Ladies and gentlemen, good day and welcome to the Jindal Saw Q4FY25 earnings conference call hosted by Phillip Capital India Private Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vikash Singh. Thank you, and over to you, sir. Thank you, Anushka. Good evening, everyone. From the management side, we have with us Mr. Neeraj Kumar, Group CEO and Whole Time Director, Mr. Vinay Kumar, President and Head Treasury, and Mr. Narendra Mantri, President, Head Commercial, and CFO. Without taking any more time, I'll hand it over to Mr. Neeraj Kumar for his opinion remark. Over to you, sir. Good afternoon, friends. Last Friday, we had our board meeting, which was just following the Audit Committee Meeting, and we have announced the annual results as well as the last quarter results. As you would have noticed, in these results for the quarter as well as year, there are certain adjustments, I would say accounting adjustments, that have been made based on certain events on the NTPC, JITF arbitration case and subsequent litigation, which is going on in the High Court. Since the Single Bench judge, which was at that point of time being presided by Dinesh Kumar Sharma, D.K. Sharma was the Single Bench judge of High Court, who gave this judgment, the judgment actually came as a big surprise to all of us. Therefore, we have taken an expert opinion from one of the top luminaries in the country. He is of the view that the Single Bench judge has probably heard, and he believes it's a very, very strong case for appeal. Therefore, without wasting any time, we have filed the appeal from the Single Bench judge now to the Double Bench judge. One hearing has already happened. The Double Bench judge did appreciate the urgency for hearing such cases because there is a merit. One has happened. The second hearing is on 22nd May. At this point of time, we are in the middle of a scenario where the Single Bench judge, the judgment came as a surprise to us. We have taken an expert opinion, which believes that the judgment is appealable, and we have a very, very strong case to go up the judicial process, which is now the Double Bench of High Court. In the meantime, a few other things have happened, and I want to cover all of those first before we get into the financial statements because the financial statements impact these or have effect on these in bits and pieces, and therefore, I thought it would be best to cover this upfront. That is as far as the judicial process is concerned. If you recall, so far we had received INR 850 crores in three tranches. First one was MGQ1, INR 153 crores, then was INR 197 crores, and then INR 500 crores. All those money were guaranteed by bank guarantees. As of now, all that money has been repaid. JITF used its own sources, and the promoter company, which is the promoter holding company, which is the family war chest, has provided the financial support, and the entire INR 850 crores has been repaid to NTPC as we speak. All the bank guarantees have been returned, and so that transaction is also complete. A few important points here. A, INR 850 crores have been repaid within a few days of the judgment of Single Bench judge coming. Jindal Saw has not paid a single penny. All bank guarantees have returned. The support came from the promoter group companies. Now, as far as this arbitration award is concerned, there is everything to gain for JITF. There is nothing to lose. In the sense, assuming the most unlikely, most extreme situation that the Single Bench judgment just carries through the entire judicial process, there is no counterclaim that NTPC has made. JITF would not be subjected to any incremental financial burden irrespective of what the outcome of the judicial judgments going forward are. However, if the judgment goes in favor of JITF, double bench, and Supreme Court, then JITF has everything to gain. The entire amount along with interest would be paid to JITF. JITF will have all the gain. The entire money will come to JITF. That is as far as the cash flow is concerned. Again, to summarize, please now take note that irrespective of whatever is the outcome of the final judgment, there cannot be any financial burden on JITF. All money that was received has been repaid. On the contrary, if decision goes in favor of JITF, it gets back everything including interest, which is interest given on these INR 850 crores for the date that it is out. That is the cash flow impact. JSAW has not put in a single penny as yet, but if all those money come to JITF, definitely J SAW will be a beneficiary, and I'll come to that in a minute. Now let's look at the accounting of JITF. JITF, as you know, once it got into this litigation arbitration, did not have a regular or a very high revenue stream because it all got wrapped up into this litigation. There are this set of 25 barges which are still floating, and they are kind of managing themselves. So it's a small income, a small expense. They kind of take care of each other, and JITF is at this point of time operations only surrounding those flying of 25 barges in the Hooghly area, which is happening. On the balance sheet of JITF, to fund this NTPC project and subsequently to fund losses and all of those, there have been some debt, some quasi-debt, some instruments where like RPS, etc., which had a kind of repayment possibility but also had a possibility of converting into equity. That's why I call them quasi-equity