Can you please, Pramod? Yeah, yeah. Pramod is my boss. Yeah. Yeah. Pramod is my boss, huh? Everybody is scared of you. Sorry, Pramod, I missed your call. I was in some other meeting this morning. Not a problem, sir. They basically have visited the plant. They had some questions about the ICE side. Now we are on the EV side. Oh, sure. So you can- Before that, just quick introduction. This is Vivek from SG Investments. Hi. They are holder. Continue, sir. Sakshi, he's just started to cover the sector at Trust MF. So he's replaced, Jatin. Jatin, who's left the organization. That they're just capturing. Then you have Harshan. He's from Karma Capital. I think they're also- They are also holders. Holders. They're also holders. Last is Nikunj. He works with me. We worked together at UBS. He's actually the group CFO. You've been with TVS Group for how long, sir? Yeah, three-plus decades now. Plus decades. Older than yours? Yeah. He's senior to me. 58 years. Yeah. Hitting 40 soon. Yeah. Yeah, please, over to you. Probably around the question of EV transition. EV transition. How are you repurposing and- I think you ask the question about that. Yeah. What we are trying to do is those employees whom you saw in the shop floor. Guess what is their education? Just guess here. They must be twelfth class maybe. Maybe, ITI or some basic engineering. A bachelor's degree. Huh? Bachelor's. Bachelor's. They are all eighth and failed people. Oh. It's not designed by KNR. Chairman's father, Mr. Venu Srinivasan's father, he said there is something called learnability. Yeah. Skill will. You know, we need people with tremendous will to succeed. Skill you can. Skill you can impart. Yeah, you can't. He said, "Select those people who, because of their inability to study, they failed, but attitudinally good. Take such people and mold them." It's exactly we have done. Mm-hmm. Okay? Now, many of those people are now trained for EV. Yeah. However, when I say that, however, there are areas where we need to invest and build capabilities. Especially software management. Software is one area. Motors, controllers, VCUs. Those areas we are taking high quality talent laterally, inducting them into the company, especially in the areas of product development. Mm-hmm. Equally, we are also looking at some other suppliers. Okay? Backbone, there is no problem. But if you look at BMS or if you look at the motors, controllers, many of the semiconductor areas, I think we are now trying to induct new suppliers. Internally, also, we have a structured training program to look at what are the elements of EV. Mm-hmm. Fortunately, our company has been always investing in tie-ups with some universities and professors or a group of people sending them there, completely getting them transformed or designing and developing something for companies like BMW and there is a strong working together. There is a lot of ways of acquiring the new capability and delivering. Actually, I heard from my alma mater that in the past, actually, TVS hardly used to recruit from IITs because they used to leave in one year or so. Suddenly there seems to be an increased intensity out there in terms of hiring people and also paying them quite a bit. Yeah. Is that again for EVs specifically or is? See, one fortunate thing is if I look at our company, we recruit toppers from level two. Mm-hmm. Okay. We take good people from level one also, IIMs, IITs, IISc. After two years, there is a preliminary assessment on their potential. Mm-hmm. Those people who we feel that they are going to be the high posts, we sponsor them for higher education, masters, PhDs. I can say that every year almost 100 such people are sent abroad or sent to some of the best institutes in India for master's program or PhD program. It again depends upon the type of professor, the type of specialization, what we want. Correct. Quite a lot is happening on the EV side. Mm-hmm. This has been happening, I don't know, so many years now. Yeah. It's part of the program as a- It's part of the people development program. You yourself would have attended many such programs in this. I was 86, I went to management education program in IIM. Right. Yeah. Six months program. Uh. Sponsored by the company. Uh. 1987-1988, that period. Uplift period. First two years we decide that. That's great. Right. There is an assessment center. People go through the assessment center, then we know these are the people who are going to be the future leaders of the company. This is all Venu's vision. Even on EVs, he's been very- Yeah, yeah. ...upfront. People, technology. Yeah We spend a lot of time. Okay? Of late, we are spending a lot of time on bottom line, thanks to That's the outcome, sir. That's the outcome, right? What is it? Absolutely. What is the managing point? What is the check point? You do the right things. Tackling costs and taking countermeasures. Profit is an outcome. The good thing what I've seen is like even when you were under pressure on margins, you never did something to please the market. No, no. And sacrifice- Never. You did what? That's why I can tell you. Yeah We are a very company which believes in sustainability. Yeah. Long term. Long term. Don't mortgage the short term. No, no. Long term for the short term. Yeah. Unfortunately, we can't show our war rooms how we manage the costs. Once you get into that, you will really realize that they are all fundamentally very strong views and strong ideas which are sustainable. That's the reason why we have been maintaining our margins the last few quarters consistently. Yeah. Yeah. I'm very happy because the best of the company comes out when you have huge entry. Yeah, yeah, exactly. That's the true character comes out, right? Our strength. Yeah. Sir, on the EV side in the motors, like there's a difference between us and our competitors. Let's say we are using BLDC motor. How does it create a difference and like what in terms of quality or let's say product and are we planning to shift to mid-drive motors or like in, let's say, future products? Is it a part of our strategy because it's See, there are different types of motors. I think, what you said is absolutely right. There are hub motors, there are wheel-based motors, there are new technology motors. I'll tell you. There are different wattages. There are different applications of these motors. What we believe in is you understand the character of the customer usage. For example, I told you iQube is focused on the commuter type of customers in India, including the design itself. Okay. It's not like NTORQ. Okay. It's something which is going to be huge volume. Okay. We have huge aspiration to exit this year. Mm-hmm. Okay? The moment we get supports from the semiconductors, you will see that. Okay? Based on the customer requirement, you decide the rest of the things. Okay. We don't pre-judge. Competition A is using this. That is only a reference for me. Many a times we also say that from the customer point of view, usage point of view, these are the right subsystems we should use. Many a times we do design inside itself, saying that, "No, none of these are going to satisfy us. I think we have to completely design something of our own." It may be costing little bit higher, it may take little longer lead time, but it will have flexibility to look at the future product platform, building it up in a nice way. What is apt for the iQube you are doing? That is right. I don't want to say what all technologies we have. Whatever is appropriate for a customer segment like iQube, we have. Okay, let me ask it this way. Is your in-house development and IP higher in EVs compared to ICE at the industrial level? ICE is not a comparison. Comparison. ICE is over a period of last 40 years, many things we have done, and we are extremely happy. The rate of pace of change, what we have seen in the ICE in the last 10 years. Uh. That is definitely helping us in looking at. Mm-hmm Seizing this opportunity in the EV space. Mm-hmm. According