Ladies and gentlemen, good day, and welcome to the Q2 FY 2022 earnings conference call of GAIL (India) Limited, hosted by Elara Securities Private Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Gagan Dixit from Elara Securities Private Limited. Thank you, and over to you, sir. Thank you. A very, very warm welcome to everyone, and Happy Diwali to all. It is our pleasure to be able to bring to you the management of GAIL, led by Sri A.K. Tiwari, Director of Finance, Sri R.K. Jain, he's ED F&A, Sri Shashi Menon, ED F&A, Sri R.K. Singhal, he's the ED, Business Development and E&P, and Sri A. Kaviraj, he's ED Marketing. We would also like this opportunity to congratulate the management on its excellent set of numbers. With these words, I would now hand over the conference to the GAIL management. Over to you, sir. Thank you. Thank you very much. Good afternoon, Gagan- Yes. from Elara Securities, and my dear friends from investors and analyst community connected through phone call. A very warm welcome to GAIL's earnings call for Q2 FY 2022. Wish you all a very happy Dhanteras and very happy and safe Deepawali. May this season of festivals bring cheers, health, and prosperity to your life and to life of your family. We are thankful to you all for showing keen interest in the performance of GAIL. The result of second quarter and half-year results have been declared earlier today, and I am sure you must be happy with the GAIL's performance. I take pleasure to state that in H1 FY 2022, GAIL has achieved highest ever half-yearly turnover, PBT, and PAT. Now I would like to give you a brief insight of the company's performance for the quarter and half year ending 30 September 2021. I would like to first start with physical performance. During the quarter, the physical performance of the company has improved across all business segments, mainly driven by higher demand in gas segment and better plant operation in petrochemical segment. Gas marketing increased to 97.72 MMSCMD in Q2 FY 2022, as against 95.95 MMSCMD in Q1 FY 2022, increase of 2%. GAIL has entered into various long-term LNG contracts to meet increase in demand of natural gas in the country. As some of the anticipated demand did not fructify in the past year, GAIL was selling some of its volumes in the overseas market. As the demand of the gas in the country is increasing, more and more of the long-term LNG is being bought to India. During the current quarter, the sale of RLNG has increased, resulting in better physical performance of gas marketing segment. In fact, during the quarter, only eight cargoes were sold overseas as against 14 cargoes in the previous quarter. Due to increased gas demand in the domestic market, the natural gas marketing increased to 114.32 MMSCMD in Q2 FY 2022, as against 107.66 MMSCMD in Q1 FY 2022, increase of 6%. The capacity utilization increased to 55% in Q2 FY 2022, as against 52% in Q1 FY 2022. The Matix. Presently, the Matix RFCL are running on full capacity with the commissioning of HURL plant and attaining full capacity by mid-2022. The volume would further increase by approx 6 MMSCMD. Polymer production is stood at 216 TMT in Q2 FY 2022, as against 133 TMT in Q1 FY 2022, increase of 62%. There have been apprehensions in the past over the reliability of the petrochemical plant. Last year, we achieved over 100% capacity utilization, and the plant is currently running smoothly at more than 100% capacity, and we are confident to achieve 100% production capacity this year also. Polymer sale increased to 221 TMT in Q2 FY 2022, as against 130 TMT in Q1 FY 2022, increase of 60%. Similarly, the LHC stood at 262 TMT in Q2 FY 2022, as against 250 TMT in Q1 FY 2022. The capacity utilization increased to 74%, as against 69% in LHC segment. Similarly, the LPG transmission also had the sustained growth and the capacity utilization was under 10% in this quarter. Let us now move to on the financial highlight. GAIL achieved gross turnover of INR 21,477 crore in the current quarter as against INR 17,352 crore in Q1 FY 2022. There is an increase of 24%, mainly due to increase in the natural gas marketing volume, higher natural gas prices, increase in the petrochemical sale, LHC prices, etc. PBT stood at INR 3,682 crores in Q2 FY 2022, as against INR 2,054 crores in Q1 FY 2022. Increase of 79%, mainly due to all around better physical performance, improved gas marketing spread, better prices in petrochemical and LHC, improved petrochemical operating efficiency and increase in the other income, mainly dividend of INR 465 crores. The gas marketing segment showed a robust performance and the profit increased by around 189%. Similarly, the PAT jumped to INR 2,863 crores in Q2 FY 2022, as against INR 1,530 crores in Q1 FY 2022. On a half yearly basis, GAIL clocked turnover of INR 38,829 crores as against INR 25,671 crores in H1 of the last year, registering increase of 51%. The PBT increased by 201% to INR 5,763 crores as against INR 1,907 crores. PAT also jumped to INR 4,393 crores for the half year as against INR 1,495 crores, mainly due to robust performance of NG marketing segment, better