Ladies and gentlemen, good day, and welcome to Petronet LNG Q4 FY 23 results call, hosted by Axis Capital Limited. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference, please signal an operator by pressing Star then zero on your touchtone phone. Please note this conference is being recorded. I now hand the conference over to Mr. Amit Murarka from Axis Capital. Thank you. Over to you, sir. Thank you, Robin. Good evening, everyone. Thank you for taking the time out to attend this post results call of Petronet LNG. We have with us the senior manager of Petronet LNG, starting with Mr. Vinod Kumar Mishra, our Director of Finance, Mr. Rakesh Chawla, who's the GGM and President of Finance and Accounts, Mr. GK Sharma, CGM and Vice President, Marketing, Mr. Vivek Mittal, GGM and President, Marketing, Debabrata Satpathy, who's the General Manager, F&A, as well as Mr. Ashwani Agarwal, who's the Manager, Finance and Accounts. Without much ado, I will hand over the floor to the management for their opening remarks. After that, we'll have the Q&A. Over to you, Mr. Mishra. Thank you. Very good evening to all of you. I start with the performance of the company. If you see the main highlights of the company, it has been INR 58,899 crore, INR 59,899 crore, financially at 2022/2023. There's a surge of around 39% from the previous year, as compared to INR 43,169 crore. If you look at the throughput of Dahej Terminal, it has been very promising because we have been able to have a throughput of 172 TBTU, as against 154 TBTU in the previous quarter, and 178 TBTU in the current quarter. Total throughput, both Dahej and Kochi has been 155 TBTU against 167 TBTU in the previous quarter, and 190 TBTU in the corresponding quarter. If you look at the yearly basis, throughput, you'll find that it is not as high as it was last year, of course. Dahej has a throughput of 704 TBTU, as against 793 TBTU in the previous year. Kochi had 48 TBTU of throughput, as against 54 TBTU as of coming year, last year. This is how physical performance has been. If you look at the quarterly results, then profit PBT has been INR 818 crore, as against INR 1,586 crore in the previous quarter, and INR 984 crore in the corresponding quarter of the previous year. PAT has been INR 640 crore, as against INR 1,181 crore in the previous quarter, and INR 750 crore in the corresponding quarter of the previous year. On a yearly basis, PAT PBT has been INR 4,335 crore as against INR 4,274 crore in the previous year. PAT has been INR 3,240 crore as against PAT of INR 3,352 crore in the previous year. This is the total performance of the company. Apart from that, there is slight downward trend you see in the profitability, and this is mainly because of NPS impact of foreign exchange variation, which has been to the extent of INR 258 crore. Apart from that, we have declared dividend of INR 3 per share. Apart from the INR 7, we have declared as interim dividend in the second quarter, the second quarter. This is how we have performed, and now house is open for the questions. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question, press star and one on your 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 will wait for a moment while the question queue assembles. The first question is from the line of Probal Sen, from ICICI Securities. Please go ahead. Thank you very much for the opportunity, sir. Good evening. 2 questions. One, what do you feel is despite the spot LNG prices dropping off quite a bit in this quarter, our third party, our service revenue, volumes have, are yet to reach anywhere near our normal run rates of between 75-80 TBTUs. Just wanted to get a sense, is it because contracts usually work in tandem with, you know, consortium prices are changing, or will they need to drop even more from here for our volumes to recover back to, let's say, about 75-80 TBTUs? That was my first question. First question you are asking that there has been a normal downcall in the prices of LNG. Still the service cargoes are not increasing to that extent. You see that there has been such to the extent of 61 TBTU in this quarter, as against 47 TBTU in the previous quarter. There has been a rise in the service cargoes. That means these service cargoes may be as a spot, it may be as a long-term contract of the officers. We are getting a higher number of cargoes now in this fourth quarter. If you look at April data, it is even higher, and we are getting good number of cargoes now. 31 cargoes have come so far in April also, out of which 11 are, on service cargo and 10 are long term. We can say gradually situation is improving. Prices have started declining only after February. You cannot say entire quarter there was a lower price. It was only after