Vedanta (VEDL) 29 Apr 222022 Q4 Earnings call transcript

Ladies and gentlemen, good day and welcome to the Q4 and Full Year FY22 Earnings Conference Call of Vedanta Limited. [Operator Instructions] I now hand the conference over to Mr. Sandeep Agarwal from Vedanta Ltd. Thank you and over to you.

Thank you, [Senthil], and hello everyone. Agarwal. Sandeep am I Vedanta, quarter delighted earnings and of to call. welcome our fourth full I behalf to am you On year FYXX

Duggal; Oil joined Steel, by We CEO, CEO, Iron Aluminium, Mr. today, & us Sharma; Deputy Mr. Goel; our Deputy Prachur Rahul Sunil CEO, CEO Ajay also have Mazumdar. CFO, Gas, Group Mr. are our we Sauvick Mr. acting and with Mr. Group Sah;

questions performance with be start key update you and note then Please an the Harbor covered clause will our will We mentioned X highlights today's answer on on presentation. which Safe discussion have. may Page of entire the of by

Mr. ado, Mr. would us presentation. take Duggal. Now, to hand you the I Duggal without to over to through further to like Over

high Welcome trouble China. XXXX Limited Russia full exports, appears Vedanta and tax the gas. high energy continues supply due financing Sandep. issues to driven revival. on low continue side potential have particularly disruptions economic short manufacturing also Thank a manufacturers energy on for to and supply zinc GST chain investment strong prices. due with rising in dependence had increased issues and fourth conference a The to Russia on and asset everyone. coupled resilient metal Metal from jumped Vedanta amidst performance and time increased supply prices Ukraine. curtailment, in and accessed year industrial Oil of you, can services, deliver demand and ports other led growth investment cost, conflict. economy Australian/Indonesian improving year coal spending, elevated Russia’s abysmally crisis back logistic remained inventories by financial China, to core that in of seeing due sanctions to is various European from due longer, Europe, month four remarkable and gas then cycle disruptions commodity gas Hello, to was to prices remain underpinned cases and financial initially in term. cuts record with risk Production YoY at for especially have oil all Metal medium of aluminium shortage interest and a X.X% COVID The outweigh the call. Indian and output to inflation business shortage supply market earnings high and in ’XX It model new natural buoyant coal in by Russia-Ukraine Rising in rebound in quarter indicate spell collections. signaling February, activities. strong sector government by high led proposals strength. to also quality Europe's

annual performance volume driven cash We dividend EBITDA across key FYXX. within per record have ₹XX we businesses. with strong on of record delivered our financial best by of an production. cost and despite flows payout free In distribution record, share crores track had remain margins our in earning strong, ₹XX,XXX ever pressure EBITDA line growth inflationary

etc. uplift the worked water first sanitation, of overall redefined of health and the community supported villages. various by have well pillar strategy, XXXX we our purpose pillars. Under drinking care, per As including the benefited children is through transforming our initiatives million to ESG infrastructure, community, three communities lives across being quality X.XX

Jharsuguda a benefiting aim cement power very fly Ghars business plant. to megawatts Restora move of greener & a of Restora took delivery to we the green with planet, model, launched dispatched new in usher Aluminium we metals. second Under that of announce Ultra to transforming proud established action In than line brand by the to X,XX,XXX area ash green to first agreement; of rake our women. children are pillar and renewable more signing We XXXX Nand significant XXX we

saddened are lives loss the by three quarter. in fourth of We

Our the to shared deploy communicate downs been Safety sites immediately senior with business and to have all stand has incident all team employees our have to completed the an sites learning learnings. partners. outcomes The been investigation. leadership conducted across

steady and from inclusivity diversity review aim We and towards the to leadership ensure through progress senior decision gender making the enabling bodies are parity, organization making functions. and across

is our aim Our to opportunity position as equal an strengthen employer.

We achieving sustainability. development program leverage aimed up innovative technological strategic to excellence, Spark and group-wide goals capability product with have launched in execution towards scale and Green their XXX-degree to speed, partnership operational startups new

demand Atmanirbhar which a the reduce to material needs manufacturing gap. India critical Bharat, is supply significant electronics Semiconductor For imports. electronics has raw for

player very large global the in value This We for creation. shareholder production two semiconductor largest years are time. partnering potential Foxconn to start a with has

