Ladies and gentlemen, sorry for the delay. There was a technical glitch. We should be starting now. Good evening, everyone. On behalf of Emkay Global Financial Services, I welcome you all for Q4 and FY 22 results conference call of Eicher Motors. We thank management for giving us the opportunity. Management team is represented by Mr. Siddhartha Lal, MD and CEO, Eicher Motors. Mr. Vinod Aggarwal, MD and CEO, VE Commercial Vehicles. Mr. B. Govindarajan, CEO, Royal Enfield and Whole-Time Director. Mr. Kaleeswaran Arunachalam, CFO. We request management for opening remarks, which can be followed by Q&A session. Over to you, Siddhartha, sir. Hello, and good evening, everyone. I hope you're all doing well. Welcome to Eicher Motors Limited earnings call for the quarter ended March 31, 2022, and for the financial year 2021-22. The year that's gone by was extremely significant for Eicher Motors Limited, as we've registered considerable progress towards our long-term goals, despite numerous headwinds through the year. Since we began expanding our business into international markets 6-8 years ago, it has been our ambition to sustainably grow our overseas presence and to become a premium global consumer brand from India. This year we made really strong progress towards unlocking new opportunities in these markets, led by expansion of our international footprint and commencement of operation in key markets. All of this contributed to a stellar growth of 108% year-on-year in our international markets. We've also added two new local assembly units this year in Colombia and in Thailand, which are very important markets for us. In India, we've continued to define the middleweight sector. Now, here's the middleweight segment. We performed consistently as compared to the other compared to industry, despite enormous supply chain challenges stemming largely from shortage of semiconductor chips, even though there were lots of other supply chain challenges last year, including huge inflation and unavailability of other commodities as well. In FY 2022, while our overall market share remained steady, we grew at around 5.8%. We actually closed quarter four with over 7% market share. That's in the overall motorcycle industry in India. Of all motorcycles sold, we were 7%. It increased to 28.7. That's a 2.8% increase in market share in all motorcycles 125 cc and above. If you think about it, I think in the last quarter it was above 30% our above 125 cc market share. Basically, 1 out of every 3 motorcycles sold above 125 cc, and we're not even present in below 250. Above 125 cc in India is a Royal Enfield. Of course, we continue to dominate that with around 90% market share in the above 250s cc space, despite all the global and Indian manufacturers entering into that space in a big way in the last many years. Since its launch in 2008, the Royal Enfield Classic, as you all know, has become the most popular motorcycle within our portfolio. This year, we achieved a critical milestone with the transition of the Classic to the all-new J-series platform. We launched this across all our global markets, and the new motorcycle has received absolutely amazing reviews from experts and the riding community across the world. This was one of the biggest challenges of the last decade for Royal Enfield, to switch over from a running platform where we had, our most important motorcycle, to switch it over, and it's absolutely amazing the motorcycle and the switchover we were able to do. Despite all the challenges of supply chain, we were still able to, get the production and everything else going. It's been an enormous change management, and now we're on this really, really solid footing moving forward. Also, creating niche riding cultures and subcategories has been a key focus for us. With the Himalayan, we were able to build a unique subculture of accessible adventure touring across the communities. We cemented that proposition in an effort to build inroads in the adventure category. In order to do that, we launched the Scram 411, which is our first adventure tourer crossover motorcycle. We launched that this year or just a few months ago. Scram also has received great response from consumers, and we're now taking this to international markets as well. On the commercial vehicles front, the domestic commercial vehicle segment charted a sharp recovery in FY22, and VECV clocked 38% year-on-year growth in volumes. We successfully launched a wide range of Eicher trucks and buses and variants for India and export markets. We established the brand new Volvo FM and FMX truck range, and delivered the first synergies from the successful integration of Volvo Buses that we bought recently from Volvo Group into VECV. We maintained our market share across light, medium, and heavy-duty segments of around 30% in light and medium duty trucks and 7% in heavy-duty trucks. We continued to retain a profitability and are the only profitable commercial vehicle company last year, as you all would know. That's also a big, I think, feather in our cap and testament to our management and to our business model that we're able to accomplish profitability when all our big competitors are making losses. The board of directors of Eicher Motors Limited at the meeting held earlier today declared a final dividend of INR 21 per share for the year 2021/22, implying a payout sum of INR 574 crores. As we move forward, we've committed to align the next stage of