Ladies and gentlemen, good day and welcome to Q1 FY25 Results Conference Call of JK Tyre hosted by ICICI Securities. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Basudeb Banerjee. Thank you, and over to you, sir. Thanks, Shlok. Thanks to the management of JK Tyre for giving us the opportunity to hold the call. We have with us Senior Management represented by Mr. Anshuman Singhania, Managing Director, Mr. Arun K. Bajoria, Director and President, International Business, Mr. Anuj Kathuria, President, India Business, Mr. Sanjeev Aggarwal, Chief Financial Officer, and Mr. A.K. Kinra, Financial Advisor. So, without wasting any time, I'd like to hand over the call to Mr. Anshuman Singhania for his initial comments. Over to you, sir. Yeah, thank you. A very good afternoon to everyone. I welcome you again to join the JK Tyre Q1 FY25 Earnings Call. I am Anshuman Singhania, Managing Director, and I have with me Mr. Arun Bajoria, Director, President, International; Mr. Anuj Kathuria, President, India; Mr. A.K. Kinra, Financial Advisor; and Mr. Sanjeev Aggarwal, CFO of the company. Let me start by sharing the highlights of Q1 of the financial year 2025. We recorded another quarter of profitable growth led by significant expansion in the operating margin on a year-on-year basis. Overall, net profit surged to INR 212 crore, a growth of 33% on a year-on-year basis. Our strategic thrust on premiumization, brand salience, and pricing has enabled us to manage raw material cost pressures. On the revenue front, overall revenue was flattish over the corresponding quarter, primarily due to lower OEM sales, partially offset by our export sales, while the replacement segment sales remained flat. Net debt at quarter-end stood at Rs 3,832 crores. Fresh cash flows and return ratio remain healthy, with improved leverage ratios. We are committed to continuously deleverage the balance sheet with better cash accrual and higher profitability. Auto sales, in volume terms in India, continued to post decent growth in Q1. Commercial vehicle and passenger vehicle segment posted a low single-digit growth. M&HCV demand impacted due to slowdown in the infrastructure projects on account of general elections. Passenger vehicle sales also moderated during the quarter due to high base effect. However, order bookings remained strong in the overall SUV category. The two-three-wheeler segment witnessed a recovery, largely due to improved demand in the rural area. We are optimistic about the tire industry, supported by reform and a focus on infrastructure development. Moreover, the upcoming festive season and favorable monsoon conditions bode well for the industry. We are proud to share that JK Tyre was awarded the Great Place to Work in the auto and auto component segment. This signifies our commitment in creating and sustaining a high trust and high performance culture. During the quarter, we further expanded our market reach in the replacement segment by adding 44 brand shops, 40+ fleet customers, and two large accounts in the mobility business. With continuous evolution of the EV segment in India, the development of EV-oriented technology remains a key focus for the company. Today, there are over 8,100 EV buses registered in India, and JK is the market leader with major market shares. We are partnering with the leading players in the EV mobility sector, offering our comprehensive mobility solution. Moreover, JK Tyre's mobility solution business achieved ISO 9001:2015 certification from DNV, which is the first of such tire quality certificates received by any company in the tire service industry. In our continued effort to offer superior value proposition to our customers, we have introduced the next generation tires for commercial vehicles to cater to the evolving needs of the transportation sector and revolutionary Jetway JUXe for the electric buses. The recently expanded capacity of TBR and PCR has enabled us to achieve higher levels of premiumization. The ongoing capacity expansion programs in the TBR and PCR and all-steel light truck radial tires for an aggregate cost of INR 1,400 crores are progressing well. Our brand-building efforts have been pivotal in enhancing the company's visibility and engagement strategy. We created innovative digital campaigns that resonated with our target audience, using compelling media content to boost visibility across the key demographics. Our recent campaign, "Hindustan Mile Hindustan Se," a base for tires, ensuring effective impact on all media platforms. Our focus on ESG and digitalization is driving us ahead towards excellence in this era of sustainable development. We remain committed to the strength in our processes to offer better experience to customers. At JK Tyre, we are committed to further reinforce our trust of premiumization, digitalization, R&D innovation, sustainability, and customer-centricity and technology-driven manufacturing. We have welcomed the move of the government, which has recently notified the continuation of the CVD on import of TBR tires from China. This is a very good move, and this move will go a long way in promoting the domestic manufacturing and sales of TBR. Now, I would refer Bajoria ji to talk about the performance of JK Tornel Mexico. Thank