Please note that this conference is being recorded. I now hand the conference over to Mr. Manish Mahawar from Antique Stock Broking. Thank you, and over to you, sir. Thank you. On behalf of Antique Stock Broking, I would like to welcome all the participants on the call of Paradeep Phosphates. We have Mr. Suresh Krishnan, MD and CEO, Mr. Rajeev Nambiar, COO, Mr. Bijoy Biswal, CFO, Mr. Alok Saxena, Head Corporate Finance and IR, and Mr. Susnato Lahiri, DGM Strategy, IR and AGM on the call. Without any delay, I would like to hand over the call to Mr. Krishnan for opening remark. Post which, we will open the floor for Q&A. Thank you, and over to you, Mr. Krishnan. Thank you, Manish. Good afternoon, everyone, and welcome to the earnings call of Paradip Phosphates Limited. I'd like to thank you all for joining us here today. We have circulated our earnings presentation and press release and uploaded the same on our website and stock exchanges. I hope you have, you had a chance to review the same. To start with, we'll give you an overview on the business trend and financial performance for the quarter and full-year, and we would be happy to take any questions afterwards. Well, during the fiscal 2023-24, we have witnessed significant shifts in the macroeconomic landscape, characterized by global uncertainty and average rainfall pattern in the country. The raw material prices experienced a steady correction globally throughout FY 2024, leading to a substantial reduction in product subsidies by, by the government. Demand for agricultural produce during this fiscal year has been stable and growing at a rate of 3% year-on-year. This year, as a company, we achieved higher production and sales volumes, leading to an increase in our market share. We are glad to report that we produced 2.3 million tons of various grades of fertilizers throughout the year, registering a strong growth of 13% year-over-year. We sold 2.53 million metric tons, marking a significant 25% increase from the previous year. This volume growth was primarily driven by higher capacity utilization, continuous channel engagement, and expanded reach into new geographies and farmer segments. During this quarter, the company recorded a quarterly revenue of INR 22,427 million and an EBITDA of INR 1,781 million, with a margin of 7.8%. The profit after tax for the quarter amounted to INR 215 million, showcasing a growth on a year-on-year basis. On a full-year basis, the company achieved an annual income from operation of INR 11,575 crores, EBITDA stood at INR 716.9 million, and profit after tax was INR 99.9 million. We have effectively managed our overall debt during the year. Our debt, debt decreased by 14% year-over-year, primarily due to a reduction in the short-term borrowings. This has improved our debt-to-equity ratio, reflecting our continued commitment to prudent financial management. The board of directors have recommended a dividend of 5%, that is INR 0.50 per equity share of INR 10, each fully paid up, subject to approval of shareholders at the annual general body meeting. Key backward integration initiatives have begun yielding results as planned. Our incremental 200,000 ton captive phosphoric acid capacity at Paradip site is now fully operational. Additionally, the ongoing expansion of sulfuric acid capacity from 1.4 million tons to 2 million tons at our Paradip site is progressing as per schedule, and is expected to be commissioned by the first half of the financial year by end of FY 2025. These projects are aligned with our objective of strengthening our ability to produce varied grades of fertilizer, achieve operational efficiencies, and generate positive impact on our bottom line and margins in the coming days. Additionally, we are in the process of launching our indigenously researched biogenic nano urea and nano DAP fertilizer, poised to deliver substantial value to soil nutrition. Simultaneously, we'll be introducing new variants of NPK fertilizers during this financial year, underscoring our commitment to product innovation and stewardship. Our commitment to ESG has been recognized through our maiden inclusion in the globally renowned S&P Dow Jones Sustainability Index for 2023. We have initiated the integration of ESG governance at the board level and throughout the entire organization. Our CSR projects have positively impacted over 55,000 lives during FY 2024. We are in the process of setting goals in each aspect of environment, social, and governance, ensuring sustainability is embedded in all aspects of our operations. Our sector looks promising with expected growth in demand, normalization of supply side prices, innovative product development, and an increasing emphasis on balanced fertilization, effective nutrient absorption, soil health, and farm productivity. With a favorable monsoon forecast this year, we are eager to meet the demand of the upcoming Kharif season, supported by our optimal product mix, enhanced farmer engagement, and improved operational efficiencies. Thank you very much, and now I would like to open the floor for a Q&A. Over to you. 