February that prices have come down, and it takes time for the customers to adjust, to procure the cargo. It's not that, that immediately you will find a cargo. When the price is declared, it's almost 2 months later. We can say that it's gradually improving now, and perhaps, more cargoes will come in this current year, this quarter. Got it. Second question was of housekeeping, sir. Can you share the regasification service revenue for the quarter? Regas service revenue is, to the extent of. This quarter, you know. 359. Yes. Three hundred and fifty-nine crores. INR 359 crore. If I can squeeze in just one more question: Any updates, sir, on our plans for the petrochemical project? Any come up of the final CapEx timelines, anything you can share? Petrochemical is going on. At present, we can say that DFR has been prepared. We are in the process of the licensor selection, and once the licensor is selected, thereafter, we will have the DFR prepared by the consultant, and then we will go to the board for approval of the project, and thereafter, actually, we will start. We will have to wait some time at least. It may take two, three months at least for the selection of this licensor. Thereafter, maybe, in next one or two months, we'll be up, be ready by the certain time, and we will go to the board. Three, four months we can say right now. Okay. Any indicative investments that you... Any, any changes in terms of the number? I believe you had shared about, I think, INR 14,000 crore was- That is the range we are still estimating, because we are not still clear how much will be the CapEx, because once the licensor selection is made, then only we can come to know how much is the CapEx, because it's based on the technology. Whatever technology we are selecting, it is having different kind of requirements for the equipment, for the raw material and for other catalysts. Those things can be known only after the selection of licensor. Whatever technology we are selecting, it has different kind of effects, each technology. That way we can say that still we are keeping that CapEx at INR 14,000 crore. Got it. Sir, thank you so much for the detailed answer. Thank you. All the best. Thank you. We have the next question in the line of Saumya V from Avendus Spark. Please go ahead. Thanks for the opportunity, sir. Can you just give us an update on the key projects that you're working on about the Dahej expansion, Gopalpur expansion, and also the key outlook maybe for the next couple of years? The Dahej, you know, that this plan is already going on. Tank construction is going on, and if you look at the CapEx, we are estimating the time with CapEx. Total CapEx, you know, that it's around INR 1,250 crore, out of which I think INR 744 crore we have already incurred, and balance is left. Balance should be this year, and then slightly it may be next year. This is total CapEx of that Dahej tank. Then the jetty, we are going to construct with INR 1,650 crore. That is the CapEx, and we have already started process for awarding the job, the jetty construction. CapEx is already there, INR 1,650 crore. Then we go to the expansion plan, which we have from 17.5 to 22.5 MTPA. That is also having a CapEx of around INR 570 crore. That is the CapEx for Dahej. Apart from that, petrochemical, I have already mentioned that whenever it comes, it will be estimated at INR 30,000 crore. That will be there. Apart from that, we are also thinking of some one more tank at Kochi. Perhaps we'll go ahead with that plan in future. If the call it comes and approval is given, then we will have CapEx of INR 1,600,000 crore. This is all. Apart from that, we have contracts for-- We have the proposal approved for Gopalpur terminal. There also we have a CapEx of INR 3,300 crore, Satady terminal we are going to construct. This is how CapEx plan is there, and, I think, more will come as well if there is, any CapEx. Right now, this is the immediate CapEx plan we have. What will be the next couple of years, you know, CapEx outlook in terms of, you know, annual CapEx? CapEx outlook, as you know, that what is coming up, that the big ticket capital, this commitment will be plan. For that, we have thought of some debt equity ratio of 70/30. Those kind of plans, perhaps we will rationalize it, and we will have 30% equity, 70% debt. Apart from that, 3,300 project, INR 3,300 crore, that also, that's not a big effect. We may think of some debt if required. That way plan is clear that we will optimize the cost through this kind of mix for the major projects. Of course, for small project expansion plan, we are now going to have some financing arrangement. Banks, we don't have any financing arrangement. It's a very small CapEx, so we are making from our internal resources. This