Ladies and gentlemen, good day and welcome to Ather Energy Limited Q1FY26 earnings conference call. As a reminder, all participants' lines will be in listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Murali Sashidharan from Ather Energy Ltd. Thank you. Over to you, sir. Thank you, ladies and gentlemen, a very good afternoon and welcome to Ather Energy Limited Q1FY26 earnings conference call. We have with us today Mr. Tarun Mehta, Executive Director and CEO Ather Energy and Mr. Sohil Parekh, Chief Financial Officer, Ather Energy. Before we begin, I would like to add that anything that the management might say on this call which might be seen as forward-looking statements may involve risks and uncertainties. Such statements or comments are not guaranteed by Ather Energy Ltd., and the actual results may differ from those statements. So we will begin with a brief overview by Mr. Tarun Mehta. So on to you, Tarun. Hey, thanks, Murali. Welcome, everybody. So we are reasonably young in our life as a listed company and this is only our second earnings call. So first want to thank everybody who's joined in today. And given that many of you might be following us only recently or might be still new to our story, I just want to take a couple of minutes and just explain what we're building at Ather. We started Ather 12 years back and there are two big bets that we have taken in this business that have come to really represent Ather over the last decade. The first bet has been on the premiumization of our industry and the bet on the upgrading Indian buyer. We believe that the two-wheeler industry, particularly the scooter industry, is going through a fantastic phase of premiumization and will continue to do so as per capita incomes go up. Majority of households already have a scooter or a bike and are buying one increasingly that is of an upgrade to them and their families and that's the trend that Ather wants to ride. We built a brand over the years particularly focusing on this. The second bet has been on R&D and technology. Ather has been well known in the industry and to the consumers for a strong investment and a strong focus there. Over the years this has led to a very strong patent portfolio. In fact we finished Q1 with 417 patents filed almost 60 patents 60-70 patents more than the almost 60-70 new patents in the quarter with half of our workforce in R&D. So we believe for EV businesses, the best EV businesses will be those who will be able to navigate the future of EV. You will have to have a very strong R&D base and that's what Ather continues to invest behind. With that, let me just zoom in a little bit on how Q1 was. So Q1 for us was a very strong quarter. Typically coming from Q4 to Q1 in our industry, Q4, there may be a little bit of a volume run-up because of the March exit numbers specifically with subsidies coming down and Q1 often showcases a little bit of a dip in volume. Despite that, we saw a very strong performance. Our units sold were at 46,000 units which were up almost 100% over the same quarter last year. Total income was at INR 672 crores which was up 83% over same quarter last year. Our gross margins were up even better. They were at INR 154 crores which are 117% up year on year and on a percentage basis hit a high of 23%. This even if you were to see our margins without any government incentives, they come to about 20% which is a 700 basis points improvement over the same quarter last year. Very strong performance over Q1FY25 on top line margins and also EBITDA. We finished Q1 with a minus 16% EBITDA which was also 1700 basis points over same quarter last year. This jump in volume was also matched with a growth in market share for us. We went up from. Obviously compared to Q1FY25 we were almost double from 7.6% to 14.3%. But even compared to Q4 we grew our market share by about 70 basis points from 13.6% to 14.3%. This growth. To better understand this growth, I think it's important to focus on our strategy, which has been distinct based on the geography. So, for example, in South India we generally have been a strong player, and there our strategy has been in building up our dominance. Q1 FY26 was the first quarter when, for the entirety of the quarter, Ather became the number one player by volume, ending with a 22.8% market share. This I would say is down to the increasing popularity of Rizta in the Southern markets in the recent months and quarters. While Rizta launched last year, we started focusing on Rizta in the Southern markets only recently, and that's leading to a strong performance in volumes moving up in Middle India and North India. Most of the growth is driven by distribution expansion. So for us over the Q4 earnings call, I had called out that we are on a big network expansion. We had added 86 stores to our total network in Q4. FY25 Q1 was even better. We added 95 stores, averaging more than one store a day and expanding pretty rapidly across the country. We are now up at 446 stores. Obviously, as you can imagine, there is still a fair bit of headroom available here and we believe there is an opportunity to add many more stores in the coming quarters. These stores particularly played out in a big way in Middle India for us. Middle India are the five states of Gujarat, Maharashtra, MP, Chhattisgarh and Odisha. Over the last few quarters we've been focused on adding more and more distribution and more and more stores in this zone. And that's leading, and that's led to a strong market share performance which has. In Q1, we ended with 10.7% market share up almost