our growth with a renewed and much stronger ESG vision that we have. With the disruptive effects of the pandemic receding and a very strong product pipeline and distribution in place, we are continuing to push forward on our strategic plans and long-term product and business objectives. Now moving to financials for the fourth quarter and the financial year. The consolidated financials for the quarter and financial year ended March 2021. The revenue for Q4, we had a highest ever quarterly revenue actually in Q4 at INR 3,193 crore, up 8.6% from INR 2,940 crore last year. For the whole year, we had our highest ever annual revenue at INR 10,298 crore, up 18.1% from last year. EBITDA for Q4 was at INR 757 crore, up 19.3% from last year, same quarter. For the full year, we had INR 2,272 crore, up 22% from whole of last year. Our EBITDA margin has also climbed up. For the quarter is 23.7% against 21.6% last year, which is a 2.1% year-on-year increase. Despite a 10% drop in volume from last year, right? For financial year, we are at 21.1% against 20.4% last year. Overall, our profit after tax for Q4 is INR 610 crores, up 16%. For the full year, it's at INR 1,677 crores, up 24.5%. That's all from me. Thank you very much. I will now hand over to B. Govindarajan, who is the new CEO of Royal Enfield. Congratulations, Govindan, on the new position. I am sure you'll do an outstanding job considering you've been here for 23 years and been doing an outstanding job for all these years. Looking forward to your leadership and running of Royal Enfield, Govindan, and over to you. Thank you, Siddhartha. Hi, everyone. We have a small technical glitch, not able to switch on our video. Excuses for that. Hope it is clear. I'm just checking whether the audio is okay. All good, Govindan. Loud and clear. It's okay? Thank you. Hi, everyone. Hope everyone are doing well. At Royal Enfield, we're strongly committed to and remain steadfast on our long-term goals. This year, we registered our highest ever annual revenues, backed by the efforts made over the last six years across the business. We registered significant growth in overseas market, you all know, with about 108% growth in sales numbers and about 105% growth on the revenue term. This marked by an improvement in the non-motorcycle business with a 45% increase in the sales year-on-year. Now, let me share with you some of the key highlights for Q4 of the financial year 2021, 2022 and full year 2021, 2022. Let me just begin with the sales volume. For Q4, Royal Enfield had sold 182,125 motorcycles, which is down by about 10.4% from 203,343 last year. Notwithstanding the constraints around the supply chain because of the semiconductor chips, we steadily improved our performance, which is about +8.6%, supported by an onboarding of alternate suppliers, that entire ecosystem which has been brought in to minimize the impact of the shortages. Demand has continued to stay resilient, further aided by the launch of Scram 411 as Siddhartha Lal was mentioning. Scram 411, which has received an excellent customer response in India. While our volumes remained 15.5% below Q4, we have increased our market share in the motorcycle segment of more than 125 cc engine by 5% to 32.9%, as compared to 28.1% in Q4 FY 2021. For the full year 2022, total sales stood at 595,474 motorcycles, down by 2.3%, almost same like last year. We had a lot of challenges in the supply chain on the production front, but as I mentioned, the demand for our motorcycles remains very resilient. Our market share in the motorcycle segment of more than 125 cc engine increased by about 2.8% to about 28.7% in the full year. In the international market, as I mentioned, we continued our strong growth momentum. We registered the highest ever quarterly sale in Q4. We sold 21,787 motorcycles, which is double almost compared to the previous year, which is almost a growth of 59.2%. For the full year, the international business volume has doubled to about 74,238 motorcycles versus 35,700 motorcycles. It's all around every market where we have entered, it has been a tremendous growth which we are seeing. In all the markets where we entered, especially in Europe, we have achieved about 7% market share in the midsize motorcycles. In the Americas, we have achieved about 5% market share. In the APAC region, we have crossed 7% market share in the midsize segments. In all the markets where we are entering, we are steadily seeing the growth outside India too. This is backed by the network expansion and forming up our commitment to the international markets. We have added, during this period, about 33 exclusive stores and about 44 multi-brand outlets across the region this year. We have also commenced our operations at our CKD facilities in Colombia and Thailand. Argentina, which was done last year. During this year, we did for Colombia and Thailand. In addition to the facility in Argentina, as I mentioned. In the CKD facilities, we have almost assembled 5,000+ units. Our domestic network footprint stands at, as of date, about 2,118 stores, of which 1,063 is a dealership format and 1,055 is a studio stores at the end of the financial year. Our non-motorcycling business, it has continued to grow steadily. Our constant endeavor to deepen riders' engagement with his or her motorcycle, which has resulted in growth of our genuine motorcycle accessories and spare verticals. We witnessed a growth of almost about 45% year-on-year