Ladies and gentlemen, good day and welcome to Amara Raja Energy & Mobility Limited Q2 FY25 earnings conference call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. 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 touch-on phone. Please note that this conference call is being recorded. I now hand the conference over to Mr. Mukesh Saraf from Avendus Spark. Thank you, and over to you, sir. Thank you, Siddhant. Good evening, Mukesh here from Avendus Spark. Appreciate everybody logging in. I'm pleased to be hosting Mr. Delli Babu, CFO of Amara Raja Energy & Mobility Limited, for the Q2 FY25 post-results conference call. We'll start with brief opening remarks from Mr. Babu and then follow it up with Q&A. Over to you, sir. Yeah, good afternoon, everyone. Thanks for joining the call. The quarter that we have concluded with INR 3,250 crore revenue on a consolidated basis with about 10% year-on-year growth has about INR 2,100 crore of that revenue coming from the lead-acid battery business. Lead-acid battery business, if you look at it on a standalone basis, has grown about 12% on a year-on-year basis. The growth is coming predominantly from volume growth across all product segments, except for the VRLA product that is supplied to the telecom application. The four-wheeler volume this quarter has seen a very good growth in both aftermarket as well as export markets. Aftermarket growth in four-wheeler was around 15%, and the export growth was around 20% during this quarter. While the OEM growth was subdued, there was a reduction of about 3% over the previous year. In the two-wheeler side, we have grown about 17% in the volume terms. This has in the same band, both in the OEM and aftermarket segments. Even in the inverter business and the home UPS, the overall volumes have grown about 10% over the previous year. Of course, much of these batteries are being traded, which is why the overall trading revenue mix compared to the previous year has also increased by almost 3%, which is roughly about INR 100-120 crore over and above the previous year trading revenue. We are also seeing some good traction on the Lubes product that we have launched during the end of last year. This quarter, the overall revenue from the Lubes has crossed about INR 30 crore for this quarter, and we have seen some reasonable traction around that. As far as the new energy business is concerned, the EV batteries and the ESS batteries have not shown substantial growth over the previous year. There were some delays in the overall offtake on the three-wheeler side and also on the ESS side, due to certain OEM requirement scheduling changes and also some requirements considering the stock levels of some of the ESS players. And even the charger revenues have reduced compared to the previous year because of some product specification changes that we are doing, and there is a slowdown in the offtake from the OEMs. These are basically quarter-specific trends. I don't think they can be extrapolated to the complete year. I'm sure there will be a rebound that we can see in the coming quarters. As far as expenses are concerned, the other expenses include a fuel purchase cost adjustment levy that has been levied by the AP government for the financial year 2023. And while we were carrying certain provisions, there was an impact of about INR 15 crore of expenses during the current quarter owing to this levy. I think this levy will continue for FY 2024 as well as FY 2025, for which, while we are carrying some provisions in the books of accounts, we may have to increase those provisions in the coming quarters considering the recent levy. That may result in about another INR 10 crore to INR 15 crore of additional expenses for the coming two quarters. On the margin side, you would have seen on a standalone basis, the overall margin dilution was about 5.5%, predominantly coming because of a higher trading revenue coming up. And also, I'm sure that trading revenue, as I explained earlier, will reverse once we start the manufacturing of our own tubular batteries sometime towards the end of this financial year. And also, another challenge we have seen in this quarter is lead price at the beginning of the quarter was a little higher, while we have taken some price increases. We have also seen some alloy prices also hardening during the quarter. These have also caused some bit of pressure on the margins. The price increase that we have taken during the quarter was about, I mean, just before the Q2, was about 1.5% in the aftermarket segment. Obviously, the OEMs and others will take some time lag before we adjust these prices. And now, obviously, the lead price has again kind of softened while the currency is increasing to beyond 84 levels. So that was a reason for that 0.5% dilution in the margin. But when it comes to consolidated business financials, the overall margin dilution is even higher at about 1%. That's coming more because of additional expenses that we are incurring around our new energy business, coupled with some level of turnover reduction in the new energy business. Both have caused the dilution in the overall consolidated margin. So while the expenses on the new energy business will continue, the lead-acid business on a standalone basis should be able to recover some portion of this margin dilution in the coming quarters. As far as other inputs are concerned, the recycling plant that we have set up in Tamil Nadu is going to commence its refining commercial operations during this month, and