Please note that this conference is being recorded. I now hand the conference over to Mr. Varatharajan from Antique Stockbroking. Thank you, and over to you, sir. Thank you, Manu. A very good morning to everyone. I'd like to extend a very warm welcome to all the participants, as well as the management of Oil India Limited. We are with us the senior management of Oil India, represented by Mr. Abhijit Majumder, Director Finance; Mr. Saloma Yomdo, Director Exploration and Development; Mr. Trailukya Borgohain, Director Operations; Mr. Bhaskar Jyoti Phukan, MD NRL; Mr. Ranjan Goswami, ED Business Development; Mr. Anup Kumar, ED; Mr. Ajay Kumar Sahu, ED Company Secretary; Mr. Abhijit Das, CGM F&A. I hand over the call to Mr. Abhijit Majumder for the opening remarks, and then we can move on to the Q&A. The floor is yours, sir. Thank you, Mr. Varatharajan. Good morning, ladies and gentlemen. A warm welcome to all the participants joining us for Oil India Limited's investor and analyst conference call for the first quarter of financial year 2025. I'm Abhijit Majumder, Director Finance at Oil India Limited. I'm joined today by my esteemed colleagues from both Oil India and our material subsidiary, Numaligarh Refinery Limited. I would now like to invite our Chief General Manager, Corporate Finance, to present the opening remarks. Thank you, sir. Good morning, ladies and gentlemen, all who have joined in this con call. At the outset, I would like to thank Antique Stockbroking Limited for hosting today's analysts and investors' call for Oil India Limited. Myself is Abhijit Das, the Chief General Manager, Oil India Limited, posted in a corporate office in Noida. Along with me, our senior management team has joined, along with other colleagues: Mr. Abhijit Majumder, our Director Finance; Mr. Saloma Yomdo, Director Exploration and Development; Mr. Ajay Kumar Sahu, Executive Director, Company Secretary; and Mr. Saket Garodia of NRL Finance team. Along with this team, from our headquarters in a corporate office in Noida, Mr. Goswami has joined from our field headquarters. He is ED Production. On behalf of the management, I welcome you all in our first quarter earnings call for the quarter ended 30th June 2025. The final results of this quarter have been approved by our board of directors in its 517th meeting, which was held on 12th August 2025, and have been duly published as per the requirement of the statute. Just a quick overview of our strategic steps which we have taken: Oil India continued its steady transition into the integrated energy company. On the upstream front, we have been maintaining consistent growth in both oil and gas production on quarter-to-quarter basis. Our midstream pipeline expansion is progressing well and has been targeted. The downstream side expansion of Numaligarh Refinery is gathering momentum and going to get commissioned as planned in the phased manner. We are expecting to get it commissioned in the month of December 2025. Few operational highlights which have been taking place in this quarter, I'd just like to bring to the knowledge of this entire August gathering here. the production front, we are continuing our growth story during the quarter. Oil has pursued its efforts towards ensuring national energy security by sustaining oil and gas production from its mature fields in Northeast at 1.680 million metric tons of oil and gas equivalent for the current quarter, as compared to 1.689 million metric tons of oil equivalent in the previous quarter of 2025. We sustained momentum in our upstream operation. The crude oil production of the quarter stood at 0.85 million metric tons. There had been a marginal decrease of 2% on year-to-year, but we have been achieving 1.07% on quarter-to-quarter basis increase in production of crude oil. The natural gas production for the quarter has reached 0.83 BCM. On quarter-to-quarter, it has increased by 2.61%, and on year-to-year, it is 1.1%. We have good news during the quarter that Oil India has discovered a hydrocarbon discovery in Namrup-Borhat Oil Block, which is in Upper Assam. We have also commenced natural gas production from our Bakhri T ibba discovered small fields in Rajasthan in the district of Jaisalmer. This growth reflects our continued focus in well intervention and field development activities. I would like to bring some glimpses of our financial highlights during the quarter. The average crude oil realization there was a decline during the quarter. It has decreased around 22% as compared to year-to-year basis. In the current quarter, we had a realization of $66.2 per barrel as compared to $84.89 per barrel. The natural gas price today is 6.72 MMBTU, aligned with the regulatory benchmark as being guided by the Government of India. Our standalone revenue, we have registered a standalone revenue during the quarter of INR 5,012 crores as compared to INR 5,839 crores in the previous year. We have a marginal other income, but our total income during the year was INR 5,188 crores as compared to INR 6,001 crores in the previous year of the first quarter. Our PBT for the current quarter is INR 1,097 crores as compared to INR 1,974 crores in the previous quarter in the previous year. Our PAT has gone down because of the sharp decline in the price of crude oil. We have registered the bottom line of INR 813 crores as compared to INR 1,467 crores in the previous year. We had a substantial other comprehensive income because of our strategic investment in Indian Oil Corporation. The share price has increased around INR 1,400 crores, or we are having 7.284 million equity shares of INR 10 each. But we have a very strong other comprehensive income, and it has increased as compared to the previous year. Because of low PAT, our earnings per share has gone down by INR 4. We have earnings per share of INR 5 in the current quarter. The EBITDA margin has gone down from 43% to 34% in the quarter because of lower revenue and small increase in our operating