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AWL Agri Business Ltd.

AWLFast Moving Consumer Goods filings

We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.

Earnings calls

17 transcript(s)/analyst meet(s) served; 1 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 17 documents here); elsewhere sentences render unattributed.

KindDatePeriodServedAttribution rate
TRANSCRIPT202205072022-03-31yes
COVER_LETTER202208102022-06-30no
TRANSCRIPT202211102022-09-30yes
TRANSCRIPT202302152022-12-31yes
TRANSCRIPT202305102023-03-31yes
TRANSCRIPT202308092023-06-30yes
TRANSCRIPT202311082023-09-30yes
TRANSCRIPT202402062024-03-31yes
TRANSCRIPT202405092024-03-31yes
TRANSCRIPT202408062024-06-30yes
TRANSCRIPT202502012024-12-31yes
TRANSCRIPT202410292025-03-31yes
TRANSCRIPT202505062025-03-31yes
TRANSCRIPT202602092025-12-31yes
TRANSCRIPT202511072026-03-31yes
TRANSCRIPT202605052026-03-31yes
TRANSCRIPT202608042026-06-30yes

AWL

files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.

Identity

Statement divisiongeneral
Scope servedconsolidated
Panels on this page4

Market

No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.

Last close184.69
52-week range172.3 – 277.6
Return 1M-7.95%
Return 3M1.46%
Return 1Y-26.94%
Return 3Y-45.71%
Return 5Ynot reported for this period
Market capitalisationnot shown — we could not confirm it
Shares outstandingnot shown — we could not confirm it
P/Enot shown — we could not confirm it
P/Bnot shown — we could not confirm it
EV/EBITDAnot shown — we could not confirm it

Latest quarter filed — period ending 2026-06-30

In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.

Revenue from operations20,048.00
Other income69.00
Total income20,117.00
Cost of materials consumed18,727.00
Purchases of stock-in-trade671.00
Changes in inventories-1,551.00
Employee benefit expense181.00
Finance costs186.00

Ownership — 2026-06-30, and the change from 2026-03-31

HolderPer centChange
promoter and promoter group0.570.00
institutions foreign0.21-0.01
institutions domestic0.080.00
mutual funds0.080.00
public0.42-0.00

Documents on file

ClassMost recentOn file
COVER_LETTER2022-06-301
TRANSCRIPT2026-06-3016

Financial statements

Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.