to me, EV gives us a huge. Yeah Positive opportunity both in developing markets and developed markets. Mm-hmm. Mm-hmm. You need strong engineering prowess. Actually, just to that point, to your point as well, in the annual report that just came out, it said it's just 600 people in the EV R&D team. It's just EV R&D only? I mean, how big is the input R&D? Exclusively EV R&D. I thought the entire R&D team was at around 600, 700. It's almost 100%, feels like. We have added quite a lot from outside. Okay. From areas like motors, controllers, electronics, software. Okay. I'm not going to give you how many in each area. No, no, not at all. Nevertheless, I'll give you that. No, but incrementally, at least it gives us the impression that most of our dollars, incremental dollars are going into EVs right now. Only into EVs. Okay. ICE, we don't. Mm-hmm. Okay? Yeah. Majority of the time we spend only on the EVs. Some of them were repurposed to EVs or, like, 600 seems like a big number already. They were repurposed or they were all organic- It's a combination. Yeah, it's a combination. Okay. What did I say? I gave you an example of learnability. Mm-hmm. Yeah. Yeah. We want people who are learnable. Yeah. Attitudinally high will. Yeah. Okay? Correct. We don't want people with high skill but very poor will. Mm-hmm. Yeah. They will be a burden for the company. Right. Okay. Actually, since we're on that topic, I just wanted to pick up on the news article that came out today. That entire concept of raising $650 million or close to INR 4,000 crore-INR 5,000 crore for the EV subsidy. Will that- Honestly, I don't know. We don't know. When I saw the article this morning. We are exploring various opportunities, various options very seriously. It's in a very advanced stage. That's all I can say. We don't want to comment on that. It's, I don't know from where they got these numbers. Yes, I also saw the article. Okay, let's assume that article is not true. Is there a scale of investment? No. We did not mention anything about the hospital. Yeah, yeah. Hey, one second. Okay, get me some buttermilk. It will marry the sambar. Ask them to get my lunch for me. Lunch here? Yeah, yeah. Otherwise, I have another meeting at 2:00 P.M. You only organize here. I have a problem. Which one is this? No, no. I wish I'd done that. Yeah. We have to close befor 2:00 P.M, and I have to finish lunch also. Yeah. I eat well. Along with the EV, you also have a stake in Ultraviolette. I mean, how is the collaboration between that company and yours in terms of technology sharing and all? I have told you we have the best range from moped to scooter. Right? None of you are asking the wrong question. Let me tell you, when we went to Indonesia, many people asked, "Scooter, we read you are investing, you are creating this," but today we are profitable. Mm-hmm. Last two years we are profitable, and I can tell you there is a huge headroom to grow there. Huge means really huge. Because you had your own design and product, you have a platform there, you can grow. Okay? I said, e-cycle, look at Europe as a case where we'll understand the market and we are also invested in somebody who has got an omnichannel, who has got all the experience of certain products, and we will understand deeply the customer on one side. On one side, we have a super premium called Norton, basically. Okay. Look at the kind of. Okay, I can't give you exact strategy of what we are trying to look at. I can give you a broad indication. From there, you are all intelligent. Same way now you put the UV into this puzzle. Okay? You know what UV is making? Yes. Where this puzzle can fill. Mm-hmm. How we are going to leverage it, you will get the answer. To that point, Europe is quite strong in R&D, so I understand acquiring omnichannel experience. Sometimes what happens is you can do everything in-house, but I gave you two indications. One, it takes extra time, it takes extra investment. Mm-hmm. Nothing wrong in sometimes testing such, because we are trying to understand the customer. Sometimes understanding the customer requires certain time. The best way to understand a customer is to really, really give some products and see how they are using it, what are the likes, what are the dislikes, instead of just relying on McKinsey report or a Bain report or somebody's report. It is possible to get a report. They will come and present it also very nicely. We are in execution, you know? Yeah. How will you learn? Also learn about startups, how they work. SEMG is a profitable company. Yes, certainly. Couple of years, you will completely understand. Who knows, some point of time these products can be in India. Yeah. May not be every part of India, maybe in urban India. Sir, just one question on the ICE part. I mean, we have had a good success in the Apache range. Any plans from your side to go further up in this category, say go to the Royal Enfields of the world? Any thoughts on this? I don't. Or no plans to- Who is Royal Enfield? I told you I respect Bajaj, I respect Honda, I respect Hero, I respect Royal Enfield, I respect Ola, Ather. There are some 200 names I can continue to say because there is something to learn from each one of them. Okay? We look at which are the spaces which are likely to grow in the future. Where is the strategic fit of the company? We look at it and then we come up with the products. Mm-hmm. There will be products, I promise you. Which type of product, which brand, where we are going to position, time will tell you. Got it. The next 8 quarters will tell. Next eight quarters will tell. Sir, exports. I don't want to spend too much time on that. We are doing well, but just want to understand, do you see export as a market growing in FY 2023, given the growth? Because some of your peers have started warning about some struggle there and No, no. See, unfortunately, what has happened in Nigeria. You must be knowing this. Some of the applications are these taxi customers. Ah. The Okada drivers, they drive very fast. Okay. I traveled with them in the bike and the three-wheeler. It's faster than you take off in a runway. Ah. Okay? They put three people, four people. Roads are not as comfortable. Sometimes accidents happen, unfortunately. There will be some pain and some short-term challenges, et cetera, et cetera. Please understand, this is a huge employment area. Yeah In such countries, because two-wheeler taxis are the starting point for many self-employed. I don't think there is any other alternative but to support these people. Yeah. Maybe they have to bring in certain. Even in India, you look at some of the three-wheeler, how many people. I remember I sat in an Ambassador car when I was a student. Some 12 people were there in one Ambassador car. Yeah. It was that space. At that point of time, I don't think people looked at safety. They looked at mobility at that time. Mobility, yeah. Fortunately, nobody hit that car. Okay. Look at some of the areas, you know. I used to look at the three-wheeler and so many people and overloading. Mm-hmm. Primarily because we are all developing economies. The money is not there. Okay. This is a journey. Yeah. What is more important to us is, in my opinion, next India is going to be Africa. Yeah. People are talking about five-10 years. You know, the educational levels are going up. Investment in infrastructure is going up. Okay? Beautiful country. Whatever be the reason, huge resources. Huge resource. Yeah. They don't utilize their resources, unfortunately, or somebody else uses their resources. Yeah, China. I think all these are with the education literacy levels going up, things will. You will see the change. Absolutely. In fact, just to answer your question, Pramod. See, we had lots of problems in the past also, non-availability of money in some of the countries, and we had a very good presence in Iran, Sri Lanka. Now, with all that not being really there, still we are growing new markets, new penetration in