is how we are going to plan for CapEx in future. Sorry, sir, just more from a, you know, annual CapEx plan, as in, you know, this year we spent around INR 23,000 crore. What would be the equivalent number for FY 2024? Next year, I can tell you that it will be around INR 1,700 crore. In this current year, which is going on till March 2024. Also any plans on the cash that you have? I mean, anything from a, you know, intermediate angle, because projects which probably gone through. Any thoughts around the cash cards? See, I have just mentioned that, dividend card will be taken care of. That's why we are already planning to have some debt, equity mix of 70/30 maximum plan. This is not a burden on the equity itself. You know, internal generation is already there to the extent of almost INR 3,300 crore every year. That way, there should not be stress on cash, and perhaps the dividend part will continue to be paid over there. That's why we are planning in such a way that dividend payout is not affected, and at least we are able to make 100% dividend payout ratio. That should continue, this is our plan, that's what we are thinking of. Got you. One last question from my side. This charges which we accounted in the last quarter. I mean, what, the standard, you know, what is the amount that is so far and what? Yeah. We have booked the use of charges for the cargoes which have been spotted by the operator. The only thing is that we are looking for that, perhaps we are hopeful that that should be paid by them. This is as per contract. Some of them have recognized that, but of course, we have to see that how we have to recover it. That process is going on. We are trying to recover it, and that will be... Hopefully we should recover those costs. Perhaps in next years, when the prices are normal for energy, then there should not be any record on their part. We are hopeful that in future it will not be there, but for the past, we have to of course, recover those charges. For that, we are making all out efforts to recover. 3, 33 or 4 that we had booked, so still remains as a receivable. Is that the right understanding? Yeah, it is. Still, you are saying it is receivable? Yeah. We have not got any, I mean, anything- We have not received so far. Yeah, we have not received. Yeah. Got it. Thank you. Thanks. Thank you. The next question is from the line of Siddharth Chauhan from Motilal Oswal Securities India Private Limited. Please go ahead. Yeah, hi. just 2 questions from me. One, on the other expense side, that there seems to be a, you know, slight increase in this quarter. Is that seasonality or just something else is there? Increase in throughput. Other expenses. Other expenses. Provision of... There is actually provision for that was some arbitration award. That is the main reason, that's why I think it has increased. Okay. Sir, sorry, your voice is not very clear. So INR 55 crore award? For the arbitrary award. Arbitrary award. Okay. Okay. Okay, that helps. Just to clarify, one more time that we see will be approximately INR 60 crore, right? Yeah, yeah. Yes. Okay. Last question, just from the Gopalpur, for... I just, so my understanding is, you have previously guided for, you know, 2 years of construction time. Now, what we are seeing right now is there is a lot of tightness coming into oil service chain. Charges globally are, you know, getting full, shipyards are already full. The ones in Southeast Asia, which lot of these kind of FSRUs, they might also be, you know, getting load from offshore. I'm just wondering if that 2-year timeline is kind of, you know, achievable on the FSRU? ... Yeah, we are still exploring the possibilities, how we can store that FSRU. For that, we have appointed a consultant and seeing how we can do it. We will first explore it and try to get it, and let us see what happens. We cannot say we will get it or not get it, but we have some alternative on plan also for this. If we are not able to secure some FSRU, then we will go ahead with the land-based vendor. Okay. Thank you so much, sir. That's good. Thank you. The next question is from the line of Tanvi Shah from BofA Securities. Please go ahead. Thank you for giving this opportunity. In terms of the, you mentioned that the for FY 2022 receivable, we are pursuing with the users. In terms of the step-wise to get the acknowledgment from here, what are the steps that would be needed at your end to sort of convert this into either a receivable or sort of decide on whether to pursue it or not? We are in fact, trying to talk to them every time, and it has been as per the contract. They know it very well. One thing I can say that some of the customers have already directed ADS. That means, they have recognized this liability in