Ladies and gentlemen, good evening, and welcome to the Gallantt Ispat Limited Q2 FY 2027 earnings conference call. 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 this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Vanessa Fernandes from the investor relations team of Adfactors PR. Thank you, and over to you, Ms. Vanessa.
Thank you, Swapnali. Good evening, everyone. On behalf of Gallantt Ispat Limited, I would like to welcome you all to the earnings conference call for quarter two and H1 FY 2027. Today on the call, we have with us from the management, Mr. Dindayal Jalan, Vice Chairman, Mr. Mayank Agrawal, Chief Executive Officer, and Mr. Amit Jalan, Chief Financial Officer of Gallantt Ispat Limited. We will begin the call with brief opening remarks from the management, followed by a Q&A session. All participant lines will be in listen-only mode during the management's remarks, and the floor will be open for questions thereafter.
Please note that certain statements made during this call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties that could cause actual results or projections to differ materially from those statements. Gallantt Ispat holds no responsibility for any actions taken based on such statements and undertakes no obligation to publicly update these forward-looking statements. I now hand over the call to Mr. Dindayal Jalan, sir, for his opening remarks. Over to you, sir.
Thank you, Vanessa. Good afternoon, ladies and gentlemen, and a warm welcome to Gallantt Ispat's earning conference call for the second quarter and first half of FY 2027. Let me begin with wider environment, because it shaped this quarter in important ways. The global steel industry continues to operate in an uncertain setting. Geopolitical tensions, including the conflict in the Middle East, have kept energy, freight, and coal costs elevated, and trade flows have shifted as surplus from overseas looks to new buyers. India has not been fully insulated from this, but the domestic fundamentals remain strong and our two home states, Uttar Pradesh and Gujarat, remain among the fastest-growing markets in the country.
We see this as a long cycle, and we are building Gallantt to participate in it fully. Mayank will take you through the market trends in more detail. For Gallantt, Q2 was a quarter in which we chose to invest in our future capacity. We took a planned shutdown at our Gorakhpur plant to integrate the expanded capacity and an unplanned extension of a power plant shutdown added to the impact. Mayank will take you through both in detail. Revenue for the quarter was INR 1,146 crore, 13% higher than a year ago, and in line with the previous quarter as firmer realizations helped offset the effect of the shutdowns on our volumes.
Our margins, however, were affected by the shutdowns and by higher input cost. It was all one-time effect. They do not reflect any change in the underlying strength of our business, and as the new capacity comes on the stream in Q3, we expect our performance to recover. Our strategy continues to rest on three anchors: integration, scale, and capital discipline. Each of these moved forward this quarter. On integration, Gallantt was awarded a coal block in Singrauli in August 2026, as disclosed to the exchanges.
Together with our iron ore blocks in Uttar Pradesh and Rajasthan, this means Gallantt now holds both of the key raw materials for steel making. Over time, this will give us security of supply and a structurally lower cost base. This is the most durable advantage a steel company can build. On scale, our expansion from 1 million tons- 1.23 million tons is now being integrated at Gorakhpur, and Mayank will take you through the progress. On capital discipline, we continue to carry no term loans for our projects, and our INR 3,000 crore program remains funded through internal accruals. I would also like to address our medium-term growth plan.
In our previous calls, we said that we would share it with you this quarter. Since then, coal block award has changed the scale of what is possible for Gallantt. With both iron ore and coal now in our portfolio, we are evaluating a larger greenfield opportunity built around our raw material base, rather than only extending our existing sites. A project of this nature depends on land acquisition and incentives from the state government, and we are working on that. We would rather come to you with a plan that is concrete and fully worked out that one that is still taking shape. We therefore intend to present our growth plan in quarter four 2027.
What will not change is our focus on steel, our commitment to integrate, and our discipline on returns and on balance sheet. Gallantt has been built over two decades by staying focused and investing ahead of the opportunity. The steps we are taking this year in capacity, in raw material security, and in renewable energy are meant to position us for the next phase of India's growth. I am confident in the direction we have set. With that, I hand over to Mayank to take you through our operating performance. Over to you, Mayank.