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 touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Thank you. The first question is from the line of Prashant Biyani from Elara Securities. Please go ahead. Yeah, thank you for the opportunity. Sir, given the current subsidy and MRP levels, how do you see the profitability trending for H1 2025 vis-à-vis H1 last year? Prashant, yeah, good afternoon. Prashant, with you, you all very clearly realize that in the last few calls we have mentioned that the subsidy for the MRP realization that we have resulted in not so profitable margins for some of the key grades of fertilizer, which included DAP, N-10 and N-12. However, what we are getting to see right now is correction in the raw material prices, which has corrected to certain extent as we speak, and we expect that correction to continue. But in terms of the main grades, which is the main NPKs and DAPs concerned, the margins of H1 FY 2024-25 would be largely subject to price correction that we will need to do in the market. We are expecting that, once the monsoon picks up and the demand situation is absolutely clear in terms of the offtake progression that we will get to see, there will have to be a correction to prices of some of the grades, which will make the viability good. I think our endeavor here would be that we have a clarity in terms of a potential of up to 10%, 10%-12% profitability on the overall cost of sales. We will actually be working towards our pricing model to reflect that as we go forward. Right. Sir, on the Rock Phosphate side, what indications are we getting from OCP, whether the pricing trajectory is downward or flattish here? Well, if you look at the phosphate prices over the last 4-6 weeks, even though you did see India arrivals of DAP have, are significantly corrected, the $590, $590 levels have come down to close to about $510. We are seeing mixed trend in the market today. If you look at rest of Suez, the prices are kind of holding, maybe going up a little bit, and we still have the challenges of movement through the Red Sea area, so we are taking a much longer queue in terms of what it is. So we do expect that the prices are not really going to be swinging too much, but the last year correction has been quite significant. So in terms of DAP has come down from to the $500 levels now, quite seriously. So we would expect that this trend will continue, but today, in the immediate future, for the next three months, we are looking at more like a plateau situation and a range-bound correction in the phosphate prices, because we are still seeing good recoveries happening in rest of Suez. Sir, this lower DAP price should result in lower rock price also, also? The lower DAP price will result in rock price coming down, yeah. It's already moving down, and we are seeing the trend. The rock prices have already come down quite a bit over the last few quarters. It will have a direct correlation, but with a lag of a few months, yeah. Okay. Sir, our Odisha plant was also closed due to notice by CPCB. Do you expect any impact on Q1 volumes because of it? Well, you're right that we had, we had a closure and the plant has restarted, and we are now manufacturing at our usual levels today. As far as the impact is concerned, yes, we have... In terms of our manufactured volume, we, the finished goods, we have lost about 100,000 tons, and in terms of Phosphoric Acid, I think our loss has been close to about 22,000 tons. However, we expect to make up the volume over the, over the remaining part of the financial year. And if you look at the availability that we have for the first quarter and the second, and the second quarter, I think we should be able to make it up by the, by the end of second quarter in terms of overall volumes. But, let me be clear that we are optimistic today based on the predictions for monsoon and hoping that the distribution will be right. I think we'll have a clarity on the monsoon distribution in the month of June. But our entire endeavor is to ensure that we do not lose out on the margin, that we lose out on the product, product volumes that we lost during the month of April, and we certainly make this up. Lastly, sir, can we further improve our mix of NPK, or we have to sell around 8-10 lakh tons of DAP? Well, Prashant, I think you also understand, you've been covering this sector for a long time, and DAP is an important fertilizer. And to really shying away from DAP may not be the answer to this issue today. We believe that DAP margins will have to increase. The current pricing structure, which is there, where DAP is priced at the lowest end of the NP, NPK segment, is something that needs to change, and we will get to see that. But however, from our own perspective of manufacturing, I think we have been a very successful NPK, we as NPK manufacturer and also been in the marketing area. Our NPK and N-20 market shares have significantly grown. If you look at it, our overall