expenses for providing provisions in our well assets. Two major things which have happened in the current year is that we have provided INR 307 crores in our Bangladesh block, which we have decided to really increase in this quarter. Another provision which is having made of our other overseas joint venture is Gabon Block, which we have provided of INR 207 crores because of non-performing as per the plan. Our performance from our material subsidiary, we have Mr. Garodia with us to answer all your questions. But the revenue of our material subsidiary is INR 6,208 crores during this quarter. The refinery has been operating at a capacity of 106%. We had a good throughput of 799 TMT as compared to 764 TMT in the previous financial year. The EBITDA of our material subsidiary is INR 786 crores, and the PAT is INR 488 crores. The consolidated performance of the company, the company has sustained a consolidated PAT of around INR 2,047 crores in spite of dip in PAT in the standalone profit. The major reason of increase in the group performance is contribution from our material subsidiary and our performance from our foreign subsidiary for our Russian investment. They have contributed INR 544 crores and INR 780 crores respectively, where they registered a better group performance for the quarter. Our EPS per share in the group has also increased marginally from INR 11.59 per share to INR 11.66 per share. With this, I'd like to share my closing thoughts with you before I hand over to the gathering to pick up the question-answer session. Oil India has delivered resilient and disciplined performance in the first quarter of the current financial year, supported by its operational stability and prudent financial execution. As we look ahead, our focus remains on execution, excellence, production growth, long-term value creation across the portfolio of our company. With this, I'd like to conclude my remarks and welcome you all in the question-and-answer session. But our request is that kindly put up two queries per participant to allow time for all. Thank you, sir. Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. We have our first question from the line of Viveka nand from Ambit Capital. Please go ahead. Hello. Thank you so much for the opportunity. My first question is on the production outlook and guidance for FY 2026 and FY 2027. Could you refresh us on that? And that's my first question. The second question is on the CapEx that you have been guiding for FY 2026 and FY 2027. If you can give us the number as well as the split across key projects like contribution to NRL and also the upstream operations and other areas like CGD. Thank you. Two. Goswami? Yes. EB production, are you there? Yes, sir. Can you take the first question? Yes, sir. Regarding first question, our incremental oil and gas volumes were largely driven by a few high-performing domestic fields like Baghjan. Baghjan field is continuing delivering strong volumes supported by expanded gas infrastructure. Barekuri has emerged as a key contributor. We are planning 15 wells to drill in this area, which will give that massive four-plus production ramp-up. Khumsai, we developed that network delivery line, and Khumsai also is taking a step up for this. After pipeline connectivity, Khumsai production is also ramping up. Hello? Yes. Sir, would you be able to help us with some quantitative guidance on FY 2026 and FY 2027? I believe the last time you had highlighted 3.5 MMT of oil and 3.7 MMT for oil and 3.5 MMT for gas, if I'm not mistaken. Yes, so our actual achievement for 2024-2025 has been 3.458 MMT for oil and 3.341 for gas, 3.252 for gas. Now for 2025-2026, we have set a target of 3.70 MMT for oil and 3.40 for gas. I mean, 3.65. 3.65. 65. 65. 3.65 for gas. Does that answer your query, or you want data for 2026-2027 as well? Yes, yes. The latter would be helpful. 2027 also would be great. 2027 is 3.95. That's crude oil MMT, and natural gas would be 4.31. All right, sir. This is very helpful. If you could just address my second question, that would be great. Can you repeat the second question, please? That was on CapEx. Yes. The CapEx for FY 2026 and FY 2027, along with some details of the areas. Yes. If the finance is taking that question, he's replying. Yes. In the previous year, as you have all known, that there was an increase in our CapEx expenditure by 123% as planned. For 2025-2026, we have planned INR 6,995 crores or you can say INR 7,000 crores. That is at the standalone level, right? Yes. Oil as an upstream entity. Yes. Please continue, sir. And during this quarter ended, what we have achieved for our CapEx expenditure is for exploration and development, we have already spent around INR 1,100 crores. For our capital equipment and facilities, it is around INR 900 crores. For our survey expenditure, it is INR 250 crores. If we take this expenditure for our E&E activity, it is around INR 2,300 crores, sir. After considering this, if we think of some overseas investment, which is also we have spent around INR 300 crores majorly in G&G activity and drilling. Other than that, we have also contributed around INR 550 crores for our investment in NRL, the final call amount which we have been due for payment. So for this quarter, if you can sum up, you can find it is INR 3,350 crores for the current financial year as targeted around INR 7,000 crores. So, would you like to Sake t? The NRL part of the CapEx? With regard to Numaligarh Refinery, the capital expenditure target for the current year is around INR 9,133 crores, which is largely on account of the expenditure to be made in its current refinery expansion plan and the petrochemical unit that will be coming up. So current year, we are planning a CapEx of INR 9,100 crores, and in the next year, the CapEx will be around INR 7,300 crores. Thank you so much for answering my question. Thank you. We have a next question from the line of Probal Sen from ICICI Securities. Please go ahead. Before you connect