SailPoint, Inc. Price & Performance (SAIL)

Thank you, Sejal. Good morning, everyone. On behalf of Nuama Institutional Equities, we welcome you again on our on sale Q3 FY twenty twenty five post resiliency call. We are delighted to have our Executive Director of Finance, Mr. Praveen Nigam, along with his team. Now, I will request Mr. Nigam for his opening remarks, and then we can open the floor for Q and A. Over to you, sir.

Yes. Thank you, Mr. Kejriwal. Good morning, everyone. I welcome all our investors and analysts who are joining this results phone call for the financial results of sales for the PS2, three and 9L financial year '25. Before I present the highlights of the results, I would like to briefly appraise the house about the global as well as the domestic economic scenario in which we have operating of late, as these impair the results significantly. After the presentation on the economic scenario and the result, we shall take a few queries in the Q and A session. Now as far as the world economic scenario is concerned, the global the current global economic landscape is characterized by moderate growth with the International Monetary Fund projecting a global GDP increase of 3.3% for both 2025 and 2026. This growth is, however, uneven across region influenced by factors such as trade policies, inflation rate and geopolitical tensions. The projection for emerging and developing economy stand at similar level as of 2025 and 2026 that is at 4.2% to 4.3%. On the other hand, the advanced economy sees a marginal improvement in the projection for the two years that is 2025 and 2023 at 1.91.8% respectively compared to the estimate for 2023 at 1.7%.

Announcement of 25% tariff on all steel and aluminum import into The U. S. Has raised concern amongst global producers about the potential retaliatory measures and impact on the global trade pattern. The imposition of tariff by U. S. Has also led to increased volatility in the global market. While U. S. Steelmakers stock has surged in anticipation of gaining a competitive advantage, global producers are experiencing decline. Additionally, concern about raising inflation and protectionist policies has emerged with varying impact depending upon countries and industries involved. As far as the global steel industry is concerned, global steel industry is navigating a complex landscape influenced by economic trends, trade policies and technological advancement. The global economic scenario in 2025 presents both challenges and opportunities for steel industry. While certain region may benefit from protective trade measures, the overall impact is complex with potential for increased costs, market volatility and shift in global trade dynamics. The World Steel Association forecasts a 0.9% decline in global steel demand for 2024, reaching seventeen fifty one million tonnes, a modest recovery is anticipated in 2025 with the demand expected to increase by 1.2% to seventeen seventy two MT. Meanwhile, the steel industry is increasingly focusing on sustainability and technological advancement.

There is a growing emphasis on reducing carbon emissions through innovative production methods and adoption of renewable energy sources. The integration of artificial intelligence and automation is enhancing manufacturing processes, improving efficiency and reducing costs. In Indian economy, the Indian economy has also been impacted on global cues with the advance estimate for the GDP growth for FY25 being estimated at 6.4% down from 8.2% achieved during financial year twenty four. The Reserve Bank of India has reduced its repo rate by 25 basis points to 6.25% marking the first rate cut in nearly five years. This decision aims to stimulate economy economic growth amid easing inflation, which is approaching the RBI's target of 4%. The RBI anticipate a growth rate of 6.7% in the fiscal year '20 '20 five-twenty '6, slightly higher than 6.4% estimated for the current fiscal year. India is, however, facing much better than its counterpart bolstered by strengthening of policy framework and increasing demand. The World Bank note that India's service export have remained robust and the current account deficit is narrowing, indicating a strong external economic position. The Indian economy has countered the forces of inflation better than the other economies, thereby maintaining relative stability in the domestic market.

