National Aluminium Co.Ltd. (NSE: NATIONALUM) Q4 2025 Earnings Call dated May. 22, 2025
Corporate Participants:
Bharat Kumar Sahu — Company Secretary & Compliance Officer
Subhabrata Purohit — Deputy General Manager, Corporate Planning and Strategy
Brijendra Pratap Singh — Chairman-cum-Managing Director & Director (Finance)
Srimanta Panda — Group General Manager, Finance
Unidentified Speaker
Pankaj Kumar Sharma — Director Production
Analysts:
Shweta Dikshit — Analyst
Kamlesh Baghmar — Analyst
Aditya — Analyst
Digambariah — Analyst
Amit Lahoti — Analyst
Saket Kapoor — Analyst
Pratim Roy — Analyst
Tushar Chaudhari — Analyst
Sumaya V — Analyst
Akhilesh Kumar — Analyst
Sumangal Nivachia — Analyst
Presentation:
Shweta Dikshit — Analyst
This meeting is being recorded it foreign on behalf of Systematics Group, we welcome you to the 4Q FY25 earnings conference call of NALCO Limited. We are joined today by Sri Bijendra Pratap Singh, Chairman Come Managing Director and Director, Finance and other financial functional directors of the company along with Mr. Bharat Sahu, company Secretary to discuss the company’s financial and operational performance for 4QFY25 and foliar FY25. I would like to thank the management for giving us an opportunity to host this call. At the end of the presentation we will open the floor for questions and participants can raise their hands if they wish to ask a question.
Now I request Mr. Bharat Sahu for his opening remarks and introduction of the management team. Over to you, sir.
Bharat Kumar Sahu — Company Secretary & Compliance Officer
Yeah. Good morning. And good morning all our esteemed shareholders, analysts and all the participants in this conference. So it’s in fact it’s a good morning after a great evening. In fact NALCO posted a very good result, a stupendous result last evening. And I am sure all our esteemed saluter must have gone through the results.
In my opening remark, before we formally start, let me start in a different way. All must be knowing. Sergey Buka, the polter from Russia had once said, I make records and I also break records. Perhaps NALCO is also following the same path. NALCO is creating records and also breaking its own records. And the last result, yesterday’s result, that is the financial year 2425 result is a testimony of that one.
So before with this backnote, I don’t want to take more time. Let me first introduce all our management and the functional directors attending this conference call. Extreme left is Simon Panda, our EPO ED Finance. Sitting next to him is Dr. Tapas Kumar Patnaik, our Director HR. And next to him is Sri Sadashiv Samantha, Director Commercial. Sitting in the center is our CMD and Director Finance. Additional charts represent the Pratap Singh sir. And to my right it is Sri Pankaj Kumar Sharma, Director of Production. And next to him is the Jagdish Arora, Director Projects and Technical.
Before we start taking questions from our esteemed shareholders we would like to have a brief presentation. And I would request my colleague Mr. Subha Puree to kindly make a brief presentation. And then we’ll start taking questions from the participant side. Thank you.
Subhabrata Purohit — Deputy General Manager, Corporate Planning and Strategy
Thank you sir. Good morning to all. This has been a historic quarter and a historic year for the. So it’s my privilege to present the results for the people and
Shweta Dikshit — Analyst
Sir, the voice is not audible or can you please.
Bharat Kumar Sahu — Company Secretary & Compliance Officer
Now it’s okay.
Subhabrata Purohit — Deputy General Manager, Corporate Planning and Strategy
Now it’s audible.
Shweta Dikshit — Analyst
Yes, it’s better.
Subhabrata Purohit — Deputy General Manager, Corporate Planning and Strategy
Okay, so I’m talking again. So it has been a historic quarter and a historic year for the company. The company has recorded its highest level financial performance with the revenue, the bad, the margins. I am starting the presentation with this background and this is a standard disclaimer. The agenda will consist a brief on the company, its operations. Then I will go through the financial and become the industry also.
So when you see our company, it’s one of the most integrated bauxite, alumina and aluminium power core complex. It’s integrated, its raw material are secured. And we are also one of the lowest cost producer of bauxite and alumina in the world. As per our capacity, our all capacities are given here bauxite mines. We are having two operating leases. The transport Mali central and north block and south block. Then our alumina refinery capacities, smelter capacities. We are integrated with our captive power. Recently we have started our gold production from our coal mines and. It is happy to note that in the year, this concluding year we have got licenses for the combined coal mines with a capacity of 4 million. Then also we are having our dedicated port facility and we are having 198 megawatt four wind power plants. We are doing at different segments of the country in hydro powers are there in and one and in one Maharashtra.
Coming to the financial performance of the quarter all figures are given here
Bharat Kumar Sahu — Company Secretary & Compliance Officer
Physical
Subhabrata Purohit — Deputy General Manager, Corporate Planning and Strategy
As far as the highlights are concerned we have received high stable domestic metal sales in this year in the quarter as well. And for productions we achieved high stable thermal power production in this year and all our productions in all our production units we are operating at almost 100% capacity.
The financial results are published and it is very well highlighted. I think everybody will discuss at the end of the presentation about our financial performance. We have the highest ever revenue, highest ever present margin for the year and for the budget. So again we have achieved the highest level revenue margin and also the highest ever dividend in the history of the company.
Coming to the LME price trend this has been a very volatile period since the end of the financial year after the announcement of the tariffs priced by the US US government which has been very polite. Earlier the enemy price were at about 2600 range. But since the announcement in April it has reduced to 2,300 levels. But again now the 90 days follow has been announced by us to all countries and recently it has for China as well. The trade negotiations are going on. So right now the from the bottom and settled at about $2,460. So still the market is on pure and uncertain. They are looking to the upcoming developments on the negotiations and which will change the market in the future. There are some other cases also like sweaters. It restarts the US Fed interest rate in pause more right now as they are thinking about the rise in inflation concern. Then there are corrections in aluminum prices as well. So these are all setting the aluminium market backup.
Coming to the global industry outlook Global GDP growth which which the IMF has predicted in in the early of January 2025 outlook from since then the outlook has been a bit slightly reduced and the reduction is only because of the so the global economy is predicted to grow at about 2.8% in 25 and 3% in 2026.
