UltraTech Cement Ltd Q3 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Sumangal Nevatia - Kotak Securities (Institutional Equities) - Analyst : Yeah, good afternoon. Thank you, and congratulations for a great set of numbers. Sir, first on the volume growth, is it possible to share what would be the contribution of -- whatever -- six, seven days of India Cements in the results? Number one. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 23, 2025 / 10:30AM, ULTC.NS - Q3 2025 UltraTech Cement Ltd Earnings Call And if you could give some more regional color as to which other regions -- I mean, the 10%-odd growth there, which region we've grown versus the industry higher or lower. Yeah. I mean, that's my first question. I'll ask the second one later.

Question: Sumangal Nevatia - Kotak Securities (Institutional Equities) - Analyst : So I just wanted some regional color. Which regions have done better than the other regions, and where we think we've gained market share?

Question: Sumangal Nevatia - Kotak Securities (Institutional Equities) - Analyst : And South will be the lowest or the weakest?

Question: Sumangal Nevatia - Kotak Securities (Institutional Equities) - Analyst : Okay. And what is our sense of industry growth in this quarter?

Question: Sumangal Nevatia - Kotak Securities (Institutional Equities) - Analyst : Okay, okay. That's quite heartening to see every quarter we managed to beat the industry. So great, great work, sir.

Question: Sumangal Nevatia - Kotak Securities (Institutional Equities) - Analyst : Yeah, clearly. Sir, my second question is more on the South region. Now we've four acquisitions in the last year to where we've involved. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 23, 2025 / 10:30AM, ULTC.NS - Q3 2025 UltraTech Cement Ltd Earnings Call I mean, what would be our strategy -- I mean, whatever you can share with respect to South over the coming year with respect to a brand penetration, use of India Cements, Kesoram brands? And then any market share target versus where we are today?

Question: Sumangal Nevatia - Kotak Securities (Institutional Equities) - Analyst : Yeah. And just a follow-up, sir. I mean, last time, I think the profitability of these assets are quite low even in terms of efficiency, et cetera. So earlier also, when we had merged JP, there was some dilution on the blended and which eventually got transited to our levels of margins and efficiency. So what should we expect when we start reporting all these consolidated and blended numbers? What is the transition time we are looking at to bring these assets to our level of efficiency and margin?

Question: Sumangal Nevatia - Kotak Securities (Institutional Equities) - Analyst : Got it. Thank you so much. I'll join back the queue. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 23, 2025 / 10:30AM, ULTC.NS - Q3 2025 UltraTech Cement Ltd Earnings Call

Question: Amit Murarka - Axis Capital Limited - Analyst : Yeah. Hi, good evening. Thanks for the opportunity. My first question is on India Cements. So is there any thought around, like, any brand transition or tolling arrangement for India Cements as well? Or would it be [sold] to Coromandel?

Question: Amit Murarka - Axis Capital Limited - Analyst : Sure. And CapEx, I think you had earlier guided for a number. But including the Kesoram and India Cements, is there -- I think you had guided INR8,000 crores to INR9,000 crores earlier for '26 as well. So what would it go to now?

Question: Amit Murarka - Axis Capital Limited - Analyst : And just lastly on fuel cost. You had earlier mentioned that by December, all your higher-priced contracts will get over. So is that done now?

Question: Amit Murarka - Axis Capital Limited - Analyst : Okay. But I think you said INR1.7 kcal. That would still be higher than, I think, market price, I think, is 1.4, 1.5, I think, for pet coke. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 23, 2025 / 10:30AM, ULTC.NS - Q3 2025 UltraTech Cement Ltd Earnings Call

Question: Amit Murarka - Axis Capital Limited - Analyst : Got it. And lastly, for Kesoram, could you provide nine-month financials as well?

Question: Amit Murarka - Axis Capital Limited - Analyst : No. I think they're not showing cement business. Unidentified Company Representative It's there. It's part of North (technical difficulty)

Question: Amit Murarka - Axis Capital Limited - Analyst : Okay. That's all. Thank you very much.