we are going to start the battery breaking operations during the first Q4 of this financial year itself. The tubular battery plant is now almost on the verge of completion. We are expecting the commercial production to commence sometime in the month of February or March. The insurance claim related to this has been collected. I think so far we have received close to, as of September 30th, we have received close to 200 crores with respect to the claim. And also, during the current quarter, we will receive another 150 crores towards the insurance claim. So there are some more claims that are pending, which we will be collecting as and when the project gets implemented. I think that's a brief summary on where we are. Now, I'll open it up for any questions and clarifications. Thank you very much, sir. We will now begin the question and answer session. Participants present on the audio bridge who wish to ask a question may press star and one on their touch-tone telephone. If you wish to withdraw yourselves from the question queue, you may press star and two. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Our first question is from the line of Kapil Singh from Nomura. Please go ahead. Good evening, sir. I just wanted to know what is our export mix currently and also the aftermarket mix in the four-wheeler batteries? See, from a volume point of view, they still remain around 25% of our overall volume, the export numbers. And the aftermarket will be around 45% to 50%. The rest will go towards the volumes. Okay. So there is no change because you've not seen growth in aftermarket, right? So probably that would have supported. See, we have seen the, I mean, as I mentioned, this quarter, we have also seen the aftermarket growth around 15% higher than what we have seen in the earlier quarters, actually. So that way, the overall mix is still not changing significantly between aftermarket, OEM, and exports. Understood. And, sir, how much margin benefit can we have once we move away from trading revenues to our own facilities? And also, what would be the margin benefit from the recycling plant? Yeah. See, as far as the recycling bit is concerned, as we discussed in the earlier calls also, there could be a possibility of at least, if we can improve the recovery of the lead by about 2% to 3%, it should help reduce the material cost at least by about 1.5% to 2% reduction is possible, only to the extent of the quantity that we are going to get from the recycling plant, not on an overall basis. Secondly, on the tubular batteries, right now, this year, we have traded almost close to a million batteries on trading. I mean, if I were to take FY24 as a basis, and we will be able to convert most of it into our own manufacturing. So when I do manufacturing, naturally, at least on that volume, we should be able to see at least another 4% to 5% of margin accretion because trading would only result in 10% to 11% kind of a margin. And tubular manufacturing should give us a bit more than that. Sir, what is the revenue for these one million batteries? You can say approximately about INR 800 crores. Okay. Understood. And sir, last question was on other business revenues. For the last few quarters, it has been soft. So if you could give a bit more color here as to what exactly is happening here with respect to, is it a customer-specific problem or is it an industry-specific issue? Also, we are first going to come up with an NMC line for the lithium-ion cells. And I see that there is a move towards more towards LFP chemistry across segments. So just if you could help us understand, is there a utilization risk that we should face or there is enough, there is going to be enough demand for NMC chemistry as well? See, as far as the revenue oscillation in the new energy side is concerned, I mean, there are two or three major reasons. One, obviously, is the OEM uptake, depending on some of the changes that they have seen in the FAME subsidy, etc. There was some oscillation in the OEM uptake. And secondly, there are some product advancements that are being required, which we are doing it now, particularly on the charger side, where it took a bit of time for us to complete that upgrade. And also, we have now completely localized it. Earlier, it used to be an import from China. So the localization also has kind of created a bit of a delay in the overall charger revenue. On the ESS side, there are again, because depending on the inventory levels of telecom players, some quarters, it will take a reduction that used to happen even in the lead-acid scenario. So those are some of the reasons why there is a softening of revenue that's happening on the new energy side. But of course, the focus is that we know that the APAC revenue will grow through these changes, depending on the OEM business model, whether they want to do it on their own or outsource. It is not that they have settled onto one model. There are still ups and downs going on over there. As far as 2170 cells are concerned, at this moment, also, we see that there are applications both in the two-wheeler and the regular side. Still, 2170 is definitely a preferred style where the capacity is improving beyond five. So that's why, even in the beginning, even as early as 2021, we said NMC will only be a small part of the overall requirement, which is why in our overall plan, also, we never said anything more than 2 gigawatt-hour for NMC. At the same time, there is an LFP alternative as well in the cylindrical side. That is