As far as aluminum sector is concerned, the aluminum sector is projected to grow at about 1.5% from 2425 to 2526 and the market is likely to stay in a slightly deficit trend. Like when you say in 2425 the deficit was about 1 million tons. In 2526 it is projected to at about 0.7 million. The alumina market the supply side concerns have reached in recent times. There are production announcements in Australia and other areas. So in the alumina sector is likely the projections is likely to be at a little bit on the surplus side which will determine the prices of both alumina
And coming to the Indian economic field. India is still the fastest growing economy in the world. IMF RBI everywhere. The country is likely to grow at about 6.5% 7% in the next year. The aluminum sector is progressing very well. The aluminum demand is rising at a CAGR of about 9 to 10% and it is likely to grow. The predictions are showing that all the sectors the transportations, building, construction, electrical There is possibility of huge scale growth in these sectors in India specifically and by 202030 the CAGR will be about 7% 6.5 to 7% and the consumption of aluminium is likely to rise to about 7.5 to 8 million ton per annum.
These are the major business highlights of the company. To reiterate again, we are having the most integrated operation in the aluminum industry starting from bauxite mines to aluminum battery painting supported by connective power and our own coal plugs. Then we are a zero dam company which gives us leverage to fund our extension projects. We are having raw material securities for caustic soda. Also for caustic soda we are having a JV company with GSL which is named as Zenal. Then coal. We are having our own captive mines. We are having projects in our refinery site where the refinery expansion of 1 million ton is going on. Then. In proper plant to set up a ground filled expansion of sprinter and we are having a global presence in our products.
This is our growth plant slide showing our growth plans in all areas of our core operations. We are having plants currently in case of oxide mines we have already signed the least mines with a capacity of 3.5 billion ton per annum having a reserve of 111 million ton per hour. So which will give us security of upside in the long term. The mines is expected to be opened by this year and
Coming to Armina refinery. The project is progressing well at the moment and the capacity will be increased by 1 million. And we are projecting the mechanical completion to be completed by this year. Transition and the commercial operation may be like likely in the next year. For aluminum smelter our project has been approved. The planning process is going on and the capacity is for 0.5 million ton per annum and it is expected by the year end of financial year. And supporting the aluminum smelter will be the captive power plant with a 180megawatt capacity.
Apart from our operational business, we emphasis on our environment commitments so our mining operations are sustainable. They have been rated as five star rating from Ministry of Mines. The key initiatives we take are a station vest utilization, advanced pollution control technologies, water pollution, air pollution, the oxide mining where we are having a 14.6 kilometer long state of the art single flight multi car belt conveyor which is environment friendly eliminating the road mode of transportation. And also we are installing a second conveyor of 7.9 kilometer lungs which will give give our environment management.
Then other details are also shown here of the figures related to our environment. Specifically we are operating 198 megawatt wind power plant from where we have generated 281 million units in the year 2425. Further, we are setting up another 15 megawatt wind power in Tamil Nadu in case of solar. Solar also we are planning to set up 7 megawatt in the coming years.
Many physics in the philosophy of growing together with a concern for the society. Wherever our operating units are located, we are putting equal importance on our CSR activities. We have CSR flagship skills on various sectors like education. And rural development projects. Some of the flagship schemes are shown here like the Indira Dhanos which sponsors tribal children from Korakur districts from Primal affected Korakur districts in the private sector residential schools. Then we are having Nantoki language games where where we sponsor girl child from BTL families to support their education. Then also we operate mobile health unit at our locations in Anul, Damanudi and Patangi where more than 1 lakh patients are treated every year. Also we carry multiple social development rural development projects like roads, Renaissance water, water systems, school infrastructure.
The company has been rated as excellent as per the assessment as per DTE guidelines. We have been 10 level committees for the ESC governance 15 policies and guidelines for ESG governance and we are putting equal importance as per Government of India guidelines to follow our governance guidance.
So thank you all. Thank you. We will now move on to the question and answer session.
Questions and Answers:
Shweta Dikshit
We have a first question from Mr. Kamlesh Bagmar. So please unmute yourself and. Yes.
Kamlesh Baghmar
Yeah sir, thanks for the opportunity and congratulations on very strong set of numbers. So just one question on the part of realizations. So what was the realized. What was the realizations for alumni in this quarter and how do you see going forward in Q1 and if you can give some output on the. On the Q2 as well.
Brijendra Pratap Singh
As far as Q1 you are asking about Q1?
Kamlesh Baghmar
Yeah, I am asking about the Q4 and Q1
Brijendra Pratap Singh
Q4 Q4 relation of alumina. If we see it was around. No, it was. That was the NSR which we got around $600 and our cost of production was 22000 and we were getting around 50000 relation was around maybe 20, 25,000 relation was there contribution. Net sales relation was around $600 in Q4. Now in Q1 the net sales relation which we are Getting is around $400. The last spot price was around $400.
Kamlesh Baghmar
Okay, $400. And for the quarter you would be seeing as an average $400.
Brijendra Pratap Singh
Average. Two spot tenders were at 350 also. So we it has slightly improved. We are expecting key maybe it will be stabilizing around 400.
Kamlesh Baghmar
What is the timeline for our alumni capacity expansion when it will get commissioned?
Brijendra Pratap Singh
Alumina capacity expansion. Our earlier timeline which we have committed was September this year. But some of the few of the packages are getting delayed due to some of the local issues and some other unavoidable issues. So we are expecting to finish off all the packages by January or February. After that the commissioning will start. Commissioning itself takes around two to three months. Four months. So commercial production maybe will be starting in May or June 26th.
Kamlesh Baghmar
Okay. And lastly sir, I missed on the figure regarding the cost of production in this quarter for alumina. And how do you see the cost in the Q1
Brijendra Pratap Singh
As far as the cost is concerned our present alumina cost is around average around 22 000. We expect the cost will be in the same level. It will further reduce maybe by 1000 rupees or 2000 rupees. Because this year we are trying to improve our efficiencies by reducing like caustic soda consumption. Caustic soda is around contributing around 20% of the total cost of the aluminum. So plastic soda. We are targeted around 111 kg per ton of alumina. Which was earlier around 120 in the previous years. Even we are doing better than that. So that will give some advantage. Even power cost. If we get some some of our internal coal and able to send the internal coal there. That will reduce our power cost around 2030% of the cost of the aluminized power cost. Including coal, coal and power. Everything that will also to our target is at least we should reduce the cost by around maybe 1000 or 1500. 2000 rupees.
Kamlesh Baghmar
And for the current quarter it was 25000 rupees cost.
Brijendra Pratap Singh
From the current quarter it is around 22. Hovering around 22.
Kamlesh Baghmar
Okay. Thanks a lot, sir.
