Ladies and gentlemen, good day and welcome to ASK Automotive Q2 FY 2026 Earnings Conference Call, hosted by Adfactors PR. As a reminder, all participant 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 a touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Snighter Albuquerque from Adfactors PR. Thank you, and over to you. Thank you. A very good evening to everyone, and welcome to the Q2 and H1 FY 2026 earnings call of ASK Automotive Limited. From the senior management, we have with us Mr. Kuldip Singh Rathee, Chairman and Managing Director, Mr. Aman Rathee, Joint Managing Director, Mr. Naresh Kumar, Chief Financial Officer, and Mr. Manoj Sharma, Chief General Manager and Investor Relations. Before we begin the earnings call, I would like to mention that some of the statements made during today's call may be forward-looking in nature, and hence it may involve risks and uncertainties, including those related to the future financials and operating performance of the company. Also, please bear with us if there's a call drop during the course of the conference call. We will ensure the call is reconnected at the earliest. I would now like to hand over the call to Mr. Kuldip Singh Rathee, Chairman and Managing Director, for his opening remarks. Thank you, and over to you, sir. Thank you, Mr. Snighter. Good evening, ladies and gentlemen. It is my great pleasure to welcome you all to our Q2 and H1 FY 2026 earnings conference call. I hope you have had the opportunity to review the detailed presentation submitted to the exchanges and available on our website. The Government of India's GST 2.0 Reforms mark this pivotal milestone that is set to elevate the Indian automobile industry and energize the broader economy, given the sector's deep forward and backward linkages. Despite the revised GST rates being applicable for very few days of September, all automotive segments like passenger vehicles, two-wheelers, and three-wheelers have recorded their best-ever September sales. Now, let me begin by sharing a quick overview of the broader industry as reported by SIAM. The Indian automobile sector witnessed healthy momentum in H1 FY 2026, with overall vehicle production across all segments registering a robust year-on-year growth of 5.8%. The two-wheeler segment matched the overall vehicle production growth at 5.8% on a year-on-year basis. We are optimistic to achieve a higher growth trajectory in FY 2026, supported by strong festive season momentum, stable macroeconomic conditions, and GST 2.0 Reforms that have improved overall affordability and consumer sentiment. The two-wheeler industry closed H1 FY 2026 with a strong production volume of 12.8 million units, up from 12.1 million units in H1 FY 2025. In Q2 alone, production touched 6.9 million units as compared to 6.3 million in the same quarter last year. Looking ahead, we believe the industry stands to gain further from supportive macroeconomic policies, particularly GST 2.0 Reforms, personal income tax rationalization announced in the Union Budget 2025-2026, combined with two successive rate cuts by the Reserve Bank of India. These measures are likely to enhance consumer purchasing power and improve access to vehicle financing, creating a conducive environment for sustained demand. The good monsoon will further ensure rising income in the agriculture sector and will be beneficial for the two-wheeler sector. Since all our products were under the category of 28% GST, hence the reduction of GST rate from 28% to 18% is especially good for ASK because it will help us to outgrow in the Indian aftermarket and gain more market share from gray market operators and duplicators. With this positive backdrop, we remain optimistic about the growth trajectory of the sector in the coming quarters. Before we move on to ASK's business performance, we would like to highlight that our 9.9 MW solar plant at Sirsa, Haryana has started supplies from April 25. We are excited with the results in terms of sustainable operational economies. Happy to announce that the company is installing one more captive solar power plant of 11.55 MW at Rajasthan, which is expected to be operational by Q1 FY 2027. This reflects ASK's special focus on green energy. Moving on to business updates, I'm delighted to share with you that we had a strong finish to the second quarter and half year in both revenue and profitability. This marks our eighth consecutive quarter of robust performance since the company's listing. During Q2 FY 2026, we delivered revenue growth of 16.6% excluding Wheel Assembly business. Wheel Assembly strategic reduction was 53.6%, and thus consolidated revenue has grown by 8.5% on a year-on-year basis. We achieved growth of 19.5% in EBITDA and 18.6% in PAT on a year-on-year basis. This is the highest-ever absolute revenue, EBITDA, and PAT earned by us in any quarter in the past. We continue to outperform the two-wheeler industry in terms of vehicle production growth during Q2 FY 2026. Further, we have achieved an EBITDA margin of 13.4% in Q2 FY 2026, representing an improvement of 124 basis points over Q2 FY 2025. But for the significant increase in aluminum alloy