Ladies and gentlemen, good day, and welcome to the earnings conference call of Alicon Castalloy Limited. 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 and zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mayank Vaswani from CDR India. Thank you, and over to you, Mr. Vaswani. Thank you, Tanvi. Good day, everyone, and thank you for joining us on Alicon Castalloy Limited's Q3 and nine months of FY23 earnings conference call. We have with us on the call today Mr. Vimal Gupta, Group CFO; Mr. Veera Babu, Group COO; Mr. Shyam Agarwal, Chief Marketing Officer at Alicon Castalloy; Mr. Andreas Heim, Managing Director of Alicon Castalloy; and Mr. Rajiv Gupta, Head of Domestic Business of Alicon Castalloy Limited. Mr. Vimal Gupta will cover the financial performance for the quarter, following which Mr. Agarwal will walk us through the operating highlights. In order to share the developments in both the global and domestic markets, Mr. Andreas Heim and Mr. Rajiv Gupta will provide insights on these areas. Following the comments from the team, our Group COO, Mr. Veera Babu, will give us a brief summary of the quarter gone by and encapsulate the strategic imperatives. Thereafter, we shall open the forum for a Q&A session. Before we begin, I would like to point out that some of the statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the earning documents that have been shared with all of you earlier. I would now like to hand over the call to Mr. Vimal Gupta for his opening remarks. Over to you, sir. Good afternoon to all our investors. Thank you for taking the time out to join our earnings call. I trust that all of you had a chance to review our earnings documents, which were shared last Friday. We are delighted to share a strong set of results for the third quarter of financial year 2022/2023. As we have indicated earlier, 2018/2019 was the best year in the last few years for the global auto industry. It was besieged by multiple challenges as well as transition to EVs. Our assessment is that the domestic industry has reached a performance level of approximately 83% in the first nine months of financial year 2023 of the level set in 2018/2019. The international auto industry is at about 87% level in calendar 2022. At Alicon, our revenue performance in the nine months for the financial year 2023 is 124% of the benchmark that we had set in 2018/19, clearly showcasing a different trajectory of performance when compared to global and domestic auto industry. This outperformance can be attributed to our transformation initiatives built up on our five pillar strategy. These include sustained focus on traditional ICE business, addressing the opportunities from carbon neutral technology, including battery electric vehicles, hybrid electric vehicles, plug-in hybrid vehicles, fuel cell and hydrogen cell technologies. Third is the opportunity from structural parts of all technology agnostic parts, which remain consistent, no matter which fuel technology is used to power the vehicle. Fourth one is non-auto business encompassing opportunities from sectors such as defense, energy, telecom, to name a few, where our competencies can be leveraged. The fifth pillar in this strategy is enhanced customer wallet shared through value add and combining products to offer customer one-stop solution. The traction in the current performance can be attributed to the implementation of this growth strategy. We have invested a significant effort in transforming our business model to emerge as a more agile and diversified entity capitalizing on our core strengths. Our global tech teams have been engaging customers in deeper conversations to leverage capabilities around design, research and development, and value engineering, while our track record validates the strength of our processes as well as our reliability as a supplier. This is vindicated by the sustained rise in our order backlog and addition of marquee logos to our customer set. I will run through the financial performance. The highlights of our financial performance for Q3 of financial year 2023 year-on-year are: Revenues at INR 362 crore. This is higher by 29% year-on-year basis. The EBITDA at INR 42.4 crore, that is higher by 25%. Post-tax profit of INR 15.6 crore, that is also higher by 28%. Our EBITDA margins in Q3 financial year 2023 stood at 11.7% versus 12.1% in Q3 of financial year 2022. The highlights of our financial performance for the nine months ending December 2022 against the nine-month period ending December 2021 are: Revenues at INR 1,084 crore, higher by 43% year-on-year basis. The EBITDA at INR 124 crore, higher by 61%. Post-tax profit at INR 42 crores, that is higher by 280% year-on-year basis. Our EBITDA margins for the 9 months ending December 2022 stood at 11.4% against 10.1% in the 9-month period ending December 2021. The Q3 revenues are marginally lower than Q2 of financial year 2023, during which we posted total income of INR 378 crores. This was mainly due to higher volumes at OEM to cater the festive season, demand in domestic volumes in Q2. In Q3, plant annual shutdown in domestic markets and holiday seasons for overseas customers in end December led to the gap. As the transit shipping time have reduced post the impact of pandemic, overseas customers' volumes