Petronet LNG Limited (PETRONET) Q2 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Petronet LNG Q2FI27 Earnings Conference Call, hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Probal Sen from ICICI Securities Ltd. Thank you and over to you, sir.

Thank you, Anam. Thank you to everyone who has made time to attend this post-second quarter of FI27 earnings call of Declanet Energy Limited. We have with us members of the senior management of the company, including Mr. Saurabh Mitra, the Director of Finance as well as the CFO, Mr. Rakesh Shaula, the ED FNA, Mr. Mukesh Bhukta, GGM and President FNA, Mr. Vivek Mittal, sorry, GGM and President Marketing, Mr. Devgat Saurabh, Thank you, Mr. Vikas Maheshwari, G and FNA. Start off with opening remarks from the management, post which we will have an interactive Q&A session. Over to you, sir, sir. Good afternoon.

Good afternoon, Robert. Good afternoon, ladies and gentlemen. A warm welcome to the earnings call for Q2FI2627. I am happy to share that the company has delivered an excellent set of results for the second quarter and the first half of the financial year. This has been our best ever second quarter as well as our best ever half year in terms of both EBT and FAT. Let me briefly take you through the key numbers. Starting with operations, we processed 231 TB2 of LNG during the quarter, compared to 207 TB2 in the previous quarter, and 228 TB2 in the corresponding quarter last year. This represents a growth of 12% over the previous quarter, and 1% over the corresponding quarter. At the heat, Throughput stood at 216 TB2 as against 192 TB2 in the previous quarter and 211 TB2 in the corresponding quarter last year. I would like to clarify that the utilization percentages for the current and previous quarters are based on Zahed's expanded capacity of 22.5 million ton per annum compared to 17.5 million metric ton per annum last year. So while the reported utilization is lower year on year,

the actual volumes processed have increased.

Coming to capacity utilization, the hedge operated at 73% compared with 66% in the previous quarter and 92% in the corresponding quarter. Overall utilization stood at 64% as against 58% and 78% respectively. The financial performance has been particularly encouraging. PLL achieved a PVT of 1,659 crore compared with 1,514 crore in the previous quarter and 1,083 crore in the corresponding quarter last year. This represents a growth of about 10% sequentially and 53% year-on-year. Similarly, packs stood at 1,235 core, compared with 1,133 crore in the previous quarter, and 806 crore in the corresponding quarter last year, registering a growth of 9% sequentially and 53% year-on-year. For the first half, PBT stood at 3,174 crore and PAC at 2,368 crore. Both registering a growth of 43% over the corresponding year period last year. I wholeheartedly thank the investors and analysts for reposing their trust on PLL through the years. With this, we open the floor for questions and answers session. Thank you.

Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mayank Maheshwari from Morgan Stanley. Please go ahead.

Hi, sir. Thank you for the call and a good set of volume numbers today. I had two questions. One in terms of a big picture view around how you're thinking about India's gas consumption and elasticity to gas prices. And second was more on the Petcare project. If you can just elaborate on the progress for that project as well as Okay.

So, I would like to take the first question, second question first, May. And thank you for joining the call. So, total capex during the first half of the year stood at 1,626 score. However, we expect an uptick in the CAPEX during the second half because we have been able to place all the major orders. And the project progress is on schedule. So, although on ground, although financially, the progress appears to be a little less, but if you see the on ground physical progress, it is as per the schedule. Secondly, coming to your first question, Vivek, if you can.

Thank you, sir. So, in terms of gas demand in India, we have seen an uptick in gas demand despite the fact that each other volumes are not coming in. In fact, we have done certain analysis. So, last year, 2025, calendar year, India imported 25.3 million tons of L&D. In the first nine months of this calendar year, which is 2026, India imported 20.15 million tons. So, if we do a flow rate of 25 million tons, it works out to around 19 million tons. So, reserve is 19 million tons. India imported 20 million tons in the current calendar year. In terms of sources, we have seen U.S., Oman, Nigeria, Angola, Tuniraj, and Australia going up. Of course, Qatar and UAE have come down. So this entire demand decline from Qatar and UAE has been compensated by these sources. And this is despite the fact that the prices are in the range of 20 to 25 dollars from March till September. So we believe that Indian demand is resilient. In terms of sector run, I think fertilizer is a major sector because cattle volumes used to go into fertilizer in a big way. So that demand is being now made to cargo being sold either by other suppliers on long term or on spot basis. Other sector which is sticking up we have seen is CGD sector, despite the fact that CGD companies are not doing well, but the demand continues to grow, and the PPSC numbers also reflect now in fact CGD is probably the top consuming sector in India, very closely followed by fertilizer sector. So these two sectors have contributed to demand growth. Power is also supported because coal supplies were impacted during this period. Power also we have seen gas going into power sector. So these three sectors primarily we will attribute this demand.