two and a half times over same quarter last year and expanding pretty rapidly. I believe that these stores that we've added and continue to add in this zone will continue paying a strong dividends as store throughput continues to shoot up every month over the next few months. So this year a fair bit of growth will continue coming from the Middle India geography. Rest of India, particularly North India, we have added stores and we have expanded our network. But really our focus is shifting on network expansion into this zone as we speak. This is a very large zone. States like Rajasthan, Uttar Pradesh, Bihar, really giant geographies, all of northeast, very excited about them. We believe an expansion of distribution here can drive and pay dividends for us over all of next year and present us and put us in a really good position as we get ready with new products, specifically our EL Platform and our low cost products in the coming year. South India, all about consolidation and building up our market leadership. Middle India, we've already begun a strong work on network expansion that's starting to already pay off reserves and I believe over the coming quarters will continue to pay more results. Rest of India, where we are now moving our attention and in the ensuing quarters you will see specifically next year you should hopefully see strong results from this cohort. Also, if I move my focus to adjusted gross margins, they've obviously seen a strong improvement as I called out, up from an average 19% last FY to 23% in Q1. A lot of this is also driven by our non-vehicle revenues which have now hit 12% revenue contribution. This is a mix of our accessories, our warranty programs and our software. Software is trending very very favorably for us and has been actually holding up really well despite an expansion into all parts of the country today with very high attach rates. So our accessories, Ather helmet, our Halo sales have also commenced and they are also adding to this. Charging infrastructure is also up. We added almost 400 charging points last quarter hitting 4,000 charging points everywhere. All of this is obviously matched by a cost reduction. Costs came down in Q1 almost 7% compared to the average of FY25 EBITDA improvement. So in Q1, given that we had the IPO pretty much in the middle of the quarter at the end early May, some of our investments could commence only a little later. So there is probably some amount of deferment. I would say maybe 20-30 Cr in this quarter. But even after factoring that Q1 was a terrific improvement over Q1 last year, EBITDA losses have narrowed down from -33% to -16% even on an absolute basis. EBITDA has come down and operating leverage is starting to show the results here. What is ahead for us? Just zooming out for numbers a little bit. Obviously on the watch outs we continue navigating and continue focusing on the rare earth magnets in our industry. Our teams have been hard at work at multiple approaches here. In the medium term, I foresee fairly strong options which should hold up really well, and I am pretty positive about volumes and performance. There are in the short term, which is this quarter, there could be an impact of about a week odd in terms of potential business impact. We will try and contain that with our channel inventory as much as possible. As of now, I am optimistic that any impact of rare earth magnets would be restricted to Q2. What's exciting for the future is looking ahead. First, in the next few weeks, we have our annual launch day. It's a community day celebrations on end of this month, the 30th of August. So we'll be unveiling our new generation software AtherStack 7 there. We will also be unveiling critically our new platform, the EL platform, which is a new scooter platform designed for cost and scalability. In this event, on the 30th of August for us, LFP battery packs have already gone live. So very happy to announce that and you will hopefully see the impact of that in our financials in Q2 and Q3 as the percentage contribution to sales starts becoming more and more visible. And finally, our factory 3.0 which is our expansion for next year is on a good track and we'll have more updates to share on that in the coming quarters. With that, let me just take a pause. I think the summary for the quarter is done and we can move to Q and A now. Thank you. Thank you very much, sir. 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 2. 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 Nishit Jalan from Axis Capital. Please go ahead. Yeah. Hi. Thanks for the opportunity and coming up some good set of numbers. Tarun, my question is two questions. One on the cost reduction side we have seen gross profit per vehicle improving by about three-four thousand INR. QoQ 3,500 INR. So just wanted to understand and this is despite that incentive came down by around INR 5,000 in this quarter. So just wanted to understand how much of it is driven by selling prices and how much of it is driven by basically company specific and industry specific factors, number one. Number two and how do you see this going ahead? Our entire benefits from selling price reduction and all have come through right? Or more we will see coming here. So some indications, some thoughts around how should we look at BOM cost going ahead? Right. Second question: You did talk about seven days of impact because of rare earth issues in this quarter. You mean seven days of production impact, and retail impact will be much lower because of inventory. Because we are getting into