That this conference is being recorded. I now hand the conference over to Ms. Megan Cochard, Director, Investor Relations. Thank you, and over to you, ma'am. Thank you, Michelle, and good morning or evening, everyone. Welcome to Novelis's fourth quarter full fiscal year 2024 earnings conference call. Joining our call today is Steve Fisher, our President and Chief Executive Officer, and Devinder Ahuja, our Chief Financial Officer. Following the presentation, the call will be open to analysts and investors for questions. This conference call is being broadcast on the Internet at novelis.com in the Investors section. A replay of this call will also be available on our website. Before I turn the call over to Steve, let me remind you that today's earnings release and presentation include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties. These risks and uncertainties include, but are not limited to, those factors identified in the release and in our filings with the Securities and Exchange Commission. Today's presentation also includes certain non-GAAP measurements. Reconciliation of these measurements is provided in the financial statements included with our earnings release, as well as in the appendix of our presentation. Now, let me turn the call over to Steve. Thank you, Megan, and good morning or evening, everyone, and thanks for joining us today. Starting with the highlights on slide 3, we are extremely pleased with the continued improvement in Adjusted EBITDA and Adjusted EBITDA per tonne in the fourth quarter. We have cycled past challenging economic and industry headwinds, including significant inflation and beverage packaging inventory destocking that occurred throughout the supply chain, while also recognizing the continued strength in automotive and aerospace demand. Adjusted EBITDA per tonne strengthened to $540 in Q4, a 25% increase over the prior year and ahead of our expectations to return to a sustainable $525 per tonne level by the end of fiscal 2024, supported by the strength and diversity of our global product portfolio. We achieved record full-year automotive shipments on strong demand globally, while beverage packaging shipments improved sequentially every quarter this fiscal year on strengthening demand and remains core in our portfolio at 57% of our full-year shipment mix. We continue to generate very strong cash flows, with $1.3 billion in operating cash flow in fiscal 2024 that enable us to invest in our future growth. We are making great progress advancing a number of significant strategic capital investments underway that will further increase our production capacity and the recycled content of our products to meet growing customer demand, while making the difficult but prudent decisions to optimize our product portfolio and reduce fixed costs in down closures at the Cannon and Clayton plants and shutting down some assets at the Richmond plant. Our purpose of shaping a sustainable world together continues to guide our strategy and vision to advance aluminum as the material of choice for circular solutions. In fiscal 2024, we increased the recycled content of our products to 63% from 61% in the prior year. We expanded our global network of ASI certified facilities with new ASI Performance Standard certifications in a number of North American plants and advancing our conversion towards clean energy. On the energy front, this includes piloting the use of hydrogen and recycling furnaces in the U.K., moving on-site solar plus at our Pieve plant in Italy, and signing a long-term agreement with Alabama Power to provide renewable energy to our Bay Minette plant, currently under construction. With that, I'd now like to turn the call over to Dev for his overview of the fourth quarter and full-year financial results. Well, thank you, Steve, and starting with our Q4 financial highlights on slide 5. Net sales increased 7% to $4.1 billion, primarily driven by lower average aluminum prices, partially offset by a 6% increase in total flat-rolled product shipments to 951 kilotonnes. The increase in shipments is due to higher beverage packaging and automotive shipments, partially offset by lower specialties and impacted by muted economic conditions in some markets. Adjusted EBITDA was up 28% year-over-year to $540 million in the fourth quarter. As you can see in the bridge, the improvement is primarily due to lower operating costs compared to very challenging metal and inflationary costs in the prior year. EBITDA per ton also continued its strong year-over-year recovery, improving to $540 per ton in Q4, up 25% versus the prior year. Net income attributable to our common shareholder was up 6% to $166 million, driven by higher adjusted EBITDA, partially offset by higher taxes and timing of unrealized derivatives. Net income, excluding special items such as restructuring, metal price lag, and unrealized derivatives, was $179 million in the third quarter, up 2% year-over-year. Let's turn to slide 6 and Q4 performance year-over-year by segment. North America shipments were up 8% year-over-year due to higher beverage packaging shipments on strong demand compared to the prior year, which was impacted by customer inventory destocking activities. These gains were partially offset by slightly softer specialties shipments on still muted demand in some markets. Adjusted EBITDA was up 60% to $210 million, primarily driven by higher volume, favorable timing effect due to release of higher operating costs capitalized earlier in the prior year, as well as higher pricing and favorable metal benefits, partially offset by higher labor costs and unfavorable product mix. Moving to Europe, shipments were down 3 kilotonnes year-over-year, with slightly higher beverage packaging and automotive shipments being offset by slightly lower specialties shipments. EBITDA was down 19%, driven primarily by unfavorable product mix and other unfavorable timing elements. Turning to slide 7. Asia shipments were down 2% versus the prior year, driven mainly by slightly