Ladies and gentlemen, good day and welcome to the Q1 FY 2027 earnings conference call of Uno Minda Limited. 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 the date of this call. These statements do not guarantee the future performance of the company and may involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this 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 CFO. Thank you, and over to you, sir. Thanks, [Alric]. Good evening, everyone, and a warm welcome to all the participants. On the earnings call today, I am joined by my colleague, Ankur Modi. We have uploaded our financial results and investor presentation for Q1 FY 2027 on the stock exchanges and our company's website. We hope everybody had an opportunity to go through the same. I will begin with a brief overview of the macroeconomic environment, followed by the current trends in the automotive industry, and then our financial and operational performance for the quarter ending June 2026. Post that, we will open the floor for Q&A. Talking about the global economy and current landscape, the global economy so far in 2026 has been navigating a complex and uneven landscape. Global GDP is projected in the range of 2.5%-3% range, resilient but below historical averages as the world contends with persistent geopolitical tensions, elevated trade and policy uncertainty, and energy price pressures that continue to fuel inflationary headwinds. Two powerful forces are shaping the global outlook, and they are pulling in opposite directions. On one side, the conflict in the Middle East is acting as a negative supply shock, disrupting energy markets, elevating freight costs, and injecting significant uncertainty into global trade flows. On the other, the world is experiencing an extraordinary positive technology wave driven by the accelerating deployment of AI and the broader digital transformation of industries. The net impact of these two forces varies significantly across countries, depending on their energy dependence, geopolitical exposure, and position in the global technology value chain. Simultaneously, the restructuring of global supply chains driven by economic security concerns and geopolitical fragmentation is redrawing international trade patterns, creating both meaningful opportunities and challenges for businesses that are prepared to move with agility. India, in this context, stands out. Having closed FY 2026 with robust GDP growth of 7.7%, India enters the current fiscal year with strong foundational momentum. The external environment has introduced some moderation, and GDP growth for the current year is projected in 6.5%-6.9% range. Yet even at this pace, India remains firmly among world's fastest-growing major economies, supported by resilient domestic consumption, a thriving services export sector, and sustained government capital expenditure that continues to catalyze private investment. Looking further ahead, the trajectory becomes even more promising. Anticipated trade agreements with the U.S., U.K., and EU, are expected to significantly enhance trade flows, attract long-term private investment, and strengthen India's structural growth prospects in ways that extend well beyond any single fiscal year. For Indian manufacturers with capabilities, the scale, and the technology credentials to compete globally, this is a moment of genuine and historic opportunity. Moving to automotive industry overview for the first quarter of FY 2027. Indian automotive industry entered Q1 with powerful momentum, delivering one of its strongest quarterly performance in recent memory. Total automotive production reached a record 96.9 lakh units, a growth of 22% year-on-year, reflecting healthy domestic demand, improving exports, and resilient consumption across both rural and urban markets. While elevated commodity prices and global supply chain disruptions created some input cost pressure, these headwinds have begun to moderate, with OEMs partially offsetting the impact through calibrated pricing actions. Export performance was equally strong. Total vehicle exports rose nearly to 20 lakh units during the quarter, with robust demand from Latin America, Europe, and Japan driving growth in two-wheelers and utility vehicles, demonstrating a broad-based recovery in global competitiveness of Indian automotive manufacturing. During the quarter, 14.5 lakh passenger vehicles were produced, up 17% year-on-year. The electrification, premiumization, and SUV-ification of the Indian market continues unabated. Electric passenger vehicle registration grew an impressive 54% year-on-year to 84,000 units, with EV penetration reaching 6.8%, a meaningful inflection supported by a widening product portfolio and accelerating consumer acceptance. Two-wheelers posted production of 72.5 lakh units, up 23%, with scooters leading at 32% growth versus 18% for motorcycles. Exports reached a record high of 15.5 lakh units, up 37%, driven by strong demand from Latin America, South Asia and Africa. In a landmark milestone for the segment, e-two-wheeler registrations crossed 5 lakh units for the first time in a single quarter, a clear signal that mass EV adoption in two-wheelers has moved from aspiration to reality. CVs produced 2.9 lakh units, up 