That this conference is being recorded. I now hand the conference over to Mr. Nilesh Patil from ICICI Securities. Thank you, and over to you, sir. Thanks, Nirav. On behalf of ICICI Securities, we welcome you all to Q1 FY24 results conference call of Paradip Phosphates Limited. We have with us Mr. Suresh Krishnan, Managing Director, Mr. Alok Saxena, General Manager and Head, Corporate Finance, and Mr. Susnato Lahiri, JGM, Strategy, IR, and ESG. Now I hand over the call to the management team for their initial comments on quarterly performance, and then we will open the floor for question and answer session. Thanks, and over to you, sir. Thank you. Good afternoon, everyone. Thank you for joining us for the Q1 FY 2024 results conference call. We have already circulated our earnings presentation, and I hope you had the chance to go through the presentation. We will begin this call with a brief discussion on performance and financial results for the first quarter of FY 2024, and we will be happy to take any questions afterwards. Q1 FY 2024 had a few challenges for the fertilizer industry. The uneven rainfall had delayed sowing in different parts of the country. Moreover, the industry had seen a demand-supply imbalance with a higher channel inventory coupled with falling raw material prices. Notwithstanding, our company's production volume grew 126% year-on-year, and our sales volume grew 81% year-on-year on back of a robust operational performance and a sharp increase in our farmer and channel connect. During the quarter, the company had delivered quarterly income of INR 30,735 million, registering a year-on-year growth of 25.7%. The EBITDA for the quarter stood at -INR 194 billion, and the profit after tax for the quarter was -INR 1,199 million. The profitability and margins during the quarter were impacted by the retrospective subsidy adjustment and partly by a carry-forward of high-cost raw material. The net one-time adjustment taken in is INR 305 crore. Sans the adjustment, the EBITDA would be INR 285 crore. Total fertilizer production during the quarter was 640,784 metric tons, registering a strong year-on-year growth of 126%. The volume growth was driven by higher capacity utilization and operational efficiencies resulting from strong backward integration and capacity expansion. Both our Goa and Paradip sites are now operating at their optimal capacity. The Goa site is operated at close to full utilization levels in Q1 and produced 287,764 metric tons of finished fertilizer, including unique grades like N-19 and N-24, in addition to our core products. Paradip site has produced 353,020 tons of finished fertilizers, showing an increase of 32% compared to same quarter in the previous year. Total sales volume during the quarter was 621,824 metric tons, registering an 81% year-on-year growth. The sales volume growth was driven on the back of our strong distribution capabilities. During the quarter, we have greatly improved our farmer and distribution connects, reaching 61.5% more farmers in Q1 FY2024, vis-à-vis Q1 of last year. We will continue to leverage our brand equity and build more meaningful relationships with our farmers and channel partners in near future. We also confirm that the stated expansion of our captive phosphoric acid capacity to 5 lakh metric ton at Paradip plant is now complete and is under commissioning in the month of August. We expect this backward integration would aid to our bottom line in the quarters to come. The industry outlook appears positive, buoyed by the recent revival of the monsoon, robust reservoir levels, favorable crop prices compared to minimum support prices, and the stabilization of global commodity prices. These factors together indicate a positive growth opportunity for our sector. As we move ahead into FY 2024, we remain cautiously optimistic about the macroeconomic challenges, and we'll continue to adopt proactive measures to ensure sustainable and stable growth. With a capacity that is now fully stable and fungible, additional backward integration going live in August, and improving farmer reach, and several other strong advantages across the value chain, we remain focused on maximizing the value to all our stakeholders. Thank you very much, and now I would like to open the floor for Q&A. Over to you. Thank you very much. We'll 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 will wait for a moment while the question queue assembles. Participants, you may press star and one to ask a question. First question is from the line of Deepak Gupta from Arham Share Consultants. Please go ahead. Yeah. Good evening, sir. Yeah, good evening. Yeah, are you able to hear me? Is there any other one-time adjustments, going forward? Well, Deepak, as far as all the government circulars have been, which are there, we have clearly provided for everything. We do not have any one-time adjustments to be done. Okay, because last time also, last quarter also, we had an adjustment towards, Goa plant. This time it is towards the inventory. ...Deepak, just to clarify and for the benefit of everybody here, as far as the last time is concerned, the Goa plant related adjustments have been clearly, documented by us and communicated to all the shareholders. As per as the year-end adjustments were concerned, they were only to do with the stock