lower beverage packaging shipments. Adjusted EBITDA increased 17%, due mainly to favorable metal benefits and lower operating costs, partially offset by the lower volumes. South America shipments grew 14%, driven by higher beverage packaging shipments compared to the prior year, with strong market recovery and a good summer season. Adjusted EBITDA was up 26% year-over-year, primarily driven by the higher volume and favorable metal benefits. Let's turn to our full year 2024 results on Slide 8. Net sales decreased 12% to $16.2 billion, primarily driven by lower average aluminum prices and lower shipments. Aluminum flat-rolled product shipments decreased 10% to 3,673 kilotonnes. The decrease is due to lower beverage packaging shipments impacted by customer inventory destocking activity early in the fiscal year, and lower specialties shipments impacted by muted economic conditions. However, strong demand for automotive aluminum sheet led to record shipments in this end market for the full year. Adjusted EBITDA was up 3% year-over-year to $1.9 billion in fiscal 2024, despite the lower volume. The full year benefited primarily from higher price and mix, including the positive lagging effect of passing through inflationary cost pressures in customer contracts. In the prior fiscal year, we faced very challenging metal and inflationary costs that have since settled down. While higher labor costs remain a headwind, we saw significant improvement in many other operating costs, such as freight, energy, and coatings. EBITDA per ton returned above $500 this fiscal year, ending 7% higher year-over-year to $510 per ton for the full fiscal year, and at $540 per ton in Q4. Net income attributable to our common shareholder was down 9% to $600 million, driven by timing of unrealized derivatives, as well as higher taxes and interest, but largely offset by higher Adjusted EBITDA. Let's turn to cash flow on slide 9. Fiscal 2024 adjusted free cash flow was an outflow of $75 million for the full year, primarily a result of a 73% increase in capital expenditures as we ramped up on the transformational capital investment spend. Free cash flow before CapEx increased 5% versus the prior year to $1.3 billion. We continue to manage a strong and prudent balance sheet, guided by a balanced capital allocation framework that allows for strategic capital investment while maintaining adequate maintenance CapEx, net leverage, and liquidity. Capital expenditures totaled $1.4 billion. We ended the fiscal year with a net leverage of 2.3 times and total liquidity of $2.3 billion. We also made a $100 million return of capital payment to our shareholder in the fourth quarter. We anticipate an increase in total capital expenditures as we continue to make progress on our organic expansion investments underway. For fiscal 2025, we anticipate total capital expenditures will be in the range of $1.8 billion-$2.1 billion, including approximately $300 million for maintenance capital. I'd now like to hand the call back to Steve, update on market trends and our capital investment plans. Thanks, Dev. Let's turn to the end market trends on Slide 11. Near-term trends driving demand for sustainable lightweight aluminum remain largely unchanged, and the near-term market trends remain generally positive. CRU estimates demand for total aluminum flat roll products globally will increase 4% this calendar year. Going into the premium end markets Novelis supports, with the post-COVID inventory destocking activity behind us, demand for aluminum beverage packaging sheet is positive. The Americas remain strong. The U.S. market is solid, and South America has picked up over the past few months with increased demand through the summer. Europe and parts of Asia remain steady, and we are cautiously positive on the outlook in these regions. Our long-term global view remains positive at approximately 4% compounded annual growth rate through 2031. In automotive, near- and long-term demand remains stably positive in all three of the regions where we make automotive sheet. Replacement and large luxury and electric vehicles remains a positive factor for demand, as OEMs look for sustainable and lightweight solutions across vehicle applications. Moving to specialties, demand remains steady but muted, and we are not yet seeing recovery in some of these end markets, which are more historically tied to GDP and economic cycles. We are also seeing increased competition in some other specialty end markets, such as container foil, as a weaker Chinese economy is driving an increase in exports to other regions. That said, housing markets are fundamentally undersupplied, and we believe cooling inflation and declining interest rates will drive demand recovery. Lastly, demand for premium aerospace plate and sheet remains solid over the long term, reflecting strength from growing OEM build rates supported by multiyear backlogs for aircraft deliveries. Favorable customer mix supports a positive near-term demand outlook for Novelis. Turning to Slide 12. As previously announced, we have a multibillion-dollar transformational investment program underway to strengthen our industry-leading position and grow with our customers and support the market demand I just highlighted. We are leveraging our successful track record of deploying capital to grow the business and generate strong returns. As always, we will continue to be disciplined about the balance sheet and keep net leverage levels around 3x during this investment cycle. Of the projects currently underway, the largest is our U.S. greenfield rolling and recycling investment in Bay Minette. This state-of-the-art plant in the U.S. Southeast will have the ability to initially produce 600,000 metric tons of finished goods for the beverage, packaging, and automotive markets in North America. With a highly sophisticated and automated plant, Bay Minette will be a true plant for the future that will improve efficiency, operating leverage, and the sustainability of our products. To provide a