average price realization in PC and LHC, which, in comparison with the last H1, is INR 27,000 per metric ton in case of the petrochemical and INR 17,600 per metric ton in case of the LHC. On consolidated basis, the turnover in H1, FY 2022 is INR 39,290 crores as against INR 25,926 crores. Jump of 52%. The PBT in H1 is INR 6,268 crores as against INR 2,161 crores, and the PAT is INR 5,021 crores as against INR 1,766 crores. During the quarter, GAIL received 22 LNG cargoes from U.S., 14 from Seven Pars and eigt from GCP, as per the cargo plan. Out of these, only eight cargoes were sold in overseas market, and the remaining cargoes were brought to India, either directly or through destination swap. Up to H1, 44 cargoes were brought, and in the international market, we have sold 20 cargoes up to H1. On the CGD front, GAIL is supplying gas to all CGD with infrastructure of 81 CNG stations, and the cumulative DPNG connections is 148,000. The CapEx we spent so far is more than INR 1,000 crores. I'm happy to announce that the GAIL CGD business has become profitable during the current quarter. On GAIL Gas, during the Q2 FY 2022, the gross turnover, gross revenue from operation is to the INR 1,478 crores as against INR 1,212 crores. PBT is INR 105 crores as against INR 72 crores. PAT is INR 78 crores as against INR 63 crores. GAIL Gas, along with the JVs subsidiary, has infrastructure of 725,000 DPNG connections and 262 CNG stations. This year, GAIL achieved CapEx of INR 3,180 crores up to September 21, mainly on pipeline equity contribution, CGD project, petrochemical, operational CapEx, PMT, etc. We have a plan to spend across INR 7,400 crores in current FY financial year, and mainly in pipeline, equity and petrochemical. On Pradhan Mantri Urja Ganga, the total commitment is over INR 15,400 crores, and actual CapEx till date in FY 2022 is INR 12,221 crores. We have been receiving the capital grant from the government regularly. Until date, the total capital grant received is INR 4,487 crores against the total capital grant of INR 5,176 crore. GAIL, along with its JV, is executing pipeline project of 7,500 km with a total investment of around INR 37,000 crore. GAIL is executing PP project at Pata and Usar with a total cost of INR 10,000 crore. The EPC contract licensor selection has been done. Work on the project is going as per schedule. On CSR front, GAIL focused on the CSR program in the area of health, sanitation, education, skill development. The total spending of GAIL on CSR project is more than minimum mandate of 2%. On safety front, zero major reportable incident during last five years, and our HSE score is 97.3, as against the excellent target of 95. GAIL, due its presence in the natural gas, play an instrumental role in transiting towards a low carbon economy. The company places a special emphasis on environment and sustainability. Some of the key achievement during the past quarter in the area of sustainability are certificate of appreciation received from New Okhla Industrial Development Authority, development of the organic waste composite plant at GAIL Vaghodia. GAIL participated in consultation and launched low carbon and climate resilient pathway for the Indian public sector enterprises. Various measures have been taken, in the digitization and, which includes all the stakeholders management, suppliers, contractors, employees, even the retired employees. That's the brief introduction on the financial results and the major highlights of the company. GAIL management team is present here, and to clarify any points that you may have. Over to you, sir. Hello? Hello. Yes, sir. I have finished, madam. Thank you very much. Shall we start with the question and answer session? Sure. With the help of ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A request to all participants to please limit the questions to two per participant. If you have a follow-up question, you may rejoin the queue. The first question is from the line of Probal Sen from Centrum Broking. Please go ahead. Thank you very much for the opportunity. Congrats on the great set of numbers, sir. Two questions. One, as far as gas trading is concerned, while this quarter growth anyways is very, very strong, but looking at the kind of differential that we are now seeing for the second half, it has only widened even further. Is it too simplistic to assume that results will get even stronger, at least for this segment? Or, is it that, you know, whatever even unhedged or opportunistic volumes you had, you have already sold well in advance at a certain price, and therefore, the gains could be limited to somewhere near this quarter's performance? Any color you can throw on that. Thank you very much for this question. As I have clarified in number of calls and during discussion that we have different portfolio as well as we have different synergies to mitigate the risk. This shows, the results shows that what action we have taken. I can only say that whatever result you are, you know, seeing in the gas trading, and we'll take all measures to maintain it. To my mind, it will be better and it will