Ladies and gentlemen, good day, and welcome to the post Q1 FY 24 results conference call of Adani Total Gas Limited, hosted by ICICI Securities. 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 call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Probal Sen from ICICI Securities. Thank you. Over to you, Mr. Probal Sen. Thank you, Ziku. Welcome, everyone. Appreciate the time taken to attend this call, which is, of course, Q1 2024 result discussion for Adani Total Gas Limited. We have members of the senior management from Adani Total Gas with us, starting with Mr. Suresh P. Manglani, who is the Executive Director, as well as the Chief Executive Officer of the company, Mr. Parag Pankhaniya, who is the CFO, and Mr. Priyansh Shah, who looks after investor relations. Without further ado, I'll hand it over to management for their brief opening remarks on the results, and then we will get into Q&A. Over to you, sir. Thank you, Probal, good evening, everyone. I'm Suresh P. Manglani. Let me extend a very hearty welcome to all our investors, analysts, and clients who are participating in this call, taking out their time, and today's call on Q1 FY 24 results for Adani Total Gas. Today, Adani Total Gas board met in Ahmedabad and has approved the Q1 FY 24 results. We are pleased to share the financial results of Adani Total Gas for the quarter one of FY 24. Let me give you the highlights of the CGD infrastructure for the quarter one. Our CNG network has now increased to 467 stations, with 88 stations being in a full formatted ODO, company-owned, dealer-operated, or DODO, dealer-owned, dealer-operated format. Our strategy is to focus on creating more CNG stations in the ODO and DODO format. Out of these 460 CNG stations, it includes 1 CBG station, Compressed Biogas station, which we commissioned in the last quarter, Q4 of financial year 22- 23. This CBG station is located in Varanasi, which is outside our geographical area, because CBG is permitted to be set up anywhere in any location in India. Our steel pipeline infrastructure, which is our backbone, has now increased to 11,224 km. This steel pipeline is, as I said, is a backbone to creating CGD infra and supplying natural gas to CNG and more and more CNG consumers. During this quarter, we added almost 200 consumers per day, with 74,000 new homes, and now our consumer base has increased to INR 7.28 lakh, roughly INR 7.3 lakhs. We also have 7,615, 7,615, industrial and commercial consumers on Piped Natural Gas. In this quarter, we added 1 CNI customers, roughly customers every day in 9 months period. This is our facility outputs, along with our JV, IOGPL, which is with the Fortune Standard Company, IOCL, in CNG stations, has increased to 748. 467 ours, 277 IOCL. Total put together, 748 stations. Serving over INR 8.27 lakh homes and 8,228 industrial and commercial consumers, along with our JV. With a fast acceleration of CNG network, it is encouraging the automobile OEMs to develop and accelerate delivery and promotion of CNG vehicles, and consumers to opt for and convert their vehicle on CNG is now being available across the country. On the operational and financial part, as you might be aware, that in the beginning of the quarter, the CNG sector was given a boost by government of India by approving APM price reforms, which has helped to curb the volatility in the gas prices in the APM part, which is roughly 60% of our total volume, which we sell and brought gas prices down by putting ceiling of a fixed $9 and a floor of $4. This has been established for the period of 2 years. ATGL consumers, as we have also passed through the benefit, which came, have benefited, and gas CGD industrial consumers have got benefited, so is the ATGL consumer. It, and this is going to help us to build the momentum for both CNG and CNG. Our volume of CNG and CNG on aggregate basis has grown by 8% to 198.198 MMSCM, as compared to last year in Q1 FY 23. On the financial front, revenue from operation is stood at INR 1,135 lakh crore, up by 2% as compared to Q1 FY 23. With increase in volume and cost optimization, we have achieved highest ever quarterly EBITDA of INR 255 lakh crore, up by 12% as compared to year on a basis, quarter one, FY 23. Profit before tax and profit after tax have grown to INR 199 lakh crore, which is profit before tax, and INR 148 lakh crore, which is profit after tax, both up by 7% as compared to previous year, same quarter. Besides focusing, which is our core business on the CGD side, as I enumerated to all of you, we have also now embarked upon the journey on the e-mobility and biomass side. On the e-mobility business, which we incorporated in the new SPV, Adani TotalEnergies E-Mobility Limited, in Q2 of the last year. We have now already set up 141 charging points across 40 strategic locations, like airports and city, Gandhinagar, and various other highways, et cetera. We have target to set up almost 3,000 charging points in the future, in the near future. Also, we are also developing and looking forward exploring large number of B2B partnerships. For the bio business, we are building one of the India's largest biogas plant in the state of Uttar Pradesh, and we expect to commission the phase one of this plant in this financial year, 23-24. Lastly, on the ESG front, ATGL continues to focus to create positive impact on environment and society at large. We have the, you know, unique program called Greenmosphere, which I have been