Ladies and gentlemen, good day, and welcome to Jindal Steel and Power Q1 FY 2025 Results Conference Call, hosted by IIFL Securities Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Anupam Gupta from IIFL Securities Limited. Thank you, and over to you, sir. Yeah. Thanks, Deepika, and it's my pleasure to host the senior leadership team from Jindal Steel and Power for the Q1 FY 2025 results conference call. To start off with, I'll hand it over to Vishal Chandak, Head Investor Relations and Strategic Finance, for introductions and taking it forward. Over to you, Vishal. Thank you very much, Anupam. Good evening, ladies and gentlemen. Thank you for attending this Q1 FY 20 25 investor briefing for JSP's Q1 call. We have the best senior management from the company, Mr. Sabyasachi Bandyopadhyay, Executive Director, Full-Time Director, sorry, Mr. Pankaj Malhan, CEO of Steel Business and Power, and Mr. Sunil Kumar, CFO. Without much ado, I would like to hand over the call to Sunil Kuma r, for his opening remarks. Over to you, sir. Yeah. Thanks, Vishal. So good evening to everyone. Let us begin with the operational performance of the company for the first quarter of financial year 2025. Sales volume for the quarter witnessed increase by 4% on quarter-on-quarter basis and 14% on year-over-year basis, and that too 2.09 million tons. The growth has mainly come from higher sale of HSM products. Our steel sales realization also saw slight uptick of around 1% on quarter-on-quarter basis. As we progress into second quarter of the financial year 2025, we see slightly level of softening of NSR by 1%. Our SMS cost in the quarter witnessed a considerable drop owing to lowering of both coking coal price and thermal coal price, along with superior productivity in our operations. Further, we are expecting lowering of coking coal price in Q2 2025 by around $30-$35 per ton. Our adjusted EBITDA for the fourth quarter, for the first quarter was INR 2,831 crore, which is 13% higher on quarter-on-quarter basis, mainly on account of higher sales volume, higher sales realization, and cost efficiency, et cetera, et al. Our PAT surged by 43% on quarter-on-quarter basis to INR 1,338 crores. This is mainly due to higher EBITDA and lower losses around subsidies. Now, let us walk through our debt profile. Our consolidated net debt is INR 10,462 crores at the end of quarter 1, which has dropped from INR 11,203 crores reported during the last quarter. This is mainly due to the payment made during the quarter. This has further helped to reach already strong net debt to EBITDA ratio of 1x, which is by far the best at, as per the industry standards. Our CapEx in the quarter stood at INR 2,796 crore. With regard to project, wherein 6 million MTPA expansion project, the progress of project is well, going well at ground level, and we are targeting to achieve completion in record time. As you are aware, we have commissioned HSM in record time, and we aim to continue the thrust on the, to achieve the project completion in record time. Initially, we had projected an aggressive timeline to complete the project, where we now see some time overrun. We are targeting to complete the major facility, that is blast furnace, power, CRM, well within timeline by Q4 of financial year 2025. The remaining ancillary facilities will be completed in another nine months-12 months. With this, I will conclude and hand over for Q&A session. Thanks. Okay, Vishal, over to Q&A. So, operator, can you please open the lines for the Q&A? Sure. Thank you very much. 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 handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles... Question is from the line of Amit Dixit, ICICI Securities. Please go ahead, sir. Yeah, hi, good evening, everyone. Thanks for the opportunity and congratulations for a good performance. I have two questions. The first one is, actually, on the project completion status. Now, we don't have the presentation as yet with us, but going from the last presentation that you uploaded in the last earnings call, there were several capacities that were going to come in Q2 of FY 2025, BOF 2, BF 2, et cetera. Now, in your prepared remarks, you mentioned that these have been delayed by a couple of quarters. So my first question here is that when do we expect, BOF 3, et cetera, which were to come in Q4 FY 2025, when they will come up now? And part B of this question is on the coal mine. What is the status of this coal mine, coal materialization? What kind of captured coal did we get in this quarter? This is the first question essentially. What caused this delay? If you could highlight broadly, that would be very helpful. Just, Pankaj, you just, Sure. Thanks, Sunil, and thanks for this wonderful question. I think, I, I must put it on record that, JSP commissioned their HSM in a record time, which is 29 months. Going forward and looking into the kind of projects that