the festive months also now. So probably your production run rate needs to pick up. So will we be able to do that or not? And thirdly, you are unveiling this EL Platform on 30th of August. Right. When do we see products on the EL Platform getting launched, and which will be the key states or anything that you will be targeting this platform primarily, right? Or will it be more pan India across states or something? Thank you. Thanks for the question. So I'll take a quick stab at them. So yes, we saw gross margin improvement and I think what you will see if you as you dive into the numbers is that our average selling prices have actually held up quite favorably despite subsidies coming down by INR 5,000. So it's actually a combination of our value engineering work, favorable commodities, also the strength of the brand. We've been able to calibrate prices upwards and ensure good attach rates of software. Good attach rates. product skew has been very heartening even with Rizta, not just 450. So product skew has been very favorable. Software attachments have been very favorable. All of them have contributed to a very steady ASP despite subsidies coming down and very solid revenue realization despite subsidies coming down. It's a mix of, on the cost reduction front, I would say it's a mix of cost reduction and commodities, particularly sales in our case that has played out this quarter on rare earth very quickly. So it's a blended thing basically. Obviously we are factoring higher production and higher throughput for this quarter over the previous quarter, particularly with the new stores and the festive buildup that's ahead of us. So when I say seven to ten days, seven days of impact, that's factoring all of that in. So the right way to see this would be not like production stop for seven days, but a possible gap in our ability to supply our dealers' demand for up to about a week for this entire quarter. Obviously teams continue working hard on minimizing this. Also this was a larger gap a few months a few months ago, but a lot of strong R&D work has helped minimize this at this point. This will have some impact on retail. I would be remiss if I say this will have no impact on retail because our channel stocks are not that high but when there is channel stock and that's the advantage of having a channel so the impact on retail would be lesser than that of wholesale. So, net net, I think it would be a small impact in Q2 hopefully. Obviously if anything changes we'll keep an eye on it, but otherwise it seems fine, and EL Platform when? So we'll be unveiling the platform this month and later this month. Pardon me, I will not be able to share timelines on the product today, but I think next year we should see some good action. But I will not be able to give you more specific timeline than that. EL, I've been always clear will help us expand the market because it's a cheaper platform for us to manufacture. It will also be manufactured largely out of our new facility which is more vertically integrated so has better assembly costs. So overall EL opens up the way, opens up the gate for more accessibly priced products in the coming year. So thanks, thanks. Just one clarification here. What I meant on EL was that obviously it will be a cost-effective product. Will you look to launch more in Middle India, North India and all, or will you do it pan India, even in the southern markets and all in terms of the strategy because you may not want to cannibalize your higher price products in southern states or do you think that both these will coexist and you will launch it parallel across all your dealers? As of now, we don't have a DP on this. We are excited about EL as not just a product that can expand TAM, but also product that can potentially expand the margins. Given the potential for expansion on both, I see no strong reason today to guide EL on only one specific Geo. But obviously as the product shifts up more and they get closer to the launch, you will see our actions call this out. Sure. Once again, small thing related to numbers. Typically OEMs come up with their monthly numbers on first of the month. So will you be also doing that? And secondly in your presentation I can see that Q1 FY26 volumes is 46078 but when we look at the SIAM numbers, those are on the higher side. So just wanted to understand, maybe we can take it offline also. But there's a gap between the numbers which we see in and which we see in your presentation. See your first question was would we announce numbers on the first of the month? Yeah, typically if you see for example all the companies, auto companies for example, on 1st of August they reported numbers for the July month. Right. All the listed companies. So just wanted to understand if you guys will also be doing that now that you're listed company. And secondly the numbers also the urgency on that. Yeah, very good on that. Right now we have no plans of announcing monthly numbers beyond what you see in Vahan. Honestly, I think our industry has an overload of numbers. There are already Vahan numbers. There are other retail announcements. If on top of it we also start announcing monthly wholesale numbers, I think it'll be confusing. So right now I don't see a very strong reason to announce monthly dispatches. But happy to revisit at a later point if there's a compelling reason. Your second question was what is the difference between what and what? So basically we get this Ather sales numbers from SIAM data also. Right. And there is this vehicle sold number in the presentation. The