Ladies and gentlemen, good day, and welcome to Q3 and nine months FY 2023 earnings conference call of Star Cement Limited, hosted by PhillipCapital (India) Private Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vaibhav Agarwal from PhillipCapital (India) Private Limited. Thank you, and over to you.
Yeah. Thank you, Yashaswini. Good evening, everyone. On behalf of PhillipCapital (India) Private Limited, we welcome you to the Q3 FY 2023 call of Star Cement Limited. On the call we have with us Mr. Tushar Bhajanka, Executive Director, and Mr. Manoj Agarwal, CFO of Star Cement. I would like to mention on behalf of Star Cement and its management, that certain statements that being made or discussed on this conference call may be forward-looking statements related to future relevance and the current performance. These statements are subject to a number of risks, uncertainties, and very important factors that may cause the actual relevance and the results to differ materially from the statements made.
Star Cement Limited and the management of the company assumes no obligation to publicly alter or update these forward-looking statements, whether as a result of new information or developments or otherwise. I will now hand over the floor to the management of the company for the opening remarks, before we follow the interactive Q&A. Thank you, and over to you, Tushar.
Good afternoon, all. My name is Tushar Bhajanka. I am the Executive Director of Star Cement. I would like to welcome you all to the earnings call of quarter three. I have Mr. Manoj Agarwal with me, who is the CFO of the company. He and his colleagues will give out the numbers for Quarter Three, and then we can have the Q&A session. Thank you.
Hello, friends. A very good evening. We, on behalf of Star Cement Limited, welcome you all to our conference call for discussing our numbers for quarter three, financial year 2023, and the nine months ended December 2022. We would just like to take you through the Q3 numbers, followed by the year-to-date numbers. Starting from the clinker production during the quarter ended December 2022, we have produced 7.39 lakh tons of clinker, as against 5.24 lakh tons, same quarter last year. So far as the cement production is concerned, we have produced 9.21 lakh tons this quarter, as against 8.57 lakh tons, same quarter last year. Now, I would like to take you through the sales volume.
During the quarter, we have sold 9.08 lakh tons of cement and more clinker, as against 8.62 lakh tons of cement and 0.12 lakh tons of clinker, same quarter last year. This is as far as cement and clinker sales are concerned. As far as the geographical distribution of cement is concerned, in North East, we have sold around 6.62 lakh tons, as against 6.35 lakh tons during the same quarter last year. And as far as North East is concerned, we have sold 2.46 lakh tons of cement this quarter, as against 2.29 lakh, same quarter last year. In terms of blend cement, it is almost 5%, it is OPC and the rest is PPC. These are the quantitative numbers of the quarter.
Now, I'd like to take you through the numbers. The total revenue figure this quarter is around INR 617 crore, as against INR 554 crore the period last year. As far as the EBITDA figure is concerned, this quarter we have done an EBITDA of INR 120 crore as against INR 75 crore last year. PAT is INR 53 crore as against INR 44 crore in the same period last year. This is on account of increased tax expense due to the sunset of tax exemption period with respect to the company's Khliehriat unit and in its subsidiary, Star Cement Meghalaya Limited. However, cash outflow will be minimal only. On the per ton EBITDA front, it is INR 1,324 during this quarter, against INR 853, same quarter last year. This is what our quarterly numbers for the third quarter are.
The total revenue figures for the nine months ended December 2022 is around INR 1,875 crore, as against INR 1,471 crore, same period last year. As far as EBITDA figure is concerned, during the nine months ended December 2022, we have done an EBITDA of around INR 342 crore as against INR 256 crore last year. PAT is INR 151 crore against INR 158 crore, same period last year. PAT is down due to the increased income tax as explained before. On the per ton EBITDA front, it is INR 1,229 during the nine months ended December 2022, as against 1,337 per ton , same period last year. These are the quarterly and nine-month numbers. Now, I request all of you that if you have any query, you can ask the same, and I will request Vaibhav to moderate the query wherever it's required.
Thank you.