be sustained. All risk mitigation measures, including international sales, whatever the opportunity comes, that management is taking, and we rest assure that this segment will go further. Okay. The second question was with respect to the LPG segment, sir. Now, is it fair to say that while international prices seem to have ramped up a little bit higher, the domestic LPG prices don't really reflect that, at least in this quarter. What I'm asking is in Q3, will we likely see a much stronger realization performance which should help offset the higher domestic gas costs to a certain extent? Is that a fair way to look at it? Yeah. It will be better because our prices are, as you have seen, they are better, are good. With the efficiency and with the cost which is going to increase, that will be compensated in the price which we expect will be increased further. That way, this will be a sustained segment for realization as well as growth and financials. Sir, despite the domestic gas cost increase that is happening from October, we don't expect any material dip in terms of profitability of this segment. Is that fair, based on what we see today? Not much. It will be insignificant, you can say. Okay. Got it, sir. I will come back. Given the rule of two questions, I'll come back if I may. Thank you so much. Thank you. Thank you. The next question is from the line of Pinakin Parekh from J.P. Morgan. Please go ahead. Yeah. Thank you very much, sir. Just trying to understand the gas marketing segment, because clearly, while the company sold less cargoes overseas in this quarter, eight versus 12, the EBITDA on a quarter-over-quarter basis has tripled. Now, at this point of time, sir, can you tell us that, for the remainder of the year, are there any unhedged cargoes which need to be sold because spot LNG remains stubbornly above $30 MMBTU. If there are unhedged cargoes, then should we expect a windfall in the second half, or is this the level of EBITDA that we can expect to maintain in the second half? How should we look at this segment, sir? See, as I have already explained that this segment is a volatile segment and we have taken various measures. The results shows that. What I can say that various measures which we have taken, the sustained EBITDA will be there. Our performance in terms of the financials for this gas marketing segment will almost be better, or we can say that it will be sustained as well as it would be improved because gas consumption in the country is increasing. We are not selling some of the cargoes or many cargoes as we have been selling in the international market. That way, these synergies we are evaluating and depending upon the market, the consumption in the country and opportunity which we are finding time and again, we are taking decisions that way. Understood, sir. Moving on to the Petchem segment, this has also been a volatile segment. Now Petchem end product prices have broadly inched up slightly, but the gas-based Petchem producers obviously have seen margin compression given the way gas costs have surged. Now, for GAIL, given the gas mix that it uses in Petchem between Brent-linked spot prices, how should the input cost inflation in the Petchem business you know play out over the second half of the year? I think, what we expect that whatever the margin we have seen in the petrochemical segment, we are going to maintain that way. Thank you. With the big cost, with the portfolio we have for different indexation of the gas, that we are going to maintain, and that way will be, Sure. Thank you very much, sir. Thank you. Thank you. you. The next question is from the line of Nitin Tiwari from Yes Securities. Please go ahead. Good afternoon, sir. Thanks for the opportunity, and congratulations on very good set of numbers. My question is actually related to the news which came up a couple of days back regarding a hydrogen plan that GAIL is evaluating. Just wanted your thoughts on that piece of news. Is this a part of your CSR activity, or this is a serious attempt to foray into the renewables space? And if yes, then what is the kind of capacity we are looking at as far as this plant is concerned, timelines, CapEx, if you can, like, you know, just share some thoughts on that. And how does this integrate with our entire natural gas business? Your thoughts on that, please. First of all, thank you very much. This is not CSR business. We want to clarify. The technologies in the hydrogen that is going up, we are evaluating. We have a big plan, and we'll share the details in the subsequent period because we have not tied up many screws in that. Give us some time, and we will share with you. We are in the process of evaluation. All the technicalities which are there has not been freed. So many what way we will go, where is the place, whether Vijaypur or Pata or some other places, how to inject, how the technology respond, all these things we are evaluating. Give us some time. We'll share with you. Definitely this is not CSR. Sure, sir. Thank you so much. That was the only question. My best wishes for Diwali to the entire GAIL team and to you. Yeah. Thank