we are executing, which are mega project in nature, we are talking about completing BOF as well as BF 2 well on time, which would be close to March 2025. And we don't see it a big challenge as of now where we are positioned. If I really compare with the industry standards, we would be still the fastest to execute this project in the timelines that we have committed. Second question, which you asked was on coal mines. Coal mines, as you all are aware, that we've already started our Utkal C mines. We have got approvals for Utkal B1, and we're in the process of starting that mine also now. Third question which you asked was, what were the causes for the delay in terms of the larger projects that we have come across? If I were to say this year, we were happening here to the country in terms of general elections, and then also we experienced a very unprecedented heat wave in Odisha. So while there were good times that we could have pulled up our project, but we not because of these two major reasons, there was some kind of immobilization of the workforce. But the workforce is back home right now, and we are gearing up to make sure we deliver the project well on time. Thank you. Okay. Sir, the second question is essentially on the sales volume. So if we look at it, after a very long time, we have crossed 2 million tons in a quarter. Now, if you could just, you know, highlight what would be the incremental volume that you would have got from hot strip mill, particularly if, I mean, from the arrangement we have with RINL, that would be very helpful. If I was to speak about quarter four, then we started our hot strip mill to quarter one of FY 25. The jump is close to double in terms of HSM volumes. So that's what we have gone to the market. That's an excellent delivery if I were to now put on records. This is one of the fastest ramp-up somebody would have seen for a hot strip mill of this size. So we are very hopeful as and when the steel comes in from the newer facilities, our HSM is fully geared up to take that capacities. How much did HSM do in this quarter, Q1 FY 25? We are sitting on a plan of close to 3 million tons. As of now, we did in quarter one, was roughly around 450 KT. Sorry, sir, I didn't hear you. Can you please repeat the last one? 450 KT. 450 KT. Okay, fine. I'll get that in the Q. Thank you. Thanks for all this. Thank you, Mr. Dixit. Ladies and gentlemen, the next question is from the line of Sumangal Nevatia, Kotak Securities. Please go ahead. Yeah, good evening. And thanks for the opportunity. Firstly, congratulations on the set of numbers. Before the question, I'll just request, in future, if we can have some more time between the call and the results to better understand the results before the call. My first question is again on continuing what Amit was asking about the timelines. Now, last 5-6 quarters, we've been constantly pushing the timelines, delaying for delays, and at the same time communicating that we are building enough margin of safety, and we will commission within the upgraded timeline. So just want to understand, I mean, how do we get confidence? In case we are very sure about fourth quarter blast furnace two commissioning, is it possible to say some sort of volume guidance for FY 25 that can come from this plant? That's my first question. Pankaj, Pankaj, can you take the question, please? Sure. I'll take this one. You know, thanks for this question, first of all. Going into this project side, you all would agree this is our mega project, first of all. And any mega project to this size would have a lot of hurdles and challenges. Fortunately, for this project, we are all geared up in terms of, first of all, right engineering, right set of ordering well in time, getting deliveries well on time.... There have been challenges which are beyond the control of the organization, which I just explained a while back. And going into that, we have come up with some kind of, you know, differential policies in our units to make sure the learnings which came out of this time we overcome those kind of learnings. Like we've come up with a workmen incentivization, that is working very well for us. We have seen a workman, which dropped around 10%, now it's over the 10%, the peak that we have seen. So that's the confidence that we're bringing in. Second, the resource mobilizations, which slightly got disturbed during the last quarter, then that's all back in home. Third, we are making sure that we take care of our contractors and the, their workmen to a level that we take care of our own employees. So we are very confident the way we have actually seen the last two months after the elections. The pace is really great, and we are very hopeful that we would get BF2 home by March 2025. Just to add on to this, you know, even if we are able to do this by March 2025, which we are very confident, this would be in flat 4 years from the time of