Ladies and gentlemen, good day, and welcome to JSW Infrastructure Q3 FY 2024 earnings call, hosted by ICICI Securities. 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Kumar from ICICI Securities Limited. Thank you, and over to you, sir. Yeah. Thank you, Tushar. Good afternoon. On behalf of ICICI Securities, we welcome you all to the Q3 FY 2024 earnings call of JSW Infra. To discuss the result today, we have with us Mr. Arun Maheshwari, Joint Managing Director and CEO; Mr. Lalit Singhvi, Whole-time Director and CFO; and Mr. Vishesh Panjwani, Head Investor Relations. We'll start with a brief opening remarks by the management, which will be followed by Q&A. Over to you, sir. Thank you, Mohit. Good evening, everyone, and thank you all for joining our earnings call for the quarter and nine-month ended December 31, 2023. To start with, India's economic growth remains strong, led by the momentum in the manufacturing and continued investments in the infrastructure, as the tax collections are supporting a robust increase in capital outlay. As per the latest interim budget, the infrastructure capital outlay for FY 25 has increased by impressive 11% to INR 1,111,000 crore, which will continue to spur a huge multiplier impact on the economic growth momentum. Further, the government is taking major steps to make the logistics sector much more efficient and effective. The growing need of strategic modern logistic assets to bring down the overall cost has been the flavor of the past few years of the country's budget as well. On the global front, a lot is being spoken about the ongoing Red Sea conflict. The extended disruptions in the Red Sea trade route post- pose a risk to the stability of the supply chain. However, we are immune to these developments because our cargo mainly comes from the bulk terminals originating out of Australia, Canada, USA and Russia. Before discussing our operational and financial performance, I'm delighted to announce that in addition to our other, Our flagship port, Jaigarh, has been awarded a five-star rating by the British Safety Council. This recognition is a clear indication of our commitment to maintain the highest safety standards in all our operations. We are proud of this, achievement. For the nine-month period, April 2023 to December 2023, the total cargo handled stood at 77.2 million tons. This is impressive 11.17% growth year-on-year. Our third-party cargo grew by 37% year-on-year to 28.8 million tons, and the share of third-party increased to 37% in the overall cargo mix, from 32% a year ago for the same similar reference period. This is in line with our strategy to grow third-party business to 40% in the near term. Total revenue for the nine months ended December 2023 stood at INR 2,832 crore, reflecting the growth similar to our volume to 18% year-on-year. While EBITDA for the period stood at INR 1,549 crore, which is 22% growth year-on-year basis. I'm happy to state that JSW Infrastructure emerged as the winning bidder for the development of an all-weather deep-water greenfield port at Keni, in the state of Karnataka, on public-private partnership basis. The Karnataka Maritime Board, Government of Karnataka, has issued a letter of award to JSW Infrastructure. Further to which the concession agreement has been signed with Karnataka Maritime Board. The estimated cost of the project is INR 4,119 crore, with the initial capacity of 13 million tonnes per annum. With a strong balance sheet in the sector, we are well positioned to pursue organic and inorganic growth opportunities. During the quarter, we acquired majority shareholding of PNP Maritime Services, PNP Port, an operating port company located in Raigad district of Maharashtra on the Amba River, which is about 20 nautical miles from Mumbai anchorage. The port has a current capacity of 5 million tonnes per annum, and the potential to expand to 19 million tonnes per annum. Purchase consideration was INR 270 crore for 50% +1 share of paid-up capital of the PNP Port. We have also successfully completed the previously announced acquisition of a liquid storage terminal of 465,000 cubic meters, capacity of 5 million tons per annum at the port of Fujairah in United Arab Emirates. With the ongoing capacity increases in acquisition, the total cargo handling capacity now stands at 170 million tons per annum, from 158.4 million tons per annum stated earlier. As such, JSW Infrastructure Limited is uniquely positioned to capitalize on India's growth opportunity with a strong balance sheet and ambitious growth targets. With this, let me hand over to Mr. Lalit Singhvi to take over the financials and other details for the time period. Thank you. Thank you, Arun, and good evening, everyone. Moving on to our quarterly financial results. In Q3 FY 2024, the company handled cargo volumes of 28.1 million tons, as compared to 24 million tons in the quarter ended December 2022. This 17% cargo growth is mainly driven by- ... Paradip Iron Ore Terminal reflecting 91% Y-o-Y growth. Paradip Coal Terminal delivered a cargo growth of 30% in the current quarter. Similarly, cargo at Mangalore Coal grew by 49% year on year. Also, the Mangalore Container Terminal volumes grew by 33%. The increase at Paradip and Mangalore locations have