Please note that this conference is being recorded. I now hand the conference over to Mr. Basudeb Banerjee from ICICI Securities. Thank you, and over to you, Mr. Basudeb. Thanks, Manav. Good, good evening to all the participants. Thanks to the top management of ASK Automotive for giving us the opportunity to host the call. We have with us the top management, represented by Mr. Kuldip Singh Rathee, Chairman and Managing Director, Mr. Aman Rathee, Full-time Director, Mr. Naresh Kumar Sharma, Chief Financial Officer, and Mr. Sanjeev Arora, SVP, Financial Strategy and Head of Investor Relations. The updated presentation has been posted on the exchanges. So without wasting any time, handing over the call to Rathee. Over to you, sir. Thanks. Thank you, Mr. Basudeb. Good evening, ladies and gentlemen. It gives me an immense pleasure to welcome you all for our first post-IPO earnings conference call for the year ending 31 March 2024. I firmly believe we are in the midst of exciting times, both as a country and as an industry. As per SIAM, two-wheeler segment continued the recovery path with a growth of 10.3% in vehicle production in FY 2024. Rising demand from the urban sector and recovery in rural segment due to strong festive and wedding season enabled the overall automotive sales to grow by 9.2% year-on-year across all segments, as per SIAM report. The prospects of our economy continue to remain bright, with all macro indicators pointing towards growth of the automotive industry, which in turn provides opportunities for ASK. With the above normal monsoon forecast by IMD, we are hopeful of a strong rural recovery to aid the performance of the two-wheeler segment in the coming financial year also. During the financial year 2024, ASK Automotive delivered robust performance across all product segments and recorded an impressive growth in revenue, earnings, and margins. This is the result of our concentrated focus on expanding value-added businesses, improving on the cost efficiencies, and driving towards excellence. Let me briefly talk about the consolidated financial performance of FY 2024. For FY 2024, I'm excited to share that we have outperformed industry growth and delivered robust performance with 17% revenue growth, 26% EBITDA growth, and 41% PAT growth. In Q4 FY 2024, we delivered a strong performance and recorded a consolidated total income of INR 786 crores, with 38% YOY growth. Our total consolidated income for full year FY24 stands at INR 3,005 crore, with growth of 17% year-on-year. Our all three product segments performed well in FY24 in terms of revenue growth. We have sustained market leadership position in the Advanced Braking System. Our Advanced Braking System revenue grew by 23% in Q4, and 7% in FY24 on year-on-year basis. The Aluminum Lightweighting Precision Solutions revenue grew by 73% in Q4, and 29% in FY24 on year-on-year basis. The Safety Control Cable revenue also recorded growth of 32% in Q4, and 36% in FY24 on year end annual basis. In line with our business growth strategy, we have strengthened our position in the EV segment and recorded revenue of INR 120 crore in FY24, with 133% YOY growth. We have also significantly expanded our export business and delivered revenue of INR 171.47 crore in FY 2024, with 58% YOY growth. As expressed in the previous interactions, I am delighted to share that we have achieved double-digit EBITDA margins at 10.9% in Q4, and 10.4% in FY 2024, compared to 9.6% in last year. We are confident to improve the margins further. Improvement in margins during FY 2024 were mainly driven by better economies of scale, improved volumes, better product mix with the customers, and continued focus on cost optimization. Our EBITDA for Q4 stands at INR 86 crore, with 71% YOY growth, and INR 311 crore in FY 2024, with 26% YOY growth.... We have achieved a PAT of INR 48 crore in Q4 FY 2024, with 112% YOY growth. This includes one-time deferred tax gain of INR 3.5 crore, recognized in ASK Automobiles Private Limited, which is the wholly owned subsidiary of ASK Automotive Limited. Our FY 2024 PAT stands at INR 174 crore with 41% YOY growth. We have turned around ASK Fras-le Friction Private Limited joint venture for our CV business in FY 2024, in which we have 49% share. Our share of profit in JV improved from losses of INR 6 crore in FY 2023 to profit of INR 16.5 crore in FY 2024. This includes the one-time deferred tax gain of INR 6.8 crore. As a result, the EPS has increased from INR 6.2 in FY 2023 to 8.8 in FY 2024. We have delivered strong returns in FY 2024, with ROCE at 23.6% and ROE at 23.7%. We have also improved our debt profile, with debt to equity reducing to 0.42 against 0.49 in last year. Our average debt to EBITDA is at a reasonable level of 1.06 in FY 2024. The total debt for the company stands at INR 342 crore as on 31st March, 2024. Our CapEx spent for the year was INR 285 crore, mainly to build capacities for future business