Now, verticals. I business will turn to

of per and and is business with headwinds, recorded mined continued particularly Fourth now input growth CapEx vertical ton, India focus million group's be achieved to billion and over International: our next month is ton X% now ever aluminum well on and input growth volumes, the annual south X mark. program increased production Quarterly was contributor was operational The power commissioning Zinc operation, LME. of impact basis transition. was market the growth. of Quarterly mainly offset recovery rate higher more global $X,XXX aluminium by March. alumina pit exceptional to years We Zinc also Zinc production highest profitability. on in successfully exchange recovery impact. XXXkt, with X.X aluminum inflation to projects third excellence integration X% focus recoveries significant $X,XXX of has poised annualized aluminium mined YoY second resulted The production to Rougher efficiency, improvement. commodity and for QoQ MIC best tons the million favorable and by than spend by XXXkt X% historic value. Gamsberg $X.X high including two ever Gamsberg tons, Cell, poised It largest of improved strong sustainable achieved due cost which optimization. metal X% rate production quarter production largest the in also deliver million reduce COP costs. was impacted down production and in respectively, was business commodity appreciation. metal X.X by to operational ton integrated create finished driven become With since and run player and COP volatility underground value per crossing on on ex-China to was metal asset Our

commercial of support grew we XX% with one annual in achieved Jaya-X increase sales by become higher -- XXXkt. biggest XX% was potential adding recorded production RDG projects. infill highest operational oil This by growth. million prices, decline. We from to the producer, XX% production polymer our was margin are the Rajasthan Gamsberg acquired capacity in higher operations, zinc the largest line annual ever We production fourth XX per two VAB X% YoY. all VAB quarter Oil on grew quarterly Quarterly primarily QoQ in and arrest gas prices with notified key It two historic OALP commodity Cambay, from hot to annual YoY metal smelting XX% mines with ramp-ups. consumption in Durga-X continues business achieved improved highest has increased YoY and YoY production with will and hydrocarbon to coking from margin per smelting on of polymer ferrochrome The increased delivered offset prices augment zinc world. hot partial a well in To spend exploration. production to operations and complex $XXX volume largely enable OALP wells, barrels South billion mitigate spending down furnace ore $XXX block, higher have iron XXXktpa. and programs Quarterly FACOR In ton. enhance and We under and to we decline XXX% production to VAB PSC margin steel Gamsberg to but higher coal growth. gas resources. iron to Orissa. input market security. and $XX.X in record reserves after To commenced MIC ore will due with on exploration despite metal in infill The natural turnaround natural headwinds. X.XX ore, million our resources prices. shell work $XXX of mainly billion its OpEx discoveries, field injection ton. decline annual and barrel ESL offset journey. addition, remain achieved Steel field recently of record Africa's stable. iron polymer

EBITDA by annual all stakeholders. $XXX have significant we to priorities, Quarterly lower XXkt, YoY across made due was value was production per Xx you to strategic ferrochrome see, our ton. for Our margin Overall, if up progress shutdown. maintenance creating

Our operational supportive world results class driven financial outstanding prices. assets have commodity performance by delivered and

through Goel, are we to would and Our the this to underlying unlocking stronger hand for friend, performance. financial vertical efficiencies, Ajay strong committed and Mr. digitalization and through integration, it like my now I technology CFO With targeted operational growth, acquisitions. to remain over make businesses

year also matrices a terms achieved We our the everyone. and year performance a was Sunil, only in record but by margin. ever you, good full for financial various quarter, not Thank evening, best financial the significant of

margins. realization, earnings at supported This up and ever numbers lowest XX% per commodity ₹X,XXX to leadership And for ₹XX,XXX prices quarter, benefited highlight a crores, of the cash demand namely is XX% years. favorable crores. positive fourth the operational XX% all by strong witnessed total quarter, and for the quarter-on-quarter. zinc, leverage with following just of industry was sales on Highest and revenue, last and the gains, exceptions resultant ₹XX like few few our The our before and crores, quantum XX%, EBITDA of elevated across share the one-time maintain Brent. up we quarter bygone. the performance EBITDA key dividend highest over margin ratio, of payout year flows in any dividend vital The position record the and full or XX%, up rupees aluminium and quarter the stands major commodities, with YoY of was debt-to-EBITDA, an net ₹XX,XXX at YoY quarterly which five our performance. businesses, underlying across I’d PAT

which With strong with cash liquidity equivalents continue at ₹XX,XXX and XX% quarter-on-quarter. cash to crores. maintain down position that crores about We our net the ₹XX,XXX debt stands is at

is quarter paid where also me we the add, dividends. Let this

ratio margin net of peers. was the out amongst in previous which for with five underlying any previous numbers and on want couple from last the is again, year return of years of X.X an a So year. XX%. full debt is gains versus to lowest crores, it with XX%. up of call XX% I net the from crores, the The capital as higher exceptional number fiscal down ₹XX,XXX employed quarter-on-quarter Indian EBITDA All-time is also up best debt-to-EBITDA and by one-time last which key XX% X.X before high stands is XX%, FYXX. PAT at ROCE, year XX% the times mentioned, ₹XX,XXX is of I

