Everybody, we would begin with the presentation now. I would request everybody to have a seat. Kindly be settled. A few housekeeping rules. Kindly keep your mobile phones either in silent mode or switched off mode as we begin with the presentation. Also, the question answers will be taken in the end after the presentation is over, so kindly reserve your questions for the end. We will be having our representatives who would be roaming around with the mics. Once you raise your hands, they are going to come to you and hand over the mic to you for questions. Thank you. All right. A very warm welcome to all of you to our GMM Analyst and Investor Meet. This is the first meet which we are having. I'm Priyanka Daga, DGM, Strategic Finance, and I'll be your host for tonight. From the company's side, I would like to welcome everyone who had taken out time to be with us in our first meet, be it in person as well as people who are today with us through our virtual link. Before we begin with the presentation, I would like to place a few caution statements. The discussion that would happen today are forward-looking statements and may be subject to risks and uncertainties. The actual results may vary from the statements made today as they are based on management beliefs and assumptions which are as on today. Also, the objective of this meet today is to educate the audience here about the company's business fundamentals, the financial position, as well as our future growth strategies. Audience, kindly be cautioned in making undue reliance on the statements that are made today for making any investment decisions. Now, for the presentation, we, today we have our presenters here, so I would like to introduce my presenters for the evening today. We have with us here Mr. Tarak Patel, who's our Managing Director. Mr. Thomas Kehl, who's our CEO of International Business. Mr. Aseem Joshi, who is our CEO of India Business. Mr. Alexander Poempner, who is our CFO of International Business. Mr. Manish Poddar, who is our CFO of India Business, and Mr. Vincent Leroux, who's our Global VP Sales. The agenda is there in front of you. We will begin with the management presentation, after which we will have our Q&A round. We will now begin with the presentation, and I would like to call upon Mr. Tarak Patel to begin the presentation. Thank you. Thank you, Priyanka. Firstly, a very warm welcome to all of you. It's nice to see you all in person. I know I've met many of you over the investor calls, but finally to meet you in person is a nice feeling. It's also nice to see the turnout and the interest in our company. I remember when I first did my investor call in 2015, we had about 10 or 12 people who had logged on, and no one knew what glass-lined equipment was. Hopefully, I think the crowd now knows what glass-lined is. Your questions are gonna be more pointed and focused, and thank you very much for being here. I would also like to place on record my thanks to my, the colleagues who have flown here from Europe to be part of this Investor Day. This is obviously, like Priyanka mentioned, our first Investor Day. We look forward to your feedback so that the next Investor Day we will probably try and improve upon that. Let me dig right into it. For some of you who are new here, let me start off by giving you a brief history about the company. As many of you already know, GMM Pfaudler was established in 1962 and was listed on the stock exchange. In 1987, Pfaudler Inc. of the U.S. came in and invested in the company and acquired 40% shareholding. This was later increased to 51%, and the name of the company was changed to GMM Pfaudler Limited. In 2014, DBAG, a private equity fund based out of Frankfurt, Germany, acquired Pfaudler Group, and as part of that, GMM Pfaudler came under the DBAG umbrella. Since 2014, there has been a significant change in the company in terms of the size and scale of the company, as you will see. We went from about INR 309 crores of revenue in FY 2016 to about INR 2,500 crores of revenue, the last financial year. Obviously, this includes the acquisition of the Pfaudler business, but as you can see, the growth has been 8 x of revenue in the past seven to eight years. Significant change in terms of size and scale, and obviously for a capital goods manufacturing company, a turnover that really is quite large. Talking a little bit about the transaction that changed and transformed the company. In 2020, we announced the acquisition of 54% of the Pfaudler International. We recently announced a few weeks ago, the balance. The acquisition of the balance 46%. This was approved by the shareholders. Being a related party transaction, we were not allowed as promoters to vote on this, so it was something that was voted on by the minority shareholders, and we got approval. Obviously, the approval was in a very large majority. It tells us that the valuation and the way this transaction was concluded and done was in a very transparent and fair manner. That's what we had to do about Pfaudler International. Also, since 2016, what's been interesting for us is we've done about seven bolt-on acquisitions. We've acquired three companies in India and four companies internationally. Just to give you a little bit of color, we've acquired competitors here in India. We've acquired manufacturing factories. We've acquired