Ladies and gentlemen, good day, and welcome to the Bosch Limited. Good morning. Management conference call hosted by Batlivala & Karani Securities India Private Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. Annamalai Jayaraj from B&K Securities. Thank you, and over to you, sir. Thanks. Welcome all the participants for Bosch Limited business update. From the management side, we have with us today Mr. Guruprasad Mudlapur, Managing Director and Chief Technology Officer, and Mr. Karin Gilges, Chief Financial Officer. Bosch management will make a brief presentation, followed by a question and answer session. Over to you, sir. Yeah, thank you, Jayaraj. Good morning, everyone, and thank you for joining the call today. By now you have all seen the press release and the accompanying investor presentation filed with the exchanges regarding Bosch Limited's acquisition of Bosch Chassis Systems India Private Limited, or RBIC. The core rationale is to consolidate mobility solutions, strengthen our portfolio and the market position. We'll now walk you through a brief presentation on the transaction, followed by a Q&A. Let me start with an overview of the Bosch Group. Founded in 1886, the Bosch Group is a leading global supplier of technologies and services with key business sectors in mobility, industrial technology, consumer goods, and energy and building technology. Bosch Group comprises of Robert Bosch GmbH and approximately 490 subsidiaries and regional companies in more than 60 countries. According to preliminary figures, Bosch Group generated sales of EUR 91 billion as of December 2025. With roughly INR 4 lakh 12,000 associates worldwide, of which nearly 87,000 associates are dedicated to research and development, we are actively shaping future solutions across our diverse portfolio. Next slide, please. Now, turning to the Bosch Group in India. Since beginning manufacturing in 1953, our footprint has grown to 17 manufacturing sites and seven development and application centers. Critically, India is home to the group's largest R&D center outside of Germany, providing end-to-end capabilities that are vital to Bosch's global technology leadership. This allows us to localize solutions and respond with agility to market demands. In FY 2024-2025, Bosch India generated a net revenue of INR 373 billion and employed more than 38,000 associates as of March 31st, 2025. Bosch Limited continues to anchor the Group's India presence with a strong, sharp focus on next-generation mobility, smart manufacturing, and digital transformation. Next slide, please. Now, let's turn our attention to RBIC. RBIC is a tier-one supplier of auto components, specializing in safety and braking systems for both four-wheeler and two-wheeler OEMs. RBIC has held a dominant market presence in India for these products, a leadership built on sustained technology-led differentiation. This includes pioneering the introduction of breakthrough technologies such as Electronic Stability Program, or ESP, and Anti-lock Braking Systems, or ABS, in India during the early 2000s. RBIC product portfolio is largely powertrain-agnostic, providing flexibility as OEMs transition platforms and diversify their model lineups. With the increasing EV penetration, RBIC is well-positioned as it drives significant demand for next-generation braking solutions such as iBooster and integrated power brakes, essential for regenerative braking integration, improved efficiency and enhanced performance. It operates three state-of-the-art manufacturing facilities in the major automotive hubs of India. In FY 2025, it recorded a revenue of INR 4,000 crores and a strong EBITDA margin of 19.3%. In the nine months in FY 2026, RBIC earned a revenue of INR 3,500 crores. Over the period FY 2023-FY 2025, RBIC has achieved a revenue CAGR of 17%, with its EBITDA margin expanding significantly from 12.8%-19.3%. Next slide, please. Regarding the product portfolio, RBIC supplies a comprehensive suite of safety solutions from active systems like ABS and ESP to passive safety and actuation braking systems across passenger cars, utility vehicles, two-wheelers, and other vehicle segments. The growth for this portfolio is driven by structural tailwinds. First, a strong regulatory push. We are seeing a clear roadmap for enhanced vehicle safety in India, with mandates for airbags, ABS, ESP, and adoption of Bharat New Car Assessment Programme. This continued tightening of safety norms provides a sustainable and predictable demand catalyst for RBIC's core products. Secondly, shifting consumer preferences. As the market shifts towards premium cars, consumers are increasingly demanding higher safety standards. This translates directly to greater penetration of advanced safety systems and a higher value of content per vehicle for RBIC. Third is the OEM strategy. OEMs are increasingly using safety as a core brand differentiator to build consumer and customer trust. This is driving the standardization of advanced safety tech across platforms. Next slide, please. Over the last 33 years, RBIC has built a strong domestic manufacturing footprint with three state-of-the-art facilities in key automotive hubs of Chakan, Manesar, and Sanand. Crucially, in-house manufacturing for majority of its portfolio gives RBIC tight control over quality, lead times, and costs. The operational excellence is consistently validated by leading OEMs