him, just a small clarification from your side. The others, can they hear us or they are kept in the queue? Sir, they can hear us. All the other participants who have all joined? Yes, sir. Everyone can. Just now, the session that we had, could they hear us or maybe they are having similar queries, similar questions? We did it. We may have to repeat ourselves. How is it formatted? Joined late, that's why. But they can hear us. They can, if we so wish. Yes. If they have joined on time, they would have listened to us. They will be able to hear us. That's fine. The questions could be repeated. Yes. Many of them may be having the same type of questions. Okay. Please. Yeah. Can Can I go ahead, sir? Yes, please. Yeah. Since it's about this Russian investment that was mentioned that it has actually contributed to the consolidation, just wanted to understand where does the, I mean, how is the payment mechanism actually working at this point of time? And what sort of dividend can we actually expect for the rest of the year? Are there any issues with respect to sanctions or anything else with respect to repatriating our share of dividend from Russia at this point of time? You have any other question, or that's all? The second question, sir, was with respect to CapEx. I did not get the audio completely. I just wanted to clarify that the FY 2026 guidance mentioned was INR 6,995 crores. Just wanted a clarity on that. Is that the correct number? Yes, yes. Yes. That's the right number. Yes. Correct. Okay. Okay. All right. So then the Russia part was the main question that I had. See, as far as the dividend from two of our investments in Russia are concerned, that is TYNGD and the Vankorneft, they have almost recovered close to 95% of our investment combined in these two assets. 111% of investment has been recovered through dividend for the Taas-Yuryakh asset, and close to 83% plus dividend, sorry, investment has been recovered through dividend in Vankorneft asset. As far as the outlook for the current year is concerned, this will be dependent on the performance. We do not have any guidance available as of now, how much of dividend will come. But in the current quarter, we have received around $11 million equivalent of dividend from Taas-Yuryakh project. To just update on the performance of these assets and assurance that dividend flow will continue, for your information, the Taas-Yuryakh asset is still producing at the peak level of 5+ MMT equivalent of oil, and that is still peaking, so there is no downslide to the dividend inflow that we see from this asset. As far as Vankorneft is concerned, this is in the declining trend, but all the necessary infrastructure logistics have been upgraded to address those declines, so there will be continuous flow of dividend in that asset also, and as I told you, 95% of investment has recovered. We are at least sure that during the current year, 100% of investment for both the assets will be recovered by oil, and then it will continue also further in the coming years. Sir, one last question, if I can squeeze in on NRL. You already mentioned the CapEx plan. Can we also get a sense of the operational progress of the expansion in terms of physical progress timelines for the completion? With regard to the physical performance, the company has achieved almost 106% utilization in the capacity utilization in the first quarter with nearly 799 TMT of throughput, and for the rest of the year, we expect to overshoot the capacity utilization of 100% again this year, so we are targeting for a good throughput of more than 3 MMT in this year. And with regard to refinery expansion, as has been informed, so the commissioning of the project will start in phased manner from December 2025 itself, and slowly, the productions will also get ramped up as and when the unit starts coming up and starts getting commissioned in the next financial year. That is very helpful, sir. Thank you, and I'll come back with my question. Thank you. We have a next question from the line of Karen Kwan from PineBridge. Please go ahead. Oh, hi, management. I have a couple of questions. The first question is, as we're an upstream operator, it seems like we won't have too much direct impact from the U.S. tariffs. But from the indirect impacts, we could. Can you comment on what sort of impact do we see from the U.S. tariffs? And also, what sort of oil price expectations do you have for the next 12 months? And secondly, sorry, I could not hear the fiscal year 2026-2027 sort of CapEx number. Was it 7300 for the fiscal year end 2027 March? And also, lastly, can you give us any updates in terms of previously, we were looking into doing some trial runs for the hydrogen cell E-buses and the solar project collaboration with HPPCL? Just some updates on the ESG fund for renewable energy and any new sort of renewable energy capacity that will be online for the next two to three years. Thanks a lot. As far as the impact of U.S. tariffs on Oil's operations, I mean, the upstream operations are concerned, let me clarify that there would be no impact at all because ours is all internally consumed. We don't export anything anywhere. So we are a hydrocarbon-deficient country. Hence, everything will be internally consumed. So we don't have any apprehension as far as U.S. tariff is concerned. So with respect to CapEx for 2026-2027, that's what you wanted to know? Yes, because I heard for the first one, FY 2025-2026 is INR 9,133 crores from the previous question, and then I heard INR 7,300 crores for fiscal year 2026-2027. Is that 7,300 number correct? It's not worth the number. No, your numbers are correct. However, we have a material subsidiary who would be investing about INR 9,100 crores for 2025-2026. And Oil as parent would be investing INR 6,995 crores. These are all investment numbers for 2025-2026. As far as 2026-2027 is concerned, sorry? Oh, no. Please go ahead. Okay. So as far as 2026-2027 is concerned, Oil would be investing INR 7,585 crores covering the various heads under which the investments will be made. And NRL number. 