Ladies and gentlemen, good day and welcome to Q1 FY 2025 earnings conference call of Nuvoco Vistas Corporation Limited. We must remind you that the discussion on today's call may contain certain forward-looking statements and must be therefore viewed in conjunction with the risks that the company faces. The company assumes no responsibility to publicly amend, modify, or revise any forward-looking statement on the basis of any subsequent development, information, or events or otherwise. 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 Ms. Madhumita Basu, Chief Investor Relations. Thank you, and over to you, Ms. Basu. Thank you, Michelle. Good afternoon, everyone, and thank you for joining our first quarter of fiscal 2025 earnings conference call. To begin with, let me briefly address the broader macroeconomic environment, after which I will provide an overview of our performance for the quarter. The Indian economic signals a stable outlook as indicated by several economic indicators. Manufacturing is gaining pace, with the PMI having exceeded its long-run average in June on the back of new orders. The timely arrival of monsoon is promising for agriculture and the rural economy. The IMD forecast above normal southwest monsoon rainfall. The improvements in the outlook for agriculture augurs well for further revival in rural spending that is already outpacing urban segments. Now, let's turn our attention to our performance for the quarter. Firstly, let me spend some time on prices, a much-discussed topic. Over the past year, the industry has experienced a downward trajectory in prices, which is not a positive sign. Q1 FY 2025 too was particularly challenging in terms of pricing. However, the company weathered the headwinds by effectively managing revenue per ton, driven primarily by our continuous focus on value optimization, trade share, premiumization, and geo-optimization. In our ongoing commitment to premiumization, premium products have maintained a critical role within our portfolio. During the quarter under consideration, premiumization recorded a high of 40% of trade volumes, registering an increase from 37% in the previous period. Given the headwinds, the company remains focused on cost optimization. At this juncture, let me also brief you on quarter performance related to key cement cost elements. Power and fuel costs reduced 1% quarter-on-quarter. The company has reached the lowest blended fuel cost in the last 11 quarters at INR 1.57 per Mcal. It gives me great pleasure to state that Nuvoco's power and fuel cost continues to be amongst the lowest in the industry. On the raw material side, Nuvoco continues to be better placed due to its long-term slag supply agreement. Distribution costs per ton declined by 4% quarter-on-quarter due to improvement in lead distance and no road movement of clinker in the East. On cost efficiency, we are happy to report that Project Bridge 2.0 is on track. Railway siding projects in Sonadih and Odisha are at an advanced stage of completion, which will further add to efficiency. Project at Sonadih is expected to be completed by Q2 FY 2025 and Odisha by Q3 FY 2025. I would like to reiterate that despite the volatile demand environment over the past one and a half years, we kept a strict control on our cost lines. Coming to volume. The company navigated a quarter characterized by soft demand, mainly due to elections and weather-related factors. We delivered a volume of 4.8 million tonnes. Some part of volume moderation was on account of our internal programs with respect to up-gradation of SAP across the organization. This was in line with our digital transformation journey. I shall touch upon this in more detail later in my speech. In Q1 FY 2025, the company recorded revenue and EBITDA of INR 2,636 crores and INR 348 crores respectively. As stated earlier, our blended revenue per ton dropped marginally quarter-on-quarter, even amidst weakness in all India cement prices. Our results should be viewed in light of the fact that effective first April 2024, as a conservative accounting practice, we have decided to book the incentive income on realization basis. Accordingly, revenue and EBITDA for the quarter does not include any incentive income. On the marketing front, to enhance brand equity, we launched an innovative campaign for Duraguard Micro Fiber Cement, the only patented product with unique micro fiber technology. The company introduced Concreto Uno, a premium cement variant in West Bengal, catering to the growing demand for high-quality construction materials in the region. During the quarter, we successfully completed the SAP up-gradation across organizations to facilitate the company's digital transformation journey. The up-gradation project was undertaken with the objective of bringing entities under unified infrastructure and streamlining the processes across the organization. Moving on to cement