growth opportunities. Delighted to announce that considering our good performance delivered in FY 2024, the board has recommended dividend of 50%, that is, INR 1 per equity share of face value of INR 2 each. I would now like to give you updates on the recent CapEx and on the new key initiatives undertaken during the year for our future growth. As a CapEx update, we have invested INR 380 crore up to March 31, 2024, to set up our large manufacturing facility in Karauli, Rajasthan, to cater to upcoming demand of our customers. The commercial operations of the plant has already started and expected to be generating cash profits from Q1 of FY 2025. This will cover our revenue growth of the next 1-1.5 years. We also plan to invest INR 200 crore for setting up a new manufacturing facility in Bengaluru, Karnataka, to cater to the OEMs established in the Southern India. The plant is expected to be operational by Q4 FY 2025. This will be our eighteenth manufacturing facility and the third one in South India. Key new initiatives. We have ventured into a new strategic partnership for HPDC Alloy Wheels for two-wheeler, with technical assistance from LIOHO Machine Works Limited, Taiwan. Currently, the alloy wheels are produced in India using gravity die-cast technology. We'll have the first-mover advantage to produce the alloy wheels using HPDC technology if this gets accepted and established with two-wheeler OEMs in India. This is a new technology and being tested with the leading company of Taiwan, that is LIOHO, which has successfully used this technology overseas. HPDC alloy wheels are lower in weight, resulting in better fuel efficiency. The progress in this segment will be known in Q4 of FY25. In April 2024, we have signed a strategic joint venture agreement with Aisin Group. As you all are aware, Aisin is ranked amongst the top 10 global Tier 1 automotive suppliers of the world. This joint venture is to market and sell auto components in independent aftermarket for passenger car products. We are working on the formation of the joint venture company with 51% our stake. In the PV segment, Aisin has a wide range of product basket, and this will complement us as ASK has established a network of dealers, large network of dealers in independent aftermarket of India. The business plan is being formalized jointly with Aisin. As part of our ESG initiative and transition toward the renewable energy, a solar power plant of 9.9 MW is being set up in Sirsa, Haryana, for our captive consumption with an investment of around INR 48 crore. This plant is expected to get commissioned soon. Going forward, our revenue will keep expanding in the aluminum and safety control cable segments, as evident from the current year results. Being the market leader in Advanced Braking System, the business from this vertical is expected to grow in line with the industry growth only. With lightweighting and thermal management being the focus area of domestic and global OEMs, ASK is aggressively looking to utilize its aluminum casting expertise to expand business footprints both in India and globally. The newly added capacities in Karauli, Rajasthan, and an upcoming new facility in Southern India, Karnataka, will help us scale up the growth. With continued growth momentum in the auto ancillary sector, we are confident of our ability to outperform the industry and better our margins and return ratios in FY25. We are committed to keep contributing towards the value creation of our stakeholders through innovation and conscious expansion. Thank you very much for your patient hearing. With this, we leave the floor open for Q&A. 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 touchtone 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'll wait for a moment while the question queue assembles. We have our first question from the line of Pranay Roop Chatterjee from Burman Capital Management. Please go ahead. Hi, good evening, to the team and everyone present. Am I clear and audible? Yes, please. Thanks. So my question is with respect to your die casting division, which is called as ALP. I just wanted to understand which are the processes within die casting that you are doing currently? And by processes, I mean, like, there could be light pressure, high pressure, gravity, sand, et cetera. So which are the ones that we are doing currently? And also, if you could highlight in your die casting revenue, how much is the mix from machining? Like, for example, machining revenue as a percentage of total die casting revenue. So currently, in our portfolio of aluminum products, we are doing high-pressure die casting, so we don't do the low-pressure die casting or gravity die casting. High-pressure die casting is what we specialize in. Regarding the machining value addition, it is constantly our endeavor to do all the value addition in the product. So most of our products are machined products and also requires further value