Thank you very much. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to only use answers while asking a question. We have a question from the line of Shravan Shah from Dolat Capital. Please go ahead.
Thank you, sir, and congratulations on good set of numbers, particularly on operating performance front. So my first question is couple of data points, trade share, premium share, and the lead distance for this quarter.
So, you know, our trade share was about 92%, and non-trade was 8%. So we have reduced, I mean, YoY, we have reduced, like we discussed in the last call as well, that we've been reducing our non-trade share.
Y ou know, so compared to last year, same quarter, we have reduced it from 10% to 8% this quarter. Whereas the premium share has remained about 4.5%. So, you know, our premium products, such as ARC, we have sold 4.5%, you know, of our total. Your last question regarding the lead distance. The lead distance has come down from 224-211 km.
Okay. So now, first coming on the volume front. So last time we mentioned that we are looking at close to 4 million ton volume for this year. So till now, we have done 2.78. So to achieve this number, we need close to 1.22 million ton in fourth quarter. So are we able to do that or maybe slightly lower 3.9 million ton that we are looking at? And for FY 2024, we were looking at double-digit growth. So is there any change in stance there?
No. So I think, you know, we are in line with achieving the target, so we should be achieving about, you know, about 4 million or more, this financial year. And for the next, I think the estimates remain the same. We are looking for double-digit number, growth number for the next financial year.
Okay. In terms of sort of pricing, how we have seen in this quarter and now in January till today, is there any price increase in North East and East that we have seen or are likely to see a further price increase?
So, I think, you know, in October, November, October, mainly because of the festivals, the demand was very poor. So because of that, there could not be a very significant price increase, you know, which normally takes place in quarter three. But December was good in terms of pricing. You know, and we do see, by end of quarter three, that the prices are generally increasing by about INR 10. And that impact, of course, will be, you know, will be sustained in quarter four and will reflect in quarter four profit.
Okay. So you mean, INR 10 increase from the exit of December will continue for the fourth quarter?
Yeah, because the prices in October, November did not increase. In December, mid, you know, in the second, third week, it increased. So basically, quarter three did not really see the increase, the effect of the increase in prices that much. So, so I think that, entire effect will be shown in, will be reflecting in quarter four.
Okay. But, but in January until now, nothing more price hike, neither in East?
Yeah. So January, again, you know, was not in terms of demand, it was all right. You know, there was not a very strong demand in the market in general. So recent prices have not been; they have been very sluggish. So, you know, there was no increase in prices in January. There may be some increase in prices in March, but, you know, we can't really comment about it, because we don't have enough data points about it.
Okay. Now on the costing front, so two things. First, in terms of the fuel mix for this quarter, what was spot, FSA, Nagaland Coal, and AFR? And on the per kcal basis, what was the number?
Yeah. So, you know, so, our Nagaland coal was about 25%.
And-
The FSA was about, you know, 5%, 5%-6%.
Yeah.
And then the imported coal was about 50%. Imported or auction coal was about 50%.
Okay. Then per kcal , per kcal basis, what was the number? Last Q2 was 2.1. So this quarter, what was the number, and how do we see in the fourth quarter? So currently, what's the number running? So, because we were looking at a significant increase, so, because our change in inventory is also a number, though. Power and fuel per pure has declined in this quarter QOQ, but change in inventory has increased. So just wanted to understand on that front.
Yeah. Yeah. So I think, the average cost that we had in Q3 was about INR 2.09 per GCV. You know, so it was almost the same as what it was last year, same quarter... Sorry, it was the same as quarter two. And this year, this quarter, we are expecting that it is going to reduce by little, by about 10%.
Okay. Lastly, on the last, last-
Yeah, sorry.
Yeah. Lastly, on the expansion, just to recheck, is there any change in terms of the timeline? So, 3 million clinker ton clinker in Meghalaya, we were looking at December 2023, January 2024 was the starting date, and 2 million ton each in Silchar and Guwahati by June and October. So, is there any change? And also the CapEx, how much we have spent out of INR 2,100 crore, and how much more likely to be spending this fourth quarter? And for 2024, we are looking at INR 1,000 odd crore. So I just wanted to recheck on these numbers.