first-mover advantage, it is not only being built for today, but for decades into the future. This greenfield investment will have a double-digit return on its own right, but more valuable is the ability to very cost-effectively double capacity here in the future. Approximately two-thirds of the new plant will be to support the method beverage packaging customers who prefer local supply in a market that today is structurally undersupplied. As previously shared, with our first-mover advantage and proven record of delivering quality products and services to our customers, we have secured long-term contracts for all the new beverage packaging capacity at this plant. This is the first fully integrated aluminum plant in the U.S. in nearly 40 years. Construction is progressing well. Building piling is nearly complete, and after significant completion of detailed engineering, steel installation is now underway and the project remains on track. Of the total estimated project cost of $2.1 billion, approximately $700 million of CapEx has been spent through the end of fiscal 2024. The second bucket of projects call for investments in used standalone recycling capacity in the U.S. and South Korea. The recycling assets continue to make great progress, I'm excited to share that Guthrie is now through its final stage gate and gearing up to commission this quarter. Once commissioned, the Guthrie facility will be able to recycle and cast sheet ingot made from both pre- and post-consumer automotive scrap through our existing and growing closed-loop recycling network of customers, as well as metal available from vehicles at the end of their useful life. It also allows us to convert our excess production scrap right back into the sheet ingot and reduce reliance on external sheet ingot supply. Using more recycled content on products not only helps us lower our input costs and improve EBITDA per tonne, is another demonstration of our commitment to sustainability. The third project consists of a number of high-return brownfield investments to de-bottleneck existing assets and unlock valuable capacity or reduce input costs between fiscal 2024 to 2026. We look forward to leveraging our decades of experience in aluminum rolling and recycling to serve our customers and growing market with new capacity, expand Novelis' margins, and drive shareholder value. Finally, turning to Slide 14. We delivered significant improvement in adjusted EBITDA and adjusted EBITDA per tonne in the fourth quarter. We have good momentum going into our new fiscal year. Demand trends across the end markets we support are positive over the near and long term. Our diverse and growing global portfolio as a result of our investments, recycling leadership, enhancing pricing, and operational excellence will continue to be margin opportunity levers over time. In summary, we are delivering strong financial results today.... allowing us to execute on our ongoing strategy to invest in growth and organically increase our rolling and recycling capacity to drive financial returns and shape a more sustainable future. With that, we're happy to take your questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask questions may press Star and One on their touchtone phone. If you wish to withdraw yourself from the question queue, you may press Star and Two. In order to ensure the management is able to address questions from all participants, please restrict your questions to two at a time. You may join back the queue for follow-up questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Amit Dixit from ICICI Securities. Please go ahead. Yeah. Hi. Good evening, everyone, or good morning, depending on whichever you are. Thanks for the opportunity and, congratulations on a very good set of performance and achieving the ambitious targets. I have a couple of questions. The first one is essentially on, the recycling capacity. If you look at the recycling capacity, which is 62 now, and 2 more projects are going to come on stream in FY25. At the end of it- Your voice is very muffled. We cannot hear you much. I think there's something wrong with the audio. Sir, Mr. Dixit, may I request you to kindly use your handset, please? No, I'm using the handset. Is it better now? All right. Please go ahead. Let's see. Yeah. The first question is on the recycling capacity. We have couple of projects coming on the stream in the FY 25. What kind of recycling exit rate we can expect in FY 25? What would be the shipment growth can we expect? Because we see that there are, you know, couple of projects that are completed and some are in various phase of completion. I'm referring to the multiple projects here. You know, CRU is forecasting a 4% overall market growth for aluminum flat roll products. We do have the capacity as we sit here today. The growth is in a lot of our end markets. We feel very confident that we'll be able to service our customers. As it relates to the recycling capacity, obviously, the big one that's going to come on this year and start to commission will be the Guthrie Recycling. Geared more towards automotive, 240 kt of recycling capacity. It will take time to fully ramp up. The other is at our Ulsan facility in South Korea. That will start to commission around the third quarter of this year, and again, take a little bit of time to ramp up. We're going to continue to focus on increasing our recycling content. As we said in our prepared remarks, we've increased it from 61% to 63%. That journey is not over. We believe there's still more ability for us to continue to meet our customer requirements as it relates to higher recycled content in our products, as well as lowering the carbon footprint in our products. What does 63% number would look like at the end of the FY 25? Yeah, we won't give specifics in that sort of periods of time. I think we've got targets that in the near term or near term by the end of this decade to be closer to 75% recycled content. Okay. The second question is on the net debt to EBITDA. It's good