Ladies and gentlemen, good morning and welcome to the SKF India Limited Q4 FY 2024-25 earnings conference call. For the smooth conduct of the meeting, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. Should you need assistance during the conference call, please press star then zero on your touch-tone telephone. As a reminder, this conference is being recorded. I would now like to hand it over to Ashish Pruthi, Head Marketing and Communications from SKF India Limited. Thank you and over to you, sir. Good morning, everyone. Thank you for joining us today. With us, we have SKF India's Managing Director, Mr. Mukund Vasudevan, our CFO, Mr. Ashish Saraf, and our Legal Director, Company Secretary, and Compliance Officer, Mr. Ranjan Kumar. The purpose of today's call is to share an update on our ongoing demerger, our Q4 results, and our overall financial year's performance. Before I turn the call over to the management, I would like to remind you that in this call, some of the remarks contain forward-looking statements, which are subject to risk and uncertainties, and actual results may differ materially. Such statements are based on management beliefs 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 and make any investment decisions. The purpose of today's call is to purely educate and bring awareness about the company's fundamental business and the financial quarter under review. Let me now turn the call over to Mr. Mukund Vasudevan. Thank you, Ashish. This is Mukund. This is Mukund Vasudevan. And I will be walking through very briefly the presentation which was shared with each one of you. And if you have not had a chance to look at it, it will mainly be a review of our Q4 and full-year results for 24-25. I will do this presentation supported by Ashish Saraf, our CFO. And after these 15 minutes, we will go into the Q&A. In the presentation, I will cover a very quick update on the economy, which I think all of you are well aware of, how the economy is doing. But we'll talk about relevant sectors. I'll then talk about quarter, the Q4-25, and then the full-year 24-25. We'll also talk very briefly about an update on our demerger, which we have promised to do on each one of our investor calls as we continue the process on our split of the automotive and industrial business into two separate legal entities, and finally, we'll end with the Q&A for around 30 minutes, so let me jump right in and start talking about the very quick update on the macroeconomy. As all of you know, the GDP has been strong, 6% plus. We continue to expect that to remain for the next year, at least, so for the full year, it was, and the Q4 was around just over 6% with inflation below 4%. In terms of the sectors, the major sectors, I would say the overall industrial production index came down a bit from third quarter to fourth quarter, but nothing significant. It's still hovering around the 4% range. Automotive production for passenger vehicles and commercial vehicles, especially smaller commercial vehicles, grew. Two-wheelers and three-wheelers came down just a little bit, but again, fairly robust. Iron and steel production growth actually came down a bit, or actually came up a bit, but the capacity additions actually came down, and then construction actually came down significantly in this quarter, but overall, solid economy, and we expect the trend to continue, barring any headwinds related to tariffs and other things, other macroeconomics, but for now, we expect the economy, especially in the relevant sectors, to continue to be in the 6%-7% range GDP growth. I will now switch to quarter highlights and talk through some of the shared pages. I'm now on page seven of the shared presentation, and let's talk about Q4-25. So it's a mixed bag this quarter. Our sales grew at 1% year on year. And while the quarter seemed a little muted, we would say the right way to look at this is for the full year where we actually grew fairly well at around 8%. And if you look at where the growth came from, or the degrowth came from, I'd say exports came down significantly by almost 13% related to the macroeconomy in both America and Europe. But industrial grew at 2%, automotive 1%, and year on year. And that is, again, while the quarter was a little muted, that is partly related to a very strong Q3 we had, very strong Q3. So there was just a natural dip in Q4. But if you look at the full year, it was a really solid 8% plus growth, which I think is very commendable. The reason I said this is a mixed bag slightly is that the margin actually grew tremendously. Margin grew from, so if you look at profit before tax, it grew from 11.9% to 23.3%. Now, this is partly related to our cost-saving efforts, our gross margin improvement related to cost-saving efforts, but it's also related to a catch-up on transfer pricing. If you remember last quarter, the margin was relatively low compared to historical 11.9%. But the transfer pricing was being adjusted to manage to have been adjusted this quarter to ensure that there is a margin in this range, 16%-19% range is where we