Very good afternoon to all of you. I take this opportunity to welcome all of you to the conference call organized by us. Post-announcement of the fourth quarter and annual results of the financial year 2024-2025, I thank each one of you for joining the call. I believe you would have gone through the accounts posted on the website and also through the updates received by most of you. I would like to briefly dwell on the results to provide additional clarity and insight. This quarter, we have registered a profit after tax of INR 7,265 crore, which was INR 2,874 crore in the previous quarter, and INR 4,838 crore in the corresponding quarter of financial year 2024. On a year-on-year basis, the profit after tax of financial year 2024-2025 is INR 12,962 crore, as against the profit after tax of INR 3,619 crore for the financial year 2023-2024. Revenue from operations during this quarter is INR 2,17,725 crore, as against INR 2,16,649 crore in the preceding quarter of this year. The revenues for the corresponding quarter of financial year 2023-2024 were INR 2,19,876 crore. On year-on-year basis, the revenue from operations during the financial year 2024-2025 is INR 8,45,513 crore, as against the revenue from operations of INR 8,66,345 crore in financial year 2023-2024. This year, we witnessed many challenges and volatilities. I am proud to share that despite the headwinds, Indian Oil proved off a strong operational and financial performance, registering historically highest sales volumes, historically highest pipeline throughput, and one of the best-shipped EVs ever. This reflects the strength of our operational model and efficiency of our distribution network. These are broad highlights of the results of the company. Now, I will request the Corporate Finance and Treasury, Shri R.V.N. Vishweshwar, to take this conference forward. Thank you, sir. Participants are advised to refer to the company's latest filings to the regulatory authorities for more detailed discussions on the risks and uncertainties. A kindly note, today's discussion may include forward-looking statements which are based on currently available information, assumptions, and expectations, and are subject to uncertainties such as cost, actual results, performance, or achievements which differ materially from those expected or implied. The global macroeconomic environment in financial year 2024-2025 was marked by significant challenges and volatility. Persistent geopolitical tensions, particularly down from 6.5%, and the Reserve Bank of India has lowered its estimate to 6.5% from 6.7%. Various economic data points and projections by domestic and international agencies indicate robust energy demand in our country and continued importance of petroleum products to meet the increasing energy demand. Being the country's largest oil refining and marketing company, Indian Oil is committed and steadfast in ensuring energy availability across the land and throughout the nation at affordable cost. Indian Oil has envisioned to increase its share in the national energy basket from 9% to 12.5% by the year 2050, in alignment with the anticipated doubling of the country's overall energy demand. This transformation will be anchored in a balanced portfolio that continues to increase the strength of the conventional fuels while expanding decisively into cleaner, more sustainable energy ventures. Indian Oil is making high-impact infrastructure investments in expanding their refining capacity from 80.8 million metric tons per annum to 98 million metric tons per annum by 2026-2027, coupled with matching investments in marketing and pipeline infrastructure. While reinforcing the conventional energy strength, Indian Oil is also making targeted investments in sustainable and future-ready energy pathways. The key enabler for this transition is a wholly-owned green subsidiary, IOCL Green Energy Limite d, which is spearheading our green ventures. Indian Oil Board has already acquired a full implementation of 5.3 GW of RE projects from IOCL Green Energy Limited. Complementing this are our concurrent efforts to scale up electric mobility infrastructure, including the rollout of EV charging and battery swapping stations, harnessing natural gas, CBG, biofuels, green hydrogen, including hydrogen mobility pathways. The upcoming 10 KTA Green Hydrogen Plant at Panipat, and India's first commercial-scale sustainable aviation fuel plant, underscore Indian Oil's leadership in green energy. Now, let me just briefly touch upon the quarterly performance factors. Talking about the numbers, the average price of crude in the market during this quarter was at $76.60 per barrel, an increase of about 3.9% from the average price of the immediate preceding quarter, that is Quarter 3. If we compare on corresponding quarter basis, it was $81.69 per barrel in quarter four 2024. There is a reduction of around 6%. Various geopolitical factors, starting from the imposition of tariffs by the new U.S. government, rising U.S. inventories, and production adjustments, have contributed in cooling the crude oil prices. With respect to the crack spreads, dollar per barrel in the Indian