sales growth on NPK has been close to about 36%, and we've also grown on N-20, specifically by about 39%. So our focus will continue to be that. But a core DAP portfolio is something we will maintain, because some of our markets that we are in, both north of India and Central India, these markets, currently the farmers need DAP. So in terms of a balanced offering, a DAP is something that is required today, but a shift as it goes, we will be able to work around and make more NPKs. But for the current financial year, I personally believe that about 800,000 tons of DAP is something that we will certainly get to do. Thank you. I will come back in the queue. Yeah. Thank you. Thank you. Before taking the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Darshita from Antique Stock Broking. Please go ahead. Hi, thank you for the opportunity. Hope I'm audible. My first question was regarding the EBITDA per ton movement for FY 25. We had guided for INR 4,500-INR 5,000 of EBITDA per ton on sustainable basis. Considering the current MRP and subsidy, are we confident to achieve that for FY 25? Well, Darshita, I think, our target and our guidance of 4,500-5,000 continues. And as I mentioned in my last earlier calls, the Q4, I was expecting that we will not be able to maintain this margin, and we're expecting a margin of around 3,500 tons, as an EBITDA margin per ton, which is what, the final results are reflecting today. But we expect that the price increases that we'll end up taking will finally result in this kind of a margin being maintained, and that will be our guidance. What kind of price increase can we expect? I'm guessing would be post-June, in terms of percentage, if you can highlight. Well, I think it's not proper for us to kind of come back and give you a price expectation today. I do not see a major correction in prices in the month of June. But as we have looked at it earlier, based on the trends that we will get to see for phosphate and DAP availability and pricing in India, we would take price corrections going forward to the month of July. And the price correction would be such that we get into the EBITDA numbers that one is looking at. You know, it's very important for us to see that the industry is healthy, and we believe the EBITDA margins that one is looking at in terms of 4,500 and upwards is something that we should reach as an organization. So we will be working towards that in terms of our pricing. But a lot will depend upon the monsoon and how it evolves over the key markets for us in the coming months here. Right. My second question was regarding the debt reduction guidance, if you can provide any number for FY 25? Well, debt reduction is something that's been a focus for us right through, and I think we did well as far as the last financial year is concerned, and we continue to work on it. I think we, our endeavor would always be that year on year, we continue to reduce our debt. We had a, If you know that, if you have seen the numbers the last time, the short-term debt has come down to about 17%, long-term by 10%, and the total debt has come down to 14%. So which is a good number that we are in, and we would like to see them as our peak levels of borrowing as we speak. And hoping that the raw material correction is not anything towards an increase, but more towards a decrease. Okay. Got it. My third question was regarding the subsidy receivable. How much was it by the end of the year? I'll ask, Bijoy Biswal to respond to this, yeah. This subsidy receivable at end of the period is INR 1,840 crore. 1,800. Okay. We've seen that most of the companies have seen their subsidy receivables getting cleared by the government. Is this the subsidy that, you know what I mean, is it for the inventory that is in the channel, or it has been, like, you know, or the subsidy- This is largely for the inventory in the channel. Inventory in the channel. Correct. Okay. Got it. Got it. I just had one question on the sales volume. If you can provide the traded sales and manufactured sales split for Goa and Paradip facility. Yeah, I'll ask Rajeev to respond to this, yeah. Yeah. Just to give you an idea, we did an overall volume of 25.28 lakh metric ton versus last year volume of 23 lakh metric ton. That was, we had a growth of 25% on the primary volumes. And as far as Goa is concerned, we did 10 lakh metric ton sales out of the Goa volume. So that's what we achieved last year, 10.12 lakh metric ton, and Paradip did around 15.15 lakh metric ton. Yes, important to note that we actually crossed the 1 million tons from the Goa facility in terms of primary sales during the last year. I think it's important to also note that, PPL as a group, we grew significantly as far as our, farmer sales are concerned. Our total sales, for DAP and NPK grew to 24.77 lakh metric tons versus 60.86 lakh metric tons last year. That was a 47% growth, basically on the phosphate base. Yeah, Darshita, to answer your question on trading volumes, we traded about, you know, close to 214,000 tons. That's