significantly contributed to an increase in third party cargo of 47% in the current quarter on an overall basis. The third party cargo has increased to 10.9 million tons from 7.4 million tons. The growth in cargo volume resulted in an increase in operational revenue for the quarter from INR 798 crore to INR 940 crore, year-on-year growth of 18%. Other income for the current quarter is INR 78 crores against INR 44 crores in December 2022, mainly driven by an increase in income from fixed deposits and gain on mutual funds. EBITDA for the quarter ended December 2023 was at INR 558 crores, up from INR 421 crores in the quarter ended December 2022, an increase of 33%. Strong EBITDA growth was mainly on the increased revenue, operating leverage on account of higher capacity utilization of 68% versus 60% last year, and cost control. All these drivers contributed to EBITDA margin of 64.8% in the current quarter, as compared to 49.9% in the same period last year. Depreciation was INR 108 crores, and finance cost was INR 67 crores in the current quarter, as compared to INR 102 crores and INR 72 crores, respectively, in the quarter ended December 2022. As for the current quarter is at INR 254 crore, as against INR 116 crore for the quarter ended December 2023, representing an increase of 118% on year-on-year basis. Increase in PAT is a reflection of increased total income, efficient operations resulting in lower operating expenses and lower finance costs. As of December 2023, our net debt is INR 639 crore. Also, I will take a moment to reiterate the usage of IPO proceeds. So out of total funds of INR 2,800 crore, approximately INR 880 crore was meant for debt repayment, which has been completed in the current quarter. Also, funds available towards general corporate purpose of INR 666 crore has been fully utilized in the acquisition of PNP and Marine Oil Terminal at Fujairah. Balance of INR 1,188 crores is for CapEx, mainly for the 2 MTPA LPG project at Jaigarh Port and expansion of Mangalore Container Terminal. Both are progressing well and are expected to be completed by January 2026 and February 2025, respectively, as emphasized in the prospectus. We have received additional EC approval for additional 1.6 million tons at Ennore Coal Terminal, which means total capacity now stands at 9.6 million tons from 8 million tons. As highlighted earlier by Arun, during the quarter, we have completed acquisition of liquid storage terminal at Fujairah and acquired a majority stake in PNP Port. The revenue and EBITDA of both these assets have been accounted. Given the closure of both acquisitions happened towards the end of December 2023, a meaningful contribution will be seen from quarter four and beyond. With this, I request the operator to open the line for questions. 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 touchtone 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'll wait for a moment while the question queue assembles. Thank you very much. The first question is from the line of Priyankar Biswas from BNP Paribas. Please go ahead. Hi, thanks for the opportunity, gentlemen. My first question is regarding, I would want some more details, like, how do you intend to expand your third-party volumes, let's say, in the region around Jaigarh and Dharamtar? Because what I understand, the strategic rationale for acquiring PNP is actually to increase third-party volumes. So are we planning something, like moving, like, moving into an integrated logistics or that sort of a thing to capture more third party? So that's the first question. Okay. Thank you, Mr. Biswas, for asking this question. Of course, definitely there is a rationale behind acquiring PNP, to increase the third-party volumes. If you see the hinterland of Jaigarh Port, and Jaigarh Port, along with PNP, makes a very, decent combination to increase the volume to, new heights. Now, if I have to look at Jaigarh Port, which was, largely getting limited by virtue of railway connectivity being little far off, PNP Port has a railway connection right at the port. So this gives a very, very good, you know, synergy impact for increasing the volume. And this is just about 120 nautical miles away from Jaigarh Port. And there's a robust infrastructure already, well, being utilized for this channel on the marine side. So we intend to utilize that and, enhance the utilization of PNP Port, as well as Jaigarh Port, by increasing the volume and making a, hub-and-spoke model, which has been our strength right from day one. On top of it, if I have to look at it, the railway connectivity which is there at the Jaigarh-PNP Port- ... And, the government trust on RSR, the rail-sea-rail route of movement of cargo, definitely gives an impetus for us, to do more and more, explore more and more such opportunities, which, already we have been doing some cargo through PNP Port, through RSR route. Now, with this in our port, we will definitely make an attempt to utilize it to maximize. Though the capacity stated is 5 million for PNP Port, but the clearances are available for 19 million ton. And definitely, once we have the business case, we will go ahead with up to 19 million ton, we can handle the cargo there. And Jaigarh Port has a capacity available for the CapExes are done. So