like Tata Motors, Maruti Suzuki, Toyota, and Bajaj Auto, cementing RBIC's reputation as a trusted partner in the automotive industry. Next slide. Coming to the financial performance, RBIC has demonstrated steady, profitable growth over the years. Revenue grew at a 17% CAGR from INR 2,900 crores in FY 2023 to INR 4,000 crores in FY 2025. This was fueled by strong market demand for safety products, an increasing mix of higher value solutions, and an established first-mover advantage in key technology. By strategically localizing production to enhance cost efficiency, its EBITDA margin increased from 12.8%-19.3%, and a net profit margin from 8.1%-13.9% during the same period. Next slide, please. This brings us to the core rationale for the acquisition. RBIC presents a compelling acquisition opportunity for Bosch Limited. This is a strategic move to create a more powerful and enhanced mobility solutions provider. We see a strong intersection of capabilities between Bosch Limited's mechanical engineering excellence and RBIC's market-leading safety systems. Our decision is based on key benefits. Firstly, an enhanced portfolio. By integrating RBIC's industry-leading portfolio of active safety, passive safety, and actuation systems, we will decisively strengthen our leadership position in the mobility sector. Second is the financial accretion. RBIC brings a highly profitable business with strong, sustained demand. This transaction will immediately be accretive to our margins and accelerate our growth trajectory. Third, stronger operations. We are combining manufacturing excellence, which will fortify our operational competencies and supply chain resilience. In summary, this acquisition empowers Bosch Limited to lead the future of mobility, delivering superior growth and creating significant long-term value for our shareholders. Next slide, please. Right now, the mobility businesses at Bosch Limited are housed in separate entities. While Power Solutions and Mobility Aftermarket business is under Bosch Limited, the active/passive safety and actuation businesses are housed under RBIC. Hence, the portfolios are complementary without any overlap, thus enabling Bosch Limited to combine these two offerings. By bringing RBIC into Bosch Limited, we are not just acquiring a business, we are creating a single unified powerhouse. We'll be able to offer our customers enhanced scalable solutions for every vehicle segment and platform in the market. As discussed earlier, RBIC continues to witness strong demand from structural tailwinds, including regulatory push, evolving consumer preferences for premium and safer cars, OEMs focus on vehicle safety, and India emerging as an export hub for automobiles. By acquiring RBIC, we are positioning Bosch Limited to perfectly capture this growing demand and lead the future of mobility safely. Next slide, please. The proposed transaction is intended to enhance our mobility portfolio by adding the vehicle motion business under Bosch Limited. In India, we expect the mobility landscape to evolve radically by 2030 and beyond, with sustainable, safe, and exciting technology. To enable a customer-first mindset and pivot from supplying individual components to delivering future-ready platform solutions it becomes imperative to unite our forces and adopt an integrated approach. This transaction empowers Bosch Limited to steer growth with a wider portfolio offering in the complete mobility tech stack. Next slide, please. Bosch Limited continues to remain committed to create value for our shareholders in the future. In the recent times, Bosch Limited has taken deliberate steps at enhancing shareholder returns, such as establishing a 50/50 joint venture to provide eAxles and electric motors for electric vehicles, committing to dividend distribution of 55%-85% of PAT. RBIC acquisition immediately strengthens our financial profile with an expected pro forma EPS accretion of approximately 5% based on FY 2025 numbers. By uniting two strong cash generative businesses, we are not only enhancing our current portfolio, but also building the financial capability to seize new growth opportunities in the future. Next slide, please. Bosch Limited's consolidated revenue from operations will increase by 22% from INR 18,000 crores-INR 22,000 crores on a pro forma basis for FY 2025. Looking at the historical trend on a comparable pro forma basis, the revenue from operations CAGR would have been 11.2%, compared with 10.1% over FY 2023-2025. The FY 2025 EBITDA margins will improve from 12.8%-13.9% on a pro forma basis, led by higher margins of RBIC. Next slide, please. The purchase consideration for the transaction is INR 9,068.70 crores. RBIC's valuation is at an implied 10.6x EV over FY 2025 EBITDA. We intend to fund the transaction through existing funds and internal accruals. The boards of Bosch Group, the Bosch Limited, and RBIC have approved the transaction, and we target to complete the acquisition by the end of first quarter of FY 2027, subject to shareholders' approval. The voting for the transaction and issue of equity shares on preferential basis has commenced on 9th of April and will continue up to 8th of May 2026. Next slide, please. Thank you all for your contribution and listening patiently through the call. We will now address your queries. Thank you. Open for questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants, you