Ladies and gentlemen, welcome to our 1Q and FY 2024 earnings conference call for Castrol India Limited. Please note that all participant lines will be in the listen-only mode. You can ask your questions after the opening statements. If you need assistance during the call, please press star, then zero on your touchtone phone to reach the operator. We have with us Mr. Sandeep Sangwan, Managing Director, Castrol India Limited, and Mr. Deepesh Baxi, CFO and Whole Time Director, Castrol India Limited. I now hand the conference over to Mr. Sangwan for his remarks. Yeah. Hi, good afternoon, everyone. Hope you can hear me. First of all, a big thank you for participating in Castrol India's first quarter 2024 earnings call. As you would know, we report from January to December, so this is the first quarter for us, rather than the fourth quarter. I trust you and your family are in good health, especially given the heat that we've seen, heat wave that we've seen in some parts of the country, so please stay safe. We are delighted to announce that Castrol India Limited achieved modest growth in the first quarter of 2024. I'd like to reiterate that our reporting follows the January to December calendar year, as I said before. I think despite a bit slow consumer demand that we witnessed in the beginning of the quarter, we maintained resilience. Our volumes grew by 6%, showcasing the value of our strategic approach and our strength in navigating market dynamics. With this, I'd invite our CFO, Mr. Deepesh Baxi, and Whole Time Director to take you through the first quarter financial performance and key numbers. Thank you, Sandeep, and good afternoon to all of you. We released our first quarter, FY 2024, results on Tuesday, and I'd like to share some key financial highlights with you. In the first quarter, we reported a modest financial performance. Our revenue from operations was INR 1,325 crore, which is up 2% year-on-year from INR 1,094 crore in 1Q 2023. Profit before tax was INR 292 crore, a gain of 1% year-on-year, compared to INR 288 crore in 1Q 2023, and our net profit, profit after tax, was up 7%. We remain committed to prudent financial management and strategic investments, and are confident in ensuring that our momentum continues in the forthcoming quarters as well. We will drive a balanced approach between volume and margin growth, ensuring success in our operations. I would now like to hand over back to Sandeep. Thank you, Deepesh. In addition to discussing our financial performance, I'd like to highlight some significant business developments at Castrol India. First, we are pleased to announce the addition of Shah Rukh Khan as our brand ambassador, embodying our commitment to innovation and excellence. Our strategic partnership with Mumbai Indians and KTM Cup 2024 as the official performance partner highlights our commitment to excellence and high-performance lubricants. Castrol POWER1, India's Ultimate MotoStar, attracted over 10,000 registrations nationwide, with significant participation from Tier 2 and 3 cities. The selected winners among the top 18 aspiring contenders will receive training at the LCR Honda Castrol MotoGP team's facility in Europe. Our Badhte Raho Aage campaign and CRB TURBOMAX Pragati Ki Pathshala initiative has empowered over 12,000 truckers across 31 cities nationwide, showcasing our impactful business development efforts. Expanding into rural Bharat, we've significantly increased our reach, making our products available in more than 33,500 outlets situated in remote parts of the country. Expanding our aftermarket presence, we've grown to over 9,000 multi-brand passenger car workshops, showcasing impressive double-digit growth quarter on quarter. We've also reached nearly 28,000 independent bike workshops, adding over 1,000 outlets each quarter. The Patalganga plant received the prestigious OHSSAI Gold Award for its outstanding safety practices and performance, while our Paharpur plant was honored with the Apex India Green Leaf Platinum Award for plant efficiency, making an improvement from last year's Gold Award. Castrol Auto Service campaign achieved notable recognition at the Maddies 2024, securing the Silver Award for best media innovation and using digital for performance, and the Bronze Award for responsible advertising. These developments and initiatives are expected to enhance our market position in the future, providing a positive outlook for the year ahead. With that, I express my gratitude for your attention and invite you to share your questions, feedback, and views as we open the floor for discussion. Thank you. Thank you very much, Mr. Sangwan and Mr. Baxi. We will now begin the question-and-answer session. Dear participants, if you wish to ask a question, please press star and one on your touchtone telephone.... If you wish to withdraw yourself from the question queue, please press star and two. Participants are requested to use handsets while asking a question. Also, in lieu of the time, we will stick to two questions per person. If you have further questions, kindly rejoin the queue. Ladies and gentlemen, let us wait for a moment while the