Ladies and gentlemen, good day and welcome to Petronet LNG Limited Q4 FY 2025 earnings conference call hosted by Nirmal Bang Equities Private Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to S. Ramesh from Nirmal Bang Equities Private Limited. Thank you, and over to you, sir. Good morning, ladies and gentlemen. On behalf of Nirmal Bang Institutional Equities, I have the pleasure of inviting you all for this fourth quarter FY 2025 earnings conference call with the management of Petronet LNG Limited. The management is represented by Mr. Saurav Mitra, Director of Finance and CFO, Mr. Rakesh Chawla, Chief General Manager and President, Finance and Accounts, Mr. Vivek Mittal, Chief General Manager and Vice President, Marketing, Mr. Debabrata Satpathy, General Manager, Finance and Accounts, Mr. Vikash Maheswari, Deputy General Manager, Finance and Accounts. Let me also welcome Mr. Saurav Mitra for his first earnings call after taking over as Director of Finance. Over to you, Mr. Mitra, for your opening remarks, and then we can throw the floor open for Q&A. Good morning to you all, and thank you for the warm welcome. Well, financial year 2024-2025 has been an excellent year for us, both in terms of operational and financial performance. Delving on the highlights, PLL achieved the highest-ever overall volume throughput of 934 TBTU, and for the first time ever, the profit before tax crossed INR 5,000 crore. The company recorded highest-ever profit before tax and profit after tax of INR 5,275 crore and INR 3,926 crore, respectively, registering a growth of 11% over the previous financial year. Let me now turn to the fourth quarter of FY 2024-2025. We posted our highest-ever Q4 profits. PBT stood at INR 1,446 crore compared to INR 996 crore in Q4 of the previous financial year and INR 1,169 crore in the previous quarter of the current financial year. Profit after tax stood at compared to INR 738 crore in Q4 of the previous financial year and INR 867 crore in the previous quarter of the current financial year. In terms of LNG volumes, Dahej Terminal processed 189 TBTU compared to 219 TBTU in Q4 of the previous financial year and 213 TBTU in the previous quarter of the current financial year. Overall, Q4 volume processed was 205 TBTU compared to 234 TBTU in Q4 of the previous financial year and 228 TBTU in the previous quarter of the current financial year. On a full-year basis, Dahej processed 876 TBTU, up from 865 TBTU during the previous financial year. Total LNG processed by the company reached record highs of 934 TBTU, up from 919 TBTU during the previous financial year. We have received INR 360.94 crore of Use or Pay pertaining to calendar year 2021, thanks to the board-approved mechanism in place. This strong financial performance is a result of operational efficiency, cost discipline, and higher capacity utilization. Further, the board of directors has recommended final dividend of INR 3 per share. To sum up, this year was about delivering consistent growth, staying financially prudent, and raising the bar on performance. We are confident about continuing this momentum in the coming year also. Thank you. So now we can have the Q&As. Thank you very much. We will now begin the question -and -answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Probal Sen from ICICI Securities. Please go ahead. Thank you for the opportunity, sir. I hope I'm audible. Yes. Yeah. Sir, a couple of questions. First is, with respect to the capacity expansions that we have already completed, plus whatever is in prospect, any color you can throw on the status of additional contracts in terms of off-take contracts that we have signed or in the process of signing to secure these long-term supplies being placed in the market? That is my first question. Okay, so Mr. Vivek Mittal will answer this. Good morning, everyone. So Dahej, as you know, we are expanding from 17.5 million tons-22.5 million tons, and hopefully within the next three or four months, we expect this to be ready for commissioning. And we are in discussion with various parties. And in addition to this, some of our existing capacity holders are also bringing additional volumes under the long-term contracts they have. So utilization, and further, as all of us are aware, that almost 200 million tons of new liquefaction capacity is getting added in the next three, four years' time frame. So LNG availability will also increase. So India is well positioned to take advantage of that. So with that, we don't see any issue with utilization of the terminal capacity, specifically Dahej Terminal, which is very well connected with the natural gas grid. Just a follow-up on that, sir. With respect to the renewal of the existing long-term contract with Qatar, where are we with that exactly? And forgive me if you've already updated on this earlier, but where exactly are we in terms of. 6th of February 2024, we signed a contract with Qatar, wherein the 7.5 million ton has now been renewed for