Ladies and gentlemen, good day, welcome to the Bharat Forge Limited Q1 FY 2024 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, there will be an opportunity for you to ask questions after the presentation concludes. If you need assistance during the call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Amit Kalyani, Joint Managing Director, Bharat Forge. Thank you, over to you, sir. Good afternoon, ladies and gentlemen, thank you for, first of all, adjusting to our change in time at the last minute. Unfortunately, we had a lot of discussion in our board meeting, which went a little longer than expected. It was a very good discussion, therefore, we had to push out the call. As is normal, I'm Amit Kalyani. I have with me our enhanced investor relations teams, we have our head of our components business also on the line. I'll take you through quickly a few highlights, then I'll be happy to answer your questions, which I and our team, the whole team will respond to. In terms of our standalone business, we had a top line of about INR 2,127 crore. This was almost 21% YOY growth. Our EBITDA was up by about, again, almost 21%, 20.3% to INR 553 crores. Margins have been maintained at 26%. PBT before exchange, gain or loss of INR 421 crores, 26 odd% growth over Q1 of 2023. We have won over INR 200 crores of incremental new business for the components and automotive business in this quarter. Our balance sheet continues to remain strong, and net of long-term loans, we have, you know, close to INR 700 crores of cash. Passenger vehicle story continues to grow for us. We have developed new customers, new products, and we continue to see large opportunities for growth, both in engine, powertrain, and also EV-related components. We saw a passenger vehicle growth of about 43% YOY, despite a one-time destocking impact of about INR 80 crore in Q1 for the oil and gas sector due to some product changes. The hit on the industrial export business was limited due to continuing strong traction in aerospace, which is now contributing about 16% of our export business. This has grown at more than 50% over last year, and we expect to see a strong double-digit growth this year and next year as well. In terms of the real, let's, coming to the part that we're most proud of, and let's say it's something that, you know, we've, we've all, as shareholders, as management, as investors, been waiting for a long time, has been, you know, the conversion of the defense business into a revenue-generating, profit-generating business, which has started from this quarter, where, you know, we have started exports of both systems as well as components in a big way, and this will continue to grow. In fact, we are seeing tremendous traction from global markets, and just in Q1, we won an additional almost INR 280 crore of new orders in Defense, and we have many, many more orders in the pipeline. Our combined order pipeline now is in excess of INR 2,200-2,300 crore, which is largely exports. This will be executed over the next 18 months, this encompasses orders across vehicles, artillery systems, components, solutions for naval, and unmanned systems. This basically marks the entry of Bharat Forge into the systems space in a very, let's say, technologically advanced and geographically, let's say, opportune and diverse and globally in-demand kind of sector. This business will also very soon contribute to, in fact, this year also should be at close to 10% of our overall revenue and increasing as we keep going ahead. Coming to our overseas business, we had a turnaround in our European business, where our EBITDA went to INR 51 crores, as against a loss of INR 14 crores. A swing of INR 65 crores. U.S. operations were similar to previous years. You'll remember, the U.S. operations were set up two years after our last European expansion. The European expansion is now heading to 50% plus capacity utilization, whereas the U.S. is still ramping up and is going through its product development and establishment cycle, which by Q4 should be done, and we should have a turnaround in Q4. Our subsidiary, JS Auto, has now completed its acquisition of Indo Shell Mould SEZ unit, for cash consideration of INR 55 crore. With the asset as is, including the current environmental clearances we have, this can do a turnover of about INR 200 crore, and capacity-wise, it can almost double that with increase in our, you know, environmental clearance. Now between ISML and JS Auto, we have a capacity more than double of what we had when we bought JS Auto. In fact, very close to 2.5 times, and we expect to see our growth in the casting space also be very high strong double-digit range, because there is a lot of demand. There's a lot of demand coming from Europe, and a lot of shift of manufacturing from Europe to India. In fact, the big strategy that we are now going to push and put a lot of emphasis on, is to increase our manufacturing in India and use India as a large export base for the world, both at a