also a product that can be manufactured. So we will not have a significant underutilization of the capacity because the capacity itself is very, very low at about 2 gigawatt-hour what we are planning now. Obviously, we will not add capacity unless we see a robust demand signal for that product going forward. Okay. Thanks, sir. I'll come back in the queue. Sure. Thank you. Our next question is from the line of Aditya Jhawar from Investec. Please go ahead. Mr. Aditya, your line has been unmuted. Hello? The line for the participant seems to be disconnected. We'll move on to the next question, which is from the line of Raghunandan N.L. from Nuvama Wealth Management. Please go ahead. Thank you, sir, for the opportunity and festive greetings. Sir, firstly, on the volume growth for the industrial space, how was the volume performance? And within that telecom, given the high base of last year, how much was the decline? Yeah. Sorry, I thought good that you reminded me. See, the overall industrial volumes have come down by about 10% compared to the previous year, Raghu. That has come on the back of a 30% reduction in the telecom volumes. Understood, sir. And in terms of the lithium business, how much has been the total investment so far, and what is the target by end of FY25? So far, we have done about INR 850 crores of investment into that subsidiary company. Of that, they have utilized close to about INR 700 crores. We will be investing another INR 400 to 500 crores during the second half of this financial year. They may use that money. Maybe they'll be using most of it. About another INR 500 to 600 crores they may spend towards the second half of this financial year. The cumulative investment, I thought, was close to INR 1,200 crores. See, from an investment point of view, you are right. I will be investing into the subsidiary close to, since they have already spent INR 750 crores, they will be spending another INR 500 to 600 crores during this year. So the overall cumulative investment by the end of this financial year from cash flow spend point of view should be around INR 1,200 crores. Got it, sir. For FY26, what could be the approximate plan? FY26 should be another minimum 1,000 crores, depending on when we pay for the equipment. It should be a minimum of 1,000 crores, and I may come back to you with the revised number sometime in future. Got it, sir. And so far on the cell side, we've had tie-ups with Piaggio and Ather. Just trying to understand, I'm sure you'll be in discussion with several marquee names. Can we expect more tie-ups in the near term? I have no further comment to offer than to say that we are discussing with people. So I can only say that when they are at a stage that needs to be disclosed, we can do that. At this point of time, I don't think I can give a kind of a number or any date at this point of time. I think these are all at a stage of discussion. Fair point. Fair point, sir. Just one last question. For the lead-acid battery, there are some government targets on the recycled battery or lead procurement. I think it's around 50-odd% for the current year. Can you indicate what are the targets in the next two, three years? And relating to those procurement, do you expect any cost to be incurred by Amara? No. Point number one, last year it was 50%. This year, it is actually 70%. Next year, it is going to be 90%. That is the target of batteries that needs to be collected back from the market. We are already there. I think we have actually crossed that 70% mark. So there is no additional cost that we need to incur because scrap battery prices will always align. While India is definitely a costlier scrap market compared to other international markets, the overall scrap price will always remain. If you buy directly lead from an LME source, the cost, landed cost, vis-à-vis the BWMR or BMHR, whichever way you call it, the new rules scrap procurement, the cost is not going to be significantly different. So there is no extra cost that we need to incur. Maybe there will be some bit of reverse logistic cost that we need to incur, but it is not going to be at the material cost level. It will not be significantly higher. Got it, sir. Thank you, sir. Thank you so much. And I'll get back to the queue. Thank you. Our next question is from the line of Aditya Jhawar from Investec. Please go ahead. Hi. Hi, sir. Thanks for the opportunity. A couple of questions, sir. On the lead-acid business, how much lead pass-through is still there in the pipeline? And when do you expect to have the complete pass-through? That is number one. Number second, from margin perspective, how should we think about margin in the next couple of years, considering various variables there in the business with regard to RM prices, change in product mix, and increase in recycling? Could you please throw some light on these two questions? See, I think Q3 will have maybe a month of pain, but of course, now currency has gone beyond 84, so that problem will be seen. So in that sense, Q3 will still have a bit of a overhang as far as the lead and allied pricing is concerned. I'm sure now lead is close to around $2,000. That will definitely provide some relief. So part of Q3 is definitely going to have that kind of an overhang. And secondly, for the future margin potential is concerned, assuming if the lead is around, let's say, 2 lakhs. And then on standalone basis margins, if I were to look at it, we always said we will be able to hit 14, 16 if the lead base is around 150 to 