Question: Rahul Gupta - Morgan Stanley India Company Pvt. Ltd. - Analyst : Hi. Thank you for taking my question. Atul, sir, I understand, like you said, utilization rates for Kesoram and India Cements will improve over a period of time. Can you help us understand how to look at the overall volumes for next year? How does Kesoram and India Cements higher utilization rate to help you gain further market share on volumes? So that's first question. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 23, 2025 / 10:30AM, ULTC.NS - Q3 2025 UltraTech Cement Ltd Earnings Call

Question: Rahul Gupta - Morgan Stanley India Company Pvt. Ltd. - Analyst : Okay. That's heartening to hear. Thank you so much. My second and last question is, I remember in the last quarter, you used to give a comparison of fuel cost on a consumption basis and fuel price. So I see fuel cost has come off by 6% sequentially. Can you help us understand where the price are on a blended basis?

Question: Rahul Gupta - Morgan Stanley India Company Pvt. Ltd. - Analyst : Okay. Thank you so much. That's it.

Question: Prateek Kumar - Jefferies - Analyst : Yeah. (inaudible) Congrats for a great results. My first question is on your leverage. We have not been given consolidated net debt. That was last reported for 2Q at [INR8,800] crores. Including India Cements now open offer, where are we looking at our current net debt? Also, another related question.

Question: Prateek Kumar - Jefferies - Analyst : Sure. Okay. And why do you say investments, net debt at like [INR877 crores] and not like -- they used to have like INR2,500 crores on net debt. Just a clarification there. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 23, 2025 / 10:30AM, ULTC.NS - Q3 2025 UltraTech Cement Ltd Earnings Call

Question: Prateek Kumar - Jefferies - Analyst : Okay. So they will be still publishing their financials, right? So that will now reflect a lower number versus --

Question: Prateek Kumar - Jefferies - Analyst : Okay. I'll take that. And just one question on this -- again, India Cements. Is there also evaluation of potential merger between two companies and you like sort of between issuing, like in case of Kesoram, share swap, likewise can happen India Cements?

Question: Prateek Kumar - Jefferies - Analyst : And then last question on your realization. You reported 1.5% for the quarter average. How is the aggregate pricing versus the quarter average for third quarter?

Question: Prateek Kumar - Jefferies - Analyst : Exit December pricing?

Question: Prateek Kumar - Jefferies - Analyst : 3Q average?

Question: Prateek Kumar - Jefferies - Analyst : So these are my questions. All the best.

Question: Jashandeep Chadha - Nomura - Analyst : Hi, sir. Thank you for the opportunity, and congratulations on a good set of numbers. Sir, my first question is on limestone, especially in Tamil Nadu. Even if we look at India Cements, I think more of their limestone reserves are in Andhra Pradesh, Telangana region. How is both UltraTech and India Cements placed on longevity and brownfield optionality in Tamil Nadu? Is there enough limestone in Tamil Nadu with India Cements?

Question: Jashandeep Chadha - Nomura - Analyst : Okay. That's good to know, sir. And my second question is largely on operating cost that -- I understand that on an organic basis, I guess, UltraTech has set a target of reducing it by INR300 per tonne. But on a consol level, will the FY26 will see a significant increase in operating costs, given that India Cements is on the highest end of the cost curve? And since before acquiring this asset, also you would have -- this asset you would have studied. So any idea of how much CapEx or a ballpark figure would be required to bring it to the efficiency level of UltraTech? That's my second question. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 23, 2025 / 10:30AM, ULTC.NS - Q3 2025 UltraTech Cement Ltd Earnings Call

Question: Jashandeep Chadha - Nomura - Analyst : Okay. Understood, sir. And just last thing on the Shankar Nagar plant. If I'm not wrong, there was some -- I think they had applied for an EC extension or something have -- so they are sorted on that front? Just a clarity on that. (multiple speakers) --

Question: Jashandeep Chadha - Nomura - Analyst : No worries. Thank you so much. I'll join back the queue.

