Ladies and gentlemen, good afternoon and welcome to Indian Oil Corporation Limited Q1 FY 2022 limited call organized by Batlivala & Karani Securities India Private Limited. At this moment, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. At that time, if you have a question, please press star one. Please note that this conference is recorded. I would now like to turn the conference over to Mr. Harshraj Aggarwal. Thank you, and over to you, sir. Thank you. A very good afternoon to all on behalf of Batlivala & Karani Securities. I welcome you all to the post result conference call with the management of Indian Oil Corporation. It gives us great pleasure to once again host the management for this post result discussion. I would now like to hand it over to the management for initial remarks, for which we will open the floor for interactive session. Over to you, sir. Thank you, Mr. Harshraj. We welcome you all to the post result conference call. From the management side, we have got Mr. Sandeep Kumar Gupta, Director of Finance, Indian Oil Corporation, and Mr. Ruchir Agrawal, Chief General Manager, Corporate Finance and Treasury. Along with them, we have got Mr. K.S. Keswan, DGM Corporate Finance, Mr. Subhajit Sarkar, SFM Treasury, and myself, Prabhat Himatsingka, General Manager, Treasury. To begin with, Director of Finance will briefly touch upon the quarterly performance highlights, and then he will take the questions. Now, I'll request Director of Finance, Indian Oil, to address the meeting. Good afternoon to you all. I hope you are all safe and sound, and have received the updates post the declaration of the results. I'll touch upon the highlights to begin with. As the country witnesses decline of the deadly second wave of COVID-19 and economic activities are returning to normalcy, Indian Oil, being the energy of India, stands steadfast and more future-ready to meet the energy demand of the nation. When the second wave of COVID-19 wreaked havoc across the nation, Indian Oil went beyond business priorities to support fellow citizens in the hour of crisis. In the face of a massive surge in demand of medical oxygen, Indian Oil diverted the high-purity oxygen used with the MEG plant at our Panipat refinery complex to produce medical-grade liquid oxygen for the masses. Several tankers of ISO containers for liquid oxygen transportation had been deployed across the country. In our quest of differentiated offerings for the customers, Indian Oil launched XtraGreen diesel. Available at select stations, this new age fuel utilizes 7% biodiesel blending to offer an eco-friendly energy solution for our environment conscious customers, increases fuel economy by 5%-6%, lowers noise, and offers better combustion and results into reduced carbon emission. Our customer-oriented platter of product innovations in the recent past is starting from rollout of India's first 100 octane petrol, XP100, launch of XP95 to reach out for the crucial mid-premium segment, 100% conversion of Leh, Ladakh, and Kargil areas to BS6 winter-grade fuel, and extending this even for the defense forces. LPG innovations such as relaunch of Chhotu, Indane XtraTej with better fuel efficiency, newly introduced rust-free composite LPG cylinders which add to the aesthetic appeal of the kitchens. To the digital initiatives like LPG booking through Alexa and Miss Call, these all efforts evince Indian Oil's commitment towards offering higher customer delight. You all will be delighted to note that over 30,000 of Indian Oil's retail outlets are now automated, ensuring correct quantity and correct price charged through real-time monitoring. In another such effort to enhance customer delight, Indian Oil launched diesel at doorstep service in 20-L Safar jerry cans in Karnal, Haryana for the first time. We have also commissioned 83 mobile dispensers during April to June 2021, which is the highest in the industry. With this, we have 720 mobile dispensers on a pan-India basis. While lot of efforts are being made in offering newer and differentiated products in conventional oil and gas portfolio, Indian Oil is also focused on harnessing clean energy and greener future. Collaborative ventures with Phinergy to commercialize the aluminum air battery technology in India, setting up ethanol plants for using indigenous feedstock, exploring unconventional areas like converting used cooking oil to biodiesel, harnessing hydrogen as the ultimate sustainable fuel of the future are among some of the initiatives for achieving sustainable business. Indian Oil's pioneering efforts to usher in hydrogen economy in the country is now globally acknowledged. Indian Oil was recently inducted into the Hydrogen Council as a supporting member of the council, and the