are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A reminder to all, you may press star and one to ask a question. We have the first question from the line of Pramod Amthe from InCred. Please go ahead. Yeah. Hi. Thanks for taking my question, and congrats to management for taking this bold step of acquiring the interesting business in the portfolio. I wanted to get your top-down thought process in terms of why this business was chosen when you also have a Bosch Automotive Electronics, which is also related. With this acquisition of Chassis, the related party transactions will further go up with the Bosch Automotive Electronics. How are you looking at the restructuring exercise? Will it be a step-by-step, or the best is behind? If you can explain your top-down thought process. Yeah. Thank you, Pramod, for the question. I think the answer is as follows. Over the years, we've been carefully looking at the product portfolio, what makes sense, and how should we integrate it best, in line with building a great mobility company as Bosch Limited. That's been the focus, and that's how we've looked at. RBIC portfolio perfectly suits that. As you've seen through the slides and the presentation earlier, it's powertrain agnostic. It adds a lot of complementarity to the business and is margin accretive from day one. Everything ticks off and it's a good business case for us. The specific question on RBAI or the automotive electronics business that you brought up. Yes. Look, we have always looked at what value can we create for shareholders. RBAI, as you also just said, is a completely captive internal contract manufacturer for Bosch Limited and the target company. All their supplies come to these companies at very low margin RBAI operates. At the same time, RBAI has quite some requirements on increased CapEx and high investments over the next years. At this point of time, we did not find a good commercial logic to bring this business in. When it does not add turnover, it doesn't contribute much to the margins, and there is very heavy intensity on investments. We thought it's good to leave it out for now. You want to add something, Karin Gilges? Yeah. Of course, going forward, we all the time look at all opportunities and what makes sense from Bosch Limited point of view, but also, of course, the Bosch Group is looking at the overall India view. Therefore, this is an ongoing process and review in the upcoming time and years. Sure, interesting. Going forward for chassis business, because it's going to be a new learning for all the shareholders, and even though you have made a detailed presentation, if you could disclose revenue mix or in terms of two-wheeler, cars, at any time, either now or later, it will be helpful first. Second, with regards to outlook, can you talk about what are the synergy benefits we can expect from both these businesses coming through? One, either in terms of cost or sales team rationalization, and how to build that into the model. Also in terms of what is this entity's chassis localization, and what's the CapEx requirement and intensity? Thanks. Yeah. We generally do not disclose product segment-wise details. That's one. Everything we can disclose, pre-approval of a transaction, we have disclosed, and we have also uploaded in the portal. You have full access. I'm quite sure once the transaction is complete, we can invite you over to RBIC and show you a lot more about this and discuss this much more in detail. Your second part of the question was? Synergy. Synergy. Yeah, synergy, if you want to talk a little bit about. Yes. Synergies, you have to see that Bosch Limited and also the Chassis Systems are all part of the Bosch Group. That means our processes, our frameworks, et cetera, are very much harmonized already. We have sales customer teams, which we have intensive exchange, same on the vendor side. Therefore, for the time being and also for the business case, we did not count any synergies. Nevertheless, after the approval of the transaction in the post-merger integration period, we will have a look if we bring these two companies as a mother company, Bosch Limited, and a subsidiary, for the Chassis Systems, under one roof, let's say. Are there further synergies if we dig deeper into the process landscape, et cetera? For the time being and for the business case, we were very conservative and did not count synergy. Sure. Thanks, Karin Gilges. Thank you. We will take the next question from the line of Mumuksh Mandlesh a from Anand Rathi Equities. Please go ahead. Yeah. Thank you, sir, for the opportunity. Just want to understand. I've seen the nine-month number, which you've shared in the PPT. I see more than 25% growth. Just want to understand, what are the factors driving the growth for this entity in near terms, sir? Your question is, why did we have such a growth and what are factors. Yeah. That are driving growth, right? Right, sir. Okay. Yeah. As briefly touched during one of the slides, the safety and braking business is quite closely coupled with legislation. That's how things started. When the ABS mandate kicked in for passenger cars and two-wheelers, there were two-step jumps. We had the ABS introduction in cars, and then came ABS introduction in two-wheelers. In the meanwhile, thanks to the safety norms getting tightened or appreciated by customers, we also start to see bigger introduction or