market, during quarter four 2024-2025, MS cracks have largely remained in line with the previous quarter, which was $3.11 versus $3.29 in the previous quarter. Cracks are lower than the corresponding quarter of financial year 2024, that is $7.81 per barrel. For HSD, the cracks during this quarter were at $7.33, have remained lower than the preceding quarter, which was at $12.19. The cracks were also lower than the corresponding quarter of financial year 2024, which was at $17.46. In the petrochemical space, the spreads in terms of dollar per metric ton of major products continue to be similar during the year. On a year-on-year basis, the spreads for polymers have remained similar. The spreads for PTA have witnessed a sharp decline, and the spreads for MEG, while it has improved marginally, continue to be negative. The weak global economic outlook and new capacities continue to weigh high on the petrochemical price globally. Now, let me briefly touch upon the major verticals. The throughput during the quarter was 18.5 MMT, with a capacity utilization of 107.1%, which is higher than the preceding quarter at 18.1 MMT, with a capacity utilization of 102.3%, and also higher than the corresponding quarter of FY 2024, which was 18.3 MMT, at a capacity utilization of 107.5%. The display yield was 79.7% during the quarter, which is slightly lower as compared to the previous quarter, 82.2%, but higher than the corresponding quarter of FY 2024, which was 77.5%. Fuel and loss during this quarter was 8.6%, whereas during the preceding quarter, it was 8.7%. Our refineries have registered a GRM of $7.85 per barrel during this quarter, as compared to $2.95 per barrel during the previous quarter. Overall, on the year-wise, GRM for FY 2025 was $4.86 per barrel, as against $12.05 per barrel in the previous year. The normalized GRM, after stripping off inventory impacts and filtering waste bags in the quarter, is $5.39 per barrel, as against $6.60 per barrel in the previous year. For the full financial year, the normalized GRM for FY 2025 is $5.30 per barrel, as against $7.44 per barrel in FY 2024. The decline in product crack spreads is also reflected in benchmark Singapore GRMs, as being the main reason behind this fall in GRM. The pipelines. The capacity utilization was about 72% during this quarter, as compared to 69.6% in the previous quarter. Indian Oil's cross-country pipelines achieved throughput of 100.1 MMT during FY 2024-2025 this year, and by crossing the 100 MMT milestone, achieved the highest-ever recorded throughput this year. Pipeline throughput during the quarter 4-2025 is 25.8 MMT, with 32.9 MMT in quarter 3 of FY 2024. During the year, the company has further expanded its pipeline network by 260 kilometers, taking Indian Oil's total pipeline network to above 20,000 kilometers, which accounts for more than 50% of the total pipeline network of the country. The largest pipeline network provides strategic access to the markets and helps reduce the cost of products. Marketing. Indian Oil achieved the highest-ever sales volume of 100.29 MMT during the year in all segments, that is petroleum, petrochemicals, and gas, crossing the 100 MMT milestone for the first time. The corresponding sales volume during the previous year was 97.5 MMT. Sale of petroleum products during quarter 4 of FY 2024-2025 is 23.19 MMT, which is slightly lower as compared to 23.37 MMT in the previous quarter. However, sales were higher than the corresponding quarter of FY 2023-2024, which was at 22.7 MMT. For the financial year, sales of petroleum products have improved to 89.80 MMT in FY 2024-2025 vis-à-vis 88.25 MMT in the previous year. Petrochemicals. The sale of petrochemical products during this quarter was 0.83 MMT, as compared to 0.89 MMT in the preceding quarter. Sales for Q4-2024 was 0.818 MMT. For the full financial year, petroleum sales was at 3.286 MMT, which was more than the sales recorded in FY 2023-2024, which was at 3.060 MMT. During FY 2024-2025, the company incurred a total expense of INR 37,557 crore in capital investments across all verticals. These investments are aligned with the long-term strategic roadmap and national energy priorities. For FY 2025-2026, projected expense is INR 33,494 crore. Going forward, as the large-scale refining projects mature, we expect a tapering of expenses in conventional sources and significant shifting towards petrochemicals and alternate energy segments, where we are facing high strategic gains. Borrowings. With respect to the borrowing levels, borrowing as of 2025 has increased by about INR 18,000 crore on a year-on-year basis, which is at INR 134,466 crore level as compared to INR 116,496 crore as of 2024. The increase in borrowings is mainly on account of ongoing debts. On a quarter-on-quarter basis, there has been an increase of over INR 3,000 crore as compared to the previous quarter, an increase that is mainly attributable to year-end duties and taxes. The current debt-to-equity ratio of 0.75 as of 2021-2025, Indian Oil is comfortably placed to fund the ongoing expenses. With this, I'll pause here and I'll discuss the financials for the very last. Thank you, Mr. Kumar. Friends, as we move forward into the financial year 2025-2026, our focus remains on operational excellence, prudent capital allocation, and strategic investments that will strengthen our existing business and also position us to lead in the evolving energy landscape. I would like to thank our shareholders, employees, partners, and stakeholders for their continued trust and support. We are confident in our ability to deliver sustainable value even amidst the dynamic external environment. Now, I will end my briefing here. We will now be open for questions. Thank you. Thank you, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the control uniform. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use hand sanitizer while asking a question. We will now wait for a moment for the question queue assemblies. The first question comes from the line of Michael Zand from ICICI Securities. Please go ahead. Thank you for the opportunity, and thank you for hosting this call, sir. Just a couple of questions. Firstly, on the refining business, it's very clear that if we normalize it to inventory, the GRM will actually decline the spend. First, I wanted to understand what was the contribution of actual crude in overall sourcing in this quarter, and what we have so far in the first quarter of FY 2026? See, as far as the Russian crude is concerned, we had an important 22% in 2024-2025 for the full financial year. Although in the fourth quarter, it came down. It came down to almost 16%. For the full financial year, it was 22%. Has there been some improvement in these numbers as it's going now? We have again seen the increase in the Russian crude availability, and we are hopeful that this year, in 2025-2026, we should be seeing around 24-25%. Okay. The question was, with respect to the capital calculation plans, when you mentioned about the shift that is being driven to chemicals and renewables. As for petrochemicals, however, what we have been seeing consistently over the last few years is that there does not seem to be a shift to sustainable margins, at least for what we can tell. How do you really look at the margin environment? Is there some confidence that margins will actually improve enough to start making reasonable returns? That are increasingly shifting to petrochemicals for the next few years? You must have seen our figures. Today, my petrochemical industry is around 6%. If we want to increase to 15% by 2030 in the next five years, already we have announced the projects to achieve this target. As far as margins are concerned, yes, margins are down. It is a cyclical industry, and we understand that the cycle will come back within a specific time, but the cycle is expected to turn around in the next 2-3 years. The petrochemical margins should also improve by the time the expectations come back. If I get the question again, just another way, I think, in a sense, what are the gross margins in dollar-per-ton basis that we are seeing in our business today? What kind of level do we sort of need for these investments to be profitable? Give us a sense on that. See, all these are integrated projects. Whatever inputs are coming through these naphtha or whatever is coming from existing streams. On an integrated basis, we have two things. One is the cracks of the existing products and the cracks on the polymers, glycols, and LAT and PETs. The cracks on the petrochem are coming down. Although on the refining side, the cracks are still okay. Even on the petrochem side, you see cracks on polymers are okay, but PTA and glycols, the margins are quite down. As I said in the beginning, we do not have any specific numbers, but we will start with many things which make the thing positive. Today, the petrochemical margins are down. We expect that it will come back. Thank you so much for the answers. Thank you so much and all the best. Thank you. The next question comes from the line of Sumeet Rohra from Smartkarma. Please go ahead. Yeah, hi. Hi, sir. I was listening. Sir, just a couple of questions. First, if you can quickly comment on the performance. Congratulations on that. You guys have done very, very good performance in a very challenging environment. Sir, I'm just looking at overall profitability rather than on any other basis. The thing is that we see that we quoted approximately about INR 13,000 crore, and this is after absorbing the LPG under recovery, which is around INR 19,000 crore. Now, sir, for the LPG product development, how much do you do on that? Sir, can you please throw some idea on when we could receive the LPG money? Sir, secondly, you spoke about CapEx coming down from INR 37,000 crore to INR 34,000 crore. Now, sir, the management is that we always think of CapEx, but can you also talk a little bit on earning momentum? Because over the last couple of financial years, all of you have been very well. Can you give me a sense on how do you expect on the future staff in the coming year? Because now crude is also in our favor, right? I mean, it grows $70 on a sustainable, hopefully on a sustainable basis. Can you please talk a little bit about how you see profitability shaping