15%, backed by continued replacement demand and strong activity in the mining and cement sectors. CV exports grew 43% to approximately 3.3 lakh units, the highest Q1 exports ever recorded for this segment. Looking ahead, following this period of strong volume expansion, the market is expected to transition towards more stable technology-led growth, driven by continued EV adoption, supply chain localization, and the premiumization of the vehicle mix. The sector's improving fundamentals, balanced demand environment, and accelerating technology transition position it well for sustained long-term growth. For a company like Uno Minda, with a powertrain-agnostic portfolio and growing systems capabilities, this environment presents an exceptionally compelling opportunity. Moving on to financial and operational performance for the quarter, you may refer to slide number seven and eight. We reported another strong quarter where we have continued to scale new heights, once again surpassing our previous peaks to achieve our highest-ever quarterly revenue. Our consolidated revenue from operations for Q1 FY 2027 stood at INR 5,557 crore, representing a robust 26% year-on-year growth as against INR 4,420 crore, excluding prior period income of INR 69 crore in Q1 FY 2026. This growth was broad-based and high quality, driven by value-added features and volume expansion across our core product offerings, including switches, lighting, alloy wheels, seating, and our rapidly scaling EV systems and Alternate Fuels divisions. On the profitability front, EBITDA excluding exceptional income in the previous year grew by 21% year-on-year to INR 572 crore, with EBITDA margins of 10.3%. Three factors weighed on the margins this quarter. First, commodity and gas price inflation created input cost pressure that could only be partially recovered during the quarter through price adjustments. Second, even as the commodity price increases are systematically recovered over time, pass-throughs occur on an absolute cost basis without any markup, resulting in mathematical margin dilution. In our case, the impact was approximately 40 basis points due to this margin dilution. Third, minimum wage revisions across multiple manufacturing states, increasing the employee costs. Importantly, a large portion of these headwinds were offset by operational efficiencies and operating leverage. We remain confident in our annual EBITDA margin guidance of 11% ± 50 basis points, with a bias towards the higher end. Depreciation increased by INR 17 crore to INR 177 crore, reflecting the capitalization of new facilities, including our two-wheel alloy wheel expansion at Supa, our new plant in Indonesia, and Phase 1 of our Kharkhoda four-wheel alloy wheel facility. Finance costs remain tightly controlled, rising only INR 2 crore to INR 46 crore, as majority of our expansion program continues to be funded through healthy internal accruals, a reflection of strong cash generation. The share of profit from associates and JVs remains stable at INR 48 crore from INR 47 crore in the prior year. The profitability of some of these entities was impacted by commodity pricing pressure, which is expected to ease with recoveries in subsequent quarters. PAT attributable to shareholders grew 24% to INR 296 crore, compared to normalized PAT of INR 239 crore in Q1 FY 2026. Coming to business-wide segment performance, starting with switches, you can refer to slide number 11. Our switching system vertical, the largest vertical in the Uno Minda portfolio, delivered another strong quarter. Revenue reached INR 1,335 crore, up 20% year-on-year, contributing 24% to consolidated group turnover. Growth was driven across both our two-wheeler and four-wheeler switch business. In two-wheeler switches, sustained domestic volume growth was complemented by a consistent export upward growth trajectory, reflecting the global recognition of our quality and technology standards. Our four-wheel switch business under Uno Mindarika continued to outperform the industry, growing 24% to INR 525 crore. The transition of our Manesar facility to expanded Farukhnagar plant is progressing well, with completion expected in second half of the fiscal year. The lighting system vertical reported revenues of INR 1,153 crore, up 14% year-on-year, contributing approximately 21% to consolidated revenues. The two-wheeler lighting portfolio anchored growth, supported by sustained market share gains and rising EV penetration, where Uno Minda remains a leading supplier to multiple electric two-wheeler OEMs. Looking ahead, we expect meaningful market share gains over the next few years, supported by the significant new order of approximately INR 450 crore of annual peak value announced last quarter, equivalent to nearly 25% of the current two-wheeler lighting revenues. I am also pleased to share two new strategic wins this quarter. First, we received a business nomination from a global OEM for domestic four-wheel lighting supply in India, a strategic entry into a new customer that opens up the door to incremental customer share and cross-selling opportunities. Second, interior ambient lighting is gaining commercial traction with positive customer decisions that open an entirely new avenue of growth