Please note that this conference is being recorded. I now hand the conference over to Mr. Nitin Tiwari Thank you, and over to you, sir. Thank you, Uda. Good day, ladies and gentlemen. On behalf of Phillip Capital (India) Limited, I welcome everyone to Indraprastha Gas Limited's First Quarter FY26 Earnings Call. Today, from the management team of IGL, we have the pleasure of having with us Mr. Kamal Chatiwal, Managing Director of IGL; Mr. Mohit Bhatia, Director Commercial; Mr. Sanjay Kumar, CFO; and Mr. Manjeet Gulati, VP Finance. I shall now hand over the floor to the management for their opening remarks, which shall be followed by a question-and-answer session. Over to you, sir. Good evening, ladies and gentlemen. I'm Kamal Kishore Chatiwal, Managing Director of Indraprastha Gas Limited. It's a pleasure to welcome you all to our Q1 FY2025-2026 earnings call. Thank you for taking the time to join us today. For the benefit of new participants, I would like to begin with a brief overview of IGL, Indraprastha Gas Limited. It is one of India's leading city gas distribution companies, with a strong presence in 12 geographical areas across four states. Our mission is rooted in delivering safe, reliable, sustainable energy solutions across the industrial, commercial, domestic sector, as well as the urban mobility segment. We operate through a balanced portfolio that spans both mature and emerging geographical areas, providing us with both stable returns and exciting growth opportunities. On the infrastructure front, IGL continues to strengthen its network. We now operate a steel pipeline network exceeding 2,400 km, complemented by an MDPE pipeline network of approximately 28,000 km. This infrastructure enables us to supply natural gas to over 3.1 million households, 5,300 industrial units, and 7,000 commercial establishments. In addition, we operate more than 955 CNG stations across our area of operations. Operational and financial highlights for quarter one are as follows: In Q1 of FY26, we recorded a healthy 6% year-on-year increase in overall volumes, driven by 6% growth in the CNG segment and 10% growth in the PNG segment. It is worth noting that the CNG volume growth of 6% was achieved despite a reduction in sales in DTC and DIFS buses, which are gradually transitioning their fleet to EV. If we exclude DTC volumes, our CNG growth stands at around 9% year-on-year, which is highly encouraging considering the high base. While volumes in Delhi remain stable, we experienced robust double-digit growth in our operations outside Delhi, reaffirming the strength of our expanding geographical footprint. One of the key growth drivers was the rise in CNG vehicle adoption. On a 12-month rolling basis, we saw a 17% increase in new and retrofitted CNG vehicles, with an average addition of 18,500 vehicles per month during the quarter, up from 15,900 a year ago. On the PNG front, the total sales volume rose to 2.34 million standard cubic meters per day, up from 2.18 million standard cubic meters per day, with growth evident across all business segments. Domestic PNG sales grew 11%, supported by the addition of 181,000 new connections per household. The connection consumption remained steady. The industrial PNG volume rose 8%, backed by 419 new industrial connections and a 9% increase in the built industrial base. Commercial PNG sales increased by 14%, aided by 909 new commercial connections. Expansion of our customer base continues to be fundamentally driving PNG volume growth. I would also like to highlight a significant regulatory development that you may be aware of. The PNGRB has recently notified that the transmission tariff for CNG and domestic PNG segment will now fall under a single-zone tariff network. While pricing details are awaited, this structural reform is expected to benefit the CGD sector immensely, especially in the hinterland. We believe this change will positively impact our cost structure and margins in the near term. With this, I now invite Mr. Mohit Bhatia, our Director Commercial, to share additional remarks. Thank you, Mr. K. K. Chatiwal. Good evening to all our investors, fund houses, and analysts. I'm Mohit Bhatia, Director Commercial at Indraprastha Gas Limited, and it's a pleasure to speak with all of you today. Let me take you through some of the key financial highlights for the quarter. The total sales volume for quarter one stood at 831 million standard cubic meters, registering a growth of 6% year-over-year. This is translating into an average daily volume of 9.13 million standard cubic meters, which is up from 8.64 million standard cubic meters of last year. The revenue for the quarter reached to INR 4,317 crores, with an increase of 11% year-on-year. The EBITDA stood at INR 512 crore, reflecting an 11% decline over last year, primarily due to the reason in the per SGM gas purchase cost. This was largely the result of reduced allocation of APM gas. The profit after tax PAT for the quarter was INR 356 crore, as compared to INR 400 crore of Q1 of the previous year. Our sequential analysis provides a clear picture. In Q4 of 2025, there was a one-time impact of INR 114 crore related to settlement with oil marketing companies. Adjusting