component level, system level, and at a subsystem level as well. Our India manufacturing platform, which is basically the components plus products, which encompasses today our Bharat Forge standalone business, plus the defense manufacturing in KSSL, is already at a run rate of INR 10,000 crore and INR 2,500 crore odd of revenue for the quarter. We expect to see this grow very smartly and very sharply over the next two to three years. In fact, we will undertake a large expansion now in various areas. I have talked about casting. This is all in India, and this is all in spaces that we are comfortable with. This is in forging, in machining, in EV-related forgings and components. Our defense plants are also coming online, so we'll probably do somewhere in the region of INR 1,000 crore odd in the next two and a half years. At the same time, we will also repay over INR 1,000 crore of debt in the next two years. We will do all this through internal accruals. We will maintain a healthy debt equity profile, we'll maintain a healthy cash balance. Have the ability to respond to any growth opportunities in India, India manufacturing, or India-related manufacturing growth for global opportunities as well. As we go forward, we expect to see our consolidated EBITDA to increase from 16% towards the high teens that we have always aimed at. Increase our return ratios also quite substantially. In terms of this ISML acquisition, this plant is within two km of our existing JS Auto plant. We don't need to hire a large management overhead. We only need operating people, we will, we will get a lot of synergies and, let's say, operating leverage coming in quite soon. We also report, I mean, we also are getting a lot of interest from our global customers for export demand for oil, for casting, and we see that as another big growth driver to improve our India manufacturing footprint and sales outside of India, and to further serve our customers more completely. Talking about customers, our last man standing strategy is bearing results. We have increased our market share in the automotive space, both in India and outside. We expect to see the Class A market in Europe and US to remain strong, driven by demand and little bit of emission norms. The second, driven, driven by emission norms upcoming, plus old fleet, and, you know, drivers getting more accustomed to vehicles with more assistance and things like that to make driving easier. This is what we hear from our customers, and we expect this to remain stable to positive. We are also, we have also tied up long-term business with all our customers, and we continue to grow our engagement and footprint with our customers. We expect the next few years to remain strong, and that this growth momentum that you're seeing this quarter, to continue gaining strength over the next three quarters for this year and also into next year, as we expand our footprints of products, geographies, sectors, segments, and new fields as well. That's really all I had to say, and, I'm happy to now take, questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask questions, may press star and one on their 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 questions. Ladies and gentlemen, we will wait for a moment while the questions assemble. The first question is from the line of Binay Singh from Morgan Stanley. Please go ahead. Hi, team. Congratulations on good set of numbers. The strategy that the company embarked on of diversifying revenues is, beautifully actually in this quarter. My first question is on the defense side only. In the opening remarks, you suggested to almost 10% of defense all revenue for the year, roughly implying that KSSL will have very sharp ramp up in revenues in the coming 2-3 quarters only. How do you think that impacts the margin? Also linked to that, any update on defense order wins from India side? Given that it's an election year, will that have an impact on wins from India side? Any comment on that? That'll be my first question. Binay, yes, you are absolutely right. It will imply strong growth, but we are already ramping up our defense business, and we continue to see tremendous demand coming from markets across the world. Not just, we're not As you know, we're not just dependent on India, but we are already exporting, and we see tremendous growth opportunities. The capacities we are building will start getting ramped up. We're today producing in our existing facilities. We don't have our dedicated facilities yet. The point is, yes, you know, maybe I don't want to comment on election year and the impact of election year, but all I will say is that there's enough demand for us globally to produce and, you know, sell whatever that we need to in terms of creating growth. And where do you see the profitability of this business being like mid-teens margin or so? Profitability, it is, it is accretive to our overall business. There is no, dilutive impact of this. You have to remember that while we are only looking