prices during the quarter, our EBITDA margin would have been 13.7%. Our EBITDA margin is affected by aluminum alloy prices. Upward increase in prices of aluminum affects our EBITDA percentage because of the denominator effect. However, our absolute EBITDA number remains the same. With this strong performance on profitability, our earnings per share in Q2 FY 2026 has increased to INR 4.05 per share against INR 3.41 per share in the same period last year. Improvement in margins is mainly driven by better economies of scale due to higher volumes, benefit from increasing capacity utilization at Karoli and New Bangalore facilities, and strategic reduction in low-value-added wheel assembly business. As a result, in the first half of FY 2026, we delivered revenue growth of 14% excluding wheel assembly business. Because of wheel assembly strategic reduction by 53.5%, the consolidated revenue has grown by 6.1% on a year-on-year basis. Achieved growth of 19.4% in EBITDA and 17.5% in PAT on a year-on-year basis. We have delivered EBITDA margin of 13.6% and improvement of 151 basis points on a year-on-year basis. With strong performance on profitability, our earnings per share in H1 FY 2026 has increased to INR 7.4 per share against INR 6.3 per share in the same period last year. Our all three product segments performed well in Q2 and H1 FY 2025 in terms of revenue growth. We have sustained our market leadership position in the Advanced Braking System. Our Advanced Braking System revenue grew by 10% in Q2 and 7% in H1 FY 2026 on a year-on-year basis. The Aluminium Lightweighting Precision Solutions revenue grew by 22% in Q2 and 19% in H1 FY 2026 on a year-on-year basis. The Safety Control Cable revenue also recorded growth of 2% in Q2 and 4% in H1 FY 2026 on a year-on-year basis. In the unstable global geopolitical environment due to tariffs and other issues of rare earths and magnets, our revenue from exports was at INR 63 crore against INR 74 crore last year in the same period. However, we do feel that we'll cross the last year's number. Thank you very much for your patience hearing. With this, we leave the floor open for question and answer. 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 the 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 Rishi Kap adia from CLSA India Private Limited. Please go ahead. Thank you for taking my question. And first of all, congratulations to the management for reporting such a strong number. So first of all, congratulations that you delivered a strong 19% growth in the EBITDA front, and you did call out that there was a 30 basis points in PAT due to the aluminum price inflation. So is it fair to assume that the revenue was inflated due to this by around 2.5%-3%? That's one. And second, for this quarter as well, for 3Q, we are seeing some aluminum cost inflation. So anything to highlight what would be the effect on the revenue and the margin for the 3Q? That's my first question. Yes, thank you, Rishi. And you have very rightly pointed out that if the EBITDA margin percentage gets affected by 30 basis points, even the revenue also goes up by about 2.5%-3%. So that's a very correct observation of yours because of the aluminum price increase. And what was the second part of the question? Sorry. So, for this quarter as well, we are seeing some aluminum cost inflation. So, anything to highlight what would be the effect? Aluminum prices are going up only. They have not stopped. So we'll let you know quarter on quarter what the trend remains, I think. But this is because we are getting the aluminum prices, whatever is the raw material cost, plus the value addition. So in percentages, it will keep on changing, but the absolute numbers will remain the same. Okay. And my second question is towards the safety cable segment where it was one of our growth segments, but for this quarter, we have just grown by 2% and that on a lower base. So anything to highlight? Was there anything significant happened in the segment? Nothing significant happened except that this is the approvals in the companies is on certain models, and if the model ratios change, then it gets affected and it is a result of that, basically. So, for going forward, what growth assumption do you think that this segment would kind of? That will depend on what more demand comes for which vehicle now after this GST reduction. So I think it will depend more on that. But all efforts are in that there should be a reasonable growth if we continue to move in. However, the overall growth in the revenues will be totally as per our guidelines. Right from beginning, we have given the guideline of mid-teens, mid-teens, and plus this aluminum price impact that we still hold. So my third question is on exports. We have seen a very strong growth in the export front despite adverse macroeconomic conditions. So any highlight on how the export volume would look like? What's your outlook for FY 2026 and 2027 on export front? No, the export front, we were very bullish. We were trying hard on that, but suddenly this geopolitical situation changed, and that has really affected this particular year. Otherwise, we were