wanted to end, and that is where we are ending the full year. There is some impact also in the margin of FX, but that is fairly limited while the big change is in just the catch-up on transfer pricing. So that is on page eight. On page nine, if you look at cash flow and working capital for the year, sorry, cash flow for this quarter, you will see that the cash flow is down a bit, the net cash flow. And that's mainly due to a change in working capital towards the end of the year, more sales, more inventory involved in the, and so the change in working capital impacted the cash flow. But nothing to worry about. This is a one-time. Now, if we switch to page 11, which is around the full year, you'll see that there is really solid growth of around 8%. We grew from almost INR 4,487 crores to INR 4,831 crores, which is excellent. Good growth across the segments. Industrial grew very well at 10%, automotive 6%, and exports a little muted, but again, economy-related 3%. The mix of our business, as you know, is industrial 52%, automotive 40%, and exports is around 8%. But across the board, good growth for the full year, something which I think the team has done a wonderful job on. The growth has come from across many sectors, and we can talk about that a little more in detail. If I switch to page 12, which talks about profitability, the profitability, while in absolute numbers, the PBT grew at around 3%. If you look at PBT margin, it actually came down a little bit by around 0.6 percentage points. Again, in range of what we were expecting, in the range of just under 16% to 19% is where we are expecting. It's broadly in that range. There's GM expansion, but I think we got impacted a little bit with higher depreciation costs related to investments and also some other expenses related to employee costs. Cash flow, again, mainly related to cash flow was down from last quarter and from last year, mainly related to the working capital change. All right. That is a very quick update on full year and the quarter, and if I were to summarize this, I would say a good full year, a good full year, 8% ending in the 4,830 range of 830 crore range of sales. Profit before tax down just a little bit, but broadly in line. Cash flow down mainly due to working capital change in this quarter, but we expect that to come back strongly by next quarter and next year. Okay. In terms of the quarter, 1% growth, but that's largely because Q3 was very strong and the sales growth in Q4 tended to be a little muted. Also, exports were down significantly related to global macroeconomy, and then profit, but profit before tax was really up related to strong operational performance, but also related to catch-up on the transfer pricing, so overall, mixed bag in terms of financials. Let me now quickly switch and talk a little bit about the demerger, and this will be a brief update on what we have spoken about previously. We're still continuing on the demerger process. As you remember, the reason for the demerger is we're creating two fit-for-purpose independent companies, which will accelerate both growth and profitability in both companies. Both companies have different macros, or both these businesses have different macros, have different customer needs, and have a distinct manufacturing focus. So I would say that the logic for the demerger is largely related to that. And the way we are doing this demerger is we are creating two independent entities, which will have better management focus, independent management focus, better value proposition for the customers. We'll create innovation specifically for automotive and specifically for industrial, increase agility and responsiveness, increase manufacturing efficiency. The two entities will have different kinds of manufacturing philosophy, one more batch processing, large batch processing, one more shorter cycle times, shorter cycles, smaller batches, but more innovative products, tailored capital deployment, which is very important also between the two entities. And finally, just more visibility for the investors, all of you, to be able to see the performance of the two entities independently. So that's the logic for the merger. The quick update we wanted to give you was, as we are continuing to do the split, we have more clarity now in the manufacturing plants, so we're looking at page 16 now, and what we see there is that the manufacturing entities, which will manufacturing plants, which will go to automotive, are Haridwar, which will fully go to automotive, Bangalore, almost 80%-85% will go to automotive. A few channels will move to industrial to a different plant. Pune, a part of the plant will go to automotive, a part of it will go to industrial, so that's the split, and Pune, so there will actually be a new factory setup for just industrial next to the current automotive one, so that's the plan broadly in terms of split of our manufacturing facilities. In terms of process, where we are right now, I'm in page 17 of the presentation. We are broadly on track. Q2, which is this of calendar year 2025, which is now, we're filed with the NCLT. We're waiting for the final approval, and then we'll take it to shareholders, and we'll have a credit meeting also. So broadly in track to finish the listing by Q4 calendar year of this year or Q3 calendar year 2025-2026. Okay. So that's the broad update on the demerger. At this point, I'd like to hand it back to the moderator for Q&A. 