Quarterly results, as filed

Line2022-03-312022-09-302022-12-312023-03-312023-06-302023-09-302023-12-312024-03-312024-06-302024-09-302024-12-312025-06-302025-09-302025-12-312026-03-312026-06-30
Revenue from operations14,960.0014,150.0015,438.0013,873.0012,928.0012,267.0012,828.0013,238.0014,169.0014,460.0016,859.0017,059.0017,605.0018,603.0021,465.0020,048.00
Other income63.0059.0078.0072.0066.0064.0059.00104.0061.00105.0067.00206.00-79.00132.00159.0069.00
Total income15,023.0014,209.0015,516.0013,945.0012,994.0012,331.0012,888.0013,342.0014,230.0014,565.0016,926.0017,265.0017,526.0018,735.0021,623.0020,117.00
Cost of materials consumed13,666.0012,222.0012,347.0011,864.0010,964.0010,925.0010,537.0011,013.0011,564.0012,364.0014,077.0014,951.0015,240.0015,588.0018,407.0018,727.00
Purchases of stock-in-trade665.00493.00852.00834.00443.00590.00533.00393.001,035.00589.001,012.00839.00837.00587.00725.00671.00
Changes in inventories-870.0087.00518.00-265.00342.00-471.00106.0047.00-244.00-265.00-469.00-336.00-522.00494.0097.00-1,551.00
Employee benefit expense138.0081.0092.00107.00104.00101.00100.00116.00119.00114.00188.00150.00148.00164.00215.00181.00
Finance costs107.00163.00252.00210.00171.00220.00187.00171.00166.00177.00204.00159.00189.00185.00174.00186.00
Depreciation and amortisation83.0090.0091.0092.0094.0096.0095.0079.0096.0092.00108.00103.00107.00111.00128.00117.00
Other expenses936.001,013.001,025.00973.00943.00978.001,049.001,312.001,075.001,092.001,261.001,088.001,214.001,218.001,497.001,327.00
Total expenses14,725.0014,150.0015,176.0013,816.0013,062.0012,439.0012,607.0013,131.0013,812.0014,163.0016,380.0016,954.0017,213.0018,346.0021,243.0019,658.00
Profit before exceptional items and tax298.0060.00340.00129.00-68.00-108.00281.00211.00418.00402.00546.00311.00313.00389.00380.00459.00
Exceptional items0.000.000.000.000.00-54.000.000.000.000.000.000.000.00-26.000.000.00
Profit before tax298.0060.00340.00129.00-68.00-162.00281.00211.00418.00402.00546.00311.00313.00363.00380.00459.00
Current tax131.004.0043.0042.0042.00-32.0055.00113.00115.0096.00150.0065.0076.0090.0093.00120.00
Deferred tax-52.0023.0066.00-5.00-50.001.0020.00-57.00-8.0024.003.0014.009.0012.0017.007.00
Tax expense79.0028.00108.0037.00-8.00-32.0075.0056.00107.00120.00153.0079.0085.00102.00111.00127.00
Profit for the period234.0049.00246.0094.00-79.00-131.00201.00157.00313.00311.00411.00238.00245.00269.00293.00351.00
Profit attributable to owners234.0049.00246.0094.00-79.00-131.00201.00157.00313.00311.00411.00236.00245.00269.00292.00350.00
Profit attributable to non-controlling interests—0.000.000.000.000.000.000.000.00-0.000.002.000.000.001.001.00
Other comprehensive income2.00-10.00-1.00-4.001.00-2.00-1.00-3.003.00-0.00-2.00-2.00-8.00-1.00-5.00-2.00
Total comprehensive income236.0039.00245.0089.00-78.00-132.00200.00154.00316.00311.00409.00236.00236.00268.00288.00349.00
Earnings per share, basic2.010.381.890.72-0.61-1.011.551.212.412.393.161.841.892.082.262.71
Earnings per share, diluted2.010.381.890.72-0.61-1.011.551.212.412.393.161.841.892.082.262.71

Annual results, as filed

Line2022-03-312023-03-312024-03-312026-03-31
Revenue from operations54,214.0058,185.0051,262.0074,731.00
Other income172.00261.00294.00418.00
Total income54,386.0058,446.0051,555.0075,148.00
Cost of materials consumed48,214.0048,208.0043,291.0064,185.00
Purchases of stock-in-trade2,335.002,736.001,960.002,989.00
Changes in inventories-1,757.001,239.0024.00-266.00
Employee benefit expense392.00394.00421.00676.00
Finance costs541.00775.00749.00707.00
Depreciation and amortisation309.00358.00364.00449.00
Other expenses3,294.003,947.004,431.005,016.00
Total expenses53,327.0057,657.0051,239.0073,756.00
Profit before exceptional items and tax1,059.00789.00316.001,393.00
Exceptional items0.000.00-54.00-26.00
Profit before tax1,059.00789.00262.001,367.00
Current tax246.0095.00178.00325.00
Deferred tax39.00141.00-86.0052.00
Tax expense284.00235.0092.00377.00
Profit for the period804.00582.00148.001,045.00
Profit attributable to owners804.00582.00148.001,042.00
Profit attributable to non-controlling interests—0.000.003.00
Other comprehensive income-3.00-23.00-4.00-16.00
Total comprehensive income800.00559.00144.001,029.00
Earnings per share, basic6.894.481.148.05
Earnings per share, diluted6.894.481.148.05