announcement. This could be a record in India for all such, especially for large mega projects like that we are pursuing within over 6 million tons. If you typically look at any of the brownfield projects, Sumangal, none of them have come up before 5 years. That's the best achievement so far. And with all the, you know, challenges before us, we are still trying to, you know, complete this by 4 years timeframe. Understood. Understood. Is it possible to have some sort of a volume guidance for this year and next year, given the confidence of commissioning the project now? I think, Sumangal, we would be in a better position to talk more about the volumes as we draw closer to the, commissioning timelines. I think that would be a fair timeline for us to give a volume guidance, for this next year. Understood. Just last set of question. One is, I mean, any update on coal B1, B2, where is the approval process as of today? And, in the opening remarks, there was some commentary on the cost and price movement that you're expecting for the second quarter, if you could just repeat that? Yeah. So let me take this one. In terms of the approvals, which I just spoke about, we have already secured the, you know, the approvals right now with us. The last approval is expected any time from now. And we are in the process of starting the coal mine B, so it's called B rather, B1, I would say. I'm hoping that in next two months' time we should be in a position to start that. Okay. And the guidance on the cost and prices for the next quarter? Can you repeat that, please? Yeah, yeah, yeah. Sure, certainly. So, we are expecting around $30-$35 in coking coal price saving in the Q2. Understood. Iron ore and steel price? So steel price, we are, we are seeing the recent auctions, and we are seeing around INR 500-INR 1,000 per ton reduction in iron ore price as well. So in the both front, we are seeing the cost reduction. Understood. All right, thank you. I'll come back in the queue. Thank you and all the best. Thank you. The next question is from the line of Kirtan Mehta, BOB Capital Markets. Please go ahead, sir. Mr. Mehta, can you hear us? Am I audible now? Yes, you are audible. You can please go ahead with your question. Thank you, sir, for the opportunity. Just in terms of the project targets, would you also highlight the timelines for the other components like pellet plant two, DRI two, CRM complex and plate mill, which were also targeted in the second half of the year? Would there be a shift in those as well? Kirtan, we have already, the presentation is now available, so you can actually refer to those numbers quickly from there. Sure, will do that. In terms of the pellet plant, would you be able to sort of highlight the current run rate, pellet plant two that we had started earlier? What is the current run rate for the same? So Pankaj, can you just take up this one? Yeah, I think we are able to give you the current level. We are close to a run rate of 4 million tons for the year. Right, sir. And in terms of when we are targeting the BF-BOF and BF2 by March, to deliver on that, what should we have achieved by December so that we understand that we'll remain on track, just to sort of give us an intermediate milestone to improve the confidence with the investors on delivery. When I say 4 billion tons, which means we are almost going to hit the capacity, 6 million ton, as and when it is going to come up. Right. Ultimately, we would be able to feed BF2 straight from our pellet plant. I understood about the pellet plant. I was asking with reference to the BF2 and BOF2, which we are targeting by March 2025, the commissioning. What would we target and achieve by December to remain on track for March 2025 commissioning? Would you be able to share some intermediate milestones? Kirtan, I think we would want to plan a visit for all the analysts and for you to see the kind of work which is currently going on the ground. Because if Pankaj starts telling you the list of all the activities, probably we'll spend next two hours only detailing all the activities. So I would be happy to take the entire block to a plant visit post earnings season is over, and for you to see on the ground how the construction work is currently going on. Sure. Any update on the RINL MOUs, how the progress has been? Yeah, RINL MOU progressed quite well. But unfortunately, some uncontrollable factors at RINL level, or site, because of some strike at Gangavaram Port, that derailed the entire stuff because they had to put off their blast furnaces, two of them. So we are in the process of reviving, and we are in touch with the highest level right now, and see how we can revive our relationship with RINL. Thank you, sir. I will get back with you. Thank you so much, Mr. Mehta. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your question to two per participant. The next question is from the line of Ritesh Shah, Investec. Please go ahead. Yeah, hi, sir. Thanks for the opportunity. A couple of questions. So first, is it possible to quantify the average consumption cost for both iron ore as well as coking coal in the quarter? Ritesh, we don't give numbers for Iron Ore and Coking Coal in absolute terms. Sunil did mention that there is a possibility of a saving about $30-$35 for the next quarter. Just wanted to understand the economics of Gare and Tensa mines, on- I will leave it for you to judge. It's, we don't typically give guidances on iron ore costs and coking coal costs. Absolutely. Right. So, okay, let me put it the other way around. The blended iron ore costing for us, is it lower than what you, you would have secured from, procuring via NMDC? Again, Ritesh, you are, you are coming back to the same question as to benchmark, our costs. I think these are highly competitive, questions. You know, our cost is, you know, look at the EBITDA per ton that we have versus our peers, and you will see that, you know, we are integrated from a cost perspective by only about 30%, from iron ore and nothing from coking coal side. Despite this, we have been able to, you know, gather industry-leading EBITDA margins for the quarter. That itself tells us our, about our superiority, not in terms of iron ore and cost, iron ore and coking coal, procurement, but also in terms of our volume and value-added sales. Yeah, just trying to appreciate what you are doing, that's why I'm asking this question, but that's fine. My second question is on RINL. Would it be possible for you to source the volume and value? Mr. Shah, may we request you that you return to the question queue for follow-up question, as there are several analysts waiting for their turn? Absolutely, ma'am. Thank you. Thank you so much. The next question is from the line of Ashish Kejriwal from Nuvama Institutional Equities. Please go ahead. Yeah, thanks for an opportunity. Sir, two quick questions. One, is it possible to share how much CapEx we have already done out of this INR 31,000 crore? And secondly, in Utkal B1, I think, we were trying to increase our capacity approval from 3.4 to 5 million ton, where we are. And in coking coal, you mentioned that in first quarter, how much cost we have already witnessed down? Second quarter, I know $30-$35, but in first quarter, how much coking coal price was down quarter-on-quarter? Thank you. From the CapEx side, we have already incurred around INR 17,500 crore on these projects. Okay. Sir, regarding Utkal B1 and coking coal price? I think, yeah, Utkal C. Sorry, yeah, Utkal C. Sorry, yeah. Utkal C, we have already mentioned. Pankaj, you just take up this one. Yeah, sure. Ashish, as for C, yes, we have given a guidance that we would be increasing our EC from 3.37 to potentially 4.78. That would be happening, and that's happening on track. We are at the last leg of approvals right now, and I'm hoping in next two-two and months' time, we should be able to increase our capacities in Utkal C. Sure. So in next two months-two months, we are expecting Utkal B1 to start and capacity increase in Utkal C? Correct. Thanks. Sir, lastly, about coking coal, Q1, how much down it was? Sunil, Sunil, can you take this? Hello, this is $23. Hello? Okay. Yeah, yeah, sir. It's $23 you said, no? Hello? Yes, sir, $23 per ton. Okay. That we have saved in the... Yeah. That's, that's great, sir. Thank you, and all the best for future. Thank you. Thanks. The next question is from the line of Vikas Singh, PhillipCapital. Thank you. Go ahead. Good evening, sir. Am I audible? Hello? Yes, please. Yes. Yeah, fine. Yeah, my first question pertains to our volumes. Given we didn't get much of the RINL and that is due, I know that we don't give the volume guidance, but at least are we confident to maintain at least that 2 million tons plus run rate going forward, or, there is a ambiguity there as well? No, we are, we are confident of maintaining that volume level. So at least 2 million tons per plus per quarter, we would be able to maintain, and RINL would be over and above that? Yes. Understood, sir. So secondly, I know the other critical project got delayed because of the length of the project, but just wanted to understand the slurry pipeline, which was, relatively, a relatively easier task than the blast furnace, and have a very good impact on our total on cost savings. That was supposed to come in one Q, which hasn't come. So any time, specific, reason and timeline, or by when we can have that? Pankaj, can you take that, please? I think slurry pipeline kind of a project, we all know they are very, very sensitive projects. While works has been doing very good that kind of a project, but again, because of elections, there have been some kind of delays in terms of securing approvals. Things are back on track, and we are actually getting on the ground in the right way. And we are hopeful by the end of this financial