another 20 years, from 2028- 2048. And we have an assurance that the entire volume will be taken by GAIL, Indian Oil, and BPCL. And we expect shortly to sign downstream agreements related to this volume. Right. Second question, sir, with respect to the petrochemical project, any update you can share in terms of the investment done and where are we with respect to the timelines as of now with the petrochemical project? Yes. The timeline remains the same, which has been announced earlier. We'll be completing during the end of last quarter of 2027-2028, and we'll be ready with the production in the first quarter of last quarter of 2027-2028. And we have already started giving the LLIs, long lead items orders. Work is in progress in full steam. And we have scheduled CapEx program of around INR 5,000 crores, INR 4,500 crores-INR 5,000 crores in the current financial year, wherein the Dahej petrochemical project, we have targeted around INR 2,500 crores of CapEx. Right, sir. I'll come back. Thank you so much. I'll come back if I have any questions. Thank you for your help. Thank you. The next question is from the line of Yogesh Patil from Dolat Capital. Please go ahead. Thanks for taking my question, sir. Sir, considering the PNGRB regulations for the registration of LNG terminals, so sir, Petronet LNG will set up the two LNG tanks at Dahej. This might need a separate registration permissions from the side of PNGRB board, and one more related, these regulations also suggest that avoiding of infructuous investments. This might suggest the capping of the new LNG terminal in addition, so we are also planning to set up the Gopalpur LNG terminal, so do we expect any kind of delay on that side because of these registration regulations? Okay. So far as this regulation, this notification which has come up on 8th of May this year, we don't foresee on the first reading any major challenge. However, our team is looking into the matter in detail, and we'll be able to come up with further detailed analysis only once the notification is reviewed in greater details. As of now, I can only say that on the first reading, we don't foresee any major challenge. Yeah. Sir, second question, India's LNG input has increased 8% on Y-o-Y basis, while the Dahej Terminal volume has declined 14% compared to the last year. Sir, this indicates that we are losing a market share despite the cheapest regas tariffs. Sir, any particular reason why we are losing a market share, and what kind of a strategy you have to arrest it? So basically, firstly, if you look at the annualized numbers, the Dahej Terminal utilization on annualized basis has increased. So it is not that it has declined because I think it has increased by 1%. So sir, I'm talking about the Q4 FY 2025 numbers only. And Q4, if you talk, spot prices were definitely on the higher side. And if you see that there was a decline in crude oil prices, which means the liquid fuel prices were on the cheaper side. So there's the reason there was some. And secondly, there was some fertilizer plant major shutdown during February and March of the last quarter. So these two factors attribute why the utilization of Dahej has slightly gone down in the Q4. And last question, sir. Dabhol breakwater facility is completed, and terminal is expected to be all weather terminal now. Considering that average monthly gas volumes, which were shifted historically in the monsoon period to Dahej. And Dahej is expected to be impacted because of some quantity during the monsoon month. So how you will cover up this shortfall in a volume FY 2026, and any strategy on that side? Indian gas demand is expected to grow at 6%-7% annually. So I think there is space for everyone to survive in this market. And Dahej, as you know, is very well connected with the multiple pipeline networks of GAIL, GSPL, some private networks. So we don't see in the long run any issue. And in fact, with the more availability of LNG, as I mentioned previously also, we do expect the utilization level to go up. And in fact, Dahej is further expanding, keeping in view the expected demand, which is going to come after the implementation of CGD down. Thanks. Thanks a lot, sir. That's it from my side. Thank you. The next question is from the line of Varatharajan Sivasankaran from Antique Limited. Please go ahead. Thank you for the opportunity, sir. So as far as this bank guarantees are concerned and what we have in cash, so for calendar 2021 and 2022, what has been the amount we have in cash, and what has been the compensatory volume which has come through? So is it largely bank guarantee encashment, or we have had volumes also come through? As far as calendar 2023 and 2024 is concerned, are bank guarantees in place, or the process is just about initiated? What is the status? Okay, so we are happy to announce that none of the bank guarantees have been encashed. All the money that have come in, it has been paid by the off-takers. This is number one, and so far as