Balance sheet, as filed

Line2022-09-302023-03-312023-09-302024-03-312024-09-302025-09-302026-03-31
Total assets21,018.0020,980.0020,531.0019,807.0021,871.0025,030.0024,759.00
Non-current assets6,233.006,443.006,918.007,058.007,509.008,774.009,080.00
Current assets14,785.0014,532.0013,608.0012,718.0014,332.0016,233.0015,656.00
Property, plant and equipment4,285.004,327.004,236.004,426.004,565.005,554.005,973.00
Capital work-in-progress257.00324.00724.00870.001,092.00746.00443.00
Goodwill52.0050.0048.0049.0055.00315.00325.00
Other intangible assets412.00417.00432.00446.00449.00749.00844.00
Inventories7,207.007,681.007,485.007,204.007,978.0010,901.008,191.00
Trade receivables2,139.001,931.001,912.001,783.002,254.002,403.002,624.00
Cash and cash equivalents246.00395.00144.00259.00725.00276.001,677.00
Total equity and liabilities21,018.0020,980.0020,531.0019,807.0021,871.0025,030.0024,759.00
Equity7,831.008,166.007,962.008,316.008,942.009,907.0010,444.00
Equity share capital130.00130.00130.00130.00130.00130.00129.00
Other equity7,701.008,036.007,832.008,186.008,813.009,776.0010,311.00
Total liabilities13,186.0012,814.0012,569.0011,491.0012,930.0015,123.0014,315.00
Non-current liabilities1,080.001,127.001,104.001,080.001,182.001,552.001,887.00
Current liabilities12,106.0011,687.0011,465.0010,411.0011,747.0013,571.0012,428.00
Borrowings, non-current34.000.000.000.0074.00294.00392.00
Borrowings, current2,917.002,226.003,643.002,415.001,867.00543.00426.00
Trade payables8,235.008,538.006,878.006,999.008,671.0011,418.003,269.00

Cash flow, as filed

Line2022-03-312022-09-302023-03-312023-09-302024-03-312024-09-302025-09-302026-03-31
Net cash from operating activities1,160.0028.00663.00-1,436.00289.001,698.001,283.003,928.00
Net cash from investing activities-3,861.00-55.00533.00122.00142.00-420.00-222.00-1,066.00
Net cash from financing activities2,691.00158.00-919.001,066.00-563.00-804.00-1,165.00-1,678.00
Purchase of property, plant and equipment536.00343.00679.00468.00932.00513.00450.00833.00
Net increase in cash-10.00119.00268.00-251.00-136.00466.00-110.001,212.00
con:CFO.BEFORE_TAX1,404.00134.00826.00-1,376.00451.001,844.001,449.004,287.00
con:INTEREST_RECEIVED.OPERATING0.000.000.000.000.000.000.000.00
con:INTEREST_PAID.OPERATING0.000.000.000.000.000.000.000.00
con:DIVIDENDS_RECEIVED.OPERATING0.000.000.000.000.000.000.000.00
con:TAX_PAID.OPERATING244.00106.00163.0060.00162.00146.00166.00359.00
con:CF_OTHER.OPERATING0.000.000.000.000.000.000.000.00
con:INVESTMENTS_PURCHASED0.000.000.000.000.000.000.000.00
con:INVESTMENTS_SOLD0.000.000.007.007.000.000.000.00
con:PPE_DISPOSALS1.001.005.001.002.0027.009.009.00
con:CF_INVESTING.SUBSIDIARIES_SOLD0.000.000.000.000.000.000.000.00
con:CF_INVESTING.SUBSIDIARIES_ACQUIRED0.000.000.000.000.007.00380.00415.00
con:CF_INVESTING.JV_SOLD0.000.000.000.000.000.000.000.00
con:CF_INVESTING.JV_ACQUIRED0.000.000.000.000.000.000.000.00

Who owns it

The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.

Holder2023-09-302023-12-312024-03-312024-06-302024-09-302024-12-312025-01-132025-02-142025-03-312025-06-302025-09-302025-12-312026-03-312026-06-30
Promoter and promoter group87.9487.8787.8787.8787.8787.8774.3674.3674.3674.360.640.570.570.57
Domestic institutions0.070.120.290.250.070.058.768.768.918.620.090.090.080.08
Mutual funds—————————8.170.080.090.080.08
Insurance companies0.000.060.260.220.030.010.420.420.420.440.000.000.000.00
Foreign institutions0.630.650.770.730.951.164.064.064.314.610.140.210.220.21
Public12.0612.1312.1312.1312.1312.1325.3025.3025.3025.300.360.430.430.42
Non-institutional11.3611.3511.0711.1411.1210.9212.4912.4912.0812.070.130.120.120.13
Shares outstanding12996786051299678605129967860512996786051299678605129967860512996786051299678605129967860512996786051299678605129967860512996786051299678605

Related parties

Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.