Brijendra Pratap Singh
Thank you.
Shweta Dikshit
Thank you. We’ll take the next question for Mr. Aditya.
Aditya
Yeah, thank you. And congrats for the great set of numbers. So my question is with respect to our fifth stream of alumina refinery. So in the previous call you indicated that in FY27 we are targeting production of 7 to 8 lakhs tons from that. Fifth stream of refinery so is that still holds and same on the same similar lines. What is the Capex remaining? Capex on that? And how much of the project is completed as of now
Brijendra Pratap Singh
As far as commercial production is concerned, what our plan is we will start the commercial production by maybe May or June of 26 that is FY27. So we will be targeting more than maybe 5 to 6 lakhs in that next financial year. Capex. Capex already we have spent around. Deputy will tell around 3,500.
Srimanta Panda
Yeah we have completed around 75 of our financial commitment so it is remaining 25%. So as as RCMP is telling we’ll be completing in the first 20 few months of next year and we’ll start the production in the next financial year.
Aditya
Yeah understood. That’s helpful. And second sir, any. Any guidance on third party alumina sales external sales because this figure is slightly volatile on a quarter on quarter basis. So for a full year fiscal 26 if you can guide how will be the alumina sales to external market
Brijendra Pratap Singh
As far as sales is concerned Arimina of course some few refineries are coming in Indonesia in China the refinery capacity is expanding so external sales Till now we are depending. I think 90, 95% of our sole sale is going to the export market. Now we have to have few of the customers we are thinking of for going for domestic sale. Also because our alumina production will increase
Unidentified Speaker
This year Also we have increased
Brijendra Pratap Singh
This year we have increased the target for our domestic sales to around 50 to 80,000 which was very less last year. So domestic market we are seeing export market. Of course the challenge will be there with increase in the alumina ability in the market.
Aditya
Understood. Just one last question on the brownfield special expansion. So in the earlier call you indicated that the CAPEX will start flowing from FY27 and total capex figure of 17,000 crore. So does that still hold? And also in the earlier call the JV with NTPC for the captive power plant was 1200 megawatt but in the presentation that figure is now 1080 megawatt. So what is I’m missing here?
Brijendra Pratap Singh
Capex you are talking about this melter expansion?
Aditya
Yes.05 MPS melter expansion,
Brijendra Pratap Singh
Smelter expansion Already earlier we had made a DPR for that. Our plan was to go ahead with that DPR and that was made with TIL technology But Rtel now is not willing to give the technology so again we are revisiting it. Our team is going to Dubal so we have. Given EILA target to give DPR in next six to eight months and after that we’ll be going in for tendering. Our target is next one one and a half years. We finish off the tendering activity and after that ordering everything will. If it completes in next one and a half years by end of next year then actual commissioning and all that will take three to four years. That is the plan for smelter as far as power plant is concerned. Power plant already we had tied up earlier with NTPC but MTPC model they are willing, they are making planning or they are insisting on making in 600 into two capacity power plant. But our requirement is 270 into four. That’s why we are going in for tendering for appointing the consultant. The consultant will be appointed and parallelly this will also go along with the smelter.
Aditya
Yeah. So you are saying that the 17,000 crore earlier capex guidance that you will finalize later on and that 1200 megawatt is now the need is only 1,0.
Brijendra Pratap Singh
This 17,000 crore was for smelter expansion and along with that 12,000 was for CPP. Combined is around 30 000. This capex will start flowing in financial year maybe 2627. It will not come around 2728. The capex will start coming.
Aditya
Understood? Yeah. Thanks a lot sir. I’ll get back in the Q9.
Brijendra Pratap Singh
Thank you.
Shweta Dikshit
Thank you. We’ll take the next question from Mr. Digantharia.
Digambariah
Yeah. Hi. Thank you for the opportunity. So my question is that you know around last time we were thinking that the alumina prices will probably settle around $500. But you know we’ve seen very sharp correction in the aluminium prices. So. So you know, if you can just explain globally what has happened. Like you know, because refineries cannot come overnight. Like we took, we are taking six years, seven years to make the new alumina refinery. You know, the refineries cannot come overnight. And also if you can explain what has happened on the bauxite supply side because last year we were all saying that you know, guinea has probably reached production and you know, bauxite supplies are tight and which is why alumina prices are high. So if you can just explain the demand supply scenario here on the aluminium that would be great
Brijendra Pratap Singh
Actually what is happening the alumina capacities this year a few of the refineries are getting added up in Indonesia. One refinery is coming up, it is getting commissioned. India also Vedanta is adding up their capacity and the smelter capacities in China few of the smelters are closed down in other areas. Also, some of the smelters which are not picking up. The smelter capacity is not picking up. That’s why the alumina accessibility of the alumina is there. That’s why we are seeing that the overall what we were thinking that it will come at a 500, it has gone down to around 400. So we are expecting the same will continue. Maybe it will go up to maybe in between 400 to 450. As far as bauxite is concerned, bauxite locally it is available. But bauxite we know globally most of the bauxite is supplied by New Guinea. And sometimes there are disruptions from there from New Guinea. Few of the disruptions last year were there due to which the alumina production was affected. But this year New guinea again few few days back they have announced that they will not be supplying bauxite to EGA. Again. EGA is trying to consolidate with them. So globally that is a challenge because one country is supplying around 60, 70% of the bauxite to rest of the world. So any policy decision, policy changes in a new game may affect the bauxite supply to the other alumina refineries across the world.
Anything you like to add up?
Srimanta Panda
And one thing I would like to add that the figure what you are telling that last year it had gone to very high prices. That all depends on not only the demand supply scenario, it depends on the geopolitical issues also. You remember a lot of geopolitical issues were faced last year. So this type of spike in the prices do happen. And then these normalizes actually that that always happens in a cyclic manner.
Digambariah
All right, thank. Thank you. That’s a lot of details. Thank you so much. So my second question is just one clarification. We said that our cost of alumina production was 22000 rupees a ton. So around $260 is that number right?
Brijendra Pratap Singh
Somewhere around that. It depends on the caustic soda prices and analog prices keeps on fluctuating. Somewhere around that.
Digambariah
Okay. And sir, what would be a similar number for aluminum production? Like you know, based on all the current prices,
Brijendra Pratap Singh
Aluminum. If you see our cost of production last year Average was around 160. No, around 1lakh 60.