companies who have technology, and then we've also acquired the businesses that will help us providing faster and prompter the service to our clients. Today, the company is 1,800 people spread across four continents and having seven complementary brands. The brands, as many of you would know, is obviously Pfaudler, which is known for the glass lining technology. NORMAG, which is lab. We have MAVAG, which is filtration and drying. We have Mixion, which is mixing technology. We have Interseal, which is sealing technology. Equilloy handles our heavy engineering business, and Edlon is a business that does the coating of PTFE. We have installed and supplied equipment to 100 or more countries, so definitely a global player and probably the number one company in this space. Like I mentioned to you earlier, global leader with manufacturing presence in all the relevant geographies. As you can see, we have three plants in the U.S., quite a few plants in Europe, one in China and one in India. Like I mentioned earlier, we have extensive sales and service network, so we have global reach, but at the same time we have local presence, and we are a completely integrated global organization as it stands today. To give you some idea about the factories, I'll show you some pictures in terms of what our factories look like. This is the new factory in Germany, in a city called Waghäusel. This replaces our old factory in Schwetzingen. The next one that you will see is our new facility in China, which was built last year, and we just got it up and running. That's our new state-of-the-art facility in China. Lastly, talking about India is the flagship of the group. We manufacture more than 200 glass-lined equipment every month here in India. India remains our most highly productive unit in terms of manufacturing, in terms of quantities. We also have a strong focus on ESG. We recently launched our three-year roadmap. Many of you who have access to our annual report will see now that we have a three-year roadmap. We also recently, in March 2020, launched our GMM Pfaudler Foundation, which focuses on the CSR in the areas of healthcare, education, and environment. We have a strong governance set up to make sure that we monitor and review these initiatives on a regular basis. A little bit about our strengths. Like I mentioned to you, global leadership. We are by far the biggest company in this space. We have global reach. We have extensive sales and service network. We have local manufacturing. We also have execution credibility. I think one thing that if you were following GMM for many years, you did see quarter-on-quarter, there was always improvement in terms of output. You've seen recently with the turnaround in China and in Germany, we have shown that we can turn around businesses so that we definitely have the execution capabilities. In terms of management experience, again, many of us have been with the company for a long time. Some of us are new, so I think we have a nice mix of experience and youth. We also are now looking at turning the company more professional. In the history of GMM India, this is the first time we have an India CEO. Aseem has come on about a year ago. Thomas Kehl as well, the CEO of the international business, is from outside the industry, and both our CFOs have also joined us recently. The idea is to really let them run the business on a day-to-day basis. We also recently launched an ESOP program, so we have 46 global employees who are directly aligned with the vision of the company by having a stake in the business. Hopefully we will kind of extend that to more employees over time. Lastly, but not the least, I think one of the questions that I get asked the most is Indian companies have not had a very good track record of acquiring companies internationally and turning them around. I think one thing that we have shown, and you would have seen with the turnaround of the Pfaudler's international business, as well as all the other acquisitions that we've done, that the integration capabilities are definitely there within the group. Building on this foundation, let me take you to the vision that we have for the company. Me and my colleagues, we are confident that we can achieve a revenue of INR 3,700 crores, and EBITDA of INR 630 crores and an ROCE of 25% by the year 2025. We are confident that we can do this within the timeframe that we have laid out. I would now like to hand over and invite on stage Mr. Thomas Kehl, CEO of the International Business, Aseem Joshi, CEO of the India Business, and Vincent Leroux, our VP Global Sales, to take you through our markets and our platforms. Thank you very much. Thank you very much, Carl. Maybe you can go. Let me talk about how we see and how we look at the business. We consider our business and look at the business in platforms. Basically three platforms, and the platforms named here are technologies. The platform two is systems, and platform number three is services. Under technologies, we have basically two businesses. This is a glass-lined business. This is our core business, our core competency. This is where the business actually grew around. We have the non-glass-lined business, and this is very similar. Both in technology is equipment-driven business where we sell single equipments, different sizes, different shapes, and we