up in the future environment of crude? My second question, sir, is on the retail outfits. How many retail outfits do you have currently, and how many have you added, and how many do you plan to add? My last question, sir, is on GRMs. Do you expect, I mean, what do you expect in a sustainable GRM scenario for the current year? Okay. Sumit, I will take your question one by one. The first question was regarding the overall profitability for the year 2024-2025. See, as you have said, we have given a very good profitability. As far as the LPG under recovery is concerned, you must have seen that we are continuously engaging with the government, and we are hopeful that our continuous engagement with the government will give us positive results. The time and the quantum is not known, but it is all depending upon the many factors, geopolitical factors, as the thing which keep on affecting the oil marketing companies. As far as the second question is concerned regarding the next year's profitability or margin scenario, see, our profitability consists of three or four factors. One is the refining margins, which as of today is looking good. If you see on day-to-day basis, the margins have come down slightly from 2023-2024, but the margins are still reasonably okay. Marketing margins are positive for us. Petrochem margins are a bit tightened up, but we hope that the petrochem margins will remain constrained in the coming quarter. Not for all the segments. For a few segments in petrochem, it will be constrained. As far as 2025-2026 is concerned, we hope that it should be a good year for the oil marketing companies and Indian Oil in particular. As far as the third question is concerned, first, I will come to the GRMs. See, the GRM, if you see today, the fourth quarter GRM is net of revenue $7.85, and even after normalizing, it is reasonable margins for the company. We expect refining margins to be pretty good for us going forward in this year. Now, coming to the specific fourth question on the number of ROs, see, we plan to today, this year, we have crossed 40,000 retail outlets, and we plan to add almost 3,000-4,000 ROs in the current financial year. Okay. If you see, 31st March, we had almost 40,021 retail outlets, so we plan to add another 3,000-4,000 in the current year. Okay. Sure, sir. Thank you so much, sir. Thank you, Sumit. Thank you. The next question comes from the line of Yogesh Patil from Dolat Capital. Please go ahead. Thanks for taking my question, and congratulations on the good set of numbers. I wanted to check, is there any oil product inventory gains during the quarter? And I also wanted to know your gross marketing margins on other oil products, including petrol, diesel, and LPG. Is there a trend during the quarter compared to the last quarter? See, yes, in the quarter four, we had an inventory gain, and that has helped us to report better numbers this year. As far as your second question is concerned, whether the margins on other marketing products other than MS, LPG, LPG are concerned, yes, the margins were better in the quarter four with our year quarters. Sir, could you please share the inventory gains on the oil product side? If you have any numbers handy. See, as I told you that we had a positive inventory margins. See, other products, see, we don't calculate inventory gains on product by product. It's a consolidated figure. But the margins have improved for other things also. The second question is related to our refinery expansion plans: Panipat, Gujarat, Barauni. Can you provide us a completion timeline? If you can give us some idea about the actual earning growth on these three incremental refining facilities, that would be helpful. See, if you see, in Panipat, we are adding 10 MMTPA. We are going from 15 to 25. In Gujarat, we are going from 13.7 to 18, which will add another 4.3 MMTPA. In Barauni, we are going from 6 to 9. We are going to add another 3. So we are adding almost, you can say, 18 MMTPA in our system. Okay. Now, as far as commissionings are concerned, both Panipat and Gujarat are expected to come in the fourth quarter of 2025-2026, and it will mostly stabilize in 2026-2027. As far as Barauni is concerned, it is expected to come in the first quarter or second quarter of 2026-2027. Today, all the refineries have already achieved a typical progress of more than 80% today. We are going in a very good targeted speed to achieve the targeted commissioning dates. The expected revenue from all the new commissionings would definitely depend upon the refining margins prevailing at that point of time. I will be seeing that whatever refining margins would be there, definitely all the expectations will help us to achieve the return on investment on our these industries. Sir, lastly, can we expect any overall GRM improvement due to the incremental capacity addition in all these refineries? Yes, definitely. Whatever refinery expansion, whatever extra crude oil we earn, it will definitely add to my refining margins in absolute numbers, though. Okay. Lastly, post-completion of incremental refining and petrochemicals, what would be the net base to EHR ratio? Any number