major update on this front is the nation's first green hydrogen plant that Indian Oil intends to build at its Mathura refinery. As part of the continuous efforts to diversify crude basket, Indian Oil became the first Indian PSU refiner to procure Guyanese Liza crude. We also contracted for 2.9 million metric ton of U.S. crude grades on an optional basis for the current year, continuing the previous year's export. Talking about numbers, the average price of crude that is Indian basket during this quarter was at $67.50 per barrel, an increase of 12% from the average price of the immediately preceding quarter, that is, $60.45 per barrel in Q4 FY 2021. If we compare on a corresponding quarter basis, there is an increase of 121%. With respect to the crack spreads, or the products with reference to Indian basket, MS cracks have improved during the quarter at $7.57 per barrel as compared to the preceding quarter, which was $5.39 per barrel. Cracks are also higher than the corresponding quarter of FY 2021, where it was only $0.70 per barrel. For HSD, the crack spread during this quarter at $4.52 per barrel has been higher as compared to the preceding quarter, which was $3.78 per barrel. Cracks are also higher than the corresponding quarter of FY 2021, where it was only $3.38 per barrel. As far as petrochemical spreads are concerned, the spread for polymers in this quarter at $620 per ton was 10% lower than the previous quarter, which saw $690 per ton, and about 7% higher than the corresponding quarter of FY 2021, where it was only $581 per ton. In case of PTA, the spread during this quarter was near about the same as was in previous quarter, around $200 per ton. This was 19% lower than the corresponding quarter of FY 2021, which was at $248 per ton. With respect to MEG, the spread in the current quarter at $56 per ton was about 55% lower than previous quarter and 72% lower than corresponding quarter of FY 2021. We expect that with recovery of PTA and MEG cracks, perhaps the petrochemical performance would be still better. This quarter, we have registered a PAT of INR 5,941 crore as against INR 1,911 crore in the corresponding quarter of FY 2021. With vaccinations being rolled out across the globe, we are expecting improvement in refining margin environment going forward, hence, better cracks in the periods to come. Revenue from operations during the quarter is at INR 1,55,056 crore as against INR 1,63,606 crore in the preceding quarter. Let us see the verticals. The refineries. The throughput during the quarter was at 16.7 million metric ton with a capacity utilization of 96.2%. The throughput for preceding quarter was 17.6 MMT with a capacity utilization of 102.4%. Throughputs were mainly impacted due to plant shutdown and fall in demand because of second wave of the pandemic. IOC refineries registered a GRM of $6.58 per barrel during the current quarter. The CP GRM for the quarter is $2.24 per barrel. Our refineries have thus outperformed the benchmark Singapore GRMs during Q1, which was only at $2.05 per barrel. On pipelines, the capacity utilization was about 83% during this quarter as compared to 92.5% in the Q4 of FY 2021. Our pipelines continued to generate stable returns, giving an EBITDA of about INR 1,575 crore during this quarter. In the marketing, the sales were 18.82 million metric ton during this quarter as compared to 20.82 million metric ton in the preceding quarter. Petroleum sales during the corresponding quarter of FY 2021 was at 15.48 million metric tons. The marketing EBITDA for this quarter stood at INR 5,425 crore as against INR 3,443 crore during the previous quarter. Petrochemicals, the business reported an EBITDA of INR 1,989 crore as against INR 2,248 crore in the previous quarter, which was mainly because of our very healthy polymer cracks. The borrowings as on 30th of June 2021 stood at INR 85,720 crore as against INR 94,413 crore as on 31st of March 2021. These figures do not include the lease obligations pursuant to revised MCA guidelines. I end my briefing here and will be glad to take your questions. Thank you very much. Certainly. Give me a few seconds. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star one on your phone and await your turn to ask the question when guided by me. If your question has been answered before your turn and you wish to withdraw your request, you may do so by pressing star one again. Participants, please restrict your questions to maximum two at a time. We have first question from the line of Mr. Kirtan Mehta from Bank of Baroda. You can go ahead. Thank you sir for this opportunity. Go ahead. Hello, is this audible now? Yes. Could you give us an idea about the inventory gains on the marketing side, some color on it? Last quarter, you sort of stopped giving us an indication about the inventory gains on that side, but any color would be useful. No. We do not want to disturb the practice which we started last quarter. There are a lot of things, as I explained during the last quarter also, there are a lot of things which impact the results of the company. Seeing any particular information in isolation may not be helpful. We are not sharing such information. Mr. Mehta? Completion. Yes, ma'am. Yeah, you can go. Are you able to hear? Yes. I was asking about the project progress and particularly the projects which are due for commissioning this year. Is there any impact due to the sort of the wave 2 that we have noticed? No, you must be aware that we exceeded our CapEx target for last year. That means all our projects were running perfectly okay. Maybe a minor slip somewhere, but there is nothing worth mentioning. This year also, we are committed to meet our CapEx target. No apprehension on that side. Fine, sir. I'll come back in the queue. Thank you. Thank you, Mr. Mehta. We have next question from the line of Mr. Varatharajan Sivasankaran from Antique Stock Broking. Please go ahead. Thank you for giving me this opportunity. I just wanted to clarify this $2.24, the GRM which you are referring to, is that comparable to Singapore number, which you used to give earlier, isn't it, adjusted for the time difference? When you say it is comparable to Singapore margin, it is on the same basis. That means it is the current price GRM. In their system, it is always a current price GRM only. It's a theoretical GRM, Singapore margins. Whereas in our case, we strip off the inventory gains and the price lag impact to make it current price GRM. However, there is a difference in the yield. There is some yield which is theoretically considered in Singapore benchmark to margin workings. Whereas in our case it is the actual yield. Those are the only differences. Understood, sir. Secondly, on this new energy initiatives, would you be able to give some kind of a CapEx outlook over the next three years? Which initiatives? New energy. All the new energy initiatives, clean energy initiatives, your hydrogen, your battery, all these corporations. Any CapEx numbers which are available? CapEx numbers? Yeah. Any kind of expenditure you're planning. We are coming up with two ethanol plants, you must be aware. That is I think INR 700 crore each. That is prepared at Panipat 2G and 3G. Other than this, CBG, you must be aware of CBG, compressed biogas. That 5,000 plants are being commissioned by Government of India against which [audio distortion]. These are not directly being done by Indian Oil. However, we have tie-up agreements with them. This will be, I think, together, this is going to involve, because each plant may be having a CapEx of around INR 50 crore. 5,000 plants you may calculate. Then we have already given this in terms of appointment for 1,100 plants for CBG. Other than this, we have got 257 EV stations have already been created at our retail outlets. Further, we have plans of 1,800 EV charging stations at our IOC retail outlets. Varatharajan, actually all these investments in these areas, they are far in front of what CapEx we are used to do. That is why we do not pay much attention to the CapEx in these things. You have to see the big picture. The big picture is that we are in tie-up with a Israeli company, Phinergy. They are working on aluminum air battery technology. If that technology concept is proven, we have an understanding of proving that with two vehicle manufacturers. If that is successful, then we have already registered a company in India for manufacturing the aluminum air battery. That is the big picture. If that happens, we will perhaps be the leader in the technology in this area. Yes, sorry. Yeah. Please ask. Go ahead. Please go ahead. Similarly, in other areas also, we are seeing the transition, and we are trying to make a pitch so that with the transition, if there is any impact on the fuel sale, then we can make up that loss through these new energies. In hydrogen also, we are working on lot of, say, methods of hydrogen generation. On pilot basis, our HCNG plant at Rajghat is proven now. Now the fuel savings also are in public domain now. We are also trying to run some vehicles on hydrogen generated at our Gujarat refinery, and buses will run to Statue of Unity and Sabarmati Ashram from Vadodara refinery. Similarly, we are also planning to run buses from Delhi to Agra. These initiatives we are taking. Now with our membership in the Hydrogen Council, we will further expand our initiatives in this direction. That's fine. Thanks. Just one small thing on this Mathura hydrogen plant. Any insight as to what is the