without doing much of CapEx at Jaigarh Port, we can handle more cargo there. PNP has the EC available, so we can utilize those assets. So, in this part of the world, if you have to look at it in parts of India, there are hardly any deep sea port, and with this combination of hub-and-spoke model, there are no other ports available. So this will definitely be a great idea to, to start this business over here now. Since this is going to be the third-party cargo- Yeah. Would it be fair to say that this would be more like a liquids or a container-oriented port? Like, what is your thoughts on that? It would be a combination of everything. We are not limiting ourselves only to one particular commodity or product. So definitely that is in our horizon to make it ICD CFS kind of structure, because there's a sea available, there's a rail available, there's a road available, and it's very close to JNPT and Mumbai Port. So definitely it makes sense for us to make it as an ICD CFS kind of model as well, in addition to the hub-and-spoke model what I spoke earlier. And also, liquid terminals are in great demand in and around Mumbai, so probably this could be an opportunity for us to develop that as well. So we are, we have been working on multiple product now, as of now, since it has come to our fold just about a month back. We have been working variety of models, which we had worked prior to takeover. Now we'll fast-pace it, and we'll come back to the, to you all, giving the details what all we are doing in this area. And then if I just can squeeze just one question more. So regarding the coastal coal movements- Yeah. So we have been doing quite good volumes at Paradip Port of late. Yes. So what we understand that even competitor Dhamra is also reporting some good growth in volumes. So, can you please explain that, what sort of coastal coal volume trajectory we should be looking at specifically for Paradip, let's say, over the next 2-3 years? That's my last question. Yeah, good that you asked us this question. As I said earlier in our earlier calls, last quarter and before that in other investors' meet, coal, there has been no major coal thermal power plant came into India in the last couple of years, which needs a coastal cargo movement. Still, the coastal cargo volumes are growing up tremendously because there has been a shortage of coal movement. Indian coal is preferred because it's cheap, and, of course, even Indian government's target is that to reduce import of coal. As they have been promoting coastal coal movement, coastal movement has been encouraged, and RSR is part of that route. This terminal which we have started in Paradip Port, which is the single largest coal export terminal, one of the most modern, 30 million ton. This is the third year of operation, and we are running almost 60%-70% of the capacity, 60% of the capacity as of now. Which is, which is a testimonial that, you know, there was so much of, facility shortage within India or infrastructure shortage within India. You, this, this come as a, this has come as a boon to many of the users. Dhamra, Paradip, themselves are, Paradip Port government is running that port. Our terminal is there, Gopalpur is there. So there are several other ports in and around. But Paradip being one of the closest to the MCL, Talcher mines, definitely become the first choice of, preference for the customers. However, I, I see that, you know, this cargo growing up, looking at the demand which is there of power within India, there is no regular substitute of thermal. As of now, of course, there's a lot of thrust on renewables and all, but if, if I have to look at RTC power and the peak power demand, coal, thermal still remains a preference, and the power plants which were not running fully are started running now. So the national demand is there, without much of investment in the power plants as of now. So should we be looking at a capacity by when should we be looking at a capacity utilization, say, 80%-90% for this asset? It is difficult for me to give a number onto that, but then looking at the trajectory, the way it has been increasing and the way the demand is likely to go up, and the government is pushing for RSR, we, in the first year we operated at 40%, second year we operating at 60%. I think in another 2-3 years' time, we should be somewhere around 70%-80%, for sure. Thank you so much, sir. Yeah. Thank you. Thank you. The next question is from the line of Achal Lohade from JM Financial. Please go ahead. Yeah, good afternoon, everyone. Sir, I just wanted to check on the acquisitions for, you know, the two, three bits we, what we were talking about in the last quarter. Is there any update onto that? And, if there is any increase in terms of the pipeline, if you could help us understand the current status as well. I think we had given for PNP, and we had given for... You are talking about the privatization of the three big bodies- Oh, okay... Yes, sir. Yes. Okay, okay. So now we are still awaiting, as we are also as eager as what you are. We are still awaiting because, it's a, it's a procedure, at the government. So it has taken little longer time, it is almost 7-8 months now. There are a lot of clearances required within the system at the government