to note that you ended the year at 2.3 times. Now, I know the target is to remain below 3, given the very high CapEx commitment this year in FY25. What is the absolute threshold that we expect to, I mean, reach in terms of net debt to EBITDA this year? Yeah, Amit, we can only repeat what we have been saying, that we are pretty confident that we will not be busting 3x. We know how to manage our balance sheet and how to manage our CapEx to stay within those limits. In short, I mean, you have seen how strong the operating cash flow generation has been. We are very focused on making sure that we continue to do a good job on operating cash flows. During the construction phase of our major CapEx expansion happening right now, yes, we will keep it up. I can only tell you again that we are very committed to not bust 3x, I would kind of stay at that for now. Okay. Thanks a lot, and all the best. Thank you. Thank you. Thank you. The next question is from the line of Indrajit Agarwal from CLSA. Please go ahead. Hi. Thank you for the opportunity. A few questions from my side. first, you mentioned beverage can shipment has increased quarter over quarter on all the quarters this year. Just extending it to autos, have you seen a sharp decline in autos volumes in this quarter, both year-over-year and sequentially? What would be the driver for that? No. The auto volumes, in fact, we have achieved a record level this year on automotive. Automotive markets are extremely positive. We have not seen any pullback. We are not seeing any pullback. No, I mean, you know, they are steady to slightly higher volumes. I would say even meaningfully higher volumes sequentially. Really, it has been a good year for auto, and we don't see any pullbacks. Sure. This is helpful. Secondly, on the IPO, I just want to understand what is the thought process of getting this listed, given that the entire listing is secondary and none of the funds getting to know this? What exactly, you know, are we looking at it on the medium-term basis? Obviously, we announced that we are on file with the SEC. There's nothing more to announce as far as timing or the process at this point in time to, especially since you're referencing, we did announce that all proceeds would be secondary proceeds. I would leave it to Hindalco to talk about what they would use their secondary proceeds for. We at Novelis don't need proceeds. We have outlined our leverage position. We're in a very good place as it relates to going to execute our strategic capital, organic capital project over the next several years. No need at our level. Sure. Lastly, if I can squeeze in one more. Any guidance for next year, even in volumes for profitability, given that you have already reached 525? At this point in time, we will not say anything more than what we have been saying so far. We have told you that we will come back to $525, and I would express, even I would express my full confidence that we have delivered, and we will continue to deliver on this. I would just reemphasize that, and we feel very positive about the way we have seen our recovery. I would let you make the estimates from what I said. Thank you, sir. The next question is from the line of Satyadeep Jain from Ambit Capital. Please go ahead. Hi, thank you. Just first question on scrap, in general, on the UBC, maybe if they seem talk about the entire landscape on, is there actually shortage of scrap availability or excess? As you look at the commissioning of Bay Minette, how do you look at securing some of the UBC supply, given there's going to be more competition for scrap in general? In the same vein, when you look at this closed-loop, like, recycling project, obviously, Novelis has been a pioneer on this front. As you look at commissioning this project, how do the economics for this closed-loop recycling look at in comparison to UBC recycling? When you look at efficiency, the spread between scrap. Just for us investors also to figure out the returns and economics of that closure. Both UBC and securing the supply for UBC and then just economics of closed-loop recycling. That's what's the question. Satyadeep, I'll take this question. We have seen some tightness in the UBC market, that is naturally expected. I mean, as demand recovers, as markets pick up, it is pretty normal for demand to tighten. Also with better demand conditions and overall macros, metal prices are going up, we have got to offset some of the headwinds coming from the tightness in the scrap market. Overall, we are not too concerned about any erosion in margin net-net. We will be able to manage within what we have been saying in terms of our previously given guidance. Number one. Number 2, I think you are absolutely right that demand for scrap will keep going up with new capacities coming and focus on sustainability across the board. Now, we knew that. I mean, we have known this since for many years now, we have been preparing for that. There is more work to be done, but we are preparing for that. Some of the things that we are doing is really investing in some innovative front-line technologies on scrap sortation, for example, which will allow us to collect dirtier scrap, use dirtier scrap, and particularly in low recycling regions like North America, prevent scrap from going into landfills and making it come to us in higher volumes. We are working on investing in technology and really opening up more sources of supply, deepening our supply chain relationships, in order to secure our future supplies. In short, enough work being done on that, more work to be done still. Last but not least, on closed loop. I have personally zero concerns on closed loop because these are all contracted, they are all, you know, going very well. Our customers, you know, value the scale of recycling that we can do, it's all going pretty well. Nothing, nothing adverse happening on that front. Those are my comments on recycling and scrap. Just to follow up on that closed-loop recycling, can we double-digit return in terms