180. That's always the standard we have said. Now, I think we are inching closer to 14% mark even at 2 lakhs lead level, thanks to good growth in the export markets and also some bit of process initiatives that were taken up internally. But I think the objective is if we can consistently deliver 14% or maybe 14.5% kind of a margin around 2 lakh level, that could be a possibility considering various other initiatives that we are doing. Anything beyond that, I mean, at this point of time, I don't think I'm in a position to give any indication about. Okay. Okay. So that's helpful. Second question is on the CapEx on the lead-acid business front. What we recall is that in the previous call, you had mentioned about a number of INR 350 crores for FY25. And it seems that you have incurred the entire CapEx in the first half of this year. So is there any change in plan of the entire CapEx for FY25 and incremental CapEx? Where are we deploying this number? See, on standalone basis, when you look at it, we have spent. The capitalization of the cash flow number is about INR 385 crore, is the number that you are seeing. So in the second half, I don't think there is going to be a significant number of cash flow around it. So maybe another 100, 150-odd crore. There is no basic change in the plan, except that some of the new line purchases have gotten a little bit advanced because we are increasing our four-wheeler capacity in the ABD3 plant. That's where there is line advancement that has happened. That's the reason there is an increase in the overall CapEx. But otherwise, it will still be remaining around that INR 500 crore number. Okay. Okay. Yeah. So that's it from my side, sir. All the best. Thank you. Thank you. Our next question is from the line of Jinesh Gandhi from Ambit Capital. Please go ahead. Yeah. Hi, sir. A couple of clarifications first. We indicated that margin would be in 14% to 14.5% range at 2 lakh rupees of lead. This is after factoring in for benefits of the tubular plant starting an internal reduction in traded goods and also the recycling plant starting? Yes. Yes. Got it. And you mentioned that the cost of recycled lead is not materially different than the virgin lead. Is that the right understanding? Correct. In some quarters, for example, in a tubular season or any other seasonal activity around the lead-acid business, you generally see the scrap prices going up because of the usage that is anonymized segment to whatever volume that they are taking. But otherwise, on a full-year basis, if you look at it, procurement through either of the sources is not going to change the material cost significantly. Okay. So in that context, our expectation of savings of 150 to 200 basis points on recycled material, that is coming due to what factors? See, the efficiency that we get on our own recycling is definitely an added advantage. But I'm talking about in the current context of where I'm buying the entire recycled process through a third party. Got it. So even if I do, I should only save a bit more. While, yes, my depreciation cost will be a little higher considering the way that we have built the plant in a very, very robust manner because the way the recycling has to happen is definitely having a social angle to it. So definitely, we spent a little bit higher Capex than what we thought about. But that should give us some bit of a recovery in terms of higher lead recovery from the batteries. Got it. So efficiency gains and the savings on recycled margins from the third party is there within standalone. Got it. And lastly, on the cell manufacturing side, so the first phase of 2 GWh, is that on track to start operations by end of this financial year? No, not this financial year. We said calendar year 2026 end is what we said. And that, I think, is on track. So the LME one will start by end 2026, is it? Correct. Correct. Correct. Okay. Okay. Got it. Great, sir. Thanks for all the rest. Thank you. Before we take our next question, we would like to remind participants that you may press star and one to ask a question. Our next question is from the line of Rishi Vora from Kotak Securities. Please go ahead. Yeah. Thank you for the opportunity, sir. A couple of questions from my end. First is on the replacement market, automotive replacement. We are seeing a double-digit growth. So ideally, what is driving such a high growth in this segment? Because traditionally, I think this segment generally grows at a mid to high single-digit volume figure. So why are we seeing such a strong growth? Are we seeing some market share gains, or is there any other factors? I would like to wait for at least another quarter or two before I really come to a conclusion. See, there could be some stocking-related issues, or there could be a spike in some markets. For me to say that this is a general trend for the market, I think it is too very early because even in the last quarter, I think we have grown around 10% only. So this quarter was definitely a higher numbers of growth. See, one is we have launched this third brand. We have seen what impact it is going to create over a period of time. So unless I see this data trend for at least another two to three quarters, it's not right for me to give a reason for this jump at this point of time. I would really wait for some more time to see whether this is a kind of strong trend or momentum that will maintain. Because as we look at it in the second half, when we looked at the numbers, while we think we may grow a bit faster, we