questions come in. The first question is from the line of Nitin Tiwari from PhillipCapital. Good day, and thanks for taking my question. First question is on the volume. So what was the volume that we sold in this quarter? And, what's the outlook for, rest of the year as well? Second question is related to, margin. So in this quarter, we saw margin compression, on operating profit levels. So what were the key reasons behind this, compression in margin that we have seen? And if you could highlight if, you know, there are any price remedials that you have taken during the quarter or, any such issues as well. Thanks, Nitin. I'll let Deepesh answer your questions. Yeah, Nitin, thanks. So, I think Sandeep had mentioned in his opening statement, volume grew 6%, so we did 58 million liters this quarter. In terms of the outlook, as we have given the guidance earlier, the market grows in the range of 4%-5%, and our intent is to grow above the market levels. Third question was around pricing. In the first quarter, we haven't taken any significant price increases. So as you know, we do our strategic pricing, we've got models in place, and we, in looking at the future outlook, you know, we make the interventions as necessary. On the question around operating margins, well, operating margins is in the range of 22%, which was similar levels last year. Basically, in this quarter, what happened is, there was a slowdown or, you know, sluggish start to the year, we Jan to December year. And, the mix of the volumes has, turnover mix impact of 2% versus the volume growth of 6%. Sorry, I, Deepesh, I lost you in between. So you said something about mix of volumes. So, can you like, you know, repeat that again, please? Yeah. What I was saying is that, your question was why is there a margin compression? Yes. Right? Yeah. So what I'm saying is that margins were in the range of 22%, so slightly lower, 2 or 3 percentage points, compared to- I was talking more on the sequential terms, because last quarter we did about 26%. So in this quarter it has contracted to 22%- odd. Whereas like, you know, the base oil price that we tracked, that looked more or less flattish to slightly down only on a quarter-on-quarter basis. I was wondering that, you know, what led to this margin contraction? And you mentioned something about the sales mix. So if you could just elaborate a little bit more on that, like how the sales mix was in this quarter in terms of automotive and non-automotive, et cetera? Yeah, yeah. So, versus 4Q 2023, firstly, there is an increase in the COGS, which is the cost of materials. And, so that, of course, has had some impacts. But, you know, I would not read too much into it, because base oil has been almost flattish. The impact is largely come from some other raw materials, and also as January to December year is there, you know, we get annual rebates from our suppliers globally. So that is typically in 4Q. So when you compare from 4Q to 1Q, typically you will see that difference in the cost of materials, which is higher. So that's one. On volume, what I was saying is that the mix of volume with a slowish start to the year, has contributed to the, to the mix impact on the gross margin. So, is it, like, you know, what you're trying to say is that in this quarter, the sales of industrial volumes was comparatively higher as compared to automotive volumes? So sales of commercial vehicles and industrial have been higher compared to the personal mobility. Okay. I mean, although personal mobility has grown in line with the market- Mm-hmm. Industrial both put together have actually grown above the market. If you can help us with the broad ballpark, like that would be really great in terms of, if not breakup. So Nitin, I think we would like to share sector-wide breakup, because that's something that we hold close to us. But overall, I think we're very happy with achieving about a 6% volume growth in the business. Despite what we hear from the other FMCG companies and the environment based on first quarter results, I think the consumer demand has been under pressure as far as FMCG is concerned. And in light of that, I think 6% volume growth is quite a healthy number. Fair enough. Thanks for answering those questions. I'll get back in with you. Thank you. Thanks, Nitin. Thank you. Ladies and gentlemen, to ask a question, you may please press star and one on your touchtone phones. The next question is from the line of Manoj Rajani, an individual investor. Please go ahead. ... Hi, and congratulations on a good set of numbers. So I just wanted to ask, can we anticipate a 10% increase in the EPS over the next few years, just approximate guideline? So we don't, we don't give a EPS frame as such. Okay? But as you know, the frame that we've given is in the range of 22%-23% of our operating margins, and we are comfortable to operate in that range, for the entire year as well. Okay. And sir, my second question is that, I mean, any insight in the breakdown of cost of the goods sold, I mean, overall, I mean, what kind of, like, you know, proportion that constitutes fixed and variable costs, and if the production volumes