7300. NRL investment would be INR 7,300 crores. Total would be INR 14,000+ crores. I see. For 2026-2027. Thank you. Yep. Okay. Welcome. Can you just quickly comment on the ESG side? Thanks. ESG fund. ESG. See, yes. We have earmarked the sum of INR 25,000 crores to kind of achieve our net zero target by the year 2040. So investments will be made in different segments starting from solar, wind energy. We are also into CBG, which is the compressed biogas produced from, I mean, mostly municipal solid waste. So these are some of the projects. We are in the process of setting up about 25 CBG plants across different states in India. We have already tied up with a few states already. The MOUs and other agreements have already been signed. Additionally, we are going to set up nearly 1.9 GW of solar energy, mostly in two states, one of which is in the northeast, Assam, and the other one is Rajasthan. In these two states, we will be setting up. Okay. Okay. Okay. Between. We'll be setting up solar, I mean, solar energy plants. This will actually be done by our wholly owned subsidiary, Oil Green Energy Limited. One more, sir. 150 MW solar plant at Himachal Pradesh. Yes, so for the 1.9 GW solar in the northeast and Rajasthan, what is the rough timeline we expect it can be up and running? And lastly, we're not doing the hydrogen cell E-buses anymore, right? It's a March 2026 target. Oh, March 2026. Very fast. Okay. March 2026. Regarding this solar project, Sir has already told. So we are aiming 645 MW in Assam and 1 GW in Rajasthan and 200 MW wind energy projects in Rajasthan. And as far as Himachal Pradesh is concerned, we are already establishing a 1 MW capacity of green hydrogen plant in a place called Baddi in Himachal Pradesh. EPC contract has been awarded, and the work is in progress right now. And as far as the 150 MW solar project is concerned, we are discussing with the Himachal Pradesh government team. Discussions are going on. Hopefully, this will come up. Thank you. No more questions. Yes. One more just before we close. There's a bioethanol plant coming up in the northeast. So that is going to be commissioned very soon. The date actually has already been finalized. That is going to be, I mean, inaugurated on 8th of September. That's a bioethanol plant which is meant for mixing of bioethanol with HSD and MS. Okay. Thank you. Thank you. We have a next question from the line of Somaiya V from Avendus Spark. Please go ahead. Yeah. Thanks for the opportunity, sir. So my first question is on the NRL projects. So if you could just help us with status of completion. So for instance, the refinery in terms of completion within 90%-95% and also in terms of pipeline length from Paradip to Numaligarh, the total length and so far the completion achieved. Similarly, on the other side, the pipeline to Siliguri. If you could just help us with some details in terms of extent of completion on these projects would be helpful. Yeah. So with regard to our refinery expansion project, the overall physical progress of around 80% has been achieved by the end of the quarter one. And in case of our PNCPL, that is the crude oil pipeline, we have achieved around 84% of physical progress. And with regard to the refinery expansion part, it is around 76%. So the crude oil pipeline is expected to get commissioned in the early Q4 of 2025-2026. And just to inform that we have out of 1,635 km, we have already opened ROU for nearly about 1,500 km. And the phased commissioning of the project is set to begin from December 2025, and each unit in phased manner will start getting tested and commissioned, and the production will be ramped up slowly. Understood, sir. Sir, in terms of utilization of this expanded capacity, let's say six months from commissioning, ballpark where should we be able to reach to? We are expecting that in the second half of financial year 2026-2027, actually, additional output from the NREP will start coming in. However, in the initial stage, the production levels will be around 40% additional. Then going forward, we are expecting that in the financial year 2027-2028, we will have an output of nearly 80% from the new refinery. That's helpful, sir. So second half of FY 2027, roughly 40% kind of an utilization of the expanded capacity. Yes. Yes. That's right. Got it. Sir, also on the upstream part, in the quarter gone by, were there any shutdown by customers that impacted our production? And also for this quarter, are we seeing any shutdown-related impact to production? Yes, sir. This shutdown of non-application of gas is affecting our production. We are shutting our wells frequently. So once it is that connection, as usual, connectivity is built up, and the NPL also gets that permission, and it will be that production will ramp up. Yes, sir. I was just trying to understand whether the last quarter, whether any fertilizer or any other industry, there was a shutdown that led to marginal decline. So just want to understand on that and see if there's any report. Yes, sir. That shutdown is one is that BPCL, BCPL, they have shutdown for more than 20 days. Then BVFCL also have shutdown. Numaligarh also, some amount they have taken less. So all these are APL, they are taking maintenance up. So these are affecting our production, sir. Now, these are now started taking gas. I think the LPG plant was also shut down for a month because. LPG plant also shut down for a month. Yes, sir. Got it, sir. So one last question on the other expense. This run rate has been higher. So for instance, this quarter is around INR 1700 crores. So one is this INR 300 crore provision related to the Bangladesh asset. But I think in the opening remarks, you also mentioned another INR 200 crore provision. So total INR 500 crores of provision is within this INR 1700. That's the first part. And second, in general, this run rate has been going up last two or