Ladies and gentlemen, good day and welcome to the Uno Minda Limited Q2 and H1 FY 2025 earnings conference call. This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participants' lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sunil Bohra, Group Chief Financial Officer, for his opening remarks. Thank you, and over to you, sir. Thanks, Sejal. Good afternoon, everyone, and a warm welcome to all the participants. On the earnings call today, I am joined by my colleague, Ankur. We have uploaded our financial results and investor presentation for Q2 and H1 FY 2025 on the stock exchanges and our company's website. We hope everybody had an opportunity to go through the same. I would like to begin by giving some insights on the industry, followed by our financial and operational performance for the quarter and the half-year FY 2025, post that we will open the floor for Q&A. Starting with the automotive industry, for the quarter ending September 2024, the industry recorded a 9% year-on-year increase in production volumes. This growth was primarily driven by the two-wheeler segment, while the passenger and commercial vehicle segment faced some headwinds. In Q2 FY 2025, the passenger vehicle production volumes totaled 12.7 lakh units, marginally down year-on-year by 1%. Production volumes for two-wheelers increased by 12.5%, totaling 62.6 lakh units. Meanwhile, the three-wheeler segment achieved year-on-year growth of 6%, reaching to around 3 lakh units. In Q2 of FY 2025, the CV sector faced a 13% decline in production volumes, a slowdown in infrastructure project execution, and a general decline in fleet utilization caused by an erratic distribution of rainfall, led to year-on-year decline in the CV segment. The electric two-wheeler segment remains the biggest volume driver for the EV industry in India. EV two-wheeler sales revived during the quarter with the extension of EMPS 2024 subsidy scheme to September end and eventually to be subsumed in the form of the new PM E-DRIVE scheme. EV two-wheeler segment witnessed retail sales of 2.87 lakhs during the quarter, growing by 58% year-on-year and 29% quarter-on-quarter. The e-two-wheeler penetration has improved to 7.2% in comparison to 4.9% in the last quarter. E-three-wheeler registrations grew by 26% quarter-on-quarter and 11% year-on-year, reaching 1.87 lakh units with a market penetration of over 50%. Moving to current quarter, the festival season saw strong growth across all segments, with rural outpacing the growth in the urban market. We remain highly optimistic on long-term growth prospects of the auto industry and have been preparing ourselves by investing in capacity expansion, research and development, new technology trends, and key resources like land and people. Moving on to financial and operational performance for the quarter and half FY 2025, you can refer to slide numbers 7 and 8. We have delivered yet another quarter of strong financial performance and achieved highest-ever quarterly revenues. Our group revenues grew by 17% year-on-year, which is to INR 5,112 crores. The consolidated reported revenues also grew by 17% year-on-year to INR 4,245 crores, driven by broad-based growth across multiple product lines, notably lighting, alloy wheels, switches, EV components, sensors, and controllers. EBITDA for the quarter was INR 482 crores, reflecting a 20% year-on-year increase. EBITDA margins improved to 11.36% in comparison to 11.09% in the corresponding quarter previous year. Finance costs for the quarter increased to INR 46 crores due to higher borrowings to fund CapEx, land acquisition, and increased working capital. Depreciation also rose in line with capitalization of new projects. The company's share of profit from associate and joint ventures is INR 48 crores in Q2 FY 2025 in comparison to INR 53 crores in the corresponding quarter previous year. The share of profits from associate joint ventures was lower primarily on account of Minda Westport becoming subsidiary and their profits being consolidated. This also partially led to higher minority share. Besides, all joint ventures, namely Denso Ten Minda, Roki Minda, Tokai Rika Minda, Toyoda Gosei Minda JV entities, have reported strong operating and financial performance. Uno Minda's PAT increased by 9% year-on-year to INR 245 crores in Q2 FY 2025, reflecting the overall robust financial performance. This included exceptional income of around INR 8 crores, primarily due to accounting of increased share of Uno Minda JV with Westport. Financials for FY 2024: We have achieved consolidated revenues of INR 8,062 crores for the half-year ending September 2024, registering a growth of 20% year-on-year. The EBITDA for the same period grew by 22% at INR 890 crores. The profit after tax, which is Uno Minda's share for the half-year, was at INR 444 crores, as against INR 398 crores in the corresponding quarter, reporting a growth of 12%. Coming to the business segment-wise performance, starting with the switches, you can refer to slide number 11. Our switching system segment demonstrated exceptional performance in Q2 FY 2025, generating revenues of INR 1,057 crores, contributing 25% of our consolidated revenues. This represents a year-on-year growth of 13%. This is despite the exports being hampered by a downtrend in the European market. On the manufacturing front, we have started manufacturing of components from our new Mindarika plant at Farrukhnagar, Gurugram. During the quarter, we have also announced CapEx for shifting existing manufacturing plant from Manesar to Farrukhnagar in the second phase by Q3 FY 2027. This will help in consolidating our operations in the region in one single large plant, with some space for accommodating future growth. Moving to lighting, the lighting business continues to be one of the key growth drivers, contributing significantly to the company's performance. In Q2, the segment generated impressive revenues of INR 972 crores, representing a 16% year-on-year