increase, can we anticipate some kind of margin improvements? And is it reasonable to expect that cost per liter of raw materials and selling price per liter should correlate, like, you know, closely? Yeah. So, so firstly, I mean, I don't know if you attended the previous call, but in terms of our cost of materials, almost 70% of the cost comes from base oil, and within that 70%, I would say 70% is imported, and then you have additives and packaging and all the other products. Yeah. Between quarter four to quarter one, and even compared to quarter one last year, there has not been a material movement in the costs of base oil. Of course, there is always a lag effect. Okay, so that's the first part of it. But internally, we have a strategic pricing process. So we make sure that we have a line of sight on future, and, you know, crude oil is a bit volatile right now, so we'll see how that goes. And whenever it's necessary, we do take pricing interventions in the market as well. I would like to share with you the breakup of fixed and variable, you know, because then that just sort of creates a bit of confusion. But, you know, but fundamentally, you know, the logic that you put forward is correct. As volumes will go up, you know, the cost of production will come down. Yeah. So, so that logic is absolutely right. And we will start seeing that as we start going towards, you know, growing above the market, which is our end goal. Certainly. Thank you. Thank you so much. That answers quite a, quite a lot of my queries. I'll join the queue again once again if I have any questions. Thank you. Okay. Sure. Thank you. Thank you. We have the next question from the line of Abhishek Jain from Alf Accurate Advisors. Please go ahead. Thanks for opportunity. Sir, my question is on the competitive intensity. Now, many players are entering into this space, especially in Amara Raja has also entered into this space, and they are very much aggressive. So if you can throw some light over there. Yeah. Thanks. Thanks, Abhishek. I'll take that question. So first of all, I think you're absolutely right, and it's a great question. The competitive intensity is likely to increase in the Indian market, because... That's a good sign, because India is one market globally which will continue growing in the core lubricants business for the next 10, 15 years, okay? And that's why you see a lot more people coming to the market. Second is, I think more competition encourages us to be more competitive and play the game, and we are, we have 100+ years history in this country, okay? And we've been here, and we know how to play against the competition in a fair manner, respecting all the laws of the country, okay? And that is important to us. So we're not bothered about it. We are cognizant of the competition, but not afraid of them, okay? I think more competition will encourage all the players in the industry to give better value to customers and consumers. So because of that intensity, consumers and customers will get better quality products, better technology products, and we are a lead player in that. So that's how we see the competitive intensity. It will increase, but it also encourages us to be more efficient and more driving more value to the customers and consumers, and that's how we see it. The last thing I would say is, Castrol, over the years, has been built by brand investment, and we are a premium brand, and we'll continue investing in our brands. As I said, we just signed up, Shah Rukh Khan, as our brand ambassador. There's no bigger Bollywood property as far as the Indian consumers are concerned. And, what also, helps us is we have the largest scale in the country in terms of distribution, okay? And we're further, making inroads into rural, Bharat, as I said in the beginning. So, I think it's a good thing for customers and consumers. It makes us more competitive and, stay ahead of the game. So all in all, it's good for everyone. Okay, thanks. And, and my next question is related with the, mix. So what kind... Hello? Are you able to hear me? Yeah, yeah, we can hear you. Yeah. So my second question is on the channel mix. So what is the percentage of revenue or the volumes comes from these OMC channels? ... OEM, OEM also. So, I, I think, the, the contributes about 16%-20% of our total volumes, and the balance is, there's a bit from industrial, and then the rest is aftermarket automotive channel. Okay, sir. Thank you. Thank you so much. Thank you. The next question comes from the line of Harsh Maru from Emkay Global. Please go ahead. Thank you for this opportunity. My first question is relating to the other expenses in the first quarter. They've risen by about 10%-odd sequentially as well as YOY. Do we see any one-offs here? Yeah. Okay, thanks, for that question. So I think there are two or three reasons for those, expenses to go up. Firstly, travel is up, and, travel is up because also. And this is all frontline-related travel, and, Sandeep was explaining, we are now, you know, going deeper into the hinterlands and in rural areas, so good cost to incur in that sense. And then, you know, there is, there is elements