you, MD sir. JK Tornel Mexico registered quarterly sales of MXN 1,234 million, equivalent to nearly INR 600 crores, lower by about 13% on a year-on-year basis. EBITDA margins sustained at 8.7%, that is MXN 108 million, equivalent to INR 52 crores. JK Tornel Mexico's financial performance for the quarter was slightly subdued due to general elections in Mexico, lower number of working days on account of the Easter holidays in the first week of April, and the peso appreciation impacting exports. Overall economic situation in Mexico is expected to stabilize in the current calendar year and continues to be buoyant from the perspective of foreign direct investments and government expenditure plans. During the quarter, we have taken strategic price increase across categories in the major markets to offset the impact of rising raw material prices. Now, I would request Aggarwal ji to brief about the financial performance of this quarter. Thank you very much, sir. Let me briefly share the key highlights for quarter one of FY 2024. The first is the consolidated revenue for the quarter was recorded at INR 3,655 crores. EBITDA margins during Q1 FY 2025 were recorded at 14.1% versus 12.5% in the corresponding quarter, which is an expansion of 162 basis points. Profitability at EBITDA level was recorded at INR 516 crores as against INR 465 crores in Q1 last year, which is a growth of 11% on the year-on-year basis. On a quarterly basis, cash profit stood at INR 403 crores as compared to INR 343 crores in Q1 last year, which is higher by 18%. Interest cost stood at INR 112 crores, which is lower by 8% over the corresponding quarter. Profit after tax stood at INR 212 crores, up by 33% on the year-on-year basis. Consolidated capacity utilization for the quarter was over 80%. Consolidated exports stood at INR 637 crores, which is up by 9% on the year-on-year basis. Subsidiary companies, Cavendish Industries and JK Tornel Mexico continued to perform well and contributed significantly to the revenues and profitability on a consolidated basis. Cavendish posted a top line of INR 975 crores with an EBITDA of INR 139 crores, registering an operating margin of 14.3%. Earnings per share on a consolidated basis improved to 7.62 per share in Q1 as against 5.93 per share last year. Return ratios have significantly improved further. ROCE at 15.4% and ROE at 20% are in the high teens range. Net debt stood at INR 3,832 crores as of June 2024, higher by 3% over March numbers due to some working capital borrowing increase. The leverage ratios sustained over March 2024, net debt to equity and net debt to EBITDA remained at 0.8 and 1.76, respectively. The balance sheet of the company is much healthier and improved with improved financial ratios. We have already circulated earnings presentation, which is available on our website as well as on the stock exchange website. Now, we open the forum for Q&A. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mumuksh Mandlesha from Anand Rathi Shares and Stock Brokers Ltd. Please go ahead. Thank you, sir, for the opportunity and congratulations on the good margin performance. Firstly, on the volume growth, sir, this quarter seems to be muted, sir. Can you explain what led to the volume to be low? And also, can you provide some numbers around the growth side? How has been the overall volume growth and across the various segments, OEM, aftermarket, and exports? Okay. You see, in the CV segment, where we have the highest share and particularly which impacted the volume was low, very low production of M&HCV production, which was a slowdown because of the infrastructure projects were generally impacted because of the general elections. Also, there has been a temporary change in the overall CV segment mix, which has led to the OEM offtake during the quarter. So this was one of the volume growth where we are envisioning that in the second half of the year, it will pick up. In fact, in terms of our domestic volume, we were remained flat in the replacement market. But in the export market, we had a significant jump of 19% over the corresponding quarter. OEM would be so how much fall, sir? OEM was in the tune of about, the fall was in the tune of about 5-6. So essentially, this is because of the OEM-led fall. Got it, sir. And so just on the gross margin side, last time you mentioned about a 4% increase in the RM basket cost. Can you just recap what was the impact this quarter? And also for Q2, how much further RM cost increase expected, sir? So the average RM prices quarter-on-quarter basis, we have seen an impact of 3%-4%. We are expecting the average raw material basket to increase in the range of about 5%-6% in quarter two. Okay. Sir, on the pricing side, we are hiking in July, sir. How much do you expect that pricing to cover the increase in the Q2 cost, sir? For the quarter one, we have taken our net realization has improved by 2% on a quarter-on-quarter basis. That is led mainly by the price increase and better product mix. Got it. And just on the price side, sir, what's the plan to take further price side to mitigate the impact, sir? And just on the rubber inflation, sir, what's your view on continuing increase in the natural Indian rubber prices? Also, the international prices