is for of profitability racing our ahead need So, capital. the

couple X% on ₹X,XXX lower the Income quarter. investment. income XX% higher and The X% overall the We on which detailed with primarily the business interest partly fourth up the Page the the for income fourth The The crores, XX% Deficit gas provided. appendix. for statement ore from in in mark-to-market capitalization accounting, and by in by mix was is IR higher the YoY is #XX MTM movement quarter repayment in quarter was have fiscal current you quarter-on-quarter line average finance RG offset It's want items at normalized charge change I to line in the for ₹X,XXX one-time down about quarter-on-quarter in for the account and increased is oil the crores, and YoY with refinancing. And due rate. depletion charge cost and up of that stands guidance volumes It update on crores. loan for at of for ETR investment QX to a in just presentation. charge It was XX%, which borrowings lower is of to zinc. full and ₹XXX and YoY X% due higher management the depreciation statement.

YoY the As we or tax is the bridge, I’ll excludes XX% on up now ETR normalized so on exceptional assets any any XX% and up the EBITDA move items where losses. tax quarter-on-quarter. reverses EBITDA deferred know, to

commodities, commodities our volumes may across you the key strong the positively with been all higher aluminum offset businesses. from the business. in all inflation input bridge, have As various higher by partly along demand impacted pricing, and our our This EBITDA, has across seen specifically have for

dividends average management maturity of X.X% balance quarter payment by offset to The in to to partly sheet From for and operations from augmented crores long XX, I'm you quarter, free end strong fourth end. demonstrate outlook CRISIL. on report that previous about net supported stands has by the Moving The on and come flow X.X and at March average spending. that cash debt X.X% as happy enterprise-wide very fourth to is long both been debt the net is India to strategic ₹X,XXX at key our priority viewpoint, performance stable borrowings as our cost by term balance quarter. term reduced crores March the now year the the debt This in ₹XX,XXX from years, a with bridge, strong at us. rating for CapEx Rating down with an about AA has X.X%. is And cash and a by flows. financial sheet of

in same you allocation objective various and allocation aware, policy This focuses and on deleveraging are our policy of shareholder in quarter, value. growth maximizing As the establishes the of The rapid February. guardrails with we the across at sometimes time announced key policy the of group capital responsible on fourth funds.

quite policy phase progressing is capital invest in intends projects. those of of well it which allocation programs is with Our on and in next overall line to CapEx

have fiscal investing have may for CapEx of provided the aluminium in business integration. You in in vertical wherein FXX, on as growth for towards year planned the guidance $X seen we the are current current we

in gas in natural We augment and any fields. decline oil R&R oil to the are also investing mitigate

to we strength about before also ₹X.X our International the flows looking of which the Zinc of at highest cash shows and FYXX, In ever We capacity double are billion, operations. ESL. CapEx achieved

an we largely future programs yearly record in Our profitability. summary, various CapEx so delivered years the continue self-funded over we well. performance, near has doing Overall, previous in been with and as the will excellent

on well at and also as dividend. Group we with deleveraging governance that corporate clean ensured audit I to highest report and shareholders of the level progressing rewarding mention path I value are we consistent fiscal sustain you are this, current through With further of as year across back statutory We we shareholders. Thank to all. for the want and that will to create well in the end. any operator go And confident our Q&A. the performance continue for strong transparency

Thank you and session. will very we gentlemen, much, question-and-answer the begin sir. now [Operator Instructions]. Ladies

ahead. Dixit The first Please Amit from is go question from Edelweiss.

evening. Thanks and for set questions. good of a have opportunity I Yeah, two numbers. good the congratulations for

is & The green on Ultra. products first the Restora one aluminium Restora essentially

that the some on timeline, throw If is and products these command aluminium timeline, first can over you will volume some light regular products? premium, That the your the the question.

go ahead first second I go question? Or want you So ahead and may the I then with with to answer?