size and any kind of NGOs you are currently planning, or it's more like something in the plan stage? We have conceived this, and we will definitely do it, but it is on the drawing board stages as of now. We have windmill power elsewhere in the country, which we will sort of wheel back to Mathura refinery and generate green hydrogen from Mathura refinery. The CapEx and the capacity, et cetera, is still being worked out. Fair enough, sir. Thanks. I will stand back. Thank you, Mr. Varatharajan. Before taking the next question from the line of Mr. Probal Sen, participants are requested to press star one and get in the queue. We have question from Mr. Probal Sen, which is from Centrum Broking. Please go ahead. Thank you very much. Am I audible, sir? Yeah. Yeah. Sir, you mentioned about the fact that FY 2022, no delays are envisaged in any of the projects. I just wanted, if you can just briefly reiterate the major projects that are being held and the CapEx guidance for this year, sir? Yeah, Probal. Yeah. I'm Prabhat Himatsingka. I'll just tell you major CapEx. Sure. There's one, to start with, there's a pipeline project, Paradip-Hyderabad pipeline, which is under completion. Almost 95% is completed during the year. There is a Koyali-Ahmedabad-Solapur pipeline, which is under progress, and almost 87%-90% is done. There is a extension of Paradip-Haldia-Durgapur pipeline, LPG pipeline, to Patna and Muzaffarpur. This is also 90% completed. Ethylene glycol project, MEG project, that is at Paradip, which is also 90% completed. We have got Ennore-Bangalore-Madurái-Tuticorin LNG pipeline, which is under 87%-90% completed. These are the major projects that will come up during this year. Other than this, we have got N number of small projects which are ongoing, and that details can be shared separately. Sure. What's the overall CapEx that is planned for this year, sir? This year's CapEx plan is around INR 28,500 crores. INR 28,500 crores. Can I know how much of marketing outlets and infrastructure is part of this, sir? Marketing total around is INR 6,600 crores. Okay. If you want other projects, maybe refinery, INR 5,000 crore, pipeline again INR 5,000 crore, and petchem is INR 2,500 crore, and balance may be some amount in JV. We have got joint ventures, it may be. Some gas infrastructure may be INR 1,100 crore around. Got it. The major thing which is expected in this fiscal is basically the pipeline, the natural gas pipeline in Southern India, which is slated to be commissioned by February 2022. That will be a significant thing. Second is the MEG unit at Paradip Refinery, which will get commissioned this year. Got it. Sir, one last question, if I may. Post the gradual reopening that we have seen in most major cities from July onwards or June onwards, what sort of fuel consumption levels are we seeing in the current quarter, in July and August? Any sense you can give us in terms of as a percent of pre-COVID levels or whatever is comfortable? For July, the MS consumption- Yeah. as compared to July 2019, has seen a growth of 3.5%. Okay. As compared to July 2019. Got it. Okay. Diesel continues to be a cause of worry, where the degrowth is 11%. Diesel sales are still short of July 2019 levels. Okay. Same is the case with ATF, where the levels are at -53%. LPG has seen a robust growth of 7.5% with respect to July 2019. With the opening of economy, we believe that ATF and diesel should also recover handsomely. Sir, for diesel, is it the industrial demand that is still basically the worry, or even diesel transportation demand? It is the public mobility which is not there, and that is taking its toll on the diesel consumption. The moment the public mobility starts, the buses, et cetera. Right. Definitely there can be a small impact because of industries also, I think industrial is more or less okay. It is mainly the public transport, STUs and private school, colleges are not open, so that consumption is not there. Those things are the biggest. Railways are not running to their normal levels. Right. These are the things which are affecting. All right, sir. Thank you so much for the detailed answer. I'll come back if I have more questions. Thank you. Sure. Thank you, Mr. Sen. We have next question from the line of Sabri Hazarika from Emkay Global. Please go ahead. Good afternoon, sir. Just one question. Your chairman mentioned about the PETRONAS JV being expanded in scope to include retail outlets, probably you are looking to launch a separate brand altogether. He also mentioned that some of the existing retail outlets may be monetized through this way. Can you elaborate on this? What kind of arrangement is this? Are you looking to monetize retail outlets also going forward? We have a joint venture with PETRONAS