three quarters. If you could just help us with some finer details as to. Get the last part of your question. One is the normal on provision, and what is the other part? Other part is your other expense, the break-up that you give as part of the financials. It's only. However, what exactly is it? See, Bangladesh was actually, it is flowing from the previous year. Bangladesh, we had our performance bank guarantee invoked by Petrobangla, which is the equivalent of DGH in Bangladesh. So with respect to some MWP, our BG was invoked. However, both the companies, as you know that we are in partnership with OVL, so both of us decided to quit from that particular project. So these INR 285 crore roughly, which the amount was invoked in the previous year, and this was charged as expenses in the current year. This has got nothing to do with the current year as such. It is just flowing from the previous year, and there were a few other wells, which is a regular kind of a thing in an E&P business. We have more provisions with respect to few wells. There were basically two wells. One is Mechaki, and the other is Bhojo. These are the two wells in respect of which we made provisions. However, studies are going on, and if we get to see some better results in the days ahead, possibly we might take a different call and reverse it. That decision is yet to be taken. These are broadly the provisions that we have taken in our books in the current quarter. Got it, sir. Sir, I was just looking at the total other expense breakup of the INR 1,700 crores. So where you have your contract cost exploration. On average, we take about INR 400 crore of provision annually. But this time, because of Bangladesh, which by itself took away INR 285 crore, apart from that, others are regular provisions. There are nothing I mean, these are not operational hiccups. These are normal provisions which any E&P company would take, and we have also taken. Thank you, sir. We have a next question from the line of Achal Shah from Ambit Capital. Please go ahead. Hi, sir. Can you throw some light on the inventory losses at NRL? Out of the reported GRM, how much was impacted in inventory losses? That is my first question. And second one, sir, what is your near-term and long-term crude price outlook for FY 2026 and then onwards? I will take the first question with regard to the impact on GRM of NRL. So NRL reported a GRM of $5.02 per barrel for the period of April to June 2025-2026, and we had to take a hit of $2.93 for this particular quarter on account of loss of the value of the inventory, which was largely on account of fall in the crude prices compared to 31st March and closing at 30th of June. So for the second part of the question, sir. Outlook of crude price? I mean, it's a very difficult question. See, crude price, nobody can predict, and as conservative entities, we also cannot make a real prediction about a major increase in the crude oil price in the days ahead, so our outlook would be, at best, maybe 65-70. We are currently hovering at around 66-67, so we don't expect a major increase in the crude oil price in the days ahead. If that happens, that will be very good for us because the result that you have seen this time is largely because of a 22% drop in crude oil price. Got it, sir. Any. 2024-2025. Understood, sir. Sir, any update on the timeline for invoicing the gas as new well gas? See, as far as new well gas is concerned, the notification says that it has to be supplied to the city gas distribution, which is on top of the list. There are other sectors as well, but CGDs have to be provided, have to get the preference first. Since CGDs are yet to come up in the Northeast, we are facing that problem. However, we have made a request to the ministry to let us allow the gas to be sold by NRL, give us that marketing freedom so that see, we are sitting on a reserve of roughly 140 bcm of gas. So as far as supplying gas is concerned, we are ready. But then we have to have the network there and also the sector to which the gas can be supplied. Now, if CGDs have to be supplied, then we'll have to wait because CGDs will come up. It will take some time, maybe not before 2028. But in the immediate term, if we are permitted to supply gas to NRL or other producers, then we are okay. We have made a request to the ministry. If that is granted, maybe we will be able to fetch the premium that the notification provides for. Understood, sir. Thanks. Thank you. We have a next question from the line of Vaibhav Badjatya from Honesty & Integrity Investment. Please go ahead. Yeah. Hi, sir. Thanks for providing me the opportunity to speak. So I have two questions on the northeast gas pipeline network. So first is the gas flow that can happen from Numaligarh to Barauni. Whenever we ramp up our production, I think that connection is still not fully ready as per my knowledge because there is some compressor Baihata station has to install some compressor station which has not yet started. So I just wanted to understand what is the status on that compressor station and when that can be commissioned so that full gas flow can be established. Second is, before Numaligarh, for gas to flow till Numaligarh, we also need the DNPL pipeline, which has to be declared as common carrier. So I'm also at a loss as to what is the status of DNPL being declared as common carrier for that to happen. If you can just provide a status update on these two things, that would be helpful. See, presently, the infrastructure is like this. DNPL is already there, which is supplying roughly 1 MMSCMD of gas to Numaligarh. And that capacity is now being enhanced. It would be able to supply roughly 2 MMSCMD-2.5 MMSCMD of gas. Now, that is independent of whether DNPL is designated as a common carrier or not because this is happening already. Now, second part of the B, we are yet to get clearance from the ministry for the feeder line, which will run parallel to the existing DNPL line. So that would actually