about 8% of the total sales volume in FY 2024. Okay. Thanks, Rajeev. And, just I think, one last question on the channel inventory currently and the regions that we are operating in. How is the channel inventory currently? Is there enough availability, or do we have any issues there? I think, see, we are well prepared with a good monsoon that's expected, so we have good inventory in the channel, partly because there was a deficit rainfall, so it's slightly on the higher side, but that augurs well for the good Kharif season. So we are kind of quite well spread out across the geographies, and most of our inventories are with the retail trade. That means as soon as the like, rainfall happens, you will see a lot of offtake of that inventory. All right. Okay. Okay, got it. Thank you so much. Thank you. Ladies and gentlemen, who wish to ask a question, may please press star and one. Who wish to ask a question, may please press star and one. The next question is from the line of Vinod Kumar, an individual investor. Please go ahead. Mr. Vinod Kumar, your line has been unmuted. Please go ahead with your question. Mr. Vinod, your line has been unmuted. Please go ahead with your question.... We will move on to the next participant. The next question is from the line of Hari Kumar, an individual investor. Please go ahead. Yeah, good evening, sir. Am I audible, sir? Yes, you're audible. I'm audible? Yeah, you're audible. Yeah. Two questions, sir. Two questions from my side, sir. This profitability increase from 3,000 - 500, 500 - 5,000, is it going to come through efficiency or through increase in prices? And the second question is regarding this government, like, giving the guidance on capping of profitability returns, like, how much that is going to affect us? Like, how much room more can we increase profitability before the government guidelines come into force? That is all, sir. Thank you. Well, as regards to the EBITDA margin is concerned, it is a combination of both the raw material prices, efficiency, and the final MRP that we will have. And this will also get impacted by the subsidy that government will look at. As you know, we already have a subsidy, which is announced on first of April, which will be valid till end of September. Thereafter, the new subsidy will be announced. So there's a complex factor, but I can only tell you one thing, that there is a significant room available for us to increase our profitability within the overall guidance that government has given. So that is not going to be a constraining factor at this juncture. Okay. Thank you. Thank you. The next question is from the line of Prashant Biyani from Elara Securities. Please go ahead. Yeah, thank you for the follow-up. Mr. Rajeev, can you please repeat the POS volumes for this year and last year? The POS volume sales was last year 16.86 lakh metric tons, and this year we have done 24.77 lakh metric tons. This is for DAP and NPK? Yes. Yeah, this, this is put together. Yeah. This is a combined volume. Okay, sir. For DAP and NPK, the volumes grew from 13.17- 20.64 lakh metric ton. That was a growth of 57% over last year, and industry basically grew by around 7%. That is DAP and NPK. 24.77 is the overall POS volume. Sure. Sir, what would be the current DAP plus NPK inventory in our books? 650,000 tons. Yeah, uh, About 650,000 tons. Not in our books, it's with our, i n our books, which includes the retailers and wholesalers. Yeah. In our books, it will be INR 2 lakh, but, you know, on the, In our books, it will be INR 2 lakh, but in terms of what we have sold and the inventory which is lying, will be around INR 6.5 lakh. Yeah. So. Sure. Sir, what will be the subsidy received for this quarter? For Q4, you're talking, Prashant? Yes. Yes, sir. Yeah, Q4, yeah. Just one second, yeah. About INR 1,350 crores. INR 1,350 crores. Correct. Okay. Sir, at which stage are we on merger with MCFL? Well, we are at the stage where we have already applied to the Competition Commission, and our approvals are at an advanced stage with SEBI and post which, and we've got the lenders' approval for the same. Majority of the lenders have approved the transaction on both the companies. So it's we are at the last stage for filing into NCLT now. Okay. And what would be the CapEx plan for this year? Well, if you look at this year, Prashant, the way we are, we are working on this is, we have one major project, which is a sulfuric acid project, which we will be completing. So against the overall project budget that we have, close to about, we are. So we will be spending about INR 200-250 crore during this year in the CapEx, which is largely for the project that already been approved. Sir, any thought on setting up a phosphatic plant on western coast of India? Prashant, let's, we will respond to this question once the MCFL merger is concluded. Okay. Sir, lastly, which would be the new grades of NPK that we are planning to introduce? So, basically, we are also now planning to grow 28, 28, zero, basically, as a product. Okay, so which is