CounterpartyRelationshipTypeAmount in the periodTransactions
Wilmar Trading Pte. Ltd.Entities over which JV or substantPurchase of goods or services37,759,500,000.001
Wilmar Trading Pte LtdEntities over which JV or substantAny other transaction, Purchase of goods or services3,351,600,000.006
Wilmar Highpolymer Material (Lianyungang) Co. LimitedEntities over which JV or substantAny other transaction, Sale of goods or services2,118,900,000.002
Wilmar Marketing Sdn BhdEntities over which JV or substantAny other transaction, Purchase of goods or services1,985,300,000.002
ADM International SARLEntities over which JV or substantPurchase of goods or services1,589,400,000.001
K.T.V. Health Food Private LimitedJoint Venture CompanyAny other transaction, Interest received, Purchase o1,145,600,000.006
Wilmar Rice Trading Pte. Ltd.Entities over which JV or substantAny other transaction, Sale of goods or services976,500,000.002
Vishakha Polyfab Private LimitedJoint Venture CompanyAny other transaction, Interest received, Purchase o735,700,000.005
Wilmar Europe Trading B.V.Entities over which JV or substantAny other transaction, Sale of goods or services607,900,000.002
Bangladesh Edible Oil LimitedWholly Owned Subsidiary CompanyAny other transaction, Purchase of goods or services592,900,000.003
ADM Agro Industries India Private LimitedEntities over which JV or substantAny other transaction, Purchase of goods or services548,000,000.003
Omkar Chemical Industries Private LimitedSubsidiary CompanyAny other transaction, Inter-corporate deposit, Inte381,600,000.009
Wilmar Oleo North America LLCEntities over which JV or substantAny other transaction, Sale of goods or services369,500,000.002
Worldchem Industries Private LimitedEntities over which JV or substantAny other transaction, Purchase of goods or services285,100,000.007
Adani Ports And Special Economic Zone LimitedEntities over which JV or substantAny other transaction, Purchase of goods or services267,200,000.006

What management said

Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.

DateQuarterWho spoke
2026-08-04Q1FY27AVVL, OFFICER & MANAGING DIRECTOR, OPERATING OFFICERRead the call
2026-05-05Q4FY26LIMITEDRead the call
2026-02-09Q3FY26Agribusiness, LIMITEDRead the call
2025-11-07FYFY26Agribusiness, LIMITEDRead the call
2025-05-06Q4FY251 ICICI Secunties, AWL AGRI BUSINESS LIMITED, Agri businessRead the call
2025-02-01Q3FY25ADANI WILMAR LIMITED, adani, wHmar, wilmar, – ADANI WILMAR LIMITEDRead the call
2024-10-29FYFY25fl /CIC/ Securities, wilmarRead the call
2024-08-06Q1FY25ADANI WILMAR LIMITED, OFFICER, ADANI WILMAR LIMITED., wilmarRead the call
2024-05-09FYFY24ADANI WILMAR LIMITED, OFFICER, ADANI WILMAR LIMITED, adani, wilmarRead the call
2024-02-06FYFY24ADANI WILMAR LIMITED, OFFICER, ADANI WILMAR LIMITED, wilmarRead the call
2023-11-08Q2FY24wilmarRead the call
2023-08-09Q1FY24wilmarRead the call
2023-05-10Q4FY23wilmarRead the call
2023-02-15Q3FY23fl 1c1c1 Securities, wilmarRead the call
2022-11-10Q2FY23AXIS CAPITAL, EXECUTIVE OFFICER, wilmarRead the call
2022-05-07Q4FY22- ADANI WILMAR LIMITEDRead the call

Some earlier announcements under this heading are covering letters only — no transcript was attached.