heavy shift towards ESP systems. Now the largest part of our activity here is ESP systems. Of course, all this always couples with a lot of sensors, so there is a huge amount of sensors getting introduced whenever there is a system upgrade, and so more sensors brought in, additional revenue and turnover. We have the new braking systems because EV started to come in. New braking systems are a whole different generation of products, and they've also added additional step jump on the turnover. What continues steady is the conventional actuation systems, which have always been there, and for products which do not fall under the general categories which are covered by legislation, ABS, CBS, or other norms. Conventional actuation systems still are there, and of course also for the aftermarket. This is the broad base on which multiple step jumps have happened. Of course, there are potential growth opportunities with regard to higher penetration of these systems in vehicles as we go by. Volume increase of every category will yield more business opportunities. We will also potentially see some huge growth opportunities when the two-wheeler ABS mandates come in additional categories. That could be another growth opportunity. We also see some new technologies getting introduced on safety, and that could be another opportunity. Overall, we are very positive that multiple new revenue growth opportunities exist as we go forward. Thank you, sir, for the answer. Just on this one, for CVs also, sir, I just want to understand the upcoming regulation around the ADAS, where the ESC, ABS systems can see implications for more than five ton trucks and buses. I just want to understand how we are placed to take that opportunity, and how we see the ability to capture those market share for that product. Yes, sir. Just want to reassure that we are placed very well, and we're working on this opportunity as well. Got it, sir. Thank you for this. Just on the margin side, we have seen a notable jump over the last two years. I just want to understand, obviously, with the driven by strong growth on revenue. On a sustained basis, do you see the current kind of a margin, FY 2025 kind of margin, should be sustainable, and maybe even see a further increase? Yeah. If you look over the last couple of years, and of course, the scaling, new legislation, new products, additional safety features, supported not only the growth in the top line, but also the growth in the bottom line. In addition, the management of the chassis system did very good job in the CapEx part. That means that we have carefully and cleverly put the CapEx and the lines in a modular way, used idle lines from the international production network within the Bosch Group to set up the capacities here in India. That leads overall not only to a growth in the top line, but also to a growth and significant improve in the bottom line. This is the margins as stable. Thank you so much for this answer. Just on this, RBIC, is it possible to share broadly how would be the revenue mix between the CV, PV, two-wheeler, if possible to share? We can say roughly 1/3 is two-wheeler and the other one is four-wheeler. This is more or less the share in the revenue. Got it. Thank you so much for the opportunity. Thank you. We will take the next question from the line of Mayur Parkeria from Wealth Managers (India) Private Limited. Please go ahead. Good morning. Thank you for taking my questions. Am I audible? Yes, you are. First, actually, I had a slight clarification question, and sorry if I got this wrong and if I missed it. The issue of shares which we are doing is only 2,460 shares at a total valuation of some INR 9 crores. Is it right out of the INR 9,000 crores? Yes. Out of the INR 9,000 crores, roughly INR 8 crores are in preferential allotment. Yes. I would like to give you the background. This is majorly a cash deal. Nevertheless, within Bosch, we have a philosophy. The former shareholder of the company, Robert Bosch Nederland and Robert Bosch U.S., should still have a little bit skin in the game. Therefore, because they were long-term shareholders of the company and supported them, of course, and therefore, to make sure that there is a skin in the game also within the Bosch Group, we went this way to have a very small preferential allotment for both of the companies. Right. In Bosch Limited, this is the background. Right. I just wanted to clarify because the issue of shares was only INR 8.8 crore, and I just wanted to clarify that. It's majorly a cash deal. Secondly, before I actually wanted to come in, congratulations on consummating this. We had some understanding, the Management had mentioned that we were looking at other options for increasing value from the prospective shareholders and how we can get more and more companies under the Indian entity. Congratulations after a long time and great, and valuation is also accretive, so thank you for this. However, I have a slightly different question. I'm referring to the first April 2026 intimation to the stock exchanges, which is where we mentioned under the caption about the issuance of equity shares on preferential basis. Right? That was the board meeting on the eighth of April, referring to the board meeting to be held on eighth April to consider a couple of matters, one of which is a proposal for issuance of equity shares by the company by way of preferential