at EBITDA, you also need to look at asset turns. On asset, return on asset basis, it will be substantially higher. Please also remember for the India order, the RFQ is already out, at least some part of the India order should happen before, you know, before other things. Right. Right. Also profitability systems stand alone, so if we just look at KSSL, may not even give the full picture for the company. Yeah. You have to look at consolidated, because KSSL is a 100% sub, and as you know, the components are made in Bharat Forge. If you combine the two, you'll get a good picture. And the second point that you made, which is very interesting on the last point, strategy, getting orders till 2035. Could you comment a little bit about which components on geographies you are getting? We're not gonna talk any more detail than this. You know, it's a competitive market, and, you know, we don't want to share such sensitive information. All we are saying is that the customers are banking on talking or partnering with suppliers who can supply not just components, but also be a technology partner and a strong player for the long term. Right. Right. Just any comment on the India PV business, you know, where we've seen sort of this, if it's a one-time impact from some customer, because we've seen the revenue dip? Yeah. One of the customers that we used to supply to has stopped making the products that we used to supply into. We are now supplying to other people. Actually, we don't supply into the PassCar sector anymore. We supply into other industrial and SUV sector using the same assets. Great. Great. The U.S. breakeven, are we on track for third quarter? Fourth quarter. We were guiding earlier. Fourth quarter. Third, third, fourth quarter. Okay, great. Thanks, Amit, I'll come back and thank you. Thank you. The next question is from the line of Kapil Singh from Nomura. Please go ahead. Good, good afternoon. Just continuing on the question of KSSL, could you tell us what is the fixed asset base at KSSL and how much CapEx will be required? The fixed asset base in KSSL is not large right now, because please remember, it is a integration business. Right now we're spending about INR 120 crores in building a large facility of about 4 lakh sq ft, which will be to do vehicles, armored vehicles, roll away chassis and guns and mounted gun systems. That will have a very large capacity. It will be one of the largest such capacities in the world. Okay. For this, revenue ramp up, no significant CapEx is required. That's, that's how I should understand? Yes, correct. Okay. Second, there was a, there was also a mention of investment of INR 150 crore, I think, in Kalyani Powertrain. Could you just talk us through that as well? That what is the plan? Yeah. We have a long-term strategy, you know, which we created three years ago, and we are implementing that strategy. We have a plan for large supplies into the electric vehicle business, and we have to place orders for certain equipment to set up a new plant to manufacture these components and systems. This is over a two-year period. Okay. this is picking up the IP, in, in... Yes. Okay. sir, at what level of revenues does this business become EBITDA positive? Which one? Kalyani Powertrain. You have to look at it separately. You have to look at that investment in Tork separately and the rest of it separately. Tork we did to learn about, you know, this sector, to understand the technologies and to learn manufacturing of these things, which we have done. The rest of it, you know, is all product specific. As we ramp up to, you know, let's say, some amount of steady production. Today, what we're doing is we are making a lot of prototypes for a lot of different people and getting them tested, getting them approved, going through a learning curve. You know, just like in defense, we took a long time because we are developing the technology on our own, but then in the, in the, in the longer term, it gives you a lot of benefit. Same thing is what we're doing here. Obviously, we're not expecting it to take so long, I would say at least two to three years for it to be meaningfully profitable. Understood. Lastly, can I check on the overseas operations as well? We have seen an improvement in EBITDA margins over there. Are we by when do you see the company touching double-digit margins over there? For the full year, we will be profitable at a PBT level globally. Okay? Europe will be PBT positive, and US will be definitely EBITDA positive for the quarter four. Europe will be PBT positive for the full year in a healthy manner. Okay. Would, would that imply margin close to double digits by the exit quarter? I would say high single digits. Okay. Okay. Great, thanks. I will come back in the queue. Thank you. The next question is from the line of Amyn Pirani from JP Morgan. Please go ahead. Yeah. Hi, thanks for the opportunity and congratulations on the set of numbers. Just going back to the last man standing, you know, comment that you