for that, EBITDA per SGM has increased by 33%, and currently, it stands on Q1 closer, that is INR 6.16 per SGM. In terms of sales volume, while our Managing Director mentioned that Delhi was flat, the NCR region, particularly Gautam Budh Nagar, that is Noida, Greater Noida, and Ghaziabad geographical areas registered 11% growth, whereas the other GIs outside Delhi and NCR registered at 23% growth. Our associate company, Central UP Gas Limited, has continued its steady growth. During the quarter, Central UP Gas Limited sales volume stood at 0.34 million standard cubic meters per day, as compared to 0.3 million standard cubic meters in the corresponding last year, with an increase of 13%, reflecting healthy operational performance. The company also improved financial outcome, with the profit registering PAT of INR 17.6 crore, up from INR 15.6 crore in the same quarter of the previous year. Our other associate, Mahanagar Gas Limited, has continued to maintain robust operational performance. During the quarter, MNGL recorded a sales volume of 1.85 million standard cubic meters per day, as compared to 1.56 million standard cubic meters per day during the corresponding quarter of the previous year, with an increase of almost 18%, reflecting consistent demand and network expansion. The profit after tax stood at INR 131 crore, as compared to INR 145 crore in the same period last year, largely impacted by pricing dynamics. Despite this, the company remains well-positioned for sustainable long-term growth. As our Managing Director mentioned, we expect further upside in EBITDA margins for IGL once the tariff rationalization takes full effect. With this, I would like to conclude the opening commentary and would now request to open the floor for further questions. Thank you. Thank you very much. We will now begin with the question-and-answer session. Anyone who wishes to ask a question may press star and one on the touchstone 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. The first question is from the line of Prabal Singh from ICICI Securities. Please go ahead. Thank you for the opportunity. Good afternoon, sir. Two questions from my side. Firstly, in terms of the gas sourcing mix, if you can let us know what was the exact APM gas percentage for this quarter, excluding new oil gas for the CNG segment, and also the volumes that we got from Brent-linked long-term contracts as well as Henry-linked contracts for the quarter. You see, APM as of the second fortnight is around 3.08 MMSCMD in this. So out of the total, 6.79. So that is close to around 42%. Okay. If you go to the other sources? Others is that we have got new oil gas, then HPHT. Even IGX, we have the HPHT priority. You can say two-thirds we are getting the domestic gas. That includes your APM, new oil, HPHT, CBM. These domestic sources constitute around two-thirds. One-third is RLNG. Is the RLNG primarily on a contractual basis, sir? Or do we have any spot as well in our portfolio? We have more than 100% contracts. I would say medium and long-term is there. There is no spot volume requirement. Right. The second question was with respect to the tariff rationalization that you mentioned. Is it possible to get a sense of how much of our volumes today in the domestic and CNG are actually on zone two versus maybe or zone three, as the case may be? And what kind of a per SGM? Yes, yes. Total, we have around 83% of our volumes are in that zone. So 83% goes to CNG transport and that's the number. Around 85%-87% is in zone two. There is 13%-14% in zone three. Got it. So 87% of our domestic and CNG volumes are in zone two, right? Yes. Sir, is it possible to then share your estimate of what kind of cost savings will occur if these volumes were to move to zone one tariff? I think actually final numbers are not there, but whatever is available from various sources, we feel that INR 1 per SGM ± INR 0.30. Seventy paisa to INR 1 roughly range is what we expect. ₹0.70-₹1.30 should be the range. One last question, if I may squeeze in, sir. Any change in guidance? I believe earlier also you had mentioned that you would strive to maintain volume growth would be at around 7%-8% or 6%-8%, and EBITDA would be in the range of INR 6.5-INR 7. Is that a fair guidance to assume? No, no, no. Basically, the EBITDA margin should improve, and the long-term guidance has always been 7%-8%. So we should be in that range, I think. Even some of the tax rationalization discussions are going on with some states. We are hopeful that we should be in the upper range of that going forward, and we should end the year at around 10 million. Volume growth, sir, any long-term guidance for the next two to three years on an annualized level? I think 10%-11% is the guidance for next two to three years. That includes the GIs that we will be acquiring, and based on that, we are seeing that. Okay. That is very helpful, sir. Thank you so much, and all the best. Thank you. The next question is from the line of Yogesh Patil from Dolat Capital. Please go ahead. Thanks for taking my question, sir. Sir, again, can you give us a detailed breakup in terms of MMSCMD of our gas sourcing volumes like APM? You have already mentioned 3.08, but could you please