Yes, sir, if I was just to kind of extend this question a bit in terms of...

I'm sorry to interrupt you, sir. Your voice is breaking a lot. I request you to please use your handset.

Is this better?

No, sir, it's not. Yes, sir.

Is it better?

Yes, sir, please go on.

Yeah, okay, I just say, extending the question in terms of, like, consumer demands being reasonably resilient, any timelines you can give us in terms of trying to kind of secure the contracts for the capacity that you have at the hedge? Anything that you can kind of share around that?

So in terms of utilization, as you have seen, the capacity holders continue to bring in their volumes in a bigger way. So we are in discussion with certain capacity holders to do a tie-up on long-term basis also, the existing capacity holder finding. And in addition to this, the new players who are entering the market or the ambition to enter the market, they are also in discussions to pack capacity. But the existing key players, Family, Gale, IOC, BPC, LGSPC, all continue to do well and bring more volumes and contracts to be committed.

Got it.

Thank you. Thank you. A reminder to all the participants, you can press star and want to ask questions. The next question is from the line of Bineet Banka from Nomura. Please go ahead.

Hi, sir. Thanks for the opportunity.

I have a couple of questions.

So, firstly, on the demand, I think in September, there was a sharp decline in LNG import. If you look at PTAG data, and due to the 2nd of September, I think the spot LNG prices also touched around $30 per MMBTU. So, how is the demand tracking now, and do you think we will be able to achieve this strong demand that we see in second quarter and third quarter as well, and how is October tracking for you?

So we cannot give you what the October looks like, but demand has been constantly steady. We are not seeing any major decline in demand as October. That's what we can say at this point of time. And I don't think the price is such $30 in September. In September, we were doing what we did in the previous month, I mean to say in August 2026. Even October has been more or less similar. But what it would be future, we believe it should be more or less on the same line.

I'm sorry, in second quarter, what was trading and inventory gain?

From now onwards, we will not give guidance on trading and inventory gain separately. There will be only one figure, which is the gain from operational and commercial efficiencies, which is 668 groups.

So, okay, 658 crore gain from some efficiency measure. So, if you adjust that 658 crore and divide by the volume brought in total, so we have this implied number will be much lower than the usual run rate. So, was there any additional cost with respect to maybe the freight on the Qatar volume that you had brought in and you

have to pay higher cost which you will not be able to pass on to optakers.

Was there something like that in the second quarter?

There could be some additional costs this time. A couple of cargoes were brought from Qatar also. Thank you so much.

Okay, sir. Okay. On the LNG vessel charters only, so on the note, I can read that there is 625 crore of claims with respect to LNG charter companies. But if I look at FY26 lease expense, the number was 690 crore for full year. So how come you have 625 crore claim only on seven months of this year? And then this is for three vessels, whereas the lease expense is for four vessels.

If you read the note, it is mentioning that there is the charter has charges and related associated costs also. Which includes the cost of fuel, etc. as well. So, you see, there is some claims from the latter side, there are some counterclaims from Petronet also. So, that's why this figure has come. And as a prudent practice, we have disclosed the claim, the entire claim, elaborately in the note.

Okay, so one last question, if I may. So you have, I think, the charter market for LNG, unlike crude tanker market, is talker. I would agree to that. But why is Petternet not looking to, say, use the three vessels which are currently not being used to maybe give out to subchartering and maybe earn some money on that while not being done?

So, you must have noticed that we have suspended the time charter agreement, and all the three vessels are under suspension. So, the letters are free to use the vessels, and since we have suspended the charter, so we cannot use it. And we will not use it also. It's up to the lesser who have leased the ships to us. They are now going to use it if they wish to.

And this suspension is valid only till force measure from cutter. And if that is lifted, the suspension will also be lifted. Is it correct?

Yes. Till now, yes. But you never know tomorrow what happens.