made, I know you didn't want to share too much details. I just wanted to clarify one thing. Since you know, you have now, you know, assurances from your customers till 2035, and given that at least the global customers are planning to move to a kind of a, you know, net zero kind of a number by 2035, would it be fair to assume that you are going to be a partner for a lot of these new age and EV vehicles also, and you will be coming up with a lot of products there? Yes, that would be fair. Okay. Secondly, on the defense business, the order for ATAGS that you had won for the export market, that was supposed to start ramping up from Q2, or some of the ramp up in this quarter also includes that? Just very small initial, you know, probably the first of supply. Okay. Obviously, so this number should, you know, sequentially improve quite substantially over the next few quarters on the KSSL side, as well as on your own defense. Please understand the order value you guys know. Yeah. It's spread out over 18 months. Yeah. From the time it ramps up, it is spread out over 18 months. Okay? Understood. One year from the order, it starts and it becomes an 18-month order. Okay. 18-20. There are two different orders. One is one product, second is second product. Right. The two orders were received, at a different time frame, and both they are, because please understand, I'm not going to a supermarket and selling my product. Yeah. The customer also has some schedule by which it wants the products to be inducted. The INR 280 crore of new orders, what is... Can you help us understand what components or products is that for? That's also both capital items and revenue items. Okay. Okay, perfect. Great. That's, that's helpful. Thank you. Will come back in the queue. Thank you. The next question is from the line of Gunjan Prithyani from Bank of America. Please go ahead. Yeah, hi, thanks for taking my questions. I just had, again, a follow-up on the defense business. The INR 2,200 crore order book that you talk about includes only the export order that you have and the other component orders. It does not include ATAGS at all, right? No, it does not include any India orders. It does not include any India order. Okay. If, would it be possible for you to share, you know, what was the overall defense revenue in this quarter? I can see KSSL, there is also some revenue that gets captured in industrial part of the, standalone, right? It's a hard INR 250 crore for the quarter. Does KSSL... Sorry, just trying to understand how the accounting is getting done. The standalone sells components to KSSL and then KSSL books out to the customer. It's sort of- We only, no, no, Gunjan, we only make components in Bharat Forge. Mm-hmm. The entire system and assembly is made in KSSL and then sold. Okay. That is the way it's going to work. Okay? Mm-hmm. KSSL is our company for doing defense systems. Now, some of the early orders have come before KSSL was fully set up, so some of the early orders were in BFL, but all of the execution is gonna happen through KSSL going forward. Okay, got it. The second one I had was on the aerospace, because you did, you know, talk about destocking, which impacted the revenue stream on exports. In aerospace, you quantified. How, you know, defense is very clear now, but aerospace in terms of revenue ramp-up, how should we think about that? Is there anything you can share from the margin also for that? Margins are also very good. Please remember that we are using our existing forging capacities to make parts for aerospace. We have dedicated machining capacity, which we have set up for this, and we are making extremely high-end, high-tech products. I would encourage you to come and take a look. We make parts like landing gears. For commercial aircraft, we make fan blades in titanium and entire balanced rotating assemblies for jet engines. These are all jet engines in the 15-1,000 pound thrust and above category. Mm-hmm. Revenue ramp-up, any, any guidance around that as well? This year we will see a revenue growth of over 30% over last year. Okay, just lastly, if you can, you know, talk about the outlook both on CVs, in India as well as, US Class. You know, you briefly touched upon it, but if you could just give us some color as to, you know, just given the cyclicality in these both categories. Yeah. Gunjan, Subodh, who's the head of our component business, he's better, you know, positioned. He's the right guy to answer this. Subodh, can you please? Yeah, Amit. Yeah, hi, Gunjan. Gunjan, to your question, at this point, we see a strong commercial vehicle segment both in U.S. and Europe, and this is driven by the order books and, you know, the backlogs. The expectation is this will continue into next year as well, which is what most OEMs are even publicly stating. As far as India goes, there's already seen a strong traction, including Q1, as you've seen. Again, from a, you know, if you look at everything that's happening in the country, infrastructure-wise and