Thank you, sir, and good afternoon, everyone. Let me begin with a brief word on the market, and then as on our previous calls, take you through the quarter across our four pillars. That is volume growth, cost efficiency and integration depth, margin expansions and capital discipline. Domestic demand held up well through the first half. Finished steel consumption in India grew 7.5% to about 85 million tons. Ahead of growth in domestic production, even as the country remained a net importer of finished steel. As the monsoon receded, prices across the value chain firmed up from August, and TMT prices in September were about 21% higher than a year ago.
On the cost side, coal and freight stayed elevated, and prices of metallics such as sponge iron and pig iron rose sharply in the second half of the quarter. Demand is being driven by infrastructure, housing, and urbanization, and we expect activity in our market to pick up further as the construction season gets underway. The first pillar of volume growth. This quarter, our volumes were shaped by a deliberate decision at Gorakhpur. As part of our expansion to 1.3 million tons annually, we are adding capacity at every stage of the chain at Gorakhpur except sponge iron, including a 22 MW of solar out of our proposed 78 MW.
Sorry, including 22 MW of additional generation at our existing 78 MW captive power plant. Because Gorakhpur is a fully integrated plant from pellet through to TMT bars, new capacity cannot simply be added alongside running units. It has to be synchronized with them, and that requires a shutdown. We plan for this and use the same window to bring forward our maintenance of our existing units so that we avoid a second interruption later in the year. Reflecting this, TMT sales for the quarter were 165,000 tons, compared with about 192,000 tons in Q1 FY 2027.
At Kutch, rolling mill utilization, which we identified as a focus area in the last quarter, was 68% in quarter two compared with 66% in quarter one. The enhanced Gorakhpur capacity is expected to be operational in November 2026. And with Gallantt Advance endorsed by Ajay Devgn and Janhvi Kapoor and our dealer network in Uttar Pradesh, where we hold more than 25% of the serviceable market, we have a ready channel to place the additional volumes.
Thus, alongside the input cost pressure, our costs were affected by an extended shutdown at our Gorakhpur plant. What began as scheduled maintenance took longer than planned as a turbine issue required specialist support. That work is now complete, and the plant is set to resume operations within a week. During this period, lower captive power availability raised our power cost, which is one of the main reasons margins were compressed this quarter. Our structural cost lever continued to build. Our 18 MW solar plant at Sidhpur in Gujarat is completed and set to resume operations by November 2026.
And the 60 MW plant at Prayagraj, U.P., which will serve to our Gorakhpur unit, remains on track for Q4 2027. Together, these are expected to save INR 30 crore-INR 40 crore annually in power cost. Upstream debottlenecking at our Gujarat unit remains on track for completion this financial year. With the coal block that sir mentioned, alongside our iron blocks, our integration now extends to both key raw materials. At the iron ore blocks, exploration is progressing and the environment and forest clearances processes are underway. FY 2028 remained our target for them to become operational. Margins were compressed this quarter by the two shutdowns at Gorakhpur and by higher input costs, partly offset by better realization.
Our CFO, Mr. Amit Jalan, will take you through the numbers. Looking ahead, the drivers of recovery are clear. In the near term, the expanded Gorakhpur capacity, the restart of the power plant and the firmer steel prices as construction picks up after the monsoon should all support the second half. Over the medium term, solar, the Gujarat debottlenecking and captive mines, which we expect to add about INR 2,000 per ton to EBITDA once operational, will lift our margins structurally.
Our INR 3,000 crore CapEx program continues to be funded entirely through internal accruals, and we carry no term loans for our project. CapEx in the first half was INR 278 crore, as our projects at Gorakhpur and in renewable energy move towards completion. We remain watchful of input costs, but we enter the second half with a larger and more integrated asset base than before, and with the disruptions of this quarter largely behind us. With that, I hand over to Amit to take you through the financial highlights.
Thank you, sir. Good afternoon, everyone. Let me take you through our financial performance for the second quarter and the first half of FY 2027. Revenue from operations for the quarter was INR 1,146 crore, an increase of 13% from INR 1,013 crore in Q2 FY 2026, and in line with INR 1,146 crore in the previous quarter. Other income for the quarter was INR 18 crore. EBITDA for the quarter was INR 111 crore with an EBITDA margin of 9.64% compared with INR 185 crore and 16.19% in Q1 FY 2027 and INR 135 crore and 12.91% in Q2 FY 2026. EBITDA per ton was INR 6,150 against INR 8,010 in the previous quarter.