very bullish even on this financial year. I hope that things settle down. And as per yesterday's news, if this rare earths and magnets issue gets resolved, I think the fourth quarter four should be again normal. And that's why we have said that we still believe that we'll cross the last. In spite of all the odds against us, we'll still cross the last year's number. Okay. Thank you so much. I'll come in the queue. Thank you. The next question is from the line of Yash Agarwal from Nirmal Bang. Please go ahead. Hello sir. Good evening. First of all, congratulations for a great set of results. My first question is, can you please give a breakup of INR 600 crores of Capex done in the last two years and INR 250 crores of Capex done in the first half and also the outlook for remaining FY 2026 and next year? Good afternoon. Hey, Naresh Kumar. Yes, yes. Hi, yes. Our CapEx is mainly in the last two years is mainly towards the plant and machinery and some part is in the building. And this year, we have a plan of around INR 450 crores of CapEx in the complete total year. Out of that, INR 370 crores already released, and the rest will be in the second half. Sir, for the next year? Next year will depend because now, after doing this Capex, we are completely sorted for the growth of the next financial year. But as per the optimism, whatever the way the situation develops, we'll be investing. But normally, we do invest around INR 400 crores every year because on an optimistic note. Okay, sir. And when do you expect the additional capacity to ramp up fully? Based on my understanding, it's close to 60% right now. Yeah, yeah. It is 60% right now. In the next financial year, we expect this to go to something like 75%-80%. Okay. And what will be your prediction for next few years when they can reach close to 80%-85% in the next year? Actually, our capacity is also keep adding, so perhaps. We keep on adding, so we can't mention in terms of percentages, but as we have the ambition to grow at mid-teens, so accordingly, we have to invest if we have to grow because we have been outgrowing the industry always so far, and that is the intention that we should outgrow the industry, so for that, we need to do the Capex. Okay. And my third question is, given the fact that two-wheeler aluminum casting is highly competitive, what growth do you expect here beyond FY 2027? And what are your internal targets for aluminum casting in other sectors such as private vehicle and export? This is our sunrise industry, not only ours, for everyone in the segment, and we see a great potential going ahead in this particular segment. Okay, so do you have any tentative target, anything like how much would be the? Our tentative target, I have told you, overall, we have to grow at mid-teens, so that's our internal target. Okay. And Okay. And last question, what is the update on the alloy wheel business? How much Capex do we plan here and what are the timelines? Alloy wheel business. Already we have done the CapEx, most of it, because we have done the CapEx. And the machines, they will get delivered by February this financial year in the Q4. And we'll take out the product with the Japanese collaboration by around April or May. And after testing, I think the supply should start to the Japanese OEM. Whereas the other one with the Taiwan collaboration, that is under testing with one of the OEMs. This being a safety item, I think they are taking a little more time. But we also don't mind. All our parts are safety parts, and the customers do take time to test it. So as and when it comes, even that should start. Okay, sir. Thank you. That's very helpful. That's all from my side. Thank you. The next question is from the line of Raghunandan from Nuvama Research. Please go ahead. Thank you, sir, for the opportunity. Congratulations on strong profitability and festive greetings. Sir, my first question is on Bangalore and Karoli plants. For Bangalore plant, utilization was expected to reach 60% in Q2. Has this been achieved? And is it on track to be 75% by Q4? Also, how much was the utilization at Karoli? I think last quarter it was 65%. Raghunandan, yeah, thank you very much. And as we mentioned, that it is in Q2, it reached 60% in the Bangalore new facility, which we opened on 14th January. And in Q4, we are very confident that it will be 70%-75% capacity utilization. As far as the Karoli plant is concerned, since there is more and more investment going on there, so I think we cannot go by the percentages. But yes, we'll probably remain between 60%-70%, anywhere between 60%-70% capacity utilization because more and more investment is being done. I think we may be at 60% only, counting that investment. Got it, sir. And would you be tracking the margins at these plants, sir? How would they compare with the blended level? And you can indicate by when would you think that they will match the blended level of margin? They have already matched the blended level. Good to hear that, sir. Thank you. My second question was on alloy wheel business. You indicated that April onwards, the product production could start off and supplies to Japanese OEMs will run