instruments and some debt. Now, in terms of the accounting parlance, a few steps have been taken. INR 146 crores of amortized lease receivable from NTPC, which was kept alive in the balance sheet of JITF, has been now completely written off, which you would see in the console results. INR 235 crores of deferred tax assets, which were created on account of the carry-forward losses, have again all been written back, have all been derecognized. That makes it an impact of around INR 400 crores on the balance sheet. It is important again to note both of them are just reversing what had been created in the past. It has a P&L impact for this year, but it has got zero cash impact either on JITF or on Jindal Saw. Also, all these instruments that were there, quasi-instruments and the debt instruments, we are converting each one of them to equity. It is being done in a few steps. The eventual equity shareholding of JITF would be Jindal Saw would own 57%, Siddheshwari would own 42.06%, and the foreign partner would have less than 1%. Once all these conversions have taken place, there would be minimal debt or any instrument which has any repayment obligation on the balance sheet of JITF. It is important for me to explain why we took all these steps. I repeat, the judgment came as a surprise, and therefore we took it very seriously, took a very firm legal opinion, and took immediate legal action. All cash flow impacts, INR 850 crores, have been done without Jindal Saw's cash flow getting strained in any manner. It was JITF funds as well as the promoter group fund which has done. Accounting, we have derecognized the accumulated losses, the deferred tax assets, as well as the unamortized lease revenue, and we have converted all the quasi-instruments into equity. The final equity, as I have told you, with this, there would be minimal obligation on part of JITF to pay anything to anybody at any time. All these have been done based on a lot of careful thinking, expert advice, and to make sure that we take a very appropriate situation which can cater to the extreme impossible scenario, but still now it caters to that, and therefore all these decisions have been taken in one move. We are keeping JSAW as still a parent company of JITF because we are still very hopeful that all this money, which is the arbitration amount plus the interest, will come to JITF. It's only a matter of going through this legal process. At that point of time, all this money would flow to different shareholders. That is where this 57% becomes important. Jindal Saw will get 57%, Siddheshwari will get 42%, and the foreign partner will get less than 1%. There is no downside for Jindal Saw, but there is every upside of whatever money that JITF receives, it will have a 57% share on that. That completes very comprehensively our discussion on the litigation, JITF, NTPC, where we stand, and what is our future strategy. The impact of all this you would have seen in the consolidated financials, and you would have also noticed that in the standalone financials, there is zero impact. Let me now turn attention to the results. The last quarter results, or if you look at the year-on-year results, it would appear that the results are plateauing. They are similar to what we did last year. Whether it is turnover, whether it is EBITDA, whether it is PBT, PAT, everything appears in a band where it can be seen that the performance has been plateauing, which is indeed the case. Except these comments which I'm going to make. A, the last quarter usually is the strongest quarter. This year, after the election year, there were not enough budgetary allocations which got released, and therefore the water infra projects, especially in Jal Jeevan Mission, got held up. That has impacted the last quarter execution, and that's where you will see there is a dip in the last quarter top line, which is usually not the case. It's an anomaly. Looking at that, we also deliberately slowed down taking of orders because we have enough orders, but as I have been saying in the past, typically we want to have 9-10 months of order book is where we like because that gives us time for the raw material production, supply, invoicing, and collection. Because there was going to be a plateauing in the last quarter, we slowed down the taking of orders as well. Based on the national budget, all this has been corrected. Jal Jeevan Mission has got INR 60,000-INR 70,000 crore. The project is taking off, and slowly as the money would percolate, we hope that next quarter, which is Q2 onwards, we should see the full impact of the growth trajectory for these water projects and oil and gas projects. Q1 may also see a result which is similar to what we saw in Q4. Going down, foreign exchange has been stable. In fact, the dollar has weakened, the rupee has strengthened. That had a positive impact on our financial charges, and therefore it did contribute to the improvement in the financial charges. On a standalone, if you see the EBITDA, as we have always been saying, now we are going to be in the 19%-20% range. We maintain that, and we shall be maintaining the 19%-20% EBITDA in the coming year as well. That is what our estimate is. Luckily, the raw material prices are in a band where the commodity prices seem to be stable and easing out. Going forward, looking at the China scenario, we do not see any disruption in the commodity prices because China will have to