numbers don't add up. It's about a thousand, two thousand unit difference every quarter. Sorry, I'll just check back on that. I'm not sure. Yeah, the financial numbers that you see are wholesale numbers. So that is what has been dispatched to dealers and received by them. I think there could be a difference because of transit in case of SIAM. Again, please pardon in case I'm wrong. I'm just reading this off the top of my head. Numbers might be dispatch data so there could be a transit gap depending on the quarter. We don't count vehicles which are under transit and not received by the dealers as our wholesale in our P&L. Okay, got it. Thank you so much and all the best. Thank you. The next question is from the line of Kapil Singh from Nomura. Please go ahead. Strong performance. My first question is on the rare earth issue. Could you help us understand how you have handled this situation? What kind of solutions are being worked out? Are these short term or long term? And is there any cost involved that we should keep in mind? So for the rare earth, the key challenge boils down to the fact that China has banned the export of heavy rare earth magnets, which leaves a few possible options for anybody. Either you partly assemble your motors in China and don't import magnets, or you move production to heavy rare earth free magnets, which are rare earth magnets. Or you move away from rare earth of any category and move to ferrite. Now in our case, we are exploring all. I will not be able to share at this point. I'll likely be able to give more color by the end of Q2 once we finish the transition. But at this point, honestly, we are exploring all options. I am more optimistic about moving to rare earth magnets out from heavy rare earth magnets because rare earth magnets don't have an export ban and have a little bit of more supply available globally with China not being the only one. So I'm more optimistic about going heavy rare earth free to rare earth magnets. Cost impact at this point. There is a small impact of additional logistics because we've obviously had to scramble our supply chains. But we expect it to be a small number at this point and also temporary. Okay. And will there be any performance impact also with this, We are. The reason we are taking our time in engineering is spending a lot of time in R&D is because we are working hard to ensure that there is no impact on the product performance at all. Yeah, great. Second question is on demand, you know, just your, you know, general understanding of how. I know your numbers are obviously, you know, ramping up very nicely. But what is the general feeling at this point about, you know, electric vehicle demand? The consumers who are not converting to electric right now. What is the key hurdle in your view. And then lastly, I have a question on, you know, we've seen some improvement in non-vehicle revenue also. So, you know, some of the products, I think accessories have started rolling in the market. So any color you can give in terms of how the customer experiences. So overall I believe the key focus for us as an industry has to now move towards converting the more mainstream customers. I believe that now that EV penetration is starting to get in the 20% range in scooters, we've gone beyond early adopters and even maybe early majority. We are getting into the innovators and early adopters. I think we are now getting into the early majority crowd which is the 20%-50%, 20%-60% kind of market opportunity. And for these customers, I believe the key focus has to now move on to really giving them assurance, really giving them comfort that electric is a very good safe choice. I believe that for most scooter buyers, electric auto looks like an upgrade. Electric auto looks fancy. Electric auto looks premium. I think what they need is comfort that the battery is going to be good, the safety is going to be good, that service is going to be good, that resale price is going to be good. And I believe that we will all have to focus our communication more towards those topics. Something that we are already doing as part of our Ather Advantage campaign in marketing, which is live right now. You will notice we've pivoted our communication very heavily towards these topics. Kapil, your second question was the non vehicle? Yeah, so non vehicle revenue. Honestly, direction will always hopefully trend higher and higher because service revenues will keep increasing with a higher base of installed vehicles in the field. That's a very strong observation. Also we've been very focused on two things. First is accessories. So accessories Halo is trying to now contribute meaningfully. Accessory sales of accessories per vehicle was stronger, quite materially stronger in Q1 over previous quarter. Software has been trending again very favorably as I called out, and the numbers are there, 89% attach rate in Q1. Also, finally, even charging infrastructure had a fairly strong quarter with very strong monetization this time around. I don't want to oversell charging infrastructure, but in terms of contribution to the expansion, it did have a very strong contribution this quarter. Okay, thanks, and look forward to the journey. Best wishes. Thanks. Thank you. The next question is from the line of Vishal Goel from HSBC. Please go ahead. Hi, thanks for taking my question and congrats on your good set of results. So my question is more on expansion, so in more mature states and cities as well. The EV penetration has sort of stagnated now for example in Bangalore or Kerala. So what is