Sure. Yeah,

this. answer I’ll No,

and green two power Restora Restora are these So, power, it Ultra renewable products, is one was the made is with so Restora Ultra. made.

traditional of, with of So to per it ton is the COX metal. intensity XX a per say X.X ton compared ton COX of ton of to XX of metal ton

So, the made is Ultra. dross. Restora Restora Ultra this the Restora and from other aluminium is is

normally So, the in the dumped dross is landfill. aluminium secure

it set So up dross the technology process aluminium. into Runaya our to convert to organization this sister

ton yes, overall -- metal per X.XX X.XX, of this carbon X.XX X.XX. around the ton with metal. this is So, the pattern -- is of Not

as X.X the metal. green per per equivalent are the COX with tell -- of globe made So, ton I also global of ton that COX the metals this may And Ultra. is Restora you standard,

So, the Restora better the the global is even global than is standard. our and standard also Ultra better Restora metal than

to Rahul been premium is on So is the export these numbers But good the based to certification, premium have this? market. Rahul, ratified and earning launched enabling party. the want my by this colleague that third verified add market we have you And what from earn This there. we product on market. anything in from are the us DNV, also on

No, no. Mr. Duggal. Thanks,

been by registered a as said was produced of X it we product average been continue that's XX% the the this say And better ESG and sorry, ton I already also per have XX%, ESG as we is side did we with of conscious more first we'll to of us and from last see reduction it’s has year. that a and the be a have segment part more to and year. environment. They side. XXXkt already we that And launched we which And year to which journey friendly -- with ton which volume last think the obvious the XXXX. we And had than less That's as last our of Mr. is we the more is know? brand. more I this metal demand. and product then global that, premium, and that but COX gone ramp demanding launched of towards It's And up you more that contributing than make, a which Duggal Restora why aluminium. are our emission from think year, customer ESG the goal the have and point reason, for want is volume are the

Okay, thanks for the comprehensive answer.

balance is so on essentially and question second The cash sheet, the flow.

almost look they So, of but if crores, capital extent sheet the is receivable look ₹X,XXX the up at not in to gone receivables, crores. working and crores balance have that is ₹X,XXX I build up at I trade but the ₹XX,XXX if the

the So, to gone? just have receivables where remaining understand wanted

Yeah, sure. Sure, Amit.

the overall at look and So, the we also an of if you're right, full you fiscal. the not should free But look for flow the for full the working value. just investment bridge cash absolute capital at in fiscal the terms is

As ₹X.X last crores it from year about about has you ₹XX,XXX seen, lakh revenue to is have our grown crore, X.X may times.

the debtors in the working capital fiscal. the inventory be investment volume higher the So, is or the all in in the it led by terms pricing, of current

number fact last outstanding, of is ,lower the our year. days at in than capital look the you working If

more Now that’s on fine. receivables. My was question

in hardly crores up. like, current have assets in I up they are if ₹X,XXX balance ₹XXXX up they are but receivables non-current trade in cash gone in assets the up sheet, flow, by odd receivables crores, look like So, are and

crores receivable has reconcile mean, only the the So I ₹X,XXX ₹X,XXX gone up crores. have up receivables gone trade I difference by can't in

Just what understand wanted component other is the to of the that receivables?

power the It do, It can the we e-mail. trade send you components, normal debtors. Amit. What is can debtors including the we multiple is over and breakup a

Great.

So a the back all best. questions I'll I and the have few Thanks, into but queue. come

Thank you.

go The JPMorgan. Please next Pinakin Thank you. is ahead. question from from

you Thank very much, sir.

I have So, My questions. to two segment. aluminum relates the first question

expectations Now the mining and two laid and commissioning. out mines, other the coal the the Jamkhani three company has of

would all-in you And procurement So trying of for first from the coal is be that, from values? could savings understand captive adjusted mines the relates versus the us current coal be to total of cost coal my what sense your of what can a these is expected volumes what calorific question each give cost mine? to the potential at mine? this I'm

So, I’ll it. go about

So want to and Radhikapur we is another we Jamkhani, third have three One is Kurloi. auction. mines is

-- So, these throw are are operation. Jharsuguda our within these located mines from the stone's

block, we next coal Jamkhani license potential capacity operational the per it to billion but a This So, much month. make X.X larger. has of is mine are ton annum planning

would we much cost and per X operation -- X is start mine like million estimated we from around tons million that my this plan The a can to capacity annum. to larger have is this to for go once much So, tons current value and larger per sense GCV. mine own ₹X.XX

irrespective GCV paisa figure GCV. per value, convert we So it of into the of

cost for varying so, current So the quarter. this ₹X.XX or has is average The quarters. current The ₹X.XX cost over is, per the the was which last GCV. say been

mine of capacity just and per million But numbers. I'm annum. you just this this mentioning work your West, has the figure Radhikapur X can So, the a out for comparison, ton

also the X X in be, it of license calculation to per want ₹X.XX make So tons. around of half North, internal third Kurloi mine a of could the per which GCV. million this And the tons. GCV million potential per second cost our has The has is mine, is potential And capacity as year. a operational this we

first become So half of operational this will FYXX. by

XX become that next months in is So XX operational. time, the should these three all our to belief mines