in this year. The total non-motorcycle revenue for the business is currently standing around 15% of the overall revenue. On new product introductions, just to give you a background what are the things which has been done. We have introduced two new exciting motorcycles this year. One is the all-new Royal Enfield Classic 350 and the Scram 411. Reborn on the new J-series engine platform, the all-new Classic 350, which has received an excellent response from all the experts and the consumers alike, and has won numerous awards and accolades globally. The Scram 411, the brand's first adventure crossover, was launched to great reception from consumers and experts. At the EICMA 2021, we showcased the SG650 concept, the neo-retro interpretation that pushes the boundaries of what Royal Enfield motorcycle could look like. A host of landmark initiatives marked by Royal Enfield's 120th year anniversary this year. One was 90 Degrees South, a daring expedition that saw 2 of the Royal Enfield Himalayans accomplish the unthinkable feat of traversing the treacherous journey to the South Pole. 2 of our company employees successfully completed this expedition in 28 days in December 2021. We also debuted the 120th year anniversary edition of the brand flagship 650 motorcycle, the Interceptor 650 and the Continental 650 at EICMA 2021. The motorcycles received an incredible response in India as well as Europe, and all of them got sold within about 120 seconds. This year, Royal Enfield marked its maiden foray in the world of modern motorsports with the Continental GT Cup 2021. With the focus on building accessible inroads for young enthusiasts into the motorsports and retro racing, the first season of the GT Cup was conducted at the Kari Motor Speedway and Race Track amidst the fanfare and the sounding response from all the young riders. Strengthening our association with the armed forces, we partnered with the Border Security Force for one of a kind all-women Seema Bhawani Shaurya Expedition. The expedition saw about 36 women riders traverse 5,200 kilometers across the country, on our Classic 350, which focused to build awareness about freedom and bias and stereotypes against women. The whole journey ended at Royal Enfield factory. Further strengthening the pure motorcycling ecosystem, we initiated collaborations with iconic motorcycle lifestyle brands, TCX and Belstaff. The TCX association saw the two brands collaborate to create CE-certified protective riding and lifestyle shoes. The association with Belstaff saw the launch of a range of lifestyle and protective apparel. To conclude, the consumer preference for personal mobility and premiumization continues to drive the demand for the segment and for our products. As supply chain constraints gradually ease out, we expect production to scale up further. With a slew of new launches planned in the near term and midterm, we are excited about what is in store for us globally. That's it from the Royal Enfield side. Now I'll request Mr. Vinod Aggarwal to take you through the VECV performance and updates. Over to you, Vinod. Very good evening to everyone. I'll take you through our VECV performance and also give you a little bit about the CV industry. As far as the performance is concerned, I think last year was a very, very challenging year. In spite of that challenging year, I think, as Siddhartha mentioned in his opening remarks, we had good growth both in volume terms as well as in value terms. In value terms, we have a growth of 47% for the full year. In fact, last year has been our all-time high top line of INR 12,724 crore as against INR 8,676 crore in the year before. It's all-time high, even though volume-wise it is 57,000+. As you know, earlier peak was close to 73,000 in the year 2018-19. While in volume terms we are much lower than the earlier peak, but in value terms, we have crossed the earlier peak. As far as the EBITDA margins and the profitability is concerned, I think there were a lot of challenges last year, starting with very high inflation and then very high level of discounting and then supply chain challenges. In spite of all this, good thing is that we have overall for the full year, we have remained profitable. For our full year, we have on consolidated VECV basis, we have a PAT of INR 108 crore, which of course is against INR 63 crore in the year before, in 2021. As far as the margin is concerned, for the full year, we have an EBITDA of 5.6% as against 6.8% last year. Since last year, the top line was much lower, the margins were better. In spite of the top line going up, the margins have dropped, as I mentioned earlier, due to very high inflation and inability of the industry to pass on the cost increases, even though we could make up a lot through cost reductions. Also, there were some losses due to the supply chain challenges. Of course, as far as the market shares are concerned, I think we have done very well. We have a market share in 5-16 ton segment. We have a market share of 30.2% as against 30.6% the year before. In buses we have improved in fact significantly in market shares from 19.9% to 21.6%, even though the bus market still is very, very low. In heavy duty trucks our market share is at 7.3% against 7.9% last year. T here was some you know lower market share because of very high discounting which were there in the market. Of course, beyond a point, we decided not to run after the market share. That's why you see