Ladies and gentlemen, good day and welcome to the Demerger Update Call for SKF India 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 the star, then zero on your touch-tone phone. Please note the duration of the call is limited to 45 minutes. I now hand the conference over to Mr. Ranjan Kumar, General Counsel and Company Secretary, SKF India Limited. Thank you, and over to you, sir. Good afternoon, everyone, and thank you for joining us today. We appreciate your time and interest in this important update regarding the demerger process of our company. As indicated, I am Ranjan Kumar, General Counsel and Company Secretary of SKF India Limited, and with us, we have Mukund Vasudevan, Managing Director, and our CFO, Ashish Saraf. The purpose of today's call is to provide a comprehensive update on the demerger process, its strategic rationale, expected benefits, and next steps. We will take all your queries after the update is shared by us as a management team. This call is not expected to cover routine financial statements or results, and hence, the invitees are requested to confine their questions to the ongoing demerger transaction. Before we start the update, I would like to emphasize that some of the information that you will receive in this call may contain forward-looking statements which are subject to risk and uncertainties. Such statements are based on management's belief as well as assumptions made by and on the information currently available to the management. The audience is cautioned not to place undue reliance on these forward-looking statements while making any future investment decisions. With this, let me turn the call over to Mukund for sharing the update on demerger. As stated before, we will open the call for Q&A after this update. Over to you, Mukund. Thank you, Ranjan. This is Mukund Vasudevan, Managing Director of SKF India Limited. And as Ranjan said, we thought it's very important as we are going through this demerger process where we are segregating the automotive and industrial business to keep all our investors, our valued investors, informed around the rationale, the process, and the logic behind why we're doing this. With that in mind, I'll jump in, and we'll hold the Q&A till the end. Disclaimer, as you have probably seen. The topics we'll cover today, we'll talk about SKF India as it stands today so that you all get a grounding on what the current business is. Then we'll kind of pivot into the demerger and what's the logic and the rationale behind separating the automotive and the industrial businesses. We'll talk about pro forma financials as we for the two separated entities. And then finally, we'll talk about the demerger status and timeline, where we are today in that process. With that, let me jump in and first talk about SKF India and both its current and past performance. So as you all know, most of you know, it's been over a 100-year journey for us in SKF India. We were established in 1923 as a ball-bearing manufacturing unit. Over time, we've expanded to a lot of other associated products and services, and we are strong in both the industrial as well as the automotive domain. Today, SKF India has three state-of-the-art manufacturing facilities, four offices, over 570 distributors and channel partners who are helping us serve the market, and around 1,700 employees. If you look at our 2024 numbers, and these are in INR millions, so that's almost INR 4,570 crores of revenue, EBITDA of almost 16%-17%, INR 5,500 million of profit, and strong net cash flow. Overall, the return on capital employed has always been strong, and in 2024, we delivered a 27.4% return on capital employed. So overall, a strong performance. It's been a fairly consistent performance too if you look at the historical. Even if you look from 2020 onwards, our top-line revenue has been growing at almost 13% CAGR. Our EBITDA has been growing at 16% CAGR. If you take a five-year horizon, and the profit after tax is 18% CAGR. So overall, strong performance, good sales, and good leverage on that sales down to the bottom line as we have become more efficient in our portfolio as well as become more efficient in our manufacturing. The shareholder returns speak for themselves. 23% CAGR in our stock price. It's had its ups and downs, but overall, a steady growth over the last five years. As a company, we have maintained a strong dividend payout as well as capital performance of the stock price overall. I think whether it's our financial performance or our strategies or our operating discipline, all of that has helped us achieve these results and deliver strong shareholder returns. The reason I wanted to share this with you is this is a culture we want to continue. Even as we move into the demerger, both entities will aim to deliver strong performance as we have done in the past as a combined entity. If I now look at our strategy, the pillars of our strategy, we have looked at while our overall vision is towards an intelligent and clean future. The pillars have been around focusing on high-growth segments, whether it be the heavy industry like steel, power, mining, etc., or in automotive, whether it's SUVs, light commercial vehicles, etc., and drives. New technologies where we are focused on energy efficiency, reliability, longer-lasting products or bearings, and as well as the powertrain. Services and aftermarket to make sure that the products we sell are serviced to ensure service to the end customer to make sure that they perform up to expectations and we can extend life. So a lot of customized solutions and good region availability through our distributor network. Finally, portfolio management, which is to ensure that we constantly prune businesses which are unprofitable both at a product level as well as a customer level. All this has helped us or has been possible through a more regionalized and a competitive supply