giving you details in every quarter. Greenmosphere is a low carbon society initiative of Adani Total Gas, which focuses on planting more and more trees. We have already planted more than INR 2.2 lakh plants in this under Greenmosphere initiative. Large number of more plants are expected to be planted in this under the Greenmosphere. Similarly, we conduct low carbon society awareness in various schools and also conducting energy audits for all our installations. It's a kind of an holistic program which we do in ATGL. As you all are aware, that ATGL, we always adhere to the highest standards of safety. Safety is a pre-condition to work. We inculcate a strong safety culture at ATGL, which helps us to build safe and reliability network and infrastructure across India. Recently, matter of pride that ATGL has won FICCI Road Safety Award in the category of outstanding commitment in road safety by corporates at a conference organized by FICCI recently. Lastly, I would like to acknowledge and be thankful the role played by our shareholders, consumers, dealers, suppliers, business partners, our employees, and, and the analysts like yourself who are participating in the calls and giving us your, your, you know, inputs, where do we all focus. Let me begin the, you know, floor for the questions. Thank you very much once again. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star 1 on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star 2. Open the requested queue is answered, so while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Thank you. Our first question is from the line of Kirtan Mehta from BOB Capital Markets. Please go ahead, sir. Thank you, sir, for this opportunity. I wanted to understand more about the CNG sales traction that we are seeing post the increase in the APM prices. Are you seeing the improving vehicle conversions in your sales area? Kirtan, it's a good question, and so it must be in many, many other participants' mind as well, that after this reform of pricing, APM pricing, what is the impact we are all seeing in the CNG industry? I think it's a very good question. To answer is, since it is a very positive reform, it we see a positive impact happening. 18% was a growth in our CNG volume. It will be mix of both the existing consumer using more CNG now, as well as the conversion which are taking place, plus we have added some more stations as well in the new geographic area. It's a combination of that. It would be suffice to say that, yes, since it is now going to provide a better payback period to the consumers who are converting, it will certainly bring more and more consumers towards the CNG side, and that is what we are witnessing when we are setting up the new CNG station, volume throughputs are going up. Similarly, while you have asked the question on CNG side, actually, we also see the traction on the PNG side, which is the home customers, because we immediately passed through the benefit of the reduction in the price. Significantly, there was a very good impact on the price reduction. That's why you see our turnover percentage going up by 2% because of this. While there was a good growth in the volume, but since we reduced the prices, the turnover, impact has been moderated. We do see the impact on the new registrations, interest being shown by our PNG consumers. Overall, I think it's a very good support from Government of India to the CNG industry. We all have reciprocated by passing through the benefits, and we are hoping that this will really sustain and bring the momentum of the good volume. There is a stability of two years of the APM price as well. Thank you, sir, for this clarification. Just sort of a follow-up. In terms of your 18% year-over-year volume growth, significant proportion of this growth is actually driven by the very fast pace infrastructure addition, that is, the CNG stations that you are undertaking. Is there a way to sort of isolate that and see a like-to-like convergence in terms of, are we seeing the more number of vehicle sessions? Is there any way you could share that data? One of the important is that it's in a public domain, the way OEMs are showing their number of vehicles being sold on CNG. OEMs after OEMs are coming up with a new model, the way Maruti has come up with so many models. I think we are seeing clearly the momentum in the market on conversion. When we see the RTO data on, on conversion, that also gives us encouragement that now numbers are going up. It is not purely... See, newer CNG station takes some more time to develop ecosystem. While this quarter we must have set up, it will take another quarter or two for that into more volume installation. Because as I said, most of this, we could, we could, some of next quarter, if you want, or sometime our team will talk to you. We can see how much is the conversion increase, which is happening segment to segment. That information also can be provided. Sure, sir. On the PNG side, also, it's encouraging to see that the group is coming through. I just want to understand, we have been hearing about the deepening competition from propane across different areas. Initially, I think it started with Gujarat. Now we are seeing impact in the Delhi side as well. Are you also facing the increased competition from propane in your GAs? One good thing is, Kirtan, I think, you are, seems to be keeping a complete track of the sector, and this is bang on the point, you know, that