thank you. Thank you. Our next question is from the line of Karthik Jain from Whitestone Financial Advisors Private Limited. Please go ahead. Yeah, good evening, sir. Thank you for the opportunity. Sir, now we have two subsidiaries, CIL Solar PV Limited and CIL Navikarniya Urja Limited. So how much capital are we planning to infuse in these subsidiaries over the next 2-3 years? And what are our CapEx plans there over the next 2-3 years in these two subsidiaries? Right. I think much is being increased because this is in a solar, we are entering. Basically, our net zero is we have to go by 3,000 megawatts. So in this, by this year end, 250 megawatts we will be doing out of this 3,000. And one we have given in Gujarat, 100 megawatts, and one in Rajasthan we are in discussions, but due to elections last two, three months, it is getting delayed. Thereabout 1,190 megawatts, we have to... We are in discussion, and 900 megawatts, they already agreed with if we install at INR 2.64. So it is in different states. Identification of land banks in, especially 300 acres at 2 places in WCL and few places in SECL, and floating solar with UPRVNL in this Rihand Dam. Similarly, one place in Hirakud also, we are in talks with Odisha. So we are in different stages of planning, and we will be increasing. So CapEx as a whole, Coal India, it is INR 16,500 crore. But with these two subsidiaries, since in the last 3 years only we have started this solar, we will be going in a phased manner. Okay. So this, say, over the next 4-5 years, if we have to do this 3,000 MW solar projects in those two subsidiaries, which, which will be broadly around INR 15,000-INR 18,000 crore, just in solar, where equity contribution will be around, say, 30%, 5, 6, 6, 7 thousand crore, and rest will be, I think, subsidiaries will take the debt for the CapEx, right? It's not exactly subsidies. First, we will get the orders. Coal India as a whole, I told, INR 16,500 crore is this year's CapEx. In this, maybe, as a whole, if you see, maybe INR 500-600 crore to... As we ramp up the solar, that we will take care of this CapEx. Right. Okay. And sir, in the annual report, you mentioned that our production target for FY 25 is 840 million tons. So for next year, what will be our FSA commitment? So what I understand is, as we incrementally increase our production, our proportion of e-auction will increase or our quantity of e-auction, that the quantity that we offer for e-auction should increase, over and above our FSA commitment? Yes, yes. It is going to increase 10 to 15-20% range. It will be there, so that we have to first fulfill the parallelly the commitments of our sector, and parallelly, we, we will see this 15%-20% increase. Yeah. So you mentioned that our FSA commitment for this year is, say, 610 million ton, which may increase a little bit next year. So if in next year we produce 840 million ton, so our e-auction volume can increase in a good way, right? It will increase. It will increase in the same pro rata percentage, 15%-20%. Okay. And sir, government recently, we read in newspapers, you know, they want to mine other metals like, say, lithium, cobalt, and other rare earth minerals. So how do you see this opportunity for Coal India, and are we doing anything to tap this opportunity? There are plenty of opportunities. This is a new field. Our team is also visited twice to Australia. Director BD and the team has visited. That is at different stages. One is fully explored, the critical minerals, and others is to be explored and entirely greenfield. So the opportunities are there. We, due diligence is being done at our level. Okay. Sir, as we increase our production, most of this increment will be contributed by open cast mining, or we'll have to do underground mining also as we move forward and increase our production? At present, our underground share is very less, 25 million ton only. So there is a target of increasing from this 25 million ton to 100 million ton by 2030. So we are focusing on underground, especially with continuous miners, this mass production technology, increasing mass production technology, so that, that much portion environmental angle also is taken care. The cost, what would be the cost difference in, you know, versus open cast mining versus underground mining? Cost difference is definitely there. If it is 1,000 tons, our cost of production, if it is open cast, it ended to INR 900, underground maybe it took INR 2,100, INR 2,200. But we have to see, the deeper deposits have to be done by underground only. There is initially, our mechanization was a little lagging, but now with the mass production technology, with continuous miners, few mines like Jhanjra and this Moonidih. Similarly, in CCEL, few mines are there, continuous miner, and purely underground. One single continuous miner is also doing at least 700,000 tons per annum... and with the proper care to environment. There the dust pollutions are