of savings on that investment? We've already outlined the investment on that in terms of saving. On which investment, sorry? closed-loop recycling. The Guthrie, sorry. You're talking about a gut investment? Yes. Yes. Look, these types of investments by their very nature are very strong impact investments. You know, we will never talk about a specific number, but these investments are extremely attractive and have a very significant spread on cost of capital. That includes the Guthrie. That would include any recycling investment. You know, the thing to always understand is that recycling is not just about putting some machines and assets on the ground. It is also about a lot of expertise that you build over time in technology, in partnerships, and how you do recycling. In short, this is extremely good and the returns are extremely strong. Just one quick question on, you mentioned specialty also imports. Does LED all this talk about 301 and contributions to Mexico, does it impact Novelis, in terms of shipments coming into the U.S., any impact on Novelis? No impact on shipments, coming into the U.S., particularly on beverage cans. What we have is Section 232 duties. It is well known that the U.S. does not have the full capacity and therefore imports are happening, will happen until the time domestic capacities come up. We keep making the applications for Section 232 exemptions because of the shortness of capacity. In short, what I'm telling you is that nothing has changed for us and there are no new concerns. It is what it is. Thank you so much, and wish you all the best. Thank you. Thank you. The next question is from the line of Ritesh Shah from Investec India. Please go ahead. Yeah, hi. Thanks for the opportunity. First question is for Steve. You had indicated in the prior call that you were looking for certain extensions for 48C, and probably you will help us with some more details pertaining to IRA. Can you please provide some color over here? As it relates to where we're at on 48C tax credit program under the IRA. Under the program in which we apply, there's 1,000 applications that went in. Of those 1,000 applications that went in, 250 got encouragement letters. We actually got encouragement letters on both of our projects to advance into the final round. Unfortunately, we did not receive any credits at this point in time. No aluminum companies received credits under this program. There is a second phase of this program that we're under evaluation that's open again. It's the first phase is $4 billion, the second phase is $6 billion. We continue to be in discussions with the appropriate people in D.C. to determine if we will resubmit or revise our applications under the second round which has just gotten underway. Sure. That's helpful. My second question is pertaining to what Satya was asking pertaining to scrap. This is more regulatory. I think you were alluding to section... Sir, am I audible? We lost you for a couple of seconds. If you could start again. Yes. Yes, yes. My question is more from a regulatory standpoint. You did allude to Section 232. However, there was news pertaining to Section 301, potentially duties actually being increased. What should we make of this, and would it have any impact on us? Yeah. On 301, we don't expect any decreases. I think that's what you implied is, so that's not an expectation of ours at all in the U.S. If anything, there's continued to look, the U.S. is looking at more ways to do protection around aluminum imports. That for us in the U.S. is obviously positive as it relates to the balance of our specialty products, demand and supply. There are a few instances that we talked about where, like, containers actually are landing into the U.S., which is decreasing the container flow, which is exactly why we took the action and to Pnn. As it relates to 232, as I think Dev said earlier, we are importing can sheet to support our customers from our Asian operations or our Gulf train operations into the US. We are applying for the 232 exemptions and have been reasonably successful in getting those exemptions because the market is structurally undersupplied today by some 500 BP. As we continue to build Bay Minette and bring that up, our expectations are that we will continue to have success as it relates to getting the exemptions of 232 for what we're importing. I hope that helps with your question. Yes, that's really helpful. Last question for Devinder Ahuja. Can you highlight on the hedges? I think this one is quite volatile on an annual basis. We are losing your voice again. We do not hear. Am I audible? May you please request you to kindly use your handset? I'm on handset. Am I audible? I would request you to keep it a little bit far from your mouth. Yep. Hi, I had a question for Dev. Can you please highlight on the hedges on how should we look at for the next fiscal? If you could touch upon the currency hedges, if at all on commodity. Yeah, sure. There's nothing different what we are doing on currency and commodity hedges. We always stay offset hedged on metal and LME, I mean, and on currency. That is as we always do. At this point in time, we would be 80%+ percentage, if not a little higher, for this fiscal year, for the fiscal year 25, on these fronts. The other area where hedges can be a discussion is energy Europe. We have hedged over two-thirds on that front, on gas and electricity in Europe. Prices in Europe on both energy fronts, gas and electricity, have been actually pretty settled and steady. So we are in a good place, in short, with more than two-thirds being hedged, and therefore, we have taken out the uncertainty significantly. On hedges, in short, overall, we are in good control and there is nothing different that we are doing as compared to what we have always been doing. I just had a straight question. Does USD JPY movement, impact us, if at all, how are we taking care of it? No, zero impact. Zero impact. Perfect. Thank you so much. Thank you. Thank you. The next question is from the line of