you have in mind? It will be very difficult to quantify the percentage terms. See, I tell you, today I'm at 70 MMT, and if I am adding another 18 in my system, it will become 88, 89. Then we have CPCL also with us. Altogether, my refining capacity will go beyond 100, 100 MMT. Thank you a lot, sir. This was really helpful. Thank you. Thank you. The next question comes from the line of Sabri Hazarika from Emkay Global Financial Services. Please go ahead. Yes, sir. Two questions. First one is on the inventory side only. Just for this number, I think last year, INR 16.86 billion was the total inventory gain for the company. Versus that, in FY25, what was the number? FY24 number was INR 16.86 billion. See, as far as my whole financials are concerned, we've had an inventory loss. Yeah, and how much? For the whole, I had an inventory gain, but on the full year, I still had an inventory loss. What was the figure? I'm just giving you indicative figures that in 2023-2024, for the full financial year, we had an inventory gain. Right, right. This was the figures, but yes, in Q4, we had an inventory gain. Otherwise, overall, on a year basis, we still have an inventory loss. Yeah. Can you tell me the number? Because it is a reported figure, sir, because you have been giving it, I think. That's why I'm asking. We have already shared these numbers. You will see from one of our statements which we have given. Okay, sir. Okay, fair enough. Secondly, on the project side only, you mentioned about the refinery expansions. All these expansions have got polypropylene units also. That also simultaneously commissioned or that related? Let me see. Polypropylene is coming in. See, it is independent of this. See, as I said in the beginning also, apart from the refining expansion, we are also targeting the petrochem expansions going forward. I give the numbers also from 16% petrochem expansion. I can understand. I mean, polypropylene unit commissioning will also be at the same time that you gave regarding the refinery expansion or then afterwards? Yeah, commissioning one or two months here and there, it will be happening in the same time. Okay, fair enough. Regarding some other projects, you have this acrylic project in Gujarat. When is that expected to commission? What about the other refinery projects? Do you have to make a timeline for those too? As far as that is concerned, Oxo Alcohol p roject in Gujarat. Yeah. It's expected to commission in it is already commissioned. Oxo Alcohol is project in Gujarat. It is commissioned in the month of May. May, right. And PXPTA of Paradip, when? PXPTA will be in April 2026. April 2026, right? Yeah. Beyond that, we have got this big Paradip petrochem complex which you have signed, MOE was signed. The stage one approval was done. What is INR 61,000 crore or so? What is the timeline for that, actually? Stage two approval is still pending, but any timeline you want to give for that? See, stage one was given in March 2023. Okay. Approximately it is INR 61,000 crore. The commissioning schedule, what we have is approximately 64 months from the date of investment approval. It is too early to say, but yes, it will take four and a half years from 2023. Somewhere around 29-30, it will happen. Okay, sir. Beyond this, there is no other petrochemical project in the other ones other than this? See, recently, we have a board, we are discussing a few of the projects. Definitely, a few of the new announcements you will hear very soon. We have another polypropylene unit at Barauni coming in 2026-2027. We also have polypropylene units in the expansion category. We have PXPTA at Paradip, which is coming almost for INR 14,000 crore in the end of this financial year 2025-2026. We have another two-three projects of Poly Gujarat, which is coming in 2026-2027 for INR 3,000 crore. This is the starting one, right? The styrene monomer, right? That is what you are talking about? Okay. FY2027. Okay. We have other coming very soon. You will be listening to a few new expansions in petrochem. Okay. Some more announcements will come, you are saying, right? Yeah, yeah. On pipeline, is it that Ennore-Tuticorin that is largely ready or is it also something expanding right now? Which one? The North Ennore-Tuticorin, that big pipeline project in Tamil Nadu? I think it is completed. It is also completed, fully connected, right? Yeah. Okay. Okay, sir. Thank you so much for all the questions. Thank you. The next question comes from the line of Harshil Shah from Ambit Capital. Please go ahead. Sir Harshil? Yeah. I just wanted to know, what is the current under recovery per cylinder? What does the fuel crowd look like? Do you feel this under recovery will continue after the INR 50 price hike? See, it keeps on changing, but today it is around INR 170 per cylinder. Got it. Got it. Thanks. Thanks for your time. Thank you. I remind you all participants, please press star and one to ask a question. The next question comes from the line of Nitin Tiwari from PhillipCapital. Please go ahead. Good afternoon, sir. Thank you for the opportunity. My first question is with regards to the anti-recovery of petrochemicals being