addition in terms of retesting, in terms of assembly, and also sometimes the printing. Got it, sir. So, okay, that point is clear. Secondly, how much of your die casting revenue currently would be from two-wheelers? So, except for around one, I don't not the exact going into the exact figures, but around- INR 120 crore of revenue comes from the Tier 1s, where we supply to the Tier 1s like Denso and others- Okay. and then they supply to the passenger car. Okay. Except for that, and some of the export requirements where we supply to non-automotive segments also. Except for that, the rest comes from the two-wheeler segment. Okay. And so, when I talk about the die casting business, along with, like you said, you know, machining and value addition, on a blended basis, in case you are about to... In case you are able to reveal, what could be the EBITDA margins that business can clock within this segment? So within the segment, it's very similar. I can say that the aluminum is slightly less than the other segments, whether it is the friction or the other. But yes, because of a better product mix and more and more, revenue coming from exports and other places, the mix is becoming very similar and the EBITDA margin is also looking very similar. Got it. If I got you correctly, it's slightly diluted, but if you reach the level of value addition that you are striving, that you target, then probably the margins would settle at your company level. Is that what you're saying? Very right. Got it. Last question for me. If I think about the two-wheeler industry, obviously it's not hit the peak of 2019. And obviously recently there have been signs of growth, but then there is a debate whether that is sustainable or not, whether the growth is because of elections or not... I was just attending another channel check call where one dealer was saying key April growth of 30% in wholesale is there, but May, June, at least in May, the secondary is not that good, right? So, given you are largely a two-wheeler rank, and you speak to multiple OEMs, I think you will be the best person to ask this question. How much growth do you think, high confidence or high conviction growth that can come in two-wheeler industry volumes? So basically, as you rightly said, that the 18, 19 levels have still not been achieved. However, post the H1, we have seen good growth in the two-wheeler segment. Also, in the coming months also, there is a quite upbeat in terms of the growth, and since they have not reached the 2018 level, so all the OEMs are very optimistic that this year will go okay. We are expecting a growth of at least 8%-9% in the two-wheeler segment in this financial year. Got it, sir. Got it. I have one more question, but should I get back to the queue, or should I ask? Go ahead. You can ask, you know. Sure, sir. So, sir, this is a non-data question: So, I've heard this from multiple ancillary companies, like, everyone is striving to outperform, you know, the end client industry in auto. And especially, and coupled with this, there is the narrative of the lightweighting, right? I just want to think, when you speak about outperformance, theoretically, I can think of 2-3 things where it might come from, right? Number one, it could be key. There is a part... Obviously, new parts are not coming into the bike, right? The part remains. There always used to be a part, probably steel or some other alloy is being converted to aluminum. That could be one source of outperformance. Number two could be key, you're taking away, you're winning a new client, or you're taking away shares from a competitor. Or it could be that, for example, cylinder head could be a part where OEMs used to do it in-house, and now they're outsourcing to vendors, right? There could be, like, two to three such factors. Which is the dominant factor that is driving outperformance for you, out of these? I, I understand these three would have a role to play, but could you pick out one? So, as you rightly said, in the industry growth, whether it was the Q2 or the annual, like, if you see the annual industry growth was 10.3%, and we have done 17% revenue increase. So that 7% has basically come, as you rightly said, it comes from our existing customers also, where there is lightweighting, heat management, and good part is aluminum being a light metal and a lot of focus even in EV for the lightweighting, increases the potential content per vehicle. Okay. Also, we are seeing new customers. We are seeing new markets, new territories. So exports is another factor, which is playing a good role there. So these are some of the factors which you rightly said, that it's new products and also the new customers. Got it, sir. Thanks a lot, and I'll get back to you. Thank you. Thank you. We have our next question from the line of Sarvesh Arora from Samar Wealth. Please go ahead. Mr. Sarvesh? Hello, am I audible? Yes, please go ahead with the questions. Sir, if you could