the existing markets. We will, with products, with full portfolio, we will continue to grow. I think your ability to navigate challenges and headwinds is probably better because you're coming from a- One of the thing is you keep the right stock. Mm-hmm. Right stock, yeah. You're not overstocked. You don't, you look at the customer retail. Mm-hmm. You focus on the customer retail. That customer retail journey, now every dealer, every distributor is thanking us. Mm-hmm. Saying that, "Oh, we never knew that Vahan is going to report." Okay? The moment Vahan started reporting, everybody started caring. All of you know the exact number every day, right? Yeah, yeah. Now, no, none of you are going to ask what is the stock level. You immediately put a simple thing building a trend analysis of the Vahan. Yeah, yeah. You know what exactly is the stock. Exports is easy to hide inventory, right? In my opinion, why get into all that? You be transparent. You run in a way that customers should get the best. Mm-hmm. The same principle applies even to the export market also. Same thing. Same. Yeah. Same TVS, yeah. Yeah. You can't be different, actually. We are not making. Jekyll and Hyde. From some other company and selling it exports. Yeah. Philosophy, principle, values, same. Same. Always same. Just on this Africa question. I mean, we have done well, especially against the Chinese competition, which they have an advantage of even lower cost of sourcing and everything. Despite that, I think we have done really well. I mean, I speak for our industry also has done well. Indian industry, two-wheeler industry, and we have been a big part of that. But do you see that as Africa evolves and improves its infrastructure, the EV threat can potentially bring back the Chinese to a more level competition? Or do you think by that time we would be equally good on EV and therefore we do not see that much of a risk? See Chinese- Because the Chinese have been much ahead in EV, right? No, no. Chinese have been very strong in ICE in Africa. Mm-hmm. Okay? We had huge headwind in terms of pricing. Yeah. Every time you go there, people will say that $350. Okay? We said there is a threshold price at which we will give, but we will never compromise on durability, quality, parts availability. We started with our own network for parts, service, focus on service. Took time because people, the users understanding the total cost of ownership versus the initial buying price. Initial buying price was the running in their mind. The same market, you go there today, they'll say that, "No, no, no." When you get into a country, you have to add value to the customer. Mm-hmm. Don't just be blindly following competition, whether Indian competition or competition coming from any part of the world. Chinese is going to be there. Mm-hmm. Today significant proportion of India's EV is from China. Yeah. Value addition from many of our startups is zero. Absolutely. Yeah. I don't want to react to that. What did I say? We have to learn. We have many things to learn from Chinese. Yeah. The speed. India understand the speed. Yeah. I think we look at the positives. I always believe in that all of us sitting here, five of us, six of us are there. If I start focusing on, there are two options. I can focus on looking at areas of development. Mm-hmm. I can focus on areas of strength of people. I always focus on the areas of strength. You have this strength, you have this strength. Same debate we can have on this weakness. Okay. The moment you look at the areas of strength, then we can develop something which is something unique to you. That should be the plan of action of any company. Mm-hmm. Sir, for the next one billion units in exports, what could be the time frame? Like, it took us so long. I mean, this is an inflection point is what I- No, no, it's easy to ask. Yeah, you want to ask me simple question: When are you going to be 125 lakhs? When are you going to look at 150 lakhs, 1.5 lakhs, like that. It'll happen. I'm not stressed. Right? I always tell my friends that please do better than the industry. You cannot dump. Yeah. You grow your retail. Yeah. We fill the retail. Yeah. Right? People are doing it. It'll happen. I'm telling you, when we were doing INR 25,000, many people asked me will the INR 50,000 happen? When INR 50,000 happened, people asked me, "What is the next goal?" Now we are at average one. It will happen. I'm very confident. In fact, internally, our MIS, you know, we don't track the billing at all. We only track retail. What is retail today? That is how we track. Currently, what is it because of semis and various other shortages? What is the gap between where demand, how much import-export could be or how much you could have, you could do better? Export, I won't say too much of issue. Container freight. That is there. Definitely there. Containers, there are some challenges. There are some challenges on certain parts, but I think predominantly the issue is in Raider and Apache. How much is the gap there? Like INR 20,000, INR 30,000, INR 40,000. How much are you missing out generally? Rather, April was zero, May was zero. That itself is like big. Easily, we could have done INR 50,000 at least, INR 25,000 plus INR 50,000. Apache is another shortage. Apache, easily we could have done INR 30,000, INR 35,000. Some buttermilk for all of you? Don't mind. Starter. I don't mind. Yeah, I don't mind. lunch. Ah. Please. Yeah. You are missing out reasonably good numbers on Raider and Apache. Unfortunately. Yes, go ahead. Go. Apache, especially for domestic or exports? Overall. Domestic only. Domestic only. Exports, Africa doesn't need semis so much. Yeah. See, this is BS6, you know. Yeah. All our EFI system. Yes. Bajaj was blaming semis for export volumes when they had a bad number. They went up to three lakh plus on exports per month, now down to INR 160,000, and they're saying we'll go back to INR 200,000. That's like, looks like the target they were going to settle. That's like amazing. You cannot get any answers from me by using Ola, Bajaj. Okay? I believe in our team, I believe in our customer, I believe in our strength. I respect all the competitors because there is a lot to learn from them. For Desikan sir, financing arm sir, that monetization, as you publicly stated you wanna do it. Anything on there in terms of how big? Yeah, I mean, the process is just started. The initial interest is extremely encouraging. We will come back with more details, just started the process. This was indicated in one of the investor calls also. We are exploring various options and opportunities. Just started. With the financing arm potentially happening and you exploring ways on two-wheelers on the EV side, ideally, your CapEx intensity on these areas should moderate a bit, right? At the parent level- Yeah ...in terms of- Of course. The investment requirement of TVS CS will come down once I complete that process. You're right. As well as for EV. Do we also need significant CapEx to scale up the exports business? Overall, CapEx will be about INR 700 crore. Don't ask me split between, but majority will be on the EV side. Look, we're already doing something like INR 500 crores on R&D itself, right? I'm assuming that will only go up from current level as well. Overall CapEx will be INR 700 crore. Okay. Majority will be on the EV side. When EV subsidy happens, when you move the money out there to the assets, so the parent business will see lot of the assets and CapEx moving to the EV arm, right? INR 700 crores, majority is. Yeah. on the EV. Let the subsidiary happen, at that time we will share more information. Correct, Desikan? Absolutely. K. Gopala Desikan wants you to get. De-Desikan- No, no. Murali are the coaches for me. What- What I should say, what I should not say. Yeah. What I'm asking is or trying to get at is even with the EV investments, which are quite significant, and software you need to write off in three years, right? Compared to other