Despite the projection for GDP growth rate is near future is coming down in the range of 6.5% to 6.7%, India continues to maintain its position as one of the fastest growing among the major economies. Now let me talk about the Indian steel industry. Indian steel industry is experiencing significant growth driven by robust domestic demand and strategic investment. Despite all challenges including the softening of the steel prices, Indian steel industry has consistently been growing in terms of production as well as consumption. During financial year '25, that is still January 25, core distill production has grown by 4.5% over CPLY. At the same time, finished steel consumption has grown by 10.8% during the period over CPLY. As per the World Steel Association, India has emerged as the strongest driver of demand for steel since 2021. The projected and projected to grow at more than 8% during 'twenty four and 'twenty five. Indian steel demand will continue to charge ahead driven by continued growth in all steel using sector and especially by continued strong growth in infrastructure investment. The top line and the bottom line for Indian producer have been impacted as the prices decline consistently. We are hopeful that the prices have bottomed out and considering that we are now in the fourth quarter which is traditionally the strongest for the steel industry, the industry is hopeful for better results in the coming quarter.

With the prices of imported coal also remaining in check, flat index for hard coking coal of Australian origin stand at USD 188 per tonne. The industry can also have a sigh of relief on the cost front. The Indian steel industry is poised to continued growth supported by strong domestic demand, strategic investment, however, addressing challenges such as import competition and environmental sustainability will be crucial for maintaining this positive trajectory. As per your company performance is concerned in the nine month period. Coming to the performance of the company, the performance of the company during this nine month period is standard below. The crude steel production at 14.1 MT issued at similar level as compared to CPLY when it was 14.2 MT. At the same time, the label steel sales volume was at 12.54 MT was also in the similar range of the CPLY which was 12.46 MT. The performance by the CMO that is a Central Marketing Organization in the domestic market has been higher by 1.8% over CPLY, while the sales by the plant have also grown by 25.8% during the period over CPLY. The export, however, has come down by 73.7% over CPLY. While the NSR declining by more than 6.5%, the turnover fell by 5.5% over CPLY and it stands at 72,595 crore.

On the profitability front, the company registered an EBITDA of INR 7,983 crores, profit before tax of INR $14.45 and PAT of R970 crore. With the concern of rising borrowing, we are happy to share that the borrowing during the quarter had been reduced by R1,700 crore. Borrowing at the end of Q3 of financial year twenty five issued at 33,970 crores as compared to 35,596 crores in Q2 of financial year '25. The borrowing as on date stands at INR 32,600 crores as again INR 30,593 crores which was at thirty one March twenty twenty four. As far as the sustenance and operational efficiency is concerned, in the area of operational efficiency, the company has been making steady progress for reducing coal coal consumption, increasing the uses of CDI, bringing down the specific energy consumption and improving the blast furnace productivity. SAIL is undertaking various drive towards decarbonization in three phases with the first phase having brought down the specific CO2 emission by almost 20%, the company is now gearing up to bring it down further by 12% to 2.19 tonnes per tonne of crude steel by 02/2001. Sales plant and units have entered into a number of MUs with the renowned suppliers, technology providers, etcetera, towards decarbonization drive.

Continuing with the drive towards improving the product mix, the proportion of semis in the sellable steel production is stood at less than 14%. By engaging conversion services in and around the plant or demand sector, the percentage share of semis in sales has been even lower at 8%. Steps are being taken are being invested for further reduction in the proportion of semis in the product mix under the next phase of expansion. Going forward, the boost from the various measures annulled by the Government of India in the recent union budget like 1.5 lakh crore outlay in the infrastructure, extension of the JAL G1 mission up to 2028, incentivization of power sector reform, creation of 1 lakh crore urban challenge fund, creation of maritime development fund of 25,000 crore etcetera, augurs well for steel demand in the country. We are hopeful of variations and Kansukan margin will improve for the company in the quarter to come as the overall outlook positive for sustained growth in the domestic consumption. With these words, I hand it back to Mr. Kejriwal for opening of the Q and A session. I am sure you all have lots of queries on our performance.

Thank you, Mr. Kejriwal. Over to you.

Thank you very much. We will now begin the question and answer session. The first question is from the line of Sritesh Shah from Investec. Please go ahead.

So my first question is, what should we make of government's thinking of potential safeguard duties, input duties? We have heard a lot about it, but nothing has happened as yet. So how are you looking at it? That's the first question. The second question is on the cascading royalty. I think Supreme Court had given a deadline of seventh of Jan. It got pushed out to seventh of Feb. Is there specific update over there? That's the second question. And the third question, sir, if you could give your thoughts on Karnataka proposed taxes on which way it can actually go forward or can the center curb or put a tap on the extent of levies that the state government can potentially propose? So those are the three questions. Thank you.