end, which they have to clear. So the bids, all the bidders are still waiting for the outcome of those, of those bids. And, hopefully, what we understand unofficially, that probably within a month or so, 1 or 2 bids should be out and open, and we would know the results about it. But as of now, we are, we are also waiting as what you are. Understood. And, if there is any further new, you know, pipeline being created with respect to the privatization, any new opportunities which are- There are couple further opportunities which we continue to assess. But as of now, nothing much, nothing we have bidded so far, but then we keep exploring that. So we are into assessment stages today. Understood. And one more question pertaining to, again, the greenfield with respect to the eastern integrated facility at Jatadhar. Yeah. Any update on the same, sir? So all the approvals, EC, everything has been done now. Day before yesterday also, we got the final clearances. Hopefully, in all fairness, what we understand that, concession agreement should be signed within next 4 weeks or so. So in all fairness, we, we see it happening within this financial year, everything on the, on the, on the document side. Thereafter, we'll start on the project. Understood. Just to recap, so basically, the concession agreement will be novated to us immediately after this- Yeah. - initial signing, right? Yeah. And then we'll start the That's right. - work on the project. That's right. Great, sir. I'll come back for the follow-up. Thank you so much. Sure. Thank you. Thank you. And the next question is from the line of Noel from Union Asset Management. Please go ahead. Hello, can I be heard? Yeah, yeah, we can hear you. Yes. Yeah, thank you for the opportunity. So just wanted to get a sense of, is the company looking at inorganic opportunities for growth that, kind of fall within the same logistics space, but not necessarily within this, space of, say, ports or terminals for that matter? I just wanted to get some idea. And if the company were to go in that direction, what would be the criteria under which you would go in that direction? Yeah, that is all from my side. So anything which is value accretive to port businesses or otherwise, you know, not necessarily only port businesses, but then which is largely to do with the infrastructure of the growing economy, largely to do with the logistics sector or efficiencies, or whether it is railways or pipelines or roads or CFS, ICDs, anything. But it has to be value accretive, it should be scalable, and it should be independent. So these are the few of the criteria which we have a tick marks. If that is going on, and if our IRRs are decent enough, and it is adding to value to our existing supply chain businesses, then it is definitely a go for us. Oh, yes. Thank you. That is awesome. Sure. Thank you. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Paras Jain from HSBC. Please go ahead, sir. Okay, thank you, and hi, gents. Congratulations on a great set of results. It's on two questions. Maybe first, maintenance question. The sequential yield deterioration, at least on the back of the envelope calculation, is it more to do with the mix change, or there are some discounts which occur in one quarter versus the other? And my second question is, can you give us a timeline of your CapEx outlay for the Keni project? How the INR 4,000 crore will be spread over the next several quarters and year. And with that regard, what sort of capital structure will you be comfortable going forward, given how strong your balance sheet is at the moment? Thank you. So, on the second part, I'll answer first. On the capital outlay side, we'll, you know, keep on maintaining our guidelines. Whatever we have, maintain internal guidelines of the debt equity ratio or the other key ratios. Because the balance sheet is strong enough, robust enough to take any of the CapExes for now. But we would not like to deviate from our overall guidance internally on the ratios. So that is one very key area for us. There's enough good enough opportunities available for us to do that. Now, coming to your first question, which I would request Mr. Lalit Singhvi to respond, because the question itself was not very clear for us. So if you can just- Yeah. Repeat that question. Yeah, we would like you to repeat that. You said sequentially we are somewhere down. So I would like to, you know, know from which number you are referring to. I was looking at your quarter-on-quarter revenue and the quarter-on-quarter volume. On a blended basis, it shows a bit of yield erosion. It could be- Quarter-over-quarter, revenue, Q3 over Q2, our growth is 19% in terms of cargo, and in terms of total revenue, it is 14% growth. ... and, EBITDA is 12% growth. So, with- So the revenue growing slower than volume implies a yield dilution, right? What is driving that? Is it a mix? Is it seasonality that- It's a mix. It's purely mix. A mix. Yeah, yeah, yeah. Because at certain terminals, your revenue per ton is much lower and, you know, in the second quarter, you know, the revenue of Jaigarh and Dharamtar were higher. There we have higher revenues, and this time is, you know, our Mangalore and other terminals were there. So it's like that. Yeah, yeah, yeah. On my