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 the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to one per participant. Should you have a follow-up question, we would request you to rejoin the queue. We will now begin the question and answer session. Our first question comes from the line of Mumuksh Mandlesha from Anand Rathi Institutional Equities. Please go ahead. Yeah. Thank you, sir, for the opportunity and the solid margin performance. And thanks for the detailed presentation. Sir, firstly, can you, I mean, share a demand outlook for next year across the key segments? And just on the demerger side, if possible to share for FY25, how were the numbers for the EBITDA margins and the PAT for the auto and industrial segments? Okay. I'll let Ashish Saraf, our CFO, answer the second part of the question, right, which is the EBITDA and PAT for the two entities. But I will just answer one piece of that, that going forward with the two entities, we expect to see continued improvements in both EBITDA, PBT, as well as higher growth with the demerged entities. That's the medium to long-term aspiration we have and our expectation also. The first part of the question in terms of different segments and the growth, I would say that I'll tell you what we are seeing right now, and I think this trend will continue for some time. Let me start with automotive. Automotive is seeing some fairly strong growth in commercial vehicles, especially smaller commercial vehicles driven partly by the e-commerce and the quick delivery. So a lot of increase in commercial vehicles. We are also seeing good growth in tractors, which I think will continue given the good monsoon we are predicting. I think it will continue. Also, in the passenger vehicles, the larger passenger vehicles, which is the SUV growth, is continuing to increase, and the last piece is the EVs. EV trend is EVs is very small still, but it is continuing to grow, and we have a solid presence there, so I would say automotive, these are the major areas of good growth. In the industrial, I would say we're not expecting a huge amount in steel or in CapEx investment, but the production should continue, barring any challenges on pricing, steel prices related to China or anything related to tariffs, but in general, I would say flat to slightly up on steel. In terms of other sectors, I think food and beverage will continue at GDP rates. In terms of wind and renewable, we would say, again, it's going to continue at the rate it has been. It hasn't been a very good year for wind, but I think next year will be slightly better, maybe 3%-4% growth there. And then railways, again, is continuing to do well with some of the buildouts happening both in freight, passenger, and in metro. So we see more and more of the continued presence there, and especially in passenger and metro, our strength is very strong. Last one, I would say, is around if you look at just infrastructure growth and the government spending on infrastructure, that continues to be robust. And so I think we'd see a ripple effect of that also on our industrial side. Okay. Ashish, you want to add something on the PPT and EBITDA? Sure. Sure, Mumuksh. So again, for FY25, the numbers are still being worked out for the carve-out financials for automotive and industrial. However, we expect the margins to be in line with FY24. So if you look at FY24, our EBITDA margins for automotive was around 18%, and industrial was around 17%. So we kind of expect similar numbers for FY24-25. And similarly, PBT was in the range of 16% for both the businesses. We are expecting similar margins for FY25, but the numbers are still under finalization as we just closed the audit for financial year 25 for the consolidated entity. Got it, sir. So if possible, share the revenue breakup for FY25, sir? Between industrial and automotive? Yeah. Yeah. I thought, okay, that's already shared as a part of the presentation. I mean, subsegments, generally, we share the two-wheeler PV tractor, railway, general machinery, wind. If possible to share, sir? For FY25? Yeah. Yes, sir. Okay. So for FY25, if you look at the overall automotive share was around 40%, and industrial was around 52%, and exports was around 8%. And if I talk about the major segments, which is two-wheelers, it was 13% of the total 100%. And the other big one was cars, which was around 5%, and power transmission was also around 5%. On the industrial side, distribution was around 23%, and rail was around 7%, and general machinery was around 9%. Sir, in automotive, aftermarket, how much would be? Sorry, Mr. Mumuksh Mandlesha, may I request you to? Automotive was around, aftermarket was around 10%. Yeah. Thank you so much for