that overall we have remained profitable, whereas I think, for nine months and now we also have the results of Tata Motors for full year. For full year they are still at a loss in spite of selling very high volume. Therefore, I think, considering the difficult situation in the market, I would say we have done reasonably well. As far as the new product lines are concerned, I think we are the ones which led the migration to CNG alternative fuel. We have now almost 34% market share in the entire CNG market. Apart from that, full year we introduced quite a few new products. This was the entire range of CNG products. Of course, various variants in heavy-duty trucks and in light and medium-duty trucks and various new export products. Overall, we introduced almost 66 new products last year. Which included 25 in light and medium duty, 16 in heavy duty, 7 in buses. We have introduced Intercity Coach in buses, which is now manufactured in Volvo Buses plant in Hoskote. This is the first fruit of our synergistic working between Volvo Buses and Eicher. As you know, Volvo Buses is now part of VECV. We also got the CV Maker of the Year award in the Apollo CV Awards for our 2114 CNG truck. We also got few other awards in the overall in that Apollo CV Awards. Overall, I would say, if you look at the product portfolio, if you look at our industrial capacity, if you look at our processes, especially the retail excellence and the network and all other customer linked infrastructure, I think we have made significant improvement. We are consistently improving in our network, and last year we added, in fact, quite a few new network points in East and Far East and in some of the other underrepresented territories. We have plans to add more network points even in this year. Therefore, we should get more and more, you know, leverage from the expanded distribution footprint. Apart from that, I think we have done a lot of work in digitalization, and we have done a lot of work in retail excellence. We measure specific parameters which create customer satisfaction. For example, we measure responsiveness, we measure the repeat repairs. We measure in how much time our service vans are able to reach, if there is a breakdown of a truck on the road. We are able to give predictive maintenance, this is the first of its kind in the industry. If the vehicle breaks down, if the vehicle has some problem, while it is running on a highway, our uptime center keeps on getting the data consistently, continuously from a running, which we have put in our uptime center. If there is any problem with respect to overheating of the engine or oil level is less, that information is immediately known at the uptime center and on real-time basis. Our uptime center calls up the driver to inform him, depending on the seriousness, either to stop immediately or we book him the next service station. By that process, we are able to save a lot of engine seizures. What I'm trying to say that we have initiated lot of customer-facing new initiatives which are all digitalized and which are very strongly monitored from our side. Therefore, on the company side, we have the products which are technologically superior. We have the very wide range of products. Then, of course, we have a very good setup in the network is increasing, a lot of steps on the retail excellence. Then, of course, the industry is on the right path now. industry, we had three bad years and the industry is improving now. Hopefully it should go back to its earlier peak or even cross there. Therefore, I would say we have good plans, and if we execute these plans well, I'm sure the company will have good growth potential in future. Good. I now invite Siddhartha back on this call. Thank you, Vinod, and thank you, Govind. Now you heard from both the CEOs on the individual businesses on Royal Enfield and on VECV. I have to say, I'm absolutely delighted with the absolutely amazing leadership teams that we have at both the businesses. They're really in sync and very focused leadership teams, working super hard. As you know, we have a very, very strong and resilient business model and capabilities and it's really showing up even in tough times where the last couple of years, I mean, it doesn't seem like that sometimes, but they've been super tough from many perspectives. You can see we're still thriving in these conditions. Of course, as the markets go up, I'm sure we will do much better because we also have for both the businesses, I can say clearly that we have very strong product pipelines. Very good distribution, which is working really well and in sync with our organizational needs. We're super confident of making the strides and the path towards our long-term ambition. Really delighted about how things are going right now and looking forward to answering your questions. Thank you, sir, for the comprehensive opening remarks. Can we start the Q&A session? Pramod, you can please go ahead. Yeah. Thanks a lot, Raghu, and congratulations, Govind, and great to see you, Vinod, sir, after a long time. My question is related to the demand, domestic demand scenario, Siddharth. I wouldn't bother you on the exports side. It's going really great. On the domestic side, thanks to the way the commodity price inflation and the regulatory headwinds have kind of added in, the product has become much, much more pricier across the industry level, and especially for you as well, because you can't