less, the land degradation is almost nil, zero. Right. Right. Sir, last question is, now, we have already started doing e-auction on our own platform, coaleauction.co.in. So going forward, we'll do all our e-auctions on our own platform, or we'll be using third-party platforms for from companies like MSTC? We are using our platform, and we are going to be independent on that. Partly MSTC, right now, we are taking their help, but we are also developing from CMPDIL, our from Ranchi there. Okay. By next year, we will be phasing out. Okay. Thank you, sir. Thank you. Thank you. Our next question is from the line of Ashish Kejriwal from Nuvama Wealth Management. Please go ahead. Hi. Good evening, everyone. Thanks for organizing this call. That's really appreciated. So a few questions from my side. You have mentioned about volume target, which is something like 12% YOY growth. So you are talking about, first of all, it's on a production target or offtake target? Because YTD, we have seen offtake increasing by just 9.5%. So, you know, and now the base will also increase from November onwards. So, the similar increase also seems to be difficult. Then, what could be our realistic volume target for this year? That's my first question. Volume target-wise, target is 780 million tons coal production, 780 million tons, dispatch also we are supposed to do. But till now, production target is, production achievement is around 12% and offtake is 9% only, as you have rightly seen and noticed. Because of the rainy season, there will be generally July, August, September, there will be little less. Right now, we are picking up, and almost the festival season is almost end. And, after Holi, there is no, distractions. The volumes of dispatches is also going to pick up, and it is being picked up in MCL, SECL, where the high volume and of dispatch is expected. We are, right now picking it, and we will be achieving our, dispatches target also. Sir, reason being why I'm saying so, because on an average also, you know, on a month, we can do 60-65 million tons, maybe in a month. And if I do that calculation, our growth rate, because of the high base of last year, it should come down by, come down to 5%-6% rather than, 10% or 12%, which is required at least. So that's why, so what could be the, probable or, you know, a realistic target which we can achieve by looking at the monthly run rate which we have achieved so far? First thing you have to understand, this dispatch target, it depends on other factors also, other power plants lifting from our side, other than the railway. In railway and at two areas, in Korba district, in SECL, three mega projects are there, and Mahanadi, there is a little shortage of rakes on a daily basis. Even in the rainy season, we are supposed to load n number of rakes. We are getting in both these coal field only, 5 by rakes less. So every day a loss is a loss at that particular place. But however, in CCL, BCCL, ECL, NCL, from railway side, there is no issue. Only at two fields, in the CCL, NCL, there is an issue, but it will be picking up. Overall, if you do say 6, 7, 65, even by your understanding also, it's we can stock will be increased at our end. Right now, it is 40-41 million. Last year, it has went up to almost 65-69 million. Now, it is 41. So this 30 million, even if it ends, it builds up at our end. Power plant side also, it is 20 million right now. We, our target is to build there also at around 38 million. If we are there at 38 million, so at least 18-19 days, 20 days stock will be there. So in any case, first volumes has to come, move from beneath the ground to surface, and vis-a-vis from there to power plants, and we should focus, and we will focus. Sure. So, sir, second question is, on the basis of the current evacuation facility, how much maximum we can sell? Evacuation facility, I am just telling you, in three, four subsidiaries as such, there is a facility where there is no issue. There's CCL, I'm just telling an example, Tori Shivpur line. Second line has been commissioned, third line is also going to be commissioned. There, the company is doing 84 million, but we have developed at least 110 million evacuation facility. Whereas in some subsidiaries, little less. So, almost, we will be targeting right now about 320 rakes per day. So, it will be gradually, we will be touching up to 330, 340 rakes. Evacuation, wherever it is less, even SECL, one line in Raigarh, which has been recently commissioned by Honorable PM also inaugurated. Similarly, whose third line is also being commissioned. In Jharsuguda, Barpali, in MCL, one line is being under construction. Similarly, CERL, Chhattisgarh East West, CEWRL. So different, railway lines under different subsidiaries are also under construction. 