Thank you, ma'am. Good morning and very warm welcome to everyone.

On behalf of Ashika Institutional Equities, I welcome you all to Petronet LNG Limited Q4 FY '26 earnings conference call. Today, we have with us the management represented by Mr.

Saurav Mitra, Director (Finance) and CFO; Mr. Rakesh Chawla, Executive Director (F&A); Mr.

Gyanendra Kumar Sharma, GGM and President (Marketing); Mr. Vivek Mittal, GGM and President (Marketing); Mr.

Debabrata Satpathy, General Manager (F&A); Mr. Vikas Maheshwari, Deputy General Manager (F&A).

We thank Petronet LNG Limited for giving us the opportunity to host the call, and we would now like to hand over the floor to the management for their opening remarks, post which we will open the floor for Q&A. Thanks, sir, and over to you, sir.

Good morning, everybody. I'm Saurav Mitra, Director (Finance) and CFO.

Thank you all for joining us for the earnings call for the quarter and financial year ended 31st March, 2026. I'm pleased to share that the company has delivered a strong financial and operational performance during the current quarter despite the challenging external environment arising from the ongoing crisis in the Gulf region.

The performance reflects the resilience of our operations, the commitment of our teams, and the continued trust of our customers and stakeholders. Coming to the operational performance, during the current quarter, the overall LNG volume processed by the company stood at 219 TBTU as against 233 TBTU in the previous quarter and 205 TBTU in the corresponding quarter.

At the Dahej terminal, LNG throughput during the quarter stood at 201 TBTU compared to 214 TBTU in the previous quarter and 189 TBTU in the corresponding quarter. With regard to the operational performance of the Dahej terminal, I must mention that despite the uncertainties in the region, the Dahej terminal continued to operate at strong utilization levels with capacity utilization at 90.1% during the current quarter as against 93.8% in the previous quarter and 85.2% in the corresponding quarter.

I'm also happy to share that the Kochi terminal achieved its highest-ever annual volume throughput of 68 TBTU during FY '25-'26, which is an encouraging milestone for the company. On the financial front, the company reported the highest-ever quarterly profit before tax and profit after tax in its history during the current quarter.

PBT for the quarter stood at ₹1,795 crore as against ₹1,144 crore in the previous quarter and ₹1,446 crore in the corresponding quarter. PAT for the quarter stood at ₹1,338 crore compared to ₹848 crore in the previous quarter and ₹1,070 crore in the corresponding quarter.

For the financial year ended 31st March, 2026, the company reported PBT of ₹5,158 crore and PAT of ₹3,843 crore as against PBT of ₹5,275 crore and PAT of ₹3,926 crore in the previous financial year. At the consolidated level, PAT for the current financial year stood at ₹3,913 crore compared to ₹3,973 crore in the previous financial year.

During the current quarter, the customers also made payment of outstanding use-or-pay dues amounting to ₹630 crore pertaining to calendar year 2022. Overall, the performance during the year was supported by operational efficiency, disciplined execution, and the continued focus of the company on ensuring reliable as well as efficient operations across both terminals.

Considering the robust performance, the Board of Directors has recommended a final dividend of ₹3 per share for the financial year 2025-'26. With this, we now open the floor for the Q&A session.

Thank you.

From Qatar, [unclear]—

Is this better?

Thank you. Sorry for that, sir.

I just wanted to ask, sir, with respect to firstly the quarter volumes, how has March actually looked in terms of volumes? You talked about utilization of 90% of course in the quarter.

If I can just understand in terms of what it was in Jan and Feb, and what was the volume shortfall, if any, in March? Hello?

Are we audible?

Yes, sir, you're audible.

go ahead.

The Dahej capacity utilization during March was around 53%,

and

Kochi was slightly more than 20%. Okay.

Sir, just as a follow-up, how do we look at basically now FY '27? Of course you'll have the April data with you, but just in terms of this dispute if it continues to persist, how much of our volumes can be potentially at risk at this point of time?

Okay. Vivek, if you can—

Sure. Probal, while DF sir just mentioned that March utilization was 53%, the things have been improving since early April or end March.

Our utilization level is steadily going up. This is primarily through third-party cargoes wherein GAIL, IOC, BPCL, GSPC, Torrent bring in the additional volumes.

The prices are now at reasonable level because immediately after that crises the prices spiked to $25 also. Currently they are moving in the of $15

to $17.

With the lowering of prices we are seeing an increased utilization vis-à-vis March. That's all I can say at this point of time.