please provide some guidance on the expected revenue for FY 2025. As we have already maintained, that we'll definitely outgrow the industry, and as I mentioned, we expect the industry to grow 8%-9%, so we are definitely growing in the double digits. Do we believe that our margins are sustainable? Yes, because now the Karauli plant, you know, which was very functioning partially, now it is functioning very well in this Q1, and this is going to give us a lot of economies of scale, and we are definitely confident that we'll be improving our margins by 100 basis points. Okay, sir. What are the factors that contributed to the top line and bottom line growth in Q4 FY 2022? Q4, you see, last year, there was a, the volumes were very low because of the OBD-2 norms, you know, of the government. So the production of the two-wheeler was the worst possible. So that's how you see a substantial growth in the Q4, you know. That's one of the main reasons. But as you see, overall, in the FY24, we have performed quite well here. Okay, thank you, sir. Thank you. A reminder to all participants, you may press star and one to ask questions. A reminder to all participants, you may press star and one to ask questions. We have our next question from the line of Naveen Kumar Dubey from Narnolia Financial Services Limited. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. First of all, congratulations on the strong set of numbers on all fronts. My question is related to the, you know, Aluminum Lightweighting product segment. So what kind of market size do you see there? Because we are seeing a strong growth there. So, industry trend reflecting that we are going towards the lightweighting of the, you know, vehicle. So how do you see the market size there? See, the industry is growing at about 7%-8%, as per different sources, you know. And aluminum content, especially in the EV, is increasing by 30%-50%, and the same is true, more and more demand from the exports. So we see a significant growth in this particular segment of light because of lightweighting and heat management. And as in, even in the passenger cars, more and more electronics is being introduced. So more and more, because of the heat dissipation qualities of aluminum, there is more and more requirement and more and more consumption of aluminum in the cars, you know, in cars. Yeah, yeah. And, sir, one question regarding the CapEx that you have done in last 2 years, actually, that close to around INR 600 crore. So what kind of revenue potential that you see in next 3-4 years from there? See, in aluminum side, our asset turnover ratio is 2 to 1. So, in fact, as you rightly said, about INR 600 crore expansion investment we have done. So INR 380 crore we have done, INR 200 crore we are in the process of doing, you know, in this year. So this will cater to our growth of INR 1,200 crores, you know? Okay, 2 times. So by basically after doing this INR 200 crore in the south, we'll be sorted out for the next financial year also. Okay. Perfect. Sir, one more question, related to the non-current investment that has increased from INR 4 crore to INR 21 crore. So, what kind of investment that we made? Hi, this is Sanjeev Arora, Head of Investor Relations. This is mainly on account of increase in profitability from our joint venture business. As you've seen, and Mr. Rathee commented, that, last year we turned around, the joint venture business, which was, having a INR 6 crore loss last year, and it has moved to profit of INR 16 crore. So net of tax profit has got added to the, to the balance of, non-current assets. Okay, okay. Thank you. That's it from my side. Thank you. Thank you. Thank you. A reminder to all participants, you may press star and one to ask questions. A reminder to all participants, you may press star and one to ask questions. We have our next question from the line of Jainis Chheda from Spark PWM. Please go ahead. Hi. Congratulations on a good, on a good set of numbers. My question is relating to a bit of long, long-term period, maybe next 3-5 years. Is it possible for us to reach the historical margin peak of, say, 12%-13% in over the next 2-3 years as you sweat our assets more? Yeah, historically, we have always been around 12%, so sometimes plus, sometimes minus, and I think we'll be reaching. We are confident of reaching there as we utilize our capacities, you know, continuously, which we have started utilizing from this quarter. Right. As per the Bengaluru and the Rajasthan plant, is there any new plant or a greenfield expansion that is there in the discussion? Yes, yes. Next part, no? Can you please repeat the question, Jainis? Yeah, sorry. After the Rajasthan and the Bengaluru plant, is there any new greenfield expansion that is there in our discussion? Hi, this is Aman. As we mentioned that the Karauli plant as well as the Bengaluru plant will take care of our next 1.5-2 years of growth. So as of now, there is no, but