Mm-hmm. Okay. And, sir, lastly, on the same lines, for your Vesel Aseem, I think the contract is still 2034, and And your cut-eye volume is till 2028. So, six years, what is the plan for using the vessel? Are we going to pay lease expense on something which we are not using or are we going to sublease to somebody?

Definitely, you know, there are business opportunities. We will not definitely keep the vessel idle. And we are also in touch with various off-takers who can effectively use this vessel.

Thank you, sir. I'll get back in the queue.

Thank you. The next question is from the line of Siddharth Raat from Ingrid Capital. Please go ahead.

Hi, thank you for this opportunity. So, basically, when we see in the volume term, sequentially, it grew by around 11%. However, the revenue grew about 30%. Is it largely due to the marketing volumes or it is something else? Can you comment on that?

Yeah, we have answered that in the other question, that gain from operational and commercial efficiencies, due to that, it has increased.

Sorry.

Due to the operational and commercial existencies that we have mentioned in the other question, due to that, this difference is there.

Okay, uh, so can you, uh, just hypercate the, uh, uh, volumes in, uh, terms of your, uh, Marketing part and regasification part.

That is composition of two volumes. 12% growth is total total growth. Some is Qatar and some is other than Qatar. But Qatar volume is against turnover. So turnover growth is higher than that.

Okay.

Okay, that's your thoughts.

Thank you. The next question is from the line of Nitim Tiwari from Philip Capital, India Limited. Please go ahead.

Hi, sir. Good day. Thanks for the opportunity. A couple of bookkeeping questions from my answer. What was basically the regas revenue in this quarter, the service revenue?

Yeah, it's 12, 72 pros.

Thank you. And also, if you can give the details around any forex gain or losses, trading gain loss, or any inventory changes.

See, just as I answered in the previous question, from now onwards, we will give guidance only on one figure, that is operational and commercial efficiencies. Gain from operational and commercial efficiencies, that comes from 668 crores. Instead of different trading gains or inventory gains.

So basically, this operational efficiency gain comprises of trading and inventory related changes, or it also includes forex?

No, forex is separate. This is, basically, this is, you can say it includes both of them.

Okay, any forex related changes, sir, in this quarter?

Forex due to the lease accounting, there is a forex loss of 27 crores.

27 crores, okay. Right, sir. And lastly, like, you know, any further updates on, basically, Copalco terminal and, like, you know, PJSPP project, what is the completion rate at this moment? And although, basically, DSR indicated that the second half CAPEX would be higher, but a figure would be helpful, what you're looking for in the second half.

So, definitely, we plan to achieve the target capex, but there are several factors, you know, if you follow the S-curve, generally, you know, at the beginning, the financial progress is at a higher level. And then, over the period during the peak project, the physical progress always goes ahead of the financial progress. So, as I told you that we have ordered all the major contracts. So, we expect that physical progress definitely will be as per the schedule. And the financial progress will be definitely much, much better than what we have achieved in the first half of this financial year.

Good, sir. So, basically, when you say that we are on target for our CAPEX, this year, which is about 9,000 crores is what we have targeted, right? So, we have done about 1,600 in the first half. So, second half will be making up for this profit. Lastly, sir, if I may one more, what was the Gorgon volume at the age, if any in this quarter, and also in the previous quarter, if you may ask me with that number?

Yeah, it's 12 TBTUs, YTD. This quarter, it was 10. This quarter, it is 10.

10, and then that's all from my end. So, thanks. I'll get back in the queue.

Thank you. The next question is from the line of Aryan Vadaria from Equitas Investments. Please go ahead.

Sir, what was the re-gas tariff for your PUCI and the hedge terminal response?

Regan's tariff for Kochi and Zahe. You know, entire industry, rather than speaking out on the tariff in this call, I would prefer that you gather this information from the industry sources. But I can tell you that the Zahe's tariff is the lowest in the country.

No, sir, of course, that.

All right, no issues.

Actually, the second question was just on the depreciation line, because I think the force major, which is getting taken into our lease accounting, that is having some kind of volatility on our depreciation line. So could you maybe just quantify and give some color on that?

Yes, yes, you are right. Because of the force measure, basically, there is a lease accounting, and you rightly said that we have modified the right of use asset. According to that, the depreciation has changed a bit.

So, if the force measure continues, what we have in this quarter, can we take that as granted?

For depreciation?

Yes, you can take that, but then we will guide in each and every quarterly call.

Sure, that is fine. Thank you.

Thank you. The next question is from the line of Keshav from Kotak. Please go ahead.