chain and manufacturing footprint. Technology development, which continues to be the pillar or the backbone of how we get our growth, a digitalized value chain, and more efficient operations and manufacturing closer to our customer. All of this has helped us achieve our goals and the numbers we spoke about in the last few pages. I'll now move to the next section, which is around the demerger and why we believe it makes a lot of sense to separate the automotive and the industrial business. The intention of this de-merger is to create two fit-for-purposes independent companies which will accelerate both growth and profitability of both companies, and why do we believe that this is possible? The reason is, first, there are three big macro drivers, which is one, there is the dynamics of the industries are fundamentally different. Second, the customer needs themselves are different in the automotive and industrial. Third, the manufacturing philosophy and how we should manufacture is also different in automotive and industrial. And if you dig a little deeper, what will enable these two high-performing businesses is, one, an improved and focused approach from the management into two separate businesses, a more tailored customer value proposition, as we will go into deeper in the next few pages, increased agility and responsiveness, more manufacturing efficiency, better capital deployment as the two businesses have different requirements, and finally, a better and more financial visibility, attracting more diverse investors who are more aligned towards the automotive or in the industrial business. All of these together will help us accelerate growth and profitability for both businesses. If I now look at each one of these in a nutshell, let's start with the macro dynamics, and if we talk about the top row here, automotive, as you can imagine, the automotive business, there are many macro drivers impacting that industry. There are emissions and gas norms which are evolving. Government is, in fact, targeting 30% EV penetration by 2030. Another big driver is premiumization, which is there is more need for higher performance, more SUVs coming into the market, and aspirational vehicles, high-performance vehicles. In commercial vehicles, last-mile mobility is becoming a much more important factor, as is driven partly by e-commerce and urbanization. So smaller commercial vehicles, more energy efficient, and ability to navigate the last-mile delivery is what commercial vehicle industry is looking at. So those are macro drivers in the automotive industry. In the industrial business, the government is driving a lot of initiatives to increase local manufacturing, whether it is Make in India, NIP, or PLI, that is driven by both global macro trends, but also the need to increase the percentage of manufacturing in the Indian GDP. Cement, metal, construction sectors are growing rapidly, driven by infrastructure spending, urbanization, and rural demand, but also government focus on infrastructure. Railways continues to be a priority for both us and the government as the freight rail is increasing and becoming more efficient, but so are metros. In just about every major city now, metros exist, and the tier two cities are now emerging, and faster passenger rails like Vande Bharat, which are intercity. And then finally, even renewables. Renewables continues to be a focus of India. The capacity is likely to double in renewables by 2030 from what we have today. So as you can see, very different drivers for automotive and industrial, macro requirement. Moderator, is everybody still there? I heard a disconnect. Yes, everybody's there on the line. Okay. Sorry. All right. So as you can imagine, macro drivers in automotive and industrial are very different. Let's now talk a little bit about customer needs, getting a little micro within automotive and industrial. Automotive, let's start with automotive, right? Our customers, which are broadly divided into two-wheelers, three-wheelers, Volvo, sorry, commercial vehicles and passenger vehicles. And you can see a list of who's who, who are our customers today and have been in the past also. And each one of them has different drivers. Two-wheelers and three-wheelers, there's a drive for premiumization, high performance, and EV adoption. Passenger vehicles, it's becoming aspirational SUVs, multiple fuel and hybrid options coming in. Durability, safety, and reliability is becoming an increasing focus. And in commercial vehicles, reduced logistics cost is the focus, last-mile mobility, and again, electrification where possible is also a driver. Our product lines are aligned with similar needs, whether it's the two-wheelers, where we're focused on high performance and fit-for-purpose bearings for EV, for example, are the drivers. In passenger vehicles, it's again high performance, high reliability, so less longer life, more rigidity to ensure a smoother drive in premium vehicles, but also electrification again, where we can supply a set of bearings which are made specifically for EVs, which are safer and more energy efficient. And similarly for commercial vehicles, where smaller commercial vehicles, smaller footprint of our bearing and drivetrain is equally important. If I now pick one example of this really quick, and then I'll go back to industrial. If you look at an example here of where, as I mentioned, electrification, energy efficiency is really important, SKF worked with one such automotive OEM where we delivered a high-speed ceramic bearings to enhance the overall EV powertrain performance. It performed much better than competitor bearings in durability and in resisting any kind of electrical damage which can happen due to DC currents in the EV. So no parasitic currents, as they call it, right? It has happened because of our high-speed DGBBs, which is unique to SKF, conductive carbon brushes, and