year, we should see this project also coming up. Understood, sir. Thank you. That's all from my side. And just a request that, just to have some more time before the results. Thank you. The next question is from the line of Kamlesh Jain, Lotus Asset Managers. Please go ahead, sir. Yeah, thanks for the opportunity. So just one question on the part of the, like, say, realizations. You have mentioned about the cost reduction. So how... What change we are expecting in the realization quarter-on-quarter? So, as I mentioned, so we are expecting we have done better in this quarter, but there is softening of price by 1%. We are just seeing at as of now, the softening in the realization around 1%. Okay. And sir, on the part of our BF3 and DRI, DRI-2, so, like, say, is entire ordering being done? Because no doubt it has been delayed, but it is getting delayed, like, say, quarter after quarter. And like, say last, like, say, in the November 2023, we had that revision, then we, like, say, got back to the earlier schedule. So on this particular DRI-2 and BF3, so, like on that part, how much ordering has been done, or what is the pending part there? Pankaj, can you take that, please? I must say the company been very good in terms and prudent in terms of spending of the CapEx, first of all, and we've been very cautious about each and every movement happening on the ground and how we are progressing in the project. As of now, we don't see any big hiccup in terms of ordering. Things are well in well oiled in terms of orders and deliveries. So I think should be able to get home the timelines that we have been looking. Okay. Q1 FY 2026 is the timeline for your coke oven and other auxiliary facilities. So then the production or the utilization there of the BF1 and BF, BF and BF, so that can take roughly around 6 months of time from the production date, like that is Q4 FY 2025. So the production or the utilization in the first year of the production can be at like around 50 odd percent, can we assume that? The facilities to this size need some time for ramp up. And if you look into the industry ramp ups, they've been almost running from, say, six months to 12 months time. The way we are confident, the way we have delivered our existing ramp up, we are hopeful of delivering these ramp ups also faster. And, in terms of coking, what you mentioned, yes, we are mindful of that stuff, but, because of some internal, you know, coke, which is there, plus something that we can source from various imported markets or maybe from the domestic market, we are hopeful of starting our BF. Great. Thanks a lot. Thank you, Mr. Jain. Just to add on to what Pankaj has mentioned, you know, as the blast furnace ramps up, the requirement for coking coal anyways will not be as high as once that's fully done. So we will not have major challenges in securing the coking coal or coke at that point in time. It should not impact our profitability in a significant manner anyways. Thank you so much. The next question is from the line of Rajesh Majumdar, B&K Securities. Please go ahead, sir. Yeah, hi, and thanks for the opportunity. Sir, I had a question on the project cost also. You mentioned that there is going to be a little bit of a delay in terms of the project execution, but how about the cost? Is there going to be an escalation in the cost as well? That was my first question. Yes, please. ... So, we are not expecting any cost escalation on the overall project cost, which we have designed. So whatever we have mentioned, we will be completing our projects within that cost. That we are not seeing any major deviation from that. Okay, so it's only a time overrun due to some labor delays, et cetera, not any cost overrun. Is that correct? Yes, we have the contingency built within that, so we will manage that cost increase in the contingency that we have kept. So I'm sorry, I've not been able to see the PPT yet, but what is the debt now and what is the debt that you envisage after the project completion? We have maintained that we will maintain 1.5x net debt to EBITDA. That we will maintain. That is our target, and we will be within that range. Right now we are under one point? Right now we are at one. What is the aggregate amount of debt, right, the absolute amount? Rajesh, we have mentioned that we will not breach 1.5x net debt to EBITDA at all times. So right now we are at 1x. Our net debt for the quarter is about INR 10,462 crore. 