related to volume impact, because volume has gone up, so things around rent, rates, taxes, and power and fuel. So all those also are part of those expenses. There is some element of one-off, around that. I would say our total expenditure, I think from the, press release, it's about INR 69 crore. I would say, two or three crores out of that is, is one-off. All right. Okay. In terms of basically the non-lubricants business, so could you share some more insights into how the auto care product segment is moving as to any kind of, I think, benefits that we are seeing from the Ki M obility segment? Anything you could share on these two fronts? Yeah. I think very good questions again. Both the initiatives in early days, and I think we're making progress on both fronts. I think on the auto care now, our products are available across about 30,000+ outlets in the country. And we will be also introducing new products in the range in the coming months and quarters. So I think we're pretty happy with the performance. Okay, we're getting very positive feedback from customers in terms of quality of products and satisfaction level. So that's something that we'll continue building. As far as Ki M obility is concerned, that is also progressing well. They're expanding their network, and as with any digital business, they also keep learning and reinventing their go-to-market and business model. But all in all, I think consumers are trusting myTVS as a brand for aftermarket, both in spare parts and services. And they're also kind of improving their loyal base of customers from a service angle. So, so I think both the initiatives are quite happy with and progressing well. Thanks a lot, sir, and all the very best. Thank you. Thank you. The next question comes from the line of Mandar Pawar from Kotak Mahindra Asset Management. Please go ahead. Good afternoon, sir, and thanks for the opportunity. Sir, wanted to further check on this other expenditure. You mentioned the travel-related expense and one-off, but within this, how much will be the, you know, ad and promotion expenses? And if you can give a comparable number from for the previous quarters. And you know, in the light of the new promotion initiatives that we are talking of, for going forward, what is the guidance that you can give in terms of the A&P expenses for the full-year? Yeah, sure. So, the advertisement expense-expenses that we've incurred in this quarter is in the range of 2.5% of the turnover. And we keep this range about 2%-3.5%. In quarter two, again, with the brand investments that we made, it will continue to be in that range or slightly higher. Yeah. So that's the advertisement expenditure. Sorry, is there another question or? Yeah, I was asking a comparable number in the previous quarter. Was it around that same 2.5%, or was it lower, which is creating, adding to the delta? No, no, it's the same, roughly. Okay. I mean, it's 2.5% in the last quarter as well. Last year, right? Last year's 2.5%. Correct. This year also 2.5%, and I would expect it to be about 3% or so in the next quarter. Okay. Got it, sir. Thanks. And just one final question. So related to the input price of the base oil, how are the prices behaving, you know, given that we've seen some data point price volatility, you know, some disruption on the trade routes also? Now, but previously, Nitin highlighted, I think the prices are more or less flat or maybe slightly lower. Is that benefit going to come post with some lag, or is there some disruptions that we are seeing in terms of supply? I think on supply side, we were broadly okay. You cannot actually say with the geopolitical issues that are there right now, but looking over here, I think it looks fine. We do have, you know, contracts globally as well with many of our suppliers, so that helps in terms of the continuity, even when there is a bit of a stretch or shortage in the market. ... but having said that, on crude especially, and you would have observed, it is volatile, and the base oil, as a corresponding effect in quarter two could be slightly higher than quarter one, but not significant. I mean, it is within the range that we would expect. So we're on our watch. We'll take necessary actions when we need to at the right time. Okay. All right. Thank you very much, sir. Thank you. Bye. Thank you. The next question is from the line of Rohan Vora from Envision Capital. Please go ahead. Hello, am I audible? Yeah, Rohan, we can hear you. Yeah, yeah. Thank you for the opportunity. So sir, what would be the capacity utilization in each of our plants today? Yeah. We've got three plants, and overall capacity utilization is about 80%. Okay. Okay. Thank you. Thank you. The next question is from the line of Angad Katdare from Sameeksha Capital. Please go ahead. Thank you for the opportunity. Sir, earlier you mentioned about the Indian lubricant market is growing at 4%-5% per annum. Is this volume growth or overall value growth? Just want to get the clarity. Volume growth. Okay. And, on the auto care products, can you just give us a rough idea about the total size of the market in India in terms of... It would help us