out. So how do you see the business shaping up in terms of what could be the possible revenue in FY 2027 or 28? Or based on the CapEx, what can be the peak revenue potential here? No, Raghunandan. Actually, what I had said, that there are two collaborations we are having. Again, I'll specify, which I explained in the last few minutes back, and in the first collaboration with Taiwan, the product we have already taken out last September, it's under testing for more than around one year. But as I said, all our parts are safety items, so we know it takes a lot of time. And we are never in a hurry. The customer has to be fully sure to grant clearance for that. So once the clearance comes, we'll start supplies from that collaboration. The second collaboration is from Japan, which is for a particular Japanese customer. This, as I said, the machines will come in Q4 completely. They'll be installed in Q4. And in the quarter one, we'll be taking out the samples and giving to the Japanese customer. And again, whatever time they take on the testing and approvals, after that, the supplies will start. So let the approvals come. The moment the approvals come, I think we'll be able to give you the guidelines. Otherwise, before that, to give the financial guidelines will be a little premature. Understood, sir. Thanks for the explanation. Just a clarification here, sir. Based on the Capex you have incurred for alloy wheel, what would be the capacity in terms of revenue potential here? Would it be like INR 200-INR 300 crores? Already, the CapEx that we have done will ensure the revenues of 250 crores. Suppose the approvals come, whenever the approvals come, now I'll not put a timeline to it, but whenever the approval comes, we'll let you know, and I think we are geared up to supply up to 250 crores. Thank you for that, sir. On the. Sorry to interrupt. Sorry to Sorry to interrupt, Raghunandan. Hello. This is the operator. Due to time constraints, we need to move to the next question as there are many people in the queue. Sure. Thank you. Yes. The next question is from the line of Nitin from JM Financial. Please go ahead. Thank you for the opportunity. In light of increasing aluminum alloy prices, do we maintain a margin target of around 14% in FY 2026? No, Nitin, I think we are doing pretty well. And we do hope to maintain the present margins. Okay, okay. So there will be a slight miss on the margin print in light of this rise in the aluminum prices. Is that correct? Maybe. From the guidance. Why do you say guidance was what? What was the guidance? It was 14%, if I remember correctly. It was 13.7% guidance, and we have already explained that 30 basis points in percentages only will get affected. Nothing else. Got it. Absolutely. Better numbers remain the same. We are not off the mark in that guidance. Okay. Got it, got it. And second is related to the mandatory ABS anti-lock braking system. So is there any further update from the government or from your customer that you see that it is going to be mandated from 1st of January 2026? Not to our knowledge. And I think this question was asked to one of the reputed OEMs also. Even they could not answer to that. There's a lot of uncertainty. Let the notification come. Then only we can clarify. Okay. All right. That's it from my side. Thank you. The next question is from the line of Ronak Mehta from ICICI Securities. Please go ahead. Yeah. Hi, sir. Thank you for the opportunity. Congratulations on a good set of numbers. My first question is just a clarification. I think one statement was I think you mentioned that you have already done Capex for the first tie-up, one of the tie-ups of the Alloy Wheel business. And I believe that Capex would be about INR 125 crores, right? Because typically, asset turns are about two times, which is how you came to that number of INR 250 crores revenue potential. Is that understanding correct, or? See, Ronak ji, the good part in the process that we are taking off producing alloy wheels with high-pressure die casting is that all the machinery and the investment is very, very fungible. It can be used on any other product. And since that plant where we had invested INR 125 crore, that's already will be reaching 70%-75% capacity utilization. So that is already fully used. So. Understood, sir. So, sir, just wanted to check for the Karoli plant, how much investment have we done so far? And yeah, so that is the first question. See, this year, we'll be doing about around INR 450 crores of investment. Total? Total. And so in that, the Karoli plant will be doing about 250 or so. 250. And And rest will be some maintenance expenses. And INR 100 crore will be further doing in the Bangalore plant. Okay. So INR 250 crores this year for Karoli. And till last year, we have already invested about INR 450, so about INR 700 crores for that plant. Last year, March, we had invested INR 490 crores. Okay. Fair enough. My second question is on the new products side. So any new products under development that you want to highlight? When are you likely to come up with some new products? Because new product addition can obviously drive much faster growth