our ceramic bearings. This overall system approach helped us improve the vehicle's energy performance overall, and we moved from more of a component supplier to an overall solution supplier in this particular case. So as you can imagine, through this kind of a system approach, through our focus on innovation driven by a specific customer needs of electrification and energy efficiency, we were able to capture some additional business. This is the kind of requirement that the automotive industry customers have and will continue to have. If I now switch to industrial and talk about their needs and what's driving it, industrial is a mix of many separate industries. As you can see, we serve the drives and the motors. We serve the heavy industries, which includes cement, mining, metals, so on, renewable industry, which is mainly wind, railways, and a bunch of others. And each one of these has very different needs. The heavy industry is all about intelligent production, which is about Industry 4.0, which is driven to ensure that the plant is maintained at a very high uptime, limited downtime, no stoppage in production. So, whether you take the steel industry or a cement industry, production downtime is something which really hurts them. So they want to kind of capture information ahead of time to say, "How efficiently is that plant performing?" Intelligent production is that. Efficiency and cost reduction, as these are heavy industries, cyclical in their performance, cost is always a focus. High focus on sustainability as we all are getting greener, both at an individual company level as well as a country level. Predictive maintenance to, again, ensure higher uptime. Our products are so aligned. The products you see on the right, I won't go into the details. Each one of them, whether it's our bearings, seals, lubrication, or our service-related solutions which enable remote monitoring of these bearings to ensure better predictive maintenance and better, less downtime. All these solutions are targeted at the heavy industry. Now, if you look at the drives and motors, gearboxes kind of industry, there it's about compact and lightweight. That's the requirement. Not only that, there is a fair amount of energy efficiency requirement. There's also other requirements depending on the application on less noise or less vibration. There, it's about designing bearings which can run at high speed, but yet are compact, lightweight, and a lower footprint overall, and yet are delivering the energy efficiency requirements of the customer. The railway industry is moving towards high-speed rail with metros, Vande Bharat, etc. There, again, passenger experience and safety is super important, as is durability, because the longer you maintain them, the better the overall cost of owning the bearing is or maintaining the vehicle is reduced. There, we supply a range of bearings which, again, are highly durable, but we match it up with service and with remanufacturing where possible to lower the overall cost of owning our bearings. And finally, one other example on renewables. If you look at their needs, their demand, they're, of course, in the clean energy environment. A cost of repairing a bearing, whether it's a main shaft bearing or a gearbox bearing in a wind turbine, is huge. So reliability and longer life is really, really important. There, again, SKF offers a really comprehensive set of bearings which ensure this, but also back to the right kind of service to ensure, through remote monitoring, we predict any failure before it actually can and does happen, and the reason for the failure, whether it is lubrication-related or a seal failure or a misalignment which might have happened. All that helps the customer get a better value proposition, so as you can imagine, again, in industrial, it's a variety of industries, each with their specific needs, each with their corresponding innovation and corresponding products to serve those needs, and if we pick one example in industrial or a couple of examples, I'll start with the Vande Bharat train. There, SKF designed and manufactured the propulsion control and other equipment for Vande Bharat train sets, which provided a much more reliable bearing, better, safer, as well as longer lasting and less vibration. But not only that, it was produced completely locally to ensure that good lead time is available and the cost structure is what is required in a country like India. If we switch to a completely different industry, the example below, which is around steel, there, with a customer Tata Steel, since this is a public, we can use the customer's name. We developed the first of its kind steel-related bearings, steel manufacturing-related bearings for their converters, which, through its design, has eliminated a lot of unplanned downtime, reduced cost, and enhanced safety. Again, the goal in industrial is to produce high efficiency, low TCO, safe, durable, and maintenance-free solutions for our customers. So again, I just thought I'd give a flavor of what are the kinds of drivers, macro, as well as specific customer needs in industrial and automotive, and if I move to the last pillar here, which is around manufacturing. Obviously, the two manufacturing entities, if the two entities, industrial and automotive, because the customer needs are different and the macro drivers are different, the manufacturing processes also tend to be different. Automotive has a large batch sizes with small and medium-sized bearings. So few customers, OEM customers, but a large number of bearings being supplied to them as the number of vehicles produced is very high too. Focus is on automotive assortments and application-specific offerings with a defined customer base, not a large customer base. Cost efficiency, because operational efficiency and economies of scale is very important in manufacturing these bearings. There's