demand. In Q1 FY 2025, industry faced challenges due to factors associated with the general election, such as the scarcity of labor and additional restrictions related to the Model Code of Conduct. Furthermore, demand was impacted by extreme heat wave conditions across some regions and the early onset of monsoon in the east. Looking ahead, the near-term demand outlook remains uncertain. We believe recovery in demand hinges upon spending on infrastructure and housing. Key drivers to watch out for include acceleration of infrastructure spending. As we all know, the government has budgeted INR 11 lakh crores for infrastructure CapEx under the Union Budget in FY 2025, and the pace of these infrastructure-led spendings on the ground will be crucial. Pick up in housing spends. The government has increased the budget allocation for PMAY by 57% in FY 2025, and traction in housing as a result will be a significant driver. Regarding industry prices, we believe that cement prices will remain under pressure and the near-term outlook appears challenging. However, we are optimistic that players like us who have demonstrated the ability to optimize value in a challenging environment will benefit the most when the demand and pricing cycle picks up. With regard to ready-mix concrete and MBM businesses, both are continuing to perform well. In ready-mix concrete business, we are currently operating 56 plants across India. During the quarter, we launched two innovative products. First, Concreto Uno - Hydrophobic Concrete, which is India's first ever hydrophobic concrete that repels water, setting a new benchmark in construction technology. Secondly, EcoDeo thermal insulated concrete, which is an eco-friendly product designed to keep spaces cooler, offering a sustainable solution for temperature management. These advancements highlight our commitment to innovation and our ability to adapt to market demands. On sustainability, the company's commitment to sustainability, a crucial element in today's business landscape, is highlighted by the fact that we are among the lowest carbon emission companies in the industry. To confirm, our audited figure for FY 2024 stands at 457kg CO2 per ton of cementitious material. We believe that our sustainable practices will continue to add value for our stakeholders, including the communities we serve. With this, I conclude my opening remarks. I am joined here by Mr. Jayakumar Krishnaswamy, Managing Director, Nuvoco Vistas, and Mr. Maneesh Agrawal, Chief Financial Officer of the company. We are here together to answer your questions. Thank you. Over to you, Michelle. Thank you very much, ma'am. We will now begin the question and answer session. Anyone who wishes to ask questions may press star and one on their touchtone phone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. In order to ensure that the management will be able to address questions from all the participants in the conference, kindly limit your questions to two per participant. Should you have a follow-up question, please rejoin the queue. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Jashandeep Singh Chadha from Nomura. Please go ahead. Hello. Yeah, hi. Thank you for the opportunity. Before I ask my question, can I have two bookkeeping numbers? Firstly, what is the RMC revenue and also what was the net debt for this quarter, first quarter? You are asking about RMX revenue? Yes, sir. The net debt for one quarter. Report quarterly numbers for RMX. We can say our Q1 FY 2025 volumes is to the tune of 580,000 cubic meters. Regards to your second question in terms of our net debt as at June 30th was INR 4,358 crore. INR 4,358 crore. Sir, I was asking the revenue number for RMX. We're not doing segmental reporting. Okay. For revenue. Understood, sir. Coming to my first question, just want you to understand what's the plan for CapEx. I understand last time also we had a discussion when you said around INR 3,500 crore, INR 3,000 crore-INR 3,500 crore is the mark you would like to touch before going on expansion. Any update on that? Which region will be up in the pecking order? Just wanted to get your view on that. Just give me a second. Mentioning that the plan for Nuvoco is to kick-start new investment moment we hit a range of INR 3,500 crore, and this quarter we are at INR 4,358. It's in line with our plans. If you look at our June ending net debt for the last four years, it's been June 2021 it was INR 6,885, June 2022, INR 5,347, June 2023, INR 4,506, and June 2024, INR 4,358. Always the June end numbers are slightly higher than the March end numbers. We are on course by the end of the year to be better than our March end numbers which we reported around INR 4,030 crore end of March. By the time we hit FY 2025 March 31, we should be well and truly in line to better these numbers. We are on course to our debt reduction program. As regards what is our plan for the