Digambariah
1lakh 60,000 plus. Okay, okay, okay. Correct sir. And lastly on this coal, coal mining, you know, this Utkal Block, you know, like what is our total coal requirement and you know, what is a peak that we can mine from the Utkal block? And where are we right now versus that, you know, just that on the coal.
Brijendra Pratap Singh
Our total coal requirement for our power plant is around 7.2 million ton around out of that. Our Utkal d capacity is 4 million ton. Last year we had mined around 2.8. This year we’ll be reaching 4 million ton. We’ll be reaching to the rated capacity of that both Utkaldi combined and rest of the coal, which is required around 3, 3.2 million ton. That will be. Source from coal India through linkage option.
Digambariah
Okay, so just one follow up on this. The coal India price, you know the FSA price that we’ll get from coal India and our own mining cost. Is there a reasonable savings that we do because we mine our own coal?
Bharat Kumar Sahu
Yeah, there is a difference in coal India prices which we are Getting is around 1900. Must be around 18, 1900. 2000. Linkage coal is around 2000. And our coal is which we are mining from Utkaldis. It is around 15 to 1600. Around 300 to 400 rupees per ton difference is there?
Digambariah
Okay. Okay, sir. Thank you so much, sir. All the best.
Brijendra Pratap Singh
Thank you.
Shweta Dikshit
We’ll take the next question from Mr. Amit Lahoti.
Amit Lahoti
Hi, good morning. Thanks for the opportunity and congratulations on a great set of numbers. My first question is an employee cost which has declined by 12% in FY25. So what are the drivers here? Has the absolute headcount reduced or is there any other cost saving on employee side that we have achieved?
Brijendra Pratap Singh
Absolute head cost has reduced. The retirement was there around 250 separations. 430 separations and few inductions. We have done new trainings. We have taken and new trainings. We are some. We are going to maybe 200 gap was there. That was. That is close to the reduction in employee cost.
Amit Lahoti
So can we expect that to sustain for this year as well?
Brijendra Pratap Singh
Yes, yes, yes. This year also every year we will be reducing our employee by around250.250 numbers per year. That is a retirement which is going to happen. And recruitment will not be doing that much. So accordingly we’ll try to manage with the lean, lean employees.
Amit Lahoti
Okay. And my second question is a refinery delay. So last quarter we were indicating this December 25th completion. Now it has changed to May, June 26th. So what has changed in the last three months that has led to six months of delay.
Brijendra Pratap Singh
There has been some delays in the two or three packages where some local issues were there. The supplies of laborers from the local issues were there some local resistance were there. Because it is a tribal area, Corot area. Some many times many residences come. We are trying to overtake the overcome those issues. Of course, lot of support from district administration and all that is also there. Now everything is picked up. Nothing is under stalemate. So we are thinking just maybe because December was the completion time. After that it takes around 2, 3 months for commissioning. Also refinery commissioning also take 2, 3 months. Maybe that will get shifted by 2, 3 months side.
Amit Lahoti
But how confident are we that we will be able to hold the current timeline of say May June 26th. Can there still be a further delay or like. We are very confident that okay this will definitely come by May June.
Brijendra Pratap Singh
We are very closely monitoring every week. We are having our own monitoring mechanisms and all that and all packages we are managing at a very close level. And the kind of resource allocation is there in all the packages. All the packages. In few of the packages the resource allocation was not proper. So now that has increased even few packages. Some issues were there like rock cutting and all those issues we have taken the permission from blasting and blasting has started which has expired that packages. So we are confident enough that next May June will be start. We’ll be able to start the commercial production from there.
Amit Lahoti
Okay, sure. Thank you.
Brijendra Pratap Singh
Thank you
Saket Kapoor
Sir. Can I go ahead with my question?
Shweta Dikshit
Yes sir. Yes sir, we’ll take the next question from Mr. Saket Kapoor. Thank you.
Saket Kapoor
Yeah. Namaskar sir. Thank you for this opportunity sir. Firstly we have this closing capital work in progress. Closing balance of closer to 4950 crores. So if you could just provide us in input on the closing part of how many projects are these and this includes the one which. Which is getting delayed by six months. So it you could just quantify what amount is attributed towards that refinery expansion that is getting delayed by six months. And also sir if you could give us an understanding of the tonnages we have done for our alumnia for this quarter and and what have been outlined for the ensuing quarter that is 2.
Brijendra Pratap Singh
1 I would request my ED. He will explain or up work in progress regarding this.
Srimanta Panda
Yeah this work in progress of this 1 million ton refinery which is coming with a better technology and better techno economic parameters that is 75 we are progressed remaining 25 and once we reach 90% we’ll start closing the things. And as. As it was told earlier we will try to complete the project mechanical completion by February or March and then we’ll start commissioning the project that takes three months time and. From there onwards we will start the production.
Saket Kapoor
I was just looking at the balance investment done. Anyway that. That can.
Srimanta Panda
I can balance investment. I. I had covered it earlier. We have completed 75% of financial commitment. It. It is along with the project Progress. So only 25 of commitment is left. And it is not going to increase our cost of the project. We are. We are completing the project in the approved budget itself. Though time has increased but budget is not increasing.
Brijendra Pratap Singh
And on the next part I hope this is clear.
Saket Kapoor
Yes sir. Thank you sir. Sir, on the tonnages part aluminia tonnage we have done for Q4 the entire financial year. And what are we emphasizing for Q1
Brijendra Pratap Singh
In terms of production? You are telling.
Saket Kapoor
Yes. Production and sales. Sales would be more appropriate
Brijendra Pratap Singh
This year. We are planning the total yearly tonnage. We are planning alumni is around 22 like 50,000 tons. And sales we are planning 13 lakhs sales around 12, 1250, 1230, 1275 sales. We are planning 1275.
Saket Kapoor
And what was the comparable number for last year? Sir, Last year our alumina production was 20 lakhs. Around 40, 45,000. Around 2 lakhs will be increasing alumina production and similar amount of sales. Also 2 lakhs will be the increase
Unidentified Speaker
Around 11 lakhs. This will be going
Unidentified Speaker
Production increment on hydrate would be around 6%. On calcine aluminum it will be 10%. And on metal fund it will be 3%. Visa which achieved last year.
Brijendra Pratap Singh
In terms of tonnage if you see it, it will be around 2 lakhs. Yeah, 2 lakhs increase in tonnage in both production and sales.
Saket Kapoor
And my last question is on the investment in the general part. If you could just explain to us note number seven. Exactly. We have mentioned about 500 crore investment in the optionally in the compulsory convertible dimension. And then some mother things have also been outlined.