...Yeah. So, you know, basically, we are looking to get the clinker plant by January 2024, like, how we discussed last, in the last call. The grinding unit in Guwahati should be coming in October and November, between October and November. And the grinding unit in Silchar may be a little delayed. It may not come in, it may come in August of next year.
Okay. In terms of the CapEx, so out of total INR 2,100 crore, how much till now we have spent, and how much more to be spent in fourth quarter? So last time we told around INR 700 crore total CapEx in FY 2023 and INR 1,000 crore in FY 2024.
We have, till now, spent about INR 200 crore. You know, in the, for the, you know, of the INR 2,100 crore-INR 2,200 crore. In quarter four, we expect to spend about INR 300 crore- INR 350 crore.
Okay. So and next year, so?
Next year, you know, of course, if the plant is coming in January, then I think, you know, from the initial quarters, quarter one and quarter two of next year, the most of the payments will start going.
Okay. So out of INR 2,100 crore, as you mentioned, INR 200 crore spent, another maybe INR 300-INR 350, so INR 550. So close to INR 1,500-INR 1,600 crore would be the CapEx in FY 2024.
Yeah. So I think, so I mean, Silchar would be, of course, in the next financial year, like I said, because Silchar is a bit delayed. So, you know, out of the INR 2,200 crore, INR 500 crore is for Silchar, so we can kind of subtract that. So the CapEx that you, we really see ramping up, you know, till January next year, would be about INR 1,500 crore. Out of the INR 1,500 crore, we've already spent about INR 200 crore, and INR 350 crore would be in quarter four. So the remaining would be divided into three quarters, which till January next year.
Okay. And last, what is the net cash number as on December?
It's INR 548 crore.
548. And, what was the gross debt?
We don't have any debt as of now.
I mean, even the current debt also, the short-term debt also.
No, nothing of that sort.
Okay, okay. Thank you, sir, and all the best.
Thank you very much.
Thank you. We have our next question from the line of Shyam from Franklin Templeton. Please go ahead.
Yeah. Hi, sir. Thanks for taking my question. I hope I'm audible?
Shyam, I'm sorry, can you use your handset, please?
Yeah. Hi, sir. Thanks for taking my question. I hope I'm audible.
Yes, you are. Yeah. Thank you.
Yeah. Sir, my question is, with demand somewhat plateauing to stabilizing, and cost coming down, do we see the industry prices, cement prices going down from here? Or how do we think of how to think of prices? Because, we are seeing the cost reduction due to commodity tailwind. So do we look to pass through some of these cost benefits, in an effort to, you know, gain market share per se? How do you think about it?
So, I mean, right now, for cement, it is, you know, quarter four of the season, right? So I think, I mean, the season demand is very strong right now, and we do expect that, you know, in quarter four, the demand remains strong because of the, you know, because it's just, best time, best quarter for the cement industry. So I think because of the seasonal demand, I don't think the prices will start falling in at least quarter four. I think if there would be any impact of, you know, cost reduction on the prices, that would be in quarter one next year.
Okay.
You know, so I think that's the estimate. You know, what I think the demand would be like. And I think the demand going forward is strong. So if the demand remains strong, you know, in Northeast and outside Northeast, then I think, you know, we may not see a very steep fall in the prices.
Okay. Okay. But I mean, we would I mean, ideally, industry would look to share some of the cost benefits with the end customers. Is that assumption right?
You know, I think, it really depends, right? It really depends on how the competition shapes up and how much scope there is to share, right?
Okay.
So right now, for most of the companies, besides this quarter, they are not earning very well. So I think it just depends on how much, you know, there is to share, I think in some ways. And you know, I think in quarter four, at least, that is not going to happen just because of the demand. So I'm not saying the prices may increase very drastically, so it may not, it will definitely not reduce in quarter four. Quarter, you know, one, you know, it's a bit unsure. It really depends on how the demand pans out.