Question: Pulkit Patni - Goldman Sachs (Asia) L.L.C. - Analyst : Sir, thank you for taking my question. Sir, in the previous acquisitions we've made, rebranding has been a very big kicker in terms of the differential realization that UltraTech gets versus other brands. Now in this case, if rebranding is going to happen over time, at least not immediately, what are the levers where you can see such a significant cost cut that we can -- we'll be able to improve profitability. So first of all, what today is the realization differential between UltraTech and India Cements in the same micro market?

Question: Pulkit Patni - Goldman Sachs (Asia) L.L.C. - Analyst : And also, Sanghi -- you used to give a quarterly road map of when your EBITDA per tonne would actually merge with the main brand. Any sense on how that will be for Kesoram and India Cements eight quarters, 10 quarters --?

Question: Pulkit Patni - Goldman Sachs (Asia) L.L.C. - Analyst : Yes, sir. We are trying to project profitability of UltraTech Cement only.

Question: Pulkit Patni - Goldman Sachs (Asia) L.L.C. - Analyst : No, no, I'm just saying that in terms of projecting that improvement in EBITDA per tonne, is there a road map, whether we'll be able to do it in six quarters, eight quarters, 10 quarters earlier? I mean, just a sense on that.

Question: Pulkit Patni - Goldman Sachs (Asia) L.L.C. - Analyst : No, no. I'm so sorry. No, no. I meant Binani.

Question: Pulkit Patni - Goldman Sachs (Asia) L.L.C. - Analyst : And when you say turnaround, you mean the same profitability that the mother brand gets for?

Question: Pulkit Patni - Goldman Sachs (Asia) L.L.C. - Analyst : Okay, sir. Thank you.

Question: Ritesh Shah - Investec Bank (UK) Plc - Analyst : Hi, sir. Thanks for the opportunity. Sir, first one, are we looking at any contingent liabilities specifically after the Supreme Court judgment, which has allowed states to levy taxes on minerals, including limestone?

Question: Ritesh Shah - Investec Bank (UK) Plc - Analyst : Okay. So nothing adverse --

Question: Ritesh Shah - Investec Bank (UK) Plc - Analyst : Okay. Great. Sir, second is at industry level, what is the sort of supply that we are looking at based on your estimates for, say, FY25, FY26, FY27? Broad numbers would be quite useful.

Question: Ritesh Shah - Investec Bank (UK) Plc - Analyst : Okay. That's helpful. And sir, you have given separately a revenue number for UBS on slide number 26. Is it possible to quantify the number for nine months and also EBITDA and PAT numbers, and if there is an incremental game plan over there?

Question: Ritesh Shah - Investec Bank (UK) Plc - Analyst : Sure. And sir, what's the game plan on UBS stores? The count has increased. I think one of the slides mentioned the significant contribution of gray cement sales via UBS. So are we looking to monetize this? How should one understand that?

Question: Ritesh Shah - Investec Bank (UK) Plc - Analyst : Sir, second --

Question: Ritesh Shah - Investec Bank (UK) Plc - Analyst : Okay, sure. This is helpful. Thank you so much.

Question: Navin Sahadeo - ICICI Securities Limited - Analyst : Yeah. Thank you for the opportunity, and indeed, great set of numbers. My question was, first, on this Northeast plan. So I think a year back, we had floated this or incorporated this company by the name Letein Valley, if I'm not wrong. So what is the progress there? Is that like -- I mean, since you incorporated, I believe could have been with a local partner and land. And like the location is identified, but we haven't heard anything there specifically.

Question: Navin Sahadeo - ICICI Securities Limited - Analyst : My second question was then on the outlook for pricing in South. One of your peer in South mentioned of expectation of huge, like, intense competition or competition further rising with the ramp-up of Penna and India Cements, even Kesoram to some extent. So would you concur with that, that pricing in South could continue to remain subdued despite demand picking up? Or how should one look at it?

Question: Navin Sahadeo - ICICI Securities Limited - Analyst : Understood. And my last question, sir. Can you just mention what is the consol net debt?

Question: Navin Sahadeo - ICICI Securities Limited - Analyst : It was the enterprise value calculation, I think.

Question: Navin Sahadeo - ICICI Securities Limited - Analyst : Okay. INR16,000 crores is the current net debt. Understood. Thank you. Thank you so much.