in, you know, estimating going forward. Yeah, I think to be honest, we are also trying to answer that question, because a lot of this market sits in unorganized sector right now. And, I think as the market gets branded, because you have other players also in this category, the likes of... And very good products and very good competition, Pidilite, 3M, to name a few. I think at this stage, I wouldn't like to kind of give a market size estimation, because we are also learning in the process, to be honest. Okay? And we have a very broad idea, idea, but I wouldn't like to communicate any numbers in public domain, right now, so. Okay. Just one last question. Sir, if I go through the petroleum website, the Indian government database on petroleum products, it shows the lubes and greases volume in around 400 crore tons. But when we talk about the lubricant market, it's generally estimated to be around 280 crore liters, around that level. Can you just give us an idea, like, which will be, like, a viable source, like, how to look at it, like, from overall market level point of view for the lubricant? I'm sorry, this question is catching me by surprise. We typically take the liter volume that you're saying seems to be the right number for as far as lubricants is concerned. Now, I don't know how the government adds up, various greases and other, other kind of lower-end products that we don't participate in. But broadly, if I look at automotive lubricants and industrial lubricants, the 2.8 number ballpark seems to be the right number in terms of volume. Okay. That is growing at 4%-5% per year? Yeah. So the automotive lubricants, which is our main participation area, is growing at about 4%-5%. And I think there's a lot of industrial lubricants that we don't participate in. They're products like gear oil, generator oils, furnace oils. We don't participate in that segment, and we don't track that segment because that's not where we play. Okay, noted. Thank you. Thank you, sir. I'll get back in the queue. Thank you. We have the next question from the line of Anuj Panwar from Family Office. Please go ahead. Hello. Yes, hi. Thank you for the opportunity. I just have one question. What is going to be the major focus area going ahead? Is it going to be on the margins or the volumes? So, I think, as Deepesh mentioned, the focus is driving top-line growth, okay, ahead of the category, but maintaining our EBITDA margin in the range of 22%-25%. The balance is a mixed exercise, and I think it's a and conversation for us. We have to grow volumes, but we also need to sell premium products. We have to grow volumes both in top-end, which is differentiated product portfolio, and then also kind of participate in not the commodity segment, but also the value segment, where consumers are looking for better value for money, to say. So we launched a range of product ranges called, for example, Activ Essential, CRB Essential, that play slightly in the mid or slightly lower mid part of the portfolio. So to summarize, I think growing top line and keeping our margin between 22%-25%, that's the focus area. Okay, understood. That was helpful. If I can squeeze in one more question. I just wanted to check, in the advertising expenses this quarter, compared with the previous quarter and the same quarter last year, what are the, you know, major activities that we have done? Yeah. So I think the major activities, I would say one is, as I said, we did India's Ultimate MotoStar. Okay? That was a program, Ultimate MotoStar, that was ongoing, talking to the two-wheeler passionate riders. We did, in the commercial vehicle segment, we did Pragati Ki Pathshala, where we activated more than 10,000 truck drivers, and worked with them across 30, 30+ cities in India. And then, as you would have seen, although not the first quarter, we've been on air on TV, with IPL, which started in April. So these are some of the big activities, and we're quite excited about Shah Rukh Khan being our brand ambassador, which will come live in the second half of this year, so. I mean, just to build on what Sandeep said, I mean, of course, other than that, we do spend on digital media as well, especially in the personal mobility space. So that is something which, you know, is an active expense that we do, and we've shifted that in this quarter as well. Along with, you know, to support our strategy of what Sandeep was saying on, you know, volume, mix, et cetera, we're spending money on market research as well. Okay, got it. Thank you then. That was all. Thank you. Thank you. The next question comes from the line of Bharat Sheth from Quest Investment. Please go ahead. Hi, sir. Thanks for the opportunity. Sir, my question is related, I mean, little medium-term perspective. Say, in last three, four years, and now the way Indian PV market, as well as two-wheeler and truck market is developing, as well as the infrastructure expansion is happening on the better road. So on PV side, people, I mean, more of them in low-end volume is not growing at that pace vis-a-vis the premium segment are growing. The same thing is happening on that two-wheeler side and, CV side, the