their books of accounts. That is, in fact a matter of satisfaction, that at least they have come to this level, that they have recognized the liability in their books. I have not disclosed the names, but, some of them have recognized the liability. Right. Would you, in terms of sort of the escalation, if you need to do, would it be sort of the escalation to the ministry to get this resolved, and would it happen before the finalization of the FY 2023 annual report? Escalation in terms of recovery you are seeking? Yeah. Escalation is a normal process. As per the contract, we are seeking, we are asking them to give it. There is a process given. If nothing is happening, then there is an arbitration process is already there, provided in the contract, if it is not mutually agreed upon. That is a legal process, and if you are not able to recover it. Right. Just another question was about the sort of the going back to the, the higher level of sort of 90% utilization. Is this price slide sufficient, or would we need prices to sort of become a bit more, grow from here before we can achieve the 90%+ utilization? See, the price have come down almost $11, $10, it's going on. Prices, of course, start from the reasonable level, but if it goes down, it is, it's better. Even at this level, you see that in April month itself, we have reached a utilization level of 97%. That way, we have already crossed in this month at least. Of course, in the last quarter, if you see, it has been only 77% around, you can say, on yearly basis. This is a good sign that at least we are now improving and more cargoes are coming, and hopefully May will also be very good. Let us hope for the best, at least for this quarter, and if this price trend continues for a longer time, then I think more and more spot cargoes will come to India. Right. when you say the utilization has improved to 97% level, are we also seeing the surge in the spot cargoes as well? I can say it's not known to how much, but our service cargoes has increased. This much I can say that there is a long-term contract which is being met as per schedule, ADP, whatever is annual delivery plan. Service cargoes which were not coming earlier are now start, have started coming now. So in April it has been a good number of cargoes have come. You can say that situation has improved. That's why the utilization level has increased to 97%. One more good thing is that at least for this 6-month period, the GAIL will be closed, so more cargoes from GAIL will come, at least for the next 6 months. Right. If I can please squeeze in one more question. In terms of the Kochi tank, we are currently operating at a utilization of the 20% level. We are looking for adding a tank. What are the viability assumptions that we take to justify the viability of the Kochi tank? Kochi, carriage you are talking about? Kochi. You mentioned that we are considering option to add a tank at Kochi, which will cost us a CapEx of around INR 600 crore. Yeah, yeah. In that- Actually, we are looking at a tank over there because this gives us a flexibility for trading the energy cargoes. Right now, it's a tied up, we are thinking of having it for the future. More one good news is that today in the board meeting itself, it was declared that Gail's pipeline from Kochi to Bangalore may be commissioned by, you can say, next year, November 2024. If that is happening, that kind of commitment is coming from Gail. I think the utilization level can go up to 35%-60% also next year, after commissioning. It's not right now. Maybe this financial year, it's not possible, but next year it is possible, because GAIL chairman himself has said that, it is likely to be completed by November 2024. It will be connected with the national gas grid, then it's quite possible to use it more and more, because switching mechanism is always there, and more CGDs will be coming, so they will have a fair share of LNG usage because then switching can be done and gas can be supplied from our terminal to those CGD entities. That is, that is the kind of plan we are having, and perhaps the pipeline is a major interest. Once this is overcome, then perhaps you'll be able to have more usage of our Kochi terminal. Thank you, sir. Thanks for this detailed answer. We have the next question on the line of Yogesh Patil from Dolat Capital. Please go ahead. Thanks for taking my question, sir. In last few quarters, we have seen a gain on the sale of LNG, which boosted the profits. What was amount in this quarter for effort specifically? Can you please share it? Yeah, we will tell you. Just a minute. Hold on. Trading margin, INR 73 crore. Okay, thanks. Second question, considering the fall in spot LNG prices in current scenario and rising demand for gas, is