assets where you take seven, eight years for amortization. Your margin- We are very prudent in our financial. You're conservative. That's a very good thing. We are prudent. Prudent. I will never use the word conservative. Yeah. Okay. If somebody is conservative, you will not see so many products coming out, so many technologies coming out. No, on accounting, it's good to be conservative, sir. Right? I think- I need to bring my medicine then. Desikan, effectively when you move the assets and the expenses from the parent book, your parent margins will automatically be looking better than what it is today. Better not to start eating. If you start eating so that we can answer. Some of it does. No, you're asking a very obvious question. When EV is pushed to the subsidiary, whether the margins of the parent will go up, it's quite obvious. Doesn't require any explanation or answer. On your first question, whether some of the assets will be moved there, those things, you know, those structurings are happening. See whether the existing assets to be moved or not, we will come back to you with. Going forward, whether the CapEx will be incurred in the parent or subsidiary, again, the answer is quite obvious, it will happen only in the subsidiary. Whether the existing resources of EV will be moved out or not, we are discussing. The structuring will decide. Yes, sorry. Go ahead. Just on the EV subsidy part, is it right to assume that the range of magnitude of investment that is required could be in that range of INR 3,000 crore-INR 4,000 crore? No, difficult to answer now. Only I can tell you, from what was disclosed to you last time as a discussion point, we have advanced on that piece. With more details on the amount of fundraise, the banker or the valuation, we will come back to you. We are progressing in the very right direction there. If I had to just exclude the probably, I don't know what kind of profits or losses we made on EVs for FY 2022. Is there an impact on margins that you could have quantified because if there were no iQube that you would have sold? No, last year was a very minuscule number. Going forward, you will see a difference. You know, obviously all of us know that in EV, the margins are not there. We are not making profits there. All of us know that. Once that business is moved out, obviously the margins will go up. You intend to hold on to the 10% no matter what, right? Even with the EV ramp-up, you are comfortable with the margin journey, margin trajectory. No, we have never said, indicated any number. The whatever KNR has committed that we will work on the bid journey is the answer. I'm not committing a number. Again, unfortunately, we don't generally take you to the war rooms. Once if you happen to see that, probably you'll get that comfort. I was just telling KNR. Sorry. No, no, you go ahead, sir. No, no, sorry, KNR. I was just telling them about what will be the margins of the ICE business once EV is moved out. I said, obviously it will go up because all of us know that in EV we are incurring, all of us are incurring a loss today. Once that is moved out, the ICE business margins will go up. The same principle, yeah, same principle. I think technology don't get confused with the technology. Whether we went I always repeat the same thing. When coming to three-wheeler, we put a Himachal plant, we put a Mysore plant, we put Indonesia. There is an investment. In any investment, most important thing is customer should love your product. Yeah. If the customer starts loving, your top line starts coming in. If the top line doesn't come in, you can jump up and down, nothing will happen. This is exactly what we focus. Even also in the EV, we have invested, product get it right, and more and more people start buying the product. It's a question of when profit will come. Yeah. It's nothing new. Don't get disturbed by EV. It is like any investment. Anything you put, there is a payback, there is a time. This INR 700 crores includes the investment that might be required in some of these subsidies that we have or it's- No, no. This INR 700 crores is only for CapEx. Okay. SEMG or that kind of investments, you have seen. It's separate. That's already happened. Yeah. That is buying complete business. Basically, bulk of the investment should be behind us, right? In terms of big investments are behind us, right? In terms of Norton or SEMG and all that. No. SEMG, all right, but Norton may require some support and investment. It's the product range and everything is going as per plan, but they may require an amount of investment. We give only vegetarian food here, Sandy. Only. Oh, that's great. We've just become more sustainable as well now. It's in the ESG Raider. Actually, something very interesting that you did with iQube. Mm. I think it was a brilliant strategy to come up with a larger battery because this is the biggest issue that range anxiety thing. It's quite a good thing to have, especially in the current FAME benefit scenario where you actually get almost subsidized for much of the battery cost. But once the FAME benefit kind of goes away, given that we have actually larger batteries, what has to happen to make sure that it doesn't eat away into our profits? Like costs have to come down meaningfully or volumes have to go up or what exactly can we do to actually offset this? See, please understand similar type of subsidies. The subsidies are support from the government. Mm-hmm. For certain investments to be encouraged or certain initiatives to be given a special focus. I think any intelligent businessman should assume that very clearly that at some point of time. Mm-hmm. It will taper off. Yeah. That we have incorporated in our business plans. Okay. Okay? That is the company's capability to look at how we are dealing with it. Mm-hmm. All of us know that. Yeah. There is no single subsidy which has lived its life. We have seen export benefit. Now it is in the form of RoDTEP. It has gone up. Who knows, maybe after two years, three years, it'll be completely different. Export subsidy have come down materially, right? Yeah. MEIS. No, it used to be, if my memory serves something like 13%-14%. Long time back, but it came down to 4%-5%. Now it's much lower, RoDTEP. Now it is 2%. Maybe it is 2%. I think there is a purpose for every subsidy. You have to be prudent when you prepare your long-term plan, and you should have some judgment how it is likely to move. Mm-hmm. Okay? Again, I cannot say this in the other meetings. We have to be very, very prudent while budgeting. According to you, as EVs reach a stage where the government can start removing subsidy or you think that's a policy issue? I'm not a cabinet secretary. I'm KNR working in TVS Motor. When you interact with the auto industries or the ministries, what is the. They're still committed to EVs or are they, like, getting comfortable that this is kind of taken off so we can take off? EV train, we have come to the station. It is yet to start. Yeah. The journey of EV, okay? Please understand, today the total EV sales is about INR 40,000 per month. Yeah. In an industry of almost 13,000-14,000 lakh per month. Mm-hmm. This is. It's a journey by itself. Food is amazing, huh? Actually, it's quite good. Very nice. One of the things that I gathered by talking to some of the dealers, and I did quite some extensive checks. Mm-hmm. I see that entry-level motorcycle segment has been impacted heavily because price increase that is there. I think there has been a really big impact also from these, those 25 low-speed electric vehicles. It seems like a market which somehow none of us are actually focusing except for Hero Electric, which is again assembly. Mm-hmm. In fact, Pramod was also mentioning that he discussed with you that it seems like a good probably potential market to enter. Would that be something that would be interesting to completely embrace, as you said. Study the pattern over a period of time, you will get some answers. Please