400, yes. Right. Right. Yeah, that's it. And my second question was, sir, you mentioned just a 1% drop in the NSR so far you've seen, but the market trends are showing a much more significant drop. So how confident are we that the drop is gonna be just 1% and not more than that for the quarter? So it's also a lean season for the construction activity. So could it be that the drop in the NSR is sharper than 1% than what we envisaged? So we are not giving any guidance on that part. So as of now, we are seeing this... since we have different product mix in our basket for our finished goods. So as of now, we are seeing 1% down, so future we can't give you the guidance. Sorry, just clarify the point what Sunil is trying to make is the guidance. It's not the guidance, it's the actual deliveries that we have seen in quarter one. That's the blended NSR drop of almost 1%. Oh, okay. Okay. Okay, that's useful. And, sir, one last question, if I can squeeze in, is that what was the exports for the quarter, and where do you see the trend for that, going forward? So, just a minute. Export for the quarter, last quarter was 0.15 million tons, and that was there. So future we will normally we will, we'll not see, give the future guidance on that. But because the quotas et cetera have already been announced for the year, so we have a fair idea of how much can the exports be for this year, right? That's why. Yeah. All that depends on the international market and the demand supply. If we get the opportunity, certainly we'll love to export, but that depends on the market condition. And the export NSR, sir? Last question, sorry. Yeah. We don't have, right now, the export NSR. We don't discuss export and domestic NSR, Rajesh. You know our policy. Let's not go there. Yeah. Sure. Okay, thanks. Yeah. Thank you so much, Mr. Majumdar. Ladies and gentlemen, in order to ensure that the management is able to address questions from all analysts in the conference, please limit your question to two per analyst. The next question is from the line of Raashi Chopra, Citi. Please go ahead, ma'am. Thank you. Just my first question back on realization. To be clear, you mentioned there was a 1% decline that was witnessed in the quarter one, or there's a 1% decline that we will witness in quarter two, versus quarter one? So, no, I will just reiterate. So our 1%, there was increase in 1% realization in Q1, and as of now, we are sitting on July-May. So as of now, we are seeing drop of 1% as compared to last quarter. Understood. Okay, that's clear. Secondly, on the, you know, the volume side, so is it safe to assume that the RINL issues are not yet resolved? Raashi, the RINL issues are still not resolved. The company is still getting its supplies from the Visakhapatnam port, and they are in the process of restarting the blocks from next week. Once it restarts, then only we can have a stable supply of the billets from there, which can augment and fill up to the volumes that we have been looking forward to. The increase that you've seen in the HSM in this quarter, has there, you know, have you had to cut or compromise on the long side, or there was adequate material? So we, we've always mentioned that, we have over 1 million tons of semi, that is waiting to be converted into finished products. Because of the imbalances in our finishing line, this was being slowed down. So now that imbalance is taken care of, so we are now converting our existing semi into finished steel. Understood. That's also one of the reasons why you see, you know, improvement in our NSR compared to the industry standard, because our product mix is improving quarter-on-quarter. Okay. Just on coking coal, just to understand, sorry, on thermal coal, just to be clear, the EC for Gare Palma is 4 million tons, and Utkal C you're taking up from 3.4 million-5 million tons, or 3-5? [crosstalk] Yes, yes, yes. Yes. That EC will increase in the next couple of months, and Utkal B1 will also start in the next couple of months? Yeah. You talk about, B1, B2 combined is 8 million tons, so is B1, 4 million tons, or is there a- B1 is 5.5 million tons. B2 is 2.5 million tons. We are planning to increase the EC limits for Gare Palma IV/6, and as well as Utkal C to 5 million tons each. So as Pankaj mentioned, we are targeting to do it as soon as possible. Okay. Even with the Gare Palma will increase as well? Right. Okay. And 5.5 million of Utkal B1 should start sometime, right? We are hopeful. We are, we are hopeful we should. Okay. There's one last question for me today, Sorry to interrupt you. May I please request you to return to the question queue for follow-up question, as we have other analysts for the- Sure, ma'am. Questions. Thank you so much. The next question is from the line of Amit Murarka, Axis Capital. Please go ahead, sir. Yeah, hi, thanks for the opportunity. So my question is on product mix. So you mentioned that you did 0.45 million tons of HRC in this quarter. So, did all of that come from shift from semis to HRC, or was there some reduction in some other products also? So I will give you an overarching composition of the long and the flat. So as compared to the last year of 68% long and 32% flat, in the first quarter this financial year, we have been 57% long and 43% flat, if that answers your question. I think, Amit, to put it plain and simple, TMT market has been very good, so there was no need