of Malaysia since 1998, so it is more than 20 years that JV is operating, but this JV operations were limited only in the area of LPG terminaling and bottling, et cetera, only at Haldia, and later on at Ennore. Now the market is opening up. The private players have been allowed wherever their network is more than INR 250 crore. We find certain limitations because we have to allot the dealerships through lottery system only. You are also aware of the wayside amenity facilities coming up in the national highways, where we need to engage somebody whom we cannot perhaps allot through lottery, being a public sector. Now we have decided along with PETRONAS, that we will expand the operations of this joint venture with them in the name of IPPL. We will expand their horizon to fuel retailing also. This encompasses a whole lot of opportunities. It could be new areas, identification of new areas, and setting up of retail outlets by that company. It could be wayside amenities, et cetera. It could also be sale of certain existing retail outlets to them, which is akin to monetization. All options are open to us and we are detailing on these aspects. It will be somewhat similar to what Reliance and BP has done regarding their retail. I do not know what they have done. Okay. Okay, sir. Thank you so much. Thank you, Mr. Hazarika. We have next question from the line of Mr. S. Ramesh from Nirmal Bang Securities. Please go ahead. Good afternoon. Thank you very much. Can you give us your thoughts on the current spreads in refining and the petrochemical spreads? Petrochemical, in the refining sector first, the MS cracks are now at a decent level of about $7 per barrel. The HSD cracks are still impacted and are low at about $4-$4.5 per barrel only. MS consumption is back to normal levels, and that is why the cracks have improved of late. Diesel crack is still impacted, that is why the diesel cracks are low. We hope that with vaccination happening world over and opening up of economy, once people realize that post-vaccination, perhaps the impact of any such infection is not that severe, we believe that these consumptions would go up and the cracks will also correct sharply. They should move up. In petrochemical also, we saw weaker cracks as compared to the last quarter, and we expect that petrochemical cracks should also improve. In fact, all the areas. Polymers were lower in this quarter, PTA was lower, and MEG was also lower. We expect these cracks should also recover. As a follow-up, what is the current status of the polypropylene utilization in Panipat? You were planning to import propylene and do that. What is the status now? That did not materialize because that was not found to be viable. Our capacity utilization is still something which we are working upon. It is low at about 60%. It is still low. That plan did not materialize. We are working on various means how to improve that capacity utilization. Thank you very much. Thank you, Mr. Ramesh. Before taking next questions, participants are requested to press star one and get in the queue. We have next question from the line of Mr. Nitin Tiwari from YES Securities. Please go ahead. Hi, sir. Good afternoon. Thanks for giving me the opportunity. My first question is related to the inventory levels that we have for crude and refined fuel. What are the number of days of inventory that you are holding in first quarter, and how does that compare with the average number of days we usually hold? We roughly, at any given point in time, hold about 16 million tons of inventory, which consists of about 50% crude, 50% product and intermediate- Right. -given the number of days based on that. Right. We were maintaining our average level in this quarter as well. Right. Right. Second question is regarding, sir, the fuel swapping arrangement that we have with other oil marketing companies. Of the entire fuel sales that we have in any given quarter, how much of that would roughly be swapped with other companies? No, but how did you get this information that we swap with others? Sir, this is a general understanding that we have from some time, that there is a fuel swapping arrangement which exists with other oil marketing companies. Correct me if I'm wrong. Yes. This is there maybe, but because of, you see, refineries cannot be everywhere. Some places we have got refinery, some places maybe OMC must be having refinery. Right. For the transportation cost, this is being done. However, these volumes and quantity at this time may not be available with us. This is not any stocking arrangement. Right. This is a trade arrangement, where at some places we give to other companies and take from those companies at some other place where we do not have a refinery. Right. This is