yes, there has been a good competition, which is being seen by the CGD industry across, in terms of alternate fuels, whether LPG and propane. Also, there is an intensification by these, sub, you know, LPG and propane suppliers. We have also experienced that, you know, being, a consumer-friendly company, company of Adani Group and Adani TotalEnergies E-Mobility Limited, we also have an agility to respond to the market calls. That's the reason we have certainly been competing. We have responded to these calls. We have also given complete understanding of the forward outlook of, to our consumers that you may switch, but how the natural gas is going to be coming to you. Wherever we has required a warranty for us to support the consumers, we have supported. That's the reason, overall, why we have seen the competition across our geographic area, because industrial consumers will certainly see which fuel is better for them and cheaper for them. They are interchangeable, so they are going for consumer LPG. We have been able to retain a good volume, and some new volumes have been brought in. Overall, that's the reason you see 8% volume growth. PNG is still, we are expecting that more growth should come now as prices are tightening for the propane and LPG. Right, sir. Just with regards to some of your agility, are you also looking to lock in the lower LNG prices which are available for the rest of the year, or particularly for the winter, to take the margins or to continue to offer the subsidy to gas prices to the customers? I think as we have been saying in every quarter, and since you follow this sector so very well, you must be keeping track of our calls. We have a good portfolio. We have a multi-index, we have multi-tenures, multi-suppliers. Yes, we keep ensuring that whenever we get an opportunity and if the volumes are required without exposing ourselves, we are locking in, we are putting the volume in our portfolio, and this is a continuous exercise for a CGD company. Equally of the dimension of our size, you know, when you see ATGL, 33 geographical area, 94 districts, ever expanding, in size expanding, business expanding. We keep looking, and we are ensuring that we take the full benefit of market, but not going overboard, because we see still the moderation is happening. More domestic gas is also coming up. Right. Just one last question, probably, from my side. In terms of looking at petrol and diesel prices, do you see a risk of the prices coming down? And in turn, do you see a need for lowering the CNG prices as and when the prices go down? Currently, you know, putting any guess on what is going to happen, petrol and diesel prices at the, as a listed company may not be the right guess, actually. What we have always, you know, responded to the market, that always we have seen that we have been competitive to the alternate fuel. We have seen the consumer interest as a first priority, and we have responded to that call always, if you see. So I think our prices are affordable to consumers. There is a good spread on petrol, diesel prices. As and when market warrants us to take some more responses, we would be able to do that to make sure that consumer wins at the end and our volumes continues to grow. Thank you, sir. Thanks for this clear- Thank you. Thank you for the talk. Thank you. Thank you. Before we take the next question, a reminder to all participants that you may press star and one to ask a question. Ladies and gentlemen, you may press star and one to ask a question. Next question is from the line of Yogesh Patil from Dolat Capital. Please go ahead. Am I audible? Yeah, you are audible, loud and clear. Thanks a lot for taking my question. The question is related to propane again. Government has recently introduced import duty on the propane. How do you see this development based on your understanding, will this duty sustain for long term, and this duty, could you need to acquire any new industrial customer? That's my first question. Yogesh, first of all, thank you for, I think, being present on the call, I think, regularly. Your voice has become quite, you know, conversant to me. Again, a good question. You know, this is a way sector has to be, you know, dynamic. You know, when we saw propane prices going down and we were facing a lot of competition, and this came up another good development, at least for the CGD industry, that when the custom duty has gone up, for whatever reason, government has seen increase the custom duty. That has suddenly brought some traction on the natural gas demand once again from by industrial consumers. This is a, a positive development for CGD industry who are supplying natural gas. What will be the future development? As I said in the earlier question, which was asked by, that we, we have been responding to the market calls. I think even today, we have been providing competitive prices when the market has gone, petroleum, petrol and diesel, both have gone down. Sorry, the propane, LPG, both prices have gone down, and still we have been able to respond and grow the market. We would continuously be responding to the market calls, whether custom duty goes up further or down, this is the call which policy maker will take. What we need to do in our business is, we need to respond to the market calls to sustain and grow our business, and that's what you will see us doing it. Okay. After my second question, can you please tell us the APM gas share