for our lighting portfolio. In Indonesia, following commissioning of our new four-wheel lighting plant, we have already secured a second customer order with SOP expected in Q2 FY 2028, validating our international manufacturing strategy. The transition of our existing plant to new facility is expected to be completed by end of FY 2027. The consolidation of multiple two-wheel alloy facilities in North India to Kharkhoda is expected to start in H2 FY 2027, bringing automation benefits, cost efficiencies, and capacity to win both domestic and export programs. Moving to casting business. The casting vertical was our fastest growing vertical this quarter. Revenue reached INR 1,090 crore, up 32% year-on-year, which also includes higher base raw material prices. The casting material has contributed approximately 20% to consolidate revenues. Three sub-segments drove this performance. Passenger vehicle alloy wheel business revenue grew to INR 566 crore, supported by ramp-up of recently commissioned Phase 1 at Kharkhoda. We had seen some temporarily moderation in alloy wheel penetration last few quarters. However, we are seeing early signs of penetration inching up again. Our new 60,000 line at Kharkhoda expected to be fully ramped- up from Q2 FY 2027. We also expect another 30,000 line at Kharkhoda to commission in second half of current fiscal, which will support the growth. Two-wheeler alloy wheel grew to INR 284 crore. This business will receive significant boost with the commissioning of our Bawal plant, where four of the plant six production lines are expected to go live in H2 FY 2027, adding approximately 1 million units of annual capacity. This will also mark our entry into HPDC alloy wheel manufacturing. Aluminum die casting delivered exceptional 66% growth to INR 248 crore, driven by capacity enhancement at both our Bawal and Hosur facilities. The structural growth drivers for this business, lightweighting, EV platform requirements, and domestic content mandates remain firmly intact. Near-term headwinds for this vertical seem to be receding and is expected to return for another upturn. The structural growth drivers for alloy wheel remains intact, supported by industry volume expansion and expected gradual but consistent increase in alloy wheel penetration across vehicle segment. Moving to seating business. The seating system vertical continued its strong upward trajectory. Revenue reached INR 408 crore, up 28% year-on-year, contributing approximately 7% to consolidated revenues. The quarter's performance reflected strong growth across our customer base and importantly, a significant acceleration in international revenues. Exports reached INR 72 crore this quarter, growing consistently quarter- after- quarter and will continue to be a major growth driver, supported by the landmark export orders of approximately INR 390 crore of annual peak value from three new customers across Europe and North America communicated in last quarter. During the quarter, we also announced entry into the four-wheel passenger vehicle seating system segment, one of the highest value product categories in the automotive supply chain. To support this new product line, the company's Board of Directors had approved the setting up of state-of-the-art greenfield manufacturing facility in Chhatrapati Sambhaji Nagar, with a proposed investment of approximately INR 320 crore. The facility is expected to commence operations by Q2 FY 2028, and we have already secured business from an anchor customer. It is a strategic leap that substantially increases our per-vehicle value potential and deepens our footprint in a segment that is central to the premium vehicle experience. Moving to the next segment. The newly constituted Green Mobility vertical achieved a robust 78% year-on-year revenue growth in Q1 FY 2027, reaching INR 542 crore and contributing 10% to the company's total consolidated revenues. Within this segment, Alternate Fuels led the quarter with INR 184 crore, followed closely by Uno Minda EV Systems at INR 186 crore, reflecting strong adoption trends across the electric mobility ecosystem. Uno Minda Automation contributing INR 123 crore, while EV business and controller division contributed INR 37 crore. New three-wheeler charger programs are now being executed through the EV Systems division as against controller division. It is prudent to look at aggregate revenues of Uno Minda EV Systems and e-business and controller for like-to-like comparison. The said aggregate revenues increased to INR 218 crore, registering a growth of 24% as against INR 176 crore in corresponding quarter. This growth was driven by both vehicle segment, which is two-wheeler and three-wheeler. The three-wheeler EV charger business was supported by new 3W three-wheeler charger programs. The increasing penetration of e-three-wheeler reaching more than 60% has been supporting this growth. The two-wheeler EV business growth was contributed by multiple drivers. First, SOP of a new program for DC-DC converter electric motors, as well as RCD cable, though their share in revenues remained relatively smaller than EV charger, which has been our mainstay. EV charger contributed to growth through higher volumes and increased penetration with