to cut down on the long product side. What we have reduced from our portfolio in the quarter is primarily on the semis, and the semis that we that do not fetch us margins as high as HRC. Our endeavor has always been to maximize the EBITDA, so we have been following the same philosophy. Sure. Also, I mean, I frankly couldn't understand it fully in the... I think one of the earlier questions you explained why there's only a 1% drop in realization versus what we are seeing, at least, in the market pricing that we see. I mean, could you just please explain that one more time? As I mentioned earlier, as of now, we are sitting on month-end, so for this month, we are seeing around 1% drop in our realization. As overall, steel mix that we are discussing. There is no, no specific guidance on that? No, no, we are not giving any guidance for the Q2, but this is basically what we have achieved till now. No, no, I understand you don't give guidance, but, like, just trying to understand, because the pricing that we see, at least, at our end, is showing a decent enough fall even for HRC and for rebar. It's a bigger fall. So that 1% number is something that was looking lower in that context. So if- The products that we see on the, you know, subscriptions that we all look at, they are all generic products. These are all, you know, over-the-counter products kind of things. While, you know, at JSP, we have about 60% of it is all value add. So depending upon the market and the product which fetches us the best EBITDA, we focus on that. So, if you typically would want to match it with the pricing which is available by the pricing indices, it would be very difficult to match that. But rest assured, our endeavor is to ensure that we deliver highest EBITDA, and if it takes to improve our, you know, nudge our product mix accordingly on a sequential basis, we are always agile to do that. Okay, yeah. Thanks a lot. May I, may I add a point or two here? Yes. Yeah, I think one of the brilliant features of ours is that flexibility and agility that Vishal is trying to point out. We can switch between products very easily, depending on how the market is behaving or how the overall business is behaving, and we can adjust ourselves or adapt ourselves to different product lines very easily. That's what remains our biggest strength. Our strength. Sure, thanks a lot. Thank you. Thank you so much. Operator, next question, please. Just give me a moment, please. The next question is from Parthiv Jhonsa, Anand Rathi. Please go ahead. Hi, thank you for the opportunity. Hello, what did you say? Yes, Parthiv. Yes. Yeah, yeah. Just to get some clarity on the mines, I believe that you are enhancing the EC at multiple mines. So can you quantify what would be the output for FY 2025 as far as your goal is concerned? We are looking at 5 million from Gare Palma. ... and Utkal C is estimated at 4.7, so total 9.7 million tons. So this would be the- No, no, this is we will deliver it for guidance at a later date when we open the mines. Correct. All right. Thanks. Also one very quick question on the ASP. I believe, is my understanding correct, that you pointed out that in the first quarter, the ASP increased by 1% compared to the previous quarter? Yeah. Yes. But if I just put it on a very quick calculation on a consolidated basis, you did about INR 13,600 crore with a 2.09 million ton kind of number. It works out to a bit lower than INR 67,000 crore, what you did in fourth quarter. So, Parthiv, let me- If my understanding, there has been some mismatch out here. Parthiv, let me correct this. In the previous quarter, we had mentioned that our top line included sales to RINL. The raw material we had supplied to RINL was top line. Yeah. Okay, in this quarter, it is not the case. Hence, what Sunil sir has mentioned is on a like-like basis, what is the steel NSR. Okay, okay. Got it. Got it. Got it. Perfect. Perfect. That's, that clears a lot of- Mentioned is on it. Yeah, what I mentioned is on steel NSR only. Perfect. Perfect. That clears a lot of confusion. Thank you so much. Thank you. Thank you. Thank you. The next question is from the line of Rahul Gupta, Morgan Stanley. Please go ahead. Hi, thank you for taking my questions. So, just to understand, and clear confusion around how, the steel prices are moving, vis-`a-vis what, you are seeing, for your products, can you just help us understand what share of products would be, or what share of volumes would be contract-based, volumes, which are more than three months? So basically, what is the share of contracts which are more than three months? Thank you. Okay, Rahul, we do not divulge that kind of an information on the call as to what kind of products are on a long-term basis. What we can tell you is, you know, fairly about 60% of our sales are on account of value add mix, and that is on account of both project-based as well as spot sales. So that's very