growth and a substantial 23% share of consolidated revenues. The four-wheeler lighting segment has been particularly strong, driven by the success of our long-tail lines. The commissioning of our new four-wheeler lighting plant at Khed in Q3 FY 2025 is expected to further bolster our capabilities in this segment. We have also secured orders from PV OEM in Indonesia for lighting. To meet this demand, we have announced the setting up of a manufacturing facility in Indonesia under our wholly-owned subsidiary, PTMA. Uno Minda has been a significant player in the Indonesian market since 2005, when it established its first manufacturing facility. PTMA currently supplies components and systems to major two-wheeler OEMs in the country. The new plant will enable Uno Minda to diversify its product offering and cater to the growing demand for passenger car components. Once the new plant is commissioned, the existing plant will also be relocated to the new site to consolidate operations and achieve economies of scale. The total CapEx for the new plant is estimated at INR 210 crores. Additionally, the two-wheeler lighting division has exhibited robust growth, supported by overall two-wheeler market expansion. Moving to the casting business, the casting business showcased robust performance in Q2 FY 2025, generating revenues of INR 842 crores, contributing to 20% of consolidated revenues. With its INR 441 crores contributed by four-wheel alloy wheels, INR 246 by two-wheelers, and remaining by the casting business. The segment experienced 12% year-on-year growth, while PV volumes were a bit soft. The two-wheel alloy wheel business took the lead. The recently commissioned and added capacity of 2 million wheels for two-wheeler alloy wheel business is ramping up well. Besides, increased volumes and part of the increase are led by commodity prices. Better customer mix in two-wheel alloy wheel business is also leading to higher growth potential. Both two-wheeler and four-wheel alloy wheel segments have witnessed substantial growth, supported by capacity expansion initiatives. We have been expanding our four-wheel alloy wheel Bawal facility by an additional 30,000 capacity, scheduled for commissioning in H2 FY 2025. We have recently commenced work on the implementation of another 30,000 capacity expansion at Bawal. Additionally, construction of phase one of the new 120,000 wheel-per-month greenfield plant at Kharkhoda, Haryana, and 2 million wheels for two-wheel alloy wheel business at Supa, Maharashtra, is progressing at a fast pace. Electrification is providing exciting opportunities to our casting business as well. We have secured incremental business for battery power for EV two-wheelers. Moving to the seating business, the business generated INR 286 crores in revenues during the quarter, contributing 17% to consolidated revenues. While a substantial decline in the CV segment production, both quarter-to-quarter and year-on-year, along with lower exports due to a downward trend in the Indonesian market and our customers in particular, has an adverse impact. The commencement of supplies to new incumbent OEM customers, increasing volumes from EV two-wheeler OEMs, supported the business. As we move forward to the subsequent quarter, the ramp-up of volumes from recently added new incumbent OEM customers, led by multiple new models launched by them, increasing volumes from EV two-wheeler OEMs, and the commencement of supply of pneumatic suspended seats are all expected to give a boost to revenues. Hence, we remain confident in the medium to long-term growth of our seating business. Moving to the acoustic business, the business generated INR 186 crores in revenues for the quarter, representing a stable 4% contribution to our consolidated revenues. While the India acoustic business remained stable, our European subsidiary Clarton Horn was adversely impacted by a downward trend in the European auto industry. Moving to other product businesses, we have achieved revenues of INR 906 crores for the quarter, contributing 21% of the overall top line. Out of INR 906 crores, INR 147 crores were contributed by controllers, INR 205 crores by sensors and ADAS, INR 122 crores by blow molding products, INR 119 crores by Minda Westport JV, and INR 101 crores by Uno Minda FRIWO JV. It is important to highlight that while the majority of the business under other categories is doing well, our European engineering services business under Uno Minda Europe has been facing some headwinds on account of the volatile European auto market. Volumes for onboard chargers for EV 3-wheelers as well as wireless chargers for PV have increased significantly, supporting growth in our controller business. Recently, we had entered into a deal with Star Charge for EVSE, which is a wall-mounted charger. We are happy to announce that we have now also won a large order for EVSE from a Japanese OEM for the upcoming EV model. Increasing use of sensors and a diverse sensor offering is leading to the growth of our sensors and ADAS business. Our CNG business under Minda Westport continues to grow, making new adds every quarter, with many OEMs focusing on increasing their presence and volume in the CNG segment. Moving to EV, you can refer to slide numbers 15 and 16. Revenues from EV two-wheeler OEMs fell at INR 228 crores in the quarter, as against INR 160 crores in the last quarter. Besides, supporting EV two-wheeler volumes, demand for off-board chargers from incumbent e-two-wheeler OEMs has been very encouraging. While regular new order flows from EV two-wheel continue, we now highlight only the critical ones. We have won two new orders for hub motors from EV two-wheeler OEMs and an order for mid-drive motor from an incumbent two-wheeler OEM planning to launch its EV two-wheeler. Besides EV two-wheelers, we have also been supplying components to EV three-wheeler and EV four-wheeler. Our revenues from EV two-wheeler are INR 65 crores, primarily comprising