others, the expectation is it will continue to be stable. It may not grow significantly in India, but it would definitely continue to be stable is the expectation. What is this ambition related that you mentioned in transit? Is there some big bunching up of, you know, advancement of demand that you all are expecting? I'll join back with you after that. No, it is... I think the mission was mentioned in light of the advancement of the- Of the new car standards coming up in the US and the Euro 7 coming up in Europe. Yeah. Okay. That is in 2026, 2027, and it is sort of extremely complicated. Okay, got it. Thank you so much. Yeah. Thank you. Next question is from Pramod Kumar from UBS. Please go ahead. Thank you for the opportunity. My first question is on the railway side. We had this collaboration with Talgo. If you can just help me understand how are we doing there, how is that business looking? Because that can again be a pretty significant part of your domestic industrial rollout, right? Right now, we're looking at components on the railway side. We're not looking at entire systems. You know, it's again, a very complicated business, so I think we need to, you know, get our arms around it before we build for something that is a 30-year project. I think that there are gonna be a lot of opportunities in the future as well. I would wait and watch. I don't know whether that is going to, you know... Let's see where it goes. We are, we're in it, but we're not, you know, it's all getting postponed and things like that from the user end. It takes a lot of time and effort to be in these businesses. We want to be in businesses where the time and effort delivers the kind of value, return, profitability that is, you know, let's say, pays off for the kind of effort that you put in. Plus, I don't want to be limited to a geography. I would prefer to be in a business which is more globally, you know, accessible to us. Fair enough, Amit. I think, can well understand that. Amit, the second part is on the material business. Looking at the various components, what they do, that's quite a lot, right? You're doing an advanced lead acid battery, then several electronics, including MCU, everything. Which part of this, which part of the component chain where you strongly feel that you're gonna be, get a sustainable edge, which will attract a lot of the OEMs towards you? What we're seeing is a lot of the OEMs are thinking through or already doing a lot of these components in-house. In that context- No, no, no, no, no. See, you know, actually, a lot of what you're asking me is our strategy. You know, we, if you look at us globally, we are a niche global player. We don't play in commodity spaces, we play in high technology niches, and we will adapt the same to the EV sector. At a component level, we will supply to all the OEMs and the Tier 1s and the new emerging customers, but we will select a few niches in that where we will go deeper and wider. So is my understanding right, that you'll be focused more on the international side rather than looking at the Indian value chain, or am I? We look at both. Please remember, a large part of this manufacturing is gonna happen in India. Fair enough. Yeah, and, and, Amit, generally, any color on the industrial side, non-defense, vertical for the growth outlook, because given how the CapEx, is evolving in India, anything you can share on how that progress is? On the industrial front, also we see a lot of opportunity. In fact, we have targeted two, three new sectors. Again, I don't want to go into those very quickly, you know, because we are, you know, still playing those out. Subodh, maybe you can generically touch upon this. Yeah, yeah, sure, Amit. As Amit mentioned, we are addressing a lot of new areas in addition to the area that we have. Subodh, you have back network again. I'm not able to hear you. Same here. Yeah, Amit, problem for me. Okay. Go ahead, Subodh. Go, go ahead. If you can, go ahead, otherwise, I'll try and fill in wherever possible. Are you able to hear me now? Yeah. Okay. I was saying, you know, we are addressing a wide range of industrial segments, which is, you know, right from heavy engines and, you know, products for construction and mining industry and so on. There are a lot of different things happening, where we are adding new products, where we are adding new customers, we are adding new services. At this point, the outlook is positive for India, of course, with everything that's going on, but is also positive for the world.... You know, any industrial business has its ups and downs, but overall, we see the outlook as reasonably positive. Fair enough. Thanks a lot, and wish you guys all the best. Thank you. Thank you. The next question is from the line of Pramod Amte from InCred Capital. Please go ahead. Hi. Wanted to with regard to this KSSL again, so, if you have to look at the related party transaction, what proportion might be coming from Bharat Forge standalone as a part of sales? KSSL is