supply gas to Numaligarh and beyond because that will be part of the IGGL network that is being commissioned. IGGL would certainly be the common carrier in this case, whereas DNPL will play a limited role to the extent that it would supply gas to the customers, various customers in the northeast to whom they are already supplying. Beyond this, if the gas has to flow beyond Numaligarh to other parts of the country, you need the IGGL network, which is the first phase. That first phase is already commissioned. There's no compression issue. Nothing is there. Because the lower end is not connected yet, or the upper end, I'm wrong, upper end, this is upper end is not connected yet, we are unable to kind of inject gas into the system so that it can flow to Numaligarh and beyond. Right. Yeah. Sir, my question was on that onward flow from Numaligarh, onward flow itself. So on the phase one itself, so I think if the gas has to flow from Assam towards Barauni, I think at Guwahati, we need compressor station, right? Otherwise, the gas will not be able to flow freely till Barauni. I think that compressor station commissioning is still pending, if I'm not wrong. That compressor station already commissioned at Baihata, near Guwahati. Okay. That has been commissioned. Okay. So the only hurdle is basically our upstream connection. Upstream connection, yeah, connecting. There’s no proposal as such to use DNPL itself to supply to other customers apart from Numaligarh and local gas consumers. There’s no proposal as such to declare DNPL as a common carrier? No, nothing as such. Got it. Understood. That's it from my side. Thank you. Essentially, a supplier within the Northeast, largely in the state of Assam only. Got it. Understood. That's it from my side. Thank you. Thank you. We have a next question from the line of Nitin Tiwari from PhillipCapital, India. Please go ahead. Hi, sir. Good morning. Thanks for the opportunity. Sir, I'm slightly confused about the status of pipelines and capacity because there are several phases and several pipelines involved. So when you mentioned that the expansion that we're talking about in case of DNPL, which is from one to two, two and a half, so that's the expansion of the existing pipeline and the feeder pipeline is in addition to this pipeline, or the feeder pipeline coming in along with the pipeline will lead to the expansion. That is one. Secondly, as you mentioned, that the phase one of IGGL is completed and is commissioned. So now, I mean, the connection that you refer to, what is that connection that is required? And where are we in terms of our roadmap to increase our gas production from here to about 5 BCM that we've been targeting? I mean, what are the roadblocks to that ramp-up? So if you can just comment on that, then I'll ask my second question. It was a very long one, and I couldn't hear you properly. Anyways, whatever I have understood of the question, see, we are presently, our production is 3.2, and we are supplying the entire gas to the various customers located in the northeast only. So additional two would make it five, which is basically DNPL alone. DNPL's capacity is now being enhanced from one to two. So that would, in any case, make it 4+. So whatever we are saying, that 5 BCM of gas would be supplied to customers in the northeast, for which I do not really think that the feeder line has to come immediately. Feeder line would make the capacity rise to maybe seven plus because feeder line is a parallel line, and that would kind of evacuate a much larger quantity of gas than the five. For five, we need some network within the fields between the various wells, which is oil's own network, which would be oil's own network, plus the DNPL line would make it comfortably five plus for which we don't need a feeder line. However, feeder line, the objective is to finally achieve our target of supplying roughly eight to 9 MMSCMD of gas in the whole of Northeast, and the surplus, if any, that would be supplied through the IGGL network to mainland India. So that's what I was referring to. So the expanded capacity of DNPL is what is pending for common carrier approval, right? You are expanding the DNPL from 1 MMSCMD - 2.5 MMSCMD, two to two and a half. And the expanded capacity is pending for common carrier approval. That's the right understanding? Presently, the DNPL line is transporting one million gas, and they have revamped that line, and that capacity will ramp up to 2.5, and this can be connected to IGGL if they got the PNGRB clearance, common carrier clearance. Understood. So I mean, you also mentioned that there's a parallel line which you are planning along with DNPL, right? Yes. That is the IGGL feeder line up to Duliajan. So this will be in addition to the 2.5 MMSCMD that you are referring to? Yes. Yes. Okay, so this is still in plan. This is not implemented as of this year. Already, this is projected to MOPNG. Once it gets approved, that line will be laid. Our target is March 2027. March 2027. Okay. And in case of IGGL, the upper-end connection that you mentioned, so what is that connection that is still pending for IGGL? Once they can lay the line, get the permission, then only that upper-end connectivity will be there. No, sir. This upper-end connectivity is where? I mean, where is it connecting? At that oil field at Duliajan. Oh, so oil field connectivity is pending. But the pipeline is ready and commissioned is what you mean? Pipeline is ready up to Numaligarh. To Numaligarh, to this oil field, Duliajan, it is around 165+ km. Once that permission is given by ministry, then that Duliajan oil field will be connected. Oil India field will be connected. Understood, and sir, my second question is with respect to the gas pricing, which was, I mean, a caller also raised earlier in the call. So we are not able to build the gas as per NWG. So I just wanted to understand that, is this gas not eligible for gas swapping? I mean, because, I mean, can not the swapping