a trade arrangement, but not a stocking arrangement. Got it. We are not aware of any such stocking arrangement. Right. No, sir, my question was related to trade arrangement only. If we can get some idea around what is the quantity involved, which is there in this trade arrangement. That's the only limited question. No, I do not have that information right now. Right. Secondly, my second question is a more broader question in terms of the outlook for petroleum products. As you usually mention at the beginning of the call that you've taken number of measures in terms of basically green energy projects and sustainable development. How do you see the demand for petroleum products panning out for India over next decade? In that backdrop, would you believe that refinery expansion projects and investing in refinery expansions make sense? There's always a perspective that maybe the petroleum demand is reaching a peak and there's a lot of conversation around penetration of EV and green fuels like ethanol and biodiesel and all that. If you can give us some perspective as the market leader, industry leader, what are your thoughts, sir? We have mentioned it earlier also, that we have very carefully taken decision for expanding our refinery capacity. We have estimates from various agencies, and we have our own estimate, which says that MS as well as HSD growth is going to be there for at least a decade at a level of about 5%-6% or 4%-5%. Right. These demands are going to go up in foreseeable future. Transition, though will happen, but it will not assume that scale or will not happen that soon, which will sort of render any of our project as unviable or uneconomical. Because the absolute energy demand of the country in the wake of the growth which we are anticipating is going up, so the consumption of fuel products will also grow. Their growth speed may perhaps slow down a little bit, maybe after a decade or so, but as of now, we do not have any apprehension. Right, sir. Thank you for answering my questions, sir. I'll get back to you. Thank you, Mr. Tiwari. We have next question from the line of Mr. Manikantha Garre from Axis Capital. Please go ahead. Yeah, good afternoon, sir. Thanks for providing me the opportunity. Just a couple of questions from my side. First one is, the other Segment EBITDA. Looks like there is a fall from last quarter. It was INR 927 crores. Last quarter, it is INR 211 crores. Where is this impact coming from for other Segment EBITDA, sir? That's my first question. We'll get back to you. Okay. You can go ahead with the second question. We have currently 257 charging stations, I know, which were mentioned by Prabhat, sir, at the retail outlets. What is the amount of CapEx required per charging station here? Earlier, I think last year, there was an MoU signed with NTPC PowerGrid, Honda, ITEC, Mahindra and Tata Power for these EV charging points. What is the status of this MoU and what is their involvement here? That is my second question. Charging station, per EV charging station, the CapEx, actually, we are not at this moment having a big CapEx. We should not give a figure. Maybe we may not give that. The thing is, regarding tariffs, maybe lot of things are going on. That is maybe at an appropriate time, that will come out from our company, we will disclose that. Okay. Is it fair to understand that the entire CapEx is being done by us as of now for the charging points? As of now, it is being done by us only. Understood. Just last question from my side, if you can squeeze in. What is the current utilization of the refineries, sir? I think yesterday, on Friday, Chairman, sir, mentioned that current refinery utilization is at 90%. Is that the case? Yeah, it is around 90% for the month of July. Okay. Is it because per the- 91% to be precise. Sure, sir. Is it because per the refinery shutdown has already been taken or what is the reason there, sir? The demand is increasing only after the wave 2, so why the utilization has fallen? Physically, we can run the refineries even at a higher level, but then it has to correspond to the demand also. Diesel, you are aware, is our major product. The refinery run rates is also a factor of the demand which is there in the country. Understood. Thank you. Thank you so much, sir. Thank you, Mr. Garre. Ladies and gentlemen, before taking the next question, participants are requested to press star one and get in the queue. We have next question from the line of Mr. Varatharajan Sivasankaran from Antique Stock Broking. Please go ahead. Thank you. Thanks for the opportunity again, sir. Just this LPG claims with the government, I know these numbers are very, very small now. However, conceptually, just wanted to understand for the current quarter or 