1 BT for to achieve these railways, connections and other railway settings and FMCs, almost all parallel activities are being undertaken. For that also, yearly target, quarterly and halfway targets, developmental activities is also being monitored. If those are taken care, this evacuation-wise, there will not be any problem. ... Okay. So sir, to sum it up, I think from the evacuation side, if demand purchase, we can do 780 as well as 840 also next year. That's right? Uh, definitely. Okay. The second question is on the employee cost. Though we have already renegotiated and everything has been more or less done, but there was some issue on account of, you know, officers and non-officers. So, first of all, the status of that, and secondly, is it possible to guide us on the total employee cost which one can expect this year? Employee cost about basically 46- Forty-six percent. INR 46,000 crore. INR 46,000 crore. Percentage-wise, also 40%, or- Less, less than last year. So employee cost-wise, there is no issue with growing volumes and yeah. That is a settled thing. That is an internal... There was some DPE circular, some conflict is there, but that is being taken care of, and we are also addressing this. But INR 46,000 crore is the employee cost of the total volumes. That's, that's great. Lastly, while we are doing fantastic in terms of First Mile Connectivity Project, we are investing close to INR 25,000 crore in that. So though it is beneficial from the environmental side as well as increasing the evacuation facility properly, but is it possible to, you know, share some kind of saving in terms of numbers, what we can earn, or what kind of payback period we can have on this investment of INR 25,000 crore? INR 24,000-INR 24,700 crore in a 6-7 years period. Right now, we are having an installed capacity of 228 million, and every year it will be adding. Mm-hmm. By NEERI, National Environmental Engineering Research Institute of Nagpur has done the study in two projects. One is in Kusmunda and one is in Lingaraj. In both the fields, only two projects after that commissioning, we are saving, say, 1 project, INR 25 crore, and another project, INR 50 crore for 1 year only. More than that, the dust emissions and so and NOx, both nitrous and other carbon emissions, there was controlled, it is reduced by 70%-80%. That is a huge... So it is not that only CapEx recovery or this thing, but this environmental factors play a greater role. So in each area, whenever this Tipper density is reduced, number one, safety is increased, and this dust pollution and other diesel savings, everything is there. So, payback period wise, we parallelly, every six months, three months, it will be whatever cost we are incurring, it will be recovered, and it will help not only environmental, safety-wise also it is increasing. So there is a dense population also going through. So the CHPs are coming nearer, track lanes are near, coming nearer. So safety aspect other than environmental also comes into the picture. Thank you, sir. Thank you so much, and all the best for all the efforts which we are doing. Thank you. Thank you. Our next question is from the line of Kirtan Mehta from BOB Capital Markets. Please go ahead. Thank you, sir, for giving this opportunity. One question, coming back to the evacuation capacity. If we look at the 840 million ton production target for next year and the current evacuation capacity, where are the one subsidiaries where we will need capacity, evacuation capacity increase to deliver on the next year's target? Primarily it is the MCL and SECL. In SECL also, we are focusing on both the field, at least there is a need for an increase of 40-50 rakes. So one portion of MCL is this Jharsuguda-Barpali-Sardega. Sardega, initially with two sidings, we have started. One more siding is being added, and one more from Garjanbahal, there is one more Lajkura siding. We are taking, by taking that siding around 4 rakes. 4 rakes means 4 million. If we add 50 rakes in a subsidiary, almost it is 50 million tons. So Jharsuguda-Barpali, that side of we will be targeting about 25-30 million, 25 million, and similarly, in the Talcher side, also another 15-20 million. And silos are also being commissioned, that First Mile Connectivity. Once this is commissioned, the rack loading time from 3.5, 4 hours, it will be reduced to 45 minutes. Turnover of the rakes will also be increased. Similarly, in SECL also, there is First Mile Connectivity projects are under execution. Similarly, SECL, as I told, in Raigarh coalfield, there will be an increase there about 10-15 million. Similarly, CEWRL, which is East-West Railway Corridor, that will also take one more year. But with that, this 1 BT also, it will be taken care. And if that company, SECL, this year it is 197 million. Next year, if it is 220, after that, 2025, 2026, it is almost 250, 260. So next 50-60 million, growth in both the companies are being taken care of this, construction of this railway lines, silos, and, belt conveyors. Say, in one project, Hingula, there is a belt conveyor, it is under construction. There's a pipe belt conveyor, completely