Bharat Kumar Sahu
Yeah, General was going a very bad path since commissioning debt because combined with multiple factors of high cost furnace borrowing, delay in commissioning, then unusual depressed caustic soda realization and also negative realization from chlorine which is one of the major constant for any chloral carry industry for disposal of chlorine. So that has led to cumulative erosion of net worth and profit. So leverages for total. Destroyed that way and both the promoters were not willing to infuse any equity so the best possible solution that was finalized was the going for a CCD because that was not going to average the leverage also and it was giving a breathing time with expectation of more than 90 95% capacity utilization we will be able to come over and that was basically infused not only to provide working capital but to particular retired the 100 million around ECB that was city which was contributing to lot of exen generation loss and also so that is why the CCD was taken with a backstop arrangement from both the promoters with 4060 ratio with a five year tenure that has been subscribed by one of the banker then this at the end of five year either or even before that there can be a accelerated put option or mandatory put option or there can be the accelerated buyout or mandatory buyout option Buyout option to be exercised by both the promoters and put option to be exercised by the investor. So that is the situation after that there has been prepayment of ECB loan further General is again negotiating for a soft turn loan from GSFC to totally pay out the ECB exposure. Whatever 41 million that is remaining as of now.
Brijendra Pratap Singh
I’ll supplement what PD Finance has told that the operation of Genal was supposed to be 90% plus and with this chlorine offtake some improvement it has started coming in the operating profit area. If it continues for the 90% plus performance which it has performed for last 45 months so. So this will start coming in the operating profit area.
Saket Kapoor
Okay. Okay. Thank you sir. I. I have questions which I’ll join the queue again for my follow up Hope for an opportunity.
Shweta Dikshit
Thank you. We’ll take the next question for Mr. Pratim Roy.
Pratim Roy
Yeah, thank you for the opportunity sir and congratulations for the good setup numbers. My first question is that the aluminum prices for the water if you compare the Q and Q improvement is very marginal and volume is also there. But our top line for the aluminum segment has jumped significantly. So can you please tell me what is the reason behind that?
Unidentified Speaker
Can you come. Can you come up again please?
Pratim Roy
My question is that aluminum prices for the quarter and quarter basis has. Improve marginally and our volume is also improved. But overall top line growth is much more than that. So can you please quantify what is the drivers for that huge jump in the aluminum segment revenue? I’m talking about aluminum.
Brijendra Pratap Singh
Aluminum prices also has increased because last year quarter wise if you see the LME has gone up to maybe 2600 levels. Also now in this quarter you are seeing it has gone down to 2350. Now it is around 2450. So LME has gone down in this quarter due to this trade, trade, war and restrictions in the duties. That is the remainder than where we have a loss in relation in aluminium alumina. Where we have got the actual growth and aluminum alumina in as far as aluminium is concerned, the growth was on the lesser side.
Pratim Roy
Officer and can you please tell me the guideline for FY26 and FY27 capex how much you will spend on capex for FY26 and 2726 27.
Brijendra Pratap Singh
Our capex target is around 1700 crores
Pratim Roy
Each year for both dowels.
Brijendra Pratap Singh
For this year it is 1700. Next year next year it will be 2000.
Unidentified Speaker
Next year it will be 2000. Okay.
Pratim Roy
And sir, if you can give a guideline of the depreciation site as our project got delayed and it is in FY27. So for FY26 depreciation will be the similar line of FY25 and 27. It will shoot up again. Is that correct? Understanding
Unidentified Speaker
On the expanded alum once bauxite potent mines is operationalized and expanded alumina capacity once it is operated naturally there will be increase in depreciation cost for going forward 26:27 when it will be fully commissioned and all the thing will be capitalized there will be increase substantial increase in depreciation part because earlier depreciation was very negligible being a 40 year old plan. So there will be increase in the decision cost but which is expected to be compensated in terms of savings on manpower, staffing cost and efficiency in some of the components that goes into production of aluminum hydrate. And once our conveyor belt is operationalized for potting humans then there will be further saving in landed cost of oxide at alumina also plant. So those will compensate more than the depreciation
Pratim Roy
Means estimate. For 27 number will be much more significant higher than the 25. 26 will be less slightly
Unidentified Speaker
In. In terms of depreciation. Yes it is
Brijendra Pratap Singh
Depreciation will be high. But our overall expenditure side if you see our operating expenditure will go down because this is coming with coming up with the latest technology HRD DC caustic soda requirement. Caustic soda which is one of the major requirement of making this alumina raw material around 20, 25% cost is there that will go down. So for this fifth stream our overall operating cost will be on the lesser side. So whatever increase in depreciation will be some somewhat taken care by this reduction in cost.
Pratim Roy
Okay. So thank you sir. Thank you and best of luck sir.
Brijendra Pratap Singh
Thank you.
Shweta Dikshit
Thank you. We’ll take the next question from Mr. Tushar Chi.
Tushar Chaudhari
Yeah, thanks a lot sir for the opportunity and congratulations for great set of numbers. Sir, what is our captive coal production target for refer 26? You said we produced 2.8 million ton in FY25. And what about local E
Brijendra Pratap Singh
This year we are targeting 4 million ton. So the rated capacity will come
Tushar Chaudhari
From both the mines total.
Brijendra Pratap Singh
Yeah.
Tushar Chaudhari
So
Brijendra Pratap Singh
Combined local DNA.
Tushar Chaudhari
Combined DNA and 27 will be again 4.
Brijendra Pratap Singh
27 will. That is the four is the rated capacity.
Tushar Chaudhari
Correct. Okay. And sir, you said about some conveyor belt we I missed that point. At which mines you were talking about convertibles you build.
Unidentified Speaker
That is the new Patangi bauxite mine which will feed to our new refinery. Our AD finance was talking about that particular.
Tushar Chaudhari
Secondly, any progress on new projects which we had undertaken earlier at Cap Kabil, Kanish Pradesh basically lithium and all.
Pankaj Kumar Sharma
Kabil. As far as Kabil is concerned, Kabil has acquired the mines in Argentina and non invasive exploration job was under progress. That is completed now. We are going for appointing one consultant there. And after that our invasive exploration will start. The consultant appointment is almost on the verge of final. Our plan is that by the end of 27, 28, 28 we will finish off all the exploration. So by the end of 28 we’ll come to know what are the deposits and whether it is commercially viable to mine and economically viable to open the mine there. Maybe somewhere in 28 or end of 28 we’ll be able to take the decision whether to go in for commercial mining or that not after the exploration is over.