look at the customer. Indian customer, especially in the bottom of the pyramid, these are very, very important decisions in their life. Yeah. Hard-earned money, they're trying to invest in something. They expect certain returns. This is my second inference. Okay? Please study how this trend is. Don't only go by some of our dealers' prediction. Because as you said, you need to have a minimum quality and everything, right? Like durability, which has to come at a price. Something like a Chinese market, would that be a good thing to study? I mean, just to see if what exactly happened to the acceptance rate. Like that has done phenomenally well. I mean, that shift from- See, their usage behavior is completely different to India. Yeah. They throw it after two years. Forcefully it will be scrapped. Yeah. Yesterday or day before yesterday, I saw one announcement that IRDAI, they are also linking it with BSVI. They are also linking it with the emission norm. Somewhere I read it. Mm-hmm. If your vehicle is not compliant with whatever the emission norm. Yeah. Then the- Consequences Consequences of that is going to be completely different. There are many aspects according to me. How long and how much it will happen, it's not going to be that straight line is my submission. Unfortunately, a lot of customers will learn about this low-speed EV limitations in the next one year or so when the parts come, get into trouble. There's no warranty, there is no replacement. They haven't gone through the cycle itself. I feel sorry for the customers though, because honestly, the government policies have such a big loophole. I believe Hero Electric, the big reason for volumes to drop is not because of some production issues, because they were taking subsidies saying that it's localized, but it was entirely imported. Apparently it was some raids and that's why the volumes were from 10 to 2,000, 3,000 and all that. Taxpayers' money is funding that subsidy. I don't want to comment anything related to that. All that what I want to once again request you to study the customer, the usage, behavior, durability, quality. You will get an answer in a few months. Never take shortcuts. You take shortcut, but never compromise on the long-term durability, quality, usage, customer usage behavior. I cannot put a comment on my IQ. Okay? Please have only one and a half people, and preferably overall weight cannot exceed 100. These are not customer language. Customer language, if there are four people, five people in the family, they should all be able to comfortably fit in the scooter. Okay? They might even take some jackfruit season. They will take even four jackfruits also on top of it. Mm-hmm. Okay? Gas cylinder, they will have possibly one, maybe sometimes two. I can't say, "Don't take all this, okay? This is a special EV scooter." Customer usage, you cannot be on the point, you cannot. You can tell them, "Hey, charge like this. Check the charge. Check your tire pressure. Safety point of view. These are the things you have to follow." That one all fine. Wear a helmet. Okay? Not only you, if five members are traveling, five helmets. All this we can say. We also encourage, "Hey, don't travel like this, yeah. Five people at all, please don't travel." That also we tell. Sir, again, I'm sorry to harp on this. Some of the acquisitions that we have done, the small size ones. For example, Ascend Energy Solutions is something that is a decent scale acquisition. Mm. There seems to be a slight pattern on that. We have also done EGO Movement, Echo, and very recently with Passion Vélo. I just wanted to understand the small type acquisitions. Where does that fit in this entire overall scheme of things to understand customer- I can give you a clue. Study their product range, usage range, or geography range. You will get some answers. Okay. They are very diverse in terms of their reach and customers. It's all basically understanding customers mainly at this point in time, because I'm assuming we can provide the R&D support and There is a purpose behind each and every acquisition, I promise you. Will we continue to seek such? I mean, even to understand customers, is that something that we should expect or? Definitely, you should expect. Okay. Definitely you can also be confident that there will be returns. There will be profit. No, but, maybe what he's trying to also understand is will there be another big-ticket acquisition which will happen on the e-bike side or you have enough now in terms of the geography, product range? I can't give any kind of guidance like that. It's like, product development, product investment, brand investment. Looking at the white spaces is part of responsibility as a company. Tomorrow, there is a sizable opportunity. We feel this is going to be the future. We'll invest in the technology or in that white space. I told you, we are not working for this quarter and next quarter. We are working for a long-term value creation, taking the company to global. TVS always done it. Well, sir, if you could give me more details while talking to investors about what exactly are we looking from a more medium- to long-term perspective. One is Nobody. You tell me one company who does it and shares their complete strategy. This is our three-year plan. This is going to be our five-year plan. We can give a direction. Yeah. Okay? We very clearly said our maximum investment will be in the EV space. That is the direction. We'll be significantly looking forward in terms of growing the market much ahead of the industry. We'll be focusing on premium migration. I mean more from a metrics perspective. For example, if you have a philosophy that every time you make an investment, I want to achieve at least this level of ROI or ROCE or whatever you want to call it, even that kind of direction. That is there. That is there as an internal company target. It is there. Definitely there. No, all investments are completely evaluated from all metrics and complete due diligence done. It's a process. Just like that, all the investments have not happened in the past. After due consideration with proper. It's not so easy to get the approvals internally also. We have to satisfy all the stakeholders before we get into an investment process. You can be rest assured all these investments are profitable investments. Some take little longer time because of the gestation period. Otherwise, all are related and relevant in today's context. When we spoke about double-digit EBITDA, we had a very clear plan of action. Right? Sir, that is mainly in the standalone business. When we keep doing these investments, I mean, they are in the investment phase for a prolonged period. At the consolidated level, we may not be able to achieve these kind of profitability metrics. Normally. Consolidated, I can give you example of TVS EIS. It's an investment we made. Look at the kind of success we are having in TVS EIS. Look at Indonesia today. Right. I think these are the kind of commitment from the company. If I look at my total investment of what all things we have done in the subsidiaries, this constitute over 60%, 65%. Mm-hmm. In Asia plus Yeah. Absolutely. No, again, just want to tell you, even at a consolidated level, except Norton, which will take one or two more, one or a year, a few quarters extra, but the others are only adding to the consolidated profit. You can be rest assured on that. Whether it is AOG or SEMG, of course, TVS already making TVS Credit Services. All these subsidiaries will only add. It's not that Norton will take some time because we are establishing a factory there. It's again a question of time, because we are 100% confident that Norton will be extremely profitable. It's just question of time. Sir, Norton, what's the strategy going to be? Make-to-order types or you're gonna. I'm just trying to understand. Will it be like a very niche brand like Lamborghini or a Ferrari? Very limited volumes, but very high exclusivity and very high pricing