you, sir. Thank you. Thank you. The next question is from the line of S. Ramesh from Nirmal Bang. Please go ahead. Good evening, A.K. Tiwari, and thank you very much. Wish you all a very happy Diwali. My first thought is, in terms of your current quarter's numbers, second quarter numbers, is there any inventory gain you have booked in the gas marketing business? No. No inventory gain. No In terms of Okay. In terms of your hedging strategy, it used to be about 30%. Now, does it make sense to increase the proportion of hedging for your U.S. gas business, given that prices have, you know, hit a certain high? What is your thought on that? Can you repeat the question once again? I'm asking about your hedging strategy. You know, I understand that you hedge about 30% of your, you know, U.S. LNG volume. Does it make sense to increase the share of the volumes you hedge, and what are your thoughts on that, given that Brent and LNG prices are at high levels, how do you see the hedging strategy going forward? See, hedging strategy is dynamic strategy. I mean, nothing can be static. It depends upon the cargoes, underlying assets which are available to us, prices, and so many other things. Going forward, we take a view on the coming six months, one year, whatever is there. That way, depending upon the positioning of the cargoes as well as, consumption, we take decision for that. That way, I cannot give any specific, strategy for that. It is a dynamic, but we always build the synergy for that, whatever we do. That is the first and foremost thing. One last part, in terms of the current, you know, concern about the high gas prices hurting demand, are you seeing any contraction in demand in the Indian market because of the high spot gas prices? How do you see that shaping up in the second half of the year, given the current prices? I think our demand is increasing as results have shown, and I have already explained during my days that in the coming quarter or maybe six months or so, further consumption is increased. Demand is increasing with the CGDs, with the fertilizers, and all are coming. I don't foresee at present any clash in the demand. It will increase. Okay. Thank you very much. I have done the Q&A call. Thank you. Thank you, sir. Thank you. Thank you. The next question is from the line of Vidyadhar Ginde from ICICI Securities. Please go ahead. Yeah. Thank you. My first question is on the gas transmission. Can you give some color on the likely volume, gas transmission volume in next year, FY 2023, and status of the Urja Ganga commissioning and what kind of volumes that pipeline may do next year? Okay. Gas volume, for transmission you ask, no? Yeah. That has increased in comparison with the last quarter, 107 MMSCMD. I think it is now 114 MMSCMD. If you see the H1 versus H1, it is now 111 against the 98. That way the gas volume is increasing. With the coming of the various plants along with the Urja Ganga, as you know that the Matix Fertilisers and the HURL Sindri, Barauni, Matix Fertilisers is already drawing gas. HURL in Sindri, Barauni, Gorakhpur, they are in the process of drawing gas. That way the demand will increase and the transmission volumes will further increase. Could you give us some color on 5% growth and what kind of? I can give the quantity, which from the present of 114, it may go to 120 around. Average for next year, is it? Yes. What about the utilization of Urja Ganga commissioning schedule and what kind of utilization volumes that pipeline may have next year? That project, I have already shared that project is under advanced stage of completion. So far, first phase is already commissioned. Second phase is now in the process of advanced stage of commissioning. That way, project is going scheduled ahead. Against the 14-16 MMSCMD, we are hoping that it will be further at least 50% utilization will be there that year. That's it. Next year, 50% utilization? This, it will ramp up slowly and gradually. By the end of next year, it will ramp up to 50, you can assume. Yeah, it will be around 30% or maybe 75%, like that. 75% utilization by end of next year. Yes, yes. Last question on the gas marketing side. Is it correct to assume that in the second half of the year, the winter, Northern Hemisphere winter, the cargoes which you have kept untied for selling at spot, any of those cargoes tend to be on the higher side? And is that the case even this year that number of cargoes you are likely to sell at spot prices are gonna be much higher in second half than they were in the first half? See, gas marketing is a very dynamic. I think no straight answer can be given. Spot is the price, but spot is not the procurement. It also takes time to tie up the means, cargoes and all these things are there. Depending upon the situation, we have already lined up many strategies. That way, I can only say that whatever the margin we have reported, we are going to maintain it and it may further increase. Thank you. Happy Diwali to all of you. Thank you very much. Diwali ki shubhkamna [Foreign language]. Thank you. Thank you. The next question is from the line of Amit