have also started to reduce the higher inventory level maintained earlier when shipping times were disrupted. During the quarter, we also witnessed some cooling off in the input prices, but these remain substantially higher than the corresponding period last year. While most the input prices are pass-through for us, there is some time lag in getting the price adjusted for these increases. Some element of pass-through impact from prior quarters, combined with the improved product mix, have helped us to largely protect our gross margins despite the sharp rise in material prices on year-on-year basis. In line with our strategy, the share of business from passenger vehicles, commercial vehicles, export, and carbon neutral technologies has grown, enabling a richer product mix. Also, the focus on machined parts has enabled us to realize better margins. The initial benefit from this approach has added to the momentum this quarter. If you look at the split of the fresh orders received during the first nine months of financial year 23 in terms of five pillars. EV represents 56%, IC represents 28%, structural 8%, and non-auto 8%. This is with the big order win of JLR EXL in EV segment in quarter two of financial 23. This is in line with our strategy of higher share of business from EV and 4W. From the perspective of market segment in nine months, the order book is represented by 4W at 89% and non-auto is 8%, and 2W is 3%. While our endeavor to improve margins through rebalancing product mix is being proved, we continue to face challenges. While we had shortlisted a six CM framework with a new challenge of a recessionary environment emerging, we have now categorized the challenges facing us internally as the seven CM framework. The COVID impact, the chip shortage issues, cost of new product and development, the conflict between Russia and Ukraine, global cost-based inflation, supply chain challenges, as well as the challenge from the recessionary environment. Kaizen principle-based initiatives that we have adopted have helped us bring in optimization across all methods of our business model, right from the inventory management, employee expenses, to power cost optimization, among others. We have seen a notable reduction in fixed expenses as well as streamlining of overheads due to these initiatives. The improvement in EBITDA level are indicative of the element of enhanced value addition and this product mix. As we have shared earlier, our three to four year target is to improve EBITDA margin to a level of 14%-15% on the back of growth initiatives combined with cost efficiency measures. On the CapEx front, we have deployed INR 27 crore during the quarter and have deployed a total of INR 66 crore during the nine-month period. This is in line with our plan to deploy around INR 90 crore in financial year 2023, which includes maintenance CapEx and new machining capacities. In Q3 of financial year 2023, our plants in India and Europe operated at a utilization level of 65%-70%. To summarize, we are continuing on the positive momentum and are confident of delivering better financial and operational performance during financial year 2023. Our focus continues to be on improving margins, return ratios, and streamlining our working capital cycle. We are confident of delivering strong and sustained growth in the quarter ahead. On that note, I would like now to hand over to Mr. Shyam Agarwal, who will talk about operating highlights for the quarter. Thank you, Mr. Vimal. Greetings to all of you. The domestic auto sector saw improved volumes during the quarter, with growth of 5% on YOY basis. Within this, passenger vehicles grew 21% on YOY basis. Commercial vehicle grew 12% on YOY basis. The improved growth was driven by the pent-up demand, improved availability of semiconductors, new product development. In case of commercial vehicles and heavy vehicles, factors such as increased infrastructure spending, mining activities, logistics growth, and resumption of offices and schools added the demand. Two-wheeler volumes were flattish on a YOY basis. There has been impact on the domestic two-wheeler market Introduction of onboard diagnostics norms by the government, which are scheduled to take effect from 1st April 2023. Due to this, OEMs have slightly moderated their production schedule as they are implementing the changeover. International trade had improved as the global customers were able to adapt to challenges such as limited semiconductors availability and supply chain realignment. We have seen positive growth numbers from Japan, U.S., as well as parts of Asia. Europe remains under pressure due to higher energy prices and the volatile economic conditions over the last nine months. With some of our global customers, we have seen that reduced transit times have led to slight buildup inventory. We believe the immediate term demand from our international business will be slightly softer than was earlier anticipated. For the ensuing financial year, we have seen contribution from the new parts and orders added over the last two to three years have entered SOP and will contribute to incremental revenue. The sharpening of focus for us with greater emphasis on value addition will enable us to drive this growth. In the auto business, we