As far safeguard duty is concerned, as you are aware that we have given all our input to the ministry, whatever was required and that there was a demand of 25% of the secured duty. The issue is still pending with the finance ministry. We are also waiting for the outcome of the decision of the finance ministry. As of now, there is no such communication from our ministry to us which we can share. The only thing we can share is that we have given all the input which are required and now we are waiting for the decision of the ministry. As far as royalty is concerned that is based on the Supreme Court decision, We have our mines at three locations, Chhattisgarh, Jharkhand and Oisar. In the Jharkhand, they have already levied excess of INR 100 per ton on the mineral. Ouisa and Satisgar have not yet come out with any such proposition. We are waiting the moment something comes from the government. We will be in a position to update you. As far as Karnataka is concerned, since we do not have any operation in Karnataka or any mines in Karnataka, so that is not going to have any impact as far as shale is concerned.

Sure. That's helpful. And so just a book keeping question. Sir, how did the flats and the long prices move from Q2 to Q3? And if you could highlight with the current spot prices also, that would be quite useful. Thank you.

Yes. As of the you see, as of the long is concerned from Q2 to Q3, Q2 it was around $52,000 which has increased in the Q3 as of the longest concern $53,400 You can say roughly $1,300 has increased as of the longest concern from quarter two to quarter three. Flat has also was 49,000, which has come down to 46,800. You can say roughly 2,000 rupee per tonne, the prices has gone down. Overall, if you see that both flat and long. So in Q2, it was around Rs 50,500, which has come down to Rs 49,700 or you can say roughly Rs 800. So there has been some decline because of the stress in the flat market. And as far as the future is concerned, yes, we have a positive indication for the market. We are expecting that the prices will increase in the coming months. Exact price we cannot declare right now because it is still in the consideration. But yes, there are positive sentiment in the market for both particularly for the flat.

Sure. Thank you so much. I'll join back with you.

Thank you. The next question is from the line of Amit Bixit from ICICI Securities. Please go ahead.

Yes. Hi. Good morning, everyone, and thanks for the opportunity. Congratulations for a good performance in a very challenging quarter. Three questions, if I may, from my side. The first one is on the sales volume growth, which we saw at 60% ROI in this quarter. Now, this quarter, I understand was a period of very tepid consumption, at least in December, and none of your peers have shown this kind of growth. So, just wanted to understand the specific areas where we saw the demand in this particular quarter.

You are talking in terms of volume?

Volume, yes, volume, sales volume.

Okay. Carry on. What is your next question?

The next question is essentially if I look at your plant wise EBITDA, so Rourkela has turned around very well in this quarter And Belai, if I exclude the rail price revision adjustment in last quarter, it has also around. So just wanted to understand the drivers for that. The third one is on coal cost. If you could just let us know the coal cost that was there last quarter and what you see it going in this quarter. These are the three questions for this cycle.

Okay. So I will start with your last question first that is the coal cost. The coal cost, if you say that I will talk about the blend cost. The blend cost in last quarter was around $20,600 which has come down to $90,200 So you can say overall there has been reduction as the coal cost is concerned. That is mainly because of the reduction in the coal prices as well the imported coal is concerned. Your second what was the second question? Sorry, Bilai. Yes. As well the performance is concerned, as you talked about Bilai and Nautala also, there has been consistent improvement as well as the techno economic parameters are concerned. Apart from that, we have got, as you know, that refilling the input prices. And the input prices basically has led other than the techno economic parameters for improvement in the performance. Your first question was regarding sales volume growth. Yes. I think. So, just a minute. So last year in Q3, our total sales was 3,810,000.00 tonnes, which has increased to 4,430,000 tonnes in this particular quarter. So there has been an increase in the volume that is why the performance has improved. And if you compare with the Q2 also, then also there has been a growth because in the Q2 it was 4,100,000 tonne and in the Q3 of financial 2024, '20 '20 '5, it is 4.143.