first question, if I again check with Arun. Arun, I was not worried about probably you crossing your debt limit. On the other side, you just have a too strong balance sheet, and in an absence of any big ticket opportunities around the corner, would you pay this back to the shareholder in some shape or form? No, no, not really sure. See, there are enough opportunities available. As I, as we said earlier, you know, Keni is about INR 4,000 crore project. If we have to come up with Jatadhar in time, that is another close to about INR 3,000 crore that we have to assess and get the board approval. But, INR 7,000 crore over there, then, these three terminals, what we have bidded for. We don't know how much we'll get. If we get all the three, then there's a capital outlay for that as well. Then, we keep continuing to increase our Jaigarh and Dharamtar, you know, capacities. That would be another. And we have to keep certain cash for any, you know, low-hanging acquisition- Yeah. -opportunity coming in our way. So I think, we would be more interested in redeploying the funds into the growth of the company. That would be making, much more robust sense for, for all the stakeholders. So, no dividend per se, at least no dividend guidance? No, nothing as of... No, nothing, no, nothing has been approved by the board as of yet. Yeah. And just one last thing. On INR 4,100 crore of CapEx, do we know, like, in timeline, is it, will it be spent over FY 2025, 2026? Well, once we have applied for the approvals of EC and MOEF and other stuff. Once you get that, then in 3 years, 3-4 years' time, it will get deployed. Okay. Lovely. Thank you so much, and have a wonderful rest of the day. Sure. Thank you. Thank you. Thank you. The next question is from the line of Aditya from Kotak Securities. Please go ahead, sir. Hi, good afternoon, team, and thank you for the opportunity, and congratulations for a very strong set of results. I'll just move on with my questions. The first one relates to the uptick in volumes seen in Paradip from an iron ore perspective. I wanted to double-check whether these volumes are coming in from an uptick in coastal shipping, or are these exports to outside countries that is leading to the uptick? No, these volumes are largely for exports. See, basically, coastal volume is being done by JSW as well as few other players within India. AMNS, JSW, and few players in Kandla and Karnataka. Otherwise, everything is exports. So in our case, it is largely exports. 80% of the volumes are exports. Understood. Now, the related question over here was that, I think if I see your presentation correctly, you've already crossed 9 million tons in the 9 months at this port, whereas the capacity, which is about 10. So is there potential to do beyond 10 in a single year? How should we think about it on a full year basis and growth from there on? A very relevant question. See, in Paradip, there's a global environmental approval at the Paradip port level, and this terminal capacity is about 18 million ton as a design. So the concession agreement is about 10 million ton. But, you know, even if we do more, then there is, there are, you know, the global capacities available in terms of environmental approval. So far as the revenue sharing is there, there is, we don't see any challenges coming in. So definitely we see a case in this year, at least, that it would be crossing 10 million ton. So is it fair to assume that since you have the fiscal in from April, so you can reach 18 million tons next few years over here, can double up from where you are today? Well, 18 million is the capacity, so probably in the port generally it's about 70, 75, 80% type of utilization of the capacities. So we can assume that 14-15 million ton could be a possibility if the market remains as strong as what it is today. Understood. The second question that I had was just to get a better sense about full Q4 of last year, which, well, if the run rates or yields kind of spike up in terms of revenues on a Q-on-Q basis. Is there some seasonality associated with Q4, which plays every year out, or was last year's Q4 something specific? Q4 is generally the strongest quarter for us, but then, Lalit, if you can add some more to it clearly. Yeah. So, every time, as you can see, that Q4 is always higher than Q3, and, H2 is always higher than H1. So Q4 you will expect, you know, that, you know, it will be higher, largely because the take-or-pay triggers in the, fourth quarter. So by end of the year only, they are paid. So certain take-or-pay agreement, we are sure to get the revenue billed in, you know, fourth quarter. So that will definitely, you know, Q4 will definitely be better. Understood. Just the last question from my side. Of the two assets that you acquired, you said that the full quarter contribution happens in the fourth quarter. Yeah. Can you quantify a number over here for the whole year better for fourth quarter? Number it's, you know, difficult to say, but you, you can see that, the PNP and these assets were just acquired like twenty-sixth December or maybe twentieth December. The full quarter number, you know, EBITDA, we perceive it should be in excess of INR 50 crore. So, that would get billed in the fourth quarter. Just finally, you see, while