With license ton. capacity, produce current it should XX the around million

was cost be ₹X.XX -- I average potential all around the the cost to full the last it mentioned these ₹X.XX. With these three quarter of XX call, million And tons. could billion against of the three tons which to XX all overall can ₹X.XX produce

you. Thank much, sir. you very Thank

Slide to #XX. So my second question relates

Vedanta March XXst standalone of net at Now debt stands as billion. Resources’ $X.X

the of The reduction break over down is $X cash a much Now, financial flows billion can the paid year? can that four over the given we the had a expected entity will in we unlisted years. Vedanta and the of dividend generate, the sense next to expected the debt XX how Chairman parent has months into about unlisted get But at company out, reduce the net talked Limited debt at this the next parent? number that

Pinakin. sure, Yeah,

at, VRLs have one we And years, committed months that may of a a are case, right, whole $X.X it three be is used the can billion hand. interim have bonds, due almost three you’re $X And you, breakup will for billion part Page over be X not But in a $X.X that front-ended. will dividend proceeds million commit ago July. of what mostly also, is deleveraging billion first years year. of about couple debt over $X billion. Overall Resources’ back-ended, the to be event, Mumbai I announced Resources and Vedanta standalone we in today in billion. which our shows thing XX, by and the board Vedanta becomes receipt You This its for will at almost don't

deleveraging target. a the billion in least at is So current our fiscal

on add couple a of here. will I sentences

EBITDA last -- year, we say have $X.X quarter rate see, billion so $X.X with of a made billion $X.XX of four. run You in

and the phase of here, performance your do a prices has you the billion. commodity maths it if potential and So $X

operation And will in operation the which X mines. of the operationalization to efforts coal ton that the from the raising know also heard With ton. X million we of our and projects about just the Lanjigarh million are you integrate you and capacity the pipeline

with contribution the ton. $XXX But local has Here, per ton. the bauxite, has with of a imported potential it a bauxite differential it per $XXX even of another

potential of XX% value, it XX% $XXX increasing and of adding and potential going cost the per to added up. power the reduction, product the the $XXX the capacity, integration ton ESL ton, from cost With per capacity this operations, per say ton, the $XXX

over. potential to International also SRK billion operation. all I'm also projects tons the have that added another certified the Zinc we I in $XXX that Zinc And XXX and talked about R&R the Zinc million International, we report you of just the has. report So International the has our very have happy

and in -- have $XX next $XX and billion looking us potential billion And could if do could we $X and deliver our your the the land. look could we flow the cash you the I that revenues billion EBITDA the can at where $X potential $XX it we a can CapEx all huge line $XX if flow billion, and own $X EBITDA full items, years. cash capture to potential, with billion of two And be be this, the a So think of in dollar. With that billion. debt you of can math to billion, other the a

Understood. Thank you very much, sir.

Thank you.

Please The Thank ahead. Oswal question you. Services. Vishal next from Motilal Financial is go Chandak from

my taking for question. Thanks

and coal could to Vedanta you are regards you cost the of with overall coal? is imported breakup if what at was question the linkage e-auction first and coal, -- the highlight and my So what [indiscernible] your if --

the tell you you want brief, ₹X.XX power of the ton. can of coal the overall you in cost? the have break my power breakup quarter gave in of per sources But I colleague the Rahul, the was cost various Rahul. So breakup up, the of the and and if I have $XXX four overall which cost you procurement if overall

Thanks Mr. Duggal.

can million. the or XX% know And Mr. year the requirement to costs Duggal e-auction calculation QX from linkage that And was the said GCV said, $XX total also of calculate. you aggregator and in was was which that's per more that. close se out I And last ₹X.XX. linkage ₹X. percentage all the if what is per you And to can total And we was XX%. the ₹X.XX always was Now, X%, that's ₹X.XX, five there you per see and se, cost find

total. So we $XX percentage as breakup million, which for a the consumed for last said have what year have that's I

the If look just would because QX how was on you for significantly believe because significantly low, QX, And were could premiums e-auction the highlight you higher. the I volumes and been two next coolant coolant were to for aluminum it FSA, not the e-auctions and allocate the not to has of coming is the quarters of able most now coal guys? so terms for up different in