issue. I am referring to that intimation which was given to the stock exchanges. I am sure I must have missed if any other. There was no other intimation with respect to this transaction or organization which we had, right? Yeah. I'll let our Company Secretary respond to this. Yeah. It's a little bit of a technical question, so he's best. Yeah. I'll tell you the reason before the Company Secretary answers this. I'll tell you the reason I'm coming from this is. Firstly, equity shares issuance is the nature of the reference given in the intimation. Out of INR 9,000 crore, we are issuing only INR 8.8 crores of equity shares by way of preferential issue, firstly. Secondly, there is no mention whatsoever of any indication about such a large capital in terms of the acquisition proposal which is there. I understand because of confidentiality, but to mention the intimation as issuance of equity shares at a proportion of some INR 9 crores versus INR 9,000 crore, firstly. Secondly, this was an issuance of equity shares to the promoter companies, and that is also other than by way of cash, because it's against the exchange of their shareholding. There was no mention of any of these aspects into the intimation, which would have given us an understanding that there is something on the card. It was simply issuance of equity shares. I am sure there would be other explanations, and if I have missed any, please clarify on that side, because it is a 20% acquisition to the revenue models. There was absolutely zero understanding of whatsoever came in a manner, and especially reading in the light of the intimation which we had given. Yeah. Hello? Hello, can you hear us? We had a technical issue. One moment. The Bosch Company Secretary will answer the question. Hello? Yes, go ahead. See, the announcement relates to. We cannot give all the information before the Board meeting about the number of shares, all these things. It is an UPSI matter for us. That is why a broader agenda item has been given. Relating to the other agenda item, it is an UPSI matter, which is not mandatory to be in. Sir, your voice is. Yes. Sorry to interrupt, Sir, your voice is not audible. Sir, if you're speaking right now, we are unable to hear you. Hello? Hello. Hello. Sorry, we again got disconnected. We are back. Maybe our Company Secretary will repeat the answer so that it's clear to everybody. Go ahead. You can able to hear us now? Yes, you're audible, Sir. See, as per the regulations, we had given a broader agenda item to the stock exchange, because these are all subject to the Board approval. That is why we have not mentioned all the details in our communication. Especially relating to the first agenda item, since it is an UPSI matter, it was not mandatory at all to be informed to the stock exchange. Sir, sorry, just clarification. Even issuance of equity shares, we could have at least given an understanding that it is other than by issue of cash and it is to the promoter. Even that would not have fallen under the disclosure requirements, because this is a preferential issue to the promoters? We have not mentioned it. Fine, sir. I hope this falls under the right governance practice. No, thanks for the hint. We all the time try to improve our governance. Thanks for the hint, and we will pick it up. Thank you. Thank you. Thank you. We will take the next question from the line of Aniket Mhatre from Motilal Oswal Securities. Please go ahead. Hi, sir. Thank you for the opportunity. A few questions. One was, you indicated to us there were step jumps in terms of growth drivers for Bosch safety systems, the acquired entity. Could you help us understand what are the kind of growth drivers that we may envisage going forward from here in terms of regulatory changes that will come up? If you could help us understand which are the upcoming regulation changes that this company will play a critical role in the next three to four years, that will help us understand what kind of growth we can expect this company to deliver. That would be my first question. Okay. I would say that there were several step jumps, like I explained earlier, which have brought us to a very good level in terms of regulatory changes and legislation. What will further propel growth for this sector is increased volumes, increased demand for safety norms and safety systems in vehicles, and of course, potential opportunity with two-wheeler ABS expansion into new categories. Of course, CV is an area where we see some opportunities, so that's another area to look forward to. This would be the broad areas, in addition to continued growth in safety systems across all categories and, of course, volume increases. CV, as I said, is another opportunity where new braking systems get used, and that would also propel further growth. Sure. Sir, any update you would have on this ABS mandate on two-wheelers that was supposed to come for up to 125 cc two-wheelers? No, I don't have any new update that I can share with you right now. I believe the matter is under consideration and discussion, so whenever there is an update, if we hear it, we'll certainly update you. Sure. Sir, the next question was on this JV with Tata AutoComp that you have tied up. Could you help us elaborate on the scope of this JV and whatever you could share in terms of is it beyond eAxle motors as well, and how it will shape up between the two partners, whatever