We have also said in our opening remarks that total improvement was around 16.3% as of the volume is concerned.

Yes. I wanted to understand the drivers behind that because we have not seen kind of growth in your peer company in this quarter. Which area, which sector did you see this demand traction?

Mainly the increase in the consumer sector that is infrastructure where the increase has happened. In fact, if you see that in the last quarter, there was the sales was on the lower side, which actually is now depicting as increased, subscription increased. And the main is this consumer sector.

Okay. And just an offshoot of my from coal. How is the coal cost expected to move in this quarter, Q4?

Coal cost in Q4 is expected to come down further because the because I mean, forecasted coal price has further come down. Expected is that the imported coal will come down to around 18,700 are there roughly 19,000, you can say. So there will be further reface as the coal prices are concerned.

So, you mentioned $19,200 as coal cost in this quarter and you are saying that $19,200 was the plant cost. Now, if we say specific to imported coal, so imported coal price in Q3 was 20,000, which we are expecting will come down by another 1,000 in Q4.

Okay. So, on blended basis, we can expect another INR 1,000 or Roughly 1,000.

Okay. Got it, sir.

Thank you so much. Thank you.

The next question is from the line of Surman Gal from Kotak Securities. Please go ahead.

Hi. Thank you for the chance. First question is on the prices. So, you mentioned average was around 49,700 in 3Q. Sir, can you share January what was the average price of blended price for us?

Average blended price in January is hovering in the range of 48,000, you can say 500, 4 hundred, 40 thousand 4 hundred to 548,400 you can say.

Okay. So blended, okay. So it is around INR 1,200 down versus 3Q average, right?

Yes.

Understood. So next question is on the CapEx. So we were evaluating so first, can you share what is the nine month CapEx full year guidance for this year end FY 2026?

Yes, nine month CapEx is around INR 3,900 crores As far as expansion is concerned, as we have told in the last Hong Kong that statement approval for the exposed steel plant was given by the Board. The process is on for forming this order. Bokaro and Rauchi, Durgapur Stage one approval has also been given by the Board. So now for three that is Coastal plant, Bokaro and Durgapur, we are in the process of forming of the cost. When the cost is finalized, we will go for the Stage two approval.

Understood. And so in the absence of while we are working on this, what could be the CapEx for FY 'twenty six? Because this we believe will be more from FY 'twenty seven onwards, right?

Yes. It will be in the range of 7,500 rupees, you can say, because the expansion CapEx will also start happening in FY 'twenty six.

Okay. And so these three plants put together, what is the capacity we are looking to add?

The total capacity, there is a net. So, it will be roughly 7,500,000 tonnes, all the three pipe plants together.

Okay. And sir, can you give us some rough gross CapEx this 7,000,000, eight million tonnes expansion will take? Could it be around INR 50,000, INR 60 thousand crores?

Yes. It will be in the range of around INR 55,000 to INR 56,400.

Okay. And spread across how many years?

So, this plan is for 03/1931 as we said in the previous comp call also that our expansion which is going to come across sale, it will be happening by 3031.

Okay. But, sir, that we believe was for 15,000,000 tonnes, right? I mean, this is only 7,500,000 tonnes. 15,000,000 tonnes, we are going for the phase wise expansion. In this phase, three plant have already got the stage one approval. We will be in the process of getting the stage one approval of the Res 2 plant also. And the total expansion, what we are expecting by 03/1931 is 15,000,000 tonnes. So, you can say this also will come that the production or the facility will become operational and ramp up by 03/1931.

Understood. That's very clear. Sir, one question on the overall net debt. So, we were guiding for around INR 5,000, INR 6 thousand crores of reduction this year. I think we started the year with INR 30,000 crores net debt. So can we kind of share the latest thoughts on debt reduction by, say, fourth quarter end?

As I told in my opening remarks also that as of now, the total debt is around 32,600, which is slightly higher than what it was in thirty first March twenty twenty four, it was around 30,500. In last phone call, we said the same thing that we are planning to reduce our debt and bring down to the level of thirty first March twenty twenty four. As you have said that in the Q2, our total debt was around 35,000. This has already come down to 32,600 levels. And we are expecting that by the end of this particular financial year, our debt will be in the similar range as it was in thirty first March twenty twenty four.