of I ₹X.XX. security face to And that's if And Because -- -- you we convert of I major some by are happened and coal challenge you today, coal how we which are we from road. and challenges now, metallization. comes as to was we at how quantity rupees moved RCR rail comes XX% understand coal understand, that around And -- mode, was said have has which also -- from QX ₹X.XX. from managing maybe because that from XX%, today and view, how V, is we I the out, the I to from are that's linkage, that, see answered have to my basically, And are Yeah, QX to question. what QX Hope that's entire XXX% security has movement to you is movement a on Tranche of availability, better think to QX looking have must which the security, metallization. rather your And one, point is rail double coal is coming have as QX. my QX just I QX our is that of XX%. ₹X.XX, e-auction That average if balance right? the is it to challenge is not then XXX%

sir. if just understand you've I correctly, said Yeah, this so basically, that,

QX basis equivalent XX% was to for You've And mentioned has on that doubled and from FSA from XQ XX%. your actually to halved procurement cost your QX of from XX% e-auctions to XX% ₹X.XX% production GCV.

QX our -- see you flat. if overall remained And cost was QX to Yeah. for

flattish? And

Yeah.

So regard to second question was -- with

apart stable see, three will the you I has that road as Raul see materialization factor. power quarter and the remained but the that the distances And, that, over month very it able said, told mines, better he four. from because coal Jamkhani [indiscernible] operationalized the I the block be the getting option operationalization on, and materialize said a just so itself. is you will that add overall large of at quarter were of that, can the as that you coal key cost And next operation not our to from of as beginning

comes that the I rate and it pending cost help linkage coming the along conserve us the in bring our So will to if think with down quarter. materialization up, rate,

that in are efforts up in all and there last the quarter. has cost power cost, So picked the direction

reduce happen, and everything anything cost now only on. the which So from will will it

that have a power is your is that big as you managed so well. cost. Yeah, surprise how And very actually hear about that great to was

So my parent. repayment at with question the was schedule to second regards the

up mentioned for coming now billion You anticipated. $X which and has July, what been that's we arranged also already is

what the if Now, of next other you what's two the are just repayment at could for highlight years? the schedule entities -- promoter the

sure. Yeah,

So falling give almost half, $X.X breakup in loans way, and I worth for current the the billion. you second almost $X if due of first billion of or are year fiscal, term Same is the half a current loans in the repayment.

in is in about $X and billion. billion, $X.X about then the So it's value the FXX FYXX,

repayment, is Limited, in which flows. XX% which again, terms or And we comfortable. current flows. mix free refinancing Balance structure more, seen, as current feel are or profitability, $X the robust So of cash Vedanta our Vedanta we I using into will almost a be billion repay of net-net, of that repayment lead would if you to secondly, mentioned, may our refinancing. have quite holding cash Resources With free if we not

really useful. That's

you much. so So, thank

you. Thank

ahead. line next Ritesh you. is Investec. from go of Shah the The from question Thank Please

hi. Yeah,

thanks couple opportunity. the questions. So, for of A

on gas. energy explain slide you the current one as you to have? for us sourcing the it substitution be on help it on possible indicated the in actually underlying well the economics First as will is, natural have versus how presentation on we the Would ESG that PDA on

we so the Zinc for Yeah, Jharsuguda. which of XXX of megawatt XXX megawatt XXX PDA megawatt of and done BALCO, have megawatt is XXX

this and from at has current will marginal So, we lesser much Hindustan around a than current the Similarly, today's cost at which year at Zinc a half the against cost, project of, a more the ₹X.XX benefit overall BALCO PDAs XX%. so, has are or is get a Jharsuguda, say, XX%, and cost done, cost. which and been XX% PDAs

rupees look one at simplistically particular Okay, dealers? so, number megawatt to some to hour basis, corresponding XXX this per had on if that from should what at kilowatt it I total a look

is for ₹X So, average roughly unit. around megawatt the per XXX

on Okay, one And have that's with volume indicated the GAIL, should economics over partnership secondly, the side, we how here? then wherein gas helpful. at look and

this complex. CapEx. is the connect need to have pipeline also to feasibility the the They That stage. GAIL So, pipeline the will from at

And are doing The the is cheaper and similar we Chanderiya project say time. did believe operation, we going at at economics, for did So, here. got there complex also that smelting cost feasibility XX%, Zinc what definitely, it XX%, the for we the of benefit benefits looking and Pantnagar come at Hindustan to today. we but and our overall our for we should we be than similar are

Okay.

you behind had have So that taken my second why have question other not they thought give actually on is Zinc done us will on that commodities if was safety call, on Sir, basis? that Hindustan and what for forward the process which zinc, they on on the indicated hedges zinc.