existing customers and higher share with newly added customers. We have also commenced supplies of charger to a new incumbent OEM. The rising penetration of e-two-wheeler has been driving growth. During the quarter, we had received PN3 approval for our proposed JV with Inovance. However, as was advised earlier, the joint venture will also require approval in their host country, China. There have been recent regulatory changes in China, tightening the norms for such technology partnership. Inovance is reviewing the revised guidelines and seeking clarifications for next steps. Moving to other segment, the reconfigured other product portfolio continues to reflect steady operational performance. The vertical reported revenues of INR 1,029 crore, registering a robust 21% year-on-year growth and contributing approximately 19% to company's consolidated top- line. Contribution during the quarter remained distributed across remaining core and aftermarket verticals within the portfolio. Sensors and ADAS generated INR 250 crore, followed by acoustics at INR 225 crore. Blow molding products and the non-EV controller business accounted for INR 125 crore and INR 80 crore respectively. The remaining revenues were driven by the aftermarket segment, including batteries along with external sales from Uno Minda Katolec and European engineering services, providing additional stability to the portfolio. Construction of the sunroof manufacturing facility is progressing as planned, with commissioning expected by the end of FY 2027. Ahead of commissioning of our first plant, we are pleased to inform of having added a new OEM customer for panoramic sunroof with INR 130 crore of annual peak order value. We have also secured order for our electric roller shades for INR 40 crore. Together with these orders, our total sunroof order book have crossed INR 500 crore. Moving to the aftermarket and international revenues, you can refer to slide number 13. For the quarter ended June 2026, the aftermarket business reported revenues of INR 336 crore, contributing approximately 6% of consolidated revenues. In addition, sales to the OEM spare part division, which is considered as part of segment revenues, stood at INR 254 crore. Combined, the aftermarket and HPD channels generated revenues of INR 590 crore, representing 11% of our consolidated revenues. International business contributed around 9% of total revenues during Q1 FY 2027. This performance was driven by improved export traction, particularly in the two-wheeler switching and seating segments. Exports from India stood at approximately INR 228 crore during the quarter, as against INR 141 in the corresponding quarter. Looking ahead, we remain constructive on the outlook for the automotive industry and continue to expect healthy growth during the remainder of FY 2027. At Uno Minda, our growth strategy remains unchanged. We expect to continue our outperformance as compared with industry volumes. Through market share gains, increasing content per vehicle, rapid localization of advanced technologies, expansion into new product categories, and continued investments in capacity and R&D. We are also encouraged by the strong order pipeline across several emerging technology platforms, including EV powertrain systems, lighting, seating, sunroofs, infotainment, and advanced electronics. These platforms provide excellent long-term visibility and reinforce our confidence in sustainable growth. With this, I would like to now open up the floor for questions. Thank you. 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 comes from the line of Chandramouli Muthiah with Goldman Sachs. Please go ahead. Hi. Good evening. Thank you for taking my questions. My first question is just around the seating segment. It's a wide space for the company, new area of business. Just want to understand if you could give us some details around the competitive landscape. Which four-wheeler segments you look to participate in. Is it more SUVs or are you looking at small cars as well? Are you looking at CVs as well? Also some color around the market size and the opportunity size, the way it looks from your vantage point. The second question is just around, I think, your comments around focus on continuing to outperform the industry in terms of growth. I think the back half of the year, the industry will possibly be up against a high base. Looks like there are about seven plants that you're onboarding in FY 2027, some in the first half, some in the back half. Just want to understand, in the back half of this year when the base is high, are there some additional products that launch, or will you have some innovative products also that start SOP which will help the outperformance versus industry? I think you did mention that you still have to wait for the Chinese regulations to clear the advanced technology licensing. Is that going to hold up any advanced product SOP in the back half, which was earlier expected? Third question is just around the Green Mobility segment. Now it looks like the Green Mobility segment is almost half the size of your core segments in lighting and switches and alloy wheels. Is it at a critical scale where you think it's getting closer to profitability of the corporate