adjustments, for which the NBS rates were awaited, and we embed a management estimate, which we believe were quite adequate. The only adjustment which has happened this time, more than, more than the stock, is the retrospective fertilizer subsidy, which has been, which has been withdrawn by the government or recouped by the government for the period January first to thirty-first of March. That's the only major adjustment that we have done during this quarter. This is pertaining to fertilizer, which we had manufactured and sold to the farmers. Okay, fine. But going forward, the all adjustments are done. Can I take it on that sense? Yes, all the circulars which government has issued for NBS in the last quarter have been fully accounted for. Okay, fine. Thank you. Thank you. Participants, you may press star and one to ask the question. Next question is from the line of S Ramesh from Nirmal Bang. Please go ahead. Good evening, and thank you very much. So just to understand this, retrospective subsidy adjustment, in the fourth quarter, you had mentioned that you had taken some steps to, adjust for the reduction in the January-March quarter, anticipating that in April. So what was the difference you had to adjust this quarter, if you can share with us? Yeah. Well, Ramesh, this is like this, that, whenever we have a quarter that ends and we have a stock which is there at the end of the period, the NBS rates are applicable to those stocks, as on what is published by the Government of India. And the POS stocks are normally paid by Government of India based on the time in which it is sold. So we had anticipated in terms of what POS stock reduction will take place during the fourth quarter, which we had fully provided for. However, government had come out with two circulars during the last quarter. One was for the POS stock adjustment of thirty-first of March, which we had provided for, which pertains to material sold, but not sold to the farmer. Sold to the channel, but not sold to the farmer, which was fully provided for. They also did one more adjustment on material which was sold not only to the channel, but further by the channel to the farmer, for which they had paid us the money which they recovered. That is the adjustment which has largely been done this quarter. Can you quantify that amount? Which is a very unusual situation for us to face, and the total adjustment that we've done was about INR 305 crore, majority of which has gone towards this adjustment. What would be the loss on inventory carried over from last quarter? In terms of loss of inventory that we're looking at for the higher cost finished goods or raw material that we're carrying in, the number is around INR 70 crore. 70 crore. So going forward, based on your increase in granulation capacity, the backward integration, phosphoric acid and sulfuric acid, assuming that you're able to maintain the growth, what is the incremental benefit you will get in terms of the cost savings, and how do you see the EBITDA patterns moving, say, for this quarter and the rest of the year? Well, Ramesh, I think, I mean, I'm sure this is to the benefit of all the other participants also here. We have always over the, over the last, number of quarters that we've been having this discussion, we have guided the market to say that the ideal EBITDA for the kind of combination that we have is about INR 5,000 per metric ton. This is the number that we have always guided, and I believe that whatever has happened, in, in the sector today, this is a number that we still hold on to. And the improvements to this number basically come from our backward integration, which could ideally take this number anywhere from INR 5,000 to up to INR 6,000. So this is the range in which we would finally move. Okay. So then the only thought there is now with the international prices of phosphoric acid having corrected about 50%, in terms of your make or buy, the captive phosphoric acid will still give you that same benefit, or is it just going to be the security of supplies? The phosphoric acid that we'll make will certainly give us a benefit in terms of the value addition that we'll end up doing here. And, you must understand one thing, is phosphoric acid for India is something that, which is fixed on a quarterly basis. So we have seen a decline in phosphoric acid prices from $1,070 per metric ton to a level which is, which was close to $970 per metric ton during the last quarter. And this quarter is also there's further reduction, which is expected. But as the phosphoric acid prices go down, you also get a correction to other raw materials, and hence, your value addition that you get to see in the making of phosphoric acid in India continues to be strong. Okay. So then last two thoughts. One is in terms of your debt as at the end of the quarter, what would that level be? And how do you see the ROC moving from now based on the backward integration and the volume growth and the kind of EBITDA per ton you are talking about? Well, when you, when you look at debt, we look at debt from three perspectives. You know, the first, first perspective of debt for us is the, is the long-term debt that we have, we have taken for various projects that we have executed over the last 18 months now. This number is something that I have always guided, that the number of