of EV components. Supplies to EV four-wheeler mainly comprise of our existing traditional products. Moving to slide number 13, our after-market and international revenue side. In terms of our revenue size for the quarter ended September 2024, OEM business accounted for 93%, and after-market business at around 7%. Our after-market business revenues stood at INR 282 crores for the quarter. As highlighted earlier, due to lower industry volumes in the EU and U.S., our international sales were negatively impacted during the quarter on account of lower exports and lower sales at European subsidiaries. Our international sales represent approximately 11% of total revenues. International revenue share has also decreased as our domestic business takes a higher share due to more pronounced growth. Moving to our cash flow and debt levels, our net debt as of September 24th was at INR 1,735 crores, compared to INR 1,319 crores as of March 31st, 2024. The net debt has increased primarily on account of expansion CapEx as well as expenditure for land bank at Kharkhoda, Hosur, and Bawal, wherein we have spent around INR 300 crores during the six months. The total CapEx, including the land bank for the first half, was at INR 844 crores. While sustaining and growth CapEx has been financed from business cash flows, the capital expenditure primarily on land bank has resulted in incremental debt. Our net debt to equity as of September 30th, 2024 stood healthily at INR 0.31. We have achieved ROCE of 18.8% annualized for H1 FY 2025. Kindly note that the capital employed considered for calculation does include the CapEx for land bank as well as CV, which is currently not generating returns. ROCE would be even higher if we were to exclude these non-deployed assets. Expansion update at our joint ventures, TRMN and TG Minda. Our associate company, TRMN, inaugurated its new plant at Neemrana, Rajasthan, and started commercial production from this plant. The plant has state-of-the-art manufacturing facilities spread over 24 acres. This new plant will manufacture smart keys and shift levers and, in the near future, seat belts. Another associate company, TG Uno Minda, has started commercial production from the expansion project at its Neemrana plant, taking its airbag capacity from 1.8 million units to three million units. During the quarter, TG Uno Minda approved further expansion through its subsidiary, TG SIN. It will be setting up a new plant in Harohalli, Karnataka, to manufacture safety systems and interior and exterior products. The total capital expenditure for this new plant in Harohalli is estimated at INR 283 crores, with operations expected to commence in Q1 FY 2027. Moving to the strategic business update, we are at the last leg of merger approval for Kosei Joint Venture Entity with Uno Minda Limited, after facing some procedural delays in the last quarter. The next NCLT hearing is scheduled this week on November 14th. We expect it will take a couple of months post-approval from NCLT to receive orders and sign with ROC to complete the merger exercise. As we had informed earlier, our joint venture partner for speaker business, i.e., Onkyo Japan, has filed for bankruptcy. Last quarter, the board has approved increasing its stake in Minda Onkyo from 50% - 99%, making it our subsidiary, and to ensure continuity of business. In phase one, we have increased our stake in Minda Onkyo from 50% - 80%, making it our subsidiary. The remaining 19% will be purchased in the second half of the year after receipt of approval from Onkyo's court-appointed liquidator. During the quarter, Minda Onkyo has also signed TLA with Hyundai Motors for manufacturing of speakers in India. TLA will further strengthen the company's capabilities in automotive speakers and enable widening its offerings and customer base. Uno Minda also acquired a 10% stake in Minda Nabtesco Automotive, making it an associate company. Minda Nabtesco specializes in designing, developing, and manufacturing automotive parts such as air brake systems, clutch activation systems, and other components, primarily for commercial vehicles. Its revenues for FY 2024 were around INR 33 crores. Moving to ESG, our CSR foundation, which is Suman Nirmal Minda Foundation, has continued its exemplary work through its 17 Samarth Jyoti centers across India, focusing on education for underprivileged children, vocational training for women, community development, along with providing medical support to improve health and hygiene. Recognizing our foundation's good work, we have been awarded the CSR Science Award 2024 in the category of Women Empowerment for our CSR Flagship Initiative, Samarth Jyoti. We are delighted to inform you that we have been awarded the Great Place to Work India Certified Organisation for the fourth year in a row. The award validates our people, practices, and care for them like a family. It is a reflection of our workplace culture and our unwavering commitment to creating consistent and overwhelmingly positive employee experience. Besides GPTW, we have also been named India's Top 50 Best Workplaces for Millennials and India's Best Workplaces for Women by Great Place to Work Institute. Moving forward, the outlook for the industry and company remains very promising. We are expanding in almost all our existing product lines, along with continuous additions of emerging technologies through our in-house R&D center, CREAT, combined with globally renowned joint venture partners. With our existing diversified product portfolio, new products, and technologies, we are confident we can sustain our performance in the long term. With this, I would like to now open up the floor for questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Chandramouli from Goldman Sachs. Please go ahead. Hi, good evening, and thank you for taking my questions. My first question is on the favorable margin performance this quarter. There seems to be almost a 70 basis points QoQ improvement