eliminating that, with that belt conveyor to silo body, around, 5-6 kilometers. Similar, other, MGRs, these are in place. Thank you, sir, for this call. One more question about the MDO operations that we have started. So we have started production at 3 projects at this point of time. So what is the production run rate that we are achieving? And what will be the exit rate from the MDO production by the end of this year and the next year? Well, the total 15 projects in the last one year period, we all initiated. Out of 15, there are open cast and under one mixed. One project, Siarma l, has started production. Subhadra awarded stage one. Even just by simply awarding MDO also does not serve, but we should get EC & FC. So one, under one project of CCL, MDO has started. One in open cast of this we have started in Siarma l in MCL. Similarly, under execution, two mines in CCL. One is Kotre-Basantpur mine. Stage one clearance, we have got. Environment clearance, we have got. Maybe by next year, it will start a marginal production of 1 million, 2024-2025, FY 2025, but 2025-2026, that KBP. Similarly, Chandragupt, we are almost EC one time hearing is done, and FC, it is in MOEF office pending. So maybe in another 8-10 months, another 4 or 5 MDOs will start operating. So an incremental from this MDOs in 2024-2025, maybe about 20-25 million. But 2025-2026, but for sure it will be around 60 million, 55-60 million. Thank you, sir, for this call. I'll get back in the queue. Thank you. Next question is from the line of Bharani Vijayakumar from Spark Capital. Please go ahead. Yeah. Good evening, sir. Can you give me- Sorry to interrupt, sir. May we request you to use your handset? You're not audible, sir. Is it better now? Slightly, sir. If you could speak a little louder. Yes, I am. I am going to speak louder. So I just want to know the split of the dispatches in first half of FY 24 between power sector and non-power sector. Total, our H1 offtake is 360 million ton, 360.66. Power sector is 295.36, around 80%. 60 million has gone to non-power. Okay. So around 80% of e-auction would also be roughly to power sector? E-auction is fully non-power. Okay, so e-auction volume of around 32 million tons in 1H is fully non-power? The power can purchase, but generally it is non-power they take. Okay. Okay, okay. What is our dispatch target for FY 25, sir? FY 2025, it is around 851. Whatever we have to produce- That much, whatever we are producing, we are keeping that much. Maybe production at some point of view, in February, March, it is more. At that time, there may be adding of the stocks, about a slightly 10 million, 15 million, maybe less dispatches. But it will be adding our stocks, and that will take care in monsoon. Okay. Okay. My next question is on the CapEx. So this INR 16,500 crore CapEx, can you, give a split of what is the end use of this CapEx broadly? Like, how much goes to equipment, how much goes to, non-equipment, and within equipment, what are the main equipments that we are buying? It is total 16 out of 16,500. One is under... One, one major head is land. Other than land, there is this FMC projects are there, what their equipments we are going to buy. But, HEMM, under the H of, head of HEMM and some E&M suffering and, this, other construction activities of power line substations. But, primarily, these, these are distributed into the major heads of land, FMC, watch this, infrastructure development, and railway projects. Of this railway, we are doing under deposit, schemes are also. One is directly deposit and another is JV route. Subsidy of railway, either IRCON or RITES. It is primarily IRCON, along with the state government, local, and, subsidiary company. Other than this, solar project, and this power plant, one power plant we are going to come, MBPL. For that also, in this INR 16,500, it is being incurred. And few diversification projects like HURL and TFL, fertilizer, fertilizers at HURL. Okay. Can you give a split of land and equipment alone in the INR 16,500, sir? Land is about INR 2,000-INR 2,500 crore, but it is as per the demand. If sometimes if the land acquisition- Four thousand. 4,000. Last year, it is 4,000. Four thousand. Last year, 18,000, it is around 4,000. This time it is 3,000, 3,500, we are anticipating. Equipment, sir? Equipment, this year it is not much. This year it is, other activities are much, but otherwise it, it is also around 1,500. This year it is less. Two thousand. 2000. It is 2000. 