of gas make this gas eligible for NWG pricing? By swapping, I mean. Repeat your question. What exactly is meant by swapping? Yes, sir. I'll elaborate on my question, sir. So if, suppose, HPHT or any other gas is being used anywhere else in the country, I mean, gas molecule is gas molecule, I mean, can it not be virtually swapped in terms of pricing only for Oil India to get a better pricing for its gas? I mean, city gas companies in the rest of India, I mean, are using HPHT and other gas from other sources and paying a higher price for that. And Oil India is not able to evacuate its gas from northeast, but in terms of at least pricing, maybe Oil India can get NWG pricing, and the city gas companies can accordingly pay an NWG price in the rest of the country instead of waiting for, I mean, city gas to develop in northeast, and then NWG billing can start. So is that not a possibility, sir? I'm just trying to answer your question according to my understanding of the question, so now I am saying that there are already CGDs coming up in the Northeast, so for us to sell gas to other CGDs in other parts of the country would arise only after we meet the entire requirement of the CGDs located in the Northeast, so swapping, whether it will happen or not, that would depend entirely on the surplus that I'm generating after meeting the requirements of the customers in the Northeast, including the CGDs. Now, once the Northeast gets connected to the mainland India, then gas can flow anywhere, and CGDs are buying gas on IGX, that is the exchange at which the gas is traded. That price is a different price, and for that quantity of the gas which the CGDs would offtake, I would certainly get a different price. That is not dependent on the nomination price or on the premium gas, etc. Because CGDs are buying gas based on individual agreements they're entering into with the CGD. I mean, the CGD buyers are entering into with the suppliers. So sir, let me expand the point I was trying to make a little bit more. So you are already supplying gas to, say, NRL in northeast, right? So NRL, as per priority order, is not eligible for a lower-priced gas, correct? So. It is eligible. However, it is lower down in the list. In the priority order, correct? Yes. Yes. Yes. I mean, in terms of priority order, city gas gets the first priority, right? So what I was trying to say is that, suppose, right now, we are limited by our evacuation capacity to the rest of the country, right, because of the pipeline connectivity. Now, I mean, is there a possibility that city gas companies in the rest of the country, because they're buying gas from exchange for HPHT, whether it's HPHT or any other gas for their consumption, so is there a possibility that a virtual swap can be done? I mean, in terms of swapping only, the differential pricing is what needs to be charged. I mean, so I hope I'm able to make my point. I mean, that at NWG pricing, certain volume can be offered from Oil India's end to these companies and in basic exchange in lieu of that, and NRL could be charged a higher price, which could be at, say, HPHT price. I mean, because at the end of the day, city gas gets the higher priority in terms of gas allocation of whatever domestic APM gas is there, APM and NWG gas is there. So that's what I'm trying to get at. Because our problem is that until and unless city gas develops within northeast, till then, you won't be able to bill on NWG, right? Unless that happens. See, we have made a request to the ministry to let us sell gas to NRL because NRL is a steady customer, not just a customer. There are material subsidies. Now, the capacity is being enhanced from three to nine. Obviously, their offtake of gas would also go up. So what we are saying is, supposing every gas that I am producing from the nomination area, the pricing is already fixed. It is fixed by the government notification. Only with respect to the gas produced from wells through new well intervention or some workover operations, that would fetch the premium. But otherwise, the nomination gas price itself is fixed. What we are saying, as you have mentioned, that if you are unable to supply gas to CGDs, who would you supply it to? I can always supply it to other customers. My only limitation is that I will not be able to get the premium. Apart from that, any gas that I am producing, I can sell it to customers not just within Northeast; I can sell it to customers elsewhere also. Now, when it goes to customers located in other parts of the country, who will help me fix the price? It is only IGX. So whatever IGX, the price at which gas will be traded at the exchange, I will get that price irrespective of whether it is produced from nomination. Suppose I am saying I have a few pre-exploration development fields in the Northeast itself where the price is different because that's not a nomination area. That price, because your PNGRB notifies two prices. One is the nomination price. Other than nomination price, even within Northeast, as we speak, I am getting a different price for gas produced, say, from my Dirok field. So wherever there are DSF, I am having DSF fields in the Northeast, and some of the fields will soon be monetized. Once those fields are monetized, the pricing is not dependent on whatever is there in the notification. I mean, there is a notification, but that's a different price. That's a higher price. So the point that I'm trying to make is that through well interventions, if you are increasing your production, you will get the premium only if you supply it to CGD first. Maybe after that, there are other companies. Maybe third or fourth in the order is the refinery. Refinery is already there. Now, our point is that since for the refinery to finally get commissioned and finally operate at its full potential, it will take some time. Till such time, I mean, for the CGDs to come up, it will take some time. Refinery is going to be commissioned by end of this year. So let us