in margin. When I just look at it seasonally versus the previous year, it seems to be a much bigger jump than we had seasonally in the previous year. So, just trying to understand what were some of the factors that helped the margin performance this quarter. Anything else for this? Yeah. So, the second question is around capacity utilization at switches, castings, and lighting division. You mentioned that you continue to be focused on expanding capacity there. So, just trying to understand what is the current free capacity in each of these segments. And lastly, the third question is just to understand there has been a meaningful pickup QoQ in electric two-wheelers revenue that we've reported on the PPT. So, just trying to understand what the profitability of that segment now looks like now that we seem to be at a reasonably good revenue clip on a quarterly basis. Thanks, everyone. Good evening. So in terms of starting with margin performance, so as we normally say, the quarter-to-quarter margins may not be the right thing to look at given our business volatility. So if we see definitely Q1 to Q2 seems a big improvement. But if we see last year to this year, the improvement is roughly around 30 basis points. This is despite some of the businesses being in the expansion phase. Some of the plants have gone into the SOP phase where the costs are lower, and we continue to have this phase for good medium term. So as we see year-on-year, the margin improvement is roughly around 30 basis points, and it is in line with the guidance which we have provided at the beginning of the year. That's number one. Number two, in terms of capacity utilization for switches and casting you asked about. Switches business, the capacity utilization stands roughly at around 80%-90%, and the casting business is at around 90%-95% probably. The third question was quarter-to-quarter EV two-wheeler revenues and profitability. Yes, there is a significant growth in EV two-wheeler revenues as we have been expecting and guiding as well. In terms of profitability, it's still below our average profitability level. That we can let the business get into a stable phase as of now. Still into a lot of expansionary phase with the CapEx still being incurred and depreciation, etc., which has been quoted on the full capacity, which are not yet fully utilized. In terms of profitability, there is still scope for improvement, and so is the business. Got it. That's helpful. Just if you could clarify on the capacity utilization for lighting as well, please. Okay. Capacity utilization at lighting has split into two for two-wheeler and four-wheeler lighting. For two-wheeler lighting, we are roughly around 85-90%. And at some of the, at one of the plants, actually, we are around 95%. And four-wheeler lighting, we are almost at the capacity at our existing plants. And that is why we have been expanding our putting new capacities at Khed plant. In that interim, we are having some makeshift arrangement from where we are supplying to our customers. So actually, we are in terms of existing capacity at some of the plants, we are more than 100%. And once this new capacity is up and running in the next quarter, we will have some breathin g space. Got it. Thank you very much and all the best. Thank you. The next question is from the line of Mumuksh Mandlesha from Anand Rathi Institutional Equities. Please go ahead. Yeah. Thank you so much, sir, for the opportunity and congratulations on the strong results. So firstly, can you talk about this TLA with Mobis for the speakers and how do you see the business opportunity with a strong partner like Mobis and any other work in progress, sir? And the second part is, if possible, can you share EV-specific component revenues for the quarter or the first half for the two-wheeler and the PV segment? And also any orders which are close to being in the E-Axle for the PV segment? Mm-hmm. And lastly, sir, I mean, last year, Denso and TG have done very well. They have grown 40% last year. And then even JV Katolec has doubled to INR 670 crores in FY 2024. Just want to understand, you have explained it for TG. Just for Denso and Katolec, can you explain what is driving the strong growth and outlook ahead for these two companies, sir? Yeah, sure. Yeah, that is right. So thanks, Mumuksh. So TLA with Mobis, as you had mentioned, it is for speakers. Definitely, it's a big partnership. And with a partner like Mobis, there may be possibility of opportunities in the future, but there is no discussion as of now. So the idea was to get into a partnership with Mobis and Denso Ten with a business where one of our existing partners is under bankruptcy. So on both accounts, one is partnership with Hyundai Mobis, and another is getting this technology void, which definitely helps in getting some incremental business. Yes, there is a discussion with our customers, and the order is in progress. As of now, it is not yet confirmed. We'll definitely let you know once the business gets confirmed. In terms of EV-specific revenues, Mumuksh, we have been giving our total revenues from the EV segment. If you have referred to our EV side for two-wheelers, this INR 228 crores is a revenue we have got from the EV segment. And that, if you see from a total revenue perspective for two-wheelers, it's almost around 13%-14%. And the EV penetration is around 10%. So it definitely shows clear outperformance of our revenue share in EV. We are not giving EV-specific components per se, Mumuksh, as of now. In terms of E-Axle PV order, we are at the final stages of discussion with our potential customers. Hopefully, in the current quarter, we should have good news to share with you. Until then, I don't want to comment anything because there is always slip between the cup and the lid. So unless it is happened, it is not happened. While we are working with very aggressively, we stay positive to have this business addition. And accordingly, we will time our