your view on the same and what has been your experience with the new showrooms? Does the company have to invest significantly in that local brand building activity there? I just want to get your view on this part. So first on stores, ours is almost completely a dealership model which means our partners spend the CapEx to get the stores and the service centers up and the OpEx is on them. So at a company level there is no additional cost increase or CapEx because of distribution or service infrastructure expansion. I see a significant opportunity for our brand in Middle India and North India. Even in South India there are pockets which we continue to see opportunities in, particularly in TAMil Nadu where there were several cities, I think like maybe a couple, like a dozen or maybe like 12, 15, almost 15, 20 cities did not have a store until a few months ago, so there is distribution expansion opportunity for us here also I think at an industry level, as I called out, I think the focus has to now move towards giving people more comfort, giving people more assurance, and I do believe that we will continue to see strong traction, strong results. ASP is holding up really well. Customer interest is coming in really well and a lot of this growth, at least at the industry level, will not be very linear. You will see spurts every time you crack a new cohort of customers. You will certainly see growth spiraling very rapidly and then maybe a couple of more muted quarters, but at this point the factors are really loaded in favor of electric. The unit economics is strong and brands are very credible products. I'm very optimistic at this point, thanks. Just, so basically you're saying that for a local brand building your dealership is coming in and the company is not taking much of the cost there? Our brand building spend happens at a more central level where whether it is statewide campaigns or national campaigns, the Ather does invest meaningfully in marketing, and I'm a believer that a young brand like us to spend in marketing and brand building but we don't have to spend for getting the infrastructure. So the store is not on us and the service infrastructure is not on us. But the marketing spends are largely by Ather. Okay, thanks. And just a follow up question. I just want to make one more point. One more factor that I am optimistic about for driving industry growth is that two of the largest scooter manufacturers from ICE now have their EV portfolio live, which are two Japanese counterparts. And I believe that their entry on the electric side is going to drive a significant awareness about electric for the mainstream customer. Because put another way, 70% of people who buy a scooter today and are buying those two brands wouldn't even see an electric if they went to their showrooms in the past. Now they will, which will drive further awareness and further consideration for pure play EV brands like ourselves and for the industry. I think one of the strongest things that has happened in the last few months is these brands also getting into electric. Right, thanks. And that's very clear. So my follow-up question was that what could be the blended impact of this mandatory ABS thing on your portfolio? It's a little early for us to be sure, but one factor that really helps us is that I think the entirety of a portfolio has a disc brake in the front, correct? Yes, yes. The entirety of a portfolio has a disc brake in the front. So. And a very large chunk of our portfolio has a disc brake in both the front and the rear. So we are, we don't have to take that cost on or we have to take a lower element of the disc cost on compared to many other players out there in general. We at Ather are pretty bullish about safety being a big theme for the Indian two-wheeler buyer. I believe just like what we saw in cars, safety features and focus on safety will become an important selection criteria or an important filtration criteria for the customer of the future. Directionally we don't have a dissonance with this path. Obviously we would prefer for this to be not mandated and it will be more optional at a brand level. If it is mandatory I think we might be slightly better placed than some other brands. Also given that our ASPs are slightly higher, the contribution of ABS to our ASP would be a little lower than many other brands out there. Okay, thank you. Thank you. The next question is from the line of Rahul Kumar from BofA. Please go ahead. Yeah, hi. First question I have is what's the strategy on the vendor diversification for products like Traction Motors notwithstanding this trade-off crisis, but in general for future? I think this is a little bit of a high-level response. I believe we are now in an era where the number one priority for supply chain has got to be de-risking and hedging not just us or not just our industry but across industries. We are going to be no different. We are going to be focusing on that in a big way. We want to now ensure that our supply chains are have alternatives at a country level. Alternatives definitely at a supplier level and I'm saying tier one, tier two of suppliers also. So we focus on that in a big way. Even in the past, in our prospectus, we had called out how expanding the number of suppliers has been a very big strategic imperative at Ather in the past, with the vast majority of our bill of material being dual or even triple source, and that becomes an even higher selection criteria for us and a focus for our engineering and supply chain teams. I think with the entire crisis that