Understood. And lastly, is there any guidance on the volume front for this year and next year?

For next year, we are still in the process of finalizing our business plan. We cannot exactly comment. But this time, it is around 500,018,000 tonnes, 18,500,000 tonnes as per the crude steel. Groed steel. Groed steel, yes, 18,500,000 tonnes crude steel.

Understood. Okay. Thank you so much. All the best, sir.

Thank you. The next question is from the line of Mohit Bansali from Aryans Group. Please go ahead.

Yes. Thanks for the opportunity.

I want to know what is the current inventory and what is the value of that inventory?

Yes. Just a minute. Yes. So, total inventory of finished and semi finished goods is 2,980,000 tonnes and the value of this is around 13,000 crores.

Okay, sir. So, second question, regarding expansion or CapEx share, since you are going for a very huge CapEx, I just want to understand what is the debt peak that level SAIL wants to maintain because already the debt is increasing without expansion since last two years. Your debt was around 13,000 at the March, as I see in the presentation. Now it has gone up to around 32,000, 30 3 thousand. So without any major significant expansion, your debt is going up. So when you go through this CapEx further, you will take the debt from the bank. That is what I suppose. So what do you do you have any picture about what is the peak level of debt really thinking about?

First of all, let me answer that, Lucori, that the debt has increased. You see, the debt increase was because of the increase in the and normal increase in the imported coal prices, which has pulled on substantially. So going forward, you can see there has been consistent reduction as to the debt is concerned without any expansion, which was in the range of $35,000 in the month of September has already come down to $32,600 And as we told that it will further come down by the end of this financial year and we will maintaining a level of at least the debt level of thirty first March twenty twenty four, if not less. As far as expansion is concerned, we are expecting that the peak debt would be in the range of our projection is that it should remain one:one. But at the peak, sometime it might go up to 1.2, but not beyond that whatever the projection we have made.

Okay, sir. So, if, sir, expansion, expansion, don't you think that first of all, you should control your costs like your employee costs, your operation costs, even your natural realization is not good as compared to private players? So don't you think that first you should improve all, overall your own performance? Because right now your capacity is around 20,000,000 crude steel that you are not able to produce because market is not that favorable. So don't you think first of all you should improve all your parameters and then you should go and generate some cash, good cash and then you should go for the expansion, sir?

As you see, one of the investor has asked a query what was the reason for a better performance as compared to what we are in the previous question. We said that we are in the process of improving our technoponic parameters as there has been substantial improvement. So that result will come as soon as the cost is concerned, the cost will further come down and will give benefit to us. Now it's a continuous process. It's not that key. First, we have to do this and then we go for the expansion. We are continuously focusing on improving our performance as the cost is concerned, improving our product mix, which will ultimately give benefit as the capitalization is concerned. We are expecting that going forward, the NSR will also strengthen because we are expecting that there will be some relief from the government as well as safeguard duty is concerned. And a coal package which are continuously coming down and maintaining a level of $188 to $190 per ton. So this all will give in generation of additional cash. So we will be in a position to maintain a debt equity ratio of one:one on the overall basis.

And I think debt equity ratio of one:one with the expansion of 15,000,000 tons is a good call it a good proposition.

Okay, sir. Got it. So, third question is around for your rail prices. So, are we going to get revised rail prices next year? Or what is the current rail price you are getting from the railways? You see price declaration probably would not be very good in this forum. We will give you offline. We have got the real price for 2223 from the CA cost. As of '23, I think we have all the provision to the CA cost. As you are aware that for rail price, railway has given this responsibility to Chief Advisor cost. It is a Department of Ashbanditsha in the Ministry of Finance. They give the fair value of the particular product. For twenty twenty three, twenty twenty four, we are in the process of finalizing the price. It has not yet come. And we are expecting that soon it will come and it will give benefit to us.

Thank you. The next question is from the line of Pallav Agrawal from Antiques Stock Broking. Please go ahead.