expansion, happy to report to you that by the end, we would just want the stability in the industry as well as the stability in the overall performance. As I mentioned in my previous call, by the end of this fiscal year, we should be ready to start our expansion plan. Sir, by end of this FY 2025, right? End of this fiscal. Okay. Thank you for that, sir. My second question is regarding East industry. For the last couple of quarters, we've been seeing that Nuvoco has been underperforming its East peers and also as an industry as a whole. Is Nuvoco losing market share in the East? What are your thoughts about demand recovery in that region? I will just give you a qualitative response to it because industry doesn't report data region-wise. We are a majority East player, so we know what's happening in the region when compared to our peers. We are more or less equal to all our peers in the Eastern region. Certainly, East is extremely competitive as we speak, but more than the competitive nature, it is all about pricing which is happening in East, which is not improving as Smita explained in her opening speech. Since the price is not improving quarter-on-quarter or YOY, one of the important things which we have been deploying in our company is the value over volume strategy. So that our realization has to be in line with our objectives since our main objective is to pare the debt and keep the company ready for expansion going forward. The single biggest agenda for the company is to get the operational numbers on bottom line right to ensure that we are fit to grow going forward. That's the strategy company has been practicing three quarters now, and even in this quarter, we practice the same strategy. How I would like to answer your question is looking at the comparison all India numbers of every company in terms of revenue per ton vis-a-vis our revenue per ton changes from Q1 last year to Q1 this year and Q4 last year to Q1 this year. I am very pleased to report that in terms of the realization per ton, mind you, as Smita mentioned in our call, we don't have incentives either in the top line or in the EBITDA line anymore from 1st of April. If you account for that number, our realization per ton drop has been the lowest when compared to all peer group companies on year-over-year basis and on a quarter-over-quarter basis. Suffice to say that all the majors have dropped realization to the tune of INR 250-INR 390 on a year-over-year basis. On a quarter-over-quarter basis, all of their peer group companies have dropped to the tune of INR 100-INR 160. Nuvoco is a company where on a year-over-year basis our realization per ton has dropped by INR 90, on quarter-over-quarter basis on INR 40. This clearly gives us confidence that the value over volume strategy is indeed working for us. Your question that with this kind of approach, are we losing market share or not? In this quarter, one of the principal events that happened in the company was the SAP migration, and because of it, we had disruption of close to six days in the month of April. If I were to account for the disruption to SAP, and I'm not saying that whatever we lost could have converted to sale. Certainly, I think a large proportion of the gap would have been accommodated in sales because sales one lost doesn't come back in this industry. If I were to account for it, we would have certainly got flattish growth at an all-India level. It's not something which is worrisome for us. You will see us getting the volume numbers as we move forward. Understood, sir. Thank you so much for the detailed answer. If I can squeeze one more. Nuvoco has reached such low blended fuel cost. Is there room for further reduction in the coming quarters? Just your thoughts on that last. Yeah. Actually, if you look at our fuel cost starting from Q3 FY 2022 when mayhem hit the Indian fuel industry, we are trending at INR 2.05 and then went all the way peaked at Q3 FY 2023 at INR 2.74, and then now it's been tapering down to INR 1.57. What makes us do well on this power and fuel is, as we have mentioned before, all our factories have WHR. We have maximum percentage of blended cement. All our factories have got AFR consumption, and we have linkage tie-ups in all our main markets. At INR 1.57, there is certainly some headroom to improve further. How do we improve it further? It will happen through two levers. One is because of this little bit of a low volume scenario, all our kilns are not running to full capacity. The moment our kilns run at full capacity, our WHR generation will increase, and then the fuel cost and power cost will come down further. Secondly, all the new linkages for us are materialized now. One from the Eastern collieries in Bengal, from South Eastern collieries in Chhattisgarh, and Western collieries from Maharashtra. All the linkage coal contracts have been signed, and currently the linkage coal rates are trending