maximum are going to be over INR 1,000 crore. And if you look at it today, this number is just a shade less than INR 1,000 crores, as we have pretty much completed all our projects. And, the precise number is INR 968 crores. On top of it, we, we get into what is called the working capital term loan that we take for the, for the mismatch in terms of receivables and inventories that we carry. This number at the end of 30th June, 2023, is INR 1,674 crore. This is a number which has been fluctuating between anything between INR 1,000 crore to up to about INR 2,000 crore. As we speak today, there has been further improvement in this number because of good sales and collections, which have happened subsequent to the quarter. There has been quite a marked reduction in this number, as you see. The third number is primarily what we call as buyer's credit, which is there for us to finance the raw material procurement that we do. This number is at INR 2,743 crore for us. This is primarily because our volumes have increased now, and the volumes having been increased, obviously, we are procuring a lot more in terms of raw material that we need to keep. In my view, this number is something which is going to also get moderated because the raw material prices are coming down. To that extent, even though the volume goes up, it'll get partially offset by the fact that the prices are coming down. So a mix of all these three, which is really adding up to around INR 5,000 crore, is the number that we get to see. However, during the quarter, our overall cash flow has increased from a INR 43 crore that we had earlier. We are into INR 234 crore of cash that we have in the system. What about the prospects for ROCE? Well, if you look at it, we have been a strong company when it comes to an ROCE and an ROE, and we've always been trying to hit an ROCE, which is well upwards of 15%, yeah. And 15%-20% is the range in which we have been swinging as far as ROCE is concerned, and we would be expecting to continue to be in the similar levels, yeah. And if you look at the last year, ROCE, it was 20.9%, and that's the kind of a number that we are working towards. Okay, thank you very much, and wish you all the best. I'll join the queue. Thank you. Thank you. Thank you. Thank you. Next question is from the line of Resham Jain from DSP Asset Managers. Please go ahead. Yeah, hi, good afternoon, sir. Yes. Am I audible? Yeah, you're audible. Yeah, sure. Yeah, yeah. A few data points, sir. In terms of subsidy receivable, what is an outstanding number as of quarter end? Okay, subsidy receivable is INR 3,203 crore. Okay, understood. Sir, just on the CapEx side, you mentioned the phosphoric acid plant is almost commissioned. Yes. So now the only plant which is left is sulfuric acid plant and maybe some efficiency improvement projects in Goa. Yes. Let's say in the next two years now, what will be the remaining CapEx, which is left? The Goa CapEx is to the tune of INR 82 crore, which will get capitalized by end of the year. And as far as the sulfuric acid plant is concerned, we have a payment of over INR 325 crore to be spent on this project over the next two years. So these are the main projects that we are looking at here. So if you look at the outstanding amount for the larger CapEx that we're looking at, we are looking more like INR 370 crore of outstanding projects for various CapEx that we're looking at, besides the regular maintenance CapEx that we will have. Okay. So, sir, now, given that, the phosphoric acid plant benefit will also start flowing through, and the inventory is also coming down in terms of the inventory prices because of that, and subsidy receivable also. Government is clearing quite a bit compared to what we have seen last year. Yes. So in terms of debt situation, how do you see overall debt and interest cost moving in the remaining nine months? If you look at it today, our overall position is at INR 5,385 crore. That is the current position of working capital debt, the long-term borrowings all put together. I believe that this number should, should be flowing, coming down. And if you, if you're looking at a guidance on this, the long-term borrowing that we have at INR 968 crore, at the end of the year should, they should ideally be, around a similar number. It will not be too much higher than this. Whereas we will see a good recovery in the working capital by about INR 700-INR 800 crore. We are expecting that end of the year, if the payment cycle from the government continues the way it is today, and the markets are looking quite strong, we should come down to about INR 4,500 crore as overall borrowings. Okay. Understood. And, you mentioned about, phosphoric benefit and, Goa benefit also next year. So this INR 5,500 should, probably then, if I add the spread, it should look closer to INR 5,500-INR 5,700- I personally think that since we will be repaying long-term loans, we believe that the current long-term loan of INR 968 crore is not likely to really go up. Okay. No, sir, I was trying to understand on the EBITDA per ton. Yeah. That number, 5,000, which you have mentioned, that can go to maybe 5,700-5,800- Yes, as I said, the range- And the- Yeah. What I've guided all this while is that INR 5,000 crore is a good number for the mix that we have, and the mix could now be moving between