Sure, sir. Thank you very much, sir, and all, and best wishes. Thank you.
Thank you.
Thank you. A reminder to participants to press star and one to ask a question. We have a question from the line of Chandresh Malpani from Niveshaay. Please go ahead.
Hello.
We can hear you.
Yeah. Thanks for the opportunity, sir. So, firstly, sir, can you give the breakup of sales growth into volumes and realization quarter-over-quarter basis?
Yeah, so I think in quarter three, the volume was 907,000, roughly, and in quarter two, the volume was 891,000.
Okay.
Yeah. And what was the second part of the question? Sorry.
In Delhi terms also, what was the volume in Delhi terms?
I can't hear you very properly. Can you say it, little bit more?
Hello.
Yeah.
Yeah. In terms of volumes and realization growth, was my question.
Okay. So I mean, in terms of realization, you know, we haven't... You know, I'll have to get back to you with the number. It's not really in front of me. You mean NCR, right? Realization.
NCR. Yes, yes, yes.
It is, you know, in quarter two, it was 6,642, and quarter three, it was 6,797.
Okay. And, sir, you mentioned that in quarter four, your GCV value will reduce by 10%. So is it after considering the waste heat recovery system in place?
Sir, can you repeat the question again? It's not, I do not understand.
Sir, can you please use your handset, Mr. Malpani?
Yeah. Now am I audible?
Yes.
Yeah.
Yeah. So sir, you mentioned on power cost, quarter four, GCV value will reduce by 10%. So is it after considering the waste heat recovery system?
Yes, it is, you know, considering the waste heat recovery system. We were expecting, you know, the waste heat recovery system to be commissioned in January, but it is going to be commissioned in February. So this month we'll be commissioning the waste heat recovery, and we can see the entire benefits from March onwards.
Okay. Sir, lastly, you mentioned price hike of INR 10. You can break up in North East and outside North East, what was the price hikes?
So I mean, roughly it was roughly the same. You know, so it happened in different time of the quarter, but at the end of it, I think by December, the both markets had roughly increased by about INR 10.
Okay, thank you, sir. Thank you.
Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone. We have our next question from the line of Harsh Kayan from Kayan Securities. Please go ahead.
Hi, Tushar.
Hi.
My question is regarding the shares, promoter share, shares. This quarter we see that promoter has sold some shares, 0.4%. This is surprising to me, given that last year they did buyback and in aggressive CapEx. Even for little amount of shares, could you shed some light why there is a share sale from the promoter?
So I think, you know, in Star Cement as well, there are about 3-4 promoters, right? So I think, you know, and then sometimes they may... I mean, most of them are actually buying it, if you see, if you see the list.
Yeah.
There's one particular family which will be selling. So I think that is mainly because they may require it for some other purpose, for the personal purpose. But there's nothing which, you know, is, you know, I think the other promoters are buying it, I mean.
Okay. Okay. Thank you so much for the clarification.
Yeah.
Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone. We have a question from the line of Mahek Talati from Yellow Jersey Investment Advisors. Please go ahead.
Hello?
We can hear you, but can you use your handset, please?
Yeah. I just wanted to ask, what kind of price hike can we expect in quarter four?
So, I mean, right now, you know, in January, we do not have a price hike. In February, you know, I don't see a price hike happening in the next one week or 10 days. You know, it just really depends on how the demand picks up. Right now, the demand is pretty average. If the demand really picks up, by end of February, then I think we can expect a hike. Otherwise, I think the prices may remain stable as it is.
Okay. And I wanted to know, what is the fuel mix?
I'm sorry, can you repeat that?
What is the fuel mix?
Fuel mix. So I think we, you know, like so, you know, so I mean, it is broadly, about, you know, 25% is coming from Nagaland. It's all coal, right? So I think it's, it's basically, majorly coal, and then we're using some of, you know, bamboo as well. So we use about 15% of biomass, and then the rest of it is coal, and the coal are coming from different sources.
Okay. Thank you.
Thanks.
Thank you. We have our next question from the line of Uttam Kumar Srimal from Axis Securities. Please go ahead.