give us NWG, HPHT, Henry Hub, Crude Link, and the spot? If you have an. NWG right now is at 0.9 kind of numbers, 0.9. HPHT, you can say, I mean, some of the volumes are on a very short-term basis, you know, on a monthly basis we are getting on the exchange. Long-term, if you say, it is 0.43, long-term one-year contracts, but every month they come out with some volume. We, as you know, the CNG transport segment is on the priority list. We get the first priority, and whatever we bid, 15%-20% of that we definitely get. 0.3-0.4 from there. CBM volume is 0.12. Henry Hub, any idea, sir? Henry Hub, we have contracted around, I mean, 67% of our 4.22 million portfolio. Two-thirds of that is Henry Hub linked. Okay. Sir, second question, again related to volume growth. You have been guiding a volume growth of 8%-10%, 10% in FY26. While reported volume growth is in the range of 6% on year-on-year side, what would be the key drivers which will drive our volume growth to the 10% in the remaining nine months? Can you just throw some lights on that side? Actually, some of our new GIs, even in the existing GIs, we see a strong growth in the OEM car space, passenger vehicle space, which is growing at around 37% as we speak. The last month's numbers were out, and petrol has come down below 50% first time. And 37% is CNG. That is a very healthy growth. We are also augmenting our stations, not only outside of Delhi, but even in Delhi, we are augmenting stations very aggressively. Wherever we can find space, even in the existing stations, we are increasing that. With that, what we plan to do is increase the customer experience, which should aid us in our conversion. Sir, how many CNG DTC buses are right now plying inside of Delhi, and how much is their consumption? Hello? Sir, am I audible? Mr. Yogesh? Yes, ma'am. Yes, you are audible. Okay. Sir, am I audible? Second is maybe some of the GIs, I mean, we may do some acquisition and all. Those volumes will also come in. Okay. So sir, next question is related to number of CNG DTC buses inside of Delhi as of now, and how much is the CNG sales volume nowadays? You see, DTC is around 87,000 is remaining. You can say 1.7% of the total volume. That is not a significant number. Our sales are exceeding, you know, currently we are exceeding INR 51 lakh-INR 52 lakh kg per day. Okay. This is 85,000 kg per day. Is that a correct understanding, sir? Yes, yes. This is all on kgs because we sell in kg, and then we convert it into SCM. Okay. How much time will it take to completely phase out all these CNG DTC buses? I think it is, I mean, it is dependent on the Delhi Transport Corporation, how quickly they can deploy the electric buses. In the next two years, we are expecting those buses to go out. Whatever is remaining, very few buses are there. Thanks a lot, sir. This was really helpful. Thank you. I request each participant to ask two questions only. The next question is from the line of Sabri Hazarika from Emkay Global. Please go ahead. Yeah, good afternoon. Two questions. Firstly, what was the CapEx for Q1 FY26, and how many CNG stations did you add? See, we have taken up like on the core business for the annual, the financial year around INR 1,400 crore-INR 1,500 crore for this year. We had incurred around INR 290 crore during the Q1 on the. 290? INR 290 crores? Yeah, INR 290 crores. On the CapEx, incurred was INR 290 crores. As you know, like in the first quarter, normally we plan to put up the CNG stations and all. We have a plan for commissioning of 102 stations during the entire year. First quarter, it's all in the execution stage. Not much numbers get commissioned during the first quarter. For the entire year, we have a plan of 102 target for commissioning. Okay. Second question is, what is the industrial and commercial PNG realizations for Q1 and also the average for FY25 last year? Yeah. For Q1, we had double-digit growth basically in industrial and commercial sector also. Industrial sector grew by around 8%-10%, roughly 8% you can take. The commercial grew by 14%. It is slightly better than the last year average. Now we are clogging a daily average volume of around 0.86 million per day in case of industries. In terms of commercial sale, we are clogging around 0.24 million SCM per day. Almost around 170 commercial customers and around 100 industrial customers during this quarter we have added also. Yeah, thanks for that. I also wanted to know the realizations, the pricing, pricing. Pricing? Yeah. Industrial and commercial price for Q1 as well as FY25? For Q1, our average price, if you see, is around INR 49-INR 50 in case of industrial and around INR 60 for commercial. Last year also it was like this only? No, we have increased the prices slightly, INR 1 in domestic and INR 1 or INR 2 in industrial and commercial. Industrial is a very dynamic thing based on the alternate fuel. We have to sometimes compete with that. That is a very dynamic space. Commercial is stable at 60 and domestic at 50. We had increased prices there. Got it, sir. Thank you so much. Thank you. The next question is from the line of Lokesh Manik from Vallum Capital. Please go ahead. Sir, my first question is on last. Mr. Lokesh, we can't hear you. Hello. Is