Hi, sir. Thanks for the opportunity.

Sir, you mentioned that FLT7 tabulate Apex is around 9,000 crore. Can you share the similar guidance for 28 and 29 hours?

28 and 28 should be at the same level. And 29, from 29 onwards, the gradual crop phase will start.

Okay, that's very accurate. Thank you.

Thank you. The next question is from the line of Achal Shah from Axis Capital. Please go ahead.

Hi, sir. Am I on the board? Yes. Sir, so you mentioned efficiency gains worth around 620 crores. So my understanding is that it will have components which you refrain from disclosing, but The sense is that once things normalize and spot LNG prices moderate, you could see a sharp reversal in the inventory part and even on the trading gains part. And there will be some obviously efficiency part. So is the understanding correct? Once things normalize, we could see a sharp fall or even a negative figure on this efficiency part.

No, we cannot comment on the efficiency. What we can comment is the throughput. Basically, everybody knows that if the price falls, then the normal throughput will go up. The normal sales of the volume or the service component will go up. And in case of rising prices, basically there could be some kind of efficiency gains. So, this is how we can tell you.

Basically, they offset against each other. That's the message you are trying to give.

Understood, understood.

Thank you. The next question is from the line of Amit Murarka from Access Capital. Please go ahead.

Yeah, thanks for the opportunity. So, I think the obvious question, which is around the contract renewals in April 28th. So, where are we on the discussion with the current offtakers, and when do you expect the finalization of that to come through? So, we are already in discussion of...

Those discussions we have been seeing every call are ongoing, so the status continues ongoing, but I don't think it's a matter of concern. We are very hopeful that before the contract starts, everything would be certified and frozen.

Right. And regarding this 5 million ton Daesh expansion, are you looking for take-or-pay right now, or do you think that you'll be looking for it once the current environment settles down?

So, the take-or-pay will take place once there is a committed off-take agreement. So, for the additional 5 million ton, we have not signed any offtaker agreement or any commitment is there from the offtakers.

Now, what I meant was, are you even looking for it right now in this current environment, or will you look to kind of close the takeoff later?

Definitely, capacity tie-up on a long term is always preferred, so then we have sustainability, but having said that, as you mentioned previously, the LNG spot price has declined. Definitely, there are many players in the market who are looking to tie-up capacity alongside the volume. So, we are very hopeful that tie-up can be done very quickly once our current environment is normalized.

Got it. And also, if you have any update on the pipeline, the Kochi Bangalore pipeline.

I think Gale has been very, very hopeful, though we've been saying that from many quarters, but I think within this financial year, it should get connected to the National Geographic. In fact, Gale is still saying December, but as a company, we are being slightly conservative, and we believe within this financial year, it should get connected to National Geographic.

Okay, that's all for me. Thank you.

Thank you. The next question is from the line of Saurabh Handa from Citigroup. Please go ahead.

Yeah, thank you for the opportunity. My first question is, there have been some press reports that Qatar has been tying up some long-term U.S. energy volumes. I just wanted to check, is there some sort of discussion that you are having where they could offer a portion of some of these volumes to you in lieu of the fact that they are not being able to service their current contracts?

So, these volumes tie up, as you may have noted, in those press release, start from 2030-31. So, it's not immediate basis that these volumes are being tied up. And definitely, we have had some discussion with Qatar to diversify supply under the renewed contract, which will start in 2020. So, definitely, they are willing to consider that they may offer or offer certain portion of volumes from other sources which they have tied up. But at this point of time, it is not relevant because these contracts are taking only 20, 30, 30 months. The website is a shame as well.

Okay, so on your existing contract, there is likely not too much of flexibility for them to source some volumes from you from other sources.

Currently, of course, the U.S. volume, whatever it is, is not mostly tied up. Currently, there is no surplus volume which is uncommitted in the U.S. Okay, got it.

And just my second question, you spoke about the efficiency gains of 658 crores. Could you tell us the number in the previous quarter in Q1 as well as in Q2 of last year?

Q1, it was 494 crores.

Okay, and in the corresponding quarter, Q2 of last year?

Corresponding quarter, it was 41 crores.

Okay, that's it for me. Thank you.