basically quite a high water-soluble product. We are also introducing a product called TSP, triple super phosphate, which is 46% P2O5. And you know, we are also launching our bio-nano products, both bio-nano urea and bio-nano DAP. So these are some of the products that we are focusing on. We believe that TSP is a product where the future is quite exciting. If the farmer finally gets to understand the benefits, and we are able to get the value proposition along with the farmer clearly understood, you know. So this could be a volume play for us in quarters to come. But I think we are going to be introducing this in Kharif, and based on the response, we will be ramping up the availability of the same. Right. And sir, lastly, this phosphate-heavy fertilizers are not very profitable for everyone in the industry. Yes. So even the phosphate-heavy consumption regions, how are the farmers there accepting NPK or no, are they, are. Is the industry facing resistance in converting them to in, to some grades of NPK, or how is that happening, if you can highlight that? So just to share with you, see, one of the products which is a part of our balanced nutrition strategy, is 20, 20, zero, 13. So which has got nitrogen, phosphorus, and sulfur. And if you see, we are getting a, this is a grade which is mostly popular in southern markets. We have introduced it significantly in the north, markets also. A market, the UP, we are getting a good, good acceptance of this grade. You will see a lot of this product growing. Another grade, which is a marquee grade for, PPL and Zuari is Triple Nineteen, okay, Sampurna, which is a very well-balanced fertilizer, and we are seeing a, a good offtake happening for this grade also. And this is a product unique to, Paradip Phosphates. And this also we are introducing now? Yes. No, we have introduced more in the western part of the country and i n southern market. Yeah. Okay. Thank you, sir. That's it from my side. Thank you. A reminder to all participants that you may press star and one to ask a question. The next question is from the line of Ankur Periwal from Axis Capital. Please go ahead. Yeah, hi, sir. Thanks for the opportunity. First question on the backward integration on both phosphoric as well as sulfuric acid. With the post this expansion, how much will be backward integrated here from a RM procurement perspective? Ankur, it's like this, as far as phosphoric acid is concerned, for the Paradip site, our endeavor would be not to import any phosphoric acid at all. The entire requirement for our granulation will be met by our own production. So we will be a fully integrated plant. The sulfuric acid plant that we are building today, it is primarily to provide the incremental sulfuric acid we need for the additional phosphoric acid capacity that we have. Currently, we are buying sulfuric acid, but with the sulfuric acid plant coming in, we'll only be importing sulfur to meet the requirement. So our current strategy today is that we, as we speak from this financially onwards, there will not be any import of phosphoric acid for Paradip site. Goa will continue to import at this point of time. We import close to 200,000 tons of phosphoric acid out there, and that is something that will be continuing for FY 25. Sure, that's helpful. And, With the expansion out for sulfuric acid also, we'll become self-sufficient. Correct, yeah. So, on the Goa side, from a production perspective, we are largely at optimal utilization, or there is still scope for improvement? Like we said that we've already reached 1 million tons, and what we have tried in Goa is various types of product last year, and that is why we have reached in capacity of about a million ton. But based on certain grades, Goa, Goa can produce up to 1.2 million tons. Goa is an, is a major player in the N-10 and N-12 segments, and both these segments have not been viable all of last year. We expect that the N-10 and N-12 segments should come back because they, they are very crucial to the, to the farm sector in a big way, and that will make a big difference to the overall capacity utilization from Goa, and we could see a 10% gain in the overall, production at Goa side. Great, sir. And whatever RM procurement will be required at Goa will all be imported. Are there any plans for backward integration there? Goa, at this point of time, we don't; we're not having any backward integration. I think our next phase of backward integration will be, will be certainly get to discuss that with you all when we, when we conclude the MCFL transaction. Sure. Another thing on the nano urea and nano DAP side, which you highlighted. Any further details you can share? Because right now it's largely IFFCO and Coromandel has suggested of, you know, launching those products. Yeah. If you can share some details, some highlights there. Yeah, how people respond to this? Yeah, yeah. So these products we have developed basically along with TERI. Basically, it's a research organization. And both of them are uniquely made products