it better? Yes, it's better. Can you please come a little closer to the device? Yeah, is it better? Yes. You are better? Yes. Perfect, sir. My query was, we've seen a significant increase in O&M expenses, specifically in power and fuel in the last couple of years. We have not seen a throughput in sales to that extent. Any color on what is the nature of this power and fuel expense, and what is driving this increase? I think we'll be happy to share with you that your concern is right, and we have been working on this. This quarter, we have in fact reduced the power and fuel cost per SCM. There has been, as compared to, say, quarter on quarter also or sequential also, from one point, there is an INR 5-INR 6 improvement in power and fuel cost, and we continue to work on that to reduce it further. The second area is the repair and maintenance cost also. There also, we have improved by INR 0.08 per SCM from INR 1.50 per SCM to INR 1.42. Sir, but why is this cost going up? We are laying the pipelines. Is it for that duration? It is going up. Cost going up. No, no, no. Its cost is not going up. I'm asking why did it go up? Because the GIs were developing, so you had to transport through road. Is that the reason this cost was going up? Or were there some other things? Actually, power and fuel, those GIs, that is a separate head. What happens is when you commission a station, initially, the capacity utilization is slightly less than what you would normally want. It takes time to, you know, the full capacity utilization to take effect. There is some bit of operational inefficiency to begin with. If you rationalize, you know, once you scheduling and all those things, there are a few strategies we have deployed to reduce that. Even the sourcing of power is one issue that we are aggressively working on to source renewable power because in some places, the cost of power is also very high. In addition to that, the fuel cost also, you know, the gas, because now RLNG is the major component of the fuel. Sourcing that also is important. Just to add one more clarification here, this power and fuel cost is mainly for the operation of compressors, which we have to utilize for dispensing the gas CNG to the vehicles. This is mainly power and fuel is mainly on that account. Understood, sir. Sir, second question was a clarification. You mentioned realization in industrial is INR 49-INR 50, and commercial is INR 60. This is per SCM or per kg? No, all these are per SCM except for CNG. All other sales are on per SCM basis. Great, great. That's it from my side, sir. Thank you so much. Thank you. The next question is from the line of S. Ramesh from Nirmal Bang. Please go ahead. Hello, good evening, and thank you very much. When you are talking about this exit rate of 10 MMSCMD from the current nine, can you share with us what is the actual volume in MMSCMD from the new GAs and how you see that by the end of the year? What is the volume you expect from the existing areas for this 10 million cubic meters setting? Thanks. I think a great question, but I would like to give you a comfort in a different direction. See, if we see the incremental volumes in terms of MMSCMD per day for this quarter, which ended in the Q1, there has been an incremental volume of 0.5 MMSCMD, right? If we break up that, almost around 15% of the incremental volume is coming from Delhi, whereas around 42%-43% is coming from Noida part and Ghaziabad, whereas around 40% incremental volume is coming from the newer GIs. Is this 0.5 based on the March quarter or the last year first quarter? Yes, yes, quarter over quarter. Last year? Yeah, last year. This Q1 versus last year Q1. Okay. The second thing is when you talk about growth in CNG, this quarter you have done 5%. We keep talking about very healthy vehicle additions. We also see 37% for CNG passive vehicles. We do not see that getting translated into volume growth for your company. We all know that you have done a wonderful job in the last two years. What exactly is happening, and how do you see that volume growth go to that 8%-9%? That daily thing is more or less in the numbers. On a sustainable basis, on a base, how do we see that translate into that 8%-9% growth? Yeah, absolutely. I think fantastic. See, if you just recall our Managing Director also in this opening remark said, if we exclude the DTC sales of the DTC buses, CNG segment is almost growing at 8%-9%. You can say that now we are almost in the last leg of the DTC volumes. It has been almost phased out. In coming time, I think the base is going to be almost zero, and then the natural growth as well as whatever the newer GIs additional volumes is coming. We are quite confident and hopeful that around 8%-10% CNG traction will happen. Okay. If I may ask just one last question on this. Shift to the Zone 1 tariff, how much of that would you have to pass on, and how much of that can you retain in terms of market improvement? I think we have been postponing our price rise in anticipation of this tariff because public consultation was done in March. We are expecting that by this first quarter, it will be notified, but I think the calculation is taking some time. We will see that once we are in the range