part of Bharat Forge, man. It's a 100% subsidiary. I'm saying sourcing of components, if you had to look at maybe 70%. Components, which is ordnance and other things which are critical, which nobody else can make, obviously, going to come from Bharat Forge. I would say in terms of value terms, maybe 30%-40% will come from Bharat Forge. Maybe 30%. Okay. The remaining 70% will be others, and then the value add for KSSL. Yes, absolutely. If I had to look at the Kalyani Powertrain, the ramp up is slower than expected, or what is the status of your new plants and what is holding you back? One thing is FAME. You know, this whole FAME, getting diluted has had an impact on everyone. Please remember that even during those times, we have not misclaimed or wrongly claimed any FAME benefit. We're one of the few companies which has not done this. You know, there are a lot of people who are going to have to pay back the money that they have, you know, taken from the government. Okay. The last one is with regard to the JS Auto. Post this acquisition, any internal targets in terms...? Because you're openly talking about growth, outlook of upwards of 25%, 26%. Has it changed now from much aggressive because capacity is doubling up and you are getting more client confirmation? Yeah. So, you know, like I said, this ISML acquisition has just been complete. Maybe in Q3, when we do our analyst meet, we will give you a much better picture on JS Auto and the overall picture. Okay? Okay, sure. Thanks and all the best. Thanks. Thank you. The next question is from the line of Raghunandhan NL from Edelweiss Institutional Equities. Please go ahead. Thank you, sir, for the opportunity. Firstly, on standalone, raw material cost to revenue is still higher industrial revenues. There is increase in this RM to revenue, QOQ and YOY. Any reason for the increase, and how do you see this in coming quarters? No, basically, it's a product mix. It'll normalize over the next two quarters. Got it, sir. On oil and gas segment, there was a one-off impact, as you indicated. What could be the revenue for the quarter, or what is your expectation on the year growth? Subodh, you want to take that? Yeah, yeah, I will. The overall growth for the oil and gas sector will be, I would say, flat as compared to last year, because oil and gas sector is strong, but there is a lot of discipline in terms of investments that is happening. The one good thing that is expected by the end of this year, maybe November, December timeframe, is the demand of oil is expected to outstrip production, and at that point, we may see some amount of positive change. Otherwise, we are assuming that it is going to be flat as compared to last year. Got it, sir. Subodh, sir, on the North America Class eight, over the past six months, Class eight order backlog has reduced as new orders are lower than the production numbers, and some of the industry experts, like Americas Commercial Transportation, are talking about 15%-20% decline in CY 2024. Do you expect any weakness next year? Yeah, as I mentioned earlier, at this point, a lot of the order intake is lower because OEMs are not opening their order book honestly. I mean, you've seen the other statements from Daimler Truck talking about a month ago, similar effect. I think Volvo has made similar statements as well. There is an expectation that these order books will be open in the near future. I think all the OEMs are talking of a similar year as compared to, you know, 2024, 2023 and 2024 as well. We have to wait and watch. That's all I can say now. Got it, sir. Just my last question. In terms of investments, they are likely to increase. What is the CapEx expectation in standalone consol for 2024, 2025? Thank you. Right now, as I mentioned, for 2023, 2024, 2024, 2025, and probably another six months, our CapEx will be in the region of about INR 1,000 crore, ±10%, combined, and this is the overall CapEx. Standalone please, sir? Bulk of that will be standalone. Understood, sir. Thank you so much. Standalone, meaning India, which includes Defense, which includes, you know, everything we do in India. Got it, sir. Thank you. Thank you. The next question is from the line of Arjun Khanna from Kotak Mahindra Asset Management. Please go ahead. Congratulations on a great set of numbers, thank you for taking my question. The first question, sir, is on the ATAGS case. Earlier we had the DAC approval, and then last week of the AUN exception of necessity coming through. The next stage would be an RFQ, is that the right understanding, and has the RFQ come till now? RFQ is already out. Sure. If one looks at timelines, before an order comes through, how would we understand that? In a realistic world, now it should be less than six months. Sure, sure. Depending on timeline, the delivery of the same. We can deliver. We have, you know, the ability to deliver quite fast. Sure. Very helpful, sir. The second query was regarding the PV side of in India. You did indicate that there was a phase