very taken. team is the future own call hedged have the looked plan wanted the at months. to a have and when deliberated next a we we our and strategy We and secure it part of No, few production conscious predictions we for business

you any So, want the this? overall add anything, Ajay, to on I think,

supplement to like couple areas. of a I’d Yeah,

been But very you statement. benefits quite traditionally, not Brent income pricing in hedging quite Vedanta’s the environment strategically. philosophy the given of production LME is to been or for You're as capture volatile, our even the want the to the average capture tumultuous we would is right, have the and and lofty, current average appreciate, of month has we

have and that commodities, XX% our correction. one key we course three, route, about is the current three using hedged will for secure across and are aluminium the And and time, this that which volume gas, for made of oil specifically, we So zinc, months. profitability four next oil fiscal,

volume? indicated, at you’ve total of So the as oil you hedged XX%

aluminium give hedged. on for been and plan take and zinc, volume has business also average, oil, XX% the and current Yes fiscal the

the actually great and what indicate given, quite pricing, taken? critical Sir, has a is can the you this step company

more about oil Brent. about at per ton I ton. can $X,XXX for Zinc, per ballpark is $X,XXX than example, you Aluminum and $XXX give have per we number.

That’s $XXX.

I’ll joined is Thank questions answers. queue. I This you you just back probably much great. have for more the Thank so much. the so

Thank you.

line go from is question The of Please Jain Rahul you. from the ahead. Thank next Systematics.

Or Yeah, hi, read were trends? my how going detail they we sir. the and because in should coal see fourth about the the two quarter? are great next remaining on cost read high we sourcing question. on e-auction cost firstly Sir, quarters, to gave still where Thanks you for taking in the, should so how and so it? are So we the

is volatile. market See, the very

these in I'm what everything happening market. you know, the is in see, You --

very what is the So we do. can market are we volatile. But doing

on where we road have us coal operation. have taken million depending million of coal a But our have With if ₹X.XX, we V this deliver and a to Jamkhani And will on has provided. So we cost a the a the legged I initiatives, said this has And and quarter able should now GCV. up which we coal to ₹X.XX% do three also three, if the picked -- block which security believe per are of four, we combination, coal quarter on. happened at will and anything now in become of Tranche belief, year, availability better. the the that as V last Tranche that X.X -- XX% mode becoming rate we ₹X.XX, believe whatever materialization explained with in cost be a GCV through will as transport coal and the ton have we this transport quarter and the become X we could call these four we two at which we cost could per coal quarter with land better the through security V, and from the ₹X.XX has from that earlier, then, of ton have Tranche that around of the with I gives are constraint operationalizing us is that decided and to XX%, done say which

Right.

was that So helpful.

know going provided. I your so have you if the that CapEx then, volumes and see , So guidance plans on forward you

be when have done you to so so wondering, kick such for and these generation projects? similarly So we CapEx? this rather start for are we robust we on International for quite on And than are are Zinc going more plans haven't two? year so to much even really I'm just to We off, oil work these seems doing where going cash the just also, guidance focused more on, on

with a [indiscernible], that International, the many, all the volume a with this we project. the know up whom acquired. you many and call [Good set the delivery Anglo, like up of say global -- this designed zinc that and we years put technology from So Zinc not They was designed up project This on XXXktpa. the group] asset we took partnered put project but, project supplier with that to did last

impurities had float, it like it but year was three mastered was to difficult such So, and certain mineralogy have this. of that art the floating over manganese we the

of us all circuit a the and wanted we cleaner, the has which to month have up rougher, crossing got have the these And And one coming things also designed a decided given up, and have March/April, could already that. learnings all confidence, putting flotation the with have is is be And capacity circuit, in circuit last the and million. that look months a the it that A work in but from We This what success we the to another we from capacity. the to project at even the first confidence. such we in in part potential both the a My the the phase groundbreaking the complex XXXktpa. making a if -- building may modification that that It has second putting place in those of it the timeline sense about biggest of this world. full be quarter of we incorporating could the now, now, of of we do. from case, of we as ordered said capacity be done parallel the we lines designed We smelting start. here, full as that this at now -- up lot up will success is have phase plant in the kickoff flow. With than now. we months will filters, already better like that the the which cash CapEx XX taken $XXX XX is come

at to right will way? in that saying have look In were You it ’XX you is XXXkt, it FYXX?

next and to second take FYXX we to few deserve the we we up commissioned get a put again, believe call smelter put smelter the in See, in the up if months, phase will the that there.

to a Mountain XXX know are de-bottlenecking are with So, the doing with fully Mine can also we XXX integrated have we ktpa, capacity. metal some the XXXktp and get Black we also ktpa full go this you finished the XXXkt into and and are of to capacity bit of there may XXX capacity ktpa up of complex

that is this will convert drawing complex on our are and be should size. to to able and come this We progress we to back belief that report but will we we vision you board, and is our