are seeking critical parts like four-wheeler cylinder heads. To underline our commitment, we came up with automation cells to drive the differentiation in our offerings. We have automated one line of four-wheeler cylinder heads for a global customer. Our portfolio has increased with the addition of two large domestic customers for four-wheeler cylinder heads. In carbon neutral technology, our focus is on passenger vehicles, commercial vehicles, and export opportunities as we see a greater scope for value addition in these areas. We have already built up a portfolio of over 94 parts catering to EV and are progressing well on our target for scaling up revenues from carbon neutral technology. We have shared that on initial targets, which is to bring our wallet share for carbon neutral technologies to 25% of our overall revenue by financial year 2025-26. Based on the order received, we are on track to achieve 20%-22% from carbon neutral technology by financial year 2025-2026. There are certain ongoing discussions with global customers which hold potential to drive these targets higher. To achieve the share of carbon neutral revenues, our teams are working on executing the orders from Tata Motors and Dana in the domestic businesses. We also have continued traction in our projects with JLR, Danfoss, Scania, Rimac, and Bosch in the international business. On that note, I would like now to hand it over to Mr. Andreas Heim to throw light on the global business. Andreas? Yes. Hello. Am I audible? Yes, sir. You're audible. Yeah. Thank you, Shyam. A warm welcome to all of you. I will briefly cover the developments on our international business. We witnessed a soft performance during the quarter due to the prevailing macroeconomic situation due to the Ukraine war. Sir, do you hear your, Andreas? We'll just reconnect you. Your voice is not clearly audible. Just give me a moment, please. Okay. We have the line for Andreas reconnected. Sir, you may go ahead, please. Thank you, Shyam. A warm welcome to all of you. I will briefly cover the developments on our international business. We witnessed a soft performance during the quarter due to the prevailing macroeconomic situation due to the Ukraine war. This led to distribution in the supply chain from manufacturers based in Europe. With gas reserves being carefully monitored as well as higher energy costs, our customers have found it challenging to operate plants at high utilization levels. Further, with the sharp rise in inflation and pressure on household expenditure, there has been reduced volumes in the European market. Added to that has been the holiday season towards the end of the year. Despite this, the global business contributed to 20%-21% and 22% of the total revenue during the quarter and 9 months in the financial year respectively. However, we believe that the customers are now poised for an improved performance after absorbing the multiple challenges of the prior year. Input prices have stabilized after peaking out. In recent weeks, we have seen prices of cars also ease out into slightly lower levels, leading to lower energy costs. The supply chain pressures and logistical challenges are easing, and constraints from chip availability has also moderated. Our customers are beginning to sound more optimistic about their production schedules. In the backdrop of improved chip availability, Jaguar Land Rover have indicated better volumes for the calendar year 2023. Bosch has indicated an improvement in the full year offtake of the back of new additions in their customer set. Further, we have added one new part and one logo with the addition of eike, a premium manufacturer of e-scooters in Europe. With this ordering, we have entered into a new segment and new market. We have also spoken of addition of Ducati to our customer roster earlier, and there are indications that the SOP of the parts awarded will commence in September this year. Overall, we have entered 2023 with far more optimism. Customers are showing signs of having adjusted to the challenging circumstances of the previous year and are indicating an improved outlook of the months and the quarters ahead. On this note, I would like now to hand over to Mr. Rajiv Gupta, who will cover the developments in the domestic business for the quarter. Thank you, Andreas. Good day, everyone. The Indian automotive sector had a moderate growth of 5% year-on-year basis, impacted by the flattest growth in the two-wheeler segment, which was impacted by the OBD regulations. Fortunately, there was better traction in passenger vehicles and commercial vehicles due to increasing level of economic activity and higher level of infra spend. The contribution from our domestic business stood at 79% during the quarter. The momentum of two-wheeler dipped this quarter as the OEMs offtake has moderated due to the introduction of onboard diagnostics regulation by the government. The OBD systems provide self-diagnostic functionality incorporated into the engine control system, which can alert the vehicle system about potential problems that can impact the vehicle. These contribute to better emission management and also prevent potential long-term complications. With this, various OEMs were affected, especially two-wheelers, and we noticed a