investments as well. In terms of Denso, TG, Katolec, what is driving growth? So Katolec, first of all, is supplying all these SMT components to all our internal businesses. So all these businesses which are seeing significant growth because of the electronic components being increasing is clearly visible on the revenue of Katolec and continues to grow. In terms of TG, TG is the largest business. One of the largest businesses is the airbag business. And with the last few years, the penetration or application of airbags has been consistently increasing. That has been driving the growth. And as I had said a little while back that TG Minda business has recently also sort of commissioned the new plant, which is finally expanding the airbag capacity. So that business will continue to see significant growth as we move forward. And the third was on Denso. So Denso also, if you see the Denso JV, which is in good engagement, past few years, we have been sort of static at around INR 400 crores. And now recently, you see that we have got some business which is now showing us a good growth. And we remain highly optimistic on the potential of the Denso business as we move forward. So I presume I have answered to all your questions. Yeah. Just, I mean, in terms of growth for these companies, should we expect a very strong growth even ahead also? Well, absolutely. We do expect all these businesses continue to have growth more than their listing growth. Got it, sir. Thank you for this opportunity. I'll come back and meet you. Thank you. Thanks, Mumuksh. Thank you. The next question is from the line of Nikhil from Invesco. Please go ahead. Yeah. Thank you for taking my question. Firstly, congratulations on a very good set of numbers. So my first question was on the alloy wheel business. If you could maybe provide us a breakup of two-wheeler alloy wheel and four-wheeler alloy wheel revenues. And also, can you help us understand what is the industry scenario on the two-wheeler alloy wheel side? We knew that there was a lot of imports happening from China, which have been kind of coming down over the years. But where does it stand today? And a lot of your peers and even some new companies are putting up capacities on two-wheeler alloy wheel side. So how are you seeing the prospects there? And on the margin side, I mean, has profitability kind of come down over the years, or do you see that kind of getting impacted given that so much of capacity is coming in? Okay. So I'll go one by one, Nikhil. First of all, thank you very much. In terms of alloy wheel revenue, as I said, for the quarter, the revenues for two-wheeler was around INR 246 crores. And for four-wheeler, it's around INR 460 crores for the quarter. In terms of industry scenario, imports and peers putting capacity, I think you would have seen the same scenario happen in four-wheeler segment also a few years back. So in the last 4-5 years, there has been a consistent increase in capacity by the industry. In fact, at a country level, we might be having surplus capacity. But as you know, Minda, we have been consistently investing and expanding our capacities. That shows the strength with the group and JVs in terms of the quality delivery, product consistency, etc. And we continue to win business and grow this. You see, every year we have been announcing one or the other CapEx for four-wheeler segment. Same has been sort of happening for two-wheeler segment, but it's a little different story because four-wheeler was driven more by the application factor, and two-wheeler is more driven by the import substitution. So to your answer, it's right. My point is right that the competition and peers are also putting capacity. But we have seen the same thing in four-wheeler. So I think from an industry perspective, that's good news that at a country level, we sort of zero in on imports, and everything should be locally manufactured. And as you see, while we have initially launched the project with capacity of only 4 million alloy wheels a year, 10 out of 4 million alloy wheels a year. And we had said that point in time, if you remember, that we will announce the expansion after maybe 2-3 years of operation. But even after one year, we announced expansion from 4 million - 6 million, and now recently 6 million - 8 million. So we have also been consistently expanding. And in fact, we have been also getting good traction from the customers in terms of growth. So that's where we are in the two-wheelers capacity. In terms of margin pressures, I think if you see generally across businesses, we are in a competitive world, right? And people will put capacities. Business will continue to face competitive pressures. But that is the skill I think we have all learned to how do we bring economies of scale, how do we bring in efficiencies, how do we do VA/VE consistently to make sure that we remain competitive. So in terms of margin, you might not see any significant pressure, but there is not significant improvement as well. So the performance is broadly in line with our expectations. Okay. Just a follow-up, sir. What would be the percentage of imports happening today on the two-wheeler alloy wheel side? And has there been some BIS regulations that have come in which have further impacted the imports? Yeah. Yeah. There is, first of all, on imports, I don't have any credible data as of now. My data is a bit dated. We are still compiling with where there is still some imports happening in two-wheelers. Maybe we will circle back to you. We'll take a note of it. The second point was, is there any duty? There is no duty, but there is a prerequisite in terms of getting the QCO, the Quality Control Order, which has come. So anybody who's importing has to get pre-certification of the approval from the government. So there is a sort of, you can say, not a duty, but yes, there is a requirement of prior approval. Understood. Just last question, can you just help us understand on the sunroof