in your priority segment sales, for this quarter, Q1? Sorry, again, follow the question. Yeah. sir, the APM- Yeah, the APM, I think, Praveen, Praveen will respond to you because he has understood your question. Maybe you are asking some detail on the APM allocation. Yeah. Is it roughly around APM? Yogesh, I think as far as the APM allocation is concerned, while we were, you know, with a deficit of 19% in Q4, and starting from the month of April, you know, we, we saw, you know, the expert committee, you know, getting into implementation. For this quarter, we are at 14%. If I were to see starting from April to June, there is a downward trend. While we were, you know, starting from 19 th for the fourth quarter, and it went down, it came to April17th, by the month of June, we are almost just about, you know, getting down to single digits. That's the trend that we are seeing as far as the APM deficit is concerned. On a quarter basis points, we have a deficit of 14%. Does that answer, Yogesh? Yeah. It is clearly indicating that the APM gas allocation is inching up. Is that a correct understanding? That's correct. That's correct, Yogesh. Okay. Next question is again related to the same APM and mostly on the policy front. Government is providing close to 90% of APM gas to all the CGD sector, mostly for the priority people. Do you see any kind of a risk of regulation, CNG and PNG prices in the near future from the side of the government? No, actually, if you see, this APM pricing has been in existence for quite a long time. Mm-hmm. It's a stated policy of the government to support larger public interest. You know, we are simply a provider of a infrastructure and the PNG and CNG supply to the consumers. What government has developed is a rightful, right policy, so that the PNG and CNG reaches to the large masses. We don't see any risk of reversal of a government policy of providing APM gas or then bringing any curtailment or any restrictions on the pricing, because a huge infrastructure development is taking place. I'm sure whatever was the objective of bringing APM price is being met by the CGD sector in terms of developing and growing the momentum of the infra development. Let me try to reframe this question again. Do you see any kind of a regulation or provision in PNGRB laws or in their books that will directly, indirectly, can regulate the PNG or DPNG prices? I think this is a straightforward question. I'll give you the reply also. The PNGRB is regulating infra. The tariff, which we have to charge when the open access comes on transporting the gas for a third party or compressing the CNG. They are regulating the infrastructure. The commodity is not regulated. Commodity is. We are getting APM, and there are, you know, if you see, there are natural competition, which we all see. If I have to come to your home to give you PNG, you will see the LPG price, which is available to you, plus the money which you give it to us for a new service connection. It is not that CGD's companies are having complete freedom to do what they want to do here. At the end, there are several. you know, natural competitions which we face for in terms of every consumer. When I give it to you CNG, you need to spend INR 30,000 lakh- INR 50,000 lakh- INR 60,000 lakh for that, and you will expect some payback period, and to sacrifice your boot space. I think and then there is a petrol price, diesel price, which is available to you, or the EV, which is available to you now, or the CNG price. I think there are adequate natural competition which CGD company has to mitigate through and offer an attractive value proposition to the end consumer, and that's what we are doing it. If you see our pricings, whether in terms of home PNG or a CNG across all geographical areas, have a good spread. It provides convenience, it provides cleaner fuel, it provides reliability. I think that's what the consumer is looking forward. I don't see any restrictions coming up from CNG on the commercial side. Okay, thanks. Thanks a lot. It was really helpful. If any more questions, I will come back to you. Thank you. Thank you, Yogesh. Thank you. Just a reminder to all participants that you may press star and one to ask a question. Our next question is from the line of Hardik Soni from ICICI Securities. Please go ahead. Yeah. Hi, sir. Am I audible? Yeah. Yeah, please, Hardik. Yeah. Yeah. Sir, we understand that data per SCM quarter has moved more than, you know, INR 12 lakh per SCM, and the last quarter it was INR 10 lakh. I just want to understand how the, you know, the gas sourcing is, and also want to understand what is our industrial and commercial position. That is the question number 1. Secondly, also if you could just give us the, you know, growth guidance long-term, and, you know, the area-wise growth guidance, that would be really helpful. Hardik, I'll give you a brief answer, and then Parag will take the more detailed response to you. You know, on the EBITDA per SCM, which you.... It is a resultant of several components. One certainly will be the good gas portfolio, which we have been building, and that is resulting into the better margins, which gives us more play to redeploy our cash for the infrastructure development. Second is the OpEx excellence, which we do on a continual basis. I think when you will compare, and you are analysts, so you must be seeing results of all the companies or the other data points. You will see there