helpful. Just, we are just trying to understand where is the delta. Are you implying that prices for value-added products have not moderated as sharply as we are seeing for plain vanilla products? Absolutely. If you look at our product profile, you know, we, we manufacture some of the products for which, we are the only manufacturers in India, we have a part, you know, import substitution. So there, because of the strong demand, we have not seen as much as moderation as we have seen in the commodity grade, products. So therefore, and we have also, you also have to appreciate the fact that, you know, our HSM is ramping up, so our sales of semi is kind of, you know, going down on a Q- on- Q basis. So that is also helping us improve our overall NSR. Got it. That's helpful. If I can squeeze in, just want to understand separately, your subsidiaries numbers have been quite volatile, so how should we read what's happening over there? Is there any update on what's happening in Australia, or how should we model these numbers going forward? I think, Rahul, we can connect offline on, on the subsidiaries, because that is not something which we are really very focused on from a story perspective of JSP. The JSP entire story is not all about the growth at Vizag steel plant, and that's really what we want to focus. But if, if you still would want to, want to have some clarity, we can connect offline. Sure. Thank you so much. Operator, we have space for just last question, please. Yes, sir. Thank you so much, ladies and gentlemen. This will be the last question from Mr. Nirbhay Mahawar, N Square Capital. Please go ahead, sir. Yeah, thanks for the opportunity, sir. I wanted to have your medium-term outlook for steel market. How do you see as India's turned from net exporter to a net importer now, and we have got significant capacity addition in the domestic front. So I'm not looking for any guidance, but how do you see this environment over the next one-two years? I think one of the most promising aspect that has happened is the budget presentation, where big infrastructure boost has been announced with INR 1,100,000 crore, more than that, almost 3.4% of the GDP. And I think that's one of the... I mean, it's just a very global outlook that we are trying to give you. And given the flexibility that we have in our product profile and the infrastructure-oriented products that we have in our basket, along with value-added grades, I think we are slated for good growth. Even though the last year performance shows net imports, I think, you know, overall, initiatives on various grade developments and capability establishment is also coming in sync with replacing those substitution levels. So I think, we are in for a good growth for the overall Indian steel industry. So, would it be fair to assume that domestic demand only will be the driver, and we would be probably largely moving away from the export market as an industry? I mean, this is my personal opinion altogether, and since you are asking the question, I would rather say yes, India is on a very high growth ramp up with almost close to 8% GDP. So I think that it's fair to say that almost the entire steel industry in India will be focused on domestic growth rather than export orientation. But having said that, there are opportunities in export that no one will get rid of. So we remain focused on the flexibility of our business execution. Thank you, sir, and all that. Thank you so much. Ladies and gentlemen, I now hand the conference over to the management for closing comments. Okay, so this is Sabyasachi. Good evening once again to everybody, all the participants. Thank you for your interest in our business profile and our performance. We sincerely appreciate all the questions that you have tabled in front of us. Unfortunately, we are not in a position to provide any future guidance, but we remain very much focused on improving the performance. One of our core values is better than before. So, you know, for us, we consider opportunities as limitless and setting goals, we do not limit ourselves, but we always have a business plan that we work ourselves to. Having said that, again, we are extremely, extremely focused on agility, versatility, and adaptability. So those are one of our major trust areas in terms of execution of the business. We will again be always at your doorstep for any further clarification. Vishal has already given you a very good invite. Please take a time out to plan a visit to Angul, and you'll be able to see on the ground activities, which will give you a much better perspective of the progress. Thank you once again, and we look forward to another quarter better than before. Thank you very much. Thank you so much, sir. On behalf of IIFL Securities Limited, that concludes this conference. Thank you for joining us, and you can now disconnect your lines. Thank you. Thank you. Thank you. Thank you, sir.