1965, equipment. Okay. Okay. My final question is on the employee cost. Of course, we took the last revision in FY 2023. Can you refresh us basically on when is the next revision is due for the non-executive and the executive cadre? Non-executive is 26, executive cadre is 27. ... Okay, okay. Okay, thank you so much, sir. All the best. Thank you. Thank you. Ladies and gentlemen, a reminder to all participants, you may press star and one to ask a question. Next question is from the line of Vipul Kumar Shah from Sumangal Investment. Please go ahead. Hi, sir. Thanks for the opportunity, and, congratulations for very good set of numbers. So on slide 16, if I see, MCL and NCL, we are producing, very high, production with less number of employees. So why this cannot be applied to other subsidiaries? So what is the reason for that? In MCL, we have produced 89.4 with just 21,523 employees. MCL has passed out in 1992. It was carved out from SECL, that important field, and the culture is from Central Coalfields. Relatively new mines, open cast mines, stripping ratio is very less. The overburden and coal, the ratio is very less, and the number of underground mines is only 2-3 are operational. Whereas if you see in SECL, the number of underground mines is maybe 30. Even in ECL, it is around 30-35. So underground, old manpower is there, so we cannot just get rid of them. So as a company, we are having a policy. Right now, it is 235,000 employees strength. In a 5-10 year period, almost every year, 5% is being the attrition as with this natural retirements and other things. So, SECL, WCL, ECL, BCCL, it is manpower-wise high. So overall it is 235,000. So MCL is the lowest, maybe around 15,500, and the next is Mahanadi. So Mahanadi, the overburden is very less. They are less cover, and number of mines are very limited and highly productive mines. My second question is regarding volume of washed coal. Over next 2-3 years, what kind of increment we can see in the volume of washed coal? Non-coking coal, next 2 years, 10 million tons we are adding in Lakhanpur. It is under a trial run. Immediately it will come up. This 10 million is straight, is being added. In, coking coal, both in BCCL and CCL. BCCL, it will be added, and almost 2-3 washeries have come up, and they will be significantly increasing year-on-year. And in, CCL, we have just awarded, it will take 2-3 years. So FY 2026, 2027, it will be added. The construction period is 2-3 years in both BCCL and CCL, but in a phased manner, about 7-8 washeries, coking coal washeries are being added. So the moment it is done, it will be producing. Every year, what type of volume increase we can see in million tons? You can, in coking coal, last 2 years is the incremental of 20%, it is already there. Next 2 to 3 years also, you can predict that 20%-30% coking coal washeries, it will be added. And in non-coking coal, only one washery at Ashok Piparwar. In CCL is under implementation, under operation. Now, this Lakhanpur 10 million ton washery is being added. So this 10 million is straightly, it will be added to the non-coking coal also from this year. In this year, it may be balance months, maybe 2 million, but from next year, it will be 10 million. Okay, sir. Thank you, and all the best. Thank you. Thank you. Our next question is from the line of Noel Vaz from Union Asset Management. Please. Yes, my question has been answered. Thank you. Thank you. Our next question is from the line of Amit Dixit from ICICI Securities. Please go ahead. Yeah. Hi, thanks, thanks for the opportunity again. I have, two questions again. The first one is on, the possible FSA price hike. So traditionally, we have seen that, the FSA price hike given to us was just enough to cover the wage cost, but it was not so this time around. Now, since e-auction premium have also come off, from that time, so do we expect to get some additional FSA price hike anytime soon? Exactly not right now. It is near future, we are not seeing anything up to the next 7-8 months. Okay. Till election time, maybe. Maybe. Non-power, non-power prices, maybe we can see, but for power sector, we are not going to touch in the next one year. Okay. So considering whatever, you know, we have as of now in terms of railway lines, in terms of FMC, while the long-term targets are very well appreciated, what kind of evacuation capability in all, do we have, as of now in FY 2024, and, what would be our evacuation capability in FY 2025? FY 2025, 20 million is we are capable. Here, we have to understand whether it is FMC project or whether it is railway line. EC, FC land clearances and the greenfield projects obtaining, the time will be taking for any forest bit, if it is there. So the proponent has to apply, it will go to MOEF, through state. And there is parallel activities coming. So the 850 million FY 2025, we don't see any difficulty. 