is a good benchmark which we set for the OpEx in terms of every component. It's a resultant of good gas sourcing, portfolio development, as well as the OpEx excellence, which happens on a continuous basis. That's why then you see it slightly, the, the EBITDA margin has gone up. More detail I think you wanted, I think Probal will provide to you, the other, other, further information. Probal, over to you. I think, as far as improvement of margins are concerned, rightly, it is, you know, a combination of both, you know, the, the global gas costs, you know, coming down, which is enabling us to, you know, look at a good portfolio. Also on the CNI side, whilst, you know, APM, you know, APM reduction has been passed on to the end consumer. Similarly, on the OpEx side, there has been an improvement, which improves the EBITDA margin by almost 10%. There's actually, out of the 20%-22% improvement in the SCM margin, almost half of that is in terms of operational efficiency, while the balance is in terms of having a, a very active, competitive sourcing of gap, especially on the CNI side. As far as volumes and volume mixture is concerned, we have almost close to about 65% of the overall volumes, you know, being comprising of CNG or the transportation fuel, while about 35% is through the PNG. Within that 35%, about 25%, 25 of absolute number is industrial, while 8% is domestic and 2% is commercial. So this is the composition as far as the volume breakup is concerned. Okay. Can you also help us to understand, you know, the long-term volume growth, even if area-wise, it would be helpful. One more follow-up. What was our, you know, the average gas sourcing cost for the quarter, the, you know, RMP gas sourcing cost? As far as volumes are concerned, increasingly, as the newer geographies are now beginning to get built up, they are beginning to get commissioned. More and more, more proportion of the volume is taking from the newer geographies. If I have to look at the split, we were at almost 85% as far as the quarter-over-quarter was concerned on the year-over-year number. That number has gradually, you know, come down in favor of the newer geographies as newer geographies have started commissioning. At this juncture, about close to 74%-75% is from the existing GAs, while 25% is actually coming from the newer geographies. That's as far as the contribution in terms of volume is concerned from old to the new geographies. As far as the gas cost is concerned, you know, APM cost is, you know, very well known. As we've said, you know, we are able to now source at the cap of $6.5 per SCM. The blended cost for us is at close to INR 32 lakh per SCM. ... like I mentioned a little while earlier, there is about a 14% deficit on the quarter on the APM side, which means that is also being, in a manner, sourced from the RLNG gap. As far as our CNI portfolio is concerned, CNI is at a little over INR 40 lakhin terms of procurement for the quarter. Thank you, sir. That's very helpful. Bye. Thank you. A reminder to all participants, you may press star and one to ask a question. There is a gentleman, you may press star and one to ask a question. The next question is from the line of Samyak Maheshwari from Morgan Stanley. Please go ahead with your question, sir. Thank you, management, for the call today. A few strategic questions from my side, if you can help on that. The first one was in terms of now that you have been expanding these GAs, can you just give us an idea of where you feel the most excited about in terms of which GAs are kind of doing better than your expectations, where you think there could be more work to be done? Also, how are you feeling in specific GAs, well, even in terms of number of quarters, months, that you can kind of talk about and update us, that will be helpful. Samyak, thank you for coming on the call. You know, on the lighter side, when you ask which GA excites us more, it's like asking a mother which baby you love more. I think all the GAs we have built, we have built with the all strategic thinking. Every GA is critical because it belongs to the people. They're supposed to provide CNG to the people who belong, who are residing in the GA, and we have obligation, responsibilities. I think it is not our choice, which GA we should develop more, which GA should develop less. Every baby is equal to the mother, and same is all GAs for us, smaller or bigger. Yes, we would be accordingly putting the, our team sizes so that we develop GAs, whether it's a bigger one or smaller one. Currently, I think if you ask us, we are still excited because government has done its job of reforming the APM price. We are seeing moderation of the LNG price and domestic gas production is going up. All these work is ingredients which are good for the CGD industry. All we need to do now is to respond to those calls and put up more and more infrastructure, and that's what we are doing across all geographic area, as I'm speaking to you. All 33 GA, GAs are our... We are actually co-developing the infrastructure, so even the 11th round GA, large number of our CNG stations have been put up and more are coming up. We are now developing the footprint on the pipeline, and soon that also will get awarded. Civil engineering work is going on. I think the excitement is there across all Geographical Area. Of course, you are seeing results. You are seeing Geographical Areas are matured, they are giving us good numbers. Newer GA, 9th and 10th round GAs are now being started, giving us better numbers. If you see the proportion, whether in EBITDA, volume, or infra budget, everywhere, they are getting better space. Soon you'll see 11th round occupant better space. 