Rustagi from UBS Securities. Please go ahead. Sir, thank you for giving me opportunity. Sir, CGDs have been asking for more allocation of gas, because the demand is also increasing in the CNG and residential, which you classify as priority sector. Do you think that can be done in the coming quarters, and more domestic gas can be allocated to the CGDs, either in the change of formula or some other sources? See, I can't specifically answer this question because Government is taking decision on that. Surely the growth in the CGD sector is ramping up. Definitely there will be cut somewhere, and there will be allocation of this volume in the CGD sectors. I think that decision is under process, and the government is taking a very considered view on that. If something comes in writing, we'll share with you. Okay. Sir, second question relates to the LNG procurement for power sector. Obviously with these kind of prices, there would have been some dip in the consumption. Do you think that because of the power shortages issue, there will be more imports by the power sector for LNG in the coming quarters? It depends upon the prices which they will procure that and since the prices and the cost and generation cost will be higher if the prices are higher. I can't say that there will be more and more demand in the power sector, particularly for LNGs. That way we have to see the prices and the consumption and the unit cost production and further streamlining. All these synergies will be there. To my mind, higher prices are not going to attract more demand in the power sector. Thank you. The next question is from the line of Sujit Lodha from Birla Sun Life. Please go ahead. Hi, sir. Congrats for good set of numbers. The first question will be just regarding your volumes from Gascom. Where are we currently? I mean, in terms of this, so basically you all have a ramp-up to 2.5 million tons every year ramp up. Where are we currently and when is the next uptick in the volumes expected? Gascom. Mr. A. Kaviraj, our ED Marketing, going to answer this question. Hello, good afternoon. We'll be reaching the plateau level in calendar year 2023. The plateau of 2.5 million tons? Yeah. Currently we are at what? 1.5? No, around two. Okay, two. It increases every calendar year. Next January, next revision will come in? Next calendar year, and after that, 23 calendar year. We are at two. It will reach two, so this incremental, so by what number it will increase? Two will go back in January 2022? 24 Two-point-five. For 22 we'll be touching 40. Actually, peak is 2.8, not 2.5. Okay. 2.8 is the peak. In calendar year 2022, we'll be getting anywhere between 36-40. 40 to, so 40? Cargo. Cargo. Sir, this would be what the prices can guide what would be the current prices there, where, what they're getting? These are formula-based, so it varies. Okay. It's crude linked, is it? Yeah, it's crude linked. Okay. Secondly, regarding the transmission model, I just wanted to clarify. You said 114 MMTA, that is the current rate now as well, right? Or is it higher or lower? No, that is the current rate of last quarter, 140. now currently also it would be running at similar levels or it will be. It will ramp up. It will further increase, we expect. Okay. My last is on this Qatargas, the three cargos which we have pending for a long time and we are fighting for getting it. Is there any scope of those cargos coming to us? Given the price scenario, I don't think Qatargas would be obviously ready to do it. Is there any case which we have or it can get postponed to say for coming years? This is a contractual matter between us and Qatargas. We are offtakers from PLL. We have requested PLL to take it up with Qatargas. The discussions are ongoing. We have to wait for some more time to know the clarity. Okay. The current volume of Qatar are. Sorry to interrupt you, Mr. Lodha. May I request you to please rejoin the queue? We have participants in the queue. No issue. Thank you so much. I welcome them. Thank you. The next question is from the line of Mayank Maheshwari from Morgan Stanley. Please go ahead. Hi, sir. Just two questions from my end. One was related to the petrochemical division. If you see your ASPs have gone up quarter-on-quarter this quarter versus if you look at regionally, ASPs have been lower. Anything that you can throw light on what has caused this? I could not get. What is ASP? Sorry, your prices for petrochemicals have gone up quarter-on-quarter by about 5% if you look at the second quarter, while regional prices had come down on a quarter-on-quarter basis. I was just trying to understand what has happened, if you can just help us understand what's been the reason for it. Sir, the prices, quantity, and our production is around 100% plus. That way it has resulted in a better realization. I think if the prices are on the same range, it will be our petchem will be on the same. Okay. The second question was more on the cash flow from the consolidated basis. You had seen a significant increase if I look at the numbers. I think when you look at page 17, if you just look at that, there is a significant