bank guarantees for the subsequent years are concerned, we are in the process of getting the bank guarantees for calendar year 2022, 2023. Thank you, sir. Thanks. And on the second question about what we have assured about the 7.5 million tons off-take, being once again, let me initiate it with the current off-takers. You said it's about to be signed. Any more informative details you can share with us? Would they also be committing to additional volumes, or is it, as of now, restricted to the 7.5 million? We are talking of 7.5 million ton SPA, which was signed with Qatar on 6th of February 2024. So there is an off-take commitment which has been guaranteed by all the three existing off-takers, GAIL, Indian Oil, and Bharat Petroleum. So we are talking about that, and we are in discussions with them to finalize the downstream agreements, basically the definitive agreements like gas sale purchase agreements for these volumes. Sure. So there is no discussion currently ongoing for the expanded capacity as well? The expanded capacity, we are in discussion, wherein they bring in their own volumes. In fact, if you're tracking the market, all the players, GAIL, Indian Oil, Bharat Petroleum, all of them have signed long-term SPAs directly. So these volumes are bound to come to some terminals. So we expect substantial volumes to land at the Dahej Terminal. Already, they have existing gas capacity. If required, they may augment that capacity commitment also. Fair enough, sir. Thank you. I'll come back. Thank you. The next question is from the line of Pratyush Kamal from InCred Capital. Please go ahead. Hello, sir. I'm audible? Yes. Yes. Yeah. So my question is regarding the Use or Pay charges, which are levied and how and when it gets reversed. So I just wanted to explain in the way that suppose I'm a customer who has taken X million tonnes of gas in CY 2021, FY 2022, and when your re-gas charges was Y, for example, it was 55. And at that time, you booked it as receivable amounting to, say, INR 100 crore, but later put a provision of about INR 100 crore against that due amount. Now, when the customers are taking those volumes back, when your re-gas charges have increased, suppose it has become 65 or 60 or something like that, it will lead to about INR 150 crore of revenue generation. So will that UOP provisioning of about INR 100 crore gets reversed first, and then the additional provisioning of INR 50 crore gets added in the revenue, or how does it work usually? So this is the first part of the question, sir. Okay. Mr. Chawla will reply to your query. See, what is being done is that whenever any customer is not able to fulfill its commitment for lifting of the quantity, as per contract, he has to pay Use or Pay, and accordingly, as LD, we record that as revenue for that particular year, and as per the scheme approved, what we are doing is we are taking provision for that amount every year based on the time-bound provision. Now, if somebody is able to bring some material out of it in the next financial year, now higher tariff is charged as applicable for that particular year, and that is recorded as my normal revenue. Whereas whatever leftover amount after making provision, that is reversed as waiver because that waiver is with reference to LD charges. It is not with reference to the revenue. Revenue is recognized in the respective year at the current tariff for the volume which is brought out of that. So revenue will be at higher rate, whereas provision will be reversed as per the booked dates. That is the normal process. Understood, sir. And the other question was regarding the other terminals opening. Particularly, if I talk about Chhara, where HPCL is thinking of catering the captive refinery demand from there itself. So what's your outlook on the volume growth with respect to that? Also, HPCL has other players intimated Petronet on their disinterest in taking the volumes. So they have intimated Petronet in terms of their disinterest in taking the volumes. Also, are there any sort of volume compulsions with formal agreement as far as HPCL is concerned for taking the volumes from the Petronet, particularly from the Dahej or the Kochi Terminal? See, as Petronet, we do not have any agreements with HPCL. We have agreements with GAIL, Indian Oil, Bharat Petroleum, GSPC, Torrent on long-term basis for capacity utilization. So those agreements are intact. We don't foresee any issue with that. And as far as HPCL is concerned, so they have their own refinery. One is in Bombay, and another is in Visakhapatnam, which is still not connected to National Grid. So I cannot comment on how much quantum they will consume in those refineries. But other than that, we do not have any contract with HPCL, so there is no impact on HPCL volumes as far as Petronet is concerned. Okay. No issues. Thanks a lot. Thank you. The next question is from the line of Jaleshwar Rai, an individual investor. Please go ahead. Mr. Jaleshwar, your line has been