there any provision in a user, user pay contract that if the off-takers we get to find a higher quantity of gas in this calendar year than previous year's shortfall can be offset? No, there is no provision, because these capacities have to be utilized within the… Calendar. Period itself. If it is not done, then the use of penalties are levied. It is not provided in this contract. There is no. Flexibility is not available. Okay, and the last one, sir, I might add. Sir, please, correct me if I'm wrong. In 2026, additional 0.6 MMTPA LNG will be coming to India from ExxonMobil. Is it part of a volume, existing 1.44 MMTPA, or this would be additional to 1.44 MMTPA volume? It is a additional contract we have entered at the time of negotiation with ExxonMobil. That, in fact, it is not 0.6. It's in a phase. 2-3 years is a ramp-up period, so it will be coming to that, you know, 1.2 MMTPA. From 2026, it will be 0.6, and from 2028 onward, it will be 1.2 MMTPA, in addition to 1.425. Total it will become around 2.625 for 2028. That means that Kochi terminal itself will utilize by that time at least up to 60%. Apart from whatever I'm saying, that after this completion of pipeline, more utilization will be there. More volume will come there, and this contract will be implemented in 2026. I think that is there. What would be the pricing adjustment for the, the additional volume? I think tariff will continue what is going on right now. Okay. The pricing part of LNG would be the same? Pricing part, it will be 39.5%. I think it, same, it will be same, I think. Okay, thanks. Thanks a lot, sir. It will be same. Thanks. Thanks a lot, sir. It was really helpful. Thank you. Thank you. The next question is from the line of Maulik Tell from Equirus. Please go ahead. Thanks for the opportunity. One question. You mentioned that there has been an increase in the regasification volume. Historically, this Q1, Q2, because of the drastic shutdown of Dabhol, we generally do around 1.9 to 2 million ton, quarterly regasification volume. Are you confident that you will achieve that past from that? You are saying that, after the shutdown of Dabhol... Yeah. Whatever volume was there last year, it will continue? You mean past as the last year's level? No, I think, I think year before that. Year before that. As, as we mentioned in the beginning of call, the spot prices have come up, so we are expecting the utilization levels to go up, or it would be actually very difficult to predict given number, but we expect definitely better than last year. Mm, got it. The second question is on your any other development related to this biogas or the LNG sessions, anything you apart from the factory project and the balcony? Yeah, this compressed biogas is, of course, we are thinking of, but it's not in a big way. Right now we are proposing to have at least 4, 5 CBG stations. That have been incorporated in our CapEx plan. That is where 5 LNG, the CBG stations. As and when they come, we will again inform you. As far as excess LNG is concerned, we have already 4 stations commissioned almost, but some approvals are awaited. With IOCL, we have already installed LNG stations for 4 places, and more will come in due course. Because of this, this stability in the prices, volatility in the prices of LNG, this segment could not get too much attention with the consumers, because high price of LNG was not affordable in this market. Now the price has started coming down, so we hope that this segment will further now, take, this, right, and it will perhaps in a good way in future. What's happening on this RasGas' renegotiation? We understand, I mean, if you look at the last couple of months, Germany has done one contract with Qatar. China has made a two contract with Qatar. The coming mistake is that not not filled, waste... But what we are doing other than the country, the PLNG has been an assisting agency for with Qatar. Any update which we can expect for this renegotiation or any incremental volume we have or current negotiation? No, it's actually, I can just only share that we have to finalize this contract for renewal by the end of this year for the extension beyond 2028. This is what we are proceeding with. We are now concerned with the renewal of the existing contract beyond 2028. It is going on, as and when something is finalized, we will come back to you and declare it. Right now, we cannot share it, what is going on, but of course we are not stopping because we have to finalize this by December 2023. Great. Thank you, sir. Thank you. The next question is from the line of Sabri Hazarika from Emkay Global. Go ahead. Yeah, good evening. usual, booking question with respect to India and, Gorgon volumes in Dahej. Yes, Sabri, India is at the gross margin