100% it will be achieved. Okay. So 850 million tons will be having in FY 2025, but in the slides you have mentioned that, you know, at NTPC, this capability would only come to 912-913 million tons by FY 2028-2029. And given our target is 1 billion tons, I think, for FY 2027. So the, I mean, that 1 billion tons target is still intact, right? FY 2027, subject contingent on demand. That is intact, and surface miner, this minus 100 mm also, we are increasing year by year. So that, instead of crushing by deploying more surface miners, environment friendly, we are increasing that production also. So, directly it can go to power plant. So Wharf wall loadings, we are try eliminating in a orderly manner with this, silo loadings. So the construction time of 1-2 years, it is being taken. So the, right now it is 228 million. Within 2 years, it may be touching 450 million. And wherever we are, this crushers and silos, where it is taking time, but surface miner production can be directly fed to the wharf wall, and it is also being dispatched. Thank you for dispatch. Dispatches, one with is on course. There is no issue. Okay, sir. Got it. Thanks and all the best, sir. Thank you. Thank you. Our next question is from the line of Indrajit Agarwal from CLSA. Please go ahead. Hello, sir. Thank you for the opportunity. I have one question: When we look at the non-power FSA that we have, is it now all moved to the new mechanism of auction-based, or do we still have some old mechanism FSA, which is fixed price based as per the old pricing mechanism? 11 million tons through CPSE. Okay, CPSE. That is there. That is there. But the prices are indexed. But, the prices are indexed. Indexed. Indexed with that. But other than that, we are going through this new trend. Auctions also will be there. All other- All others are through auctions only. So other than- This 9 million ton. Sure. So right now, of the non-power FSA that we sell, how much is still under the old mechanism, which can still move to, like, an auction mechanism and hence lead to higher prices per ton? As we are telling, 11 million tons. 11 million. Okay, thank you. Thank you. That's all. A reminder to all participants, you may press star and one to ask a question. Mr. Natarajan, can you hear us? One moment, sir. Our next question is from the line of Mr. Rohit Natarajan from Antique Stock Broking. Please go ahead, sir. Yes, sir. I hope I'm audible? Yes, audible. Go ahead, sir. So, the railway joint venture that we have with IRCON, I see that there is a slippage of the commissioning date as such. What could possibly be the realistic timeframe in which we could conclude the project? The IRCON, the 3 places we are working, more than 3 also, but Shivpur-Kathautia is on time in CCA. There, you have to understand, the state government has demanded, land cost, along with market rate. So there is bankers' problem is also there for, getting loans. So we have requested state government, we cannot go on market rate. It should be on, this, government, land rate, maybe aggregation into 1.5 times. That is being considered at chief secretary level. Similarly, in, CCL and, WCL, that is being, taken care. So there are some issues, sometimes it, comes up. So by and large, if you see railway projects on a deposit basis or the joint venture, it may take 3, 4 months this way, that way, but it is more or less in tandem it is going on. The moment this hurdle, somewhere it is a forest clearance or this other issues with the state governments. Once it is cleared, the actual laying and other things, the contractors are in place. Only if you make them the land available, then the other things will be parallelly executed. Somewhere, some minor bridges, major bridges are also to come. From rainy seasons and peak seasons, there may be 2-3 months issue. But as I tell you, in Jharkhand, the project is on time. Sure, sir. That's it from my side. Thank you. Thank you. Next question is from the line of Ashish Kejriwal from Nuvama Wealth Management. Please go ahead. Yeah, thanks for taking my question again. Sir, to reach to 1 billion ton target, how much CapEx is required, for our production, for our land acquisition, or for our evacuation facilities to reach to that target? Any ballpark figure will also do. Every year, say, this year, INR 16,500 crore, next year maybe INR 18,000-INR 19,000 crore. The, the, it is around that range, INR 20,000 crore, INR 19,000 crore. But once we complete this, first mile connectivity projects, after five, six years, for next four, five years, it is on that, range. Even, some coal gasification projects are also has to come. If a successful bidder will come, then, it will be in this range only, INR 18,000-INR 20,000 crore. ... So my question is not toward different projects, only projects which will lead to 1 billion ton of our coal production per year, which includes obviously First Mile Connectivity. So how much? INR 4,700 crore in this next five years. First Mile only. But in railway, there is other works are also going on. So some railway deposit works are going on, some railway joint venture with IRCON and RITES, and some local sidings we have to develop. That is parallel activities. Maybe that also per year, if you split in this INR 24,700 crore, say, in five years, maybe INR 5,000 crore per year. Similarly, railway also maybe INR 2,000-INR 3,000 crore per year. You will reduce the CapEx. Yeah. So, sir- If MDOs should be in place, so the CapEx be reduced over. Sir, is it safe to assume that for next five years we can do CapEx of something like INR 80,000 crore? 