unmuted. Please go ahead with your question. Hello. Mr. Jaleshwar, I will request you to move a bit closer to your phone and speak a bit louder. Hello. I'm audible, sir? Yes. Yes. Yeah. I just wanted to understand the provisioning of reversal. How did you arrive with the figures of -INR 230 crores for Q4 and about INR 294 crore for FY 2025? Can you please repeat the question? It was not audible properly. Yes. I just wanted to ask that again. My question is regarding the UOP provisioning and the reversal of it. So can you just explain the provisioning reversal which led to about the figures of INR -233 crore for Q4 and about INR 294 crore for FY 2025? See, as already explained by Director Finance, that during the quarter. Can you hear? Yes. Hello. As already explained by Director Finance, that during the quarter, off-takers have paid INR 360 crore, which is pertaining to the financial year 2021. Since most of the provision was already done against this 2021, so there was a reversal of provision during this quarter. So accordingly, after reversing this provision of around INR 315 crore, there is a net positive impact in this current quarter due to Use or Pay provisions. Sir, but not all the provisioning has been done in that INR 60 crore with what reversal? See, all cannot be reversed. It's only with reference to calendar year 2021, which was recognized in financial year 2021-2022. That payment was received in March 2025. So provision pertaining to that amount has been reversed during the quarter. Sir, what is this INR 183 crore of UOP charges, which have not paid off? What does it mean, and when are these charges actually put on the customers? See, as we have explained, that the customer, whoever is able to bring material in the next three calendar years, for that waiver scheme is applicable. With reference to that, only quantity and value, which was recognized in that particular year. So some of the customers who were levied LD in calendar year 2021 and calendar year 2022, they have been able to bring material to that extent. And accordingly, waiver of INR 151 crore pertaining to calendar year 2022 and around balance amount for 2021 has been given in this financial year, or the calendar year till December 2024. So that amount pertained to the waiver amount. Okay. Thank you. Thank you. The next question is from the line of Kirtan Mehta from Baroda BNP Paribas Mutual Fund. Please go ahead. Thank you, sir, for the opportunity. For the expansion from 17.5 million- 22.5 million, you mentioned that there are several SPAs signed by the industry players which have not yet booked the re-gas capacity. Could you highlight the quantum of sort of such outstanding SPAs where we have a possibility to sort of get the volume share, particularly for FY 2026 and FY 2027? Of course, if you look at the last two financial years, I think India has signed deals close to almost 20 million tons, or at least 15 million tons-20 million tons, I would put it. So 7.5 million, of course, is the Petronet's Qatari volume. But in addition to this, the entire 8 million tons-9 million tons which GAIL, Indian Oil, Bharat Petroleum, and GSPC have signed, some of them might bring it under the existing capacity agreements which Petronet has, like with GAIL 2.5 million ton, Indian Oil 1.5 million ton, GSPC 2.25 million ton, Torrent 1 million ton. So some of that volume might be under there. And some of them, if GAIL is looking to tie up additional volumes, they might bring in at Dahej Terminal. So we are already in discussion, but I cannot disclose for how much quantum at this point of time. Sure, sir. This is helpful, and would you be able to share your volume guidance for FY 2026? See, as we mentioned earlier also, that demand is expected to grow in India with the implementation of CGD rounds. So a normal 5%-6% incremental is expected every year. So we expect our momentum to continue in that session. Right, sir. And the last question was about, again, going back to the user pay charges. You mentioned that INR 151 crore and INR 31 crore pertaining to CY 2022 and CY 2021 were given as a waiver. Would you also be able to highlight the number of cargoes that users have brought against this? See, this waiver is with reference to the volume for which LD was charged. So waiver is particularly for that amount which pertained to that volume. Now, number of cargoes, around 33 TBTU volume pertaining to these two calendar years, for which was eligible for waiver because there could be additional volume. So this is approximately around 33 TBTU. Was this volume brought in Q4 itself? No, no. See, we have already explained this contract works for calendar year basis. So additional volume will be working. Working Working is done only in the calendar year. That means in the September quarter of last 2024 or December quarter. Just to sort of reconfirm my understanding, what we are saying is that this 33 TBTU of the additional cargoes were brought by the customers during