also an opportunity for, because these are large batch productions and the bearings are small, much more opportunity for automation, less variety. Now, if we switch to industrial on the right-hand side, industrial has a very wide product portfolio because every industry is slightly different and the sizes range from small, but a much larger chunk of medium and large also. This requires flexible channels or flexible manufacturing lines to serve the medium and small customers, the volumes, as well as the larger customers, which requires large bearings. We also have to develop many more customized solutions depending on the application. Maybe within the same industry itself, there'll be multiple applications. Just as an example, within a cement plant, one cement plant, there are probably 30 different applications we have identified, each with different kinds of bearings, just one cement plant. Finally, because there is a large assortment of bearings, we have to leverage not just the manufacturing footprint which we have within SKF India, but also the regional manufacturing footprint. It will be a combination of manufactured and traded for SKF India to actually serve the customer demand. That's the difference in the manufacturing focus, which also ensures, which also is a reason for why this demerger makes sense. To summarize, macro drivers are different, customer drivers and innovation is different, and third, the manufacturing itself, the process of manufacturing itself is very different, what will make us most efficient and help us serve the customer needs. With that, I'm going to move to the pro forma financials and hand it over to our CFO, Ashish Saraf. Thanks, Mukund, so I'm going to share the pro forma financials for both the businesses, automotive and industrial. Please note that these financial statements reported are unaudited and have been prepared with assumptions and with best knowledge available with the management. These financial statements do not represent or guarantee the future performance of both the businesses. The total revenue of SKF India for financial year 2023-2024 was around INR 45.7 billion, and the sales, including exports, have been split between automotive and industrial, as well as profitability has been calculated for both the businesses based on certain assumptions. The fixed assets and liabilities have been allocated between the two businesses based on management estimates, and accordingly, the return on capital employed has been calculated for both businesses. We believe both businesses will create two focused and stronger listed entities, and below future drivers will enable both companies to drive strong financial performance. Now, I'll talk about the automotive future drivers. So if you look at the automotive driver, I think one of the key aspects would be targeted value-driven product innovations and sales initiatives for low friction bearing, which is going to address the emission challenges and the safety challenges which the automotive business is going to encounter, plus the last-mile connectivity, which is the LCVs, which are light commercial vehicles business, which is going to help us reduce and enable the automotive business to serve the market in an effective manner. Automotive business will continue to work with large OEMs to jointly develop products which are best fit for our market and which will enable us to be competitive and have preferred pricing with our customers. Automotive business will continue to leverage manufacturing footprint in India and continue to expand its operations. Lastly, automotive business will continue to prune its low-profit businesses, look at product portfolio, and work with our customers to drive cost reductions, get price increases, as well as, in some cases, exit the business to drive future profitability for the business. As I move to the industrial business, if you look at, I think one of the key drivers would be value selling. Industrial business is going to focus on upskilling its sales organization as well as the large distribution network in terms of really selling the value of the products to our customers so that we can really drive value to the customers as well as focus on critical applications, right, which is something which gives us better pricing and which helps us improve profitability for the business. If you look at services, the industrial business will continue to invest in the services business. Some of the services, like remanufacturing, like condition monitoring, as well as REP, which is rotating equipment performance, will continuously help us to increase the overall uptime of the customer and improve the productivity for the customers where we can get better value. industrial business will continue to focus on the overall reach, which is increasing the distribution network, expanding the distribution network, as well as investing in the retail channel of the distributors so that we can continue to expand in this market. We will continue to leverage our regionalization as well as localization to drive competitiveness in the market. We are already almost 30%-35% localized, and we will continue to leverage our regionalization and increase our localization in this market to be more competitive. Lastly, we will continue to optimize our pricing with our customers, continue to prune our customers, and we have taken a lot of action in last year, and we will continue to do this in this dynamic and challenging environment. These future drivers, both for automotive and industrial, will help us continue to deliver strong performance for both these companies. Lastly, I think it's important that we understand that the demerger will not adversely impact the shareholding of the public shareholders. The new company will mirror the shareholding of the existing listed company with each shareholder of SKF India receiving one share of