decline in schedules towards the year-end to reduce inventories as the models without OBD will not be permitted to be sold post April 1st, 2023. We are seeing good inquiries in the market for new technology applications and are optimistic that strengthening macroeconomic conditions will help us sustain this momentum. More importantly, domestic customers are evaluating suppliers based on capacities and track record in the EV offering. Alicon is well-placed in this regard with rich experience in this space and compatible track record of 94 parts with 17 customers till now. Our European subsidiary, Illichmann, which has been supplying EV components since 2017, has been a key contributor to our growth competencies in this space. In the non-auto business, our order for a prestigious telecom project under Atmanirbhar Bharat is progressing well. In the non-auto business, there is further traction as we are in discussion with the Department of Defence for supply of further products catering to defense requirements. On this note, I would like now to request Group CEO, Mr. Veera Babu, to share with you his perspective on the Alicon performance. Thank you, Rajiv. Good day, everyone. We have reported strong results during nine months of the financial year, current financial year. We have marked an uptick in client engagements and have demonstrated strong progress against new orders. The order intake momentum has substantially improved in recent years. By leveraging on research and development, design excellence, and value engineering, we have demonstrated to customers of our deep value that we can provide them as a supplier of repute. The honor is to now ensure robust execution of these orders to provide customer products that are delivered on time, aligned to their schedules, and at the quality standards and technical specification that they have specified. An important element that we are focused on is a deeper footprint on technology. We have strived to automate certain process of our operations. We are ensuring Optimum utilization of our resources by focusing on driving efficiencies. By addressing costs across our business model and enhancing it, we further elevate our competitiveness. We are actively working towards increasing our substantially footprint and ensuring commissioning of our captive solar plant, which will meaningfully transform our energy mix. On this note, I would now request the moderate to open the forum for any questions or suggestions that you may have. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may enter star one on their touchtone telephones. If you wish to remove yourself from the question queue, you may press star two. Participants are requested to use only hands-free 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 Yash Dalal from Sushil Finance. Please go ahead. Hi. Good afternoon, everyone. Am I audible? Yes, yes, you're audible. Yeah. My question is, as we can see, your revenues are up, but your interest costs have remained the same. We want to understand your capital efficiency of working capital, has it improved? Could you just maybe throw some light on that? Definitely we are focused on the improvement of the capital efficiencies because you compare it for the nine months, it is almost equal to the last year nine months cost. Maybe some impact of the QIP, but we have the impacts of the higher interest rates in this year. Definitely we are focused on the investment side as well as the, on the how to improve our balance sheet, and especially on the negotiation of the interest rates with our bankers as well as to control the debt. Okay. Okay. Thank you. Just another question is your depreciation is high, as you can see, so your profits are staying low, but your cash profits are increasing. Do you think this trend will continue going forward? Definitely we are more focused on to improve. One is that profitability as well as mainly that how to improve further this cash profits, because cash is the reality. Definitely, like, in the speech we are explaining how we are improving, how we are setting our goals, the targets in the coming years. Along with the numbers of the revenues, the profitability, the main focus is how to improve our cash flows. Okay. Okay. Thank you. Another question was, could you give us some revenue guidance going forward for the next year? For the next year... one more point I'll just miss to address that, based on likely you have raised the issue of the question on the cash flows. We have the rating agency CRISIL, they have also improved our rating from A stable to A positive. They have also identified and see, okay, there is improvement in the cash flow management in Alicon. Coming to this, the revenue, it is a forward-looking statement, but definitely like we are explaining the, for the next year, we are expecting at this moment of 15% growth against the current year of 2022, 2023. Let's see that how we will close because, you know, the base is also increasing, continuous improvement in the quarterly performance of the current year. At this moment in the nine months there is an increase in the 43% in the revenues. Definitely there is a we are putting up a higher base for the next year. We will have a more clear picture in the next call. At this moment we are