Tushar Chaudhari
Understood. And the alloy plant which we had with the JV with Madani.
Brijendra Pratap Singh
Yeah, Madani. You are asking.
Tushar Chaudhari
Yes. Yes sir.
Brijendra Pratap Singh
Madani. JB actually was for making special grade aluminium products. And the kind of forecast which was given in the dpr the requirement increase. It was given that the increase will come in the transportation sector and railways and construction sector. That is not coming up. So that project overall the investment was around 4,500 to 5,000 crores of investment was there. So that we are not able to justify that project. The IRR is not coming. So still we are not very much sure whether that will go ahead with that project or not. It is under discussion at the ministry stage because that commercially commercial viability is not coming in that.
Tushar Chaudhari
Okay sir, thanks a lot. Thanks for.
Shweta Dikshit
Thank you. We’ll take the next question from Sumayya. V.
Sumaya V
Thanks for the opportunity, sir. Hope I’m audible. So the first question is on the aluminium global aluminum landscape. So you’ve mentioned potential restart of some smelters in US and Europe. And also you have given expectations in terms of this year’s global aluminium production going up by 1 million tons. If you could give some color,
Shweta Dikshit
There’s a lot of disturbance. Maya, can you please speak closer to the mic?
Sumaya V
Yeah, am I audible now?
Shweta Dikshit
Yes, it’s better now.
Sumaya V
Yeah, thanks. So the question is on the aluminium global aluminium smelter editions this year the restarts that you mentioned in the presentation. So could you just help us on what is the incremental capacity that you’re seeing in this year in the global landscape?
Pankaj Kumar Sharma
Incremental capacity. Some of the closed smelters which were not operating that will come up new smelters. Some of them will come because this year you see on an average the global aluminum production is around 72, 72 million. So that will be maybe 73 or 74 next year. It is targeting next year the projections are it will be around 73k L.
Sumaya V
So this is in reference to some of the European smelters that went offline maybe couple of years back and they are coming back now. That’s. That’s the one that you’re referring to.
Pankaj Kumar Sharma
They are coming back. But in China also some of the smelter due to this carbon emission and reduction in carbon emission they are stopping those smelter, modernizing it for to reducing the carbon emission. China all to China. Some of the production may go down. Overall the production increase will not be much.
Sumaya V
Okay, Got it. Sir. Sir, also in the last week there was a news on guinea revoking. Some mining licenses. Any. Any thoughts on what could any impact for bauxite supply globally News you’re talking about new gain.
Brijendra Pratap Singh
Yeah, supply to eg of course apart from that I mean this is.
Sumaya V
I mean not only EG I think there was one news about talking about you know revoking some 40 by 50 mining licenses there.
Unidentified Speaker
In fact I think that what you are referring to is the mine owned by EGA itself by the GSE Global Aluminium Alumina Compression Emirates Global. So that is the mine on which will be mostly affecting EGS own sourcing. Otherwise China bauxite import from gain has in fact gone up. Now it is 25 to 30% in last quarter. So other global supply of website has not been affected.
Sumaya V
Got it sir, also on the alumina you gave you know your quarterly last quarter, you know realizations and then what is. You know currently what is going on. So similarly for aluminum would you be able to give the realization last quarter Q3 and what you’re seeing currently
Pankaj Kumar Sharma
You see aluminum in the last quarter of previous year it was a. It has reached to even 2600 levels. Now it has gone to this quarter to around 24002350 to 2400 levels. But the projections are there in H2 it will further improve and it will go to more than 2500 maybe 25 or 2550. That are the projections which are coming up.
Sumaya V
Sir, was looking out for more in terms of your realization. Sir like alumina you had given $600 Q4 and currently around 400 is what you’re seeing. So similarly in aluminum. Just want to understand if the Asian premiums have helped a bit in the realizations.
Pankaj Kumar Sharma
Our. Our relation is also linked directly to the lme. Whatever LME prices are there. Our relations are directly linked to it. Yeah above.
Unidentified Speaker
Let me also this way in our pricing mechanism we capture the Asian premium. So definitely that was also added apart from what lma in fact last two quarters we didn’t have any export. You might be knowing that. So in domestic realization, the exchange rate, the Asian premium, all those are captured. So you have to estimate accordingly. Above LNA the domestic metal realization was more than 2.5.
Sumaya V
Got it. So in general Q4 had a good support from Asian premium. Sir, compared to Q3
Unidentified Speaker
No, I think what the quarters in 2025, 2425 the Asian premium had come down towards the end of the. The last quarter earlier it was more than 100. Then it come down.
Sumaya V
Got it. So one small clarification. When you gave the cost of production I presume that includes the depreciation cost also if you could just give X depreciation that should be helpful both in alumina. So when we said
Unidentified Speaker
In the present cost the depreciation is not there. Depreciation is almost negligible because the plant is already very old. So in the present whatever cost of alumina or aluminum we are telling the depreciation is almost
Unidentified Speaker
It is around 1000 now in alumina because of the whatever capital investment that goes into high equipment and other investments in mining equipment. But going forward this is going to be almost near about to little less than that. Double if we are coming up with the refinery and our bauxite mines for metal the depreciation component is around 5% of the cost of production.
Sumaya V
So of 1 lakh 60,000 5% or something. Yes, got it. Thank you sir. Helpful.
Shweta Dikshit
Thank you. We’ll take the next question from Mr. Akhilesh Kumar. Yeah, thanks for the opportunity sir. So my first question is on the captive coal mining. So what is the current run rate of production from Utkal DNE? And also as you are guiding cost difference of rupees 400 per ton from coal linkages, Would it be fair to assume that cost savings would be higher Given our captive coal will replace e option of tick instead of linkage one,
Brijendra Pratap Singh
Our dieter production will apply to you. This year we will be producing around 40 lakh ton 4 million ton this year we have planned from Utkal D and D
Akhilesh Kumar
Answer on the cost difference guidance. Would it be fair to assume that it will be more than 400 as it will be replacing e auction
Brijendra Pratap Singh
The difference between E auction price and our price. E auction or maybe linkage price. If you say linkage price of coal from coal India and our price is around 300 to 400 rupees per ton. Our price is around 15 to 16
Akhilesh Kumar
On that only since captive coal will be I assume will be replacing the option instead of the linkage 1. So the difference with e auction and the captive coal price would be higher. So would it be fair to assume that it could go more than 400 per ton?