side? You had announced for Tata. So what are the timelines and how are you looking at scaling up that business over the next two to three years? Yeah. So sunroof business, as we have said, that this is currently linked to our customer SOP. So we will be setting up this plant at Haryana in Bawal. And the current timeline is in Q4 of FY 2027. We are expecting the SOP of the customer line. And so will be our sunroof. This is we have secured. In parallel, we are working with other customers to see if we can get some traction to expand the business. But as of now, there is one customer for which we have got the order and that's what I said SOP in Q4 FY 2027. Okay. Understood. Thank you. Thank you, sir. Thank you. Thank you. The next question is from the line of Aditya Jhawar from Invesco. Please go ahead. Yeah. Hi. Thanks for the opportunity. Congrats on good set of numbers. My first question is, if you can throw some light on the new EV wins, it's very encouraging to see EV wins of hub-drive motor and mid-drive motor. If you can talk a little bit more about it, that is it from a for an existing model or a new model, what could be the timeline for commercialization and how is the ramp-up expected? Yeah. Yeah. Thanks, Aditya. So in terms of the EV motor for hub drive, these are primarily the two businesses we have got for both the new age OEMs. And they are in the process of launching new vehicles. So this is not for the existing model. Same is for the mid-drive, which is from existing two-wheeler OEM, who is in the process of launching EV two-wheeler, maybe after a year, year and a half. The business is for that. All these are for new upcoming models. Okay. Okay. That's something. To say ramp-up, we have been sharing the target revenue numbers in past, but since last couple of quarters, we have stopped because we realized that the numbers which we have been getting from our customers, obviously, there was a lot of optimism we found was building. Market is still at an infant stage and growing at a very different and erratic stage. In fact, if you see last four, five quarters, the EV penetration in two-wheeler is up and down, up and down. Overall, trajectory is positive only with last quarter, as I said, 7.2%. So with that, it's very difficult to say what is going to be the revenues at this stage. Okay. That's understandable. Second question is on our order win for wall-mounted charging. So two-part question in this. Number one, what could be the dollar value that we can ascribe to this at peak scale? And what kind of profitability we should expect as compared to company average profitability? Again, sorry, Aditya, I have to say that. While I said this wall-mounted charging business we have got from a Japanese OEM, again, very difficult to say peak sales because we don't know what will be the EV volume. What about profitability for us? So profitability, we are expecting once it reaches the peak capacity, it should be in line with our average profitability. Okay. Okay. That's good to know. My final question is on the lighting business, the expansion that we are planning in Indonesia. If you can throw some light that if you have to look at the next three to five years, how big this opportunity could become in terms of its contribution to the overall lighting business? What kind of customer engagement we have? Is it a little bit more about what's happening in lighting business in Indonesia? Yeah. So Aditya, as you would have seen that until now, we have been primarily operating in the two-wheeler segment in Indonesia and Vietnam. Even the last expansion we did in Vietnam for lighting was primarily for two-wheelers. This is the first time we are putting a meaningful capacity for a four-wheeler segment in lighting. As of now, as I said, we have got an anchor customer with meaningful indicated volumes, which is what has motivated us to put a new capacity and also move our existing capacity there because we are running short of space. Otherwise, I believe we would have done in the existing plant itself. In terms of three to five years, definitely we are very optimistic. And that is why we have gone to a new location so that it can cater to our future growth. But as of now, the business is only from one customer. And maybe in next 12 - 18 months, once this business gets into SOP, we will be able to get more confidence from the other customers in terms of having a setup plus running operations. So it may take a little bit of time in terms of getting traction from the new customers or other customers, but that is the endeavor we have in terms of getting more market in that regio n. Yeah. Thank you. And just a bookkeeping question. If you can give a breakup of other revenue, which has now become 21% of consolidated revenue, if you could. Yeah. So broadly, as I said, at a very high level, Aditya, sensors is roughly around INR 140 crores, controllers around INR 150 crores, ADAS is around. So controllers and ADAS is around INR 200 crores. Westport JV is INR 120 crores. And so is the blow molding JV with Kyoraku. I think these are at a very high level. And EV is with a JV with FRIWO something INR 100 crores. So sorry, FRIWO's number is how much? INR 100 crores. INR 100 crores. Okay. Perfect. Thank you. Thank you. That's it from my side. All the best. Thanks, Aditya. Thank you. Before we take the next question, a reminder to all the participants, you may press star and one to ask a question. The next question is from the line of Siddharth Bera from Nomura. Please go ahead. Yeah. Hi sir. Thanks for the opportunity and congrats on the strong numbers. Thank you. So my first question is, again, on this TLA with Mobis, any color there on about the investments, how much will be required, by when you plan to sort of start making them, and by when should the export revenues to sort of come in? That is the first. So second question is on the seating side. I mean, we continue to see a soft growth here. While we were