expected for. As well as anti-recovery selection decisions to be given? See, as far as the catalyst is concerned, we are targeting at least INR 4,000 crore in 2025-2026. Okay. If you see on the refining and pipelines put together, it should be somewhere around INR 70,000 crore. Almost 50% will go towards the refining and pipelines. Others will come in marketing segment and other investments we have announced. Any expectations you have in terms of how much in petrochem, how much in propane? Any as well? On a ballpark figure, I would say generally we will spend around INR 7,000-8,000 crore on marketing. And platinum, we are spending around INR 3,000 crore. In CPC, sir? CPC is basically we are doing a lot of joint venture companies. It should be somewhere around INR 500 crore. For 2025-2026, would it be similar or what you indicated for 2026-2027? I would say similar, or if you can give us some calculations around 2025 as well? We have the firm plan for 2025-2026 is okay. 2026-2027, I was referring to, no, I was referring to the already, we are already gone by FY2025. You can give us a breakup of how much you spend each time. See, 2024-2025, we have spent almost INR 38,000 crore in that. Right. How much profit was the investment? I think when pipelines were put together, it was almost INR 20,000 crore. Sir, out of the INR 20,000 crores, how much was regular maintenance? It is very difficult to say, but mostly we are spending extra money nowadays on the expansion. Sir, my next question was petrochemical, I think one of the participants also asked on the line. I just want to understand that are we taking even any petrochemical, if you look at in pre-depreciation terms, are we a little bit positive? I just want to know how we are a bit negative as well. Because the event number is something which you have given out previously. I was wondering if we are a bit positive or not. No, we are definitely a bit positive in the petrochem. We were talking about INR 200 crores of loss at this level. What does the number represent? Or is it just the depreciation number? It is where we have a positive understanding of where we lie in terms of petrochemical margins. See, almost we would be a bit positive, INR 1,000 crore for 2024-2025. We are around INR 1,000 crore is what you are saying. Yeah. Yes, yes. Right. Great, sir. Those of you, I will ask one more. The prices have fluctuated quite meaningfully. Is it the right analysis that that would help at least some amount of working capital? If you can give us the increasing number, how much of that reduction would happen if our working capital goes down? Because it remains where it is. Definitely. Reduction in crude oil prices will help us to reduce our working capital. Definitely. It should be in the range of maybe INR 10,000 crore if it helps us. If the reduction is as high as what we are seeing today, $10 per share, then it should be around INR 10,000 crore. I mean, you're saying that $10 per share would lead to an INR 10,000 crore significantly working capital and reduction in cost? Yes, yes. Thanks a lot. Thanks for my interview. The next question comes from the line of Apoorva Bahadur from Nirmal Bang. Please go ahead. Yeah, sir. Congratulations for a good set of numbers. My first question is on the sales volume of CGD gas in Q4 FY2025 and FY2025. Yeah. See, as far as my numbers of CGD are concerned, we are becoming better day by day. Out of 26 GEs, already 6 GEs have become EBITDA positive. By next year, we hope that we will have another 7-8 GEs which will be becoming EBITDA positive. As far as GEs are concerned, I almost had a sales of 115 TMG trails of CGD. In 4Q FY25? Yeah. In 4Q FY25, yeah. This is for full financial year, sir, right? Yes, yes, yes. The outlook for sales volume and EBITDA per SCM for FY26, sir? As I shared with you just now, we will be coming with a bit of positive for other GEs. On overall segments, we will be a bit positive from next year. Okay. What was the reason for the decline from gas segment unit in 4Q FY25? I do not think we had a negative. Gas profitability has gone up significantly. We have almost a 50% jump in the profitability from the gas segment this year. That is our question. I will come back in the Q&A if there is any question. Yes, please. Thank you. The next question is from the line of Sumeet Rohra from Smartkarma. Please go ahead. Opportunity. I was just thinking, I was basically just wondering how from an investor's point of view, our dividend payout, the absolute amount of INR has been lower this year because of the LPG under recovery money which we've not received in time for profitability. Sir, is it safe to assume that once you get the LPG under recovery from the government, investors can expect a dividend payout just similar to FY2024 levels? Anyway, a significant amount of money goes back to the government itself, right? They can expect that. Secondly, on the LPG part as well, if I remember, the Honorable Home Minister has mentioned that it will be reviewed on a 40-day basis or slightly lower on a 40-day basis. Do you see early signs that people will be entering an era of LPG prices being