Question: Pathanjali Srinivasan - Sundaram Mutual - Analyst : Thank you for the opportunity. Am I audible? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 23, 2025 / 10:30AM, ULTC.NS - Q3 2025 UltraTech Cement Ltd Earnings Call

Question: Pathanjali Srinivasan - Sundaram Mutual - Analyst : Yes, sir. Sir, one thing I noticed in our presentation. So our power cost per tonne has actually stayed more or less flat like over a year, whereas a share of green energy has gone up from 24% to 33%. Can you tell me like why the drop in costs has not really happened yet?

Question: Pathanjali Srinivasan - Sundaram Mutual - Analyst : Sure, sir. Thank you. And just one last question on CapEx numbers for '26 and '27.

Question: Pathanjali Srinivasan - Sundaram Mutual - Analyst : Okay. Sure, sir. Thank you.

Question: Bhavin Chheda - Enam Holdings - Analyst : Yeah, good afternoon, sir. Very good set of numbers across. So a few questions. One of the consolidated which you mentioned, INR16,160 crores, that includes the number of what you said, India Cement INR877 crores?

Question: Bhavin Chheda - Enam Holdings - Analyst : Sure. But sir, when I'm seeing the India Cements numbers, which are available for September '24, their debt was roughly about INR2,000 crores. So what has happened in last three months? Or is there some different calculation what must have happened between these three months? How could India Cements debt come down so sharply in three months?

Question: Bhavin Chheda - Enam Holdings - Analyst : So December, the balance sheet was not disclosed. So that's the reason.

Question: Bhavin Chheda - Enam Holdings - Analyst : That's roughly a net debt number.

Question: Bhavin Chheda - Enam Holdings - Analyst : And the additional question on that press release itself, is what I was going to the press release, where the revalued assets, which you will be consolidating. So there is a revaluation of roughly INR5,300 crores-odd, where the land mining land and plant and machinery was revalued before the UltraTech taking over consolidation. So can we assume that the large part of revaluation has happened on the land part?

Question: Bhavin Chheda - Enam Holdings - Analyst : So we should assume that could be the unlocking potential when it comes under our fold? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 23, 2025 / 10:30AM, ULTC.NS - Q3 2025 UltraTech Cement Ltd Earnings Call

Question: Bhavin Chheda - Enam Holdings - Analyst : Sure. And then the last question on the lead distance. Very good to see you have reduced lead distance in the quarter, which was -- I think you mentioned the number of 377 kilometers. And now with new acquisition coming into fold, so you have much more capacity where you can service the market from nearby plant. So would there be enough space to, again, reduce this lead distance when you look at your overall portfolio?

Question: Bhavin Chheda - Enam Holdings - Analyst : That would be great, sir. Thank you, and best of luck.

Question: Raashi Chopra - Citi - Analyst : Thank you. Just continuing on the costs, so from here on, like how much more improvement can we see? I think earlier on, you were mentioning about INR300 by September '26. So how much of that is already done and how much can come?

Question: Raashi Chopra - Citi - Analyst : Okay. That's fine. Then on the realizations, you mentioned that the December exit is about 1% higher than the 3Q average, right? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 23, 2025 / 10:30AM, ULTC.NS - Q3 2025 UltraTech Cement Ltd Earnings Call

Question: Raashi Chopra - Citi - Analyst : And January, there were further increases in Central and Western India?

Question: Raashi Chopra - Citi - Analyst : In January, 1.5%?

Question: Raashi Chopra - Citi - Analyst : Got it. And what are the expectations, I mean, for the remaining quarter?

Question: Raashi Chopra - Citi - Analyst : Got it. And just lastly, on the CapEx. This year, what would be the full-year CapEx? Next year, you said it's INR9,000 --

Question: Raashi Chopra - Citi - Analyst : (technical difficulty)

Question: Raashi Chopra - Citi - Analyst : Sure. This doesn't include Kesoram, right, this INR9,000 crores?

Question: Raashi Chopra - Citi - Analyst : Okay, thank you.