The decline was driven by the planned and unplanned shutdowns at Gorakhpur and by higher input costs, partly offset by better realization. Employee costs were INR 42 crore against INR 39 crore in Q1 and the finance cost was stable at INR 9 crore. Profit before tax was INR 83 crore compared with INR 165 crore in Q1 FY 2027 and INR 103 crore in Q2 FY 2026. Profit after tax was INR 61 crore with a PAT margin of 5.3% compared with INR 124 crore and 10.8% in the previous quarter, and INR 89 crore and 8.8% in the same quarter last year. Earning per share for the quarter is INR 2.51.
For the first half, revenue from operation grew 7% to INR 2,292 crore compared with INR 2,141 crore in H1 FY 2026. EBITDA was INR 296 crore with a margin of 12.91% compared with INR 382 crore and 17.85% a year earlier. Profit after tax was INR 184 crore compared with INR 263 crore in H1 FY 2026, and earning per share for the half there INR 7.63 per share. Turning to the balance sheet. As of September 30, 2026, our net worth is to date INR 3,487 crore, up from INR 3,316 crore in March. Borrowing there INR 592 crore, mostly working capital facilities, and we continue to carry no term loan for our project.
Against this, we held about INR 426 crore in bank balances and liquid investments, along with INR 266 crore in short-term treasury deployment, so we remained net cash positive. Inventory rose to INR 669 crore from INR 551 crore in the March. Capital work in progress increased to INR 598 crore from INR 349 crore in March, reflecting the project underway. CapEx during the first half was INR 278 crore, of which about INR 141 crore was spent in quarter two, all funded through internal accruals.
Up to September 2026, we have spent INR 650 crore of the INR 3,000 crore CapEx program. Shareholders approved a final dividend of INR 2 per share for financial year 2026 at the AGM held on September 30, 2026. We expect our balance sheet to remain strong through FY 2027 with internal accruals as our primary source of funding for the current program. With that, I hand the call back to the moderator to open the floor for questions. Thank you.
Thank you, sir. We will now begin with the question- and- answer session. Anyone who wishes to ask a question may press star and then one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and then two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A reminder to all, you may press star and one to ask a question. We have the first question from the line of Vidhi Jain from Jain Investments. Please go ahead.
Hi, congratulations on the coal block award. My question to you is, could you explain what it means strategically now for Gallantt? You have both iron ore and coal resources. How does it change your cost position over the next few years?
Mayank?
Yes, I will reply to that. We have recently been allocated the coal blocks and we are currently exploring and doing the due diligence to move forward with it. Iron ore blocks, as we mentioned, is under exploration. Definitely, as I mentioned during my briefing, both these minerals are the key drivers for any steel industry. And once these blocks are operational in a couple of years, which are targeted, the iron ore blocks are targeted for FY 2028. Definitely once these two raw materials are secured, it can be a very good next phase of growth for Gallantt.
Got it. I have one additional question for you. You've now indicated the medium-term growth plan will be shared in about Q4 of FY 2027. How are you thinking about funding? Will internal accruals remain the primary source, or should we expect a mix of debt and equity in this?
Vidhi—
Vidhi—
Sorry. Sorry, please, sir.
No, no. Vidhi, I think maybe as we explained that we are still working out, depending on what is the size of the project, what is the capacity, what are the opportunities, I think we will decide the capital structuring. But I think, as you have seen from our track record, we largely rely on internal accruals, and we rely less on the external borrowing. Depending on the philosophy of the group and the requirement of the project, we will decide the mix of the funding.
Makes sense. Got it. Thank you.
Thank you.
Thank you.
Thank you.
Do we have the next question?
We have the next question. We will take the next question from the line of Preeti Sharma from Invest First Advisors. Please go ahead.
Thank you. Sir, firstly, congratulations on a good set of numbers. I have a couple of questions, so I'll share them one by one. My first question is, since the TMT prices have risen sharply since August, how sustainable do you think this is as we move into the construction season? What are you seeing in your markets in October?
Mayank?