Right.

and oil about so gas? And

but But exploration enhanced will oil is is infill he the oil the you drilling addressing color now on and these more and and which our target shale pilot this. colleague and pilot ordering a so MBA Yes, there, -- on oil, you basically, site the gas doing tell program more give some on four ASP should are Pachur, may in you. my recovery detail areas doing major little from apart

Thank Sure. you, Duggalji.

covered I of think it. you most

the two. profits which primarily is natural mentioned, decline. think I the going all is broken Duggalji up to the in into that to cater One infilling, as so gross manage are

about projects. should see MBA is acreages projects are we overall, we a and supposed do probably which half, we there, we The going one to XXX coming to the July. barrels whatever and three this, third then years, million period adding in manage our starting natural volumes production the the the infill that recovery through be fields, combining or across existing through. June about going reserve gestation with is And is our subsequent success. the in be enhanced exploration projects and once in new growth blocks shale will decline then two blocks. So our the to have different And is And these our three add

it’s like? Were still Oil there your for in Gas or business number year any CapEx this &

Yes.

number? is What the

number for $XXX CapEx this not million, is wrong. The year if I'm

Yeah.

of infill projects the natural right. the the me growth projects is -- Ajay, three if million. I Correct number manage decline. is is remaining Out to the to which I’m close mentioned. in XX% right? on $XXX I my XX%, And think that

That’s right Prachur.

But be could flow of a it. part cash

Thank so you. you thank right. Right, Yeah, much.

Enam Thank next The you. question ahead. Please go line the is Holdings. from of from Chheda Bhavin

at the aluminum congratulations how on the the other environment the much numbers. on ton, are approvals the Yeah, one X million record we side in and to all all stage expansion what questions, order? on Two And is approvals?

Anything, going get ramped add? at will we So, X.X you almost from have to is the on on may the be ground know shovel X point million In ton million want quarter. Rahul, are EC up by this pods cleared. the and expansion we the Jharsuguda time. complex, all meantime, have EC proposal ton, we put you to of balance our any the has pods of and at online any Apart and been that, that the may BALCO at attending being finalized We ordering soon. at the

all also we got just all have we that talked clearance. recently, in about No hand. in to BALCO, the BALCO hand, add are have approvals got like we whether [Norman] EC our Lanjigarh

the and to planning terms already presentation. are and which the timeline is already also, in not we we in full know as place is given the point table. from in BALCO point when issue part on our progress a see we of that and XX% momentum of swing Lanjigarh all is A that's this you the coming -- So project have project in expansion almost have order the

Good for you there.

V? from [coal], mentioned coal question, V, the that Tranche million in for ton receiving As you have started Tranche this last you XX.X

Yes.

Yes, yes.

a materialization the receiving we but from I be full able decision been improved. think coal with not was get almost have now, the Tranche quantity. V. should We now so this taken, has good to Materialization And

right? XX.X is This tons you over million get five years, cumulative

the No, million XX no, of ton million requirement every against a year. year XX every is ton,

X.XX So per million X.X month. million, tons around

Coal non-power been So has to month? India you kind sector. of quantity Per quantities the been getting reducing because have that

supply. much what don't So how if carried do that based that I they where on is forward that front? they gets normally was believe And it

So that? update on can you

going has has quantity, ton we See got March, X.X been so month say quantity in volume been got the we two around not got. the up, around good good but the have of together, the we in plus million

ramping not So has up. bad. has Of been been so late, quantity the it

So the with we this decision we I taken, should to full get almost think quantity. able that and believe be

you. Thank

gentlemen, Please we last Iyer go and CIB Ladies Deutsche Centre. from from take you. Thank the ahead. Abhiram question of the line

any the do -- that's at a on the have any -- mix that’s was at on company. refinancing be will of the current dividend And this second I And on level? update any any mentioned Do of the levels, cash that the Congratulations what a announced so let holding the in paid for had pushed know on you the debts that holding that is us or update a sort set holding the is, of have you maturity? question a refinancing you what repayment new occurred been March? company was company, loans you good doing could and to numbers. of just question inclusive is of quick us on, company at refinanced so so back you holding

So billion using overall at cash $X that our about fiscal And overall I deleveraging least organic over billion maybe every is years. and intent flows. partly And free our answered three all is that $X call previously. that in

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gentleman, for Mr. the comments. and question. now Ladies conference Thank Agarwal Sandep last the was I to over closing you. hand that

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