level, INR 156 crore positive. Yeah. Storage gain, INR 23.30 crore. Reversal of expenses- INR 23 crore. Yeah. Am I audible? Yeah, yeah. INR 23 crore positive, correct? Okay. Correct, yeah. Other expenses level, INR 8 crore positive. Okay. Depreciation, INR 82 crore, and the finance cost, INR 71 crore. Finance cost, INR 71 crore. EBITDA level, INR 34 crore, right? INR 33 crore, yeah. 33. Yeah, trading gain, you said was INR 73 crore, right? Yes. Any inventory gain loss during the quarter? Inventory gain is INR 20 crores. INR 20, 22 crores, inventory gain. Inventory gain. Loss margin, you said one... Okay. Then what was the Gorgon volume in Dahej? Gorgon volume side, Sabri Hazarika. That, 99. Nine- Yeah, nine. 9.7 TBTU. 9.7 TBTU. 9.7 TBT for the quarter? Yes. The second question is on this Dahej utilization. So you mentioned the April leverage itself is 97%, you said? Yes, yes. Which are the sectors, which has driven it? I mean, in terms of end consumption, was it power sector or was it broad-based? The prices has become comparatively affordable, and with respect to alternate fuels, so it is not only power, other industrial consumer sector also has come up. You were using otherwise as an alternative. Okay. It was across the board improvement you are saying? Not because of that, which has led to basically power-? Not really. That is just part contribution, and that's so, not that significant. I would say it is more of the industrial consumers and across the board. All refineries, as well as petrochemicals, ceramics, everyone has come up. Okay. regarding this, new, HPHT gas, coming, which MMSM just come. Do you think, this can be a threat or, you see it basically absorbed with respect to the customers? See, market is enough, and I think it is not matter of threat. You know, the threat is to alternate fuels, not to RLNG. One more I will add to what he's saying. If you look at the longer prices also, they are at $10-$11. HPHT is already $12.16. Now it's almost matching, not much difference. That way you can see that hardly matters. It's a threat. I don't see it as a threat now. You're right about it. Your FY 2023 was INR 1,000 crore, was it right? 23, which is the past. Okay. Yeah, it's around INR 900 something crore. INR 950 crore. INR 950 crore. Okay, sir. Thank you so much, and all the best. Thank you. Thank you. The next question is from the line of Keith from HSBC. Please go ahead. Yeah, thank you so much. The first question is to the user fee contract. Is my understanding correct, that roughly INR 850 crore in the previous years, INR 450 odd crore, those are unrecognized? Oh, see, it's the INR 850 crore is raised this year only. Yeah. -recent one, we are pursuing that. As far as INR 415 crore last year is concerned, that is also part of it. We have already, rigorously following it up with them. In fact, as and when some solution will come out, it will be known to all. It's very clear that we are rigorously following it. Sure. It's not that we are going to waive it. We will have it, and we will try it, that we should pay, and then we'll see how we can go ahead, because. This is payable as per the contract. Correct, correct, correct. Absolutely, absolutely. You haven't recognized it at all, right? It's been one year at least, that number, previous year's number also. There is no further discussion, if I were to put it that way. Sure. Yes. What I was trying to understand is, even for this calendar year 2021, INR 415 crore, there has been no progress with the off-takers. Is that understanding broadly okay? No, no. Progress is that we are following it up, perhaps, some of the customers have started enacting CDS also. That means- Yeah. they have started recognizing the liability at least in their books. This is a major thing which is happening at all, because, as per contract, this is a liability. In fact, there should be a question on them, why they are not showing it as liability. Right. It's not that we have waived it. We are not going to waive it like that. It's their liability, they have to pay it. Understood. Secondly, on your Gopalpur, do you have board approval yet for 23 million, or are we still waiting for that? No, no. We have got the approval of board. We are going ahead now. We are now finalizing the transaction documents with Gopalpur Port Limited, and after that, we will start signing of the contract for construction of the jetty and other facilities for the FSRU terminal. In case you don't get FSRU, you said that you are looking for alternate land. That will also change. That is there already in mind, because we are also having some issues, because as you know very well that many of the FSRUs now are working in Europe. Right. Because of that change last year, a lot of LNG coming