details you could share with us? Yeah. We believe the JV is a very good step towards consolidation of volumes and, of course, also a lot of synergies between the two companies. Tata AutoComp comes with a great track record in this area. They've already been producing eAxles, and they've also developed a very good supply chain around it. We have a huge amount of technology on eAxles, and we feel at this point of time, in terms of where the market is, how it's evolving, the volumes in the market today, we feel a joint venture approach to build synergies, consolidate everything, and take things forward would be the best way towards growth and creating customer value for this upcoming electrification wave. That's how we look at it, and that's the reason for the JV, and we hope that as we go forward, we will build on this continuously and improve the whole situation. Sure. Any sense of how the revenue and profitability will be shared between the partners? It's a 50/50 joint venture, so we will share. Okay, sure. Coming back to the question on this RBIC, the margin benefit that we have seen over the last few years, I was just looking at the historic numbers. Revenue for this company has almost tripled since FY 2019. If I look at the cost, excluding raw material, which is employee cost and other expenses, that sort of doubled in the last between FY 2019- 2025. Just want to understand, is this just the operating leverage-led benefit that has flown through, or are there any other benefits also that have accrued to this entity and hence we have seen a very sharp improvement in margins or not a commensurate increase in the other expense line items? Some sense around that would help. Sure. I suppose you are referring to the net profit margin and to the improvement in the last couple of years, right? Yes, ma'am. Not just last couple of years, since FY 2019. Yeah, sure. Yeah. Okay. As mentioned before, this is multidimensional. Of course, growth helps all the time. If you have profitable growth and new products, which also includes more safety features, then you have an effect out of this as well. The third part is, and you mentioned it already, is the localization. This is not only the localization of the finished goods, which the Management of this company did in a very good and CapEx-friendly way, let's say, but it is also secondly on the chip part and on the raw material. Therefore you have a multidimensional, and not to forget, and if you look in the presentation of, for example, quality awards and the awards which this company won in the last couple of years, then you see a very good overall efficiency in the production. You see a very good quality level, which of course helps you on the cost base as well. Very lean structures, this all together helped them in the last couple of years to significantly improve not only the top but also the bottom line. Sure. Thanks. That leaves us to one final thing. Could you help us understand any sense around the CapEx for RBIC, say, in the foreseeable future? If you could give any guidance from a% to revenue perspective or whatever details you could share. Yeah. Okay. The CapEx, I mentioned it already. There are two aspects. First of all, that this company has a modular approach in their products. That means you have a platform also use again for different generations. Leads also to the fact that you have a ability in the production. Ladies and gentlemen, the line for the Management has been disconnected. Please stay connected while we join them back. The conference is now being recorded. Is now being recorded. Is now being recorded. Is now being recorded. Is now being recorded. Is now being- Hello. Yes, ma'am. I just mentioned you have a modular setup of the product itself, and therefore you could partially transfer this also in the modular setup of the CapEx. In addition, we have the advantage within the Bosch Group that we can look into our international production network and are capable to relocate lines. Sorry to interrupt, ma'am. Your voice is not audible. Therefore, we have the advantage within the international production. Sorry to interrupt in between. The line for the management has been disconnected. Please stay connected while we join them back. Ladies and gentlemen, the line for the management has been connected. Over to you, Ma'am. Ma'am, you may proceed. Hi, can you hear us? Hello. Yes, you're audible. Yes. Okay. Sorry about this. Sorry about this. We stopped with the CapEx. I said we have a modular product partially because we are coming from one platform, which leads that we partially can transfer it also into the production to have a modular setup also in the production. In addition, within the Bosch Group, we have the possibilities, if there are idle lines somewhere in the international production network, we can also relocate them to India, which has two advantages. One advantage is that, of course, it is a second-hand line and we have an effect or as a base effect in the CapEx. The second advantage is these lines were run already and ramp up, and we have all the technical KPIs. We know the overall efficiency, we know the maintenance schedules. We are very familiar with these lines, which gives us the chance, if we relocate them, to have a very fast ramp up. If you look at the CapEx overall, and you can see it also in the report we have uploaded, then we are for sure at