Yes. Good afternoon, sir. So first question Sorry to interrupt, sir. I would request you to please use your handset.

Yes, I am using the handset. Am I audible now?

Yes, I would request to speak a little louder.

Sure. So first question was on the coking coal. So with imported coking coal prices coming down, is there an indexation for domestic coal as well or domestic coal prices stay the same despite imported coking coal prices coming down?

Actually, these domestic coal prices have import parity with capping both upper and lower capping. So there is a parity with imported cores. So naturally when there is a parity, so there will be some recheendar domestic core price also.

Okay. But may not be in the same proportion as the fall in Not that because there is upper capping or lower capping involved. So may not be in the same proportion, but yes, reduction will be there.

Okay. And what would be the proportion? Is it 85%, fifteen % between mix between domestic and imported?

In domestic, yes, we are using a blend of, you can say, almost 85% of the imported coal and 15% of the domestic coal, sale as a coal.

Okay. And are we still do we purchase any coke externally or most of it is captive coke?

No, no, no. It is captive. We are producing, we are not procuring. That will be one of cases that we might have procured but otherwise no. As a policy, we are not procuring.

Sure, sir. Okay. And I just missed the CapEx number that you mentioned for nine months FY 'twenty five and the FY 'twenty five balance, if you could just I said that it was INR 3,900 crores in this particular financial year till December.

Okay. And I said, next year, next year that is by '26, expected is 7,500.

Thank you. The next question is from the line of Pratham Roy from B and K Securities. Please go ahead.

Hi, Pratham. Thank you for the opportunity. I had missed on the new question that you mentioned that the 15,000,000 capacity, it will come into the play? And what will be the timeline for that? And if you give me the detailed deck up of 15,000,000 tonne? And secondly, how much cost will be incurred on that basis? And if debt goes up, then how much I mean, sorry, if the capital will go up, then how much will be funded through internal cash? And how much will be the debt portion on that? Thank you, sir.

Yes. As we said that our total expansion envisaged by thirty-thirty one is 15,000,000 tonnes. Out of which around 7,000,000 tonnes has already been got the first stage expansion in Bocaro, Rourkela, Baukbo, IISCO, Baukaro and Durgaon. And for this Rourkela and the Bilaisil plant, we are still in the process of getting this process of approval. We cannot exactly tell the quantity of quantum which is in these two plants, but roughly it will be in the range of say alkalite will be around 3,500,000 ton additional and rest will be in Duraipur. Duraipur. Okay. That will be in Duraipur, okay, in the second phase.

Okay, sir. And what is the CapEx for intent to 15,000,000 tonne expansion?

Around, roughly, if you say, thumb rule figures that it would be in the range of 110,000 to 120,400 or 15,000,000 tonne.

Okay. And funding is concerned, we are maintaining one:one that is debt equity ratio should be one:one.

Thank you. The next question is from the line of Tushar Chaudhry from Trabuda Srivlathar Capital. Please go ahead.

Yes, good afternoon, sir. Thanks for the question and thanks for the opportunity. Sir, we had in earlier calls, once we had discussed in 1Q FY 'twenty five that we had few long term agreements for cooking coal with few of the coal miners. Just wanted to know, are they over? And when will we get the benefit of lower cooking coal over the period? Can the imported coal cost to go down to INR 16,000, INR 17 thousand per tonne in the next few quarters?

Yes, as we said in the previous call also, the long term contact what we are raising is a continuous process. And it will keep happening, it will keep moving in the same similar fashion. So there is no issue as to the quantity is concerned for the core minus is concerned.

So now with the lower prices also we will be doing long term agreement with them, right?

Actually, you see, you see, we have a long term contact but the prices are determined by the flat and August index, the average of flat and August index, the discounts are given based on that on a monthly basis. So there is no share of prices. The moment this index comes down, the prices will come down automatically.

And secondly, sir, in this result, do we have any one off item in other expenses? Because if I do it on a certain basis, it is quite low. Can you repeat your question?

Is there any one off item in lower other expenses? Basically, other expenses is lower vis a vis prior quarters on per ton basis. Per ton basis is around INR 16,000.