this, sir. Thank you. Our next question comes from the line of Ashi Patel from Equirus Securities. Please go ahead. Thank you very much for the opportunity, sir. So my first question is on the margins front. In the last quarter earnings commentary, when you explained, we were under the impression that those gross margin levels were sort of normal levels, wherein there was already some adjustment to the transfer pricing of those traded goods. And we had earned maybe somewhat higher than usual margins in FY23 and FY24, which got normalized in FY25. So we are very surprised with the margin performance that we have posted in the fourth quarter of FY25. Why at all there is this positive catch-up on the transfer pricing? So if you could explain on that, that will be very helpful. Yeah. So again, just to correct you, right, so what we said last time was that there was some correction which was made on account of transfer pricing in the previous quarter, but we haven't fully corrected the transfer pricing adjustment. So a significant chunk of the adjustment on account of transfer pricing was done in this quarter, which led to the uplift in the overall margins for the financial year. If you look at the overall margins for current financial year, or if you look at the overall EBITDA, right, the overall EBITDA for the current financial year is around 17.5%, whereas last year was around 18.1%, right? And the slight dip is predominantly on account of the price increases and the portfolio pruning that we were able to do in financial year 2024, whereas in 2025, most of the growth was driven on account of volume growth, right? Hope that clarifies. Yes. Sure. So just a follow-up to that. So now all the transfer pricing adjustment or the catch-up, that is completed or? For the financial year, it's completed. Yeah. Understood. Perfect. Sure. And sir, my second question is on the CapEx. While you have highlighted which all plants would go to the automotive entity and which all plants would go to the industrial one, including the new Greenfield plant near Pune, so what would be the broad CapEx for both these new companies for the next couple of financial years? That would be my last question. Yeah. So what we said in the presentation is that we would be setting up a new plant in the Pune location, right, for the industrial legal entity. And we expect our current CapEx is in the range of around INR 130 crores. We expect the CapEx to double at least in the next two to three years. Understood. Perfect. Thank you very much for answering my questions. And all the very best. Thank you. Our next question comes from the line of Viraj from SiMPL. Please go ahead. Yeah. Thanks for the opportunity. First, just a clarification. You said the CapEx rate to double over the next two to three years. So around INR 250-270 crores is what we'll be looking to spend per annum for the next two to three years. Am I right? That's right. How would that change the localization or the content, especially in the industrial business? Yeah. So if you look at industrial, we are currently localized at around 30% plus. At an ICR level, we are localized 50% plus. And in the long term, we want to be localized close to 70% at an ICR level, right? So that's how we kind of expect the overall localization to go up. Okay. And second question. And if I may add, sorry. If I may just add, this is Mukund. If I may just add that part of the capacity expansion is or part of the plant investment, the CapEx we are making is for capacity itself, right? Not necessarily localization. As the demand is growing, we need capacity. So it's not related completely to localization. Both industrial and automotive also need more capacity. But part of it is also localization. Nice. Second question is on the margins. In the press, you commented about margins in the range of 16%-19%, which is what we are looking at in FY26. And at the start of the call, you also talked about us having similar margins as FY24 in auto and industrial in '26. So when you say margins, does that include the operating income? Sorry, other income? Because if I exclude the other income, FY24, we earned somewhere close to 15.7% EBITDA margin. So just trying to understand, when we say margins, does that include the other income or that is excluding? That includes. I think what Mukund communicated, 16%-19% is overall PBT margin, including the other income. Okay. And the bump-up in other income, which we saw in the current year, was there any one-off in this? So it's predominantly the bump-up in the other income is driven on account of the cash that the company is sitting with, right? That kind of results in higher interest income. Plus, we have also income coming from one of our sister companies, right, which will continue till 2029. So that's where you see a fuller impact of that in the current year. Right. Just one last follow-up. When you say 16%-19% PBT margin, if I do the back-of-the-envelope calculation for operating margin, we would still be around 24 levels only, despite the investment and capacity modernization and