Yeah, thank you, and, congratulations on the set of numbers. So my question pertains to our Siliguri unit. So what has been current capacity utilization, and what kind of capacity utilization we are seeing in quarter four from Siliguri unit?
So I mean, you know, the capacity utilization has basically been about 55% for quarter three. You know, and then, and it's a very similar YoY last year as well. So I think, you know, in Siliguri, in terms of production, we have not been increasing more from Siliguri, and there is a reason for that as well. Because, you know, we have tried to cut down on markets which were, you know, not giving us good contribution. You know, and there we didn't see the contribution potential to preserve the unit margins. And because of that, you know, even though in the markets that we serve, we have seen a good growth, but overall in Siliguri, the utilization has not improved because we have cut down on the market.
Okay. So this will, I mean to say, utilization will remain around 55% in quarter four only?
No. So I think because quarter four is always in terms of volume, much better than quarter three, so we can expect about 55% in quarter four.
Okay, okay, okay. And sir, in terms of your premium cement, it's around 4%. And this was what was in previous quarter also. So, have we doing something more to increase our premium brand?
No. So I think you're completely right. So we are about 4.45% right now. And, you know, we are, you know, focusing to increase it to 7%-8%. That's the target that the marketing team is, you know, following, and we should achieve that.
Okay. And sir, in terms of WHRS, which you just said it will be commissioned by this month only.
Yeah. So by February, we should be commissioned.
February. So what kind of savings we are expecting in FY 2024 from WHRS plant?
What kind of savings?
Mm.
You know, savings, we are expecting of about, you know, INR 4 crore per month, savings. So that would be about, you know, INR 45 crore-INR 48 crore a year.
Okay. Okay. Okay, sir. That's all from my side. I'm on the listening.
Thank you.
Thank you. Final reminder to participants to press star and one to ask a question. We have our next question from the line of Parth Bhavsar from Investec India. Please go ahead.
Hi, there. So thank you for the opportunity, and congratulations on very good set of numbers. I just wanted to understand that is Petcoke viable at all our plants, or can we make the switch to Petcoke?
I mean, Petcoke is definitely viable, you know, to a certain fuel mix. And, you know, we could, but I think the price of Petcoke is very expensive at the moment. So we would maybe be looking for Petcoke price to come down. Otherwise, there's no real benefit of using Petcoke.
On Kcal basis, if I look at petcoke right now, on current prices, based on RIL's number, so it comes around INR 2.3 per Kcal. So it is, isn't it more viable, like, more cheaper than your coal?
Yeah, no, I think it also depends on, like, what is close to your plant, right? So I think if the coal sources are closer to a plant, then the landed cost of, you know, fuel is, is decided, right? So I think that's, petcoke is a little more expensive than coal, landed to a plant.
So, but have we, have we, like, ever tried to, you know, like, on, on landed basis, you're saying that it is more expensive than coal. That is, that is the conclusion, right?
Yeah. Yeah. Yeah.
Okay. Okay, and so the coal mix, you said that, 25% is Nagaland coal, FSA is 5%-6%, imported or auction coal is 50%, rest is biomass, right?
Yeah. Yeah.
Perfect. Perfect. And WHRS, once it commissions, so what share of, you know, green energy do you expect from WHRS, maybe, you know, after a year of operation?
I mean, you know, in our clinker plant, we have about 26 MW of MWh consumption of power. So out of that, I think we expect about 40 to be successfully substituted by WHRS, and about 25% to be substituted with bamboo. So we expect that, you know, of the clinker, you know, power utilization is usually about 55, and overall utilization, it could be about 50%.
Okay. And so 40 was WHRS, 25 you said was what?
Bamboo. So we're running our plants using bamboo. So that's also green.
Okay.
Bamboo.
So that is... Okay, okay, okay. Okay, got it. And also, sir, just one clarification, this change in inventory, this number, so is it like, like, all fuel, high, high, like, high-cost fuel? And if the number is around INR 334 crore, the change in inventory number. So if you could, like, throw some light, because I didn't get, like, what is it?