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

Thanks for the question, sir. First, on the, you know, on FedCAM, CapEx, can you mention, you know, what CapEx so far we have spent in Spain? And secondly, in terms of, you know, we are able to source the additional volume from U.S., Oman, Nigeria, you know, to offset the falling volume from Qatar. So, how is this a long-term contract or they are just, you know, the figure for near-term? And the, you know, the, if it's a long term, what's the contract size we are doing? Thanks.

Excellent. Total, total contracts on central living and project will incur around 3,700 crores.

Thank you. After 30, September.

In terms of, you know, we are able to source the additional volume from U.S., Oman, and few other countries to offset, you know, the decline in volume from Qatar. So, are there the long-term contracts and what would be their contract size?

So, this is basically not necessarily that petroate is losing. This is being supplied by our capacity holder. So, this is an India aggregate number, not necessarily the petroate number. And, of course, it includes a mix of long-term as well as spot, short-term contract.

Okay. Our facility under the tolling agreements with the optical.

Okay, got it, got it. Thanks.

Thank you. A reminder to all the participants, you can press star and want to ask questions. The next question is from the line of Vineet Banga from Nomura. Please go ahead.

Sir, just one more bit on the Petcan plant. So, for the PDH process and also for the polymerization process, what is the total OPEX per ton if you can give a guidance? Is $100 a ton a pair assumption or it will be higher?

No, I think it is too premature to comment on that. We will talk about this maybe about a year from now.

And sir, for this plant, what will be the useful life?

25 years. 25 years.

Okay, thank you.

Thank you. Next question is from the line of Siddharth Raat from Ingrid Capital. Please go ahead.

Yeah, thank you for having me again. So, my question is, you said that when the LMG prices are high, the tolling volumes will increase, and the regas volumes will increase in the normal circumstances when the LMG prices will soften. Can you explain to me, like, how or why that happens?

No, no, no, we never said that. What we said is, one of the spot prices often, of course, there are two things. One is our Qatar volumes are not going in. So, the Qatar volumes, when they start going in, that will definitely have a positive impact.

Sorry, Tendul, your voice is breaking.

So, what we are saying is that once the Qatar volumes normalizes the state of form of the issue is resolved, the Qatar volumes will start flowing in. So, that will automatically increase our gas sale and purchase volume. Secondly, if the spot price is softened, the number should be even better than deserve is what we are processing today. Because demand in India will increase.

So, in other words, what we have said is that our business model actually is such that whenever the spot prices are high, You know, we tend to gain through our trading activities and operational efficiencies. And whenever the spot prices are low, then the long-term volumes, you know, they come in and our margins are protected. So in any way, either way, our capacity utilization of the plants Remain the same, as well as our margins are protected.

Thank you.

No, you are not audible. Sorry. Can't hear you. Sorry.

Yeah, I'm audible now.

Yes.

Hello? Yeah. So I was saying that, you know, is it the case that wherever there's a force measure, you know, for example, right now you have a force measure coming on from Qatar and definitely you would have extended the same kind of force measure on your customers. So right now you're not bound to get the same kind of regresses in tariffs, where you'll definitely source the LMG from somewhere else, such as the U.S. area, you'll put some marketing margin over and above that, and definitely you'll sell it to the same kind of customers. And hence, you are gaining the trading gain or the marketing gain, which will compensate the loss which you would have incurred due to the low throughput in a high-price environment like this. Is it the case that in a high-price environment, you'd be making a trading inventory gain, basically, which will offset the losses of the low throughput? And in the low pricing environment, basically, the increase in throughput would compensate for definitely the decrease in the trading and inventory and the marketing. So this is how it works.

Yes, we agree with the last part of your reply.

What about the former one?

Former one, actually, we don't import on our own. In case of other than the long-term contracts that we have, whenever there is a post-menger situation like the present one, Our off-takers are actually bringing in cargoes and compensating the loss in volume, and they are making up the volume required for the nation to sustain its energy needs. So, this is the bottom line that we have want to clarify that whenever there is a force measure situation like the present one. We don't bring any molecule on our own. It is only our off-takers who are bringing in volumes. And we say, when we say that we are having some operational efficiency gains, these gains are out of the various operational, you know, saving operational efficiencies through fuel cost save, lesser fuel used, and minimizing the boil off loss. So, these are the operational efficiencies gains through which we balance out the loss in our long-term volume.

So, but if that is the case, then definitely the gain which you would have posted in this quarter, the previous quarter, that should remain as it is irrespective of whatever LNG price is, global LNG price is, even if it falls down to, let's say, $10, $9, if it is purely due to the operational efficiency gain, why would it fade away or go away with the low prices?