localization we'll be doing in 2026 further. So just trying to understand what factors you think can drive the higher end of the margins for you? So again, if any, sorry, Mukund, go ahead. Sorry. If I may just add one couple of things. One, while we do expect the margins to be broadly in that range, right, there is always efforts we are putting in in operational efficiency, which is cost management, but also in terms of portfolio pruning and pricing and things like that. So all that makes a big difference. But the other thing we should mention is that due to CapEx investments, which are likely in the next few quarters, right, we would see a slightly higher depreciation. As you mentioned, we are putting in that. But in spite of that, we are trying to maintain similar margins or grow it beyond. In the long term, the two entities or medium to long term, within the next three years, we should start seeing some margin expansion on both sides. Thank you. Harshit, you wanted to add something to that? No, I think Mukund, what you clarified is good. Thank you. Our next question comes from the line of Pramod Amthe from InCred Equities. Please go ahead. Yeah. Thanks for taking my question. Can you be more elaborate on in terms of transfer pricing adjustment? And when you say that this year is settled, what's really happening in that line item? So again, I'll just kind of again explain, right? The transfer pricing adjustment, which has happened in the current quarter, is driven based on the transfer pricing guidelines and rules which are set by an international body. And we have to follow that for all related party transactions, right? So for any financial year, since these are related party transactions, we have to support a margin which is acceptable to the local tax authorities as well as Swedish tax authorities. Now, when we looked at the financial year 2025, our year-to-date transfer pricing margins were trending at a relatively lower end compared to what it should be. And that is where we had to take an adjustment in the current quarter to align the transfer pricing margins for the financial year. And that's where you see a big uptick in the margins for the current quarter. But as I said, the overall margins, which kind of aligns the overall margin in line with what we have seen in the previous years as well. That will reflect in the purchased goods line item. Am I right? That's right. That's right. Purchase of traded goods line item. Sure. And this adjustment will keep on happening going forward? This year it's done and just it was... This year it's done, and now it's the start of a new financial year. You'll see how the margins develop in the upcoming year. Sure. The second one is with regard to the net working capital. So if I had to look at your inventory, it has been rising throughout the year and looks to be more first half loaded as compared to second half. What is really happening and what gives you confidence? Why it has gone up and what gives you confidence to bring it down? Or is it anything to do with the way you are aligning your production for the merger? That's one. Second, I think if I had to look at your receivables, they have also gone up drastically. So what is leading it at the end market, or it's your policy related to the same? Yeah. So, if you look at the receivables, I think the receivables are pretty much in line. It might have gone up by a few days recently, but I would say that's pretty much temporary, and it should kind of come back to normal levels. Now, if you look at inventory, the predominant reasons for inventory is purely the buildup which we have done on the automotive side to support our OEM customers, right, in the subsequent quarters. Plus, since it was the end of the financial year, we were expecting higher demand to come in, and because of that, the inventory has been built up, but we expect that to normalize pretty much in the next two quarters. Sure. Thanks for all those. Thank you. So just to add to what Harshit just said, not related to the demerger at all. Not at all. So this is purely, as you mentioned, we do need capacity. We're short of capacity, especially on automotive, so we built up some inventory to satisfy that demand. But also, I would believe that on the industrial side, there were some customers, especially railways, etc., where we felt that the orders are going to come in, so we built up some inventory. We do have orders in hand, actually, but those are just will be sold, will be invoiced over the next few months. One other thing I will say is that overall, we can get better at inventory. We're continuing to work on that through a more advanced forecasting and S&OP process and looking at how we can tighten our policies to make sure that inventory is managed better. I think that's an area of improvement for us, so it's a good point. Sure. Thanks, Helpful. Thank you. Our next question comes from the line of Yash Goenka from Auriga Capital Advisors. Please go ahead. Hi. Am I audible? Yes, sir. Please go ahead. Okay. So exports for the year are 390 crores. Can you split