11th round is a very good Geographical Areas, whether you call it Nagpur, Delhi, Akola, Amravati, all the Geographical Areas appears to be quite good. Got it. I think, and one related question to this earlier comment that you mentioned around gas sourcing and APM pricing definitely help the CGD sector this year. The way of thinking, and you can correct me if my understanding is wrong, is that government is effectively trying to kind of make gas pricing more market-linked, rather than getting more into, well, reducing its intervention in the gas markets locally as well over the next 5 years or so. Is there a thinking process at GPL level in terms of over the next 5 years, when you have your entire network in place, the gas pricing will be a lot more free, so will it impact the way you kind of deploy your capital today? You see, I see you doing analysis of a sector very extensively, and I am the beneficiary of receiving a lot of reports from you. A very good laid out report. I'm sure you are also putting your efforts besides your team. You understand this sector well. I think the foundational work is being done through these policy frameworks. We are also responding to these calls of expanding and accelerating our infrastructure. At the same time, being, you know, one of the largest CGD company and always looking for good opportunities to develop a very good optimal portfolio without much exposing ourselves. We definitely will be looking for an opportunity to have a longer term player, some volume, mitigating certain risk from our side. That is what the team is working, so that even if after five years, when the gas prices becomes clearer, one, the strong foundation has been laid, consumer broad-basing has been done, and the portfolio has been developed in such a way that we don't cause too much harm to the end consumer. That is what is the job of responsible management, so that is where we are all working towards it. I think the last thing was more in terms of the, the new energy and new fuels. You talked about CGD in that, in, yeah. So any other things that you have been doing that you want to kind of highlight on the new fuel side that you're trying right now? Actually, the DNA for us is that we see what is the challenge and the problem statement, and this is where we try to seize the opportunity. This is where we did when we seized the opportunity for e-mobility as well as the CBG, the biomass. Currently, the plants are, one plant is under construction, major one, and others are going to be coming up in near future. E-mobility is also spreading very well, so idea is to provide multi-fueling choice to the end consumers. Now, of course, we are looking, the way we are seeing the policy reforms coming up on the LNG for our long-haul vehicles. We saw PNGRB, you know, giving the complete clarification on that any company, any entity, can set up LNG station and supply the LNG in the liquid form to transport sector. China, Europe, and various countries we can see in world, already getting almost matured on LNG for long-haul vehicles. I think we are also exploring. India has a huge opportunity. 40% of our diesel is consumed by the transport vehicles, heavy vehicles. Our team is working to see which, how do we move on this accelerated basis. We are talking to a lot of industries that can we do the decarbonization of their fleet? I think that's another opportunity, yet another opportunity, which we are looking forward to seize as well as quickly get into that, you know, business opportunity. You will see us setting up LNG stations for transport vehicles, particularly the trucks, as well as the long-haul buses. we will have CNG as our priority fuel, which we are developing in 94 districts. EV, pan-India, CBG, pan-India, LNG for transport vehicles, pan-India. Got it, sir. Very clear. Thank you very much for the questions and answers. Thank you. Good report, sir, and thank you. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Mr. Praveen from ICICI Securities. Thank you. Over to you, sir. Thanks, Ziku. Thanks, sir, for the opportunity. I just have a couple of very brief questions. One, you mentioned about the deficit of priority gas for the quarter at 14%, and we have seen across the industry that this deficit obviously has been growing. I think it varies between 10%-13%- 14%, depending on the player. Just looking forward, you mentioned about the kind of aggressive expansion plans you have. You yourself, along with IOCL, are developing almost 50 new GAs or in the developed, in the process of developing. As a thumb rule, from what we have seen, any medium-term district will consume around 0.2 MMSCMD or in a period of around 5 years from the start of development. If I look ahead over the next 3 to 5 years, with almost 100 to, you know, new GAs coming through, that's almost a 20 MMSCMD incremental requirement in itself. How do we sort of look at the domestic gas supply or the priority gas supply situation? You did mention, of course, about trying, you know, that you are looking out for additional term contracts, but how do we sort of look at margins getting impacted over the medium term, given that, you know, the priority gas, even at the slightly