of 7-8, we will then review the situation. Thank you very much and wish you all the best. I'll join the queue. Thank you. The next question is from the line of Somaiya V. from Avendus Park. Please go ahead. Yeah, thanks for the opportunity. I hope I'm audible. Yes, you're audible. Hello. Yes, please. Go ahead. Yes, sir. Two questions. Sir, one, you mentioned about discussions regarding state taxation. If you could just elaborate, currently, what is the level of taxations and what do we expect there, and what could be the potential savings that we can get from there? You see, there are two states that are, I mean, first was Rajasthan, where 14% VAT was there. That has come down to 7.5%. And further, there are some representations for rationalizing it to 5% in line with the other neighboring states. The second is the UP, where you have 10% input, 12.5% on the output. So total 23%-24% impact is there. So they are 5%, 5%. So maybe 10%-11% we are thinking from 23.5%- 10%. Some of them we would like to pass on to the customer because, I mean, the state government has done so much. We would like to increase our conversions in those areas by reducing the prices. Would it be possible to, I mean, what level of cost savings at the consolidated level it can bring for us in case the numbers go down the way that you say? Or if you can help us with the volumetric in these regions. 10% would translate to around INR 8 per kg. So per SCM would be around, you can say, INR 5 and a half to INR 6 per SCM. But this is in those regions, I'm more looking into at a consolidated level. Yeah. Okay. Sir, second question. You also mentioned. 20% of our volumes, you can say 20% of our volumes are from Uttar Pradesh. To that extent, I mean, the overall impact would be in the range of INR 1-INR 1.5 per SCM. Got it, sir. Sir, second question from the, I mean, you referred to acquisition opportunities. I mean, in case we identify one or choose one, what would be the criteria for us? And second, are we seeing more opportunities currently? Industries, next one or two years, you expect some kind of consolidation here. If you could just help us on this. You see, our criteria is very simple that if we come in, if we acquire something, is there a potential to maybe increase by the same in how many times, in how many years can we double the sale? That would be our criteria. What is balance for growth, as well as in case the sourcing inefficiency is there? Because right now, unlike earlier cases where it was fully dependent on the APM, now we have to source gas. What is the sourcing efficiency we can bring in? What is the infrastructure efficiency that we can bring in? What is the CapEx efficiency? All these factors combined, we will evaluate the GA. Second is not many GAs are online simply because all of them have a minimum work program and a lot of penalties are there. While evaluating, I think that is the major bottleneck, that the penalty levels of each GA would add on to the evaluation. Got it. Sir, one last question on the margin. Our medium term, as you said, INR 7-INR 8 is something that we look out for. In general, how do we approach this? For instance, I mean, there is the risk of APM deallocation. We think in case if there is some cut, we are in a quite comfortable position to take a price hike, and then we can get to that INR 7-INR 8. That is how we will approach it because currently we are at INR 6. As you mentioned, probably this tariff thing is something that you are waiting for. Are we quite comfortable taking price hikes at where spreads are today in case if there is any cost-led impact for us? Once everything is in place, then we'll be able to know what is our EBITDA level because right now we don't know the numbers. We are at 6.16 in the first quarter. Average is 6.16. Maybe if we take the full effect of whatever increase we have taken in the first quarter, it may increase to 6.2-6.3 levels. Any increase in the reduction in transmission tariff, as well as the state taxes, as well as some other taxes also are rationalized. The total effect we will evaluate and then see how do we mitigate the risk of APM going down 7%-8% annually. All those factors we will see, but we will try to keep the long term in the range of 7-8. In case if it is on the upper end, we may try to think of, I mean, giving some benefit to the consumer. In case of lower end, we may try to take some price hike because we have the headroom to take a price hike. Got it, sir. Just one clarification. This excise duty on CNG, do we see or is there been any representation from our side asking for a reduction or any thoughts on that? Would that be a kind of a lever for the industry in terms of addressing in case if there is any APM price cut? The industry has already represented that one is that to the sector under GST. Second is the rationalization of excise duty. Third one would be your Gujarat VAT. Is there a way that we can reduce that? These are the three factors that we have represented. Is there any timeline that we are looking at, sir, or still open? I think, I mean, three to four months something should happen. Got it, sir. Thank you. Thanks, sir. Thank you. The next question is from the line of S. Ramesh