average? Just want to understand that, and if you could give us some color on CapEx for this year and next year now that we have renewed CapEx plans to drive the growth. I'll just pause there. Thank you. Thanks, Chandru. A lot of questions. Let me start on the same sequence. First of all, starting with seating. Details on competitive landscape. I think we all know that this business has been something we have been looking for past almost four to five years since we formed this JV with TACHI-S. The landscape remains very, very highly competitive. Currently, we have been able to get into one business nomination for starting with one model. We are already talking of some second model and so on. In terms of vehicles and the categories, I'll not be able to share much information as of now because these models are also the new models which will get launched. We can't share any such information until the vehicle gets launched. In terms of opportunity size, yes, it is very big. As you all know, the seating as a product has consistently been adding a lot of value. It's going up to almost 30,000- 40,000 kind of a kit value per car. The opportunity is growing by the day. As I also mentioned, this will be one of the largest kit value product in the group, or maybe even bigger than the alloy wheels segment in terms of kit value per car. In terms of second half, as you rightly mentioned, there are multiple parts which are coming on stream. Some of which are the Phase 2 of Kharkhoda or the two-wheeler alloy wheel. Somewhere it is a purely incremental business which was non-existent. Definitely that will add a lot of, what you call, delta in terms of industry growth. There are some businesses which will support the growth, as I said. For example, the alloy wheel four-wheeler plant, when it gets commissioned, it will support the increased demand or increased application, which, as I also mentioned, we are currently seeing that shift again in terms of increased application of alloy wheel versus steel wheel. The trend is now again moving favorably as we move forward, which is the indication we are getting from our customers. There is a mix of both. There are certain businesses like, say, even the Mindarika, which is moving to Farukhnagar from Manesar. It is going into a larger plant. There might not be immediate delta in terms of just shifting to a bigger plant, obviously it will enable the growth as we move forward. Similarly, there are other products like, as we mentioned, sunroof and all, which will gradually come on stream as we move forward. In terms of IA, as of now, there is no holdup. Our plant construction goes on as scheduled, even the supplies to our customers. The endeavor is that we have to ensure that the business goes uninterrupted. That's where both the partners are completely aligned in terms of making sure that we continue to secure business and the customer supplies should remain unimpacted. As of now, there is no holdup. In fact, both our plants work is going on. The first plant at Sri City, the work is going on as scheduled. The plant which we have to construct on CSM, that is already on the drawing board, will be hitting the ground within next couple of months. In terms of green mobility, yes, you are right. That was the key reason why we have carved it out last year to show separately, because there was lot of businesses which are actually going as part of others. They are not getting that clear visibility as well. That was the whole reason we have, what to call, combined and shared. There are certain businesses which are actually maybe doing better than the group profitability. Certain businesses which have just started, obviously they are lower than group profitability. But as we have said, our endeavor always has been in the third full year of production, they should achieve our target profitability. Businesses which are new, obviously we won't expect to achieve the third year profitability once you start. That obviously will be a journey we have to go through. In terms of CapEx plan, remains same, what we have shared in the last call of around INR 1,750 crore for the current fiscal year. For next year, obviously we'll give you normal annual guidance. If you see our total project CapEx, if you go to that, there is a slide on project total announced, which is almost INR 3,800 crore in pipeline, of which INR 1,400 crore is already spent till date. Going at the current pace, the delta of INR 200 crore obviously is going to get spent over next 18 - 24 months or so. We are very comfortably placed in terms of the CapEx cycle as well. Got it. That's helpful. Thank you very much, and all the best. Thanks, Chandru. The next question comes from the line of Raghunandan NL with Nuvama Research. Please go ahead. Congratulations, sir, on numbers, especially Q-o-Q revenue improvement despite the drop in the PV production Q-o-Q. First question, within the green mobility business, based on the capacity and the order book, how do you see the ramp-up for electric two-wheeler and four-wheeler business? Specifically, if you can talk a bit more on the traction motor and eDrive, how do you see that ramp-up happening this year and next year? Apart from that, the other question I had was, on