Yes, if the conflict continues, it's slightly challenging. The Indian gas demand continues to grow, and power sector is again coming back.

All this is supporting utilization, increased utilization of our terminal. As we have expanded our capacity from 22.

from 17.5 to 22.5. In the percentage terms it may look on a lower side, but absolute utilization vis-à-vis last year it should be comparable.

Right. Sir, are the additional supplies that have been spoken about quite a bit, particularly in the US, are they actually basically playing the balancing factor in the Asian markets right now?

It's from

couple of countries, not just US. US is one of them, of course.

Then Oman, which is very close to India, those supplies continue to come in. Mozambique, there are new countries like Nigeria and Congo, we got a cargo from Congo.

We got a cargo from Mauritania and Senegal. All these new supplies are adding up, and which is supporting.

Interestingly, you may be aware that a new contract with Exxon, which we signed in 2017, supplies under that contract has also started. In April, we got the first cargo under that contract.

In the first year, though it's 0.5 million tonne, but that will also support to displace some part of the volume which has been lost due to this crisis.

Got it. On a year-on-year perspective, therefore, we should look at March as just a low base, and from here it could actually at least improve at the margin from the March lows.

That's how one should look at at least for next two quarters?

That's what we expect, Probal.

All right. Sir, the second question was with respect to just a housekeeping on balance sheet.

The big adjustments that have happened in the receivables and the payables, they are all the adjustment made due to the UOP dues and settlement, almost a ₹2,000 crore reduction that we see in both numbers for FY '26 versus FY '25? Sir,

the receivables and payables actually because you see March our own volumes from QatarEnergy were not coming in March. That's why both sides the receivable and payable are showing lower.

Okay.

Because majorly that is the LNG payable and the receivable with respect to the RLNG, corresponding.

Got it, sir. Last question, if I may.

Any inventory gains that we have recorded this quarter and the third-party regas revenue for this quarter, if you can kindly let us know? Sir,

the regas revenue is ₹879 crore for this quarter. The inventory gain is ₹95 crore.

₹95 crore is the inventory gain?

Yeah.

All right, sir. I'll come back in the queue.

Thank you so much and all the best.

Thank you so much, and congrats on good performance in this tough quarter. My first question is have you had any communication with Qatar so far as to what is the status of the trains from which you buy and when the war ends, how soon can they start supplying?

Okay. We are in constant touch with QatarEnergy.

We are hopeful that the moment this conflict comes to an end, within 3 to 4 weeks supply should resume.

Okay. No impact on your trains at all, right?

That's very clear now.

Absolutely. Yes, that's what we believe.

Okay. Good.

Secondly, on your project on the petrochemical side, are you getting your supplies properly? Is that on track or is that slightly slower?

Far as the project activity for petrochemical plant is concerned, the project is absolutely on track because the capital equipments generally don't come from the Gulf region. Whatever imports are there, they come from Japan, Korea, China, and from Europe and US.

That way, so far as supply of equipments, plant and machinery are concerned, there's no issue.

Great. That's all from my side.

Thank you so much and all the best.

Good morning, sir. Thank you for the opportunity.

Am I audible?

Yes,

Yeah. I was just wondering with all the conflicts and the force majeures, I wanted to understand how are you thinking about gas sourcing in terms of diversification and the storage infrastructure for LNG on a medium-term perspective?

I'm not sure if you had a look at the certain news clippings today morning or yesterday press meet which we had. Yes, diversification from India perspective is definitely on anvil.

Over last 2 or 3 years you would have seen India has signed close to 10 to 12 million tonnes of long-term deals from reliable sources. That diversification has always been part of India's strategy.

In fact, some of our capacity holders have been the major buyer of this LNG, which includes GAIL, Indian Oil, BPCL, GSPC. All of them have gone out in the market in last 2 years and sourced LNG from portfolio players, US-based companies, Australia-based companies.

That diversification is already on the anvil and taking place. As far as our capacity for storage is concerned, yes, on a strategic side now we are definitely thinking India as a whole as well as Petronet to develop more tanks so that in times of crisis those volumes are available for the market so that immediately there is no impact.

On a longer-run basis we will be working on it and definitely come back to you once we have investment approvals in place for it.

Right, sir. Thank you.

I just wanted a clarification on the earlier comment you made on the Exxon contract. This is the Gorgon contract which you were expecting in Kochi sometime this year, right?

It's the same contract?

It's the new contract with ExxonMobil Asia Pacific Pte. Ltd.