Question: Satyadeep Jain - Ambit Capital Pvt Ltd - Analyst : Hi, thank you. Just one question on coastal transport. You already have Sewagram. Just wanted to understand, there was obviously another asset in play in the vicinity. But it didn't seem UltraTech was too keen, maybe competition, CCI, since you're already there. I just wanted to understand what's your experience being -- is that plant would be similar in utilization and profitability to other plants you have? And when you look at the overall mix in transport for you going forward, do you see higher share of coastal transport in the mix?

Question: Satyadeep Jain - Ambit Capital Pvt Ltd - Analyst : So even for Sewagram, you would see -- so currently, utilization level you're indicating for that plant would be lower, but with the railways coming up, utilization --? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 23, 2025 / 10:30AM, ULTC.NS - Q3 2025 UltraTech Cement Ltd Earnings Call

Question: Satyadeep Jain - Ambit Capital Pvt Ltd - Analyst : Thank you so much.

Question: Shravan Shah - Dolat Capital Market Pvt Ltd. - Analyst : Hi. Most of questions have been answered. Just a couple of things, sir. In the fourth quarter, how much demand at India level, we are looking at? And if possible, for FY26, how much are we looking at cement demand growth?

Question: Shravan Shah - Dolat Capital Market Pvt Ltd. - Analyst : No. So YoY. Sir, I'm looking for -- from an industry perspective and not from your -- definitely, you have said that you will be growing double digits.

Question: Shravan Shah - Dolat Capital Market Pvt Ltd. - Analyst : And for this quarter, fourth quarter at industry level, 6%, 7%, that's the number one can look at? Or it would be envisage.

Question: Shravan Shah - Dolat Capital Market Pvt Ltd. - Analyst : Okay. Got it. And sir, what was the clinker utilization in the third quarter? And if it's possible, how much clinker capacity we would have added in this nine months? And what is more -- are we planning to add? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 23, 2025 / 10:30AM, ULTC.NS - Q3 2025 UltraTech Cement Ltd Earnings Call

Question: Shravan Shah - Dolat Capital Market Pvt Ltd. - Analyst : Okay. And in FY26 also would be a close 10 million tonne kind of clinker capacity will be adding?

Question: Shravan Shah - Dolat Capital Market Pvt Ltd. - Analyst : Okay. And sir, you mentioned that the cost reduction plan previously, you said INR300-odd that we were looking at for FY27. That now we will be disclosing this number after the fourth-quarter results. That's what you mentioned?

Question: Shravan Shah - Dolat Capital Market Pvt Ltd. - Analyst : Okay, okay. Thank you, sir, and all the best.

Question: Anuj Jain - Globe PMS - Analyst : Good evening, sir, and congratulations on the good set of numbers. I just wanted to understand -- I mean, in today's presentation, you have mentioned that for the merger of Kesoram will take -- require additional approvals of the two mines, Telangana and Karnataka. And in your opening remarks, you have said that by financial year-end, you will integrate all the Kesoram with UltraTech. I just want to understand -- generally, these states take much longer time than we anticipated. So how much delay one can expect for the integration? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 23, 2025 / 10:30AM, ULTC.NS - Q3 2025 UltraTech Cement Ltd Earnings Call

Question: Anuj Jain - Globe PMS - Analyst : Got it, sir. Thank you so much. That's it from my side.

Question: Rajveer Tandon - Ventura - Analyst : Thank you for the opportunity to give me the question.

Question: Rajveer Tandon - Ventura - Analyst : Yeah. Hi. So the first question I had was for the INR8,000 crores to INR9,000 crores CapEx that you are planning. Will you be taking any additional debt for that?

Question: Rajveer Tandon - Ventura - Analyst : So this INR8,000 crores to INR9,000 crores figure is for how many years?

Question: Rajveer Tandon - Ventura - Analyst : Okay. So can you give an estimate? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 23, 2025 / 10:30AM, ULTC.NS - Q3 2025 UltraTech Cement Ltd Earnings Call

Question: Rajveer Tandon - Ventura - Analyst : All right. So my second question was, do you see the EBITDA per tonne figure for India Cements and Kesoram to reach the levels of UltraTech by FY27?