increase in your trade and other receivables. Is there something specific that's happened this in the first half? Trade and other receivables. Yeah, under the changes in working capital. It's close to around INR 4,500 crore. Just one minute. Yeah. Mayank, we will clarify in detail subsequently. Okay, perfect. Thank you, sir. Our IR team will clarify. Sure. No further questions. Thank you. Yeah. The next question is on the line of Abhijeet Bora from Equentis. Please go ahead. Yeah. Mr. Abhijeet Bora, please go ahead with the question. Your line is unmuted. Mr. Abhijeet Bora, may we request you to unmute yourself. It's muted from your handset. As there is no response from the line, we'll move to the next question, which is from the line of Varatharajan Sivasankaran from Antique Stock Broking Limited. Please go ahead. Hello. Hello. Yeah, please go ahead. Hi, sir. Your LPG production has been a little inconsistent. What should be the number we should go with on a quarterly basis? LPG production you are asking? Production, yeah. That way it is around 74%, our total LPG production. That way we are maintaining into that range. We should use that as a benchmark for the next year or two, or is there scope for it to increase? It depends upon the demand and whatever the mix are there, that way we'll do. I think it will be on that range. Gas availability. Gas availability that way. Factors will be there. Okay. Once again on this volume growth which you are referring to, sir, like you know 6 MMSCF increase. Mm-hmm. In the transmission volume. That is only specific to that particular Jagdishpur pipeline plus your HPG or you are talking about the overall volume itself will be only that much. You don't see any increase. Overall, mainly in the JHBDPL year and fertilizers consumption as well as growth in the CGD. How about the other pipelines, sir? Like in Kochi, Bangalore. You want to know the other upcoming pipelines? Yeah, other pipelines. Do you see any increase, sir? No, other pipelines are under execution. That is Srikakulam-Angul pipeline, and then you have Mumbai-Jharsuguda pipeline. These are under execution that way. Barauni-Guwahati pipelines. Around 5,000 kilometers of the pipeline are under execution. That way. I was more focused on this Kochi-Bangalore, sir. Do you see some volumes going up there? Yeah, yeah. Because you have completed the pipeline and commissioning. Any visibility there? Yeah, yeah. It will be Abhi kitna [Foreign language], how much is the volume? Kochi-Bangalore. Complete and commission. It is complete and commissioned, but I think three MMSCF around. 2.5 is there. With the further growth it will be ramped up. Any guidance, sir, on that? That pipeline is with, I mean, whatever the CGD and other, Bangalore hai na, Bangalore. Other plants also which are yet to have some startup. They will start taking up. It has the potential to go up, but as of now it will take a little while. We should go with around 2.5-3 to be the base. 4-5 maximum in the coming one year. We are trying that it will be utilized further. Thanks a lot, sir. I'll come back. Thank you. The next question is from the line of Sabri Hazarika from Emkay Global. Please go ahead. Yeah. Good afternoon, sir. The first question is actually it's a follow-up to an earlier question. If I look into your LPG realization versus the Arab Gulf benchmark, this quarter, I mean, due to the discount to Arab Gulf has increased significantly. In the similar way, the petrochemical realization premium to South Korea benchmark, I mean, Southeast Asia benchmark polyethylene has actually expanded significantly. Anything particular behind this? Petrochemical local demand. Sorry? My colleague will tell you. In petrochemical sector, prices depends on the demand and supply in India also, in addition to the prices linked with the IPP. If in India demand is very good and production is less and availability of imported material was less, that's why we were able to get the better realization here. Got it. It's the Indian premium. On LPG also, is it a similar dynamic? Because again LPG running through IPP and we are supplying our LPG to these oil marketing companies, and that price is fixed. Right. Because if I compare your LPG numbers with last quarter, for example, last quarter, Arab Gulf-Saudi Aramco, Arab Gulf was around $550, and you did around $530. There's a 4% discount. That has actually become 11% in Q2. Actually, it is, it always is a one-month lag. You may be comparing with that. Right. Otherwise it exactly follows the Arab Gulf index. Okay. No, actually we've taken it that way, but it has actually fluctuated in the last 2-3 quarters. The Arab Gulf index. The OMCs works out the IOC, which is the nodal agency for working out the LPG price, works out on import parity price based on Arab Gulf. Therefore there is no reason that it will be at a discount. It is actually it follows the Arab Gulf price. Okay. Okay, fair enough. Okay. That's all. Thank you so much. Thank you. The next question is from the line of Puneet Gulati from HSBC. Please go ahead. Yeah, thank you so much for the opportunity. Of your total