market-aligned and things will be controlled? Any thoughts on that? Yes. Definitely concerned in the past 10 years you would have seen Indian Oil, one company which has always been giving very reasonable dividends to all its stakeholders. In the last year, the profitability was very good. We got a very high dividend. This year, based on my profitability, I've again given a reasonable dividend to all the shareholders. As a second question is concerned about the LPG under recovery, I don't have a specific answer that what would be the government policy on that. Definitely, we keep engaged with the government to monitor our LPG prices. Okay. That was the only reason why I asked you because since it's a customer product and we are basically, so it's kind of a lot of sustainable model, right, where we keep wearing the LPG option, right? That's exactly why I was thinking on that one. Your concern is well noticed and we have been continuously, although I'm not getting completely engaged with the government, to see what would be the quantity and quantum and timing to get these under recovery. Okay. Sounds good. Thank you so much. Thank you. Thank you. A reminder to all participants, please press star and one to ask a question. The next question comes from the line of Yogesh Patil from Tyger Capital. Please go ahead. Thanks for taking my question again. Sir, as per the latest news flow, US crude imports have gone up. I just wanted to understand how much quantity of U.S. crude I was given the chance to see considering economic benefits within? Yes, you are true. Since 2023-2024, we almost touched 4% crude vis-à-vis 9% what we did in 2024-2025. But it is absolutely on an economic basis. Whenever, as a system, we don't have any targets to put any specific crudes. For us, any crude is equivalent depending upon the price at which it is available to us. On the optimization level, whatever crude enters into a vendoring system, it is being procured by the company. We don't have any specific targets for any type of crude in the system. Okay. I just wanted to understand land-basis what is the percentage or discount if we get U.S. crude imports? Any ballpark number if you could share? See, any crude is no crude is having any benefit to us. Any crude which comes in has to justify on the basis of the best crude available on a particular day to us. When we come out with an offer, so many people compete with each other, whether it is West African crude, Middle Eastern, or US, or so. It is a competition come into our system. At the time, it is inefficient to me. It cannot be withdrawn to procure anything. Lastly, considering the current rate of INR 3,000 crore per annum from US is being taken out, what should be the minimum market margins on the mostly on the petroleum and diesel side? Have you calculated anything that should be the minimum so that all the capital can be put into the external cash flows where health insurance would be there? Any number of numbers which you can share. See, you have to understand all the companies working on RTP basis. See, for the marketing, even the marketing group of ours, they procure the goods on RTP basis from our own refinery. Whether we process the crude from our own refining system, marketing will have to run its own marketing margins. There is a structured system of getting pricing, the marketing margins, and other pricing. If the prices remain what is today, we should be having reasonable marketing margins on all of our products. Yeah. It is very difficult to say at what level. Definitely, all the oil marketing companies should run a reasonable marketing margin. At that date, today, if we talk about, we have positive marketing margins. Thanks a lot, sir. Thank you. A reminder to all participants, please press star and one to ask a question. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Mr. V. Satish Kumar to give his closing comments. Hello to the managers for their closing remarks. I had one small question, sir. On the Barauni refinery, you had announced an increase in cost. Should we assume that Panipat and Gujarat, you do not have an increase in cost? Should we go with the original cost? See, we have revised the cost of both Panipat and Gujarat a few months back. Whatever the latest estimates, the management of the crude, commissioning is happening according to that. Barauni has come this time. Thank you, sir. Anything else? Sorry, I was closing for a moment, sir. Yeah. Thank you all for your time and insightful questions. On behalf of the entire management team, thank you once again for your continued trust and support. We look forward to engaging with you in our future interactions and keeping you updated on our progress. Stay safe and take care. Jai Hind, Jai Indian Oil. I would like to take this opportunity to thank the management. It was a pleasure having you on the call and giving all the questions. Thanks to all the participants for taking the time out to join the call. Thanks, everyone, and have a nice day. Thank you. Thank you. Thank you. On behalf of Anupri Chen and Anupri's management, we will close this conference. You may now disconnect your lines.