do a lot of balancing in their supply chain and the commodity sales. We expect that it should be in a reasonable range only. Coming to the U.S. tariffs, the commodity stability in commodity prices is the kind of one of the impacts that can be result of the U.S. tariffs. Directly, U.S. tariffs do not have much impact on us because India has not levied any reciprocal tariffs. No other country has gone that way. Only China has put a reciprocal tariff on the U.S. We do not export much to the U.S., or it is very minimal that we export to the U.S., U.S. tariff is not going to impact us. Indian tariffs have not changed, so any import would not. No other country has followed this, so every country that we export to is all status quo. The direct impact of U.S. tariffs on Jindal Saw's performance, the answer is nil. The indirect impact is stability in commodity prices because China will have to make its adjustments. Likewise, now let's shift to the consolidated results. Everything is similar to standalone, except for you would see that in the PBT, you would have that impact of INR 146 crores, and in the tax, which in consolidated results appears as INR 386 crores, you will have that impact of INR 235 crores of deferred tax being. The conversion of other quasi-instruments, etc., into equity, it's a balance sheet item. It doesn't show up anywhere here, but already I have given you all those details. Otherwise, there is nothing much in the consolidated results except status quo plateau performance where everything is kind of moving at a very high capacity utilization. Things are happening. There was a little holdback in the last quarter because of the government of India, I would say, budgetary release of funds. Otherwise, there is not much that we can talk about on those consolidated and single results. Sale quantity also, if you compare year-on-year, they seem to be similar. Already spoke about order book, $1.4 billion last year, $1.325 billion, marginally lower, more of a deliberate strategy because we were seeing some slowdown in Q4. It will come back because yesterday only we got a very good order from Saudi Arabia. The order book will come back. The ratio of export to domestic remains similar in the range of 23%-25%. It is status quo. This year also appears to be a by-and-large status quo, except for a few comments that I'm going to make. The year 2026 also appears similar to what was there in 2024, what was there in 2025, except that some of the CapEx that we have already incurred in the last one or two years. Capacity expansion in DI in Haresamudram, capacity expansion in seamless in Nashik, cost reduction initiatives like introduction of PCI, third coke oven battery in Pragpur, subsequent generation of energy from the waste to heat. Those will have an impact, which will be a positive impact on the 2026 standalone financials. Otherwise, we can take it again as a status quo. Once we have the full impact of Nashik, once we have a full impact of the Haresamudram, those capacities going up, the cost impact, then it would make a visible impact on the financials of 2026. As you would have seen, our focus on debt continues to remain very tight, and the term loan has gone down to, I would say now we have repaid some further after what has been shown in the March. Our term loan is now in the vicinity of INR 600-INR 700 crores. Our net worth would be in the vicinity of close to INR 10,000 crores. INR 10,000 crores of net worth, term loan of close to INR 600 crores. Working capital is around INR 1,800 crores, which is again an improvement over last year because last quarter there was too much focus on collection, and that helped us reduce our working capital. The debt profile is well under control and would remain that way till we are looking at new projects. We are looking at what all we can do on top of the goodwill and everything that we have created in KSA, especially when we completed our NEOM project, what all we can do in India. Already, as I said, the seamless, the DI have already been upgraded, capacity is being added. Bhilwara, as you know, we have a commitment and assurance to the government of Rajasthan for the steel project. These things have been brought on the drawing board, and we are looking at each one of them carefully. Maybe by next quarter, we may have firmed up on a plan of action, and then we would let you know. One thing that again I wish to assure you is that we would be diligent. Those things would be planned in such a manner that there is no cash flow strain. The debt does not go out of track. We keep an eye on our rating, which is AA, and it is significant to mention that even after this JITF Single Bench judgment, we repaid everything, the rating has not changed. The rating people were not at all worried about anything. That is an important thing which should be mentioned. We will keep an eye on our rating, we'll keep an eye on the opportunities, and we will examine all these projects and then put them on a timeline so that they become or they give the flip for the next round of quantum growth without impacting the debt structure or the capital structure of the company beyond what we have achieved so far. This year also, since the results were similar, we have maintained the same dividend payout. The idea is to conserve cash as we are looking for now getting into some new projects. As I mentioned, I have given indication to a few that we are looking at. Next quarter, maybe I would have more to tell you. The Hunting JV is doing well. This year, the proportion of profit which has come in the consolidated financial results, PAT from Hunting is about INR 27 crores. That would give you that in the first year of operations, it has earned a profit of INR 50 crores plus. They are full on order book at this point of time. At this point of time, we do have a first mover's advantage. On premium connection, we are the only one currently operating in India, and we are doing well. That should continue to do well. That I think more or less covers everything that I wanted to tell you in my opening remark. Let me stop here now and take a few questions. Thank you very much. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone 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 Pujan Shah from Molecule Ventures. Please proceed. Hello. Can I hear you? Yeah. Hello. Yeah. Actually, the first question would be on the Jal Jeevan Mission side. We have seen a slowdown [crosstalk] in Jal Jeevan Mission from the last eight, nine months. How is the current demand and what is the order book now? We have been getting up in terms of traction and all that stuff. Did the state or the central region release the funds? Continuing with the same question, we have also listened about the Jal Jeevan fund has been slashed by 50% by the government. How will the economics work? Do the project which is liable to complete? Just tell us your broad thought on it? Jal Jeevan Mission, what appeared as a budgetary delay of funds has all been restored. This year, government has released INR 70,000 crores. That puts the JJM projects on track. The full impact of that would come in Q2 onwards. You said 50% slash. I do not think that is the case. The state government, as well as JJM, put together are going full throttle on water infra projects. Now, even the states, with the help of multilateral agencies, some from their own sources, are going ahead. The demand for the water infrastructure is very good, giving rise to a lot of demand for pipe. In fact, now many of the states have come up with a new business model, which they call HAM, which is a hybrid annuity model where the EPC contractors are expected to participate in a big way, wherein they become a partner with the government, even in putting equity, and then they implement the whole project, do the O&M for a period of time, and then hand over. The term that they use is HAM, which is hybrid annuity model. It is a mix of PPP, build, operate, transfer, and also on as you progress in the project. Just a follow-up question on the. Sorry? Yeah. Just a follow-up question. Voice was not clear on the so when do we feel the full impact of JJM? [crosstalk] Q2 FY 2026 will see the full impact of all the water infra projects, including JJM projects coming on the growth trajectory. Right. Got it. In terms of funds, there is no challenge as of now. Do you feel after 2028, when the JJM mission will get completed, there will be a need of that mission or any other mission which will have the facility for the adequate supply of water? Or it will restore to any other mission like that? See, if you look at today, the water grid system in every state, there is still a lot of headroom to go because there is a lot of flooding still. If you look at the aggregate amount of rainfall in a country for the full year aggregate all over geography, and if you add up all your consumption of water again, full year aggregate, they get balanced. There are places where there is no water, and there are places where there is flooding. There are places where all the excess good water flows into the sea. This water management grid, there is a lot of scope to do this management, wherein the sources, the storage, the distribution, and the timeline is such that all this mismatches on a timely basis, seasonal basis can be met. Therefore, there is a lot of scope which still can be seen. River diversions, a few announcements that government has recently made may also give rise to a lot of opportunities. There are a lot of options or a lot of opportunities going to come in water infra projects for at least the next five to seven years. Got it. My last question would be on the DI side. We know that many companies are expanding their capacity. Even we have getting some better optionality products like OPVC. Do you think that will be a challenging part in terms of DI pricing and realizations coming with that? No. See, the growth in demand will take care of all the capacity. Number two, even if there is this incremental capacity, we would always add the core because we have a cost advantage. We have a locational advantage, and we have an advantage of being an established player in the market. Any newcomer will have a higher burden of interest depreciation. Their cost of production, manpower, everything for them would be a challenge, and we would be sitting in our leadership position. Therefore, those additional capacity, etc., does not bother us much. In terms of optionality products like OPVC, do you see the replacement of DI would be there would be any replacement for it, or it won't exist because of the quality of product? DI has not been replaced anywhere in the world. If you look at Europe, in fact, what we expect as the country develops and the people, the government, and everybody becomes more cautious towards potable water, we expect the DI should be used even in the smaller diameter where HDPE, etc., is being used. Because from a health perspective, from a quality perspective, from a product lifecycle, if you take the full lifecycle, a DI pipe can last up to 40, 50 years. No HDPE pipe lasts for that long. If you see during a full lifecycle, the re-digging and the relaying, then those options become much more expensive options. In some cases, they become an impossible option. Because if you have an urbanization, then keep on digging all over the city becomes that much of a problem. As these realizations come into government and the users, we expect DI to not only stay but to also replace others even in the smaller diameter. Right. Got it. Thanks for the opportunity. [audio distortion]. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. The next question is from the line of Vedant Sarda from Nirmal Bang Securities Private Limited. Please proceed. Hello. Am I audible? Yes. Yeah, yeah. My query is regarding the cash losses we have faced in our subsidiaries. In current year, it is around INR 357 crores, and in last year, it was INR 157 crores. JITF funds? Can you come again? In JITF, INR 345 crores of cash losses in the current year and INR 157 crore cash loss in previous year. INR 157 crore of cash loss, 57. In previous year. And INR 345 in current year. See, I do not have those figures in front of me. Why do I not suggest that you please write to us? Rajeev Goyal, today he is not joining us on this call. He is not in office. He would answer that very specific accounting entry because broadly, I have given you everything in terms of the adjustment. But if you really want to know that specific thing, have you found one? It is reported in the Karo report. [audio distortion] Just hold. Mantri is trying to answer that. Narendra Mantri is our CFO, so he just got that. Current year numbers which you are seeing is inclusive of this INR 146 crores, which we have explained earlier. [crosstalk] If you exclude that number, then both the numbers are at the same range. That INR 345 crore is in fact of deferred tax? No, no. Deferred tax is after this. I'm saying INR 146 crores, the reversal of JITF unamortized assets. That is inclusive of that, INR 350 crores inclusive of that. If you exclude INR 146 crores out of that. Okay. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. The next question is from the line of Deepak Lalwani from Unifi Capital. Please proceed. Yes, sir. Thank you for the opportunity. Sir, on the order inflow, your comment that you expect JJM to come back in Q2, have you seen any green shoots in terms of the bidding for the project or any tender for the water project that have already started? Have you seen that in April month? On the inflow side, yeah. Yes, sir. That was my question. Yes, that's why I'm telling you. Our confidence of it picking up in Q2 comes from that, yes, things have begun to happen in terms of tenders, in terms of discussions, and all of those we have seen in many states. Okay. A relative question to that, sir. In this environment of weak demand, has there been any correction in terms of the DI pricing? Where there is a weak demand, that's why we slowed down our order. What we are executing is order which has already been taken. You must understand, DI, once you bid that price, more or less holds true for the next six to seven months. These kind of temporary connections do not impact the DI prices or margins in the long run. There are few because today what we would be bidding, we would be running with those prices for the next six to eight months. It will not impact my Q1 if there is a certain drop in the raw material price or there is a slowdown or anything. Understood. Sir, we are concerned, we are confident of maintaining our EBITDA margin, around between 19% and 20%, that EBITDA margin would be maintained on a full all-product basis. Got it. Sir, in the order book that you mentioned that we have 13 lakh tonnes of order book in terms of pipe, how much would be the DI pipe? See, hold. hold. Probably you got that wrong. I said we have an order book of $1.3 billion, not lakh tonnes. There is a mention of 13 lakh tonnes in your PPT, hence that question. Yeah, that 13 lakh is there, but I did not mention it in my speech, so you are referring to the PPT, then fine. I just wanted to make sure that you are getting that number from PPT, yes. Yeah. How much would be DI pipe? That is about nine months. Sorry? How much would be DI pipe out of the 13 lakhs? DI pipe would be around six and a quarter lakhs. Six and a quarter. Okay. Got it. This number sequentially, how has it moved, sir? That 6.25 lakhs? This number, how has it sequentially moved between Q3 and Q4, sir? As I told you, the order book has come down, so it has come down from 6.8 to 6.3. Understood. Got it. The last question from my side, the debottlenecking CapEx that we are taking in DI and the seamless minor capacity addition that we are doing in Nashik, how much should these two initiatives add to our volumes in FY2026? Nashik capacity would go to 4.5 lakh tonnes, and we would add about 1 lakh tonne in Haresamudram. The total capacity in Nashik, 4.5, and Haresamudram old capacity plus 1 lakh ton. Got it. Sir, I was trying to get the utilization that we can achieve. Mr. Deepak? Hello? Sorry. Yeah. I just wanted to complete the question. Okay. All right. Yeah. Can I go ahead? Hello. Sir, I