margin, how do you see the recovery towards 11%, considering the price hikes from customers on commodity and wage inflation? Given the minimum wage hike impact, by when do you expect customers to compensate? Would you be able to pass on 80- 90% of impact to customers? Lastly, one clarification. On depreciation, there is a Q-o-Q drop. There is this seasonality that always happens that Q1 is lower than Q4. Can you explain why that is the case? Thank you. Thanks, Raghu. Thanks for the compliments. In terms of green mobility, you asked how do you see the ramp-up of e-two-wheeler and four-wheeler business. As you know, we don't comment on the sales because the volumes are not in our hand. As the volume grows, we are gearing up to make sure that we are able to meet the supplies. The growth has been definitely more than at least we have expected internally when we have started the year in terms of our visiting cycle, which is a very good position to be in. Our teams are working to see that we meet all our customer demands and build capacities on a much faster pace and capture or capitalize on the opportunities markets is throwing up. In terms of traction motor, as I mentioned, as of now, it's a very small business. It's already started. There are two OEMs whom we are supplying. The volumes are not that meaningful, honestly. In terms of margin recovery, as I said, we always give the annual guidance and Q1 tends to be lower. This time it has been impacted also because of the high commodity prices. As I mentioned, the commodity price, even assuming 100% has passed through, that itself is diluted by almost 40 basis points. Right? If these prices will remain, that impact is going to be there for the rest of the year. Despite that, we are holding on to our molding margin guidance, and we have been able to take lot of actions in terms of the automation or in terms of efficiencies, in terms of productivities. We've been able to absorb large part of the wage increase as well. For commodity also, as the cycle goes on a quarterly, half yearly basis, the price anyway gets adjusted. In fact, we have a customer who has also given in one or two of the commodities, even the monthly sort of price, which we have also mentioned in terms of our last call. That's a very good thing. Customers have been also conscious of this fact, and we have also seen some of the customers already announced some sort of price hikes to absorb these kind of cost increases. In terms of depreciation, quarter-on-quarter drop Q1 to Q4 largely happens because in our casting business, which is a capital intensive business, there is a WDV method of depreciation. Once the new starts, you start with a lower base. That is one of the reason why your depreciation in Q1 normally is lower in that business from Q4 to Q1. I hope I have answered all of your questions, Raghu. Yes, sir. Thank you very much. Wishing you all the best. Thank you. The next question comes from the line of Mumuksh Mandlesha with Anand Rathi Institutional Equities. Please go ahead. Yeah. Thank you, sir, for the opportunity and congrats on the new order wins in particular newer segments. Sir, firstly, just on the four-wheeler seating side, which we have recently won order, this INR 3.2 billion CapEx, how much revenue potential the plant can generate? Secondly, on the seating side, with this order and also export order, just indicate how the timelines will be there in terms of ramp-up of those orders. Similarly, on the sunroof side also, with the INR 500 crore order, if you can help understand how one should look at the ramp-up in the FY 2029- 2030 period. Finally, sir, on the JV side, this quarter was flat on Y-o-Y basis. Is it largely driven by the commodity side? If you can help understand what happened in the Q1 JV numbers. Yeah, that's all from my side. Yeah. Thanks, Mumuksh. Thanks for the compliments. On four-wheeler seating business, the INR 3.2 billion CapEx can do revenue of more than 2x, as we speak, and I'm sure as we move forward, once we do CapEx on incremental CapEx further, the potential is normally more. To answer to your point, it is more than 2x at this stage. Export order in terms of how the timelines. The large part of the export orders, it's a two-year cycle. You will see from impact coming in from end of FY 2028, and the last part will come or fully in coming 2028- 2029. Same will be in the sunroof business also. The business will start from its, as I said, end of FY 2027, which is somewhere in March- April of FY 2027. You will have a ramp-up phase for that year and then could realize full sale from 2028- 2029 onwards. In terms of JV profitability being flat, your point is right. It is actually a commodity impact, which we could not recover in the quarter. Obviously, once this price gets adjusted as for next quarter, we should be able to start bridging that gap from Q2 onwards. Got it, sir. Thank you so much for the opportunity. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Siddhartha Bera with Nomura Holdings. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity and congrats on the good set of numbers. Sir, first question is, on this OE tie-up for the lighting segment for four-wheelers. Some assessments of how big can this opportunity be maybe in a few years in terms of revenue potential, and do you need to invest further for catering to this OE? Exports, we have seen that has started going well. If you can highlight what has been the number for last year on last Q1 or Q4 for the total exports. In the medium- term, where do you see the exports potential in terms of segments? Where can we reach? Lastly, sir, on the cost side now, given that you mentioned that a couple of customers have started giving monthly price hikes, does that mean that because last three consecutive quarters, we have seen the gross margins going down. Does that lead to some normalization in the gross margins at a faster pace? That will be all, sir. Yeah. Thanks, Sid, and thanks for the compliments. In terms of OE, this light four-wheeler tie-up, the new customer. Definitely he's a global customer, and this is an entry. We are working with them proactively in terms of seeing possibility, if we can sort of build on that. Good news is, as of now, it's an entry with decent volumes, decent order value. Opportunity can obviously be very big, even within India itself. If everything goes fine in future, maybe there may be possibility of exports. I'm not sort of betting on that. We are not betting on that as of now. Locally itself, there is a large opportunity. Do we need to invest on this for this current business what we have received? As of now, we don't. Because the plant which we have set up in Khed, there might be the investment only to the extent of lines and tools, et cetera. Nothing in terms of large CapEx which might be required at this stage. Exports has been going well, yes. Thanks. What has been our Q4, et cetera. Last Q4, our export physically from India was INR 141 crore, and this quarter it was INR 228 crore. Almost like 50%-60% increase in Q4 to Q1. Where do we see exports moving forward? As you also highlighted, some of the new business which we have secured, sitting specifically almost INR 100 crore of new business, plus some new business in switches and lamps, definitely our endeavor is to grow significantly from where we are today. Gross margin, as I also mentioned initially, Sid, is that while on one hand, assuming that we recover full commodity price, the increase this quarter itself is like diluting 0.4% of the gross margin. Some of the new business which we are adding, like on the electronic side, there, the gross margin obviously is lower. That also plays a part in terms of gross margin. In terms of profitability, because there you have better asset turn, it does not impact much on the EBITDA side or the ROCE side. While we might see some small movement here and there for GRM, ideally that should offset at a EBITDA margin level. Got it, sir. Thanks a lot. Thanks, Siddharth. The next question comes from the line of Rishi Vora with Kotak Securities. Please go ahead. Yeah. Hi, sir. Thank you for the opportunity. Just on the China JV, the comment which you made, can you just elaborate on what is the current status? Are we able to import the E-Axle today? Is there restriction over there or there are no restrictions? In the future, how do you think this pan out? In a worst case, because in some of the battery technologies, Chinese government has restricted. If they do restrict, then what would be our strategy in kind of increasing our presence on the four-wheeler EV business? Sure. Rishi, in terms of any restriction for E-Axle, as of now, there is no restriction, and we don't see possibility of any restriction on import of E-Axle as of now. You shared in terms of somebody else facing technology challenge, et cetera. Obviously, one can't rule it out, but as I said, we are currently in discussion with our partner. They are also in discussion with the local stakeholders. The whole endeavor is to ensure that whatever investment we have done, we are able to utilize that investment, and we are able to gradually localize the product as we have laid out original plan. They remain pretty confident that they should be able to find a solution to this problem. As I said, they are just the early days. Hopefully, in next quarter or so, we should have some better clarity. In terms of CapEx in Aurangabad, Sambhaji Nagar, there is no change, right? That remains on track. No. Yes. Okay. Okay, sir. Thank you for this. As of now, we are going ahead with that. Yeah. Okay. There also, if you remember, there is also another product, which is DST, and that we said is in collaboration with one of the customer as well. That also sort of is going on as planned. Understood, sir. Thank you. The next question comes from the line of Jyoti Singh with Haitong. Please go ahead. Thank you for the opportunity. Sir, lastly, I wanted to understand on the casting side that improved from 18%-20%. With near- term, any headwind that we are seeing and traditionally it's a lower margin business, that will again a more capital-intensive segment. As casting scale further with the [inaudible] and alloy wheel plan, what is the going forward margin we are expecting from this segment? Another on the employee cost side 13% year-on-year against 26% on the revenue growth side. This is going to sustainable near- term, or does the new capacity coming, we'll be seeing the step-up hiring