also have increased up recently. So how do you see the stabilization there, sir? What we have done for the current quarter right now, we have taken a price increase in the range of about 1-1.5. We further would like to assess the situation. Based on that, we will be able to take the price in the subsequent months for the quarter two. What was the second question, please? On the natural rubber price increasing happening in the Indian rubber prices and also the recent international prices have inched up. So how do you see that situation, sir? So you see what has happened is there has been a lot of supply chain disruption in terms of vessel availability. So there has been a little bit of a delay in terms of the raw material incoming. So that has impacted on the pricing. Also, the monsoon season is also on. So typically in the monsoon season, any which way the availability is always a tight scenario. And therefore, the prices also go up. But we see that in the coming quarter, this shall stabilize. Got it, sir. So lastly, sir, what's your take on the competitors not taking price hikes in the TBR segment and another firm announcing discounts in that segment? So what would be our approach to the situation? Also, on the pricing front, how is the price difference on the TBR and PCR with the players like MRF and Apollo, sir? Anuj, would you like to take that, please? Yeah. So regarding that, see, as we also mentioned, and you heard Anshumanji say earlier that we are focused on our margin expansion. We are also working on product premiumization. So therefore, we saw that in quarter one also, we were able to sustain our margins. Going forward, we want to do that. The other thing is that we also strongly believe that in the last from September onwards, end of quarter two and also following up in quarter three and quarter four, the demand in the M&HCV and the CV overall will be quite robust. So there will be demand coming up. And we are the market leaders as far as TBR is concerned. So we will be able to secure a decent top-line growth as well. However, we are also working on a lot of our premiumization also in the TBR, wherein our power SKUs like the Energy Saver tires and the other extra mileage tires are also doing well. Based on that, we would like to have our own way forward and strategy wherein we would definitely like to increase the top line, but at the same time, not compromise on our margin also. So try to see some prices remain stable, and we would keep on increasing the price side to further compensate the RM cost inflation. See, we will have to watch this RM basket very carefully. As you know, that it has been on an upward trend, mainly led by the natural rubber. But we see that once the global supply chain challenges are resolved, availability improves. And also, our domestic production of natural rubber post the monsoon season should be improving. So all that will play out in its own way. So we'll be watching this very carefully. And depending on how the raw material basket turns out, we will take further calls on. And also, we are watching the market to see the ability of the market to absorb the increases that we are announcing. Okay, sir. Thank you so much for the opportunity. I'll come back for the follow-up questions. Thank you. Thank you. The next question is from the line of Nirav Seksaria from Living Root Analytics LLP. Please go ahead. Yes. Congratulations for the good set of numbers. Could you quantify the EPR cost for this quarter? EPR cost for the quarter. So in fact, as we discussed last time also, that we have started to pass on the EPR cost and have started charging as a direct line of. But still, because we started that from the month of May onwards, so there is still some cost of about INR 20,000 which has been charged to the TBR. That is true. Going forward, this will also be passed on. Okay. We are also expecting a 5%-6% increase in raw material basket in Q2. Would we need an additional price side to recover that price? Let's see as in what is the quantum of that? As I explained earlier, that in the month of July, we have already taken a price hike. We will be subsequently assessing the situation and seeing the raw material hike. Based on that, we will take the price increase in the remaining two months of the second quarter. Secondly, that our enriching of our product mix is also going to help us. Could you quantify the price I've taken in July? 1%-1.5%, depending on which category we're talking about. Okay. And so did we stock up on the raw material in this quarter in Q1? Yeah. We actually started building a little bit from quarter four last year, sir. Hence, we can say that in Q1, the impact of raw material was relatively smaller. Yeah. Is the same being done for Q2? To a certain extent, yes. Again, different commodities in the raw material basket are differently availability as well as the stocking levels. But yeah, overall, there is. So it's fair to assume that we are doing it for natural rubber in a high-case scenario? Yeah. We are working with our immediate suppliers, and we are strategically keeping our inventory levels that we did not have any impact of our production impact. But we are keeping that the teams are working very closely with our suppliers