and RTM. Most importantly, in such brands, the product makes almost the brand. Mm-hmm. Like I said, N=1. Full focus will be on that. You don't have a ceiling on volumes if it's like a couple of thousands, no. If a customer want, you will produce more. It's not a push market any which way. It's not a push brand. It's an entirely pull brand. No, no. If you create it as a push brand, you know what will happen. Yeah. You have a cheaper one and Indian version and all of that. Norton is a super premium brand. It will have all the respect and service you can bring. Look at Apache. They have never discounted. Mm-hmm. Never. We have added value. Four-wheel, even in that, you look at the ride controls, you look at now SmartXonnect. Some of the things what is there in the TFT cluster. You will see Apache is like somebody who aspires for a 1,200 cc, but he has to settle down with that. See, customer aspirations, you have to look at it and give him what he can't afford. Anecdotally, sir, I have to share. One of my friends in Germany actually called me and told me that who is this company, TVS, who's actually coming up with this variable suspension for Apache 310. It was there in the newspaper, in a magazine in Germany. I felt quite proud actually. Quite interesting it was. They said that it's like. Mm-hmm. Quite interesting. That seems like pretty high level. You see our Build to Order. Yeah. BTO. Yeah. I said I'll try to give INR 50 per month. Already INR 150 per month every month is there. I believe you are ramping up the numbers now for 310 as well. I'm not in a hurry. You're not in a hurry, but there is. The moment in a hurry. See, no, no, no. There is a respect I give for the customer, and I don't want to force them. The moment it comes from within, you don't have to worry. For every month, INR 150 is better for me than one month INR 700 and next month zero. I agree. From the entire supply chain point of view. BTO has become like 30%-40% of Apache 310 demand now. I think what it shows is people are ready to invest if you give. Right ...the entire Jupiter variant. If I look at the Classic Plus the ZX- ZX. Grande, all together is more than 50%. The price gaps are huge, right? From the base variant to Grande, I think it's what, INR 8 lakh-INR 9 lakh. Absolutely. It builds the brand, you know. When somebody comes, you know, if it's a retail finance customer, he looks and say, "I want only this." You see youngsters coming and negotiating with their parents. No, no, I want only this. Don't give me that. For me, it's more than that. Customer say that here is a company which provides higher and higher features, higher and higher technology, of course, at a cost. You like the technology, you pay for it. Talking about higher and higher technology, it looks like at this point in time, we are the ones who are giving everything to something like Norton and BMW. Is there any reverse learnings also that we are incorporating for some of these as we? We partner with those kind of partners. There is a mutual learning. Definitely. There's something that can be used for Indian products also? No, there is a good mutual learning. Definitely. I told you about BMW, their GS standard, global standard. Hey, outstanding. I think the value systems of TVS and BMW, whether it's cars or their two-wheelers, they have the best-in-class quality today. Yeah. Best-in-class. Really. It's a combination of Toyota, TVS and BMW because a lot of your internal efforts are like kind of benchmark Toyota, right? We look at It's Toyota quality meeting German We look at Toyota Production System. We are that way Japanese. Yeah. It's a Toyota meeting German finesse, right? Not quality, right? Toyota reliability plus German quality. Done by an Indian company. Yeah. That way, I think, when I look at the Japanese discipline, the kind of focus they give to the customer, the way they give it to quality. Outstanding. Sir, explain me this then. How come then the Japanese manufacturers in the two-wheeler space are massively behind the curve on EVs? I heard Honda to finalize the EV strategy, flew down the entire team to Japan to finalize the strategy. They didn't come down here to see the market, the product, the customer need. How does this work, sir? This is amazing for you because it opens up the space for you. Honestly, none of this I know. Okay? You are very well informed. Why, why are they so behind the curve? Because they don't have launches. I don't know. I don't think anybody is behind the curve. They have their products in Japan. Those are very expensive. PCX, the PCX 150 is very- See, the question is expensive. Inexpensive is the next question. Yeah. That's pre or post. Somebody in China will be talking about TVS products are expensive. It's all relative. The capability to produce a product, customer liking the product, is it there or not, is what we have to improve. Mm-hmm. Right. That they have. Sir, in terms of EV, we see different batteries coming up, sodium-ion and different product specifications. Do you see that risk that before the volume numbers come in, this technology might be obsolete and they might be shifted to another technology? See, this is part of life. We spoke about innovation. We spoke about value engineering, value analysis. Technology also, new technologies will come. What are they trying to do? They look at the customer, what are the best benefits- Yes. Overall cost, time to market. Even in lithium itself, there are NMC, LFP, so many. Cylindrical, pouch. Yes. Each one is trying to justify. This. Yeah. This is the positive, these are the things we want to focus. That will happen. 100% it'll happen. That's where you have to. I think what you're saying, we started the journey 10 years back. Yeah. Somebody asked at that time, why are you investing in electric? You were testing the lithium battery technology, hybrid platform. Life is like that. The role of top management is to focus on what is going to be the likely future. It is not that every future is going to happen. Yeah. That explains why you have the capability and the resources now, and other companies have a balance sheet and the cash because they never invested. Right? All these investments, you will see their returns coming disproportionate way, in a sustained way going forward. Yeah. Anyway, some of the companies have not been entrepreneurial enough in terms of chasing opportunities or exploring. I never said the problem is good. No, no. He is really Pramod, as usual, really provoking that others have not invested, you have invested. You will be good, better next year. They will not be. He wants an answer from you, K.N.R. Well, that's what it is. I have company managements telling me that I would do anything to get TVS' success rate in new models. This is a company which has done investments, right? I'm not talking about Bajaj. They made investments. Unfortunately, they don't have the R&D culture, they don't have the experience and the timeline, right, to do this now. And that there were some launches which are not stuck in the marketplace. Everyone- No, no comment from my side. I only believe that focus on the customer future needs. Yeah. I see youngsters, you know, this pandemic when you work from home. I've seen my kids, everything is online. The speed at which they buy, the speed at which they reject. Replace. Yeah. Reject. Okay. If this is going to be the orientation of the customer, we can't change their thinking. Is there opportunity for subscription service for premium bikes? I don't know. There is- This is something constantly you have to look at it. Okay. Saying that what is their thinking style? Why is their thinking like that? Some of my friends in software industry tells me that getting people, we never had this problem. Even at the peak of the pandemic, our production was working, people used to be here. In software industry in India, I believe getting people back to work from the office is a challenge. Yeah. Maybe a new way of working