the September quarter and the December quarter. Is that right? Understand? Thank you, sir. See, simply, your understanding is based on the calendar year working because we have to cover first the committed volume has to be brought, and thereafter this additional volume has to be brought. So, working is based on a calendar year. So, nothing is booked in March because of that. First, they have to bring their committed volume for this calendar year, which is calendar year 2025. Understood, sir. Thank you. Thanks for this clarification. Thank you. The next question is from the line of Hardik from ICICI Securities. Please go ahead. Hi, sir. I hope I'm audible. So if you look at the other expenditure, that has dropped to around INR 158 crore. So I just want to understand what would be our run rate going forward. And secondly, as you mentioned that there was an INR 187 crore reversal or waiver, so that would be over and above INR 233 crore, right? Or how is it? How should one look at it? That's number one. Okay. Debabrata, please reply. See, the other expenditure of INR 150 crore, almost approximately INR 150 crore, that has come to the normal levels now. Because we have carved out the provisioning, you can see that there is a INR 233 crore negative line item we have given separately. So the provisioning was actually included previously in the other expenditure. That's why it was fluctuating quarter on quarter. So now it is at the normal level of INR 150 crore. And going ahead, this kind of normal level should be expected. The only thing that could be expected to be included is the forex loss again that we will give the guidance. And your next question was regarding the provisioning. INR 187 crores provision. So that was included in INR 233 crores? That was previously included. But with the new guidelines, we have to carve out now. Now, accordingly, we have restated it also in the previous quarter and the year. Okay. Got it. And my second question is regarding what was the regasification revenue for the quarter? And if you can just break down the trading gain and inventory gain? And also, you gave a number for the Ind AS impact. Yeah, sir. The regasification revenue is INR 589 crores in the quarter. And the trading gain and inventory gain for the year are INR 55 crores. Sorry, inventory gain INR 55 crore s and trading gain INR 52 crores. And as far as the Ind AS numbers, there is a INR 165 crore s positive at the gross margin level, INR 1 crore forex gain, INR 7 crores positive at the other expenses level, then depreciation of INR 80 crores, and finance charges of INR 58 crores. The net impact is INR 36 crores in the quarter. Thank you. It's really helpful. Thanks. Thank you. The next question is from the line of Nitin Tiwari from PhillipCapital. Please go ahead. Hi, sir. Good morning. Thanks for the opportunity. So the numbers that you gave for Ind AS for the quarter, can you also help us for the same numbers for the financial year as well, the entire financial year? And secondly, how should we look at these numbers as far as Ind AS impact is going ahead? Because I remember, right, I think there was a reversal expected post FY 2025 in terms of treatment of these figures. So can you throw some light on that? That would be my question. So can you please repeat the question? There was some background noise, actually, while we were putting the question. Sure, sir. Sorry, sir. I was saying that Ind AS impact in 2021 for the quarter. Hearing some echoes there in your voice. Yes, sir. Let me give it a try again. So is it better, sir? Yeah. Yeah. So I was saying that the Ind AS numbers that you gave for fourth quarter, can you also give the same for the entire financial year? That is one. And secondly, if I remember right, there was some reversal expected after FY 2025 in terms of treatment of Ind AS, basically impact. So I mean, how should we look at these numbers going ahead after FY 2025 has ended now, in FY 2026 and 27? That was the first question. Ha. Nitin, as we had explained before, that the Ind AS impact will actually reverse from FY 2025 that we had mentioned, and it has now reversed. You can see that FY 2024, the net impact was zero. The overall net impact was zero, and FY 2025, the overall net impact is INR 13 crores positive. The breakups are INR 619 crores at the gross margin level positive. There is a forex loss of INR 62 crores and INR 32 crores positive at other expenses level, INR 328 crores of depreciation, and INR 248 crores of finance charges, so overall impact is INR 13 crores positive. The thing to be noted is that INR 62 crores of forex loss was also there. Still, it is INR 13 crores positive, so going forward, you can expect positive Ind AS impact. So the quantum would be in the similar range? The 13 crore number that you had in FY 2025? See, those numbers cannot be said because a few leaser are also restated according to these conditions, etc. But you can say that the positive numbers can go