anywhere between INR 1.4 to INR 1.45 per Mcal. Slightly higher than our best period of INR 1.3, but certainly better than the number which was year and a half ago at INR 1.6, INR 1.65 per Mcal. Our AFR journey is also improving. In this quarter, AFR percentage was close to about 9%, but we were 12% in Q4, and once the kilns run, certainly AFR percentage will go to 16%-17%. With improvement in AFR, increased WHR generation, maximizing linkage coal, there is good headroom to reduce this INR 1.57 per Mcal to around INR 1.50. That's the opportunity we see for ourselves, and I am pretty confident that with the efficiency factor which I'm talking, this number should be possible soon. Thank you so much, sir. I'll join back with you. Thank you, Jashandeep. Thank you. We will take the next question from the line of Aman Agrawal from Equirus Securities. Please go ahead. Yeah, thank you for the opportunity. First of all, again, on the situation in the core markets of Bihar, West Bengal, and Jharkhand. Last time you mentioned, we have started, things have been improving since March, but the end market has actually kind of degrown. Wanted to understand how is the situation right now, and on the volumes front, do we see a degrowth again in the second quarter? Okay. If we look at our markets, certainly Bengal has not shown any great ventures in Q1. I think, as Smita mentioned, the two things which will improve demand uptake in Bengal is about infrastructure spending and the individual home builders. If the INR 3 crore program of the government fructifies in the near future, more houses will be built and we are individual trade-centric player, and that's where the improvement will happen. Bihar, we have done quite okay in Q1. We have not ceded territory in Bihar. In fact, all our premium growth, concrete growth is close to about 18% in Bihar and overall premium percentage is happening in Bihar. We are not worried about Bihar. Chhattisgarh indeed we recorded in the quarter a 4% volume growth, which is also positive. Jharkhand, we again grew quite well at 3% in the quarter. The foremost concern for us was Orissa. I think it bore the brunt of attack due to the SAP down, and Orissa should be back in the coming quarter or two. Overall, instead of looking at the outlook for Q2, I will look at the outlook for the three Qs going forward. We should be able to do a catch-up in the balance three quarters. Understood, sir. Thanks for the detailed explanation. Secondly, on the capacity front, if we dissect more into the statewise, is it a case that you're facing shortages, capacity constraints in any of the regions on the eastern side? No, currently, I guess we've got close to nine and a half million tons of clinker and 19 million tons of cement capacity in East, there is sufficient headroom for Nuvoco to grow in East for at least two years from now. Till two years from now. Understood, sir. Sir, lastly, if I may, on the rake availability, we have mentioned, highlighted that as an issue in the past. Just wanted to understand how is the scenario currently. I think April was a tough month, I think this time around the challenges was cement rakes rather than the clinker rakes. As we entered May and June, rake availability indeed improved. In fact, one of the reasons for our overall better performance in the distribution cost is largely coming out of elimination of road movement of clinker. In fact, the entire quarter, we have not moved clinker by road and everything has happened by rake, and this reflects in our INR per ton distribution cost, which is a favorable sub. Rake availability has improved, and the fact that our Sonadih siding is more or less going to be commissioned will augur well for us in terms of overall rake movement of clinkers. Quarter one, not too much of issues due to rake availability, but indeed we're impacted due to the two rail accidents which happened. Rake accidents are all temporary phenomena where I think immediate availability of rakes were not available or restrictions were imposed on many lines when the accident happened. I don't think that can be a reason for the industry. In general, availability was okay in Q1. Understood, sir. Thank you for the answers. Thank you for waiting too. Thank you, Aman. Thank you. We'll take the next question from the line of Mangesh Bhadang from Centrum Broking. Please go ahead. Hi. Good afternoon, sir. Sir, couple of questions. Firstly, on the demand side. Just wanted to understand that post 1Q in the month of July, how the demand has been, compared to expectations, and given the recent announcements in the budget regarding all the projects in Bihar, when do you expect that demand to start hitting it? Okay, the right question to the number 2 guy. About the number 2 question, I cannot throw a crystal ball when the government will sign a check to the Bihar government. I can only hope that they sign the check very quickly