for you, given how the growth has been for you in the last few years. You have substantially outperformed the underlying industry backed by the new products and new customer addition. So any update, anything that you're working on you want to highlight on the new product side? We are continuously working on some new products. And I think as soon as the breakthrough comes, we'll keep on briefing everyone on that account. But that effort continuously goes on. Okay. So Okay. So should we expect the new product to come this year, next year, any timeline? It will come next financial year because this year's the business plan we are through. What we have projected and given, I think we will be achieving it confidently on that. Fair enough, sir. Thank you. Thank you so much, sir. All the best. Thank you. Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on the touch-tone telephone. A reminder to all participants, anyone who wishes to ask a question may press star and one on the touch-tone telephone. The next question is from the line of Navin Kumar Dubey from Narnolia Financial Services Limited. Please go ahead. Yeah. Thanks for the opportunity, sir. And congratulations on a strong set of performance. My question is related to the two-wheeler industry itself. So one more thing, which is coming from 1st January, I think that the Pay Commission is getting implemented. So what kind of additional benefit for the two-wheeler industry we can expect? This quarter four, we are very, very optimistic because, as you rightly said, all the good developments are taking place already. The whole industry is quite bullish this year. We expect that the growth, which has been 5.8% so far, that we are expecting around overall in the year, maybe it touches 7%, maybe. Yeah, because TVS was guiding, I think, around 8% in the second half. 8% in the second. As you see, that quarter one was 0.7% only. So quarter two has improved substantially. And I think there is a big boost to the two-wheeler industry. Okay. So will this growth continue for maybe next two, three years, considering the kind of deleveraging that industry has going to have for at least next two, three years? Well, I can't explain that much. But yes, this year and next year, it's likely to continue. Okay. Another question is on the export front. That is more of a generalized question. Sir, how is the export market situation right now? Is it improving, or is it similar as it was a few months back? No, it is almost similar to what it was because it's not in good shape. But yes, yesterday's news that China is releasing all the rare earths and the magnets situation, that has given a boost in our minds that next few months or next one year, I think there is a truce for one year between the U.S. and China. So next one year, the supply should be normal. And if the supplies are normal, again, hopefully, it should pick up. Okay. Another question, sir, is on we have seen some reduction in cash flow generation operations in the first half compared to the last year. So was there anything different from last year, or? You are talking about the standalone or consolidated basis? Yeah, consolidated basis. Yeah. This is mainly due to two, three things. One is the inventory increase because this time, festival season, we were expecting very good festival season. And GST 2.0 impact, we invested some inventory. So working capital impact. All right. Actually, the implementation of new reduction in GST came from 23rd of September. So there were very few days in Q2. And all the festivals, right, from Sharad to Diwali, which is the main sale period, that was in October. So there was a transition. So we built up the inventory. Okay, okay. So the last question is, sir, how is our content value increasing? Do we have any kind of data these last two, three years? How is that moved? So our content value remains very strong. Whatever it was, it's carrying on. And as we said earlier, though EV is not performing much, but otherwise, in EV, it is much more than that, about 40%-50% more. Okay, okay. Thank you, sir. That's it from my side and all the best. Thank you. Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on the touch-tone telephone. The next question is from the line of Vijay Pandey from Nuvama Wealth Management. Please go ahead. Hi, sir. Thank you for taking my questions, sir. Congratulations for an excellent quarter. Sir, a couple of questions. Just wanted to check, in terms of aftermarket, this includes the ABS sales or the aftermarket sales? It includes all three segments? Our ABS, ALPS, and Safety Control, or is it only one of two segments? Aftermarket is only two segments, so that's the brakes and the cables, not the aluminum. Okay, okay. And the passenger vessel will be entirely ALPS, if I'm? Yes. That's specifically ALPS. Yeah. Okay. Secondly, sir, I wanted to check about the JV, the German JV, which we discussed in the last quarter conference call. Any idea when can we start seeing the revenue potential? What will be the revenue potential, and what can be the profit potential from that? The JV potential, we'll start working on that shortly next month. We hope