1Q, have the claims been filed? Is the government paying it? Any update on that? I think this would be sufficient to tell that we do not have any outstanding claim pending with Government of India as of now. Okay, sir. If so, a little more, was there any recovery on Q? I'm not giving that detail. Okay. You can take that as on 30th of June, there is no amount which is outstanding from Government of India due to these monthly claims. Fair enough, sir. Thank you. Thank you, sir. We have next question from the line of Mr. Vidyadhar Ginde from ICICI Securities. Please go ahead. Thank you. My first question is on what is your cost of your crude in June, whatever is your crude inventory in June, and what is that of cost? Around 30th of June, the valuation rate was INR 63.75 crores. Sorry, just a minute. I'll get the correct one. INR 63.75 crores, yeah. So in June it was- Sorry. INR 70.44 crores. INR 70.44 crores. Thanks. The second question is regarding what was mentioned earlier in the call regarding the compressed biogas. It was not very clear. You seem to suggest that you are going to invest in 1,100 plants, and so INR 50 crores is the cost of the plant. I suppose, what is going to be your investment? How does that work? Our investment is INR 0 crore. Okay. Government of India wants to put up 5,000 such plants by 2022, 2023, perhaps. The oil companies have been asked to issue letters of intent to the intending entrepreneurs, so that we can give them the price and the offtake assurance. Okay. So in that aspect- It is more about offtake. Yeah, it is about offtake only. No real CapEx in CBG. No real CapEx is involved in these plants. Okay. That's it from me. Thank you. Yeah. Thank you, Mr. Ginde. We have next question from the line of Mr. Sumeet Rohra from Smartsun Capital Private Limited. Please go ahead. Mr. Rohra? Mr. Sumeet Rohra, your voice is not. Hello. Yes. Yeah, you can go ahead. Now? Yes. Firstly, yeah. Firstly, sir, many congratulations on a great set of results, and hope you and the team and everyone at IOC are keeping safe. Sir, now I have a couple of things which I wanted to ask you. Sir, firstly, our marketing EBITDA has been very healthy at about INR 5,400 crores. Sir, just to understand, give or take 5% here or there, can we expect that we are on course now to do about a INR 20,000 crore EBITDA in terms of marketing? Secondly, I wanted to ask you on this, which you spoke very briefly about, was the Indian Oil Petronas JV on the fuel retailing part. Today, Indian Oil has about 32,000 outlets, and there is one company already which has done some deal with a foreign company and that valued at about INR 7, 8, about 10 crores per outlet. Even if you assume at about INR 5, 6 crore an outlet, sir, our fuel retailing business would be something like INR 2 lakh crore, which would be two times the market cap today what we are. If you can, sir, just highlight and make us understand that our business is very valuable in terms of all the verticals we have, whether it's refining, pipeline, but the fuel retailing is I think the most prized possession in our crown. If you can just help understand a bit on this venture, and can we unlock some value from this, sir? Yeah. First was what? Sir, the first part was the marketing EBITDA. Marketing EBITDA. I believe that we can have some upside going forward on the marketing EBITDA side. This is slightly higher than perhaps the last quarter because there were certain year-end provisions which were there on the marketing side in Q4. Going forward, these levels are definitely normal, and I see some upside in these levels also. As far as the IPPL joint venture announcement is there, as I explained in response to an earlier query, we have all options open. We can have new retail outlets being set up by that joint venture, or we can have the wayside amenity dealership being awarded by that company on the various outlets which will come up on the national highways as per their policy. We can also monetize some of our existing retail outlets. All those options are there with us and the detailing is happening. I fully agree with your view that there is a lot of value. However, IOCL has not unbundled it as of now. Whole lot and barrel, we do not intend to do right now. Yes, we definitely echo the same sentiment that we have lot of value in the company, in various segments of the company. Perhaps the market price, whatever is there, is not the correct reflection of the value. Sir, just for one, the thought process which I had was that if you can just include a detailed presentation of our different verticals and if you can just give a value which is like a replacement kind of value. Then investors will get a better sense of how valuable our company is. That will