Amit Murarka from Axis Capital. Please go ahead. Yeah. Hi, good evening. Thanks for the opportunity. On CapEx, like in the last 2 years, We are losing voice. Take the next caller, please, Michelle. Sure. All right. Sir, maybe I request you to kindly rejoin the queue. We'll move on to the next question, which is from the line of Sumangal Nevatia from Kotak Securities. Please go ahead. Yeah. Hi, thanks for the opportunity. I joined the call late. If you could please pardon me. My first question is, what sort of timeline are we looking at for the IPO? In case we are not specific guidelines, any range of, I mean past cases, from the application to the actual approval to the actual IPO? As we said in our press release, we are under a confidential filing, not a public filing with the SEC. No timing is no updated timing or process at this point in time. When we get closer, we will certainly be able to update, but nothing more right now. Okay, got that. The second question is on the scrap side. In the last couple of months, LME has moved by around 15% or 20%, and at least conceptually, trades has to expand. I mean, on the ground, are we witnessing that? Generally, what is the timeline? When do we see that tailwind kind of reflecting in the results? Sumangal, we are losing your voice. Yeah, we lost you for a couple of seconds, but I assume that your question was on scrap spreads, and you mentioned about iron metal prices. I assume that was your question, correct? Yeah. Can you hear me now better? Yes. Yes, now it's better. Yeah. Dev, my question was on scrap spreads. Essentially, given LME has gone up by or 15 or 20, we should see a tailwind. In terms of actual procurement and reflecting in the results, what sort of timeline should we expect? Are we witnessing those tailwinds, in our procurement cost, and our contract agreements? Yeah. Sumangal, there are two things happening. There is some tightness in supply, and that is very natural. I've answered this question earlier, but probably you missed it. There's some tightness in supply, and that is because as demand normalizes, post-COVID stopping, demand goes up. Overall demand is going up. There is some tightness, but on the other side, as you rightly said, metal prices have strengthened, that should help us. Net-net at this moment, I wouldn't get too excited on either side. You know, it's going to be fine, and we are managing the situation for now. Remember that the recycling content will continue to go up. As far as you know, higher LME prices are concerned, that's ore premiums in some cases, higher metal prices. I mean, I think that we are seeing tightness of supply, but we are also seeing the offset coming from better metal. I would just stay at that for now. Got it. Near term, we understand, but in the medium term, is this structural tightness a bit getting more structural in terms of more recycling capacities being set up and higher demand versus the supply increase? Yeah, I answered this question also. Yes, absolutely. We have known this for many years now. This is nothing new at all, and we have been getting ready for that. In short, I said earlier, and maybe you can follow the script afterwards, but in short, we have initiated a number of initiatives, primarily to invest in technology so that we are able to use dirtier scrap, we are able to avoid scrap going into landfill, and make it come to us. Through the use of sorting technologies, in particular, auto post-consumer scrap will continue to go up over the years. We have a plan of action, more to be done, many more actions to come, but we have a clear path forward, knowing very well that we need to be ready for the cycles. Steve has already said in an earlier question that our vision is to keep our recycled content to 75% in the next many years, by the end of the decade. We are on a good track to be able to achieve that. Got it, got it. Thank you so much, and thanks for repeating the explanation. Thanks. Yes. Thank you. May I request all the participants to use their handsets for optimum audio quality in the conference. The next question is from the line of Kirtan Mehta from BOB Capital Markets. Please go ahead. Thank you, sir, for the opportunity. One clarification on the CapEx range for FY 2025. We have said that it would be $1.8 billion-$2.1 billion. What drives the range of investments? I did not understand the last few words, Kirtan. Can you please repeat? We had said the CapEx range is around $300 million range, which could vary. What is the contingent upon the range? I just wanted to understand that angle. Yeah. Yeah. Okay, understood. Well, you know, you can never be absolutely precise about how cash goes out. It is. I mean, you know, we keep giving contracts to vendors and suppliers. Terms keep getting renegotiated. You know, the speed of the project, you can never perfectly time it to the last week and the last month, you know. I mean, you know, we are directionally knowing very well how the project will progress. There are many, many variables that happen during the year, which could mean that we will be in this range that we gave to you. Nothing that is unmanageable. It's a very contained range, $1.8 billion-$2.1 billion. you know, it is not just about the Bay Minette CapEx. There are also other CapEx that keep happening, and so we are just giving you a very tight range at this point in time. Understood. It's primarily driven by execution and not really driven by the sort of the negative leverage concerns in it at all. All that is already accounted. I mean, you know, when we have given this guidance, we know that we have to manage the net leverage in the range that we have already said. We have considered all factors when we gave this indication of 1.8-2.1. Sure, sir. One more question. In terms of the market outlook, basically, we are hearing from some of the steel side majors that in their markets, they are not yet seeing the signs of destocking yet in the Western markets. In our case, we have also seen the end of destocking. Are