are still not getting a full signal as to say that this kind of a number will continue. But it may be more than what we have definitely earlier said. But whether 15% kind of a number will continue or not, I want to just wait for some time before we conclude any commentary on that. Understood. But sir, as per your assessment in the past, how would the replacement market have grown for the industry? Maybe not for Amara Raja, but for the industry. What would have been the ballpark growth rates in the past for the aftermarket segment? Around 8% to 9% or 7% to 8%, depending on which quarter you are talking about. In Q4, for example, in Q3, generally, we are seeing in the winter season a bit of a higher demand, but on a full-year average basis, around 8% is a reasonable number, and we were growing at least a couple of 1% to 1.5% higher than what the market was growing. That's the trend, but this quarter was definitely a. Understood. And sir, second question, is it fair to assume that the industrial segment, which has not done well during this quarter, partly because of telecom, on a blended basis, industrial would be a lower margin segment for us versus the aftermarket or versus the company average levels? See, I can't comment on subsegment margins. Industrial business is the first business that we started, and those plants are at a different level, so I don't want to comment on specific margins on that. Understood. And just lastly, on the lithium battery venture, obviously, we will be investing INR 1,200 crores this year, next year. So how are we thinking about funding this? It would be all through the internal cash flow generation, or are we also planning to raise funds via debt and equity? As I mentioned earlier, right now, we will invest the initial money of about close to INR 2,000 crores using ARE&M's internal accruals or maybe some leverage on ARE&M's. After that, we will see how to fund that venture further. Right now, the idea is to fund it with the internal accruals and also with some bit of leverage on the holding company balance sheet. Okay, so next raising, you might also do through that entity as well, or you will continue to leverage? Yeah. Yeah. So, I can even look at leverage of that subsidiary also at some point of time. The capital raise is something that we still want to maybe wait for some time, because I'm sure you guys will ask many other questions if I come and ask for capital. So we want to answer them. Of course, we have answered most of them. I think some more couple of issues we will answer, and then we'll come for a capital. Yeah. Just the last question on our partnership with Gotion. How is the progress over there in terms of tech transfer? If you could give us any updates, that would be helpful. I don't think I have any specific update to share, actually. Oh, no problem. Maybe in a couple of quarters' time, I think. Yeah. Sure. Thank you. Thank you, sir. God bless. Thank you. Next is a follow-up question from the line of Kapil Singh from Nomura. Please go ahead. Yes, sir. Thanks. Sir, last time you had mentioned that the import parity price for lithium cells was $65 to $70. Has there been any change to that? If I look at the latest month's data, I have seen around $60 as prices. There are outliers which are sub-$60 also, but I don't want to take those outliers. If you look at it, around LFP definitely comes down to at least $50 to $60, and then it should be definitely $65 and close to around $60 per kilowatt-hour. Okay. And this is for which chemistry, sir? LFP. LFP. Mostly. See, at kilowatt-hour level, you don't see much of a difference between NMC and LFP because the energy density in NMC is higher, so that kind of compensates. So you will not see much of a change at the kilowatt-hour price, except for maybe $2 to $3 between LFP and NMC. Yeah. And, sir, second question was, when you are having a discussion on pricing for lithium-ion cells, what is the basis on which this discussion is taking place? Is it import parity, or is there some reason for which you will be able to get some premium? See, so lithium cell supply. Sorry. How is the forecast made? Like two years out, what will be the pricing that you would get? Is there some raw material link plus cost plus kind of basis which it is being done? How is it done? See, any cell capacity that I'm going to sell is definitely going to be two years end. So obviously, any price that I quote has to be linked to some of the price drivers, which I don't manufacture. It could be lithium carbonate, or it could be a cathode material, or copper because copper is also a significant element in this. So the way we have lead and pure lead as a basis for price variation in lead-acid batteries, at least in lithium, it cannot be a single commodity. At least you should mark the pricing for at least two, three important metal prices. So price variation clauses are anyway there. Today, the way we look at the prices, obviously, there are discussions with the vendors to see at what price they can provide the raw material. And there are some estimates around conversion cost. So based on that, we kind of understand what would be the tentative cost of the product and then see how to price it. So if you ask me have I figured out everything about pricing? Not yet. I think I'm sure we are still in the journey of understanding the entire cost cycle before we actually conclude on this is the price at which in India we can manufacture. So there are cost numbers that are available based on the feedback