higher end truck, I mean, so rather than putting tonner, I mean, 36 tonners are adding. So how in this underlying our market changing scenario, we want to strategize our whole strategy to capture a larger market share? Yeah. So, very good question, and I think, if I look back, Castrol was the first one to introduce the BS-VI rating products in India when the technology changed and the government regulation came around BS-VI. You're right, as the quality of infrastructure improves in India, customers would demand better and better specification products, and we're fully prepared for that. Just to share with you, on the commercial vehicle side, we have Castrol VECTON and Castrol CRB, which is a premium brand which have all the latest specifications. You may not, you may or may not know, so we have products which have the CK-4 specification, CI-4 specification, and we also have products in the older specification, like CF-4. So we are completely ready with whatever technical demands are there of new age vehicles, and we can fulfill that demand. Similarly, on the passenger side, car side, we have Castrol EDGE as our top brand, which stands for performance, for unmatched performance. We have Castrol MAGNATEC, which gives superior protection, and then we have GTX, which kind of plays in slightly older, older viscosity profile. And we have products across 0W, 5W, 10W, 20W. So I think these are just few examples, and even on two-wheeler side, we have Castrol POWER1, which is our top technology performance brand, and then we have Activ, which is for the mass mass market. So we have a full range of product portfolio to cater to all kinds of technologies and new age vehicles. Simultaneously, while all these vehicles earlier, which used to go to, I mean, roadside garage, now garage, I mean, premium cars are moving to company authorized dealerships. And how do we want to, I mean, enter in those business where, I mean, to get that either the OEM themselves supply the oil or through lubricant? So my question is again related to that. So that new market, how do you really working on to attack in this market and getting a entry? So we have very strong partnerships with the OEMs also. For example, we have a very long-standing relationship with Maruti Suzuki. We supply oil to their franchise workshops. We have a very strong relationship with Tata Motors. We work with global OEMs like Renault; we work with Jaguar Land Rover. So we also have those OEM relationships where we supply our products either for factory fill or first fill, as we call it, or the aftermarket. So it's not that we're only available in the aftermarket. We do work with OEMs and have very strong partnerships. Okay. Thanks, sir. I mean, all the best. Bharat, before you proceed with your next question, a general reminder to all. Ladies and gentlemen, we are in the last 10 minutes of the call. Please press star and one if you wish to ask questions. The next question is from the line of Sabyasachi Mukerji from Bajaj Finserv Asset Management. Please go ahead. Yeah, hi, thanks for the opportunity. Am I audible? Very faint. Can you please speak a bit louder or closer to the speaker or mic, sorry? Yeah. Hello, am I audible now? ...Yeah, yeah, yeah, we can hear you now. Okay. So I have one question. So you know your new product for data center immersion cooling, liquid cooling, and also on the EV fluids. Yeah. How are you seeing the traction? How is the market? How is the competition? If you can throw some light for our better understanding. Okay. Let me start with EV fluids first. So we have a brand, a global brand of EV fluids under the name of Castrol ON, which is a combination of transmission fluids, greases, and coolants. And that Castrol ON was launched in India about 1.5 years ago, and we supply to two of the largest OEMs manufacturing EV passenger cars in India also, okay? And then we supply to global OEMs also, but that business is relatively quite small, right, right now, okay? And as the EV penetration grows, that business will grow. So this will take time, but we already supply and are available for all the needs of EVs as far as India is concerned. On the data center thermal management solutions, I think, Castrol globally kind of called out that as an opportunity area from an immersion cooling perspective. And right now, we're working with various, data center, builders, operators, or companies that operate in that space, and, in terms of, proof of concept stages. So we've already announced an investment about two years ago, GBP 50 million in a R&D facility in our global headquarters in U.K. And we've already established our R&D, setup in that facility around data center thermal management. So I, in active, conversation and partnerships to bring that, business, to a commercial scale. Right. Sir, if you can also give us some sense on the, you know, market size, growth, both domestic and if we, if at all, globally, also we have any opportunities. So both the segments, EV fluids and data center cooling. Sorry, I didn't understand. Are you talking of EV and thermal center, data center? So, both the... I mean, I just wanted to