we seeing the start of destock in specialty or in the bridge market at this point of time, or there are still sort of more users needed? What we talk about most in destocking is as it relates to beverage packaging coming out of COVID. That destocking occurred really last two quarters of previous fiscal year, first couple quarters of this fiscal year that we just completed. That is now behind us. There is some pockets of restocking now because it probably swung a little bit too far, but I wouldn't say it's material from that, from that standpoint. I think you also were talking maybe a little bit about building and construction in comparison to steel and how we participate in that building and construction. That has pulled back as of about October of 2020, 2022. We've seen slight recovery over the last couple of quarters, nothing significant. Again, we think there will be some structural tailwinds hopeful for recovery here as it relates to settling of interest rates, better views of economy, driving a little bit more consumption, combined with the structural undersupply of the housing market. I think is still going to take a couple more quarters for us to see. Thank you. Just one follow-up on the automotive side as well. Dev said that at this point of time, we are not witnessing any slowdown in automotive market, but when we look at the FY 25 as a whole, what's our base case scenario? Do we think that the automotive market could see slower growth than the last year? We're not seeing anything. I mean, we have already given you long-term forecasts, which run into high single digits. We're not seeing any signs that there's going to be any pullback. More importantly, what matters to us is really the speed of adoption and conversion to aluminum, and we feel pretty good about that. It just continues, so there's nothing that is causing us any concern about FY 25, in short. Thank you. Thank you. The next question is from the line of Devesh Shah from Fourth Capital. Please go ahead. Mr. Shah, you are not audible.... As the current participant is not answering, we'll move on to the next question, which is from the line of Amit Murarka from Axis Capital. Please go ahead. Yeah. Hi, I hope I'm audible this time. Yes. Yeah. Yeah. On, on CapEx, last two years, which is FY23 and FY24, we have seen actual CapEx being much lower than the initial guidances. Like, I understand that was more or less to match the cash flows. Now, this year, now that we have guided for a higher number of $1.8 to $0.1, I just wanted to understand, like, how much of this is on account of Bay Minette and how much of this includes projects which also can be postponed in case a need arises? Like, that is the question. Yeah, I mean, approximately 60-65% of this could be Bay Minette. To your point about initial guidance versus where we end up, Amit, we keep working through the year, you know. We always keep finding ways of staying on schedule, but at the same time managing cash. It is not like we are in a situation where leverage is kind of going out of the bounds, and therefore we slow things down. We don't do that. You have seen very well from what we have said now, 2.2x. Leverage is very well contained, and projects are continuing to be on track. Basically, we keep working through the year to see how can we stay on schedule, but also at the same time, how can we burn lower cash. That's a part of our continuous efforts that we keep doing, and we will keep doing that. For sure. That's appreciated. Also, on SCF, is there a net number in mind? Because this year I think the debt has gone up by about $200 million, including a $100 million dividend payout. With this higher CapEx, where do you think you'll end up for in FY 25? Yes, I can only repeat what I said earlier, that we are committed to not taking our net leverage, you know, over 3x. Therefore, you know, I mean, some net debt will go up this year as we continue to progress on our major projects like Bay Minette. It will go up. It will not reach peak in fiscal year 25. Now the peak will come more in towards the end of calendar year 26. I would just stay with what we have been saying. We are managing our net leverage. Will go up in this year, naturally, and we'll see later, not in fiscal year 25. After peaking, we expect that it will start pulling back very quickly, because then we go back to being cash flow positive after the peak of Bay Minette is done. That's helpful. Also lastly, on dividend, is there a dividend policy in place? Like how you gave $100 million this year. Yes. We just paid $100 million to our parents this quarter. We have been saying that, you know, we back in history, we said that we will be paying out 8%-10% of our cash flow post-maintenance CapEx, and, we are still in that range. We continue to do what we said. Got it. Thank you very much. Thank you. The next question is from the line of Soumya V from Avendus Spark. Please go ahead. Yeah, hi, sir. Thanks for the opportunity. First question is on the margin levers. When we had guided for this FY 25, obviously, we had a lot of the levers. One, in terms of operating leverage getting back or cost pass-through. From here, what are the key levers for us in terms of margins? For sure. I mean, all the margin levers that we have had over the last, you know, 7 years, which has helped us to go from $308 per tonne to $525, as we have been saying, is our current guided range. All the levers will continue to help us in future, mainly, as volumes grow with our growing markets, with us gaining share, that will be a margin enabler, number 1. Number 2, pricing is positive for us based upon the contracts, and we've already signed, particularly, you know, with the increased capacity from Bay Minette, they are a positive margin lever for us. Recycling content, we have said it twice before, but we are going to continue driving more recycled content, and we'll look to reach 75% by the end of the decade. That's a third margin lever that continues to be there. Fourth is operating efficiencies, IT