and things kick off very fast. That regards the overall demand pickup in the month of July. It's still sluggish. Monsoon has come. Unseasonal or early monsoon has happened almost everywhere in the core markets. July started a little bit, things should happen. It's a monsoon quarter, considering the monsoon quarter, still I've got two more months to go and things should only improve. Understood. Sir, second on pricing. We've been hearing on the channel side that the prices in Kolkata and Patna are at multi-year lows and a similar situation is happening around the rest of the region. Basically, after 1Q, how that pricing has changed in the month of July? Again, the same question that, where do you see this stopping? Where will the bottom be for these prices given the competitive intensity? I've not been in the industry for a few decades, as many of other industry champions were there, captains were there, certainly, I've been long enough to observe the industry. One of the things I'm noticing in the industry is, the current pricing, not only in east, in north and rest of the regions we don't participate, in general, we operate in some parts of central, east, north, and parts of west. Pricing is not encouraging at all. Some of the price lines are pretty low when compared to historical numbers, this is not a sustainable model at all actually. At this kind of prices, overall profitability numbers of the entire sector is little bit low. Should improve. Demand should improve going forward, prices will automatically follow the demand, even though monsoon is little bit of a big player for cement industry. I think post-monsoon and into October, Puja, and then into year-end and Q4, I'm expecting improvement in prices. Okay, sir. Thanks. That's it from me. I'll come back. Thank you. The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Sir, couple of questions. First, in the last quarter, we were looking at the volume growth for ourselves in line with the industry growth of 7%-8%. Given the kind of a degrowth, now how do we look at in terms of the volume growth for FY 2025? I think if you look at the results published by all companies, the industry itself has grown close to about 1% to 2%. In light of that, our numbers, as I said before, got impacted due to SAP stuff. Certainly, in the near term, at least in the monsoon period, demand is not going to accelerate. I think post-monsoon and come October when the government proposals reach the ground and things start happening on infrastructure and housing, demand should pick up. GDP continues to be at 7%-7.2%. Technically, demand should increase going forward. If not in the coming two quarters, certainly I'm confident in Q3 and Q4 and beyond, things should improve in terms of uptick, and we should be there to ensure that we participate in the growth. Suffice to say that in Chhattisgarh, Bihar, Maharashtra, MP, we indeed are getting numbers which are much more than the previous quarters in the previous year. We are indeed growing as a company. The challenge has been Bengal and Orissa, I also mentioned, but Orissa should get sorted out in the next one, two quarters. Bengal, we'll have to see overall uptick in the industry. Bihar seems to be okay as of now, that should also improve in the coming three to four months. We're seeing a good change, Jharkhand also. Jharkhand. Sorry, I misunderstood. Jharkhand also things are okay. Jharkhand is never one of those double-digit growth markets. It's kind of a low to mid-single-digit growth market, and we continue to maintain our market share. Chhattisgarh, we have indeed grown with the kind of volume numbers which we are doing. MP, we have done a much better job in the last two quarters. There are areas we are doing pretty well. Bengal is a large market for us, that's for other people. That's where I think the challenge is there for the entire industry, because overall demand is not picking up in Bengal. Sir, to hop on in terms of the pricing, if I get the number. In July month, on an average in East and North where we operate, how much prices would have declined? It will be very difficult to comment on July because we are in the quarter. In this call, it will be difficult for me to tell what's the kind of numbers which are prevailing in the market as we speak. I can only tell in this call that not much of movement in prices. Okay. I need a couple of data points. What was the CC ratio, lead distance, OPC share, and the fuel mix for this quarter? Okay. Let me come to the fuel mix first. The blended fuel mix, INR 1.57 per Mcal, I mentioned. Out of which, coal was 42%, and in 42%, linkage coal was 23% and non-linkage coal was 18%. A very small bit, 1%, of imported coal. petcoke came at 49%, which was 3% lower than Q4, and AFR slightly reduced, which would improve. AFR Q4 was 12%, we were 9% in Q1. That's the kind of coal breakup we had in the quarter. Lead distance. Lead