yes, that will be our endeavor to keep looking for space, and it has been our philosophy to be ready for the growth much ahead. Right. And one last question on the borrowings spread. How do we see borrowings for next couple of years moving? See, borrowings, we are very, very conscious on the cash part because our internal accruals are also very, very strong. We are a cash generating company for the last 30 years. So we keep a very, judicious balance of debt, and, general philosophy of the company is to keep the debt around 1 year of EBITDA level. Any possibility of this to come down? It will come down- As in, we'll be investing the incremental cash flow that is generated from the business into expansion, or it will go towards debt repayment? No, no, see, we are very conscious that if we invest INR 300 crore and if we use partially our cash generation, so we don't take that much debt. So that's what I am saying. We are consciously, we don't like, we like to keep it around one year of EBITDA numbers. Understood. Thank you so much. I enjoyed it. Thank you. As you see, our debt equity is also very, very healthy, you know, it's only 0.42. Understood. Thank you. Thank you. Thank you. A reminder to all participants, you may press star and one to ask questions. A reminder to all participants, you may press star and one to ask questions. A reminder to all participants, you may press star and one to ask questions. We have our next question from the line of Basudeb Banerjee from ICICI Securities. Please go ahead. Hi, thanks, sir. That's for the better numbers. A couple of questions from my side. One is, a few months back, when we were discussing that, passenger vehicle, aluminum casting exports size, you were expecting to reach INR 300 crore in few years time, from INR 700 crore level. So currently, where we are, like from a quarterly rate perspective, and how one should look at it panning out in fiscal 2025, 2026? And, what kind of orders specifically you'd like to highlight? Mr. Basu, what we were discussing, and we told you, these are the update orders that we are negotiating, and we are very likely to get. We are in the advanced stage. But that cycle starts from 2027, 2028 and for the next six years, you know. They are very big orders, but for six years, but the cycle starts 2027, 2028 only. Sure. Second question, sir. As you mentioned on the JV, for the passenger vehicle segment, so what kind of investment quantum of investment you are anticipating through that JV down the line? I think will be as a joint venture for the independent aftermarket. And with our large setup in the aftermarket, there will not be very, very huge investments involved in this, because it's more of a trading company for the quality parts manufactured by ASK and Aisin both, you know? And so I think it's more a distribution setup, and we would like to take advantage of the huge market of not only India, but the ASEAN nearby countries. In addition to that, we'll be doing an equity infusion of about Rs. 11 crore as our stake is 51. Sure. And last question from my side, sir. In your initial comments, as you said, that from current 11% margin, you look forward to 100 basis points improvement as Karauli plant scales up. So, that fiscal incentive from Karauli will be on and above that, or you are including it in that 100 basis points? How to look at that? No, I know. First of all, we achieved 10.4, and we said 100 basis points from 10.4. So we have forecasted 11.5. The fiscal incentive of the GST credit, we have taken only partial, because it has not yet started, and it will start, it may start from sometimes in November or so, this year. So it may be 5 months this year. Sure. Thanks. Thank you, sir. Thank you. We have our next question from the line of Jainis Chheda from Spark PWM. Please go ahead. Hi. Do you share the order book in any form in the investor presentation or anywhere, that what is the current order book and the breakup of the same? Our order book is very much linked to the production done by our OEMs. As you know that we supply to each and every two-wheeler OEM in the country. Whatever production they do, and that's what I said, that this year, because we have not even reached the pre-COVID level, we expect a healthy 8%-9% growth of the OEMs. Our orders are for all our parts are full, you know. As we are very confident, we can see a double-digit growth for our own self. Anything in terms of export? Any orders, long-term orders, something, in the export front? Yes, exports, we are doing pretty well, but, sometimes, you know, there is a strain in the European market, as it happened last year, sometimes in the U.S. market, some recession kind of situation there. But, overall, I think we see a good growth path in export side. Right. And our working capital cycle has come down drastically, which is obviously a good sign. But what will be a satisfied working capital cycle for us? And a breakup in terms of