estimating that approximately 15% we should achieve our growth in the revenues in the next year. If we go by your 15% so I would assume around INR 1,500 crore-INR 1,550 crore would be your estimation for next year in revenue. That you can work out because we cannot give the numbers. Definitely, this is based on this, the new orders we are improving continuous new order booking is there. Like from the last two years we are giving the new order books. Those are now converted into the real numbers. We are furthermore focused on resourcing business, especially like where the ready business is available. Because the new orders generally we go then there is a development lead time of 1.5-2 years then. To improve our numbers in the next year, one focus area is resourcing business. Ready business is available, how to shift to Alicon. Correct. That's good to hear because if just going by the numbers, if, in this nine months of this year, FY23, your EBITDA has been at INR 124 crores. Just maintaining the same margin, if we do at around 12%, then we say our EBITDA would increase quite a bit, maybe by 50% next year. Is that correct? I think you are forcing me to give some forward-looking statement. One is the revenue growth. Another, we are focused on to improve our margins. Our target for the next year is at least to improve 100 basis point in our margin. On that basis, you can work out. Maybe that you are good in the numbers. Okay, thank you. Just, sorry, one more last question. Also, you spoke about your onboard diagnostics, the norms that are scheduled to take effect soon. What are the new opportunities or challenges that will show? How will it affect and impact in the coming quarters and next year onwards? I think I ask Rajiv to explain this. We are noticing volume reduction, especially two-wheelers. The two-wheeler OEM on the account of OBD, which was clearly explained in our speech also. There is marginal or no change in our part with this drive by the government, as it's especially for the exhaust system. We noticed the volume drop that is in late quarter three and also in quarter four is expected, as OEMs need to curb the production numbers. Post 1st April 2023, they won't be able to sell the existing vehicles. One is, yes, there will be a effect in quarter four with this area. If you talk about opportunity, there is opportunity, especially in the quarter one in next financial year because we feel. These OEMs will try to start building the stocks which they have planned to deplete in quarter four. We are working, closely with OEMs how to further build those inventories at their end. That is what we could work out at this moment. Okay, thank you so much for your answers. I'll jump back in the queue if any further questions. Thank you. Thank you. Thank you. Ladies and gentlemen, if you wish to ask any questions, please enter star and one. The next question is from the line of Raghunandhan N L from Emkay Global. Please go ahead. Thank you, sir, for the opportunity. Congratulations on a strong set of numbers. Welcoming Mr. Agarwal and Mr. Veera Babu for sharing thoughts for with the investor community. My first question was on the order book. Can you indicate what is the size of the order book to be executed by FY26? Last quarter you had indicated around INR 3,400 crores. Raghu, I think, little bit one more explanation we would like to give. All these order books, what we are discussing and explaining, those are as on the date of, that is, means, 2025, 2026. This is almost 2 to around 3 years. Whatever the new orders are coming, those real volumes we will be able to see post 2026. I think now, maybe, some new numbers we'll start giving from this call, but definitely, we will link with the earlier numbers also, so it'll not be some confusion for you to understand. When we talk about, like, till 2026, we are at approximately INR 3,500 crores of the order book. And yearly average is coming around INR 750 crores. like, in 2020-2023, we are expecting the execution of INR 500 crore-INR 530 crore, in that range. further jump, because now these orders are booked a year back or two years back. in next year, our estimation is for the execution of around INR 700 crore-INR 750 crore, in that range. That is based on the old numbers. definitely we would like to now give it some increase in the number phase, because now we are talking about 2025, 2026, so last two years. we have converted our numbers, the our order books till we are 2028, 2029. That is give a clear picture of the next six years. If we go for that, our order book stands at around INR 7,000-INR 7,500 crore, in that range. INR 7,400 we can take a number on this. Yearly average sales is coming around INR 1,050 crore over the next five to six years. That is the incremental sale we are talking about. If you can add our regular sales, that is in the range of INR 1,200-INR 1,300 crore. Because this number what we are talking about, INR 7,400 crore, that is base year is 2020-2023. We are not including the orders already executed in the previous years. Hope, Raghu, you are able to understand what we are explaining. Yes, sir. Yes, sir. This was very helpful actually. strong for share. Thanks so much for sharing the strong pipeline. Just this one clarification. I missed the part