to make sure that there's no impact. And we don't see that in the coming quarters also. We don't envision any impact of our availability. Thank you, sir. So could you give this split of capacity utilization in PCR and TBR? See, overall capacity utilization for our radial is in radials, it is around 90% plus. Overall, it is 80% plus. Okay. Thank you so much. Thank you. Thank you. The next question is from the line of Jyoti Singh from Arihant Capital Markets Ltd. Please go ahead. Yes. Thank you for the opportunity. Sir, if you can explain on the premiumization side that has increased, so that led to increase in the content for vehicle side. If you can shed some light on that. Second, on the CV segment side, how much market share we have? You see, yeah, we have been able to premiumization has been the thrust. I can tell you that in the passenger car radial, 15-inch and above, we have a mix of the mix has gone up to almost around 50%. So there has been a significant growth in terms of our passenger car. And earlier, Anuj said that about in the truck radial also, we've been able to sell our more premium sizes. And the mix is almost around 92%-95% of our premium sizes. Okay. Thank you, sir. And sir, CV segment market share, how much we have? See, CV segment overall is very difficult to say, but I can tell you that we are leaders in the domestic market in terms of TBR sale, both OE and replacement put together. We are also leaders in the light truck radial segment. We are overall, if you see everything put together, even in the CV segment, we are having the leadership position. So this is what we can share with you right now. Yeah. Thank you, sir. Sir, just last question. On the replacement side, we are almost more than 62%. So what are you in future because a lot of demand is very high on the replacement side? Yeah. So replacement versus OE, it keeps on changing a little bit. But generally, what happens is the OE demand is stronger in the second half of the financial year. So in the quarter three and quarter four, we expect that the demand from the OE would be coming back to a better level. But it would not very significantly change, but yes, it will be in that range. We are very optimistic. Just to add, we are very optimistic of the outlook for the tire demand, basically driven by the policy reforms, including the continued focus on infrastructure development. More so when the monsoons are over and the government is already, as you know, trying to mobilize the infrastructure sector. So with that, we are very optimistic that it will pick up. Moreover, the festive season is also in favorable. As well as the monsoon condition also argues well for the industry. So overall, the demand is looking very optimistic. Yeah. Sir, just one more last question. On the two-wheeler side, we still on the control basis, we are contributing 4%. And two-wheeler side demand is picking up. So are we targeting to increase further on the revenue mix side? We will be stable in this range. See, yeah, you're right. The two or three-wheeler segment has picked up. And we are also part of the two or three-wheeler story. But our capacity is very small to compare to the large ones. We are also selling full in terms of our given the capacity. And we are continuously focusing on this two or three-wheeler as well. Just to add, even in the two or three-wheeler segment, we are focusing on certain premium products. Having the limited capacity, we would like to kind of have more premium products. We have launched recently the new range of tires in the two or three-wheeler segment also. Great. Thank you so much. Thank you. Thank you. The next question is from the line of Mitul Shah from DAM Capital. Please go ahead. Yes, sir. Thank you for the opportunity. Sir, my first question is on Mexico operation for this Tornel. You highlighted that double-digit decline is because of the various reasons. One of them is election and then holidays and all. But going forward, what is a steady state, whether this can be considered as a one-time effect in this quarter and situation will be much better, or still there is an expected slowdown for next one or two quarters? That is a part of the question. No, you rightly said. Going forward, things are going to be better. And the new government is also going to be installed in the H2 beginning of October. And therefore, overall, H1 plus H2, we hope to significantly improve our business as compared to H1. Sir, on the same line, second question is, as we are entirely into the aftermarket in that Tornel operations, and quite a sizable portion is also exported from. So how you see the situation, or can you explain with detail on the domestic market situation as well as those export geographies also for Tornel? See, first of all, in the domestic market, I would like to inform you that let us take first the bias sector, the nylon tire sector. Our market share is nearly 100% because there is no other tire manufacturer in Mexico who is manufacturing bias tires. So we are in a very commanding position, including supplies to the military in Mexico. So that is one. Now, if you come to the passenger car radials, we are commanding the highest market share in the Mexico market despite all the leading brands