I think add huge value for all stakeholders. If you can just have that done because then people will get a better sense of what actually IOC consists of. Okay. We will consider that. Sure, sir. Thank you very much and wish you all the best, sir. Okay. Thank you. Thank you, Mr. Rohra. We have next question from the line of Mr. Vivekanand Subbaraman from Ambit Capital. Please go ahead. Hi. Thank you for the opportunity. Couple of quarters ago, government had suggested monetization of PSU assets through the InvIT model. I believe management had commented a little bit on this, particularly with respect to certain assets like pipeline or hydrogen projects that we have. Any update on this and potential timelines as well as the kind of assets that we may want to monetize via InvIT and the likely proceeds that we target? As per our plan, which has been submitted to our ministry, we are in the current year planning to monetize two of our hydrogen generation units at Gujarat Refinery. Based on the success of that, perhaps five more plants in the next year. That is our monetization plan as of now. Sir, just a follow-up. How much of your total hydrogen production are you going to monetize this year? These two plants are of what capacity? 75 KT. Just a minute. I'll just tell you. We will share with you separately. Okay? Okay. Thank you. Thank you, Mr. Vivekanand. We have next question from the line of Mr. Iqbal Khan from Edelweiss AMC. Please go ahead. Hi. Thank you for providing me this opportunity. Sir, one simple question I have. We have the operational highlights wherein you have mentioned the capacity utilization at 96%, the refinery utilization. However, if you remember, in the last quarter you had mentioned the refinery utilization for the month of April was 96%, followed by May it was 84%. Does that mean that the refinery utilization in June has gone more than 100%? Is my understanding correct on this, or the operational highlight number which you have mentioned, 96% utilization during this quarter, is that right or wrong? This is my question for this. It is right. You mean in June, the utilization level went above 100%? I do not have a number for June as of now. Okay. The 96.2% is correct. Okay. Fine, sir. Yeah. That's the question from my end. Thank you. Thank you, Mr. Khan. We have next question from the line of Mr. Shivam Bajaj, as an individual investor. Please go ahead. Hello? Yes. Am I audible? Yes. Yeah. Hi. Good afternoon, sir. Good afternoon, everyone. First of all, I'm proud to associate with IOCL. I've recently added IOCL into my portfolio. I have few suggestions in this call and a few questions also. I'll proceed with the questions first. Sir, do we have any monetization model on the EV charging station on the per- charge basis? No, no. We have not put up many EV charging stations, so where is the question of monetizing them as of now? Not as of now, but in the near future, can we consider that as well? We will see that in future. I can't tell you now. Okay. Sir, also, as one of my suggestion, can the IOCL also have its EV financing business also because EVs are coming at a costlier price. For affordability, we can also have a financing business for EV in the near future, if this can be taken as a suggestion. We do not have such plans. Okay. One of my suggestion was for the Indian business. I can see that there are certain problems while linking the LPG ID in the Indian Oil app. If that can be taken online and the Aadhaar updation of the ID can be taken online, it will be much seamless. You can send your suggestion to our team. We will accept it. Mm-hmm. Okay. All right. Thank you so much, sir. Thank you, Mr. Bajaj. We have last question from the line of Mr. Kishan Mundra from Antique Stock Broking. Please go ahead. Yeah. Hi, sir, just one question from my end. Is it possible for you to give the CapEx guidance for next two years as well, FY 2023, 2024 as well? The current year, INR 28,500 crore is the target, and we expect that in the future years also it will be of the same order. Something around INR 30,000 crore. Understood. That's fine. Thank you. Thank you, Mr. Mundra. I would like to hand over the floor to Mr. Harshraj Aggarwal. Please go ahead, sir. I would like to thank the management and everyone for taking time to attend the call. Thank you, everyone. Thank you. From the management side of Indian Oil, I will thank everyone, all the analysts, all the investors. Thank you, everyone. Yeah. Thank you, Batlivala and Mr. Harshraj. Thank you. Thank you, ladies and gentlemen. This concludes your conference call for today. We thank you for your participation and for using iJunction Conference Service. You may disconnect your lines now, and have a great day ahead. Thank you.