Okay. Yes, steel prices, as we mentioned, have significantly risen. What is exciting is that this price increase comes at a time where the lean period, the monsoon period, was ongoing. It is broadly based on the domestic demand cycle. Once the monsoon is now over and we enter the month of November, where the construction activities pick up and they peak in December onwards, we feel that the prices would remain strong in future, leading to good margins. Some bit of it is obviously being passed on to the energy prices due to geopolitical situations. But largely, it is exciting, and it would add a bit to EBITDA going forward.
Okay, noted. Sir, my second question would be on the margins. Since margins were under pressure this quarter, how much of the decline would you attribute to the one-time shutdown versus the input cost? What level of margins should we expect as these normalize in the second half?
So—
Mayank?
There are a couple of factors. Actually, besides the shutdown, while one bit of it was shutdown, the second bit of it is that the price increase has happened only in the last one month, in September. So ideally, the effect of the risen prices will come into Q3. In Q2, while the coal prices increased, the realization increased much later, not making any impact in Q2, broadly, majorly. The shutdown both had effect. If we talk about the coal pricing, the coal pricing has affected to the tune of about 4.5%-5% on the raw material cost on the total sales revenue.
That is the impact of the coal prices. If we say 5%, it is around INR 2,500 per ton on the TMT prices, and there has been a 1% price increase on the iron ore front also. All put together, it is about INR 33,000 a ton of price increase that we have seen in Q2 in the raw material side. Whereas the prices of the finished product has increased by 20%. If the prices continue to be strong as we expect, it will definitely result in much better EBITDAs.
Okay, got it, sir. My last question is— Basically, on the captive iron ore mine, is the INR 2,000 per ton EBITDA benefit still the right number? How will it save once the production starts in FY 2028?
Yeah. So INR 2,000 is what we are expecting would be added with the iron ore mines on the EBITDA of the steel prices. FY 2028 is what we plan to make it operational. Definitely, in the first one or two years, it would not be completely feeding the steel plants to the tune of 100% from iron ore mines. But as and how, in a year or two post FY 2028, the mining activity increases and the capacities are utilized at the mines, it would add that much to the EBITDA.
Okay. Noted. Thank you so much, and all the best, sir.
Thank you.
Thank you. We have the next question from the line of Anirudh Sharma from Ekant Investment. Please go ahead.
Hello.
Yeah, good evening.
Hi, sir. Good evening. Congrats on the good set of numbers. I had a few questions from my side. Firstly, I wanted to know that India remained a net importer of finished steel in the first half.
Yeah.
Are the imports having any effect on rebar pricing or demand in Uttar Pradesh and Gujarat?
India, yes, remained a net importer, but construction activity, as we mentioned, has increased, and the demand of construction steel has increased by 7%. With the growing construction activities due to urbanization and infrastructure, the demand for construction steel is strong, and the price hike, as we mentioned, has already happened in September to the tune of about 21%.
Okay. Understood, sir. Sir, your inventories rose by about INR 118 crore in the first half.
Yeah.
What was the driver behind this, and when do you expect working capital to normalize?
It will normalize in Q3. It increased basically due to two reasons. One is due to planned and unplanned shutdown in the unit for hookup of the new capacities being added, which got prolonged. The second is that, since we are adding these new capacities, we have increased the stocks at the plant to suffice the added capacities. In Q3, it would normalize automatically once this plant is operational within the next 15, 20 days.
Okay, sir. One last question from my side. The CapEx was INR 278 crore in the first half. You have spent INR 650 crore of the INR 3,000 crore program so far.
Right.
What is the expected spend for the full year, and how will the balance be staged?
Sorry, what is the expected?
What is the expected spend for the full year, and how will the balance be staged?
Okay. For this year, the target, while in iron ore block, the exploration would continue. The solar projects which we mentioned were two. One was 22 MW in Gujarat, which is completed within this CapEx. The capital investment is almost done, and it is in commissioning phase. The steel expansion at Gorakhpur is almost completed and is in commissioning phase. The third part of it was the addition of upstream product, that is DRI in Gujarat unit, which will be commissioned in Q4. Yes, that is pretty much about it. For this year Amit-ji, are you on the call?
Yes, sir.
So for this year, what is the CapEx balance? How is it planned? Can you give the number? Is it possible right now?