when it was initially explained, the carbon neutral of the EV share in sales and order book. I think the earlier target was 36% by FY26. Did I hear correctly that in the opening remarks it was mentioned 20%-22%? Yes. Basically, if you see in this portfolio, we are having a close watch. We are having a close watch with our customers. What we can see, there are a lot of alternate fuels also coming apart from the pure EV when we talk about like the hybrid solutions, which recently Toyota has come up with a model of hybrid and even HyCross. Actively OEMs like Daimler, Ashok Leyland recently with Ballard is coming up with hydrogen cells. What we could understand very clearly and also like Maruti is aggressively working on the CNG hybrid. What we can sense that this particular share will be supported by these alternate fuels also. Talking about our projections by for 2025, 2026 years, we were a bit confident of touching 36% share by 2026. If you see with the current order booking and the orders in hand, we've already touched somewhere around 22% for the year 2026. With strong discussions with our customers going forward in next 18 to 20 months, we are a bit confident of touching this number. Thank you, sir. That was very helpful. On the subsidiary side, the performance seems to be under pressure. Looks like a revenue growth of 9% and EBITDA margin at 8.1%. I'm taking subsidiary performance by deducting consol minus standalone. How do you see the performance ahead, especially should margin improve with the reduction in the gas prices? Yes, Ragu. In this, definitely there was a pressure on the subsidiary numbers in the current year. Do you know that the reasons are being the increase in the input cost, especially on the energy side, and definitely they are also impacted the material cost. But what we have seen just now in the quarter four, from the quarter four, there is a good demand is coming up for the high margin parts. In the next year, we are hoping that we will be able to deliver good numbers because the order book is increasing. On the other side, there are two actions we have take. One action is being that renegotiate the prices with the customers, especially on the energy and the increase in the input costs, that we will see the result. The other side, the cost has started going down. That what we were expecting, that is not going to happen. The third point is that the government, especially the Slovakian government, is supporting to subsidize the energy cost. All these actions are going to support in the numbers of the next year. Got it, sir. On the captive solar plant, would that lead to power cost savings? What kind of savings are expected on an annual basis once it is commissioned? In the next month we are hoping that we will start and expected it, yearly saving of INR 5-6 crores. Got it, sir. Just a last question on the overseas business. What is the kind of growth expectations would you have for next year? I'm just trying to understand, would you continue to see the share of overseas business going up? So- Yeah. Yeah. Yeah, definitely. As you mentioned, we noticed very clearly the global numbers would definitely hit in the next year. If you see the market numbers, this year the global numbers have hit a increase of 6%. If we see region-wise, except Europe, all the segments have noticed good numbers, especially if you talk about U.S., it was a double-digit number. We have noticed the impact in Europe because of the energy cost and other Ukraine War, the supply chain was disrupted. Next year it's promising. The total industry is expected to grow somewhere around 5%-6%. The good thing is, Europe we are anticipating an increase of roughly around 6%-8%. With this and with the penetration more towards the global orders, we are quite confident to increase in the next year with the global share over the total sales. Got it, sir. Thank you. Thank you so much. I'll come back in the queue. Thank you. Ladies and gentlemen, if you have any questions, please enter star one. Participants, to ask a question, please enter star one. We have a follow-up question from the line of Raghunandhan N L from Emkay Global. Please go ahead. Thank you so much, sir, for the opportunity again. Couple of questions. Firstly, on the working capital front, now that, supply chain situation is improving, would that help in reducing our working capital requirements? That was one. Secondly, you know, like, the company had an aspiration to turn net cash. How are you seeing progress towards that target? Thank you, sir. One is like the improvement. Definitely now we have seen that little improvement like in the first question we have also explained how we are focused on this. Hopefully, you will see the numbers in March, the impact of the improvements in the working capital management. Now, like, we have explained in our no, this speech about the reduction in the transit period for Europe and the U.S. that has actually gone down from under 225 days to 70 days, in that range. That is also going to impact on the working capital management, and we will be able to improve that. Negotiations and further negotiations are also going on with some customers to improve. Definitely we are focused on this and especially on the cash flow management. We