Brijendra Pratap Singh
Actually e auction prices are very variable now. Earlier it was on the higher side. Now it has gone down to around 1900 or 2000 also. Now same 2200. So it was coming close to the linkage. Coal only sometimes depends on the mines from where they are giving it. But if you see the difference in between e auction and our coal difference then it will be slightly maybe 500, 600 rupees difference and linkage. And our coal is 300, 400 rupees.
Akhilesh Kumar
Right. Okay. Thank you sir. And my second question is on the smelter project. So what are the economics there? How much IRR and ROC we are assessing and at what price assumption what we are taking into for aluminum while building those IRRs.
Unidentified Speaker
The the proposal which our board had approved for the 17000 crore rupees of investment in smelter and power plant would cost another 10000 crore that time this IRR was taken. So now we are coming up with the detailed project report and the fresh detailed project report for refinementer as well as power plant. And after that we’ll be coming out with what will be the IRR and what will be the return of capital.
Akhilesh Kumar
Sure sir. Thank you so much.
Shweta Dikshit
Thank you. We’ll take the next question from Mr. Samangal Nibachia. Please go ahead.
Sumangal Nivachia
Yeah. Thank you sir for the chance. So first question is on the cold block. In between we were talking about applying for higher ec. Maybe from 4 to 5 and a half or something. Is that plan still on or we should expect this 4 million ton only to continue.
Unidentified Speaker
See, you are asked a very right question that we can increase 20% without even taking EC also. But if you want to increase it beyond 20% for that environmental clearances and other clearances has to be taken. But for this year we are sticking to 4 million tons. And as we progress this year because this coal is new to our power plant and we are mixing it up 50% with the MCL coal. So we will take the performance and then we’ll decide upon. We have the liberty of going up to 6 million ton in coming financial year. That decis ion will be taking after six months.
Sumangal Nivachia
Understood, sir. Very clear, sir. Today what would be our employee count? Around 4,600,
Unidentified Speaker
4,800 4800.
Sumangal Nivachia
Okay. And understood? Understood. And sir, the net reduction over next two, three years, what are we looking at?
Brijendra Pratap Singh
Almost. Almost 250 per year.
Sumangal Nivachia
Per year. So we will go down to as as low as 4,000 employees, right?
Brijendra Pratap Singh
Yes, yes. It will take something. Some inductions will be there. Not at that rate. But induction. Of course the remuneration at the induction stage will be on the lesser side. Whoever employees are retiring, their very high remissions are there.
Sumangal Nivachia
Understood. So. So this year our employee cost went down by almost 200 crores. What is the guidance for 26 and 27 is the reduction will continue or we should see it stabilizing at around 1800 odd crores.
Unidentified Speaker
The employee cost movement, the downward or being static has been composition of two factors. Basically superannuation at a higher level and induction at lower level and the company’s performance and profit which leads to a component of the pay being given to employee. So with a higher profit this year, definitely that component is quite substantially high which is not likely to be sustained in next year. As you all know because of the declining alumni price. And even if our production volume goes up, so profit will not be to that extent. To that extent, payout to employee will also get reduced. So it will be very premature to talk of figures now. But on the employee cost for our site fixed and other salary component will come down. But then again it depends on the financial performance and the payout.
Sumangal Nivachia
Understood sir. And so this year’s 1800 crores it already includes the incentives of good profitability in FY25 or it is included in 26.
Unidentified Speaker
Yes, yes, yes, it is included already it is
Unidentified Speaker
FY25 that is accounted, sir.
Sumangal Nivachia
Understood. Understood. Sir. This year overall our sales of alumina and captive usage was still lower than production. So did we have any increase in alumina inventory?
Unidentified Speaker
The alumina sale will always be lesser than the alumina production. Because almost half of it, slightly less than the half goes to the smelter for aluminum production. So after the total production almost 10 lakh ton goes to the smelter.
Sumangal Nivachia
Sure, sir, of course. So if you use say 1.9 multiplier then also there was appearing some gap. So I just wanted to know if we are We.
Unidentified Speaker
We have increased our inventory at the smelter three months back our inventory at the smelter was around maybe 10. Ten thousand, twelve thousand. As of that at the smelter level our inventory is around 60,000 65,000 tons.
Sumangal Nivachia
Okay, understood.
Unidentified Speaker
So for better operation, better operation and to take care of the any risk we are. We are keeping some higher stock of alumina in smelter because of. Because frequent logistics issues are there because of the railway movement and all we are totally dependent on railway so that is a decision taken by the company to have safety stock.
Sumangal Nivachia
Understood? Understood sir my next question is on aluminium cost so this year there’s been a good reduction Is were there other elements except from the captive coal and employee cost contributing to this reduction? In in FY25
Pankaj Kumar Sharma
CP Coke the cost of CP Coke has gone down. The CPCO cost reduction itself has contributed around I think 450 to 500 crores saving that was one of the major saving as far as raw material is concerned CPCO and caustic soda of course that was in the alumina side Caustic soda has also given us around 150 crores and CTPH cost has gone down slightly that has given around maybe around 70, 80 crores and efficiency is also some what increase in the efficiency that is reduction in the caustic soda and CP Coke that has given around maybe 100 crores.
Sumangal Nivachia
Okay so in sir 26 are we seeing any reversal of any of these carbon related cost as of now already?
Unidentified Speaker
Yeah in FY26 there is already a reversal both in CP Coke and the caustic soda price Also there was a slight reversal but again last maybe 810 days it has again started coming down. It had gone up but a few days back it has started but since our ordering is for a six month cycle so we don’t get every month or every now and then moment benefit or cost but there is already little bit of reversal in CP Coke and caustic soda price Aluminum chloride
Unidentified Speaker
Actually the thing is the raw material prices depends on the raw material cost to the suppliers it is very difficult to predict whether the prices will go up, how much it will go up or go down but what our ed finance world telling it is the. It is the momentary figures but actually it is very difficult to assess what exactly will happen but we are hopeful that the the prices will be competitive
Sumangal Nivachia
Understood and so just one last question on the capex on 1700 crores is it possible to give a broad breakup of how much is maintenance, how much is towards refine and maybe for future smelter how much are we
Unidentified Speaker
This. This 1700 crore. 1100 crore would go for 15 refinery and Batangi bauxite man and other major projects and rest of all will be modification EMR project, addition modification and repair projects in both the. Both the complexes.
Sumangal Nivachia
Understood? Understood. All right sir. Thank you so much and I hope this call initiative continues every quarter. Thank you for this call. Thanks.