Yeah, sir. This is before me. It is around INR 500 crore.
Which has to be done in total.
Yeah. The remaining balance. The balance amount to be spent during the year is around INR 500 crore. Out of that, INR 400 crore for Gorakhpur plant. INR 240 crore mines plan. INR 170 crore approx solar plan. INR 100 crore approx Kutch plan. That is as per approved AOP plan from the board.
All this has to be funded internally,—
Right
—from accruals .
Yes.
Okay, sir. That is from my side. Thank you for the opportunity.
Thank you.
Thank you. We have the next question from the line of Vedant Trivedi from Vinayak Capital. Please go ahead.
Hi, sir. Good evening.
Hi, good evening.
Sir, thank you for the opportunity. My first question is, sir, that beyond the mines and solar, are there any other cost initiatives such as digital or process improvement that will show up in this year margins?
We have taken up a lot of initiatives in digitization, where broadly we are working on the plugging of the leakages if at all they were happening. While it is difficult to quantify, there is a lot of activity in IT wherein the current year we have integrated multiple tools with our SAP, which is the backbone of our accounting system, such as the vendor tool management and various different portals of compliance tools, GST returns, et c, just to ensure that it is a seamless working.
Besides that, we have also taken up some AI initiatives where the main gate entry and exit systems and the weighing system that the weighbridges are integrated with SAP through AI, wherein the human interference has been removed. A lot of initiatives are being done from the IT perspective. We have a full-fledged IT department, and it is difficult to comment on any number to say that it would result to certain X number of savings. But yes, it is going to make the working very seamless and leakages, if at all, were there, which we were not aware of, would be plugged once and for all.
Understood, sir. And sir, one more question. Can you throw some light on how large is our price premium over unbranded players today, and how do we see this holding up through price rises?
The premium is holding up very well due to our continued branding and marketing exercises, and we have recently added Janhvi Kapoor. We have Ajay Devgn from four years. We are advertising on national and regional platforms. If I talk about U.P., we broadly command about 5%-6% premium compared to any unbranded TMT which is coming in the market. In Gujarat also, we command about 3%-4% premium. It's holding up everywhere due to our very efficient dealer and distributor network.
Okay. Understood, sir. Thank you, sir. This was from my side.
Thank you.
Thank you. We will take the next question from the line of Nimish Pandya, an individual investor. Please go ahead.
Hello, sir. Good afternoon. Am I audible?
Yes. Hi, good afternoon.
I have a few questions on Gorakhpur capacity and its utilization. I would like to have your view on it. Sir, with expanded Gorakhpur capacity going operational soon, how quickly do you expect it to ramp up, and what utilization should we expect in Q4 FY 2027 and FY 2028?
Ramping up capacity, we are expecting not a very long time, but around a month, a month and a half to make it reach to the range of 85%-90% capacity utilization. If we start operations, it is proposed currently by November 10th. Maybe by December end, we would have the plant stable running at 85%-90%, provided there is no major issues that crop up, considering all the minor issues that we generally see during commissioning activities, which means that we should be able to realize the full potential in Q4 and partly in Q3.
Okay, sir. In regards to that, sir, with additional 22 MW in the Gorakhpur power plant, sir, how much of your power requirement will now still be outsourced?
The power requirement that would be outsourced is about 5 MW-7 MW, which has to be finally compensated by the solar plant of 60 MW proposed at Prayagraj, which would feed to our Gorakhpur unit and is proposed to commission in Q4. By the time that comes into operations, 5 MW-6 MW would be bought from Power Corporation and Energy Exchange based on whatever is feasible.
Okay, got it, sir.
Which is hardly, I would say, 5%-6% of our total requirement.
Understood, sir. Sir, I have one last question, sir.
Yes.
Sir, Kutch utilization was flagged as a focus area last quarter.
Yes.
What has been done there, and where do you expect it to settle?
We have worked on it to enhance our distribution system, and not much result is seen in Q2. It is just a 2% upward trend in the utilization of rolling mill. Because of lean monsoon season where the demand usually stay low, in Q3 and Q4 it should structurally further improve.
Understood. That is it from my side, sir. Thank you. Thanks a lot.
Thank you.