talking of some customer addition here in the last quarter also, do you think the ramp-up here will be a bit slower? Because I think earlier we were talking about 1,500 crore of top line for this segment for this year. Seems like it is slower. So some color and outlook there. And third is, if you just can clarify the net debt again, I sort of missed that at the end of the year. How much is the net debt now? Okay. Okay. So thanks for that. Going in the same sequence as you asked the questions. So TLA with Mobis, investment, when do we start? As I said, we call back. We are maybe at the last stages of securing an LOI. And then we know that we normally commit an investment once we have visibility on the clarity on the LOI. So hopefully in next couple of months, we should be having that. And that will be the time we will be able to come up with our how much will be the investment, etc. That's on the TLA with Mobis. In terms of seating, last time we said new customer, and as I said, in this quarter, we had new customers actually launched multiple models in this quarter. So we have actually got that customer on board. And we will see some revenue growth as we move forward. Unfortunately, the export market, as I said, has taken a bit of the shine out of the seating business. It has got significantly impacted because of lower exports. And our INR 1,500 crore target was for 2025, 2026. Yes, as of now, it looks a little bit stressed. But let us see how we can catch up. If everything goes well, maybe we may still be at a striking distance to INR 1,500 crores for next year. In terms of net debt, it stood at INR 1,735 crore as of September 30th. Sir, then a follow-up. Basically, on the CapEx side now, with so many projects being lined up, what is the plan for this year? And how do you think we should expect for the next year as well, if I look at the overall CapEx? Yeah. To that CapEx, we continue to maintain the guidance what we gave at the beginning of the year, which was around INR 1,300-INR 1,400 crore of CapEx, excluding land. And we are, I think, in that range for the full year. In terms of CapEx for next year, maybe we will let you know in May, as we always do after our budgeting exercise. But you can assume the last project CapEx will continue as they are ongoing. Got it, sir. Thanks a lot. I'll come back in the team. Thank you, sir. Thank you. The next question is from the line of Raghu from Nuvama Institutional Equities. Please go ahead. Congratulations, sir, on a strong set of numbers. Just quickly on the Korean OEMs, we have been winning business over the past few quarters. We have also tied up with Hyundai Mobis, and Korean OEMs form a reasonably good share of the market, and how do you see the potential for us to increase exposure with them? Secondly, on the margin side, there has been an improvement YOY, and operating leverage is also playing a role. Going forward with the commencement of lighting switches, alloy wheel plant in coming quarter, how do you see the further ramp-up in revenue and its impact on margins? Broadly, would you maintain that 11%-12% range, or you are more confident on seeing a better margin from here going ahead? And lastly, on the CapEx plan, it's INR 1,300 crore-INR 1,400 crore. How much would be the investments we would have this year? And also, how much would be the land-related CapEx? That's all, sir, from my side. Yeah. Thanks, Raghu. Thanks for the compliments. So in terms of Korean OEMs, obviously, we have, as you rightly mentioned, we have been securing business in past three quarters. Even though smaller, we have been gradually inching up and improving our share of business. But still, in terms of opportunity, there is still a lot of scope, a lot of room for improvement, which we continue to work. In terms of, as you said, margin improvement for light switch, a lot of CapEx is continuing. How do we see? Again, you have also asked in terms of the margin guidance for the current year. So while we gave the margin guidance at the beginning of the year, Raghu, we have actually factored all these CapExes which will come on board. And that's how we have given this guidance of 11% ± 0.5% at a group level. And we continue to maintain that guidance. And in terms of CapEx, the number we have shared is actually for this year, it is INR 1,400 crores. Otherwise, if you share a total announced CapEx, it's much more. And the land-related CapEx, we have spent almost around INR 600-INR 700 crores on land. It's first half of 300. Last year, we had spent around INR 200-odd crores. And this year, for the rest of the year, we will have maybe around another INR 100-INR 150 c rores of investment. So in all, around INR 700 crore of investment in the land. Got it, sir. Very useful. Thank you very much. Thank you. Thank you. The next question is from the line of Abhishek Jain from AlfA ccurate Advisors. Please go ahead. Thanks for the opportunity, sir. In lighting business, how is the share of business in two-wheelers and four-wheelers segment? And how much increase in the content per vehicle do you expect in lighting business because of the LED penetration? So Abhishek, lighting two-wheeler share of business stands at around 28%, 27%, 28%. And our lighting four-wheeler share stands at around 15% odd. And our target is to take it to 18%-20% over the next few years. In terms of the LED, the value initially when we started, say for a headlamp or a tail lamp, the cost or the price of LED was almost like two and a half times. However, what has happened recently is that because of the complete change in terms of new technologies and you would have seen a long connected tail lamp, the kit value has significantly increased. Today, the kit value goes to almost like INR 17,000-INR 18,000. Yes, that's an exceptional example. That too only for a tail lamp. The tail lamp, which normally historically used to be say for a SUV around INR 2,500-INR 3,000, it's almost going to INR 17,000-INR 18,000. That's