up there. We have to see the availability of the FSRU, because it will be known only after we do some rendering process and seeing the tenders, if something is happening, then only we will go ahead. If you find that there is no possibility of FSRU availability, then we'll, we will go ahead with the land-based terminal. Will you have to go back to the board for approval, or the approval stands? We will have to go back to the board because we need to have the additional capacity approval. Okay. Apart from that, we have already informed board in this regard. Okay. that we have an option to go to land-based terminal after some time, after FSRU expectation. So that option is already informed. Only thing, additional capacity we will have to work out if it is not FSRU, and then we'll go back to board for additional part of capacity. You said that for the Kochi Bangalore pipeline, which is scheduled for November 2024, is there any opportunity to increase offtake from Kochi in the interim? If you see even now, we are utilizing 20%, almost 1 MMSCMD, already being utilized. Right. Now we are hoping that MRPL and OMPL will also come back to this LNG usage in place of alternate fuels they were using. Mm-hmm. I think that is a silver lining we have. I think MRPL, one of the big customer, and OMPL, they will start using natural gas again in that region. At what moment can they take? 25%-30%, if they start using it. Your 20% go up to 25% level then? 25, maybe 30% also, depends upon if the price trend continues just like this, $11 and $10, they will continue. This will increase only. Understood. Okay. Thank you so much. Thank you. Thank you. Next question is from the line of Varatharajan Sivasankaran. Sorry, Varatharajan Sivasankaran from Antique Limited. Please go ahead. Thanks for the opportunity. My question was just answered. Thank you. Thank you. We have next question from the line of Hemal, an individual investor. Please go ahead. Thank you for this opportunity. I just wanted to ask, pre-COVID, like FY 2020, 1950, FY 2020, what was our Dahej and Kochi annual production? I, like, this year you said 704 and 38 for Kochi and 704 for Dahej. What was the first, if you have it, in case? 20 means 20, 21, 22, I have told you, 64 it was there. 20, 21 I was just- Nineteen. 19, 20, I will have to see it. I have got the data for last year. Just wait, hold on, I'll let you know. You are asking too much of that. It was COVID period, I think. 2019, 2020 was before Covid. Before Covid, how much is the one? 41.8 was the year. No, it is not much. I think it's almost 41.8 was there, 19, 20. You're talking of Kochi terminal. Dahej? Dahej in 2020? Yeah. If you have it, sir. If not, then. I'm trying to have. INR 885. 885, CBQ. 885. Just do you believe that this year with prices at this stage, at $11-$12, would it be aspirational to go back to those levels, to $18-$20 levels, even at these $11-$12? Or is it too high of a price to...? See, it's only that what you are asking me to do. We are hoping that it will go to that level, at least. As I have said, that April has shown that there is a good utilization of terminal. I hope that it will further increase in future. There has been overall less energy involved in last financial year, 20-23. That way you can say this has impacted our utilization. Once it comes to normal, then you find that it could be going up to at least 90% level. I cannot say it will go beyond 100%, but 90% is achievable in this kind of cases. 97% still we are running in April. Okay. Thank you, sir. The rest of my questions are all answered. I appreciate your answering the question. Thank you. Thank you. Thank you. Next question is from line S. Ramesh from Nirmal Bang Equities. Please go ahead. Good evening, thank you very much. You, you mentioned that there is a Forex loss of INR 258 crore. Where is that included in your P&L? That's in the other expenses. The entire other expense is INR 20 crore? No, no, INR 258 crore is for, is for the year. Yes. Got it. What is the, what is it for the quarter? For the quarter, there is a INR 23 crore gain. INR 23 crore. Okay, okay, fair enough. The INR 250 crore for the year? Yeah, yeah. Fair enough. The second part is now with a lot of new LNG terminals coming up, I think Karaikal terminal is coming up. If you take a 4, 5-year view, I guess LNG share can be sustained. Is there any risk to your utilization rate if Karaikal terminal is commissioned and some other terminals go up? No, no, I don't think so. See, we are already having our capacity booked to the extent of almost 15.75 MMTPA, Dahej. You know, this 7.5 MMTPA, this our gas contract, and 8.25 per MMTPA is the capacity booked by the off-takers. 