from IGL. Please go ahead. Hello. Hello again, can you hear me? Yes, please go ahead. Yeah, yeah. Thank you. I am from Nirmal Bang. Just a correction there. Thank you very much for the follow-up. If you talk about the Henry Hub sourcing, that's about two-thirds. Isn't there a risk because Henry Hub prices have gone up by about $1? How do you manage that risk in your overall gas cost? No, I don't know which index you're tracking right now because Henry Hub has come down, I would say. Currently, it is at $3. Earlier, it was at $3.94. Currently, it is at $3. No, the reason why I ask that is. You're right. If you look at our overall portfolio, only one-third is linked to Henry Hub. The rest two-thirds is linked to Brent because APM, New Well, HPHT, all are linked to, they have a major share of crude Brent linked. Henry Hub is one-third. Still, we will try to balance our portfolio and try to source some more crude link so that the RLNG that we source is balanced 50/50, both Henry Hub and crude. Okay, fair enough. If you do not mind just squeezing the thought on your adjacencies like the JV with Akumi Solar and your gas power meter, do we see any material progress in terms of the capitalization and addition to your top line and bottom lines in the next two, three years, or will it take four, five years? The meter manufacturing IGTL, that is started the commercial production. I mean, it is in trial phase right now, but it has been commissioned. We are awaiting all the approvals. Various approvals are needed. We are awaiting approval. By August end, the company should be selling the meters in the open market. They have got some orders also. That is in operation. The JV with Akumi, I think it was not with Akumi. It was with RVUNL, Rajasthan Vidyut Utpadan Nigam, the state discom. That was an MOU right now and with an intent to form a JV. Things are progressing on that front. So you don't have a JV with Akumi Solar? That's what I remember seeing compiling. That's why I asked. It is not there. I think some misunderstanding. I think we were looking at the acquisition of some of the assets of Akumi earlier. So we had done a due diligence also. On RLNG retailing, any thoughts? Yes, yes. On that front also, we are commissioning three stations. Hopefully, in this quarter, they should be commissioned. One is by August end, it will be commissioned in Delhi, NCR. Two more, one in Rewari and one in Greater Noida. They will be commissioned in the next three-four months. With this, we will be having four stations operational. We are planning for five-six more stations strategically along the highways. We see a potential there. Thank you very much and wish you all the best. Thank you. The next question is from the line of Siddesh Ramachandra Jain from Axis Capital. Please go ahead. The main question is regarding the strategic diversification against solar plant which you mentioned in last call. Can you give some light on that? We already had a memorandum of understanding with Rajasthan Rajya Vidyut Utpadan Nigam Limited, that is the discom of Rajasthan. The discussions are going on for further acquisition of the land and other formation of the JV as a JV. That is under progress. Hopefully, something will be catching up. Also, last time, there was an EV policy, some draft with Delhi government, EV policy. Is there any progress on that front? That was only, I think it was spelled out somewhere in media and all, nothing concrete development of the draft policy happened with Delhi government. After that, I think subsequent some developments happened. This Commission of Air Quality Management has also come out with two or three notifications wherein they have included CNG particularly as a clean energy fuel along with EV and other biofuels. This is the thing. Nothing as such in concrete has come out regarding the EV policy of Delhi government. Just to add to that, Delhi government has extended the present policy up to March 2026 to enable more consultation with all the stakeholders. Okay. Thank you. Thank you. The next question is from the line of Nilesh Ghuge from HDFC Securities. Please go ahead. Yeah. Hi. Good afternoon, sir. Sir, do we get any kind of concession on our transmission tariff on domestic PNG and CNG from GAIL? No, no. Actually, right now, there are three tariff zones as far as transmission is concerned: Zone 1, Zone 2, Zone 3. Now, with the new tariff order, what PNGRB has done is that for this priority sector, only one zone will be applicable. So to that. Currently, we are not getting. We are not getting currently any benefit. Currently, we are not. Currently, we are paying, as you mentioned, that around 85%-87%, we pay Zone 2 tariff and remaining Zone 3 tariff on the remaining volume, right? Yes. Yes, sir. Okay. Okay. Thanks. Thanks a lot. Thank you. Due to time constraints, we will take this as a last question for today. I now hand over the conference to management for closing remarks. Hi. Thank you, everybody, for joining this earning call for IGL for quarter one. I also thank Mr. Nitin from Phillip Capital for arranging this call. I hope to see you all next time. On behalf of Phillip Capital (India) Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.