It's not a Gorgon contract. Exxon has a right to supply from their portfolio where Gorgon is also one of the primary source.

It's that contract which has started in April this year. This is in addition to the existing 1.42 million tonne contract with Exxon which is already in place.

Sir. Thank you.

Hi, sir. Good morning.

Thanks for the opportunity. My first question is actually a clarification on the UOP accounting treatment.

We've received about ₹630 crore. The reversal in P&L for provision is about ₹495.

Is it right to understand that the rest of about ₹130 is booked in revenue?

See the reversal actually for CY '22 whatever provision we had done that reversal we did and some provision was done in the current quarter itself for CY '23 and CY '24 as well. Adjusting that, the reversal adjusted by the current provision, this number has come, ₹496.

If you can help me with that breakdown, sir. How much was reversed and how much incremental provision is made in this quarter, that would be very helpful.

See, just a minute. Just give me a minute.

Sure, sir.

In the meantime, Nitin, if you have any other question you may continue with that.

Yes, sir. Sure, sir.

Secondly, on basically CapEx projects. If you can help us understand that what was our total capital expenditure in FY '26 and what is the plan for '27, how much?

The capacity expansion that we have commissioned, have we capitalized that or we are going to capitalize that in the first quarter? Those things if we can get some color on that.

Okay. Far as the capitalization is concerned, yes, we have commissioned the project apart from a particular facility.

Excluding that particular facility which will be commissioned in this current quarter, the entire expansion capacity has been commissioned and capitalized.

Any amount that you can help us understand which has been capitalized in this quarter?

We have capitalized ₹390 crore. Balance around ₹100-odd crore will be capitalized in the next quarter, in this current quarter.

Understood, sir.

Nitin, coming to,

yeah,

provision question, the reversal is ₹550 crore for CY '22, and for CY '23 the provision is ₹35 crore, and CY '24 the provision is about ₹6 crore, ₹5.86 crore.

₹5.84, sir? For CY '24 you mentioned?

About ₹6 crore, you can take.

Sir.

There is a also waiver because of higher volume brought, waiver of about ₹13 crore in the current quarter. If you adjust these ₹35 crore, ₹6 crore, and the ₹13 crore from the ₹550 crore, you will get the number of ₹496 crore.

Understood, sir. Lastly, if I may, just ask a clarificatory question on the question asked earlier on utilization levels.

You mentioned that the March utilization level was at 53%, and some offset has been brought in from some other locations. What is a ballpark utilization number that we should consider for the year ahead, for FY '27, if this problem continues?

If suppose the volume from Qatar doesn't come back, for one quarter or two quarters, what is a broad ballpark number we can look at?

We should not be unnecessarily be pessimistic about the entire year. We have the numbers of April as well as May.

We would like to restrict ourselves in these two months only. We hope that this ongoing situation in the Gulf will end very soon.

As I have told you earlier that the moment it stops, QatarEnergy would be able to start the operations in 3 to 4 weeks' time. We are confident that maybe from the first week of June the entire supply will come as per the annual delivery plan.

We are also talking to Qatar so that whatever volumes we have lost if they can make good during the current year itself, that will be great for the company as well as for the country also.

Got it, sir. That's really helpful.

Thank you so much. I'll get back in the queue.

I think you had also asked about the proposed CapEx budget for the current financial year. It's around ₹9,000 crore.

Thanks for taking my question, sir. Again, continuing with the same question on the CapEx, if you could provide the breakup of ₹9,000 crore CapEx for this FY '27, that would be helpful.

This is one. Second is related to the tariff hike at Kochi terminal from April.

What was the tariff hike quantum on that side? Was it a 5% or lower?

5%, that's constant. Okay.

Far as the proposed CapEx budget for the current financial year is concerned, the major amount will be spent on the petchem project only. That's about ₹7,500 crore-odd, plus-minus, you can assume 10%.

We are targeting to achieve around ₹7,500 crore. Now let's see, and we are more or less confident that we'll be able to achieve that target.

The rest are all, like the third jetty that we are constructing, around ₹600-odd crore on the third jetty. Gopalpur terminal also we are planning to start our activities, construction activities in this current year.

There also we plan to spend around ₹300 to ₹400-odd crore. This is the broad breakup.

Rest are all small, additional facilities, the routine CapEx. We also have a plan to put up our fifth small-scale LNG plant at Kochi for which land has already been acquired.

We are planning to spend around ₹70-odd crore in that particular budget. I think these are the broad numbers.