understand, a broad sense of how big is the market, how much is the competition, and, in both the segments, data center cooling, as well as EV fluids, going ahead. So I think, on EV fluids, you have all the traditional lubricant players who are competition, and I think you can correlate the EV fluid market growth with the growth of EVs, depending on which market you pick up, because all the EVs would need some EV fluids. But the absolute size is pretty small. It's not a huge contributor to the business. I think on data center thermal management, as I said, a lot of conversations around commercialization of the new technologies. It's a new technology, which is immersion-cooled servers. And again, there the competition is pretty similar to lubricants with the major global players participating in that value chain or trying to participate in that value chain. Got it. Thank you. you. That's all. Yeah. Thank you. Participants, as we are in the last five minutes of the call, you may please press star and one to ask a question. The next question comes from the line of Darshan Bhandarkar from Banyan Tree Advisors. Please go ahead. Hello, sir. I just wanted a segment-wide volume breakdown in passenger, commercial vehicle, industrial, and personal mobility. You mean for the, for the quarter? Yeah. So, the cars and bikes portfolio, which is the personal mobility, that is about 45%. Okay. CVO is about 40%, and the rest is industrial. Okay, thank you. Thank you. The next question comes from the line of Nilesh Saha from Julius Baer. Please go ahead. Yes, sir. Hi, are you able to hear me? Yes. Okay, great. Just one small point. I noticed in your PPT that you are now talking about Castrol-branded service centers, right? Which are now very sizable. I think, you know, I'm sort of just trying to find the slide, but I remember about 500 or so outlets, right? Yeah, you know, could you comment on the revenue model here and the potential for scale-up? And just to give you context, why I'm asking, when I look at your annual report, I see bulk of the revenue is through sale of product. I don't see any sale of service, but at the same time, I can see that you care very much about your brand, your, you know, sort of share of voice and, you know, continued advertising spend. You know, it would be logical to think that you were sort of thinking of brand extension. Would love, love to hear about your comments on this area. Thank you. ... Yeah, thanks for your question. And first of all, I must compliment you on your memory. You're right, the number of Castrol Auto Service centers is 500 plus. I think we've, we're getting to a 550 kind of a level. Now, these are workshops which we don't own or which we don't operate, but these are independent entrepreneurs, where we provide them support by means of branding, by means of training, and by selling our lubricants into those workshops. And the key reason behind that is, given the strength of Castrol as a brand, consumers trust Castrol brand, and they get quality service in these workshops, because we also have a certification program for these workshops. So consumers can get trusted quality service for their workshops. You're right, our primary revenue generation is from sale of lubricants to these customers. I think what we are now trying to do is we're also tying up with some of the fleets or some of the companies like Mahindra Insurance Brokers, which can drive more demand into these workshops, which helps the workshop get more business. But they stay, also stay loyal to us because we are adding value to them and bringing them more business. That's the model right now. I think as far as brand extensions are concerned, we keep looking at any opportunity that exists, so that's constantly on our mind. To keep the focus, we are right now focusing on building auto care as a new business for us, rather than spreading ourselves too thin on various areas. Could you please expand on what you exactly mean by auto care? Yeah, so we- You know, what would you do there? Yeah, we launched a range of products which are non-lubricant products. So, these products include anti-rust waxes, chain lube for two-wheelers, and shine. With a basic consumer promise of, "We help you protect your vehicles from inside and outside." Okay, so these are the products that we're selling now and which are available in about 50,000+ outlets across the nation. What is your, you know, you know, your aspiration for this product line? How large are you intending it to become as a percentage of your, your top line over the next, three, four, five years? I think I would like to comment on that, because this is just a new business, new vertical, that kind of we're trying to build. And I, I think once we've done that for two, three years, then we'll have more confidence in sharing any kind of numbers around that, so. Okay, sir. Thank you. Thank you. Bye. Thank you. Ladies and gentlemen, we are at time. This brings us to the end of the call. On behalf of Castrol India Limited, I thank you all for joining this call. You may now disconnect your lines. Wish you a good day ahead. Thank you, everyone. Thank you.