With operational efficiency gains, we are able to trade in the market. So that is where the gain comes from.

In very short form, the efficiencies are always there. The best place to monetize it is when the prices are high. That is the answer.

Got it. So right now you are, along with the regasification tariff, you'd also be procuring your own cargo. You'd be putting some trading and marketing and you're gaining through that and you're selling to the off-ticker.

No, we never take exposure on volume. We never take exposure of volume of rice. We never procure any cargo without tying it up downstream. What we are speaking about is the internal efficiencies, basically, the operational and commercial efficiencies, due to which we secure certain molecules and we monetize it at the appropriate time.

Okay, sure. Thank you. The next question is from the line of Vikas Jain from CLSA. Please go ahead.

Hi, thanks for taking my question. This is more to do with the demand, macro demand setup. You know, it's been quite resilient. Broadly, if you look at the PPC numbers or any of that, roughly flat demand for the quarter, despite where prices are for the September quarter. Do you think that at this juncture, we have more or less all of the less price-sensitive demand which is there, and the incremental increase is, of course, Thank you. Versus the previous, you know, similar September quarter last year. So what has, really, it's been surprising. It's been completely city gas or anything else which I'm missing here?

I think the Refine-Z, Fetch-Cham, City Gas, these sectors, if the price was softened, could further drive up the demand.

You believe there could be further upside in city gas with softened prices?

We definitely believe Refine-Z, Fetch-Cham is not consuming to their full potential. Because the volume is short in the market, so they are optimising the liquid fuel to consume more of liquid rather than gas, but if the price was softer, they could definitely consume more.

That part is easier to appreciate, Vivek, but in terms of city gas also, do you sense when you talk to people that there is further upside? Because that's one area which is up to 10%.

No, it's a growing demand sector. The numbers in PPSC is reflected. It's now more than fertilizer. So definitely that sector will continue to grow, and if the prices are softened, there could be more conversions, more LPG getting replaced with the TNG. So all that could drive up the demand.

Okay. And the other thing was, effectively, in this current demand situation, Petronet's volume, not the mix, the volume, hasn't really got worse than what it would have been, or, you know, worse than what it would have been, even with the long-term LNG flowing through, right? I mean, your YOY volume is up despite the fact that overall Indian gas demand is flat. Long-term LNG coming in, why would that lead to higher volume with just replacing one versus the other? Isn't that the right way it will happen out?

The long-term volume, once it flows in, definitely the spot prices will soften. And as we previously just discussed, the spot prices soften, the demand could further go on.

And we can see the trend of January and February this year. Actually, we can surpass that trend.

Okay. And just one thing, this nomenclature change that you are talking about, sorry, operational and efficiency gain, till the previous conference call, if I were to compare these numbers, this is what we used to call trading and inventory gain, or it includes anything incrementally beyond that.

Largely, it is both of them. Nothing registered. Okay. Thank you, Devapratan.

Thank you so much.

Thank you. The next question is from the line of Khushbu Balani from Iquiris Securities Private Limited. Please go ahead.

Yeah, so actually we saw that the Qatar volumes. Came in in the 2Q, and they are slightly, of course, recovering in October month also. So, how much of this catch-up of will be of previously deferred cargoes versus the delivery against the current contractual schedule? So, that was my question.

So, it was part of the current contractual schedule only. Some of the cargoes which were able to drop state of form were delivered to us. It is not a catch-up of the previous column. It was primarily out of the, let us say, in the month of July to September, they were able to deliver 28 cargos. They were able to deliver 6 cargos. So, it is against that only.

Okay. Okay.

Thanks.

And why I am 6 cargos? Because it was larger cargos. So, it is equivalent to 6 standard cargos because these were delivered to Q-Flex vessels.

Okay. Okay. Thank you. That was the last question for today. I now hand the conference over to the management for closing remarks.

So, thank you for participating. I would like to end the conference call on a very positive note, which I didn't share in my opening address. So, considering the performance, the board of directors of the company has approved an interim dividend of rupees 7 per share. So, as we have been committing all our stakeholders that despite the huge CapEx program and cash outflow projections, we will be able to maintain the dividend outgo per share, obviously, not in terms of dividend yield, and that we have been able to keep our words, keep our commitment. So, with that note, thank you once again, and see you again at the end of next quarter.

Thank you. On behalf of Petronet LNG, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.