So the fuel that is in the inventory is not really a high cost. It's the average GCV of the fuel in the inventory is, are the same as what the average was for quarter three.
Okay. Okay.
Yeah.
But this is, this is an adjustment that you got this time around?
Yeah. Yeah.
Perfect. Perfect, sir. Thank you so much for the answers. Thank you.
Thank you.
Thank you. We have our next question from the line of Rajesh Kumar Ravi from HDFC Securities. Please go ahead.
Yeah. Hi, sir. Maybe, if I would have missed earlier in your comments, what was the per kcal fuel costing in Q3, and what was it in Q2?
Sorry, again, I can't hear you very properly. Sorry, but can you please-
Am I audible now?
Yeah, yeah, much better.
I wanted to know, what is the per kcal costing you incurred in Q3, fuel cost?
... Yeah, it is INR 2.1 per GCV.
Okay, per GCV. But, no, on, if I look at on a net basis, how would that be? This is blended you are talking about?
Yeah, this is blended. Yeah.
Okay. So net would be how, how much different?
Sorry, I didn't get the question, really.
On consumption basis, what was the fuel cost, on a per kcal basis?
That is INR 2.1 per GCV.
Okay. What was this number in Q2?
Q2 was roughly the same, 2 point-
Okay.
One. Yeah.
Okay. So you are already on the lower side, compared to other players in the industry, right?
Yeah.
Because most of the other players who have so far declared results could be north of INR 2.3 and anything between INR 2.3-INR 3.
Yeah.
When you said that you're running part of your power plant on bamboo, so what would be the per kilo cal costing over there or per unit electricity cost?
Yeah. So it is about INR 1.2 per GCV for the bamboo.
Okay.
you know, the landed cost of power would be of about INR 4.5-INR 4.8. 4.8-
Okay.
4.8.
Okay. And this WHRS, because for you, the landed electricity cost would be on the higher side, it's high. It would be north of INR 7 or maybe closer to INR 10 per unit for you?
No, it is... I think the weighted average cost of power would be about INR 6.5-INR 6.
Okay. Okay, so it's a normal range only because, just thinking you would have additional savings.
No, no.
Okay. Great, sir. I'll come back to you. Thank you.
Okay, thank you.
Thank you. We have our next question from the line of J. Radhakrishnan from Jefferies. Please go ahead.
Sir, I missed the commencement date of WHRS. Can you please repeat it?
Yes. So, we are planning to commission the WHRS by the end of this month.
Okay. Thank you.
Thank you.
Thank you. We'll take a last question from the line of Shravan Shah from Dolat Capital. Please go ahead.
Yeah. Thank you for the opportunity. So just wanted to understand, last September, we were having a net cash of INR 746 crore. Now, we said around INR 548 crore, so close to INR 200 crore, net cash has reduced. CapEx from Q1 to 9 months, INR 100 crore extra in this quarter we have done. So INR 100 crore went there. Also, we should have generated cash during the quarter. So why the net cash has declined to - is it the working capital has increased further? Because of our EBITDA, even if I exclude the other income also, then also INR 108 crore. So at least we should be having the same net cash. So does that mean that INR 200 crore extra went into the working capital?
Yes. So I think INR 200 crore extra went in the working capital. And, you know, and of course, we were also coming up with other expansion as well, right? So even the WHR payments has gone from there. So, so yeah. So I think it's a function of mainly the working capital and the WHR.
So, I just wanted to further understand what extra in terms of the working capital, what's why it has increased significantly? INR 200 crore in the quarter is slightly on the higher side.
So I think, you know, that basically, you know, there are two main reasons. I think one is that the stock of Clinker has increased. You know, and the second one is that, you know, our advance payments for coal is also one reason. Right? So there are two main reasons for this.
Okay. But do we think that by end of March will it come back to the normal level of working capital or will it remain at this level?