is evolving. One of my colleagues told me that Wednesday, they will be all there together. Two more days they can choose, but Wednesday everybody has to be there. There are some people saying, "No." I think the customer usage, the behaviors of the people is something we need to constantly look at and say, "What is the logic? Why are they behaving the way they are behaving?" Right? It is something interesting. Yeah. What will help us protect, let's say, our initial investment or initial strategy from someone who can replicate at a later stage or who can? The only way is, please understand. I can give you lot of analogies in ICE. That will give you answers in EV. When we see, we were the first to put the external fuel dip bar. Mm-hmm. Yeah. When you look at our scooters, earlier you have to lift the scooter. Yeah. Okay. All that when we interacted with the customer, we were saying it's a big pain here. You have to get down everywhere. Yes. Second, even if you lock, it gives an opportunity for somebody to steal. We said, "Okay." Why not give something similar to a car or something? That's the genesis of the external fuel. We gave the external fuel. Many people copied it. You can't say that, "No, no, no. Nobody can copy it. My patent," et cetera. To a large extent you can do that. There are customer experience areas you can't beyond a point keep on saying that others will not copy it. Now, somebody said, when again we studied, "No, no. It's the rear here. Why don't you give it in the front?" Why? "Because I have to look at it. I have to look at the meter. Yeah. Because in his mind, sorry to say, 90% of the customers believe that all the petrol bunks are cheats. Especially this fuel price will be. Okay. They want to keep looking at it, and you have to look at here. They say, "Why don't be in the front so that I don't have to look at this. I can only look at it." Okay, we'll put it in the front. Customer requirements are all simple, but moving the petrol tank from the rear to the front and making all the arrangements related to that, completely different, and that requires prowess. I can't guarantee that tomorrow nobody will do it. Okay? You keep on innovating. Okay. Don't say, "Others are copying. Right. Okay. This is like somebody asked me, "KNR, you are doing so much of training and coaching your people you are having. When they go out, what will happen?" I'm very happy they will improve India. You have a I can't say I'll be a zero attrition company here. You have lost much on the EV side, right? To startups. Even if you miss, you protect your critical cohort. Yeah. I can't say that every employee I will make sure that they will only, you know, part of TVS. I can't guarantee that. How do you ensure that the same culture, ethos goes into new employees who are coming on the EV side lateral hires? Because you're forced to hire laterally quite a lot, right? How do you ensure that the value system continues? Because you've been here for almost 40 years, Jeyasigamony for 30+ years. When you come up to our company, you have seen. You come inside the company, you see the discipline. Yeah, I see the discipline. It is a part and parcel of grooming. Everyday grooming. Laterals is difficult to groom. Even laterals we will groom. Okay. You tell them, "This is the way we behave," and you walk the talk. In a way, it's part of your interviewing process that you ensure that there's a- Yeah, you punch your card every time you come. Ah. What I've noticed, we were the only set of people who were walking on the road. No one is walking on the road. Okay. You have your card. If you don't have your card, just because you are director of the company, you can't enter your office. Yeah. Nobody can. My belief is today because 2:00 P.M. o'clock this meeting is there, I arranged it. Otherwise, I would have taken you. I see. By the way. All of us eat the same food. All of us wash the same. Utensils, yeah. Okay? I've been coming here from 2007, 2008. Just because I go there. First time I'm eating here. Okay. Just because I go there, I don't have a special meal. I eat. Very cool. Okay, 90% of this is given to everybody. Yeah. This is the first time you were treating me to this. I don't know. No, we are important people. Yeah. We are getting the sweets also today. I said some sweet people are coming. I'll have one of the sweet pieces. No, no. It is part of the menu. You cannot escape. No, no. I'm off sweets for some other reason. No. It is there. Sir, you have any thoughts on swapping technology? I mean, do you think it makes sense? Again, these are all very generic questions. Yeah. Purpose. What is the purpose of swapping? Who will use swapping? Suppose you buy a car, will you take swappable batteries? No one most likely will. Yeah. Insurance. Who underwrites the insurance for? For taking the liability. See, as long as the quality is assured, as long as the safety is assured, yeah, we will use it. Hmm. Otherwise, we don't want to compromise. Correct? Yeah. Maybe somebody in Swiggy. Swiggy, yeah, he will love it. He may not be the owner. Okay? Even their owner, whoever is invested, he will say, "No, I can't have every day somebody having problem with my scooter. Yeah. I want certain standards. I want certain standard batteries to be used. Okay? Otherwise, unfortunately, what has happened is in India, you tell me which countries swap, the swappable batteries are used. China. Taiwan. Taiwan. Taiwan. Gogoro. Small geographical footprint. It's not swappable. Removable. It is within the- Ah, ah. It is removable within their ecosystem of. Gogoro Gogoro. It's not that Gogoro you use. No, you can't. ABCD you use. That is not swappable. Which country does it? China does it, sir? No, I don't know, honestly. China. I've seen in China the batteries getting swapped, but I am not sure whether it's for the same battery. Go little deeper into this technology, Siddharth. Otherwise, there are plenty of questions people want to ask. You're stuck on a particular battery technology, right? Now, I feel you would have changed the battery technology very easily, right? My view is there an opportunity for swappable battery? Maybe opportunity, but it all depends. Ilama, you only eat. I can't. I'll tell you later. Yeah. You can decide. Coffee. I love coffee. I need to, otherwise I'll fall asleep now. These are all homemade, yeah, for your sake. Yeah, I know. I can't have soft sweets or anything. I just had house probation with my father-in-law for two days. I didn't touch any sweet. I don't know. I'm just- Maybe for a different- Your father-in-law call, your mother-in-law call. I don't know. I am giving you sweet, which is made in our candy with ISO standard quality. Correct, Jesigan? Yeah, yeah. For not having in father-in-law's house, may have several reasons. No, no. I said I have enough sweets. I'm giving you that even for that occasion I didn't have, that's all. As long as it is not health-related reason, it's okay. If it is health-related reason, I will not say anything. I am really missing the sweet. Ah. Factory food. I am missing the sweet and my factory food. Which is actually very tasty. You just spice it. You don't get Chennai office, they don't get the. This Mor Milagai is super solution. Right. Mor Milagai is very, very good. Superb. Really sir? This one? The bitter one. Slightly bitter one, right? No, no, no. This mor kon- Mor kon is that- This is from they. Medium sweet one. Buttermilk, yeah. Buttermilk, yeah. They just- It's like curry. Curry. I think you people call it as curry. There's a North Indian. There's a paneer item. That was also pretty good. I come here for the South Indian. Yeah, we have a cook who's a North Indian. Wow. How is their chapatis? They are very, very good. Very good. Yeah. Again, customer requirement. You will have another investment argument at good food. On Apache one feedback, the general- That I can tell you, since you are all focusing on bottom line, it may not make a huge difference. Many