would like to on the plus side of the cash, so maybe we'll see in the next year. Thank you, sir. Thank you very much. Thank you. Participants, if you wish to ask any questions, please enter star and 1. The next question is from the line of Apurva Mehta from AM Investments. Please go ahead. Hi, sir. Just wanted to know your execution of new orders, which you are talking about INR 700 crores-INR 750 crores for 2023-2024. Is it right that we are estimating around INR 700 crores-INR 750 crores? Sir, your voice is not very clear. Apurva, can you please repeat your question? Apurva, your voice is coming muffled, so if you're using headphones, please use the handset mode. Yeah, just told me. Hello. Is it clear now? Yes. You're better. The new order execution of INR 775 crores for 2023-2024, is it true that we will be executing around new orders of INR 700 crores or INR 750 crores in 2023-2024? Yes, in 2023, 2024, approximately INR 750 crores we are expecting to execute. The steady state turnover will be around INR 1,000 crores. Is it true that that will continue? Same thing I was explaining, that this includes because already execution is there from the last two years. There will be additional approximately what we say, INR 250 crores from the new business in the next year. Because this order booking, what we are talking is roughly around 327 parts. This we are tracking since 2008, 2018, 2019. Yeah, yeah. Few parts have just came into regular production. With this set of parts, definitely we are confident to make around INR 750 crores of sales for the next year. The current year is approximately what I told you, that INR 500-530 crores. Whatever the difference is there, that will be further addition to the numbers of, we can say base year of 2022-2023. Okay. this new order of 750 will have definitely better margins where you had lower margins, you know, overall the margins will expand. Definitely. If you see the total contribution of what we are talking about new business, around 79% is my four-wheeler components. Okay. Which we have noticed very clearly and we get good margins because we have good scope of giving them a value add part. Mm-hmm. If you see in terms of exports, we are about 47% is the export, parts what we are talking in this one. Okay. Because of this currency movement which has happened on the positive side for us, that will also add up to our profitability? Up to certain extent, not so much, because generally when we negotiate the business for the exports, we also hedge the currency with the customers. Okay. Any new order pipeline which you would like to highlight that we are negotiating or we have, we are having some good visibility for that on the non-auto and the auto parts both? Yes, at this moment if you see, massive developments are in discussion, because this is a junction where the OEMs or a tier one is working on new platforms like from IC to EV or some initiative of light weighting of parts. This is a great opportunity for us even to grab this opportunity and give them early solutions. That's the reason we are actively working on this area with participation of more in conferences or exhibitions, visiting our customers on frequent basis along with our global visits. We are under strong discussion because if you talk about EV, even as this is actually a race where our OEM knows very clearly, if they are able to get a product in a quick period of time, they have an opportunity to grab more share. In that junction, even the OEMs are looking for a supplier who have got rich experience on this domain. This is a good opportunity for us where we have already are in this platform, be a two-wheeler scooter, be a motorbike, be a passenger or a commercial. This is help giving us a edge over our competitors. Going forward, yes, strong discussions are, we are in discussion with our existing and upcoming customers, which definitely in the coming quarters, one or two, you will see a good momentum on that ground also. Our aspiration to have 15% plus margin on overall business, is it possible to get on next year or maybe post next year? You know, when the back end of the next year, is it possible to us to achieve that number? Immediately, Apurva, it's not possible like, in previous question I have explained to you first because it will happen phase-wise, step-by-step. Okay. Immediately, a big jump we can't see because we have a strong already existing base of business. In this first year, like, in 2023-2024, our target is to improve by 100 basis points. We'll see that. As already, we have explained in our commentary that in next three to four years, our target is 14%-15%. Okay. Okay, cool. Thanks a lot, and yeah, I wish you all the best. Thank you. Thank you. As there are no further questions, I would now like to hand the conference over to the management for closing comments. Thank you. I hope we have been able to answer all your questions satisfactorily. Should you need any further clarifications or would like to know more about the company, please feel free to contact our team or CDR India. Thank you once again for taking the time to join us on this call, and we look forward to interacting next quarter. Thank you very much. On behalf of Alicon Castalloy Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.