Sir. Small observation on the cash flow statement side.

As you guided around ₹3,000 crore kind of a CapEx for FY '26 in earlier call, but the cash flow statement is indicating ₹2,500 crore for the FY '26. Secondly, a small question on the CapEx side again.

Can we assume the same kind of CapEx or quantum for the FY '28, a ₹9,000 crore?

Sorry, can you please come out once again with your questions?

Sir. Observation on the cash flow statement side.

In earlier call, Q3 FY '26, you had guided that kind of a ₹3,000 crore kind of CapEx for FY '26. While if we look down into the cash flow statement, it is indicating ₹2,500 crore.

Is there any delay in the CapEx for particular project? If it is, if you could clarify on that side, that's one thing.

Secondly, just wanted to take a guidance on the FY '28 CapEx. Can we assume on a tentative side a ₹9,000 crore kind of a CapEx for FY '28?

Yogesh. See, what happens is the cash flow statement depicts the actual cash flow.

That is, it doesn't take into account the provisioning. There the provisioning are different and the cash what has been spent is ₹2,511 crore.

We can say that whatever had been projected it is going according to the plan. Again for the same principle will also apply for FY '27 as well.

Out of this ₹9,000 crore, there would be at the end of the year some would be done in cash and some would be in the provisioning level.

Sir. Thanks a lot.

Hi, sir. Thanks for the opportunity.

Sir, in terms of potential offtaker for the spot LNG that we are bringing in, who could be the potential offtakers at this price, $15 to $17 per MMBtu?

See, as Petronet, we are not bringing spot other than the customers like ONGC for whom we are making endeavors to bring. It's being brought by our capacity holders for onward supply to various consuming sectors, which include CGD, fertilizers, refinery, petchem.

Okay. Sir, Gujarat Gas has guided around 5 to 6 MMSCMD additional gas demand from May onwards.

Assuming that all of this demand flows through Petronet LNG, I think incremental volume could be around 1.5 million tonnes per annum, which is close to 6, 7% of your current volume. Is it the right understanding?

If that happens, you yourself have calculated numbers and the numbers seem to be correct. It all depends whether it is on a perpetual basis or a month-on-month basis.

Primarily, I think they are targeting Morbi market, which is incremental of 5 to 6 MMSCMD. Which is what I think Gujarat Gas has mentioned.

Sir. Sir, lastly, that utilization, I think you said for the quarter it was around 90% and March it was 53%.

I'm not trying to get what would be the utilization implied for Jan, Feb. It's over 100%, right?

Yeah.

It was on an average about 108%.

Yeah, 108% for Jan and Feb. Okay.

That's all. I'll go back to the queue.

Thanks, sir.

Hi. I think my questions have been answered already.

I wanted to understand one thing from you. There's a lot of different natural gas markers like the JKM, TTF, there's the US Henry Hub natural gas.

When you buy spot cargoes, typically what rates do you negotiate these contracts at?

Spot cargoes in India typically are linked to JKM and/or there is a specific index called as West India Marker, which is also very closely related to JKM marker, which is the price for the Asian market.

Could you comment on in the month of March, what your spot cargo prices were, the purchase prices?

The spot prices were around $20 in the month of March.

Okay. Got it.

Thank you so much.

Thanks for the opportunity, sir. Just want to check on, there is a substantial increase in non-current assets and the other financial assets.

Sir, can you just explain on that part?

See, other financial assets, when it is increased from ₹406 crore to ₹1,319, that is mainly due to classification of fixed deposit which is more than 1 year old. That has been classified into other financial assets.

Which are below ₹1,000 crore, that are coming under cash and cash equivalents. This is mainly grouping issue.

As far as the non-current assets are concerned, these also include the capital advances of about ₹906 crore, which pertains to our ongoing CapEx programs.

Okay. Can you share what was the CapEx that was spent on the petchem project in FY '26?

Petchem for this FY '26?

Okay.

Petchem project FY '26 was ₹720. It is around ₹1,650 crore.

Including advances and CWIP, total net impact is ₹1,650 crore.

Okay. That's really helpful, sir.

Thank you.

Sir, just one question. Based on your assumption of post May, we should be seeing largely normalization of cargo.

Sum total for the year, what kind of utilization do you see at the aggregate level for your assets? Considering that there is a Equinor cargo, which is additional, starting May.

Sum total, what kind of a utilization one should assume for your assets?

See, firstly, we've never said that May onwards things will be back to normal because it all depends on the conflict in the Middle East region, how it fans out and what happens and when Qatar resumes supplies. It is very difficult to give a number at this point of time.