INR 5,000-INR 6,000 crore as we stabilize all these operations. Okay. The last one, sir, given that if I just do this calculations and all, what will be the next course of action from the capital perspective? Will you keep reducing debt for the next two years, consolidate the balance sheet, or you go for further expansion in CapEx at the Paradip side? Well, look at it this way: I think the ideal situation for us is to get to a situation where our debt equity is less than one, less than one to one, you know. Currently, the capital in the books is about INR 3,400 crore. We would want to get to see that the capital also goes up, and the debt kind of gets moderated accordingly, and we come down to that level. Technically, I think the next couple of years, we will have to really get down to a stable, a steady state running and a steady state EBITDA that we could get to see, which will be commensurate with the industry norms, you know. So that is what our objective will be. As I always said, that 2023, 2024, this financial year is where we're going to get our volumes right and the market, market positioning for the same volumes right. 2024, 2025 will be in, should be a stable year for us to operate with, with urea efficiencies and everything being completed. That's when the next phase of growth that we would want to see is something which can be discussed here. Okay, understood. Thank you. Next follow-up question is from the line of Deepak Gupta from Arham Share Consultants. Please go ahead. Sir, you are telling that some subsidy have been recovered by the government. Am I right? Yes. Yes. So, okay, how is the pricing power of this phosphoric chemical? Well, can you repeat your question? What is it? The pricing power. As this debt, there's recovery by the government, are you able to pass down to the... This, in future, you are able to pass down to the, to the farmers or whatever is it? No. The current levels of phosphoric acid price that we have, the raw material prices that we have, we are in a position to pass this on to the farmer. Because there are two elements to the revenue stream that we have. One is the MRP that we have, the other is the government subsidy. If you look at the combination of these two, we are at a situation where the total cost is being fully recovered, yeah. Oh, fine, sir. Thank you. Thank you. Next question is on the line of Harsha from HSBC Mutual Fund. Please go ahead. Yeah. Thank you. So first question is, there was a recent news article of Zuari selling Mangalore Chemicals stake to you. So can you just help us understand what could be the logic for that stake, considering your current capital position, your capital deployment strategy, and even your current debt level? Harsha, let me confirm to you, as management, we are currently fully focused on our current operations and completing our projects and taking things forward. We have not, as management, evaluating any other opportunity. Great, sir. That, that is actually reassuring to hear. So second question is, I'm a little bit new to the company, so pardon my limited knowledge. Paradip is a JV between Zuari and OCP over the years. And Zuari, as a standalone entity also in Goa, was operating since many years. So Zuari also had a tie-up with raw material sourcing from OCP, or was it only Paradip? Paradip always had long-term arrangement with OCP as far as rock phosphate was concerned, and to the extent that they required phosphoric acid. Zuari Agro Chemicals independently had an agreement for buying phosphoric acid from OCP, independently. These are two independent contracts that, that was there. Understood. Understood. So what I was trying to understand- One more thing, Harsha. Those contracts with Zuari Agro Chemicals, with OCP, had already lapsed in the year 2018. Understood. So what I was trying to understand is, Zuari over the years, why did Zuari had exactly the same business, running out of two different names? One was Zuari Agro in Goa and one is, Paradip, based out of Odisha. That actually, I wanted to understand that. Harsha, just to clarify this position to you. Zuari Agro Chemicals Limited has been an existing company since 1971, which is also the promoter of various other fertilizer entities. When it came to Paradip Phosphates, Paradip Phosphates was an acquisition at the time when government divested its stake in the year 2001, 2002. So it was an acquisition which was done during the government stake. However, with the acquisition, government had a residual stake in the company, which was initially about 26%, came down to about 19.5%. So as long as there was a government stake in that company, until the government made an exit, and there was no question of us ability to consolidate these assets. Okay. But, but was it safe to assume in terms of day-to-day running and taking the key decisions, it was Zuari who was taking the decisions for Paradip as well? No. I think they both are independent companies. Paradip was a 50/50 JV, which was there along with the government investment, and Zuari was an independently listed entity. There was no common management loop there. Understood. Understood. Okay, those are my two questions. Thank you for answering. Thank you. Participants, you may press star and one to ask a question. Next question is on the line of Prashant Biyani from Elara