out of the model. So the current quarter revenues of around INR 62.5 crore, is that the runway we should look forward going forward, in terms of the trough, or potentially there was some- Subodh, what he is asking, Mr. Khanna, is that our passenger vehicle India business was at roughly about INR 62-63 crore, what do we expect for the quarter and going forward? You know, I think we've lost Subodh. Maybe I can have him circle back to you or, you know, somebody can get back to you. I think we should get back because I do know that we have won quite a lot of new business, so we should get back to the previous numbers of closer to INR 80 crore. Sure. Perfect. Thank you so much. Remember one thing, Mr. Khanna, that we will use the same fungible capacities to make parts for India or exports. If the India business is reducing, we will go, you know, we will go harder on exports. Sure. Fair enough. Our exports for PassCar are, you know, it's almost more, almost five times the size of our domestic market. Right. It's almost INR 280 crore this quarter. Well noted, sir. Thank you. Amit, I, I lost you for a moment. I'll just add one comment to, to what you said. You know, we have also, Mr. Khanna, you know, got ourselves some set of new programs within India as well. We are also making a very different choice in terms of which segments to play in India as well. There are a lot of those factors coming in as well that we want to protect our value creation. Overall, we see, we see a reasonable growth pattern for us in the CV segments, both in India and globally as well. Perfect. Wishing you all the best, sir. Thank you. Thank you. Thank you. Before we take the next question, we'd like to inform participants to please limit your question to one per participant. The next question is from Lakshminarayan from Sundaram Investments. Please go ahead. Thank you. A couple of questions. First, in terms of the India CV business, right, have we maintained or increased our market share? We have grown our market share. What is the approximate tonnage that you deliver because of automotive, CVs or? No, no. We will, we will only talk about overall tonnage, which was 67.5, 67,000 odd tons. Okay. couple of quarters you mentioned that you, you like to get into things like transmission, driveway, and components, in addition to compacted beam and crankshaft. We already make those, and we're in fact expanding our capacities in those areas. We make over one million components that go into those products already for years. Got it. Got it. Sir, in terms of, the outlook, for, for both Europe and US in terms of the Class eight trucks, right? You say that, it's, you have capacity visibility, sorry, the demand visibility for next, till FY 24 or FY 25? Subodh At this point, we have visibility till end of this year and probably quarters of 1.5 to two quarters of next year, based on, you know, the order books of OEMs. Then, you know, as I mentioned. Basically, 12 months from now, Subodh. Yeah. Roughly, yeah, that would be easier. Got it. Got it. Got it. Thank you, sir. I'll come back to you. Thank you. Participants, please limit your questions to one per participant. The next question is from Rakesh Roy, from Omkara Capital. Please go ahead. Hi, sir. Sir, can you light on the business recently we get license from Home Ministry for small arm business, or where we stand and go for business, sir? Yeah, with the license, and we will build for business based on this license. Okay. We have a capacity for this one? We have facility for making prototypes. If we get the orders, we will set up the facilities. Okay. Sir, we are looking only for domestic market or export also for this one, small arm? First, domestic. Okay. Okay. Thank you, sir. Thank you very much. We have to take this as the last question. I would now like to hand the conference back to Mr. Amit Kalyani for closing comments. Ladies and gentlemen, thank you as always for your participation, encouragement, support, and deep dive. A lot of insight and planning with which you ask us our questions. It keeps us on our toes, and I hope that we're able to answer your questions adequately. We always appreciate your support, and we look forward to continuing our engagement with you. We will meet soon in the next quarter, if not before that. In the meanwhile, if you all have any specific questions or would like to visit any of our facilities, you're most welcome to reach out to our team. One point that I forgot to mention was that we won a ESG award from the Financial Times and Statista of being one of the Earth's Champions. This goes a long way in our customers recognizing the pioneering work that we are doing on the environment front. I think that is another factor which will help us in being able to move a lot of business to places like India. Thank you very much. Have a nice day. Thank you very much. On behalf of Bharat Forge Limited, that concludes this conference. Thank you for joining us, ladies and gentlemen, your handset lines.