distance reduced from 340 to 332 in Q1 vis-a-vis Q4, and road share 60% and rail share became 40%. clinker-to-cement ratio for the quarter was 1.75. OPC was how much in Q1? Well, Shravan, we'll give you the data point. We'll give you the data point. If you can reach out to the investor relations team, we will give you the OPC data exactly. We've given you- Yeah clinker-to-cement ratio. That's the data on the table at the moment. Yeah. Lastly, on the CapEx front, how much we have done in Q1? Last time you said INR 3 crore-INR 400 crore CapEx for this year, FY 2025. If you can help me with the revised number. Probably once we start doing the expansion CapEx by end of FY 2025, how much one can look at for FY 2026 in terms of the CapEx? Certainly, I think this year, as we said in the previous call, INR 300 crore-INR 400 crore, that's the kind of ballpark number which we have. Most of it is all completing the brownfield expansion which we started last year, and the rest would be sustenance CapEx and land CapEx. In Q1, we have spent close to about INR 100 crore, which was little bit of the brownfield projects which we spent in Q1. Other than that, every quarter we'll do about INR 200 crore-INR 300 crore. When we reach Q4 is when we look at expansion. In FY 2026, the sustaining CapEx was close to about INR 200 crore will always happen to run the company. We're looking at close to about INR 700 odd crore of development CapEx or new factory CapEx coming FY 2026. CapEx could be to the tune of INR 900 crore-INR 1,000 crore next year. Okay. If possible, in terms of the bridge to how much cost saving out of INR 50 we have done, INR 50, are we on track in terms of reaching by end of FY 2025? I think during the course of this year, we will be able to deliver INR 50 per ton at an analyzed level, clearly. We are well on our course. I'll just give a little bit of outlook on the key projects on the distribution side. The first one will happen from the railway siding in Sonadih and the Jajpur railway siding to be made. The second big project would be home markets, as well as increasing SO dispatches. Those are the two big projects on the distribution side. On the manufacturing cost side, it will be increasing alternate slag in case of blast furnace slag. We also have a new sourcing model for bags. The other raw materials would be to get conditioned fly ash and get FGD gypsum in some small project. In the ready mix side, we will have alternate raw materials. The big component in this is going to be optimization of power and fuel cost. The first one will be the grid integration in Chhattisgarh. I guess we have just a week or 10 days to complete it. We will surrender the last bit of MoEF during this month, from September onwards, the full benefit will come out of the grid integration. The second one will be to increase the alternate fuel in all the kilns. Last but not the least, this year it may not fully simplify, but we will get the full benefit of the solar project in Bhiwani, Chittoor, and Jajpur. The other projects will kickstart during the course of year, but the benefits of that will not happen during the course of this year. Okay. Thank you, sir, all the best. Thank you, Shravan. Thank you. A reminder to all the participants to kindly limit their questions to two per participant. Should you have a follow-up question, please rejoin the queue. The next question is from the line of Parth Bhavsar from Investec. Please go ahead. Mr. Bhavsar, I have unmuted your line. Kindly proceed. Hello. Can you hear me? Yes, sir. Hello. Yeah. Can you hear me? Yeah. I have two questions. The first one is, when we say that we might take up a CapEx in 2026, what is the line of priority? Which project will come in first? After that, what is our ambition like? Speaking about our priority for expansion in overall cost, our initial first priority will be to expand in north/west, which will be an additional line, brownfield expansion coming in our Chittorgarh plant. That is going to be the number one priority. We have limestone reserves in Rajasthan, in Nagaur, in Dholpur. Other reserves are there, priority will be to make the second line going in Chittor. In Chittor. Okay. What would be the capacity like or have we not finalized that yet? No, various scenarios we are seeing, it should be in the tune between 2 to 2.5 million tons a year, with the split grinding unit elsewhere. Okay. Sir, when I look at your cash flows, I think throughout the year we can approximately make anywhere between INR 700-1,000 crores of cash flows. We see that if we do take out the maintenance CapEx, the CapEx of INR 300-400 crores, we'll be still left with INR 500-600 crores, and that would be used to bring down debt. Are we fixated on that you have to bring down debt below INR 3,500 crores or even INR 3,700-3,800 crores will be fine, and we'll go ahead with the CapEx? I think we've always been saying that for