5 years put together? Yeah, five years put together. And that will help us in, you know, evacuating 1 billion ton, provided demand there. Sir, even the demand, demand is definitely there. From our side, we are telling to next 20 years, 15-20 years. But for projection side, we are only talking up to 2027. Understood. So, sir, my question was that, you know, in next five years we will achieve 1 billion ton target, and obviously we'll don't want to go much beyond that. And thereafter, maybe we can start moving in a non, non-coal areas, where, your CapEx will continue to be INR 15,000-INR 20,000 crore per year for foreseeable future, or something else is there in our mind in order to divert it from fossil fuel? Sir, for in solar, in coal to gasification and other thermal plants, just like MBPL, MPPGCL, one more plant along with state of Madhya Pradesh, we are going in a JV, 660 megawatts. So similar things are, we are also looking after and for it to diversify and to get other incomes from other operations other than coal. Okay. And so next question is, in one of your replies earlier, you mentioned, I think, that second half, our target for e-auction coal volume is 15% of the production. Am I right? Yes. So, because, you know, power demand, it's there, because, because of which only we are very much, very much confident about the volume growth. In first half, if you see, we have done only 9% of our volume. So do you think that 15% of that entire volume in second half is possible for us, or is there any demand slowdown which we are facing in the power sector, which will lead to higher, you know, higher, higher offtake in, on power sector? It is possible because usually December to March, it is a productive months. Mm-hmm. Demand increasing day by day. Demand has never reduced or never stagnated. It is continuously last one month, it is picking up on every month. More than anything's projection. It is even Ministry of Power's projections. Also, it is actually. Mm-hmm. That, that, that's the reason that I'm asking, because, you know, in power demand is increasing, so can we provide higher volume to e-auction? You know, we were thinking it will be lower than that, but... Yeah, we can provide. More coal to power than the target and auction power. Our plants, initially, we will meet their targets. We will keep in mind. By keeping their targets, and we will be touching this 15% also. Both, things we will keep in mind. Sure, sir. Sure. Thank you, and all the best to you. Thank you. Yeah, this is the last question, please, yeah? Yes, sir. Our next question is from the line of Bharani Vijayakumar from Spark Capital. Please go ahead. Yeah, good evening again. Sir, can you help me with the person and the contact details to contact from investor's point of view? Company Secretary's name is already there, Mr. Dubey. Okay. You can put in that mail if anything is needed, any information is needed. Okay, and that mail ID would be, sir? Yeah, you can. You talk to Mr. Natarajan; he will provide you the details. Okay, he's given there, okay? Okay. My second question is on e-auction. So what are the different methodology of e-auction that is right now ongoing? One is the linkage and one is the spot auction. Linkage and spot auctions. Okay, and- Yes, dedicated linkage are there. Spot auctions. Okay, and predominantly the auction volume is happening through the spot mode, right? More than linkage one. Yes, yes. Yeah, auctions mostly for spot only. Okay. And, what is the time lag between, buyer booking and he actually getting it delivered? And, and what will be our, time period for which, you know, we will, recognize that revenue? So if, booking is done in this month, when will we actually recognize that as the revenue? 10 days you can start it. We can start 8-10 days, and we might take the local clearances from the District Mining Officer and the Director of Mines of the state government. But 10 days is a sufficient period where you can start the lifting once he books and clears the auction. Okay. So when you are telling, recent, notified price and, e-auction premium over that is 90%, so that would be, say, up to, say, next month itself? It is... Within three months, yeah. Within 3 months, they can lift it. Yeah. Yeah. Okay. So maximum three months. Okay. Okay, sir. That's it from my side. All the best. Thank you. Ladies and gentlemen, that was the last question of our question and answer session. As there are no further questions, I would now like to hand the conference over to the management for closing comments. Yeah. Thank you, Mr. Natarajan. I would like to thank all the participants for this conference call for the H1 results. Thank you, and we hope to speak to you the next quarter again. Thank you once again to all. Thank you. On behalf of Antique Stock Broking, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.