15.75, at least I have, which is almost 85%-90% of the capacity. I am not having any threat from anybody because we have long-term contract with our off-takers, our promoters. That way we are secured. Rest be assured that whatever terminals are coming, in fact, this is a challenge for them, how to run those terminals. We don't have a challenge. Only fight could be that additional volumes will come, but the kind of connectivity, kind of regulation we have, no other terminal can have. It is simply having a terminal is not enough. Pipeline connectivity is a big issue, and many terminals are not able to run because of that connectivity. You see, many terminals are located at a place where there is no pipeline connectivity or very less connectivity. That way, this terminal is far, far better than any other terminal. I don't foresee any threat from them. Of course, if they are coming, and entire consumption is also going to increase in future, as you know, that whatever this plan of the government of India to increase the share of natural gas, 6% to 15%, with upcoming CGD entities, having so many projects coming up in next 4, 5 years, where from they will get the gas? It will be only through these terminal. Everywhere domestic gas availability is not there. They will trap the gas, the domestic gas, and supply from the LNG terminals. This will happen because southern India doesn't have so much of domestic gas. Ultimately, these terminals will be utilized in future. If you look at Kochi, what is the status of the user pay for Kochi for the current volumes and for the increased gas utilization? You already tied up with user pay or as the network evacuation network comes in place, you, you will start ranging for user pay? No, no, it's one. See, capacity booking is only at Dahej terminal. Kochi terminal is only receiving the volume from ExxonMobil. That contract we had entered for 1.42 MMTPA. It was supposed to be brought to Kochi, but because of connectivity issues and consumption level at Kochi, some of the cargoes are coming to Dahej. That way, we are utilizing because demand should be there. As of now, there is not so much of demand at Kochi, but there is only contract for 1.425 MMTPA with ExxonMobil, which is again a back-to-back contract with off-takers. I was just talking that Kochi terminal has a contract of 1.425 MMTPA with ExxonMobil, but that is not a use of it. It's a contract for back-to-back delivery of the RLNG to off-takers. You know that contract has a ratio of 50% BPCL, 20% IOCL, 30%, GAIL. That way it is distributed. That contract was entered just to utilize Kochi terminal. In addition to that, there is additional gas coming up from 2026, of 0.6 MMTPA for 2 years, 3 years, and then 1.2 MMTPA. Total 2.62 MMTPA contract are in fact, should come in Kochi, because utilization is not that much at Kochi, some of the cargoes we are bringing to Dahej. If I might just squeeze in one more question? In FY 2023, you already booked some user fee claims, it is kind of normalized now. If you were to look at profit growth for FY 2024, assuming 90% capacity utilization, is it possible to show some growth in the profit after tax for FY 2024, on the base you have already reported in FY 2023? This is all, Chhina, that this is catchfall. We in fact intend to do so. We want to show the growth in profit, because once the volumes comes, the way it is coming in April and May, I think there is no doubt that we should increase the present profitability growth rate. Maybe just next year we should be better than this year. I am again saying that if the prices are reasonably okay, say $8, $9, $10, we will be able to utilize our terminal in the best possible way, and then profitability will automatically increase. Thank you very much, sir. Thank you, and all the best. Thank you. Thank you. Ladies and gentlemen, that will be our last question for today. I would now like to hand the conference over to Mr. Amit Murarka for closing comments. Over to you, sir. Yeah, thank you, Robin. Thank you everyone for your time on the call today. I would now hand over the floor back to Mr. Mishra for any closing comments if you have to. Thank you very much for the patience you, you have shown in listening my answer. Whatever question you have, you can ask again if you have not been able to ask here through email to our team. Perhaps we are in fact so glad that you are proposing faith in Petronet LNG. Once again, I will say that the kind of model which PLL has is a robust model in the market. Profitability is assured, contracts are assured. Come what may, the use of these charges or take-up charges will ensure that profitability is not going down substantially. Thank you. On behalf of Axis Capital Limited, this concludes this conference. Thank you for joining us. You may now disconnect your lines.