us in this industry, we are comfortable with debt level anywhere between INR 3,500-4,000 crores. Beyond that, we'll have to fund our growth. Hence, I think operating with a debt of INR 3,500-4,000 crores is fine, which should be 2x our EBITDA, which is quite okay. That's our intention and ambition, and it should be possible to fund this CapEx with this kind of debt levels. Okay. Those are my questions. Thank you. Thank you. Thank you. The next question is from the line of Jyoti Gupta from Nirmal Bang. Please go ahead. Good evening, ma'am. Good evening, sir. Just one question that, we've not had a great quarter one, possibly quarter two will not be great either. The entire industry is expecting quarter three is going to be good. The prices will mirror the demand. What if that doesn't happen? The other thing is the huge government investment which is likely to happen in Bihar and to some extent in North East. When do you think that is going to materialize? During which time frame are we looking or expecting that to happen? Maybe some visibility on that. I guess performance is all in the eyes of the beholder, actually. I guess the big things which we have delivered is, first of all, we have stayed our course in what we have been committing to all the investors and shareholders. The things which have worked for us in this difficult situation outside of realization drop is lowest. That's again a relative stuff. Some people have realization reduced, our realization has reduced less. For us, I think that's a positive win. We are a strong company. We're a trade-centric player. We are a company with premiumization, and those are two levers which work for us at 40% premiumization, 73% trade. Our power and fuel cost is one of the best in industry at INR 1.57. As I said little while earlier, there is some headroom to improve, which should be around INR 1.5. If I were to get into INR 1.5 per Mcal and all my WHR, I still can squeeze out about INR 50 per ton in power and fuel cost in the overall performance of the company. That's the agenda which we are pursuing. Logistics cost with all these projects of Sonadih siding and Jajpur siding, also focusing on home markets and SOs. Our distribution cost has come down Q4 to Q1, full year to Q1. That's the number which I think has worked very well for us in Q1. We have been working on deleveraging the company. For 13 quarters our debt levels are in line with what we informed all of you during our calls, I think we're very mindful of paring the debt to prepare the company for future growth. The digitization journey of the company is already happening. In the coming one, two quarters, we'll have a customer-facing app working. We'll have a vendor-facing app working. The SAP systems are unified. Those are all positive stuff. In the sustainability front, our company has delivered 457 kgs of CO2 per ton of cement. Other audited numbers are not published, but certainly this is the best ever number in the history of Nuvoco and probably in the entire cement industry. These things are indeed working for us. We'll pursue this and we will see improvement in overall volume uptake. Once outside market improves, then certainly the bottom line numbers will improve with all the cost initiatives which we have taken, and certainly the pricing returns to the industry. You asked in that regard what happens to the industry when the government investments are going to happen. I think that's the billion-dollar question. I'm not going to hazard any guess when the on-ground changes will happen. Having seen this industry and also been in India for many years now, I think any announcement in budget will take one to two quarters for firm things to change. By the time Q3, Q4 happens, I think the mood will improve and things on the ground will happen. Certainly all the big improvements the government has made will happen in fiscal 2026. Thank you so much, sir. Nice to hear you, sir. Thanks, Jyoti. Thank you. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Ms. Madhumita Basu for closing comments. Over to you, ma'am. Thank you, Vishal. In my closing remarks, I would like to summarize that as we look ahead, we remain cautious about the demand outlook and pricing dynamics in the cement industry. Despite the challenges, our strategic priorities will continue to focus on premiumization, optimizing geographic presence, enhancing fuel mix efficiency, brand strengthening, along with a strong emphasis on cost optimization. I trust we have been able to answer your queries satisfactorily in this afternoon's call. Our investor relations team will remain available for any clarifications you may require. Thank you once again for joining us today. Thank you, members of the management. Ladies and gentlemen, on behalf of Nuvoco Vistas Corporation Limited, that concludes this conference. We thank you for joining us and you may now disconnect your lines. Thank you.