be permitted to supply gas to the refinery at the premium. We are not kind of compromising on the premium. If the gas is produced through well intervention or through workover operations, the premium that we are entitled to, we must get even from the refinery. But now that the refinery is lower in the list, we are requesting the government to let us allow supply to the refinery till the CGDs come up. Does that? Got it, sir. Understood. Thanks. Thanks for the. Thank you. Ladies and gentlemen, in order to ensure that the management is able to take questions from all participants in the conference, please restrict yourself to only one question per participant. Should you have a follow-up question, we request you to rejoin the queue. We have our next question from the line of Hardik Solanki from ICICI Securities. Please go ahead. Hi sir, thanks for the opportunity. So if you look at the consolidated numbers, your profit from the associates and JVs have jumped sharply to INR 724 crore if you look at year over year and quarter on. So can you just break down among the subsidiaries or the JVs where these profit is flowing from? You have seen that our PAT in the standalone is INR 813 crores, and the consolidated is INR 2,046 crores. We have subsidiaries, associates, and joint ventures, both domestic as well as foreign. The major amount which has been contributed by our material subsidiary for increasing the group PAT is INR 544 crores from NRL as compared to INR 450 crores in the previous year. The major profit share of profit which has come from our Russian investment, as I already mentioned in my opening remark, is that in previous year, we had INR 150 crores of rupees, and the current year it is INR 780. This makes the major difference between our group performance as compared to the previous year. Yeah. Thanks. Thanks. That's really helpful. INR 444 crores and INR 780 crores from these two companies. One is our Russian investment of INR 780 crores and INR 544 crores from our material subsidiary. Yeah. Thanks. Thank you. We have a follow-up question from the line of Somaiya V from Avendus Spark. Please go ahead. Thanks for the opportunity again, sir. Sir, in terms of this Russian assets dividend payment from Taas-Yuryakh, this is an annual payment that we have received for the previous calendar year. That is one. And with respect to last year, yeah, this number being lower, is it more to do with the payment ratio or does it do with the performance in the previous year? That is with respect to Taas-Yuryakh and Vankorneft. In general, what is the dividend that we can expect in a year? So based on last one or two years, what we have seen as precedent. See, as far as the Taas project is concerned, I'll give you a rough number. In the last two years, in 2023, we received an amount of $51.5 million equivalent of dividend inflow. That That is corresponding to the share of Oil India's stake in that project. That number went up to $70 million in 2024. And in 2025, as of now, we have received around $17 million of dividend. And we expect that the amount of dividend that we have received last year will almost receive that to that extent will receive a similar dividend is expected. However, it is conditional upon the geopolitical situation and how the price is moving going forward. So this is about Taas. As far as the Vankor is concerned, Vankor has given us a dividend of $37 million in 2023, and that has gone up to $39.6 million or $40 million, close to $40 million approximately in 2024. During the current year of 2025, we have received so far $11.2 million from the Vankor asset, and we expect the trend to continue for the current year also. Thank you, sir. Quite helpful. Sir, if you could just help us with the net debt numbers at NRL and the excise duty hike that was taken last quarter, so we have that benefit in NRL. With regard to excise duty, on 7th of April, the excise duty rates increased by INR 2 crores, which has benefited by INR 1 crores in our INR 1 per liter for both MS and HSD for NRL. In the first quarter, the impact of the increase in excise duty has been INR 118 crores in our profit margins. Thank you. Thank you. We have our next question from the line of Vivekanand from Ambit Capital. Please go ahead. Yeah. Thanks for the follow-on opportunity. My question is on the gas output. You mentioned that there were certain constraints you faced in stepping up gas output because of maintenance of NRL and also some shutdowns of the fertilizer and power plants. Was this unusual or was it similar to the shutdowns that happened last year? And on a related note, is that now when you have given a guidance for the rest of the fiscal or rest of the fiscal year, which implies a healthy growth in gas output, what gives you the confidence of getting that output? Thank you. This is not unusual. This is usual. This is the manual maintenance or breakdown maintenance work they are doing. So this is natural. And regarding evacuation, that once the DNPL line is completed, then this type of problem will be resolved. And they got the connectivity with IGGL. Okay. Thank you very much. Thank you. As there are no further questions from the participants, I now hand the conference over to Mr. Varatharajan from Antique Stockbroking for closing remarks. Over to you, sir. Thank you, Manu. Sir, if you have any closing remarks, please go ahead. So, sir, any closing remarks? Who are you expecting it from? From Oil India? Yes, sir. Yes, sir. Please. No, I would like to thank all the participants for their, I mean, for very insightful questions. And I hope that we have had a nice interaction with the participants. And thank you so much. Thank you, Ambit, for organizing this. Antique for organizing this. Thanks all the participants. Thank the management for patiently answering all these questions. Have a nice day. Thank you, sir. Thank you. On behalf of Antique Stockbroking and Oil India Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.