also can combine some equipments, but we only provide mechanical engineering to our customers in order to make them fit into their plants and make sure that they can run the equipment in a sustainable manner. Strategies and the business approaches are different. This is the way we sort it under the three platforms and have some differences. In the glass-lined, since this is our core business, our market share is quite high. We are striving to have and maintain our leadership position. In the non-glass-lined equipment, there we see growth opportunities. A lot of growth opportunities, because in those applications, we have minor market shares, and we see more potential, and we see it complementary. In the systems business, there we provide now the equipment combined into a plant or into a skid, and we also provide, and this differentiates it from the others and also from our competitors, we are now providing process know-how and process engineering, and that makes a huge difference. The process know-how may be developed by ourselves, may be developed by the customer and tested in our facilities, or in numerous cases, it will be developed at a joint process development. Services. Services is built around the installed bases. Being in the market so many years and manufacturing many units per year, of course, our installed base is quite large and it is growing. This creates a basis for our aftermarket, where we provide maintenance parts, new parts, replacement parts, services and also re-glassing. At this point, I'd like to turn it to my colleagues. What we did is that we prepared for you a 3D model of our equipment. Can you send the video? Where we will show you all the equipment within the plant. Here you have a typical plant of a chemical or pharmaceutical industry, and you have all of the equipment that you see inside, all our equipment. We'll start with our core product, which is the glass-lined equipment that you see on the right side, where you see also many of the components that we do, mixers and, for example, a seal. We'll move to glass, borosilicate glass that we manufacture in Germany. Here we can do lab scale equipment or production scale glass equipment. Here you have one example, and here you have a second one where we make a small lab scale equipment. We move now to bigger equipment, where we show you glass-lined equipment, but also Equilloy, which is alloy equipment, and Edlon with fluoropolymer coating. Now we move to a next product, which is wiped film evaporator on the left side and also alloy equipment on the right side. On the right side, you see a column, Equilloy, which can be up to 25 meters. On the left side you see other alloy equipment. Here now you see a filter dryer on your left side, which is out of alloy, and a conical dryer on the right side, which is out of glass-lined. Here you have a typical plant that we can deliver to customers, either in lab scale mode or we can make a total reaction system for production. Here you see an evaporation system, then a distillation system, and then a dryer plant. What you will see in the back is a real factory that we are building right now in South Korea. This is real scale compared to the one that I just showed you. This is for lithium extraction in South Korea, and it will be delivered in a couple of months. Now I hand over to Aseem Joshi. All right. Thank you, Vince. You know, I hope you got a sense from that video of the range of products we have to offer. Obviously, our journey started with glass lining, but we offer a lot more, as discussed, you know, as Thomas explained our portfolio and then the video shown by Vince. I'd like to now transition a little bit to our market and, you know, our position within it. As you can see from the chart on the left-hand side, our business is mixed quite nicely across the three geographies we are present in, and these are the three most relevant geographies for this market, right? Roughly a third each in the Americas, in Europe and in Asia Pacific. You know, we feel that gives us a nice balance in our business as, you know, as business cycles come through. The other thing I'd like to point out is, you know, we always look at our competition and what's happening in the market. I'd like to highlight that we are at least 50% larger than our nearest competitor, right? That reinforces that market leader, you know, the leadership position that we've had and we certainly intend to maintain. Talking about our end markets. As you know, chemical and pharmaceutical are our primary focus areas, and we've benefited really from some very strong macroeconomic tailwinds. The geopolitical shifts that have been happening, the China Plus One strategy, the resourcing or reshoring of critical equipment, critical capabilities back to home countries. All of this is driving a capital expenditure cycle, which, you know, GMM Pfaudler is well positioned to help companies as they make these transitions. The other piece that's also important is sort of the demographic shift that we see happening, right? About 30 years ago, China and India accounted for probably less than 10% of the demand for chemical and pharmaceuticals. Today, they're more like 35%, depending on, you know, which survey you read. This shift is going to continue as countries like India continue to move to a mid-market, you know, sort