a reasonable percentage of TMS in the CapEx. We see this going forward, whenever we have a change in the generation, for example, in the ESP or the new braking systems, we are going ahead with the localization, then this is reflected, of course, in the CapEx of the upcoming years. Sure. I understood, ma'am. Thank you so much for the opportunity. Thank you. We will take the next question from the line of Chetan Phalke from Tirthan Capital. Please go ahead. Yeah, hi. Good afternoon, and thank you for the opportunity. My question is for Ms. Karin. You just mentioned 1/3 of our revenue is from two-wheelers and rest is from passenger and four-wheelers. Can you just clarify, please, if that was for Bosch India or for Bosch Chassis? This was for Bosch Chassis Systems. It's an estimation, roughly, please. Okay. Got it. Can you please talk about our market share in new braking systems or ABS or other key products that we have? Yeah. Let's say, we have in the products overall in this company, we have a very good market share. We are competitive, but please understand that we, in general, do not disclose KPIs on a segmental basis. We are well-prepared and well-placed in the market. Okay. Ma'am, we have a lot of other entities which are in Automotive segment as well. Let's say, for example, we have Bosch Rexroth and other entities. Is there any possibility that these entities might be clubbed under the group structure eventually going forward? What's the probability that you see or any potential synergies that you see? Bosch Rexroth is not an automotive company. It's more heavy hydraulics and pneumatics company. No, we do not see synergies of bringing Rexroth into the mobility fold right now. Even globally, they operate completely independent. Okay. Any other entities that can, let's say, automotive steering systems or inflation products or any other things? Yeah, at this point of time, see, the thing is, this is a constant look into our portfolio on how we should rearrange and make the best for a very strong mobility company in India. That's an endeavor we will continue. We are not ruling out anything at this point of time. Okay. That's it from my end. Thank you very much. Thank you. Thank you. We will take the next question from the line of Divyansh Gupta from Latent PMS. Please go ahead. Hi. I joined the call late, so couple of questions. As per September balance sheet, we have about INR 10,000 crores of cash and investments, and INR 9,000 is being paid to complete this transaction, which leaves about INR 1,000 crores of cash balance. The first question is, does the acquired entity brings any cash to the now consolidated entity? How should we think about funding of any CapEx, going forward by the company? Okay. I would like to give you the following perspective. Out of the INR 9,000 crore, it's the equity value. That means we have the enterprise value plus a certain cash consideration because you have, of course, a basis cash in the company left. This is, first of all, and we checked also the cash conversion cycle. This is sufficient for this company. The INR 10,000 crore you see in our balance sheet is, of course, at cost. If I look at our funds at market value, it is much better. That is the second thing. The third thing is, we are, even after the deal, well-equipped of cash, and both companies are, so Bosch Limited plus the new one, have a very positive cash flow, of course. Overall, we made sure that we have, afterwards, both companies debt-free and sufficient funds going forward for CapEx and other activities. Got it. What would be the cash flow generated by the acquired entity in H1? The cash, we would at this point of time not disclose. Got it. Understood. Thank you. That's it. Yeah. One thing, please have a look, there is a comprehensive PwC report for the valuation which we have uploaded. I don't know whether you've had the chance already to have a look. This is really comprehensive and very transparent. Thank you. We have the next question from the line of Ajit from Nirzar Securities. Please go ahead. Thank you for the opportunity. Ma'am, what is the current order book in Bosch Chassis? Yeah, see, the current order book is very full. It's the market leader, very good market share across all categories. Very good project pipeline for the next four to five years. We are very, very comfortable with the order book situation. Okay, thank you. Thank you very much. Ladies and gentlemen, due to lack of time, we will take that as the last question for today. I now hand the conference back to the Management for closing comments. Okay, thank you, everyone, for participating, sharing your perspectives. We believe at Bosch Limited, this is a great synergy of integrating this company. It adds a very good future-proof portfolio to Bosch Limited, which is quite agnostic to the powertrain choices the industry will make moving forward. Safety and braking are very critical as we go forward, so this adds a lot of complementarity while bringing in significant cash and margin accretion effect right from day one of the transaction. We are very positive that this will do well for Bosch Limited, and thank you for your interest and good questions today. Thank you. Thank you, members of the management. On behalf of Bosch Limited, that concludes this conference. Thank you all for joining with us today, and you may now disconnect your lines. Thank you.