SKF Industrial as a consideration of the demerger. Upon completion of the demerger, the shares of SKF Industrial will be listed on both the stock exchanges. I'll move to the next topic, which is demerger status and timeline. If you look at the overall timeline, the overall timeline for demerger is around 12-15 months. We already started the process in last year, Q4, financial year 2024. Currently, we are in end of Q1 where we have already received observation letters from stock exchange as well as SEBI, and we are in the process of filing an application with NCLT. We are expecting approvals by end of Q3 from NCLT, and we are targeting listing of the industrial business by end of Q4, subject to everything going as per the overall plan. As of now, we are pretty confident of achieving the overall demerger timeline. Thank you. I think with this, I'll hand it over to the host for any questions that we might have from the team. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset 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 Viraj from SiMPL. Please go ahead. Yeah, hi. Thank you for the call, and thank you for the presentation. First, just a request. I think you've just given pro forma numbers for both the entities for FY24. But if you can also give much more longer historical data for the last three or five years for us to kind of understand the unit economics in each of the business, that would be very helpful. So that's a request. Just had a couple of queries. In the past, we've been communicating about a CapEx of around INR 150 crores annually, and that's needed to sustain for the next few years. Given that both the businesses will now be split, how should we understand the CapEx spends in each of the businesses for the next couple of years? And this is in the backdrop of the regionalization which the parent keeps on talking about, looking at increasing the regionalization rates in India and other attractive markets. So that is one. Second is on the industrial business. If I look at our different segments which we participate in, the major ones which we have shown, and if we compare the portfolio of the parent, there are still quite a few categories or applications where we are not there. So any thought process in terms of how we are going about bridging the portfolio gap and our play in those categories, either in India or globally. And third is on the portfolio pruning or the price correction part, both industrial and automotive. We have been talking about price correction, portfolio pruning for the last one or two years. Can you just give some perspective of how much we have done, where are we in the journey, and what more is further? If you can just give some color on this? All right. So I'll let Ashish take the question, each one of those questions. Yeah, go ahead. Yeah. So I think the first question was on the historical data, right? So again, what we have currently shared is the unaudited financial statements for financial year 2023-2024, right? The historical financial statements would be shared with all the shareholders as a part of the shareholder notice when they even invite for the shareholder meeting. So we would share the same at that time. Then the next question was on CapEx. So on CapEx, if you look at, we have historically, we have communicated that we would spend around INR 150 crores annually. We believe that both companies would definitely continue to spend around INR 150 crores going forward as well. Having said that, we are currently automotive business is running out of capacity and space. We are internally evaluating additional investments that we need to make for both the automotive and industrial businesses so that they can further grow the business in this market. So there would be more investments, but we would share more information once we have detailed information available around the additional investments that we intend to make. My third one was around, sorry, what was your third question? Yeah, just a follow-up. Yeah, just a follow-up on the CapEx portfolio. Hello? Yeah, I think on the portfolio pruning, that's more of a financial question, not relevant to the demerger. We continue to do that continuously. So I would say let's hold that question for one of our regular investor calls around financials. It's not that relevant to the demerger. It's a regular exercise which we do both on automotive and industrial. Okay. Just one last. We continue to do it. We are seeing results from it, yeah. Sure. Just one last question. On the auto business, as you also mentioned in the presentation, that it's a business where the localization is quite high. There's large-scale automation already. So when you talk about drivers for margin improvement, this is not really a quarter or a year kind of outlook, but if we wanted to understand on a mature basis, can you just elaborate a little bit more into what is the kind of stable state mature margin this business can earn and what will really drive it? I mean, so when you say targeted value, low friction, what kind of a content change we can see or just if you can just drill a little deeper because you already have the localization on your side. The utilizations are also quite high, so just trying to understand what further would drive the margin. Yeah. I think it's a combination of things, right? And the first is there is always room for more efficient manufacturing, whether it be on, and this could be procurement related. It could be the manufacturing process related. The number of bearings you can produce from a line, as you get more efficient, reduce the setup times, increase the cycle times, so on, right? Or reduce the cycle times, sorry. You can get more bearings out of the same line. There's always room. And I would say there is opportunity. There's continuous opportunity there. I believe the other angle is, of course, both on pricing