Securities. Please go ahead. Yeah, thanks for the opportunity. So on the rock cost side, for us, how much has the blended rock cost fallen on a quarter-over-quarter basis? Well, if you, if you look at the rock cost, the way they have been moving, I think it's been quite a significant, you know, from earlier days of $370, it's already come down to about $223, the best quality rock. So when you look at September 2022 to June 2023, there has been a significant reduction. INR 370 price was prevailing in September 2022. September, yeah. In, in September of, in that quarter. Yeah, yeah. But, sir, just on a Q-on-Q basis, between Q4 and Q1, how much will that be? If you look at it, from a recent thing, you know, we, we would always get a rock correction directly in proportion to the acid price correction that you have. So the $1,070 acid correction, which is there, and, from where, if you look at it, 1,050 had gone to - has gone down to 970 in terms of the acid pricing. So if you look at it, a similar, similar proportional reduction would happen in the rock phosphate contracts also. ... Okay, and sir, when we are ordering material, in how many days does it reaches us? And, that is accounted for at the cost prevailing at the time of ordering or at the time of receiving? Any purchase that we do internationally, the pricing is based on the date of shipment, the bill of lading date. So whenever the bill of lading date is made, that is the date on which the pricing is finalized. And typically, from West Africa, you would take about 35-40 days for the cargo to reach the Indian port. Bill of Lading date would be meaning the date of- The date in which the ship leaves from there. The loading happens, and it leaves from there, yeah. Okay. And sir, how many days of raw material inventory do we generally keep? We typically look at it for us when it comes to rock. I mean, we are a very large consumer of rock, which is, we need about 100,000 tons of rock in every month. So we normally keep about 30-40 days is our ideal situation to have a rock inventory with us. Rock and ammonia, both, we keep about 40 days. Okay, last two questions. How many days of subsidy have we received this year, in this quarter? How many, what is the amount of subsidy that we have received? We have, if you ask me today, based on the actual sales which have happened, we had substantial recovery of subsidy, which has taken place during the month up to the month of July. Up to the third week of July, government has already paid based on POS sales. Q1, how much is the amount that we have received? In Q1, the total receipts of subsidy for us was. One second, I'll just give you the number. We had INR 493 plus INR 353, yeah. I'll just tell you, it was quite substantial for all these periods. Give me a minute. I'm just giving you the number. Yeah. Well, so INR 343 crore is what we got here during Q1. So once we place the material with the dealer, are we eligible to claim subsidy, or we can- No. claim subsidy only when the We claim subsidy. No, we claim subsidy. We are eligible to get subsidy only when the retailer sells it to the farmer and the quantity is properly endorsed through the point of sale machine. So we are eligible to get subsidy. That is fine. I understand that. But even claiming part also, we can do only after we do the- Yes, absolutely. -POS. We can, we will get the subsidy based on POS sales only. That's how the system works. Okay. And lastly, sir, have we been able to establish as to how much the average stock we need to keep in the channel at any point of time? Well, if you look at Indian market, you know, we have, we are roughly about 6-7 consuming months, and we have a 12 months of production that really takes place here. For us to effectively, manage the entire thing, up to about 2 months of, channel inventory, something that we need to keep. That's the kind of an optimal level that, that you will have. And typically, when you look at year-end, it's also an off-season. Given there's an off-season, you actually go down to a 2 months, of inventory, which is there in the channel. Unless only you don't produce during the, the last quarter. Yeah. Thank you, sir. That's it from my side. Thank you. Next question is from the line of Darshika from Antique Stock Broking. Please go ahead. Hi, thank you for the opportunity. My first question is regarding the Goa urea efficiency that you mentioned. I think this year we're spending around INR 80-odd crores. What about the next two years? Do we have any plans of further improving the Goa the energy efficiency over there? What is the current efficiency, and what do we plan on bringing it down to? If you could provide some light on that. No, it's the equation is very straightforward here. As per the government norm, we are supposed to achieve 6.5 Gcal per metric ton of urea. And our current operating norm is close to about 6.65, for which we are getting compensated by the government. And we expect that by the time we complete our CapEx program in the month of December, we will come down to a level which will be about 6.4 or below that. That is the efficiency that we will get. As far as any further improvement in efficiencies are concerned, it will be important for we to give a clarity here. See, 2025, March 2025, is the year in which government is likely to revise the