because it's a bio-nano product. And just to share with you, the DAP will have 6% nano nitrogen and 16% P2O5, and the bio-nano urea will have 8% nano nitrogen. So that's what these products are. And we have done a lot of field trials. We've got a very good response from the farmers. We have a good capacity right now, so we are expecting the launch to take place in the next few weeks in terms of farmer offtake. Based on the overall acceptance, I think the volumes will get ramped up. We're certainly expecting that between the two products we should first reach our milestone of 1 million units. Yeah. Million units, and after that, we will, we will evaluate in terms of what kind of a product strategy we will have. Sure. What will be the current capacity, and how are you looking at from a unit economics perspective? That will be helpful. Basically, if you look at it today, we have a capacity to go up to 3.5 million tons of units, you know, of the two products combined. We are initially, so that capacity is already there with us. So we are going to start with a million ton, and as the million ton gets absorbed and based on that experience, we should be able to provide enough for the market and the ability to ramp it up from a 3.5 to doubling that, it'll be in a very short notice. In a matter of about 2 quarters, we should be able to ramp up capacity at the existing site. Sure. And this, this product will be largely, from a farmer education perspective, will be a replacement of the, the conventional one? Well, when you look at it here, the, I think, Nano DAP, we should be very clear that it's a new product for the farmer, and it's going to work along with the existing DAP. Absolutely. Yeah. It is not going to be something which replaces the existing urea. It has to be seen as a product which complements the current farmer practice. The advantage is the nutrient use efficiency of the nano products is very high. So in terms of the absorption by the plant, it's greater than 90%, but because the application will be more through the foliar route, so they have to be used in conjunction with the existing fertilizers. Sure, sir. And, how are we pricing it? And this will be largely at the Paradip plant, right? Or it's at the Goa one? No, no. See, this, this is being manufactured through our partner company, Zuari FarmHub, at a site in Punjab, okay? And, and, and the distribution will happen pan-India for this product. And the pricing currently, how we're looking at it, is a MRP of INR 265 a unit for nano urea. Okay. Good, good. For a Nano DAP, a price point of around INR 625. One bottle will be, okay, you, you said it's more a complementary. INR 255 and INR 625, you mentioned, right? Yes. Great. Sir, last question on the capital allocation bit. Now, since there is still some debt there on the books, and we do have some expansion plans there, how should we look at you know, the priority? Will we be looking to repay the debt first and then gradual expansion, or how should one look at it? See, Ankur, the way we look at this today is that the large CapEx, which is currently being executed, is only to do with the sulfuric acid plant. And for which the debt tie-up is already there. So based on the project progress, the debt will be that we will be able to have the drawdown for the debt. Our idea is not to increase our debt levels from here on today. So whatever repayment that we will be doing during this year, maybe at best to that extent for any other project is required, we will be drawing long-term debt. Otherwise, the idea would be to come to a situation where long-term debt is not further, no further drawdown of long-term debt is there in the company beyond what is committed today. Sure. That's helpful, sir. That's it from my side. Thank you, and all the best. Thank you. The next question is from the line of Mr. Manish Mahawar from Antique Stock Broking. Please go ahead. Yeah, Mr. Krishnan, just wanted to ask you, next year, FY 25, do you think we are able to sell full capacity of 3 billion ton in terms of volume growth perspective? I'm asking. Well, Manish, it entirely depends upon the way the Kharif progresses and the way we look at viability of the grades. And even this year, we could have done better had some of the grades have been more viable. So I think I would like to see N-10 and N-12 manufacturing in India getting to be viable for us to reach the full, full capacity. And if that doesn't really happen, I think our, our utilization levels will be between 25-30 lakh tons. Okay. But I think the N-10 and N-20, when you said, I think it's, N-10 and N-12. Yes, yeah, 10. Okay, 10 and 12 were unviable because of higher MOP prices, what I understand, right? And I think MOP price has corrected, so it should be viable now, or no, still? If you look at it, N-10 and N-12 at the current prices which are prevalent in the market are not viable. Okay. It will not be a wise thing to do a price change for these products just before the monsoon. I think we'll have to look at how the monsoon