would request you to return to the question queue for follow-up questions. Hello? The next question is from the line of Radha from B&K Securities. Please proceed. Hello, sir. Thank you for the opportunity. I wanted to thank you specifically for the detailed opening remarks, especially on JITF. My first question was, you mentioned in your opening remarks that current capacities are already running at full utilization. From a base of FY2025, on the pipe front, how much volume growth are you expecting in the next two to three years? Basically, my question was regarding I wanted to understand what is the roadmap to achieve INR 5,000 crores of EBITDA from a current base of INR 3,400 crores of EBITDA? You have put a lot many questions, including a speculative question, which is, the EBITDA going to INR 5,000 crores from INR 3,000 crores. Where did you get this 5,000 number from? No, sir. For that only, I wanted the roadmap. Currently, we are doing INR 2,400 crores of EBITDA. I wanted to get a visibility to. Madam, hold. Yes, sir. Pipe is not a number that company has ever put out in the public domain. The way you asked your question, it looked like somebody somewhere from the company side has put the pipes in public domain. That is not so. Simple question, five or four or three or six. At this point of time, the company is in the range of INR 3,300-INR 3,400. As you said, the roadmap for next two to three years is seamless going from the present to 4.5 lakhs. DI adding 1 lakh tonne. On large dial, we expect that maybe there is a headroom because, as you know, in large dial pipes, because of the changeover, the thickness, etc., there is a headroom. We can expect 10%-15% growth. These are the three that we are going to get in terms of volume growth over the next two to three years. We will be getting cost reduction on account of coke oven, on account of PCI, on account of other. We would get incremental margin on account of things like shedding premium connection, OCTG, value-added products, stainless steel, and all of those. Next two to three years, you will see the growth and improvement from three buckets: A, moving towards value-add, more coating, more stainless, higher grades, some volume because of these capacity, and improvement in EBITDA because of the reduction in the cost because of the initiatives that have already been taken. That is what the impact is going to be over the next three years. That is for you to make your assessment of where that current INR 3,300 or INR 3,400 EBITDA reaches. Yes, sir. Just wanted to clarify this INR 5,000 crores was my estimate and was not stated by the company. To achieve this number, I basically wanted to understand whether over the next three years, achieving 13%-15% volume growth is possible considering the capacities that we have. Yes. I have given you all the guidelines. Now, I would leave it to your judgment. If you need some more input, I would encourage you, please write to the company. We will get back to you, and we can have a longer discussion so that it gives you whatever more input that you need. Thank you, sir. Just a quick question, sir. [audio distortion]. Sorry to interrupt. Radha, hello? Sorry to interrupt. I would request you to return to the question queue. The second response was actually to clarify that it was not a guidance given by management. It was not a question. Is it okay if I go on with the second question? I would request you to return to the queue. Okay. Thank you. The next question is from the line of Surbhi Saraogi from Nexome Capital. Please proceed. Thank you for the opportunity. Sir, my question is regarding the fall in selling prices of DI pipes. When do you expect the prices to correct? Again, madam, you have also asked another speculative question. Where have we ever said that our DI prices are falling? No. Sir. Our DI prices stay stable, and we don't expect any fall in our DI price. Therefore, the correction of whatever that you are talking about is not relevant to as far as Jindal Saw is concerned. No, sir. I was talking about the market prices, not regarding our order book. Madam, market price, what constitutes market price? The order book constitutes the market price. Jindal Saw is not reducing any of its DI price. Full stop. We don't expect the price to be reduced in the near future. We are getting orders at the prices. We are maintaining our NSR. We are maintaining our margins. Okay. Okay, sir. Understood. Thank you. Thank you. That was the last question for today. I would now like to hand the conference over to Mr. Vikash Singh for closing comments. Thank you, Operator. I would like to thank Jindal Saw Management for giving us the opportunity to host the con call. Now, I will hand over to Mr. Neeraj Kumar for his closing remark. Over to you, sir. Thank you, all the investors. Probably I thought that there were a few more questions that you may wanted to ask. As I said, I encourage all of you that please write to us. We would encourage a one-to-one discussion or maybe even a group discussion so that all your questions get answered. Some of the detailed accounting ones where I do not have the detail, we will answer you. Thank you all very much with that comment. Enjoy. See you next quarter. We continue to do well, and we will continue to put in our efforts. Thank you. Bye. On behalf of Phillip Capital India Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.