norms of energy efficiency that is applicable for the entire urea industry, which will be applicable from April 1, 2025. So till such time, we don't have clarity on that, there is no real further CapEx which is being planned as of now. But I can tell you that we have an ability to improve our efficiency to levels which are far superior. We could even come down to about 5.7 Gcal with investments being made, but those investments will be subject to a clarity on future government policy. Okay, that was helpful. Second was on the channel inventory build. What we understand is currently, the imported material or the end product, that is that, so to say, is very high in the channel. So does that anyhow impact the volume offtake for second quarter, despite the season being good? Well, I mean, you will get the volumes that normally the market consumes, and we believe that the kind of expansion that we are looking at in terms of our overall growth, I think we are in line to kind of achieve that. The higher channel inventory will have an impact, but we are a pan-India player, so we will ensure that we are in a position to place our material in the right markets, yeah. All right. All right. And just lastly, on the MRP, for the end product going forward, how do we see the trend moving on? Currently, I suppose, DAP is priced at INR 27,000 per ton. How do we see that moving forward, considering the PA prices have come down even further after the subsidy cut that the government took? So some light on that and some idea if you could provide us with. No, I think it's, it's I think this is again for the benefit of all the, all the listeners out here. The best situation that, one, one could get to see here is that the MRP and, and the fertilizer subsidy put together, as long as the fertilizer subsidy is at a level of about 30% of the total, total sales, that's an ideal situation for the industry to, to operate on. At this point of time, we have a situation where the MRP and the mix of MRP and the subsidy, 55, roughly about 55% is coming as subsidy and balance 45% is coming as sub... as MRP. So our take on this is that there will be a correction in terms of of subsidy, which, which will take place over the period of time and based on the the global markets for the prices for in the global markets. And today, the price trends are not today, all prices are going up, so they, they, there is, they suddenly that we are seeing there's a reversal in terms of finished goods prices in the global market, but not and we'll have to kind of wait and watch to see whether this trend is going to sustain and this will be in a similar format or not. We are seeing recovery in various markets. So I don't believe that there will be a change to the MRP of of any of the end products at this point of time. If at all any, there will be a moderation that will take place in the subsidy scheme of the government. All right. Okay, thank you so much. Just one last question on the raw material price movement going forward. What we understand is, a few prices, I mean, the prices for a few raw material has started to revise back, say, for ammonia, ammonia, so to say, has started to increase on week-on-week basis. So how do we, how do we see the trend going forward in the second half of the year, specifically? No, no, you're right that ammonia had had come down to some, some interesting levels of $300 per metric ton. We are suddenly seeing, which is where the spot market is anywhere between $380-$405 today. And this is a new trend, and this we are seeing on both sides, in the east and western side of the world. So I... And also, there's a shortage of ammonia today. It's not just the prices alone. There is a supply constraint also is being seen. But however, we have long-term contracts with end players, which is based on, and effectively some good formulas, and I believe that we would get a good attractive prices as far as the ammonia is concerned. When it comes to acid, it's an India price, which is pretty reasonably common to all the Indian players. This stands at $970 for the last quarter, and expectation for this quarter is about $850 per metric ton. Right. I was trying to largely understand from the subsidy, the NBS rates going forward, given that- As the NBS... No, no, ma'am, ma'am, just please understand. NBS rates does not work on individual raw material prices. NBS rates are computed based on finished goods prices, and rest of it is derived out there. So the global prices of DAP, the global prices of urea, is what will determine what is the price for N and P, and similarly, the global price of MOP will determine what is the price for, for K. So it is basically from the finished goods is all derived. All right. Okay. Thank you so much. Thank you. Thank you. Participants, you may press star and one to ask the question. Next question is from the line of Deepak Gupta from Arham Share. Please go ahead. I just wanted to get a clarity, sir. The Goa plant and the Paradip plant, both are in full production, if I'm right, for this quarter? Yes. Yes. So I can safely, for my calculations on this one, on the total tonnage, I can take approximately 5,500 EBITDA? Well, I said I was guiding this, saying that this could be a range of 5,000-6,000- Yeah. depending upon where the raw materials finally end up today. So