of the world, whether it is Michelin, whether it is Continental, whether it is Goodyear, Bridgestone, what have you. So we are in a very, very strong position, being the only Mexican manufacturer of tires in Mexico. Therefore, going forward, as I just mentioned, we should now come back to our better earning capacity, better sales, and therefore overall performance. And export from Tornel? Exports from Tornel are, look, the thing is that we have jumped from 40% in financial year 2021 to nearly 50% in financial year 2024 due to enhanced focus on North America and the Latin American markets. However, I must mention to you that our exports did take a little bit of a beating because the dollar-peso rates went down, and the peso became so strong that from 20 pesos to a dollar, it came down to almost 17.5. So that was a temporary phase. Again, now in the Q2, we are seeing that the peso has gone back to 18.5 and should stabilize around that 18.5-19. And therefore, the exports out of Mexico are again now reasonably profitable. Sir, this currency thing is also impacting margins or no major impact of that? No, certainly, the margins will be slightly better when you have a peso earning more from the exports, certainly. Okay. And sir, second question on the domestic market side for replacement, particularly, as you highlighted earlier, that there was a slowdown on the commercial vehicle side, particularly OEM. How has been the situation on the replacement side? And again, Q2, Q3, Q2 may be weak because of the monsoon going on for OEM side. But how you see the replacement side for next two or three quarters for MHCVs? So if you take the M&HCV, the replacement Q1 was quite okay. Generally, Q1 is okay. Q2 is a slow quarter because of the monsoon. But we expect that once the monsoon is over and the rate movement picks up. In fact, in terms of we monitor the BTKM very closely in terms of rate availability and trade movement. So BTKM is showing a positive growth. And we expect that BTKM should be growing very close to the GDP growth rate of 6.5%-7%. So that augurs well for the M&HCV segment. So we should be able to see that replacement demand for M&HCV in quarter three and quarter four should be in that range of high single digits. Excellent. Lastly, on the balance sheet side, how is the debt position at the end of quarter and any change in the CapEx for this year and next year? That's all, sir. So on the debt side, the balance sheet took a very small amount of the working capital loan we had to raise during the quarter. And that is why the total debt has gone up. The net debt to EBITDA has gone up to about 3.83-4 as against 3.7044 in the last quarter. That is the single change in the working capital side. Going forward, we are expecting that with the improved sales from this quarter onwards, expectedly, we should be able to manage this working capital better. We will definitely reduce the overall debt. That is our focus. On CapEx, sir? We are undertaking the PCR and TBR project earlier to the tune of INR 800 crore, which has been completed. The ongoing expansion is on with INR 1,400 crore project, which is on in the TBR and all steel truck radial and passenger car radial. Thanks, sir. Thank you. The next question is from the line of Jaimin Desai from Emkay Global Financial Services Ltd. Please go ahead. Yeah. Hi, sir. Good evening. Am I audible? Yes. Yeah. Yeah. Thank you, sir. Thanks for the opportunity and congratulations on strong margin performance in the quarter. My first question was related to the outlook for the year. Last quarter, you had indicated about 8%-10% consolidated revenue growth expected for this year. Does that still hold? If you actually see the quarter one, quarter one has been a little more sluggish in terms of the commercial vehicle demand for quarter one. And quarter two, we are hoping that the smart recovery would happen. So here, again, we'll have to watch quarter two, but I think so still we should be hopeful for somewhere between the middle to high single digit will still hold. Okay. Mid- to high-single-digit. Okay. And sir, on the PCR side, again, last quarter, we were expecting about high-single-digit growth for PCR replacement. Do we hold on to that guidance as well? PCR replacement should be doing well because there is also we understand that the replacement cycle is getting shortened. So in the replacement market, the demand should be good. Also, more of the SUVs. We saw that a couple of years back, the SUVs were becoming the larger population of the overall sales. So as of now, there has been kind of not a very robust scenario, but going forward, I think so things should get better. Understood. And sir, this quarter, we've seen good improvement in margin performance of both the subsidiaries, Cavendish and Tornel, on QOQ basis. Could you highlight some reasons for the same, particularly in Tornel because there we also had lower scale or sequentially if margins have improved? Well, if you take the see, we have an element of outsourced tires also in Tornel. So if you take your own manufactured, whether we do it in our own plants in Tornel, Mexico, our margins are higher to the extent of about 10.1% in this quarter. But going forward, those margins are expected to improve because we have taken a price increase effective 1st of June 2024, and that will get settled down. And therefore, our margins are expected to be better in the second half as well as in the second quarter second half. That means from, let's say, August, September. Just adding to Mr. Bajoria's answer, there I would like to highlight that in both the subsidiaries from the corresponding quarter, from the sequential quarter, our PBIDT has increased. Even from the corresponding quarter, it has increased. The EBITDA margin. Yes. Sir, what was the quantum? We would request you to return to the question queue for your follow-up questions. All right. All right. I'll fall back into you. Thank you. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please limit your questions to one per participant. Thank you. Good. The next question is from the line of Aditya Akhani from Omkara Capital Private Limited. Please go ahead. Mr. Aditya, you may continue with your question. Hello, Mr. Aditya. May we please move on to the next one if it is possible? Shloka, can you please move on to the next one? Sir, we are awaiting for the participants to enter into the question queue. Okay. Sure. A reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Shruti Mulchandani from Unifi Capital. Please go ahead. Hello. Shruti, you may go ahead with your question. Am I audible? Yes. Yes, ma'am, you're audible. Okay. Hi. Thank you for the opportunity. So basically, I wanted to know what is the contribution of fleet management and mobility services to the consolidated revenue? Fleet got their contribution. If you look at the mobility and the fleets business, it's a business that is growing very well. It has been having a good growth rate. However, as of now, it contributes to around 3%-4% of the overall top line. It's a business that is growing at a much faster rate as compared to the other part of the business. Okay. Understood. So if you could help me with the business model for the fleet management, would you charge the fleet operator on a per-tier basis, or how is it like if you could help me with that? So as I explained, there are two parts to it. One is called the fleet management, where the fleet owner still continues to buy the tire upfront, but we also provide the comprehensive service. It's a one-stop service solution. We have got 350+ touchpoints where he can avail of the services which are required. And these services are available to most of them on a cashless basis. They enter into an arrangement with us, wherein we can give them the pan-India services. This is part of the fleet management. On the other side, on the mobility solutions, that is where we sell the miles. This is on a pay-per-use basis. And this is where the customer gets the tires fitted on the vehicles, which we monitor. And he has to just pay based on the number of kilometers that the vehicle is driven. We monitor these vehicles very closely. Yeah, there are certain other minimum charges and all that. More or less, this is also coming up well. We have found acceptance with almost close to 50 marquee accounts as of now, managing close to a good number of the population of vehicles that are under mobility business is also improving steadily. Okay. Understood. That was really helpful. Also, is this segment margin accredited or something like that? Margin accredited. This is margin accredited. Okay. Understood. Understood. And also, just a bookkeeping question. So the LTV segment, is it a part of the other segment or the TBR segment? Could you repeat your question, please? So the revenue coming from the sales of LTV tires, so is it a part when you are reporting the revenue, is it a part of the TBR segment or the other segment? No, it is part of the others. It is not part of the TBR. Okay. Understood. Understood. Thank you so much. Thanks a lot for the opportunity. Thank you. The next question is from the line of Aditya Akhani from Omkara Capital Private Limited. Please go ahead. Thanks for the opportunity. Sir, my question would be, what is the revenue mix by market and product line for Indian operations for Q1? Q1 revenue. So, market-wise, the replacement market is from where the largest revenue comes, close to 60%. OEM sales market actually, if you represent about 62%. OEM is another 24%-25%. And the remaining is exports, around 14%-15%. Okay. And by product line? By product line, total truck and bus operations is around roughly 60%. Passenger car radial is another 25%, and the others is around 15%. Okay. Thank you, sir. Thank you. The next question is from the line of Jaimin Desai from MK Global. Please go ahead. Mr. Jaimin, you may go ahead with your question. The line for the participant is disconnected. A reminder to all the participants to press star and one to ask a question. There are more than 20 parties in the conference. We would wait for a moment while the question queue assembles. So, if there is no further questions, so we can finish this call. Okay. Thank you, sir. Thank you. So. If there are no further. Thank you very much to all of you for joining this call. Hope we have been able to clarify all your questions. Thank you so much. Thank you. Thank you, sir. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your line.