a times people tell me, "Aina, why don't you ask your partners or suppliers or dealers to come have meetings before lunch and close. With that? No, no, not lunch. Before lunch. Much before lunch. Won't have any meeting after 11. Same way, have meetings only after 2 o'clock. Why? Because you can save lunch. Yeah. Mm-hmm. Because our canteen, so many people eat. When I said it's a good idea, somebody's really thinking about cost, you know, per meal, so much money, et cetera, et cetera. One driver told me, "Sir, I love coming to TVS. Your food is extremely good. Yeah. You treat us human being. Yeah, yeah. We are drivers. We will not be given a different food. That I expect. Don't cut down that. Yeah. Yeah. Yeah. Maybe if it has a good opportunity to improve by 0.001. No, sir. Don't do that. You'll lose the, it's not worth it. Equity. Yeah. I'm not joking. There are companies in India that make sure that no visitors come in this period. Mm-hmm. Again, that is not TVS. Mm-hmm. People who look at EBITDA, they look at every cost as. Spend as- Every part of spend of money as cost. Spend as cost. Not as investment. We are not like that. When somebody says that, it's a goodwill, yeah. Somebody wants to come here and eat. Yeah. It's a goodwill on TVS. Absolutely. He says the same thing, "Sir, and treat us like a human being, not like a driver. Yeah. Let us take them. On Apache general observation that you have fairly high brand equity and volumes in North India and South and West, which are more higher premium. You have market share. I would rather put it this way, there's a lot of potential for market share gains in South and West part of the country. When 10 years back, me and Murali used to go. Uh. Apache was nothing, K. Gopala Desikan. Nothing. Now the problem is we are number one and super number one in North and Central and, Yeah ...uh- East. East. Yeah. Yeah, South and. South and West. South will happen, yeah. Happens, yeah. Anything is an issue, Desikan. It's a potential. Well, all is an issue. It's a potential. Yeah, I'm yet to see somebody is good in math, somebody is good in chemistry, somebody is good in physics, somebody is good in biology, somebody is good in English, somebody is good in local language, yet to see. Yeah. We have to be in 360 degrees everywhere, we have to be number one, Desikan. Correct. Correct. Mm-hmm. Let me put my foot in my mouth. Talking about opportunity, I also wanted to check three-wheeler, for example, electric three-wheeler, in the domestic market. That's still a level playing field. That's an excellent observation. I completely agree with you because so far whatever we were talking about, permit system, quota system, and the deep relationships, nothing is there as of now. Yeah. So we are- are gone, yes. We are really, really looking forward to that space. Any fair competition, we are game on. Yeah. Game on. Absolutely. We should wait for that 5 kW-25 kW that you have already mentioned and because It is there. It is there in that product range. It's a 5:30 P.M. Flight. 5:30 P.M., right, guys? 5:50 P.M. 5:50 P.M. 5:50 P.M. 5:50 P.M. Yeah. 6:00 P.M., effectively. Mm-hmm. They should be good if they leave by 2:30 P.M., Right? To the airport. Should be comfortable, right? Yeah, yeah, very comfortable. Bangalore has become really, really bad. It shouldn't rain. That's it. We just pray that it shouldn't rain. It will not rain now. Currently, Google Maps is showing. Time will get- Even building in 30 minutes. I think it should be on time. See, the problem with Bangalore is if it rains, it is a mess. It's a mess. Yeah. Yeah. Unpredictable rains. You can't predict. No. The biggest problem is there won't be any police in the road basically. Yeah. Everybody will be having good cup of tea. They will be enjoying the weather. Okay, then everybody. Most of the indiscipline is created by educated people. Mm-hmm. They will all want to come, so nobody will move. That is the problem. Today morning, while I was coming, one guy, no signal, he crossed. Everybody stopped. Yeah. He is trying to cross, the rest of the people doesn't allow him to cross. Okay, Yeah. He is indisciplined. Let him cross. Everybody will stand. Either he will go and either other way, and some two people will get down and start shouting at him. He will also shout. Life goes on. In this process, 20 minutes goes. Early morning, you have it. That is Bangalore. One final. Bombay- Yes. Bombay, I find the police is so. No, Bombay is good. They'll give you ticket. No, no. They give you ticket. Bombay is more disciplined. Very disciplined than, definitely Bangalore. Respect for police is also, at least what I have heard is. Yeah. Not respect, fear. Because many a times I tell the taxi driver, "Hey, one and a half hours, sir. I can't jump the signal." He will say. Mm-hmm. They are very scared. I'm only talking about taxi because I have used only taxis, in Bombay especially. Police is very Now they have started a digital system, right? They hide behind trees. Mm-hmm. If anybody breaks a signal, they take your photo, and then there is a digital challan. Everybody is very scared of that now. Yeah. And the- Only one final just wanted to ask you all. There is one resolution which is there on reappointment of Sudarshan Venu. Just wanted if you have not exercised or it's another one week is there for the voting. I just want to tell this. Sure. I can tell you from our side, we have already voted for it. Okay. Rajat has not come. He has sent his next level person. Rajat has sent a message that he's not able to join. He has sent me a message. He's sent a message. He's not able to join. I'm happy he has come here, he has seen. His next level people will come and see it. Absolutely. Only thing is, a friend is not coming. That is the problem I have. Naren. Promises me in every call. I think he just. I don't know. He has come long back. Sir, we have new restrictions actually on fund managers. Like 9:00 A.M. to 3:30 P.M., they need to have everything recorded down. That's why the travel was an issue for him. That's not a problem. I'm saying, you know, once they come here, they see this, I think, thanks to all of you here, you have invested. I always say seeing is believing. That is the reason, you know. We really appreciate that, you know, you believe us. It will be good, you know, when you people come here and share. Kindly pass on this message to Naren. I've been waiting and waiting for Naren. Naren hasn't come here, right? He has come long ago. Long back. Very. I can't even imagine. Well, Rajat has been the one who first invested, then everyone else has added. Thank you. Thank you for your time. There are two bikes standing there. We'll spend some time there. Yeah, we'll go. Next time, Pramod, you have your meeting in Mysore. Mysore factory is also worth seeing. Actually, given the traffic from Bangalore to Hosur, I think Bangalore airport to Mysore is not a bad idea, I think. No, there are regular flights to now Mysore. Mysore. Mumbai. Okay. I think Bangalore-Mysore also. I think flights are available. Chennai is there. I don't know from Bangalore. Visit our factory. It's a small factory. I mean, it'll be very nice. Apache is manufactured there. You can see. Apache, Norton. Good factory. Good factory. And the- Here, you people have not seen the bird park, right? No, there's a time sir. I haven't seen it so far in all these years. No, no. I'll send somebody. See that five minutes. Very nice. Very nice. Beautiful. Really beautiful. Love to. I forgot. I think I should have added that into your- Sure. Five minutes into your, because of you, I had your sweet also. Thank you. Thank you. Thank you so much. Thank you very much. Sorry I'm not able to be there physically. Thank you so much for coming. Of course. Take a decent time. And anything you wanted to- Yeah. There's a resolution? No, I just asked. I think, some have yet to vote, and, we'll have to wait. On some resolution, I think. Yeah. Yeah, exactly. That's.