Question: Rajveer Tandon - Ventura - Analyst : Yeah, all right. Thank you so much.

Question: Sanjay Nandi - VT Capital Market Private Limited - Analyst : Yeah, thank you for the opportunity, sir. Congrats on a good set of numbers. Like most of the questions are answered, sir, can you please help us with the regional utilization levels if possible, sir?

Question: Sanjay Nandi - VT Capital Market Private Limited - Analyst : Got it, sir. Thank you for the opportunity, sir. Wish you all the best.

Question: Prateek Kumar - Jefferies - Analyst : Yeah, thanks for the opportunity again. I have just a couple of clarifications. Firstly, on FY27 CapEx of INR7,000 crores, so that would be excluding India Cements-related upgradation?

Question: Prateek Kumar - Jefferies - Analyst : So including CapEx on, which you said, Kesoram, is like not so material. But investment CapEx included, CapEx may again, still, be INR8,000 crores, INR9,000 crores, kind of.

Question: Prateek Kumar - Jefferies - Analyst : All right. And one clarification on branding. So India Cements has like [cost] of brand. And then obviously, there have associations like IPL, et cetera. So when we integrate these brands, so these will like sort of migrate to UltraTech. You said that there's INR20, INR25 gap there. And then all these other associations, like IPL, also like moves to you. Are there some royalty fees there? How does that work?

Question: Prateek Kumar - Jefferies - Analyst : No, no. So that was the branding partner, right? The India Cements is used as a branding partner for CSK. Maybe I'm mistaken, but --

Question: Prateek Kumar - Jefferies - Analyst : And the various brands of India Cements moves to UltraTech?

Question: Prateek Kumar - Jefferies - Analyst : Right. That is from us. Thank you.

Question: Kamlesh Jain - Lotus Asset Managers - Analyst : Yeah. Thanks for the opportunity, sir. Just one question on the part of -- yeah. Sir, are there any loans and advances which have been given to India Cements, which has resulted in lower net debt? Just a bookkeeping question.

Question: Kamlesh Jain - Lotus Asset Managers - Analyst : Sir, have we given any loans and advances to India Cements?

Question: Kamlesh Jain - Lotus Asset Managers - Analyst : Okay. Great. So can you summarize like what was the reason for the debt to go down? Has there any been land sale there? Because I believe in such a short period, such deals can't happen at, like, say (multiple speakers) --

Question: Kamlesh Jain - Lotus Asset Managers - Analyst : Great. Thank you, sir. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 23, 2025 / 10:30AM, ULTC.NS - Q3 2025 UltraTech Cement Ltd Earnings Call

Question: Eshwar Arumugam - ithought PMS - Analyst : Thank you for taking my question, sir. So the first question I had was the -- outside cement prices, sir, it has been very dull this quarter. And the price increases have not been as (technical difficulty). Moreover, there used to be a disparity between TN Kerala prices, and Andhra and Karnataka prices. But TN Kerala used to be better price than Andhra and Karnataka. So the prices are converging now. Is it because players are fighting to gain market share? Or is it just because of the demand?

Question: Eshwar Arumugam - ithought PMS - Analyst : You've said that you've grown from 20 million tonnes to 60 million tonnes in South, sir. So what would be the approximate market share gain for the company in terms of volumes?

Question: Eshwar Arumugam - ithought PMS - Analyst : Okay. Right. Thank you. And what is the outlook and future plans for UBS, sir? Is there an increasing trend you see of people in the urban area preferring building material solution instead of cement? What is the outlook there since?

Question: Eshwar Arumugam - ithought PMS - Analyst : Right, sir. Okay, sir. And one question I had was on the inland waterways you used -- the national waterway you used for the grinding (inaudible). So is there any plans to ramp up the capacity? And if we do ramp up, how much logistic cost can we look at? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 23, 2025 / 10:30AM, ULTC.NS - Q3 2025 UltraTech Cement Ltd Earnings Call

Question: Eshwar Arumugam - ithought PMS - Analyst : So this was more of a test run, sir?

Question: Eshwar Arumugam - ithought PMS - Analyst : Okay. Thank you. That's all from my side. Thank you.