what we get from the vendors and the suppliers. But it will definitely go with the price variation clause. Okay. And sir, finally, when you look at initial few years, how should we think about the profitability of this business? Because you are now getting some visibility on pricing. Is it that initial few years, the margins may be very low or negative, and then they sort of go up once you reach a certain utilization level? Just directionally, how to think about profitability? Clearly, it will not make money until we reach at least an 8 gigawatt-hour volume. That is very clear. Because it will. And also, reaching a capacity utilization is a critical metric that we need to achieve for us to get the profitability of even 11% to 12% kind of an operating margin, what I have said in my earlier calls. So ramping up and then ensuring that the capacity utilization is happening at a reasonable level with lower process scraps. If those two metrics are achieved, I'm sure 11% to 12% is possible at about an 8 gigawatt-hour level. Anything less than that, difficult to be profitable for two reasons. One is your own operational efficiency. The other is your ability to bargain for the material cost, material prices from elsewhere. So of course, there will be some support that we can take from our relationships. But that will not completely do away with the entire capacity advantage that one would get at a given scale. So that's how the numbers are looking like at this point of time. Sure. And sir, when you say profitable, does it mean EBITDA or does it mean PBT? Yeah. Only at EBITDA. I don't think I mean, because CapEx cost also has its variability. So at the EBITDA level is where I'm seeing 11% to 12% kind of a number. But at the PBT level, we have to see, I mean, obviously, how we fund it and what kind of CapEx and depreciation cycles that will come in. That's a matter that we have to deal with in the coming days. Sure, sir. Sure. Thank you, and we'll follow up. Thank you so much. Thank you. Our next question is from the of Emanuel from J.P. Morgan. Please go ahead. Yes. Thanks for the opportunity. Just on your industrial segment, excluding telecom, could you tell us how much was the revenue growth or degrowth? Around 7% to 8%. All other, we are seeing some traction of exports also on the industrial batteries each quarter. Leaving telecom, rest of the other segments have grown about 7% to 8%. Okay. Okay. Got it. And would you expect the second half to be even better? Because I'm assuming government and private CapEx is going to pick up, and industrial UPS and solar typically benefits from that. May not be significantly different, by the way. I think it could be the same. Okay. In that ballpark only. Yes. Yes. Okay. Okay. Thanks, sir. That's all I had. Thank you. Thank you. Our next question is from the line of Mukesh Saraf from Avendus Spark. Please go ahead. Yes, sir. So I just want to check on the telecom business. We do understand that there is a shift out of lead-acid batteries, but any plans for us? How are we looking to cater to that lithium business there in telecom, given that relationships obviously we have with all these telecom companies? We have existing pack supply that we are doing both for Indus Towers as well as BSNL also. And we also supply to other ATC, etc., as well. So there are pack supplies that are happening. But unlike lead-acid, obviously, the number of players who are there in this space are quite high. So naturally, the volumes will not be as high as lead-acid. But I'm sure these are initial days. Once the product gains traction, I'm sure there is a roadmap that we have internally that we should again pull back onto our market share percentages as far as telecom is concerned on an overall basis, both lead and I mean, if I put both together, even today, we'll have about 50% market share. So I'm sure how to maintain that even in the complete transition phase is something that is in the work in progress. Right. So anything that we can expect in the near term, sir, in terms of gaining market share in that lithium space? Anything in the next, say, couple of quarters or so? Because we are seeing the decline already for us there. I don't think I'm in a position to give you a timeline or a number, Mukesh. But maybe next time when we meet, I'll try to gather some data around it and speak to you. Sure. Sure. And I think lastly, exports, you did say that the growth's quite good. If you can give some more color on the geographies, you have mentioned in the past, but any update on the exports business? Yeah. I mean, what we have already said about what we have done in the American markets, that definitely has given us a lift. And even in the regular markets of APAC, Middle East, and African markets are also growing at a reasonable level. We have added a few more countries on the western side. So Europe is also another market that we are now trying to enter. That should also give us some more volumes. So we still deal, as we mentioned earlier, we will definitely grow at a CAGR of 15%, at least for next three to four years on the export side. Sure. Sure. Sure. Got that. I think there are no more questions in the queue, sir. Maybe you can just give some closing remarks, and then we can end this call. Thank you, Mukesh. I don't think I have any further addition to what we have already spoken. Thanks everyone for joining the call. Sure. Siddhant, you can go ahead. On behalf of Avendus Spark, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.