we had on magnets in the last few months, this is opening up new and new innovative ideas about how to de-risk on that front, how to de-risk on the lithium-ion cell front, and the rest of the raw materials anyways had a strong India supply chain which itself was also fairly diversified. So this will be, to summarize, a fairly large, in fact the highest, priority for our supply chains in the coming time. Okay. Okay. And just for the new plant which you have in Aurangabad, what's the ramp up plan over there? So you know IPO proceeds have only come to us last quarter and we just wrapping up some compliance work at the site. Work will be commencing very shortly. In fact we are probably this quarter itself. We will have a few announcements hopefully to make. We will keep you updated as we move on those steps. Right now we are targeting sometime next year for go live of this plant. Okay. And last question. Are you planning for a motorcycle launch? EV motorcycle launch? We continue to work on a platform. We called it a Zenith Platform with our focus being on mid performance bikes around the 150-180cc mark roughly. Having said that, we are right now only working deeply on the platform. This will take a little bit of time and our current short-term priority is on the EL platform and the scooter products that it will yield in the near term. So expect the motorcycle announcement to be definitely not this year. It's still some for us. Motorcycles is still priority to Ather scooters. Okay, got it. Thanks. Thank you. The next question is from the line of Kapil Singh from Nomura. Please go ahead. Hello. Yeah, hi. Hi. So. Tarun, one question was on you know the incentives which you will be getting for the plant. Can you give some indication of that as well? One second Kapil, just give me a second. I'll just request Sohil to answer this so that he gets the facts right. So Kapil, we have a significant capital subsidy chunk which will be received against the total CAPEX investment and from an OPEX point of view we have a 2.5% GST uptake that we will receive from the state share which is all the vehicles being sold out of the state. And the capital subsidies over a period of seven years and the GST subsidy is over a period of 15 years. And this is over and above the standard SOPs. As part of the going live where there is an exemption on discounting, an exemption on excise duties, sTAMp duty, land price, all of that. Okay, and am I correct in understanding that the current plant does not have these kind of incentives or we currently have these kind of incentives also? So, there are similar, not exactly apple-to-apple, but there are incentives that we have in the current plant as well and we continue to accrue as and when the milestone is reached. So, that is also duly accounted in the books, even in fact last year as well. But the scale is different because the size of investment is different. Okay, and one question was on the employee cost. I think we did allude a little bit to it. But like, if you could give some indication whether it's at a reasonably normalized level or you expect this to step up further the year? So, Kapil, Tarun back here. I expect the operational teams, the wage bill to continue increasing for some time on the operational team front, which is our manufacturing and our sales and service HO teams. I believe that I expect their cost to continue increasing for the next actually few years. On the R&D front and the corporate teams, I think we are very close to achieving a steady state headcount. There will be some more expansion, but I don't expect them to be very noticeable. That does obviously annual pay revisions, but the big expansion will continue happening for a while on the operating teams. Okay. Similarly, the other expenses, these are at normalized levels because last quarter was quite high and this quarter is quite low. So just checking if you know this is the normalized run rate and then it will. Yeah. So right way to see EBITDA would be we believe that EBITDA loss is better by about INR 20-30 crores because of the presence of the IPO right in the middle of the quarter, some of the expenses did not start on time. So maybe to that extent you could normalize. But yeah. Okay. Just finally, the CAPEX number for the full year. How much do you expect to spend and do you have like any indication what could be the cash burn for the year. Difficult for me to share forecast on that at this point. The big CAPEX outlay for us compared to last year would obviously be Factory 3.0 in Aurangabad, Chhatrapati Sambhajinagar, and Bidkin. Outside of that, I expect our CAPEX would be quite similar to our CAPEX last year given that last year we had some pending payments coming from Rizta and capacity expansion continually happening for Rizta. While this year there is some capacity expansion and a fair bit of R&D. So I think that part of CAPEX might be quite comparable. Plus whatever will come due for Factory 3.0. Okay. All right, thank you. That's it. Thank you ladies and gentlemen. That was the last question for today. I now hand the conference over to Mr. Murali Sashidharan for the closing comments. Thank you for taking the time to join us today and for the questions and perspectives you have shared. We value continued dialogue and look forward to keeping you updated on our progress in the quarters ahead. Until then, thank you once again and have a good. Thank you. Thank you. On behalf of Ather Energy Limited, this concludes this conference. Thank you for joining us, and now you may disconnect your lines.