advantageous price proposed by the government, the quantity of that itself can probably go as low as maybe even 60% in the next 3 years, given the way the CGD demand is doing. What's your thoughts on that? Praveen, I think very good question, and I think your math is correct. Where India would require more and more gas. You know, we have committed 2070 net zero, and gas in the energy basket has to grow as per our government commitment from 6.5% to today, 6.5% or 7%- 15%. I think we have to play an important role. Now we need to see there is a commitment by the government in the policy that CNG for homes and CNG for transport, they have committed, for that will be under no category, will be provided as a first priority. The APM is coming to us. APM is going to commercialize us and other priority consumers. We believe that as an... As we start growing, one, on domestic side, also, a lot of gas is coming in. We are actually confident that the larger interest is getting served of CNG for homes and CNG for transport. Entire is, it's aligned to the government vision, if you see, whether 6.5- 15% or net zero going, or providing convenient and reliable, safer and cleaner fuel. We are confident that the way we are seeing the reforms happening with vibrancy, we would continue to get the gas. All the city sectors will continue to government gas, APM gas, which is still available in the sufficient quantity. Today, we are not using more than 20.3 million, and still there's a lot of gas available. As the- as and when more and more gas discoveries are happening, productions are happening, I think government is advising. I think this larger interest will continue to be served by the government policy, and we would be making, ensuring that we remain responsible to respond and develop infrastructure on accelerated basis. We are not having that concern in our mind. A while, as I said in the previous questions when I was answering, that as a, you know, company of Adani Group and Adani TotalEnergies E-Mobility Limited, very, very large promoting groups. That we'll continue to do it. Our aim would be not to cause this burden or hurt to the consumers, even if tomorrow some dynamic policies are developing. Thank you, sir. The other question I had is more from a policy perspective. Obviously, the government has done a lot over the last decade to promote gas usage and, you know, sort of, help out the costs for the operators. One of the things that, you know, strikes us is that unlike in the NCR region, the move to make state transportation, you know, mandatorily convert to clean fuels is something that's perhaps been still a little bit lacking, specifically in Gujarat. I specifically refer to Gujarat because that is the state with the most evolved and the most sophisticated gas infrastructure in our country. Do you think that that has actually been a constraint at all in terms of the pace of CNG adoption for, for some of your, you know, existing areas? New areas, of course, you have over all of India, so it's not really a factor. Do you think that, that making it mandatory, is something that can actually push CNG usage more aggressively? One thing which we are certainly seeing, that almost everyone, including yourself and myself, we would like to live a cleaner life, more cleaner life, actually. I think that is what even in the mindset policy differs. You can see regularly, and as you are analyzing the sector, state after state, bus transport undertaking after undertaking after STUs after STUs. I think we are seeing transition towards cleaner fuel, whether it is CNG or whether it is LNG for transport longer, you know, long haul buses, or whether it is EV or tomorrow, future, who knows, it could be hydrogen. I think each one of the policy maker is looking at how do we decarbonize? One is you need better engine, but also you need lesser import of this oil. From both perspectives, I think the good developments are happening. When you spoke about a decade reform, I think one of the very important reform which has taken place and which will take place is the constitution of a Energy Transition Committee. That committee report is in public domain, and if you see, they have developed a very excellent roadmap, the plan of incentivization, plan of how do we take it forward on the CNG side, which vehicle we should focus, which vehicle should go for an EV and LNG. I think it is now with the Government of India. I'm sure there will be a lot of deliberations will be happening along with the industry, you will see more and more boosting up will come, more and more handholding and engagement will happen, and perhaps, perhaps maybe mandatory requirement. I think directionally what we see in India is that there is a movement towards cleaner fuel, and we would be beneficiary of the cleaner fuel on CNG, on EV, on CBG and LNG, all the four fronts. Understood, sir. Thank you for that answer. Ziko, if there are no other calls, can we move to concluding remarks? Yes, sir. All right. Thank you everyone for making the time. I will just ask the management if they have any closing remarks first, and then we can close the call. Yes, thank you. Thank you, Probal and ICICI Securities, for hosting the call. Any questions any participants have, they can write to us. Thank you so much. Thank you, everyone. You can now exit the call. Appreciate your time. Have a nice day. Thank you. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.