of mid-income company, mid-income country status. We feel very good about the end markets we are serving, but we also recognize that our products have applicability beyond our traditional chemical and pharmaceutical space. You'll see we now have presence in other markets like oil and gas, like metals and minerals, like food, where we find our products have applicability. Our mixers, for example, are very relevant to many of these spaces. Similarly, Equilloy, our heavy engineering business and a few of our others. We feel our core markets, chemical and pharmaceutical, are well suited, and also the newer markets that we're entering, because we're just scratching the surface, it leaves us a lot of headroom for growth. I'll now talk a little bit about our glass-lined business. Some of you have visited our factories. You know, those who have visited Karamsad would recognize these are two of our reactors. These are pharma glass, that's why they're white. you know, as you get to know our business better, you know, you'll see these are quite an amazing piece of engineering, especially from the inside. Next. What is our strategy for glass-lining, right? Tarak mentioned, you know, we are the leader, right? A little bit of story here. glass-lining was discovered. The whole story of Pfaudler started with glass-lining, where 130 years ago, Mr. Pfaudler invented glass-lining. Over these 130 years, we've maintained a leadership position, both from a technology perspective, but also from a capability perspective, right? We're number one. We have about 40% share of the global relevant market. Our capacity has sort of grown to ensure that we maintain that position across the world. Our strategy here is clear. We intend to keep that number one position, but at the same time, we expect to grow our profitability. Now, how do we do this? To grow our profitability, there's two levers that we're driving. First is operational excellence, and the second is value sourcing. Operational excellence is a lever that we've pulled already, and I'm gonna share two examples here. You saw actually photos of our German and Chinese factories, right? These are brand-new factories. If you saw the old factory for both these sites, they're much older, less productive, very difficult to get that kind of output that, you know, that a company like GMM or Pfaudler knows needs. We've actually transitioned to new factories in both these countries. The Waghäusel factory in Germany now is much more productive while being in a smaller space because we've been able to optimize the layout and really drive efficiencies in production that we would have really struggled to drive in our old factory. Similarly, in China, we moved very recently. Just last year, we inaugurated our new factory in Nanjing, and there, too, it's a greenfield site very, you know, very well laid out. So it puts us in a very good position to capitalize on demand in those markets. Right. Thomas? Yes. Non-glasslined, as you can see in this picture, this equipment is apparently not glass-lined. It's made from stainless steel alloys. Here in this picture, we see filter dryers that are made by MAVAG that are mainly used in the pharmaceutical industries. Next picture. We see ourselves as a complementary to our core business because the markets that we serve are very similar or the same. The chemical markets, pharmaceutical markets, we go to the same customers. For that reason, we have created the, what we call, the six branded product lines that are adjacent to each other. They are complementary. This way, we are achieving or we have achieved a diversified portfolio that makes our lives easier in approaching the market and having much more to offer than just only glass-lined. The target here is to grow revenue as we have smaller positions in this, and we now can tackle a much, much broader portfolio at the market, and the market is a bigger market for us available. Therefore, we see a lot of growth opportunities here. We are driving this by bringing in adjacent industries as well as cross-selling opportunities. We just give you an example. Recently, we landed an order in Belgium of a couple of million, bigger than $5 million, where we actually started off with glass-lined reactors talking to the customer. With our cross-selling capabilities, we could offer him so much more. We added products like from MAVAG, from NORMAG, from Interseal. In this way, we took all the products that we have available, combined it into one big order. For the customer, it was a one-stop show, and he appreciated our capabilities. This is typical cross-selling opportunities that we have with our global sales network. What we mean with adjacent industries is, for example, in China, we just recently landed an order that's quite large, almost $10 million, where we have sold 10, what we call WFEs. It's a special unit that's needed for processes that are going into the petrochemical industry. The unique thing on the one hand is they were designed in the U.S. by our engineering staff. They were sold by the sales staff in China, and they are manufactured and delivered from India. So all those components in there. We are looking at now adjacent industries as well. That is making up the non-glass-lined complementary approach with growth opportunities for us. Vince, for the systems. Here you see a