What they said about it, quarter by quarter

TopicQ2FY24Q3FY23Q3FY25Q3FY26Q4FY22Q4FY23Q4FY25Q4FY26
Capex——And next year also, we plan to have bigger capex.——So all this put together, we are putting a lot of money on capex in food business.Our Gohana food complex, which is one of the big capex that we spent out of IPO funding is now more or less ready.—
Capital allocation——So if you could address here because post the acquisition of the number 3 brand there, it has been a bit challenging post that.—Sir, I wanted to check if you could share the breakup for your food business in terms of the key contributors, wheat flour, rice, soya chunks, besan, …—What we can do, we are doing it by ensuring that we keep on adding good businesses in the overall scheme of the things like we did the GD Foods acquis…Are you happy till now whatever has happened in terms of the acquisition?
CostsI just wanted to get a sense on like this time around it is more of raw metal prices coming down and sort of this surge in competition, so do you cons…On all the segments, we performed quite well in terms of quarterly as well as yearly performance, and yearly, of course, I want to add here is that it…Do you -- just trying to think in terms of the pace at which you change prices depending on your raw material sources.———And second, of course, sourcing, we have already started intervention because lot of their raw material, which is there -- already there in our scheme…—
Debt and cash——And similarly, the net working capital in the food business has also gone up from INR393 crores in March '22 to INR1,461 crores in December '24.———We would be doing a lot of other interventions also in terms of putting more money for the working capital, putting more money for expansion wherever …And a lot of the local edible oil players would not have been able to manage the working capital sourcing for a few days, the way you would have manag…
DemandIn terms of distribution our direct reach has now 650000 outlets last year same time we were sitting on close to 580000 outlets now close to 650000 ou…Just to give update on macro context for the Quarter 3 - we saw macro tailwinds in the form of strong demand on the back of festivities and weddings.This is quite concerning as palm remains one of the highest consumer oil in India, and therefore, any such trend will have a risk of inflation and tra…The demand environment remained moderately challenging, though the offtake improved in the second half of the quarter.When the market of sunflower and soyabean will go up and there is a shift surely mustard and rice bran are two local oils where there is bound to be s…The only encouraging thing for us, is that volumes are growing and therefore, in coming quarters, we are quite optimistic given the fact that demand i…The prices of palm remained high as compared to soya and sunflower, impacting, of course, the demand on palm and that's where also company had some bi…See, Abneesh, on the Q4 per se, if I say, I think the impact is not that much because the prices - - while prices went up in March, but it also saw a …
GuidanceAs a ritual what we will do is we will take you through a very brief presentation to talk about how the Q2 went, what are the problems the company fac…The Food & FMCG basket as such clocked close to INR 2900 Crore of revenue, a very significant number to talk about for any company, and therefore, we …And the second point is with the prices having corrected a little bit in Jan, do we expect some of these inventory-led gains slightly to reverse, not …Sir, your guidance regarding -- you had guided for INR3,500 crores to INR3,000 EBITDA per ton as a sustainable.When you look at each of these categories say rice we have added a volume of 39% increase in volume in one year between FY2021 and FY2022 we expect to…So like as you said, we are currently about $1,000, and we expect about 15% drop approximately in realization.However, having said that, as you ask, what is the outlook for the next full year.Operational EBITDA at plus of INR2,300 crores and PAT, we delivered PAT of plus of INR1,000 crores, which is in line with the expectation by the Stree…
MarginIn terms of the business aspect for any company there are two aspects for business performance, one of course is the margin performance how have you p…EBITDA, flattish, and of course, the PAT de-grew by 14%, and that is basically an overhang of Quarter 2 numbers, in which we did not have a very good …January 27, 2025 Per ton metrics on gross margin and EBITDA also remained similar to the trend, we witnessed at the consolidated numbers.On a per ton basis, that is what we always suggest to look at our profitability metrics, both the gross profit as well as the EBITDA remained in line …The EBIT or segment revenue is more or less flat as we said that EBITDA neutral basket as of now and we are happy to conclude this year with a food ba…And therefore, when you look at the full year number, the impact on margin is not as high as we actually experienced in quarter 2 and quarter 4.When it comes to full-year EBITDA, we clocked operational EBITDA of plus of INR2,400 crores, which is 119% up year-on-year.Both on operational EBITDA and PAT also company was able to deliver better numbers with EBITDA growing by 40% and PAT growing by more than 50% year-on…
People——The capacity utilization in this segment continues to be reasonably well placed, which is suggestive of the fact that any future growth can be accommo…———Capacity utilization for all our edible oil capacities is decently placed, plus of 60%.—
PricingJust asking about the pricing are we taking any further pricing actions on edible oil portfolio or it is just a correction that we have taken earlier?On other hand, the government has put in a cap on the pricing, so you cannot raise the price, and that, actually combined effect, has resulted into ou…We witnessed cutting consumption by consumer due to high pricing.Profitability during the quarter was in line with the management estimates, reflecting disciplined execution in a stable pricing environment.——One, palm has now started coming back into the pricing game, and it is today, if you ask me, it is cheaper than soybean oil, obviously, cheaper than s…It didn't go up in a sense, all the players who bought the inventory or who bought the wheat at the time of harvest, we were not able to get the carry…
Revenue growthThis oil has shown a growth of 38% in year-on-year for us in the quarter.The profitability and per ton margin on a standalone basis, the gross profit per ton improved by 5%, resulting into absolute gross profit growth of 25…In the food and FMCG business, we delivered yet another quarter of a sizable volume growth of 23%.Our core brands continued to perform well with Fortune oils -- Fortune brand, rather, I would say, and Food delivering a very healthy growth of 13% ye…—On segment, we had most of our drop in our margins coming in from the edible oil and of course, because the edible oil has been a significant contribu…Full- year growth was tepid at only 5.5%.We have been able to maintain the gross margins per ton plus of INR12,000 and EBITDA closer to INR3,400 a ton for the quarter, which is again a growth…