quality, productivity, customer satisfaction, which creates more stickiness. All these margin levers are intact, and they will all help us to continue progressing on the margin journey looking forward as well. Got it, sir. In terms of cost pass-through, are we fully done in terms of the cost pass-through, or is there something left? As a follow-up there, since the costs have been declining, energy and all of that. Is there a contractual obligation that, you know, we have to look at this cost index and then again, pass it on the other side? Yeah. Again, you know, I go back to the third quarter of fiscal year 2023, you know, when inflation struck us hard and we said that the pass-throughs will come, they come with a lag. We have proven, from this year's EBITDA bridge, you have seen that we have proven that the pass-throughs happened. We gained a lot, not only in contractual pricing, but also pass-throughs. Now inflation has settled back, particularly energy prices in Europe have pulled back. As we do the contracting for this calendar year, i.e., calendar year 2024, we will give back some of that. That is net margin neutral, you know, I mean, pass-throughs, you know, sort of go with cost. With a bit of lag, you know, we will lose a little bit, but nothing to cause a concern. I mean, you know, the sustainability of the 0.25 that we have set takes into account all these factors. Understood, sir. Sir, on Bay Minette, can you just confirm the timeline expected for commissioning and in terms of ramp up, you know, utilizations, when we Yeah. As we said on our previous call, we anticipate and continue to anticipate the commissioning in the second half of calendar 2026. From that point forward, we've said it will be 18 to 24 month ramp-up to get to full, the full 600 kt. Obviously, we'll be able to ramp, I think, and work with our beverage packaging customers, a little bit more quickly. An 18 to 24 month ramp-up is a very, very, you know, quick ramp-up with all the knowledge and know-how that we have, and we bring to this project from around the world. That's kind of the timeframe. All right. Just one small clarification. just one. I mean, when we talk about the margin levers, just wanted to understand between now and Bay Minette comes, basically Bay Minette is in terms of better pricing. Between this window and can we think about, I mean, $500-$600 per ton from where we are today on a sustainable basis before Bay Minette comes? How are we thinking here? What I can say is that, the contracts that we've signed on Bay Minette at higher pricing are not tied to the facility itself, so they will start to come in over the next two years. The efficiency of that plant will come in once it's getting ramped up. All the other margin levers that Devinder Ahuja has already talked about across the entire Novelis portfolio of assets will come in over the next several years. Again, we do think there's margin expansion. We've given, you know, that we think that we believe that 600 per ton is very reasonable over time. Got it. Thank you. Thank you. Thank you. Ladies and gentlemen, this will be the last question for today, which is from the line of Ritika Dhangar from PhillipCapital. Please go ahead. Hi, sir. This is Vikas from PhillipCapital. Am I audible? Yes. Yeah, I think yes, please go ahead. Hello. Yes, please proceed. Yes, just go ahead and we will tell you if you're not audible. Is it better? Can you hear me now? Sir, please proceed with your question. Sir, I just wanted to understand one thing, that though we are not giving any volume guidance, but given that this output thing is being over and we are normalizing in terms of volume, can we safely assume that we will go back to FRP annual volumes or even that statement is difficult to say at this point of time? You know, here's the thing. As you heard Steve saying earlier, that CRU is projecting a 4% growth in the FRP market. We think that, you know, just looking at the market growth, we have given you our long-term projections. You know, given everything, we are pretty confident that volume recovery will continue to happen. Our end markets are doing very well, subject to specialties and building infrastructure and the likes of that coming back once the economy normalizes. Outside of that, I mean, our end markets are doing pretty well, so we feel good about continuing to progress on volume growth. Understood, sir. After the, though you are not giving annual guidance, but can you give us the next quarter guidance? No. I mean, we have already told you, we have been telling you, all this while that, we expect to return to a sustainable level of $0.25. We have already demonstrated that, and, you know, we have nothing more to say. We have reached what we have been indicating, and, for the foreseeable future, this is, this is what it is. Steve already mentioned that over time, all the margin levels will keep acting in our favor, and, we have a vision, very clear line of sight to get to levels of, $600 and odd. That's really where we are. understood, sir. Just one clarification lastly, on Bay Minette, last time we have increased our capacity significantly. Right now, are we sure that the new incremental capacity we have announced is the final capacity, or there is a scope of it doesn't going up? Yeah. No, we are very confident of 4.1. We've got a tremendous amount of detailed engineering done now, which was not done before. In the estimate, we priced for the appropriate contingencies at this time of the project. You know, we're confident in our ability to execute against the 4.1. Understood, sir. Thank you. Thank you. As that was the last question for today, I would now like to hand the conference over to Mr. Fisher for closing comments. Over to you, sir. Yes, thank you, operator, and thanks to everyone for attending our call today. We have good momentum as we start our new fiscal year and remain laser focused on our investment underway. Thank you for your support. Look forward to providing our Q1 update in August.