that, that's, that's the number, that's the pick that you'll have to make there, yeah. Okay, because for my calculations, so I'm just taking the full tonnage for this quarter. We are taking around approximately lower end being the 5,000 and without any other, exceptional items coming in, so I can, I can forecast the revenue, that revenue and also the net profitability. That's the reason I was asking this for larger benefit. Okay. Okay. No, I just, that's what I said. I think the guiding principle that you're following is that we should have a minimum of 5,000 as far as this quarter is concerned. And depending upon the prices over the next two months, you will get to know the final, final numbers. And there are some spikes which are taking place, but I'm sure that the numbers should not be very different from where we are today. Thank you. Thank you, Lord. Thank you. A reminder to all the participants, you may press star and one to ask the question. Next question is from the line of Akhilesh M, individual investor. Please go ahead. Hi. Can you hear me? Yes. Hi. So thank you for the opportunity. I just wanted to ask a few things. So, there was a recent news that, in, Mormugao Port, which is the Goa port, there was direct selling of fertilizers. Any reason for that was there, due, was it due to distribution issues or anything? No, this is a new. I think we felt that Goa port is where we import MOP and ammonia, and we thought that is a good location for us to start selling quantities from there directly for the local markets. And there are micro markets which have a demand. So this is an initiative which we took to enhance our reach to various micro markets, yeah. So is it helping? Was that- It deserves, it deserves being positive, yes. Okay. And next thing that I wanted to ask is, there was also another thing where there was an MOU signed with Goa government with respect to green hydrogen, and along also with BITS Goa. So, can you shed some light on that? No, this was not something... I think Goa government, as per our understanding, is trying to do a project of green hydrogen and green ammonia as a pilot project for that, and that, that's the only news that we have. It has nothing to do with us right now. Yeah. Okay. And another thing, which is, so, as we see the advent of Nano DAP, so in Nano DAP, the price setting is on an individual capacity, and it is not government guided as of now. So there is a high, high chance of, you know, profitability in that. So is Paradip, you know, extending it to Nano DAP? Is there any plans in place? Because last, in the last presentation as well, you told us, that we'll see those details in the, site, but, still there has been no such news. So if you can shed some light on Nano DAP and other- We are expecting that in the second half of this year, we will have a Nano Urea, Nano DAP in our portfolio. Okay. And, another thing, which is to clarify, as before, you have, I mean, Paradip as a company has no interest or in the Mangalore Fertilizer stake sale that is happening, right? That is not in scope. As I said, that the management is currently focused on the current operations of the company. We're not looking at any other opportunity at this point of time. Okay. Yeah. Thank you. Thank you. Next question is on the line of Tanmay from Mirae Asset. Please go ahead. Yeah, hi, sir. Just one bookkeeping question. If I look at the- Sorry to interrupt you. Can you please speak through the handset? Yeah. Am I audible now? Yes. Yes. Yeah. So just one bookkeeping question. If I look at the purchase of stock and trade line item, it has gone up substantially, if I look at the past quarters also. So if you could just help understand what is that pertaining to. And, on the changes of inventories of finished goods and stock and trade, that has also gone up. So does that pertain to the above line item side or as well? So basically, changes in inventories of finished goods and stock in trade is in line with the business model that we have. We have also sold from our inventories during the quarter, so it's primarily reflecting on that. And purchase of stock in trade is also the additional material that we bought during this quarter. Okay. I mean, what I'm trying to understand is, are you doing this towards trading or, you know, for consumption? We're not into trading. Let me, let me be very clear. We've been buying largely finished goods, and we bought some quantities of DAP for trade. Yes. Yes. This includes about 42,000 of 42,648 metric tons of trading, yeah. Got it. Yeah. DAP and MOP is a combination. Yeah. Okay. Got it. Thank you. Thank you. Participants, you may press star and one to ask a question. Ladies and gentlemen, you may press star and one to ask a question. Anyone who wishes to ask the question may press star and one. A reminder to all the participants, you may press star and one to ask the question. As there are no further questions, I will now hand the conference over to the management for closing comments. Thank you. Thank you, everyone, for participating in the earnings conference call. We have tried to address all your questions. Should you have any further queries, please connect with our investor relations team, and we'll be happy to address the same. Thank you. Thank you very much. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you.