the delta and that's the potential. While we are ready, we have all that kit value or in terms of product readiness. I think it all depends on the customers in terms of what is the vertical design and what is the difference, which will drive the value in terms of the market side. Okay. And in switches segment, revenue growth was around 13% in this quarter. So what is the reason of the outperformance versus the industry growth? And how do you see the growth going ahead in the medium term because of the new switches and the capacity addition? So in switches, both the two-wheeler switch and the four-wheeler switch has seen growth. And even if the kit value has improved, and we might have increased our share of business on the margin, which we calculate on an annual basis, specifically in the four-wheeler segment. So both the segments have actually driven the growth in the switches segment. And so, in the first half, how much is the volume growth in the switches? And how much is the increase in the values? How much is the volume growth and how much is the value? Val ue growth and the volume growth in the switches segment? Abhishek, if you don't mind, can you take this offline? Because it will be very difficult to put a number on volume because you have multiple types of switches in a vehicle. So maybe we can understand your question a little bit more in detail and take it offline, please. Thank you. Okay. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants, please limit your question to two per participant. If you have a follow-up question, I would request you to rejoin the queue. The next question is from the line of Ashutosh Tiwari from Equirus Securities. Please go ahead. Yeah, sir, congratulations, very good numbers. I just have one question on the new JVs and subsidiaries like Uno Minda EV Systems, and Kosei Minda was an older JV, but anyway, that and Uno Minda Buehler Motor, and all who are making losses in last year. Any turnaround happening in those? Like say, with the revenue ramp-up, are they breaking even now in any of these? Yeah. So Kosei Minda definitely has come into the black, Ashutosh, in terms of profitability. So there definitely is some improvement there. However, in terms of the other two businesses, they are still in the process of ramp-up, specifically the Uno Minda Buehler Motor and the Uno Minda EV Systems. In terms of the overall profitability, it is still below our target profitability. So as these subsidiaries ramp up over the next 2-3 years and become profitable and probably achieve the normalized margins, our margin profile will improve over the coming years. Yeah, that's all. These also are large revenue drivers, especially Uno Minda EV Systems. Yeah. You're right, Ashutosh. Yeah. That's all from my side. Thank you. Thank you. The next question is from the line of Rishi Vora from Kotak Securities. Please go ahead. Yeah. Hello. Thank you for giving me the opportunity and congratulations on a good set of numbers. Just one question from my end, sir. As we progress ahead, how are we seeing demand trends on ground as you will be receiving production schedules, especially across domestic two-wheeler and four-wheeler? And what is your take going forward in terms of how do you think the demand trends will play out? That's it. Thank you. Yeah. Rishi, I'm sure you talk to a lot of customers who normally don't second-guess our customers. The demand trend on ground is in line with our expectations. In fact, Q3s generally tend to be a little bit softer than Q2. But broadly, we are expecting the same trend as we have been seeing in the past to continue because Q3 also has normally the annual shutdown at the end of the year. So some volumes also get impacted because of that. And we get rolling three months of inventory from our customers. So broadly, the inventories are in line, I would say, because there has been some inventory also sort of cleaning up, which we hear happening after the festive season, though we are yet to see any credible data. I'm sure we all see the same news. So from that perspective, we are pretty confident in terms of the demand. And as we move forward, medium to long-term demand, we are very optimistic on the industry volumes. And you would have seen the kind of investments we are making not only in the current CapEx plans, which are full of almost 13 new plants that are under construction, the way we have been building our land bank for our future growth. And we remain highly optimistic on industry growth from medium to long-term perspective. Understood, sir. Thank you and all the best. Thanks, Rishi. Thank you. A reminder to all the participants, you may press star and one to ask a question. The next follow-up question is from the line of Mumuksh Mandlesha from Anand Rathi Institutional Equities. Please go ahead. Yeah. Thank you so much. So in the presentation, you have mentioned about some EV products for the hybrid segment as well. I just want to understand any supply for hybrids also you've started, and how do you see this potential for the segment, sir? So in terms of hybrid, we are not part of powertrain as of now, Mumuksh. But we do have components which are part of the hybrid vehicles. So our other standard EV agnostic or the ICE agnostic products, maybe like lamps or blow molding parts or switches, they are all sort of going into hybrid vehicles as well. Okay. Got it, sir. That's all from my side. Thank you. Thank you. Thank you, Mumuksh. Ladies and gentlemen, you may press star and one to ask a question. As there are no further questions from the participants, I now hand the contents over to Mr. Sunil Bohra for closing comments. Thank you. I would like to thank everyone for joining the call. I hope we have been able to respond to all your queries adequately. For any further information, we request you to please do get in touch with us. Thank you once again. On behalf of Uno Minda Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.