how much will it be in export and how much for domestic? ... Additionally, our working capital has been 27-28 days, you know, as you must have seen in the past. So only because, in the last quarter, Q4 of the last year, there were, because of, as I said, OBD-2 rounds, came, and the production was very less, so payables were very less. So in this particular, year, in the Q4, it has come down substantially to 17 days. But, I, I think it will go towards the historical levels of 27-28 days, which again, is one of the best in the class. Definitely, I mean, though, these are one of the best numbers, no doubt about it. Thank you very much, Mr. Jayant. Thank you so much. Any dividend policies you can share? Do we have any dividend policy as such? Yes, we have a very, very esteemed board of directors, and we are always looking after the shareholders' interests and creating value for them. As for that, I think the board will always take a suitable action. What are the CapEx plan for next two years? See, as I said, this year we'll invest INR 200 crore in Bengaluru. That will take care of our revenues of FY 2026. But next year also, again, I think we'll be spending something like INR 300 crore, because we get prepared one year before only for the next year revenues, you know? Because we are very optimistic on the growth of the company. Thank you so much. That helps. Thank you. A reminder to all participants, you may press star and one to ask questions. We have our next question from the line of Kunal Ochiramani from Kitara Capital. Please go ahead. Sir, peak margins and return margins are 13%- Sorry to interrupt, sir. May I request you to use your handset to ask the question? Sir, peak margins, operating margins were 13% in 2019, 2020. When do we expect to come back to the same margin levels? Second of all- Sorry to interrupt, Mr. Kunal, your voice is quite breaking. You are not audible, yeah. We are unable to hear you. Am I audible now? It's breaking. Am I clear now? Uh, yeah. Yeah. Please go ahead with the question now. Sir, peak operating margins were 13%. When do we expect them to come back at 13% or higher levels? And if an investor wants to invest in your company for next 5-10 years, what would be the growth journey you would say in terms of CapEx, asset turnover ratio and ROEs? See, we have one of the best ROEs and ROC in our automotive component segment, you know. Historically, we have the ROC of 25%, which is one of the best. And this year also, we have achieved 23.6%, and I'm confident that next year we'll be touching around 25%, you know? So we'll be doing it better. So, with that kind of judicious efficiencies on the capital employed, you know, I, I see and outgrowing the industry year after year, which... So you can, you can calculate yourself where we'll reach in five years on value. The new CapEx you are doing, what will be the asset turnover ratio of the same? Asset turnover ratio, I told you, 2x. 2 times. How much time will it take for the full capacity utilization? Oh, Karauli will utilize within one and a half years, completely. That means in first year, how much it will be? 60, 70%, can I assume? Yeah, 60%. We'll reach definitely 60% this year. What is the peak utilization of such plants? Is it 80, 85, or it can go up to 95? It depends, but normally I think, 80% is good enough. 80% is good. Fair enough. Sir, about margins, I asked a question. See, because now we have margins with the economies of scale will keep on getting better and better. That's what I can say, you know. As you see now, the improvement has started, and we are promising 11.5, 100 basis points better margins. So this is the trend that we would like slowly to continue towards our traditional historic margins. Thank you so much, sir. Looking forward to visit your new plant. Most welcome, anytime. And we'll also, maybe, keep an investor research analyst visit to the new plant. We would love that sometimes let the weather improve in Delhi. So maybe some August, if September or October, whatever suits, you know, we'll plan it. Yes. Thank you, sir. Congratulations on the good set of numbers. Thank you. Thank you. We have a reminder to all participants, you may press star and one to ask questions. We have our next question from the line of Amar Kant Gaur from Axis Capital. Please go ahead. Thank you for the opportunity, and congratulations for a healthy set of numbers, sir. Thank you. I have a couple of questions. ... First one is on the two-wheeler EV side. While you have a fair share of business with the new age two-wheeler for EV OEMs, your larger set of your customers are still not present in that segment. So, if you can shed some light on what are your expectations from those customers in that segment, and any timeline for the same, if you can share? See, this segment has been, because there is a price differential, and it's a very cost-competitive sector, so it is quite dependent on the FAME II