third party volumes have done fantastically well for us, congratulations for that. The group volumes have kind of broadly been flat on a Q-o-Q, on a Y-o-Y basis, in the third quarter. Anything to read into that, or is it just a quarterly issue and it gets sorted out incrementally? No, regarding the group volume, you know, it depends on, you know, what are the capacity adding near to our ports. So it comes into a spur, like, if JSW Steel or JSW Cement, others are getting into capacity expansions which are closer to our ports, definitely you see a spur in the volume. And which we see happening because all these companies are growing at a very, very breakneck speed. So those volumes will keep triggering in. If you remember our earlier calls when we were speaking about it, it's we don't look at the quarter-over-quarter, what is the share of third-party or captive. We look on a longer horizon. We probably will reach 40% within next quarter. It could be possibility of the third-party. But if I have to look at the longer horizon for 3, 5, 7 years, then it would remain 60/40 ratio. 60 in terms of captive and 40 in terms of third party. Our endeavor would be to make it 50/50, which we are striving for. But then largely on a longer horizon, as of now, it looks like 60/40. At times when the new capacity comes up for the captive cargo, those will jump up, and thereafter again, the third party will start growing up, taking the share and all. Maybe I'll just reiterate my question. What I was asking was that if I just consider the group's revenues, or group volumes that are coming to JSW Infra, do you see in them any kind of reactors, the way it has been seen in the third quarter? Or do you see levers and drivers to ensure that the growth continues in that part of the portfolio, independent of whatever happens in third party? See, this, group volumes will remain almost similar. Okay? Because, you know, once the steel, capacity is increased, then, they get increased, otherwise the level almost remains same. Third party definitely is, growing. You can see that Q3 also it has grown, and Q4 also will continue to grow. So, once their capacity increases, cement... Steel is working on various capacity expansion plan, then only it gets, you know, added. Otherwise, it remains almost, in a similar fashion. Oh, got that clarified, sir. Thanks a lot and all the very best. Thank you. Thank you. Thanks. Thank you. We would like to remind participants that you may press star and one to ask questions. The next question is from the line of Nikhil Abhyankar from ICICI Securities. Please go ahead, sir. Thank you, sir. Thanks for the opportunity, and congrats on a good set of numbers. So my first question is basically for clarification. You mentioned that there's a railway line at the PNP Port that you have recently acquired. So how exactly will it help our Jaigarh volumes? So, basically, you know, we have the bulk cargo. Suppose if there's an RSR route, through the, for coal movement, which is directed by the government to move along, we have a terminal in Paradip which handles coals and which has a good capacity available. And the coal mines are very, this is one of the closest terminal for the coal mines. So if any cargo is required, within Maharashtra or within central part of India or within, North Karnataka, and, if it has to be routed through rail, then definitely, Jaigarh being, not having rail, connectivity as of now, they can bring the cargo over there. From there it is transshipped to the smaller ships coming into PNP, and thereafter it is transported through rail to these locations. Which is happening in one of the cases as of now, but it can be scaled up, with this, with this support within our fold now. Similarly, we can, we can also explore other products which otherwise were not happening through Jaigarh Port. Now, with PNP, with the railway connectivity, which we can, do now. Okay, understood. And so, the next question is regarding Keni. So what exactly is, how much do we have to pay as revenue share to the government? And the second, what is usually the debt-to-equity ratio for these CapExes? So there's a scale of rate of wharfage of Keni, which is close to about INR 17. Yeah, close to about INR 17 per ton revenue share, and this is a 30-year contract, a 30-year lease period with a auto extension of another 30 years. But then, this will be triggered once we start the operations. Okay. Okay, understood. And so, regarding the three bids that we have put in, I understand you have got a lot of cash right now on our books, but as if we win all the three, how do we expect to fund it? No, no. See, depending on which of the biddings we win, and the model would be largely 30/70, 30 equity and 70 debt. So as we win, we will decide, you know, what is the scheduling, what is the, you know, financing model we have to keep. Okay, sir. Understood. That's all from my side. Thank you, sir. Thank you. Thank you. As there are no further questions, I would now like to hand the conference over to the management for closing comments. Thank you, everyone. Thank you for having a good interactive session, and looking forward to more such interaction, and all the best. Thank you. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.