Yes, you're right, the contract with Equinor will also start, wherein Deepak Chemicals, which is a part of Deepak Fertilizers group, will start bringing in their cargo and the first cargo is scheduled for arrival on 12th of May.

Okay. We have two additional contracts, right?

The Equinor and the Exxon?

That's right. Yes.

These two volumes, which are additional, is what number?

Roughly 1 million tonne in this year.

Sum total?

Yes, sum total.

Okay. Just for theoretical purposes, considering what you would have some assessment of April and May, and theoretically if from June, the Qatar cargoes normalize, then if considering that assumption, what is the utilization one should consider for your assets along with these two new contracts that you have?

Theoretical. Very theoretical,

I think, question. Sir.

Theoretically, yeah. See,

as we have already spoken, we are optimistic about the future. From June things may start looking normalized.

Whatever numbers will happen, it is very difficult to put any number at this point of time. What indications you can calculate, we have already informed you what has been the March utilization level, what has been the January, February.

Let us see what happens. This numbers, please then you can calculate whatever the assumptions you already explained.

I would request you to wait till the end of this quarter and see how things fan out.

Is there substantial improvement in the April and May utilizations?

No. It's more or less at the same level.

As March?

As March.

Okay. Thank you, sir.

Hi, good morning. Thank you so much for the opportunity.

Sir, yes, I have one question regarding the storage facility that is available and how much CapEx do we need to do because there was a highlight on the press release yesterday also that we need to be very vigilant as a nation that storage facilities are very lower. How as a company we are looking at our facilities and increasing storage facilities in the various assets that we have and how much extra CapEx that we will need to do?

Just wanted to some clarity on that. Okay.

For our Gopalpur project, we have already announced that we'll be constructing two tanks. We are also planning to set up one more tank in Kochi.

That's right now we can say our current plan is all about increasing the storage. However, as mentioned by our CEO yesterday in the press conference, that some more tanks are also being planned at Dahej.

We are looking for land because land is an issue. Availability of land is an issue in Dahej, but we are actively scouting for some additional land parcel wherein we'll be able to put up some three to four additional tanks.

Regarding these additional storage tanks at Dahej, right now there is no immediate plans. Definitely we wish to put up additional storage facilities out there.

Immediately we can say that yes, Gopalpur, which is a board-approved project, there we'll be putting up two tanks. One more tank we are actively considering for our Kochi terminal.

Great. Just one small follow-up.

Any CapEx number in your mind for the one additional tank in Kochi?

It's about around ₹1,200 crore.

Okay. Got it.

Thank you so much. That's it from my side.

Thank you.

Hi. Just one question.

Any update on the extension of contract from 2028? Have you entered into agreement with any offtakers on that?

I think I will only say that discussions are ongoing with offtakers. Once those contracts are done, we'll definitely inform investors as well as stock exchanges.

Okay. Just our contract with Qatar is from the train number 3, right?

Is that correct?

Can you please come out with the question? Can you please repeat the question once again?

Our contract with Qatar for the current existing contract of 8 million tonne, is the train number 3 of the South Field, right?

Maulik, this information we are not sharing, actually. We do not share.

Okay. Got it.

Thank you.

Just extending on Maulik's question on the negotiations with the offtakers for the back-to-back contract. Now, I understand that it's from 2028.

You have signed a contract which is now DES, right?

This

was earlier FOB from Qatar. From a commercial standpoint, do you expect any meaningful changes in the nature of the contract based on the discussions that you've had so far?

That's my first question. The second one is on the contracts that you had been signing for the expansion in Dahej, which is with the Deepak Group and ONGC.

Is there any further discussion that you have had with your customers that you can update us on in terms of new business models like ethane storage, handling, or say monetization of that CapEx? Thank you.

Yeah. Regarding the future business plans, as and when we sign definitive agreements with the customers, we'll definitely reach out to our different stakeholders, including the stock exchanges.

Far as your first question is concerned regarding the change in terms of cargo from FOB to DES, we don't see any need for renegotiating the Incoterms.

Okay. Fair enough.

Thank you.

Hi, sir. Thanks for the opportunity again.

Just a bookkeeping question. What is the Ind AS impact for fourth quarter and also for FY '26 as a whole?

The Ind AS impact is for fourth quarter, ₹119 positive at gross margin level. Then there is a forex loss of ₹91 crore, and positive ₹8 crore at opex level, and then depreciation ₹77 crore, and interest expense on lease liability ₹59 crore.