it for auto and industrial? Yeah. We currently do not split exports into auto and industrial. It's just reported as, because we have currently consolidated manufacturing operations. So currently, I don't have the split. Okay. And on the transfer pricing, while the adjustment is done for the full year, will we continue to see volatility in the margins, and then you'll normalize it at the end of the year? So again, internally, we are trying to, and we're also kind of talking to our auditors to see how we can minimize these volatility, especially on the traded products margins. But what I can tell you is that in case you see future volatility, it will, from a financial year perspective, corrected as it has been corrected for this financial year. Okay. And on the CapEx run, will the large part of CapEx be for industrial or auto because you just said that there is shortage of capacity in auto? Yeah. So there will be investments on the auto side as well, but in terms of significant chunk of the investment is industrial, right, because we are setting up a new factory for industry. Okay. If I just could slip, I think export would largely be auto, if I'm not wrong? No, not necessarily. Not really. Because when we export, we mostly are because we have a lot of common products between industrial and automotive, and when we are exporting these bearings, mostly they are a significant share of it is also for industrial as well. Okay. Thank you. Thank you. Our next question comes from the line of Ravi Purohit from Securities Investment Management Private Limited. Please go ahead. Yeah. Hi. Thanks for taking my question. So this CapEx that we are putting up in Pune, is it on our existing facility, or we have bought new land parcels in Pune to set up this new factory for industrial bearings? And second is, we also have a, the parent has an unlisted subsidiary, which has a fairly significant manufacturing presence in the state of Gujarat. Would it make sense in future to have two separate entities, both focusing on industrial bearings? Would it not make sense to actually merge the two industrial entities into one, which will kind of align with what we are trying to do globally also, right? So I can take that. So the first part of the question is, no, we're not getting in looking at acquiring any land in Pune. We have land, and we have space available. Provided we get all the required approvals, etc., we are looking to build that plant in our existing land. The second part of the question, you're right, we do have a facility in Ahmedabad, but that is largely for a different kind of, you're right, it is industrial, but it's largely for a different kind of bearing, much larger bearings. And it is a global plant. It supplies globally. The intention is for us to supply globally, including India. So we feel that is the best way to kind of keep those separate. At this point, there is no plan to merge the two entities. Okay. Okay. And so the other thing is, if you look at our global bearings presentations with respect to the demerger fact, and they have kind of called out the margins between the difference in margins between auto bearings and industrial bearings globally, right? And at that scale and size, the industrial bearing makes about 18%-20% EBITDA margins, right? And I think in the previous call, we had said that our industrial bearing piece is still making about 13%-14% EBITDA margin. Would it be fair to say over the next three to four years, as this localization drive kind of takes shape and size for the industrial bearing space, our industrial margins will align with the parent's industrial margins? Harshit, do you want to take that? Sure, Mukund. So see, broadly, the margin should align, right? As I said, we are already operating at the FY25. We shared the results in our previous call, and our EBITDA is around 16%-17% for the industrial business, right? Broadly, our margin should come in line with what the group would report. Yes, industrial, as of now, our plan is to be around 70% localized, right, in the region. So we will still buy a significant chunk of our products from other SKF companies, right? So to that extent, you will see some impact on the overall margins. But yeah, broadly, we should be pretty much in the range of 16%-17%. Okay. Okay. Thanks, and all the best. Thank you. Our next question comes from the line of Vipul Kumar Shah from Sumangal Investments. Please go ahead. Mr. Vipul Kumar, you have been unmuted. Yeah, yeah. Thanks for the opportunity. So my question is regarding our new facility for industrials at Pune. So will it largely be an import substitute product, sir? I think it'll be a combination. It's not going to be, as I said, the part of it is just capacity to meet the existing demand. So what was the demand for the kind of bearings which were made in the current Pune, which are being made in the current Pune facilities, with some small variations are required both in automotive and industrial. So we're just expanding capacity. But part of it will also be import substitution. And sir, you said CapEx