Thank you. A reminder to all the participants, you may press star and one to ask a question. We have the next question from the line of Jimit Mehta from Mehta Investments. Please go ahead.
Hello, am I audible?
Yes. Hi, good evening.
Hi, sir. Good evening. Thanks for this opportunity and congrats on—
Sorry to interrupt in between, Jimit. There is a lot of background noise from your end.
Hello. I am audible now? Is this fine?
Yes. This is. This is fine.
Thanks for this opportunity, and congrats for this good results. My first question was with this coal block in Singrauli, what are the next steps and approvals before production can start? Roughly what share of your coal needs could that meet?
As I said, the coal block was just allotted last month as we informed through stock exchange. We have another one month time to decide if to conclude our due diligence and move forward with it. Once we decide to move forward, ideally it would take about two to three years time to make it operational.
Okay, sir. Understood. My second question was on the import from South African coal. We currently use imported South African coal for parts of your processes. How will the new coal block change over that time?
The new coal block, once operational, we would definitely like to shift Gorakhpur unit totally on the said coal block, eliminating all the imports to make it more cost-efficient, as the coal that will be available from this coal block seems to be much cheaper than what we are currently buying from the market. That will change the whole dynamics wherein we do not see consuming any imported coal in our Gorakhpur unit once the coal block is operational.
Okay, sir. Understood. Sir, one last question. Any guidance that you can give on the coming years?
As we mentioned, that iron ore block we are currently progressing and would be functional in FY 2028, would result into approximately INR 2,000 per ton of EBITDA addition. An amount of INR 30 crore-INR 40 crore once both these solar plants are operational in the current year. Besides that, the capacity in the current year is expanding from 1 million- 1.23 million. The capacity is also being added, while at the same time, the plant efficiency would also increase along with this capacity addition. All these three factors are going to drive the growth in the short to medium term.
Sir, on the plant efficiency side, how much efficiency on the capacity utilization side, how much increase are we seeing going forward?
Capacity utilization, once all these shutdowns and activities of the project are synced and completed one by one, Gorakhpur, we have already taken the shutdown and it is behind us. Whereas in Gujarat, once we synchronize our sponge iron unit in Q4, there would be a shutdown required to sync the capacities. So with all these capacities synced this year, next year, the utilization is expected to improve by 3%-5% while the capacity will also be adding to the quantities.
Understood, sir. Good to hear it, and all the best for the future, sir. Thank you.
Thank you.
Thank you. We will take the next question from the line of Dhanraj Solani from Kuber Advisors. Please go ahead. Mr. Dhanraj, please proceed with the question. Mr. Dhanraj, please proceed with the question.
Hello.
Yes, sir, you are audible.
I am audible?
Yeah.
Yes. I just have one question with me.
Yes, you are audible. Please proceed with the question.
Okay.
Yeah.
Yeah. So I wanted to know on the Gujarat line recently completed the debottlenecking. So by when can we expect to see the benefits from it in terms of EBITDA per ton?
So there are two kinds of debottlenecking happening at Gujarat. One is from the captive power side, where efficiency improvement and shortfall in capacity is being added. We have completed that in the last month, and that would show results in Q3 itself. Whereas, we are also setting up a sponge iron plant to integrate it backwards, and that is expected to commission in Q4. So partial results due to power plant would be visible, some of it in Q3 and some of it in Q4, while the sponge iron plant would come into effect from the next financial year.
Okay. Thank you, sir. That is all from my side.
Thank you.
Thank you. A reminder to all the participants, you may press star and one to ask a question. Thank you very much. Ladies and gentlemen, that was the last question for today. I now hand the conference to Ms. Vanessa Fernandes from Adfactors PR for the closing comments. Thank you, and over to you, ma'am.
Thank you, Swapnali. Thank you everyone for joining us today. A special thanks to the management team for walking us through the quarter and the road ahead from the Gorakhpur expansion to the growth plans coming up. If you have any further questions, please do reach out to us at Adfactors PR. We look forward to having you with us again next quarter. Have a great evening ahead, everyone. Thank you. Bye.
Thank you. Bye.
Thank you.
Thank you.
Thank you, members of the management. On behalf of Gallantt Ispat Limited, we conclude this conference. Thank you everyone for joining with us today, and you may now disconnect your lines.