up. Understood, sir. And sir, my second question was actually related to volumes. So you mentioned that about 33 TBTU was pertaining towards the UOP charges, right? So I mean, if my understanding is right, the FY 2024 didn't have any UOP-related volumes, right? FY 2025 had. So if we adjust for the 33 TBTU, then is it right to understand that on a like-to-like basis, we actually had a volume decline in FY 2025? See, this volume is in any case additional volume which was processed during the year. This is mainly, you can say, the LD waiver is an accounting entry which was pertaining to that. So it is the actual volume for this year only, which is processed in current year. By accounting method, we gave a benefit to the persons who had been imposed LD and as a business, long-term business association management took a view that that was a COVID year or market was not conducive. So we will have to be a win-win situation. So we will give waiver for that volume. So practically, this is volume for the current year only. Okay. I'll ask Vivek to supplement on your question regarding volume decline. So volume, if you look at the Dahej Terminal, it has processed as separately, it processed 934 TBTU split between 875 TBTUs at Dahej and 58 TBTUs at Kochi. So totaling to 934 TBTUs. And we expect this moment, there has been a growth of around 2% at Dahej and similarly 2% at Kochi. So we expect this momentum to continue in times to come also. And with new long-term contracts getting signed into India, this gives an assurance that these volumes will come to our terminal. No, sir, that's fair. What I was trying to get at is that given that our off-takers are asked to get an incremental volume to set off against the outstanding user pay rate. So if 33 TBTUs of incremental volume was brought in to set off against the outstanding UOP, so if we adjust for that 33 TBTU in this year, which is our total volume was 934, so then I mean, the net number that we are looking at is about 901 TBTU, which is on a like-to-like basis. Like in FY 2024, we had 919. So if the incremental volume was not brought in, then did we face a decline in volume is what I was asking. Secondly, what was the Gorgon volume brought in at Dahej in this quarter? If you can help me with that number as well. 16.9 TBTU. Yeah, Gorgon volume brought in at Dahej is YTD. YTD is 16.9 TBTUs. 15.9, sir. 16.9. For the entire financial year. For the financial year, you can carve out the last three quarters. 3.9 in the third quarter. Great, sir. Thank you, sir. That's all from my end. Thank you. The next question is from the line of Akash Mehta from Canara HSBC Life. Please go ahead. Hello. Yeah. So there are two questions, so first is on the Dahej utilization. So in terms of incremental, the new capacity addition that has kind of come through, what kind of utilization are we kind of expecting in fiscal 2026 and fiscal 2027? Okay. So I'll just repeat what Vivek Mittal has already told. So we are expecting a year-on-year growth of around 5%-6% of LNG consumption. So considering that and also considering the fact that Dahej's strategic location, we are pretty confident of good percentage utilization of the increased capacity. Okay. And the second is on tariff hike. I mean, on Dahej as well as Kochi, you don't see there is any risk in terms of the 5% hike that you are kind of taking. So that should kind of continue going ahead as well, right? Yes. Okay. Okay. Those were the few questions from me. Thanks a lot. Thank you. The next question is from the line of Somaiah V. from Avendus Spark. Please go ahead. Thanks for the opportunity, sir. So first question, given that spot energy has marginally come off between March to, say, April, but dollar can have a decline, are we seeing a change in customer sentiments? I mean, utilization rates improving for us? If you could just give some color on that. Yes. At least we are seeing some refiners which had switched back to naphtha, they are again coming back to natural gas. So in the refinery and petrochem sector, we are definitely seeing that momentum. Fertilizer, of course, continues to use natural gas. And CGD customers also, we believe that some of them are coming back. Morbi region, of course, is still not competitive vis-à-vis propane prices. But if it further declines, then propane can also be replaced in Morbi region. Got it, sir. So in terms of Kochi, the pipeline connectivity to the Kochi-Bangalore pipeline, so what is the status there and what is the outlook for us in terms of utilization in Kochi for this year? Kochi utilization will definitely get positively impacted once this pipeline comes through, and we have been pretty much confident that this pipeline will be completed by the end of this calendar year. This project is also being monitored at the PRAGATI PM office, which monitors the critical projects. Got it, sir. So also on the CapEx breakup, so you did mention INR 2,500 crores for petrochemicals. So of the FY 2026 plans, the remaining, which