of INR 250-300 crores over the next two to three years, right, cumulative? Or is it for the current financial year? expecting - so roughly - sorry, go ahead, Harshit. I was also saying the same. We are basically saying that we are going to double our current CapEx. Our current CapEx is INR 130-150 crores. We are expecting that to double in the current financial year and continue with that probably for the next two years. So with this increased CapEx, how much more capacity we are adding in terms of percentage in both the segments, if it is possible to quantify? So I think that details are still being worked out, right, in terms of how much additional capacity, because, as we said, there is going to be additional infrastructure investment plus new capacity, both for industrial and automotive. Sir, my last question is regarding how would you physically split Pune plant? Means is it possible to physically split the Pune plant between both the industrial and automotive? So the idea is not to physically split. It's literally to build a new plant and then move some specific lines, which are more industrial focused, to the new plant and then add on as required, add on capacity on both sides. Okay, sir. Thank you very much and all the best. Thank you. Ladies and gentlemen, since the call duration is of 45 minutes, this will be the last question that we will be taking. Our last question comes from the line of Lakshmi Narayanan from Tunga Investments. Please go ahead. Thank you. A couple of questions. Sometime back, I understand that the senior management evaluation has a higher weightage on the operating margins of the Indian entity. My question to you is that how is the senior management evaluated on three different vectors? One is revenue growth, one is margins, and third is exports. Now, when it comes to margins, what margins are senior management evaluated in terms of all these three things, which is domestic operating margins, revenue growth, and exports? And what is the composition? That is my first question. Second question is that how have we progressed on new business lines in the last two years, particularly in the industrial bearing? And the third is more a number question, which is essentially when I look at the exports, what is the mix of the exports? Which sectors are exports scattered to? These are the three questions. Just to recap, how is the senior management evaluated across three vectors: growth, margins, exports? Second, how have we progressed on the new business lines in the last three years, particularly in the industrial? And third is the mix of exports in terms of different business lines. Thank you, sir. So I'll take the first one, and if we have time, we'll take the next two, right? The first one, we're not separately evaluated on all senior management. It is not separately evaluated on exports. It is evaluated on growth and margin only and not specifically on exports. I think that is the philosophy of our company, and we intend to continue doing that. So when you say margins, this is pre-royalty and post-royalty, or what is the margin? Is it EBIT or EBITDA? It's operating margin, right? So. Okay. Post-royalty and EBITDA. Yeah. Has there been any change in the evaluation in the last three years, or it remained the same what it was there earlier? Actually, you'll have to answer that. I don't think there have been any changes. There hasn't been any change. It's always been sales growth and operating margin. Thank you. And we can take the second question, and then we'll run out of time probably. So what is the second question? Can you repeat again? Yeah. In terms of the new business lines last year, in particular on the industrial side, what are the business lines we have actually got into? Either it could be a segment, or it could be a horizontal. Just want to understand that. I can mention a couple of them which we've got into more aggressively in the recent times, and then we can, yeah. I think one is in the services business, which is not just the aftermarket sale of bearings, but to remote monitoring, remanufacturing, etc., of bearings, as well as kind of tying it to reliability and uptime to industrial production and customers. Services is a new line of business which involves a lot of sensing, analytics, and predictive failure analysis. That is a new line of business which, while it existed before, we have got more aggressive at it. The second is in the. We've launched some new products for the metals segment which are more competitive and much more efficient than what we had previously. So in the metals segment, where they are primarily gold and flats, we're trying to get better in the long kind of products, especially in steel. And that is another line of new business which we have launched. I would say that's—to top of mind are those two right now in the last year and a half at least. I can't talk before that, but in the last year and a half. Thank you. Ladies and gentlemen, that was the last question for the day. On behalf of SKF India Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.