and that we should model in? Thanks, Jyoti. Let me answer one- by- one. Casting, you said headwind. Actually, there is a tailwind, in terms of application ratio we are expecting. Casting as a business in terms of alloy wheel, et cetera, should actually grow more than what the industry growth is, because sheer application will increase that. On top of it, we are looking at bigger size wheels, SUVification, et cetera. In terms of margin also, there are margin value to it. Actually, it's a better margin versus company average because of higher capital intensity nature and what has been our ROCE target. To achieve those ROCE targets, obviously, we need to make sure that the margins are there which can take us to those targets. In terms of employee cost, whether that will increase with new capacity, maybe we have to look at it differently, Jyoti, I would encourage. If you have a new capacity, then you will have new sales also. New sales, when you have, then obviously you will have new plants, you will have new people to run those plants. Obviously, in terms of absolute numbers, the cost definitely will go up because if you are setting new plant, you will need people to run those plants. As a% of revenue, we don't expect it to sort of push it upwards. Okay, great. Sir, another on the, like you already explained on the export side as well, but currently it's 11% of revenue mix. What's the medium-term target that we are targeting for the export side? Our target obviously has been to consistently take this percentage higher and higher. Good thing is that our domestic market is growing significantly, and if domestic market is growing like 20%- 25%- 30%, then we do expect export market to do at least that much to maintain the share in the pie. Export has to outgrow the domestic growth, then only the percentage will increase. Our target absolutely is to double and triple the export in terms of absolute numbers, but in terms of percentage, it all also depends on how much domestic growth market sort of is giving us. Okay, great. Thank you, sir. Thank you. The next question comes from the line of Mukesh Saraf with Avendus Spark. Please go ahead. Yeah. Good evening, and thank you for the opportunity. A lot of my questions were answered, but just on the seating business, I think you also kind of alluded that you've been trying to get into the four-wheeler seating business now for the last, say, three to four years, after the acquisition of Harita. Just trying to understand, are we now at some inflection point here that we are setting up a plant just for this four-wheeler seating business? How do we look at this business over the next three years? Is there something unique that you're offering now in terms of technology or safety or any of these aspects that you can comment on? Yeah. Anything else, Mukesh? Second question was just on some numbers that you usually provide. If you could break up the alloy wheels into two-wheelers, four-wheelers, as well as if you can give the Westport revenue within green mobility and the sensors revenue within others. I think I gave that. We can give it again, no problem. Sure. I think I missed that. I'm sorry. No worries. In terms of seating business, Mukesh, yes, we are very optimistic on the seating business because while we know India market, there have been multiple players, and we have to fight against them to win business. I'm sure you also appreciate one of the partner which we have for seating business is a globally renowned partner, Tachi-S, who is having 60 plants globally. The kind of technology they have is state-of-the-art. We do expect that once we are able to settle down in this business, we should be able to get into more customers, and that has been our philosophy in all the businesses you see. We just saw that sunroof business, even before starting, we got second customer. Same in some other businesses as well. We are pretty positive on this seating business opportunity. In fact, very excited that eventually finally we could break into four-wheeler seating. This actually can grow multifold as we move forward. Obviously, lot of it we need to work on and we need to see that we provide not only better prices, but better features at better prices. Which we believe we are very well placed in terms of providing those competencies. Right. In terms of the alloy wheel two-wheeler, alloy wheel four-wheeler, you asked for some revenues. Alloy wheel four-wheeler revenue for the quarter is INR 566 crore. Two-wheeler is INR 284 crore, Westport is INR 184 crore. You asked for sensors also. Sensor, yeah. Sensors and ADAS is INR 250 crore. INR 250 crore. Got it. Yeah. Great. Thank you so much for this. Thanks, Mukesh. Ladies and gentlemen, we will take that as the last question for today. I would now like to hand the conference over to the management for the closing remarks. Yeah. I would like to thank everyone for joining the call. I hope we have been able to respond to most of your queries adequately. For any further information, we request you to please do get in touch with us directly. Thank you. Thank you, sir. Ladies and gentlemen, on behalf of Uno Minda, that concludes this conference call. Thank you for joining us, and you may now disconnect your line.