transmission volume, which went up from 108 to 114, so 6 additional, where did the 6 go? Any large customers that you can ascribe this additional 6 million cubic meters? Sir, this is mainly because the Matix Fertilizer has got commissioned in August, and it has ramped up to almost full capacity very fast. Secondly, there is- Matix taking? No, Matix. Matix Fertilizers is one. Another? Yes. There is seasonal demand in the power sector during the summer months. That is a permanent phenomenon. Every year we see some power demand during the summer months, which has happened this year also. Okay. For the- Like the CGD ramp up in the CGDs after the lockdowns have opened, especially after June, the industrial demand and the CGD demand has risen very fast. The four fertilizer plants which have partially started consuming, how much more can they still take from the current levels? No, they have currently Gorakhpur is under pre-commissioning, and we understand it is going to get commissioned very shortly. We cannot specify the exact time. Barauni and Sindri, they have not yet started consuming, but they will start taking pre gas very shortly. Well, our pipeline is ready. Yeah. They are in the pre-commissioning stage. That way it will ramp up. Okay. Basically Gorakhpur, Barauni, Sindri have still not consuming anything or are they consuming some little? Some little they are consuming. How much more will they consume once they reach full capacity? It will be around 6 MMSCMD. Well, all three put together, about 12 or 15. No, Gorakhpur, Barauni and Sindri. I think around 5. Total. Okay. That's very helpful. Any color can you give what percentage of your cargoes are hedged for, the second half of this fiscal year? I have already told many, many times that don't follow the hedging. We have different synergies, we have different opportunities, we have different risk mitigation measures. What you look that our gas marketing spread and marketing margins should be up. That should be the benchmark, and that we are trying to achieve that way. Cargo-wise detail we can't give you, and that is not possible because we have different synergy. We don't know. Any opportunity comes, we'll sell if we get better price. That market dynamics are there. Please try to understand. Don't go too much in detail about the hedging. We'll give you the better result we have been giving. I think that should be the spirit. Thank you. The next question is from the line of Vikash Kumar Jain from CLSA. Please go ahead. Vikash Kumar Jain, please go ahead. Your line is unmuted. Sorry. Can you hear me? Yes, we can. Yeah. I wanted to specifically ask for petrochemicals. Now, for petrochemicals, is it correct to understand that the volumes that are required in terms of LNG, almost all of it is coming from long-term LNG, whether it is your cargoes from Russia or is it, the Qatargas, you're not really forced to use any spot over there. Is that the right understanding? Yeah. We have different portfolios we are using for our petrochemicals. No, no. My question is, are you being forced to use any of spot or not required? It's either your U.S. gas or It is not required. We have long-term and different indexation. That will be our synergy. Okay. Sir, beyond the U.S. gas, even this gas from Russia, et cetera, is there a long-term contract for that or that's something where you have medium-term or short-term contract only, which, I mean, the volumes, if I understand, have they gone to the full extent which was originally planned because it was expected to increase every year? Yeah, that Gazprom is there. We have explained that in gas income. Vikas, Gazprom is still ramping up. We have another increase in the supply next year, January 2022, and then thereafter, finally at January 2023. January 2022 it will be 2.5, and January 2023 it will be 2.8. That's the maximum. Okay. Thank you. Sorry, I might have missed that. Thank you so much. Thank you. Ladies and gentlemen, this was the last question for today. I would now like to hand the conference over to Mr. Gagan Dixit for closing comments. Thanks for all the participants and special thanks to Tiwari, sir, for sharing his views on the company's second quarter performance. Again, happy Diwali to all. Any closing comment, Tiwari, sir? Yes, sir. Sure. Thank you very much. First of all, again, thanks, and I enjoyed discussing with you. I will be superannuating next month, as you know, and this was the last quarterly financial result that I am discussing with you as a Director (Finance) of GAIL. I would be leaving GAIL at a high note and expect further better performance. I am very thankful to each and every connected here for their support and faith and confidence on GAIL management. I am sure that you will continue to provide similar support in times to come. I once again thank you very much for this meeting, for this call. Thank you. Thank you very much once again. Thanks. Yeah. You can disconnect the call now, sir. Thank you. On behalf of Elara Securities Private Limited, that concludes the conference call. Thank you for joining us, and you may now disconnect your lines.