typical system that we sell on the market in real life compared to the one that you saw before as a 3-D model. The system business is a very sizable market, and we barely scratch the surface so far. We are very confident that we can grow significantly our revenue and build on our process know-how with our dedicated process engineers across the globe. The size range of such a project is from $1 million to $10 million. Turnkey solutions and new application will drive the growth of that business. Let me give you now two examples. The first example starts with one of our sales rep going to a customer to sell a glass-lined reactor. As the project progressed, we presented our full portfolio and the system capabilities. We went from one reactor to a full turnkey process plant of INR 24 million. Including all our products, and this will be delivered now in the US. The second example is coming from India last Friday. We got an order from a customer in India. In fact, four years ago, we started a team in Germany to be very focused on acid recovery plants. In between, we sold many plants in that business. On last week, we sold one plant to one customer. The project was INR 23 crores, and the issue was the following because of the regulation, he had some emission limitation on sulfur. We will sell it, we will produce and deliver a plant, which is a flue gas desulfurization plant. We will transform a waste into an acid, which will be sellable on the market. That project brings us many more opportunities in the power plants in India. Now let's move to systems. Here you see a van of a service engineer in Italy going around to service our customers. Our strategy in service is clearly to build on our installed base to drive the profitability. Profit in service is the highest of the three platforms, and our goal is to continue to increase profitability in that space through two things, local presence and improved customer experience. Let me also give you here two examples. We made an acquisition in Georgia, southeast of the U.S., a couple of weeks ago. The goal here was really to have local presence. That factory, which is manufacturing glass-lined equipment, is near our main customers in that region. Now, another example is the service app. We want to improve our customer experience, and we launch and develop in India a service app which brings us faster response time. All events from log call to resolution are all in that app, and it's built on top of our ERP. All information on customers and products are in that app, and it helps our service engineer to respond fast and quickly and correctly to our customers to have a good resolution. Now I hand over to Aseem to summarize. Thank you. A quick summary, right? We talked about our platforms and our strategies. I just pulled it together in one slide for a very simple overview of where we're headed, right? In our core glass-lined business, our strategy is to maintain our leadership, right? Leadership is really our mantra there. We'll continue to invest in technology capability to ensure we achieve that, we maintain that, while growing profitability, and we gave a few examples of that. In our non-glass-lined business, these are complementary in nature. Here our objective is to grow revenue. The way we're gonna do it is through cross-selling and by finding adjacencies. Again, we gave a couple of examples of that. Then in our systems business, I hope you got a flavor for what that looks like through the video and some of the examples that Vince talked about. Here also, it's about growing revenue. Our revenue growth will come from process know-how. We'll actually talk a little bit more about some of the acquisitions we've done in that space. This growth is by offering turnkey solutions to our various customers and also finding new applications. Again, we'll talk a little bit more about this in in subsequent slides. Finally, service. You know, as the global leader in our industry, we have a massive installed base. It is really there for us to make sure that we take care of our customers, drive customer stickiness, and thereby driving our profitability across the board. In a nutshell, that's our strategy. We'll now pivot a little bit to what we're doing on innovation and M&A. Now as we interact with customers, as we talk to people in the markets, you know, we are constantly innovating across our portfolio. On this slide, I'm sharing four such examples of innovations that we've done, right? Each of them actually exemplifies sort of the direction in which the company is going in. The first one is Smart Glass, and we've talked a little bit about this. What this is it takes a 130-year-old technology, but changes the formulation of glass so that it has no heavy metals anymore, and it actually has better performance. What this does is no more cobalt, so no more getting stuff from Congo with all the accompanying risks and issues with ESG, right? This will be cobalt-free and with better heat transfer. That means the reactions can happen faster. Work is going on this innovation in Germany, and we hope to bring it to you with an official launch in coming months. The second one, fermentation. This is actually an India story, and this one I think is very interesting. I've personally been very involved with this. You'll be aware that with the PLI scheme, there's a