are the projects that we have been taking up? And also, is this the run rate that we should expect for the next couple of years in terms of CapEx? Okay. So Dahej third jetty, that is another major project which is currently going on. Then petrochemicals, I have already told. Then Kochi Terminal routine CapEx, we are expecting another INR 80 crores-INR 100 crores. We are also in the process of putting up additional truck loading facilities in Dahej as well as in Kochi, another INR 75 crores-INR 80 crores. We have corporate offices building in Dwarka, which we are putting up. We have plans to spend around INR 70 crores-INR 80 crores on that. We'll be very soon shifting to a new corporate office building in Nauroji Nagar, the new WTC which has come up in Delhi. The plan is to have a CapEx of around INR 90 crores-INR 100 crores on that. We are also mandated by the government under the SATAT program for CBG plants. So we plan to spend around INR 100 crores on that. Then Gopalpur LNG terminal also, we have a plan of around INR 300 crores. So these are the broad expenditure heads which we can share at this moment. Sure, sir. Just a couple of follow-ups. So, one, this INR 300 crores that you mentioned for Gopalpur is part of FY 2026 plan. And if you just give a bit more color on what is the total cost expected for Gopalpur and what is the timeline that we are looking at, that should be helpful. Okay. So Gopalpur, we had already got the board approval way back in 2022. And based on that, we have already started the land acquisition process. It is at an advanced stage. So going forward, any terminal takes about three to four years to build and come up. The board-approved number for estimated CapEx is around 2,300 crore. Thank you, sir. Sir, I remember earlier, in terms of finalizing projects, so we had some kind of a back-to-back contract for going ahead with the project. So if you could just help us with that, thoughts there. Okay. Mr. Mittal will throw some light on that. So you are referring to Gopalpur terminal or otherwise? Yes, sir. Yes, sir. Gopalpur. Gopalpur. So we are already in discussion with our promoter off-takers for capacity booking or sale of volume. So those discussions are ongoing. But having said that, we are also open that even if there is no long-term commitment, we may look at setting up a terminal because we definitely believe with the growth of the natural gas market, specifically in the eastern region of the country, we can ensure good utilization of that terminal. Got it, sir. Sir, in terms of any pipeline connectivity that we require there or more or less, it is there just on the last nine. There are already multiple pipelines which are crisscrossing this region. One is JHBDPL, second is Srikakulam-Angul pipeline, and third is Mumbai-Nagpur-Jharsuguda pipeline. So we'll be connected to all those three networks through the Srikakulam-Angul pipeline. Sure, sir. Thank you, sir. Thank you. The next question is from the line of S. Ramesh from Nirmal Bang Equities Private Limited. Please go ahead. Good morning and thank you very much, so if you're looking at the petrochemical project modules, what is the progress you are expecting on import of ethane and propane before you start the petrochemical production? And if you can shed some light in terms of whether you see some revenue from ethane and propane trading in FY 2027, or will it be dovetailed into the startup of the petrochemical project? So see, the feedstock for petrochemical plant is propane, not ethane. Ethane handling facilities we are setting up. So again, we are in discussion with a couple of players. Either they bring in their own ethane and we provide tolling services for that, or we import ethane and supply ethane to them. So both the models are open and we are in advanced discussion with some players over there. As far as propane is concerned, so propane trading is not we are envisaging in FY 2027 for sure. It would be towards FY 2028. Okay. On the Gopalpur project, earlier it was an FSRU, so is there any finalization of the plan to make it a land-based terminal, or are you still proceeding with the FSRU model? No, no. We have tied up an MOU with the Odisha government also for the land, and now we are in advanced stage of the land procurement, and we are going to set up a land-based terminal. Okay. So that will mean that project costs will go up to about INR 5,000 crores, right? Yes. So if you trade off the propane, exactly. Exactly. Perfect. Perfect. Okay, so with that, we bring the conference call to a close. Let me thank all the investors and analysts who joined the call. Let me also thank the management and once again congratulate Mr. Mitra for taking over as Director of Finance, and I'll hand over the call to the management for the closing remarks. Thank you very much, sir. So thank you. Thank you. Till we meet again. Thank you. On behalf of Nirmal Bang Equities Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect the line.