to come into production early in H2 of next financial year. Okay. So H2 of FY 2027? Yes, please. Yes, please. It will take like nine months or so. Okay. Sir, what can be the top line in that case for the JV business? Sir. Top line or bottom line? Sir, let it come first. I think we'll let you know. There may still be many more calls before that. Okay, sir. Okay. Okay, sir. I'll fall in line in the queue. Thank you. Thank you. Thank you. The next question is from the line of Ronak Mehta from ICICI Securities. Please go ahead. Yeah. Yeah. Thank you for the opportunity once again. Sir, just one last question from my side. Looking at your growth in the aluminum segment, is it fair to assume that you are gaining market share in the ICE aluminum casting segment as well? We are doing well on all fronts, ICE as well as EV, yes. And because of some new items, some. New product. PV. Yeah, and some aluminum segment, the growth has come from the PV also. Yes. From. Okay. Sir, so can you highlight some of the new programs that can drive this kind of a growth rate even for next year? So we are very confident that this will continue next year also. I think the visibility is there. Sure, sir. Thank you. Thank you so much, sir. Yeah. Thank you. The next question is from the line of Sagar Shetty from BP Wealth. Please go ahead. Yeah. Thank you so much for the opportunity, and congrats on the good set of numbers, so actually, I would just like to follow up on the new plant, so should we go with the previous assumption that the asset turnover expectation will continue to be around 1.75, or is there any update on the ratio? Oh, it will continue like that. Okay. It will certainly continue like that. Okay, and so the revenue potential will also continue to be the same for both the plans? We are very cautious, and you can see the financial prudence of the company. We are very, very cautious on investments, and we especially focus on the bottom line, so this will definitely remain like that. Okay. Not only that, we would like to maintain our ROCs also, which is one of the best in the industry. We are very focused on that also. Sir, just on the front of cable JV, so is the setup for the project on schedule, like the 10 crore investment which you planned earlier? So is it in line with your timeline, or is there any changes on that? Like we were expecting the revenues to be expected by 2027. No, sir. We just told you that the plant should be commissioned by H1, finishing end of H1 next financial year. Okay, sir. Okay, sir. H2. H1 27. Yeah. Some revenues to come. Sorry, sir? Hello? Hello? Yes, please. No, you're saying, sir? I didn't get you. I'm so sorry. Oh, I think the voice from your side is not clear. But what I said is that just now I told you that the sunroof joint venture will be putting into production in nine months. And in H2 of next financial year, some breakthroughs should come in revenue. Okay. Okay. Yeah. Sure. Thank you. Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on the touch-tone telephone. Once again, a reminder to all participants, anyone who wishes to ask a question may press star and one on the touch-tone telephone. The next question is from the line of Maulik Gandhi from Val-Q Investment Advisory Private Limited. Please go ahead. Hello, sir. Am I audible? Yes, please. Yeah. So currently, my first question is that currently, you in the Aluminium Lightweighting Precision Solutions for the four-wheeler, you are currently doing the for only the ECU body. So are we planning to add more products in the four-wheeler space so that we could explore into some other areas in four-wheelers for Aluminum Lightweighting? Yeah. We will see the numbers have improved in the supplies to the passenger cars. And we have added some more products. What would be our content for vehicle in the four-wheeler? It is not significant at the moment. Okay. And then let's say by two, three years' time, do we expect this business to be, let's say, around 10%-12% of our total turnover? We are trying hard to improve on all fronts, and as I said, our main aim is to focus on our mid-teens growth. That is more important. Okay. Okay. That's it from my side. Thank you. Thank you. As there are no further questions from the participants, I now hand the conference over to Mr. Kuldip Singh Rathee from ASK Automotive Limited for closing comments. Thank you, and over to you. Yeah. Thank you very much, everyone. And thank you for your patient listening. And well, I hope that I could clarify your queries quite transparently. In fact, I would also like to say that I speak in or I'm an optimist, and I always remain optimist. And well, the numbers that we give you are our aspirational numbers. But let me tell you, we work very hard to achieve those numbers. And that's what we have been doing so far. Thank you very much. And the company will hopefully keep on performing in a similar manner in the coming future. Create value. And create value for our stakeholders. That is the intention. Thank you very much. Thank you. On behalf of Adfactors PR, that concludes this conference. Thank you for joining us. You may now disconnect your lines.