subsidies, which the government reduced, I think. But, having said that, I would say that all the established players are also evaluating and seeing how the price differential can be reduced with the ICE engine vehicles. And probably they'll take a call as per that, you know. Okay. So, no definite timeline as of now you have in mind? They have not informed us, because we are supplying to each and everyone. All right. That's great to know. And the other one was on the alloy wheel business, which you talked about your technology tie-up with LIOHO, and that was basically for HPDC, if I got it right. Is that so? Yes, yes. So, pardon my ignorance, but the alloy wheels now are being made in GDC and HPDC? It is made in GDC at the moment. Okay. See, this is. Yeah, and what is your question? Yeah. So my question is, I mean, how will this progress of these orders, eventually when you get them, how will it work? I mean, you will have to prove the product, et cetera. There will be probably a time to market. So by when can you, I mean, by some degree of certainty, can you tell that these products will come into the market? See, as I said, that our collaborator from Taiwan is a leading player in Taiwan, and he's supplying to the best two-wheeler in Taiwan, that is Gogoro, you know. Okay. It is a proven product by him. With that kind of technological backup, we'll be bringing the product and testing on the Indian roads, along with our OEMs already. As per the results of these, I think some results will be out definitely by Q1 of next year. Okay. So you indicated that, with HPDC, the weight would be lower? Yes, yes. In terms of operations and all, would it be, let's say, maybe cheaper to manufacture or more cost effective, maybe more margin accretive? How do you see the financial performance of this this- See, see, the cost of the light weighting and the cost of the HPDC process, you know, if it succeeds, then there'll be a better productivity, slight reduction in the cost and smoother supplies to the customers. And even in the EV, where, as I said, the lithium consumption of the battery is related to the weight of the vehicle, I feel it will be very much appreciated. That's our confidence. Okay. Okay, thank you. Thank you, and just a final thing on if you can indicate what kind of content per vehicle currently based on the product that you have right now, versus the products that are in the making and you will be introducing in the next couple of years. How much can your content per vehicle improve by post that? Well, we can't quantify it at the moment because it will all depend on the success of the new products. But our endeavor is to continuously go for new technologies, backed up by the world-class players and improve the content per vehicle, and also add to the number of customers. And that's how, because that's the only way you can outgrow the market. Yes, yes, yes, definitely. Thank you for taking my questions. Thank you so much again. You're welcome. Thank you. Thank you. We have our next question from the line of Jainis Chheda from Spark PWM. Please go ahead. Sir, one last question from my end. What will be the revenue from top three customers for FY24? Sorry, can you repeat the question? What will be your revenue from top three customers for FY 2024? Top three customers? Okay, that's... Maybe we'll have to correctly- Yes, we have to- Correctly check, but it may be around, okay, I think, see, Mr. Naresh will check. Yes, this is Naresh Sharma. It's around 60%. Okay, thank you so much. Thank you. We have our next question from the line of Kunal Ochiramani from Kitara Capital. Please go ahead. One last question from my side. When you say your partner is from Taiwan, and he's the best seller in the country, do you think India is comparable to Taiwan? Why not? We never underestimate ourselves. I mean to say the condition of roads. Condition of roads, that is, as I said, that is what is to be tested, you know? It has to go through testing. But the way I think we are confident, the way the roads are improving, you know, I feel our product should test well. Yes. Should succeed in the test. Okay, thank you so much. You're welcome. Thank you. A reminder to all participants, you may press star and one to ask questions. A reminder to all participants, you may press star and one to ask questions. As there are no further questions, I would now like to hand the conference over to the management for closing comments. Thank you very much. Thank you, everyone, for such patient hearing. Well, as a closure note, I would like to say that we'll keep on working hard the way we have been doing in the past, and try to show good results. That's what all I can say, because that's our job, you know, which we will like to do properly and come up to your expectations. Thank you very much once again. Thank you very much. Thank you. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you, everyone. Have a good day.