lot of push in India to do penicillin G production within India to reduce the dependence on overseas imports. Now, GMM Pfaudler is very proud to be a partner with three leading companies that are setting up pen G plants. The way we have won this business, we beat out global competitors, and we beat out a couple of local ones. The way we did this is because we showed our capability of manufacturing, but also the technical prowess from our teams in India as well as overseas, right? This is a combination that we've been able to bring to the market here in fermentation, but also in some of the examples like acid recovery that Thomas talked about earlier, which I think positions us uniquely to keep innovating and winning in the market. The third one, green technologies. Now this is very interesting. I think this is our latest acquisition, Hydroair, in Italy. Again, Thomas will talk a little bit more about this company. What Hydroair does is they have membrane separation technologies. Membrane separation technologies have traditionally been used for things like wastewater applications, you know, a whole range of RO, et cetera. Now the same technology is applied to things like mock meat or biofuels, right? This is a very interesting space. We're actually working right now with companies that are working to bring vegetable-based proteins, in other words, mock meat, to the market, right? Again, this is a growing area, and we are very hopeful that we, as GMM Pfaudler, will be able to partner with companies as they do this. Then the last one, service is the ACE 5000. This is again, a product we've talked about sometimes in the past, but this comes from our Interseal range of products, sealing technologies. It's German technology, but the innovation here is that we recognize a need for that kind of seal in India. What we were making in Germany was not ideally suited. Our engineers, working with our German counterparts, also working with some lead customers in India, engineered a seal that was much more cost-effective and yet met the needs of the customer. What needs were those? First, it allows the customer to know when the seal is gonna fail. This is really important because in typical industry, if the seal fails, you've got unplanned downtime, you've got wasted batches, you've got all kinds of issues. Being able to know when your seal is gonna fail has huge value. The second innovation, and that, ACE 5000 offers, is that it ensures that there is no contamination within the reaction. It operates in such a manner that it does not contaminate what's inside the reactor. That's really important in things like pharmaceuticals, but also in certain chemical reactions. The four that we have selected here hopefully give you a sense of the range of products we are working on. Really, this is just a representation because there's a whole range of innovations beyond this that are happening in GMM Pfaudler. Thomas, to talk about M&A. Yes. Mergers and acquisitions is, of course, another way of supporting our strategies and growing the business across all platforms and technologies. The way we look at the acquisitions is we're looking at our product pipeline, at our product portfolio, business portfolio, technology portfolio all the time, and checking whether this is supporting our strategies or whether they're supporting our strategies a little bit less than in the past. We're looking at acquiring units, and we're also looking at does it make sense to disinvest in the one or the other. We're making sure that we are well suited for our future, for our growth plan. The way we look at acquisitions is also that we want to look at targets that are in markets that we know or have technologies that we know. We're trying to avoid new technologies that we don't know of and new markets that we don't know of at the same time. We have to know either one or the other at least. The companies have to be in a healthy stage, and the companies have to have some unique technology available that is adjacent or complementary to what we already do. We're looking at companies that are hungry for growth, and they have not the sales force globally to do what they want to do to grow. Therefore, our strength is our global sales force. We put it in their cross-selling opportunities, capabilities, as we explained with some of the examples, will boost their sales and help us grow significantly over time. Couple of examples. If we look at our Interseal, we acquired them in 2017, and at the time being, they are a little bit more than 4 times of the revenue when they started to become part of our family. Very, very soon we'll probably double it from here again and grow further. A very good acquisition. The next one is supporting actually our capacity need and trying to meet our demands in the Indian market and also Southeast Asia. We acquired from a competitor the site, the manufacturing site in India from De Dietrich, and we increased our capacity as it was needed at that time. Our just most recent acquisition was done in Italy. We acquired a small engineering group. We acquired technology, we acquired process know-how in order to support our systems approach. With that acquisition, we also now have more technologies that are looking at green technologies, green industries, but also at industries that we haven't been serving in so