No, I think, you know, like, I mean, it should definitely reduce from where it is right now, mainly because we'll be able to consume the stock of clinker that we have. And, at the same time, we should receive the coal that we have already paid for. So I do expect the working capital, you know, number to come down. I don't know if it's going to come down to the level it was before, but it should definitely come down.
Okay.
Yeah.
Second, just wanted to clarify in terms of the first is on the premium share. I think last quarter we mentioned that our premium share was 7%, and now we are saying 4.5%. Last quarter, we said that we are targeting to increase the premium share to 11% by end of March, by end of this year, and now we are saying 7%-8%. So, can you reverify this thing?
Yeah, you know, completely. So I mean, right now, you know, in terms of sales focus, you know, we're focusing more on pushing the value for PPC, and in the markets that we want to gain a higher market share in, right? So we're not necessarily trying to, you know, only focus on the premium products, right? So I think because of reshaping of products, that's probably the reason why, you know, the numbers have been revised over the premium category.
Okay. Secondly, broadly, last time we said that we definitely this quarter we are good in terms of the EBITDA per ton. So if I exclude the other income, so close to INR 1200 crore, 1194 EBITDA per ton, and we were looking at 1200-1250 to maintain the EBITDA per ton. So depends on the coal. But now as you are saying that likely to decline 10%, so this EBITDA per ton 1200 to 1200+ is manageable?
Yeah. So I mean, this time also we managed to, you know, get around that much. So, I think we should maintain our margins at INR 1,100-INR 1,250 going ahead.
Okay. Okay. And broadly, sir, how much is the total WHRS? So, definitely 12.3 will be adding this month's WHRS. So apart from that, how much WHRS capacity we have, and do we have any solar capacity?
No. So we don't have any WHRS capacity, besides this. We are of course, going to be coming up with the WHRS for the new Clinker plant that we're going to set in, by next year. And we don't have a solar capacity either, because in Northeast, it's not really very profitable to, have solar.
Okay. Okay. Okay. Got it. Thank you. All the best.
Thank you.
Thank you. We have one question from Mr. Chandresh Malpani from Niveshaay. Please go ahead.
Hello?
Yes, we can hear you.
Hello.
Please go ahead.
Yeah. Sir, particularly with respect to Northeast region, any other players coming with new capacity? I believe Dalmia Bharat is coming, and you, and any others, sir?
Yeah. So I think, you know, from what I know, Dalmia is of course coming up with a capacity. I do not know what their timeline is.
Mm-hmm.
-you know, and I do not know of any other players which is, you know, coming up with the capacity in Northeast at the moment. So I don't have any, you know, information of any other players doing that.
Okay. Thank you. Thank you, sir.
Thank you.
Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to Mr. Vaibhav Agarwal from PhillipCapital India for closing comments. Over to you.
Yes, we have one more question, please.
Yes. We have a question from the line of Rajesh Kumar Ravi from HDFC Securities. Please go ahead.
Yeah. Thanks, team, for this session. Sir, can you repeat what is the total capital outlay for FY 2023 and FY 2024, please?
So I think it is about 1200-1300.
No. So, can you break it up between 2023 and 2024, please?
So, in—you know—in quarter four, you know, this—this financial year, we'll be spending about INR 1,060 crore, and we'll be doing, roughly about, INR 1,100 crore-INR 1,200 crore in quarter... Sorry, in next financial year.
Okay. Okay. And, the rest would come in FY 2025, or the project would be taken care of with this, expenditure till FY 2024?
No, so the rest of it will be coming in FY 2025.
Okay. Great, sir. Thank you.
Thank you. I now hand over the call to Mr. Vaibhav Agarwal from PhillipCapital India for closing comments. Over to you.
Yeah. Thank you. On behalf of PhillipCapital, we like to thank you and appreciate you for the call, and many thanks for participating, joining the call. Thank you very much, Tushar and Manoj, sir. Thank you for joining the call, all the participants. You may now end the call.
Thank you.
Thank you.
Thanks a lot.
On behalf of PhillipCapital (India) Private Limited, that concludes the conference call. Thank you for joining us, and you may now disconnect your lines.