This is for the quarter. For the year, at gross margin level, positive ₹629 crore, the forex loss is ₹199 crore, the opex level positive is ₹30 crore, then depreciation ₹322 crore, and finance cost ₹228 crore.

Understood, sir. Thank you.

Thank you for the opportunity. Sir, on the trading gains part, do we have any numbers you can share?

It's ₹118 crore.

Okay. Secondly, on this parcels which are being procured from other regions like Nigeria and so on and so forth, what is the general spot availability what we see which has potential to be diverted to India?

In general, if you look at the volumes flowing currently, what proportion of it would be contracted and what proportion would be spot?

Very difficult to give an answer because we know capacity is booked by GAIL, Indian Oil, BPCL. It is their prerogative and they have capacity in other terminals in India also.

It is their prerogative which cargo they want to bring to Dahej and which cargo they want to take to the other terminal. Very difficult to give a number that what will be the proportion of spot cargoes vis-à-vis their term

volumes. I'm more concerned about globally and especially in the regions where you just referred to, are there more spot parcels available and has that spot parcel availability increased post-war?

As and when new facilities come up, those volumes are typically brought in on spot or with portfolio players. Recently, you would have heard that Golden Pass has started export of their cargo from US.

All those volumes is becoming available on to the market on spot basis.

Fair enough, sir. Thanks a lot.

Thanks for the opportunity, sir. My first question is on the time charter which you have mentioned in the footnotes.

We'd be able to get back to normalcy if the Strait of Hormuz issue gets resolved and we'd be getting the Middle East cargoes, is the right way to understand? We'd be able to utilize those three time charters?

Yes, those time charter vessels are specifically hired for carrying cargo from Qatar to our terminals. Once the supply resumes, these time charter vessels will be again engaged, as been done earlier.

Got it. Sir, and what are the existing contract duration for this time charter vessels?

Like 6 months, still how many in terms of existing contract, how many more months to remit?

It is aligned with our SPA term. As and when SPA comes to an end, the time charter will also conclude.

Okay. Sir, because it's a force majeure kind of a situation, so that's why we believe the ₹90 crore kind of a demand that's been placed for March and subsequent periods also is something that we are not liable to pay, so that's the thought, is the right understanding?

Yes.

Okay. Sir, what would be the run rate for FY '28 in terms of CapEx?

It'll be similar to this ₹9,000 crore of '27?

See, as has been discussed in the last call also, basically the FY '28 FY '27 we are saying ₹9,000 crore, and FY '28 also should be at the same level, around 10% more or less,

similar. Okay.

Sir, in terms of payouts, the historical payouts is expected to continue despite the expansion because of the cash in the balance sheet?

Yes. Short answer is yes.

See, I'll not go by the payout percentage, but in absolute terms the endeavor is to maintain the same level of dividend.

Okay. Understood.

Thank you, sir.

Yeah. Thanks for taking my question, sir.

Sir, what is the status of this Kochi-Bangalore pipeline? What I know, I think that GAIL has pushed the timeline to I think September 2026.

Is there any updates on this? What is your Kochi utilization?

Whatever information you're having, it's perfectly in order.

Okay. The first half of FY '27, that's

Yes.

What is the Kochi utilization that you expect for FY '28 when this full volume will be available in the pipeline?

When the pipeline is complete, what will be the utilization of Kochi? Definitely it's going to go up.

There's no doubt about it because it will be opening a different market and get connected to the national gas grid. Definitely the utilization will go up.

Okay. Sir, my final question is about the swap volume.

I think GAIL this many swap volume coming from the US to the Middle East route. I assume that from March that stopped, actually.

Are you still getting the volume directly from the US from those customers or is this the shipping constraint that is hindering the full recovery?

It is of our capacity holders and offtakers who are bringing in these volumes.

Okay. That's fine.

Yeah. Thanks.

Hello? Yes.

Good morning, sir. I just had one clarification question.

What was the capacity utilization for Dahej for March that you mentioned?

Around 53%.

5 3?

5 3, yeah.

Okay. Thank you, sir.

Sir, would it be possible to say that how much is it now as we speak?

I have already shared that it is hovering around the same level.

Sir. Thank you.

That's all from my side.

Thank you for joining us. We hope that the situation in the Gulf improves very soon, which is going to have a very positive impact in our operations and as well as on the financials.

We also expect to come out with a brighter picture of the financials of the company when we meet next. Thank you so much.