as well as value selling. So, there's opportunities to, as we improve our, let's say, our ceramic bearings as we spoke about or energy-efficient bearings, we should be able to price that at a premium because it adds overall value to the customer, to the OEM. So I would say while the margins are typically relatively thin, we would hope that we can get at least two to three more points on our EBITDA going forward. So we don't have, at this point, we're not giving forward-looking statements, but I'd say we'd hope that we can do that both on industrial as well as automotive. Thank you very much and goodluck. Yeah. Thank you. Participants are requested to limit your questions to one per participant. The next question is from the line of Mumuksh Mandlesha from Anand Rathi Institutional Equities. Please go ahead. Mr. Mumuksh, your line has been unmuted. Please go ahead with your question. Yeah. Can you hear me now? Yes. Yes. Thanks for the opportunity, sir. So firstly, on the demerger side, any thought, I mean, other than what you have mentioned in the presentation about the opportunities in both auto and industrial? Also, do you think being a separate entity now, will there be opportunity to do more M&A or anything on the products expansion line which can happen? Any thoughts around that, sir? So I can't give specifics on M&A, right? But I can say that something which, because there is more focus in both businesses on specific customer needs and the industry dynamics and better capital allocation possible, I would say it should spur more opportunities on both sides. I can't give any specifics at this time, but it should spur more opportunities on M&A as well as investments. I think the previous question, gentlemen had asked a question around CapEx. It should spur more opportunity to do CapEx as well as M&A. Got it, sir. And sir, to Ashish, any decision-making has been taken for the division of the plants or the operation, sir? We are currently in advanced stage of planning. Once we have more concrete information available at our end, we would share the same with everyone. Yeah. Just to add to that, I think, as Ashish said, we do need more capacity, especially in automotive, but also in industrial. So there will be additional investment. Irrespective of the demerger, there will be additional investment. And it will probably time well with what we do with our plants also. But broadly to say, it would be CapEx would be very. Sorry to interrupt, sir, could you please come back in the queue for further questions? Sure. Thank you. The next question is from the line of Chinmay Parikh from GPSPL. Please go ahead. Hi. Hello. Yeah. Please go ahead. Yeah. My question is, can you give the breakup of exports between automotive and industrial? And given all that's happening in the global front, what is your sort of outlook on the export markets for both automotive and industrial? Yeah. So if you look at, again, broadly, the exports, depending on, again, we've looked at the historical data, and we have kind of split the exports based on to which customers we have supplied those products, right? And accordingly, we have allocated the exports between the two businesses, industrial and automotive. In terms of future plans, currently, our strategy for SKF India is purely India-focused, right? We are focusing on how we're going to grow our business in the India market. Definitely, we leverage exports wherever possible. But right now, any expansion plans or growth plans would be predominantly focused on growing the business in the India market. And just to add to that, right? The export portion is relatively small right now. And we see enough opportunity in India. And so our focus, as Ashish said, is going to be on India, on both the businesses. Okay. Thank you. Thank you. Ladies and gentlemen, this will be the last question. It's from the line of Krupashankar NJ, from Avendus Spark. Please go ahead. Yeah. Hi. Thank you for the opportunity. Just one question. I wanted to understand the estimated crosswalk split between the two segments, if that is available. And given that you had highlighted that about INR 150 crores of CapEx would be incurred, are you using? Is it going to be INR 150 crores for each segment? Is that how you plan to incur it going ahead? No. So the INR 150 crore CapEx investment is all put together. That's the historical spend that SKF India has done, right? So that's what we are seeing, that we will continue with that investment. Having said that, we are looking at additional investment opportunities for both the companies, right? Coming back to your initial question, sorry, I forgot. What was the initial question? The crosswalk. Yeah. So the crosswalk, again, we are still in the process of finalizing our assets allocation between the two companies. So that is because that's predominantly manufacturing that we are working on. Having said that, manufacturing, given that automotive is more localized, there are going to be higher assets for automotive. And that's where you see that the return on capital employed for automotive was slightly lower than industrial. Okay. So if your calculation on the capital employed, on which you calculated the ROCEs, is there a proportion of crosswalk of that capital employed? Anything indicative which you can give us? Yeah. So I think let's wait. Let's wait for the additional information because a lot of these things are currently under discussion, right? So we don't want to share a specific number with you. I would say just wait for a couple of months. I think once we have the final decision on the infrastructure and the allocation, then we would be able to share more information around this. Thank you very much. Thank you. Ladies and gentlemen, since the call duration was for 45 minutes, that was the last question. On behalf of SKF India Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.