No, no, no, no. There is no specific head under Tata sensors, which we can mention here. It's a general improvement, you can say, in all the heads.

Great. Thanks a lot. Best of luck.

Thank you. The next question is from the line of Vikar Singh from Philip Capital. Please go ahead.

Good afternoon, sir, and thank you for the opportunity. Sir, just wanted to understand one thing. In out of all our plants, Duvacol has the largest Seamless component. So what are the basically any downstream projects which we are taking to bring down the Seamless content, if you could give us some insight into it?

Yes, we have a plan to bring down this TMT mill there, 1,000,000 tonne TMT mill and also on BOO basis 400,000 tonne TMT mill. So the plan is to utilize the same mills as much as possible internally.

So by when this TMT mills are supposed to come?

The process is on. I think how much is going to where the coal has already been received. We are in the process of, as I told, the forming of the cost. And after that, it will take how much time will be? Around thirty six months. Around thirty six months. So you can say roughly it will take another three to four years.

So, till then this finish component will continue as it is, right?

No. As we said in our opening remarks that we are in the process of tying up with the conversion as our finish in the sales has come up substantially. So we are continuing in that process. We'll further increase our conversion agreement with the various parties. The efforts are already on to reduce the finish portion after the sellable steel is concerned.

Understood. And just couple of calls back, you have given us some insight into our low grade iron ore as well as pallet plant capacity to utilize this low grade further. So any further update on the same what is happening in the Jharkhand, whether we got the approval? And how our pallet plants are coming up so that we can utilize Goa ore which is not unutilized as of now?

The asset of Goa iron ore is concerned that is upgrade iron ore which is lying here. For conversion of that into the palletization, We are yet to get this first stage approval of the board. We are in the process of forming the board note and it will be put to the board and once the approval is given, we'll go ahead. But the plan is there to convert it to pallet.

Mr. Vigbar, does that answer your question?

Mostly. Sir, any near term plan to sell IMO as well because we still have a permission in Orissa and Shatigar?

We have a permission in Orissa and Shatigar, there we are selling also. In Jharkhand, we are yet to get that local approval from the state government. If we get approval from the state government, which we are pursuing with the government, we will tell also there is no such thing that we cannot sell. But till the time we get approval, we have to use it domestically internally only.

Thank you. The next question is from the line of Vashy Chopra from Citigroup. Please go ahead.

Thank you. Just some bookkeeping questions. What is the current NSR for flats and long separately?

Current NSR, you mean to say Q3?

No, no. I'll say current, can you give us a blended for January for 48,420?

For January, the NSR in the long run 51,500 and this flat was 50,800 and blended was 48,400.

FY 'twenty five, what is the CapEx target? As in what is the remaining for the fourth quarter?

FY 'twenty five, our total CapEx target was 5,700. Out of this, 3,900, we have already incurred by December. So remaining you get the 1,800 in the next three months that is generally for the March.

Got it. And then in the and what is the total you've given us a crude steel target for the year, but sales volume wise, how much have you done in January and what is the target for the full year?

Yes. Up to January, we have achieved the sales target of 1,570,000 tonnes. And our total target, how much it is? 17,500,000.0. Around 17,500,000.0.

And just last question from me. You gave the total inventory for semi finished and finished at 2.98. What is the finished amount in there?

Finished wood is 1,790,000 tonnes.

And this was 1.93 as of September, right?

Yes, it was 1.93 as of September, yes, you're right.

Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments.

Yes. Thank you very much. My closing comments are the pork of the Indian economy by various agencies have been quite encouraging and the support by the government is strengthening the belief that the economy will continue to do well. SIR demand also continues to prosper and we are hopeful that the price will maintain the momentum that has been gained post monsoon. Apart from the improvement in the operational performance, the company also remained committed towards sustainable performance, including emphasis on the decarbonization, improving capacity utilization, value addition and achieving cost competitiveness. I thank all the investors for their reposing faith in us and I am hopeful that the same will continue in the future as well. Thank you.

On behalf of Novama Wealth Management Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.