Brijendra Pratap Singh
Thank you.
Shweta Dikshit
Thank you. We have a follow up question from Mr. Kamlesh Bagmar and there’s no response from the participant Saket Kapoor.
Saket Kapoor
Yes sir. Thank you sir for giving this opportunity. And as Sumangalji has mentioned we would looking forward for continuity of these calls. These are very exhaustive and informative sir, when we look at our the depreciation line item there is some reversal also of 76 crore for the quarter. So if you could just explain to us how that has worked out and my second question is to give us the realization for.
Brijendra Pratap Singh
Yes, yes.
Saket Kapoor
Secondly sir, what was our average realization for the year as a whole
Brijendra Pratap Singh
As far as alumina average realization for the year 2425 was around $590 for the year 2425. And as far as depreciation is concerned. Reversal of depreciation. I would request ED finance just find out what is that
Unidentified Speaker
Your depreciation. We are talking Q1Q or preceding quarter?
Saket Kapoor
Q1Q sir, December quarter versus the March quarter three versus Q4.
Unidentified Speaker
Yeah. Q3 versus yeah.
Unidentified Speaker
Differentiation
Saket Kapoor
Reversal. You mentioned about the aluminia prices now trending between 350 400. Are the damages in line with with our quarterly run rate or are we. Are we seeing any dip in the shipment? Also Q1Q means for quarter four the shipment and quarter one the shipments are in alignment.
Unidentified Speaker
Can I come in?
Unidentified Speaker
Yeah, yeah. Shipments are distributed across the year. We’ll be selling around 1275,000 tons in the current year. Out of that we’ll be exporting around 12 lakh 30,000 ton and shipments we have already planned month wise shipment for the whole year.
Saket Kapoor
Okay.
Unidentified Speaker
Depreciation Q4 over Q3 reversal is mainly due to a change in the estimate for threshold limit for capitalization of measures pair. Earlier it was a very low amount which we have increased to a little higher amount. Then second was a reassessment of the our lean slurry project Mines boiled up MCL where our ask disposal takes place. That assessment is taken every year end. So the latest assessment has increased the void to be filled by almost double. It was earlier assisted 2.2 years. Now 2.3 years. Now it is 5 years. So that is also contributed to reversal of depreciation. Then there was impairment earlier in Q3 of wind power assets which has been going on for last few quarter. Now this fourth quarter we have taken a fair valuation of our wind power assets. Based on that there was a reversal of impairment provision so that all the three components have led to depreciation reverse.
Saket Kapoor
Yeah, thank you for all the elaborate answer. Only one thing was left was about the finance cost also sir, we are seeing this line item also cropping up Q1Q and for the year it is around 59 crore. So what have led? Although we are net cash company but since the finance was line item have now started surging up. It was around 59.
Unidentified Speaker
This is nothing but there is nothing cash outflow it is nothing but accounting treatment. Only now the CCD is once what we talked a few minutes earlier. So that as a component of backstopping arrangement and under accounting standard it has to be treated as a guarantee. For that a financial obligation has to be created and that will be unwinded towards the end of the fifth year. So to that extent it has gone 4 crores. Then there is a mine closure obligation called E block which is now also has come been operationalized. So to that extent also it has increased. So all those things are only either is a notional cost, there is no interest outflow, nothing. Of interest on obligation towards backstopping support of general and issuance of compulsive debenture. Then only interest on mind closure obligation. These are the things.
Saket Kapoor
Thank you sir. And all the best to the team, sir. Thank you.
Shweta Dikshit
Thank you, sir. Thank you. So. So. Can we take one last question from Mr. Aditya? He has his raised.
Aditya
Yes. Yeah. Just one last question, sir. So on the starting up timeline for Potangi bauxite mine. So in the last call you said by December 25. So does it hold or you will extend it because of the delay in the smelter? Delay in the refinery. Sorry.
Brijendra Pratap Singh
Tangi Bauxite mine starting. We have planned by June of 26. That is the timeline given to us. And already we have planned and by June of 26 we’ll be doing it. Because melter is also getting delayed. So our requirement is not there. So by June of 26 we’ll start the mines.
Aditya
Understood.
Unidentified Speaker
Has got all the clearances. It has got all the statutory clearances and we are working on it to start it.
Aditya
Understood? Understood. Just on a full year of fiscal 25, what was our cold sourcing mix? How much was linkage E auction and captive?
Brijendra Pratap Singh
Our coal requirement is around 7.2 million ton. Out of that this year our plan is 4 million ton will be captive and rest will be from linkage.
Aditya
Okay, thanks. Thanks a lot.
Unidentified Speaker
Mr. Congress. I think in your earlier first session you asked about this exon coal. That is only 5 to 6% of our coal
Brijendra Pratap Singh
Very less quantity option already
Unidentified Speaker
And figure I want to stand correctly. It is not 2200. It is 2350-2400. The last option price was realized in towards November. After that there has been no increase. Because we are participating in e auction for our SPP in refinery. Also it is at the reserve price when we are getting so because of extra excessive coal production or adequate coal production in the country. There is no pressure on e option for price.
Aditya
Thanks a lot for all the elaborate answers.
Subhabrata Purohit
Thank you.
Shweta Dikshit
Thank you. We’ll take that as the last question. I hand over to the management for their closing remarks. Thank you so much.
Bharat Kumar Sahu
First of all, let me congratulate the collective on all our shareholders stakeholders for having a confidence in us. And on behalf of. Nalco Management. I would like to assure that whatever growth we have achieved in this year, almost 46% growth in EBITDA, 46% EBITDA margin was there. Of course that was triggered off due to high alumina price and high aluminum prices. But we are taking a lot of measures. Like this year we have planned for increase in alumina production using our efficiencies, reducing our cost. So this year also whatever plan we have made, physical performances and financial, we will be targeting around maybe 36 to 37% of EBITDA margin. And whatever revenue generations we had this year almost will try to achieve the similar kind of revenue Generations and profitability of course may vary depending on the prices of alumina and prices of aluminum. But our own internal control that is increasing volumes, increasing efficiencies, that is increasing technos and reducing the cost. We are working hard on it to improve the performance of the company and give maximum benefit to our shareholders. Thank you.
Shweta Dikshit
Thank you so much.
Bharat Kumar Sahu
Thank you very much,
Unidentified Speaker
Ma’ am. We with this, we come to end to this conference call.
Shweta Dikshit
Yes, sir.
Unidentified Speaker
Okay, thank you.