What they said they would do

Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.

DateQuarterWhoWhat they said
2022-11-10Q2FY23wilmarNow this has impacted gross margins by 10% which is close to Rs.150 Crores if I have to quantify it, now this Rs.150 Crores of gross margin impact is actually less than 10% of our full year EBITDA and we are quite confident this is the only a one time impact which has happened on the P&L and therefore as we move forward, we should be able to recover this.
2023-02-15Q3FY23wilmarThe Food & FMCG basket as such clocked close to INR 2900 Crore of revenue, a very significant number to talk about for any company, and therefore, we expect that this basket when we close this year, FY2023, would be a good close to INR 4000 Crore of basket.
2024-10-29FYFY25wilmar2,100 crores plus on last 12-month basis, which is suggestive of the fact that our standard run rates are back, and we should be able to deliver better numbers for FY '25.
2025-02-01Q3FY25ADANI WILMAR LIMITEDFood business, which comprises several product categories, is currently in an investment phase and we target to have 20% to 25% of the same in this segment as well.
2025-05-06Q4FY25AWL AGRI BUSINESS LIMITEDThese all distribution updates or a distribution improvement that we have been able to showcase should start reflecting in coming quarters and we should see the impact -- positive impact of all these developments in Q1 and Q2. Alternate channel, quick commerce is quite encouraging for us, grown at 113%.
2025-05-06Q4FY25AWL AGRI BUSINESS LIMITEDSo just to spell out very clearly, INR3,500 to INR3,600 a ton of EBITDA for edible oil should be -- should be -- on an overall basis, we should be able to deliver.
2025-05-06Q4FY25AWL AGRI BUSINESS LIMITEDApril 29, 2025 crores plus of revenue this year, I think we have taken internal target that by end of FY '27, that is after 2 years, we should be able to clock INR10,000 crores of revenue for the food.
2025-11-07FYFY26AgribusinessHowever, when we look at a 3-year CAGR for the edible oil, it is at 7%, and that's what we target to achieve, which is mid-single-digit growth in edible oil as we go forward.
2026-08-04Q1FY27AVVLIn Edible Oils, we expect volume growth of around 5%-6%, with EBITDA expected to remain in the range of INR 4,000-INR 4,500 per metric ton.