much. It fulfills all the criteria that we explained while we were presenting our business. At this point, we now explained to you what we do, why we do things, and how we do things. I turn it over to my colleagues from finance, and they will explain you what comes out of it. Thank you. Sure. Thanks, Thomas. Moving on to the financial numbers. We start with revenues. As Tarak explained, we have grown 8x in past six years. It's a combination of both organic and inorganic growth. If we take out the Pfaudler International Dark View section, we still have grown the India Normag business by 3x in past six years. If you recall, we had given a guidance of something like INR 2,800 crores for FY 2024. However, past two quarters, March 2022 and June 2022, we have crossed INR 1,400 crores collectively, so we have outperformed the guidance, initial guidance that we gave. Moving on to EBITDA. EBITDA as well has grown at 9x for past six years. Again, if we take out the Pfaudler International business. The EBITDA have grown 5x over a period of time. While the revenues have grown 3x and the EBITDAs have grown 5x, that obviously, you know, stresses the fact that the organization has been contemplating a healthier and sustainable business. Moving on to the next slide. On the EPS front, past six years, the EPS has grown 6x, from INR 5 to INR 30 per EPS. That's also from a market cap perspective over the years, you've seen the journey that we have gone through. Moving on to ROCE, 18% moving on to 22%. From free cash flow perspectives, the company has generated decent returns on cash and also paid dividends over a period of time. Moving on to the debt. As you would recall, till March 2020, and thereafter we acquired a Hyderabad plant, then we acquired the Vadodara plant, then we acquired 54% in the Pfaudler International, and thereafter, now we are acquiring the balance 46% of the Pfaudler International. All these acquisitions has been done with a combination of debt and our own internal accruals. However, you'll see even after those acquisitions, the net debt to EBITDA leverage has been at a decent level of 1.2x. That's what we expect in September. Also if you see, the CRISIL and ICRA, you know, who represent S&P and Moody's in India, they have been consistently rating us as AA-, projecting towards the healthy and a strong balance sheet. Moving on to the guidance. Thanks. Now I would like to give some guidance to 2025. It was already mentioned partly in the slides before. Sorry. Start with the top line revenue. We are currently trading at INR 2,541 crores. We will grow by a CAGR of 14% to 2025 to INR 3,700 crores. The growth buffer or the stronger growth is especially coming out of the non-glass-lined business, the system business as well as India and China. EBITDA-wise, we are currently trading at an EBITDA of INR 330 crores. The CAGR is significantly higher than the CAGR for the revenues. We target 24%, so reaching an EBITDA of INR 630 crores by 2025. As you recognize, the margin improves strongly. This is driven by our stronger focus on services. It was mentioned. Systems was mentioned, these high-margin business. This guidance, which I just gave, is without additional acquisitions. This is a current business setup that we have. ROCE-wise, Manish mentioned we are coming from 18%, currently at 22%, and go to at least 25% by 2025. Besides this, also would like to give some guidance with regards to CapEx. We will be in the CapEx area of 3% on revenues. These 3% are sufficient to also cover growth CapEx. The leverage, we are currently in the area of 1.2x EBITDA. We will reduce significantly below one. We should also be able to cover some smaller add-on acquisitions with this guidance that I just gave. However, if there will be a larger add-on, then of course the leverage figure will maybe slightly change. Based on this, would like to hand over to Tarak again. Thanks, Alex. Maybe just to close out, I think what we've spoken about, I think why does GMM Pfaudler make sense and why do we believe it's a good investment opportunity? I think what I spoke about very early on was our proven track record. We continue to deliver on what we promise, and we will continue to do so. Like I mentioned, we are the global leader. We have the biggest manufacturing setup. We have the widest sales and service setup. At the same time, in terms of technology, I believe that we will also be the technology leader. We are focused on innovation. We are focused on R&D, and we hope to bring new technologies to the market. We also have a clear and simple strategy that we believe that we can implement quite easily. We believe most of our employees are also very aligned to this, strategy. I think going forward, it is something that we will really focus on, and we are quite excited that the strategy will bring the revenue and, profitability improvements that we're hoping for. Lastly, I also want to mention today there is long-term, the commitment from the family as well. You might have seen recently we increased our stake, to a pref allotment that we did when we acquired the balance 46%. Hopefully we will have an opportunity to extend and increase our stake in the future as well. From that standpoint, I think that there is definitely long-term, the commitment from my, point of view. With that, I thank you very much for your time.