progresses and then take a call on what kind of pricing that one should take. Understood. And in terms of a market share perspective, what's our pan-India market share? And, when there is incremental capacity or, volume growth for the next year, which are the reason we are, it is increasing market in the existing market only, or we are adding to other states also? Yeah. So just to kind of quickly give you idea of market share, we're talking of basically consumption market share. Our market share grew from around approximately DAP and NPK put together by 3%, and it's around 9.4%. And in terms of our footprint, we are deepening our footprint into Bihar and UP and basically in Karnataka. So these are markets that we're trying to focus. And we will, of course, in a small way, be opening up markets of Rajasthan also. But our footprint, if you know, is quite well balanced in terms of portfolio, which we shared in the things. We are present in all four zones of the country. That's north, west, east, and south. Okay. And, while you are selling to the adjacent, states like UP and Bihar, right, your profitability in terms of tonnage terms, a bit upward metric ton, it remains same at what you are selling to the, in the existing markets? Yeah, UP is a good market, Manish. I think the profitability is quite stable there. Yeah. Okay. One question in terms of your interest cost perspective, because if you look at the H1 to now, FY 2024, and your debt number is remain same, how your interest cost has gone up, at Q4, which is INR 95 crore, basically, what was the reason that is first? And second, what could be the interest outflow one should undertake for the next year? You know, the interest cost, you know, in this quarter has gone up mainly because of this, you know, delay in the subsidy reimbursement. You know, going forward also, we should, you know, after repaying this long-term loan, I think the interest cost will be around, you know, around INR 75 crore, you know, per quarter. Primarily, if you look at it here, we are currently looking at an average interest cost of about INR 75 crore in a quarter. That's the kind of number that we're looking at. That will substantially change or come down based on the actual sale to the farmer and the subsidy disbursement. Currently, what we are seeing is government has been reasonably efficient. We've been getting our money in about four weeks from the time we sell, four to six weeks from the time we sell. But as you know, that the last quarter, even though we had good amount of primary sale and right up to the retailer level, there's a substantial buildup of POS quantity, which is pending conversion to the farmer, and hence, the outstanding amounts have been high. Also, you must appreciate the fact that the production quantities have actually gone up year on year, and therefore we have to work in capital, yeah. Yeah, right. Right. So basically, the INR 300 crore of interest cost one should look at for the next year on average? Yes. Okay, understood. And, in terms of contract of Phos Acid, what was the price for OCP 1Q or 2Q? Any contracts happened for a 2Q? You're asking of Q1 this year? Yeah, Q1, sir. Right. Okay. April to March. Yeah. April to March, I think there's already been an announcement of $968 per metric ton. I think that will be the price prevalent for India. Okay. Understood. Whatever difference we will get will be at that price, INR 968. Okay, INR 968 will be the price. Okay. Sir, in the post-election, Sorry, I stand corrected, INR 948. INR 9 48. INR 948, yeah. INR 948. And this is for 1Q, right, sir? April to June. April to June shipments, yeah. Last quarter it was INR 968, I believe, right? Jan to March. 968. That's right, yeah. Okay. And last question, in terms of election, post-election, are you expecting any changes in terms of policy environment like DBT or anything from the government side? Because it's very clear, like government has cleared most of the company's subsidy this time, and how do you see the situation or any changes, expectations, sir? Mani, this is an industry expectation that DBT 2.0 should happen, which clearly means that we would like to see a situation where government directly pays the farmer rather than routing the subsidy through us. So that has been our wish list for quite some time, continues to be so. And we are expecting that, as part of the government's new program, this will be taken up in right earnest. Okay, sure. That's from my side, and all the best, sir. Yeah. Thank you. Ladies and gentlemen, that was the last question for today's conference call. I would now like to hand the conference over to the management for closing comments. Thank you, and thank you for participating, and in our earnings call, we have tried to address all your questions. In case you have any further queries, please connect with our investor relations team, and we'll be happy to address the same. Thank you, and have a good evening. On behalf of Antique Stock Broking, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.