escape the ABS bullet, right? Just trying to understand, given the kind of price leap what we have seen for your products over the last 3-4 years and the macro where we are, which is not great. Upgrade demand definitely kind of suffers, and which is kind of visible in your kind of mind share you have on the category and the kind of market share, and there is still gap. Is there any thought on reworking the product or looking at something which can be more accessible from a customer perspective, from a price point, which can probably accelerate the upgrade ladder? Because I'm pretty sure a lot of customers want to buy RE, but the prices have really gone through the roof, right? Is there something which the company can do in terms of re-engineering the product, or a new derivative or a brand? You talked about a product pipeline. Does it include something like that? If you can just spare your Just share your thoughts on the upgrade customers, what you're kind of getting into your facility every month. Pramod, I'll start and maybe Govind can add. As you know, unfortunately for this situation, we can't or we don't talk about our future product plans. I can't really. Unfortunately, I can't help you with that answer. Of course, we do have a very strong pipeline and we are cognizant of how the costs have been moving and therefore how the prices have been moving. Yet we do absolutely believe in the segment that we're operating in, and that we can continue to get upgraders into Royal Enfield fold. Of course, we're doing lots of different things in order to get upgraders into our fold. We have a very strong new thought process and work we've done on financing operations as well. Not ours, but I'm saying third party, but on how to get our customers in. There's a lot of different aspects of work going on, and there's a lot of new bikes that will, give a lot of enjoyment to people, and they'll be willing to pay for it, really. I mean, that's how we're looking at it. There is certainly interesting things on the horizon for sure. Maybe Govind you wanna add something on what Pramod said? Yeah. Pramod, you were asking about the demand, how is it going? I mean, just to thread a point which we discussed now. When the market is down by about 18-20%, Royal Enfield has actually gained market share. Now you can see how the love for this Royal Enfield brand is coming up. G radually the market is coming into the normalization. Last few months I've been seeing steadily the volume is growing, industry is coming back. Royal Enfield, because, all along we have been seeing in the last six months also our bookings have been higher than the retail. To that extent, what is happening is when the production comes up, then obviously this is the numbers which are going to go up. You had talked about accessible product. I thought all our products are accessible and very aspirational. We are also looking at how do we get more and more young customers who actually love to have the Royal Enfield motorcycle in his stable. For that, we are working on various methodologies of accessibility, how we can give it to the consumers, especially on the finance, which is one big lever. We have started working on it intensely. It's where we feel that that will help for the future products wherein young customers can also be brought into our stable. Thanks for that, Govind. Sir, second question is to Vinod, given that he's on the call today. On the commercial vehicle industry, pricing disciplines, because we've seen good growth for the last three years, but for some reason the pricing doesn't hold up. What is your thought on that? Related to that, do you see any improvement whatsoever in the pricing discipline in the industry? Also on the EV, some of these tenders which have got floated recently. The bidding by a few players seems to be very aggressive. If you can share your thoughts on the viability of such bids which have been kind of or companies which have kind of bid like that. Is there a really viable business model there on EVs? Thank you. First on the pricing front, I think definitely currently this is a major challenge that we are not able to pass on the price increases because of the competitive pressures. At the same time, I think it cannot continue like this because I'm sure a better sense will prevail. Once the capacity utilizations improve, now the CV industry is on the recovery path. Once you reach nearing your capacities, I think there won't be any incentive to continue giving big discounts. Therefore, that is one part of it. The second is we have to create more and more awareness with the customers that they should not look at the initial price. They have to look at the overall cost of ownership. If you look at the overall cost of ownership, the price plays only part to the extent of maybe 20% of the cost of ownership. 50%-60% is the fuel economy, and around 15%-20% is the tire life. If we are able to save costs for the customer on fuel side and on the tire side, I think the cost of acquisition, even if they pay 5%-10% premium, it doesn't matter, because even if you pay 10% premium, it is only 2% of 20%. Whereas if you save 10% of fuel, then you save five percent out of 50%. Therefore, our drive has to be to show the value to the customer. We are right now working very, very seriously that in case there is any leakage in this value, that is what we are plugging in. That is where the customer service is going to play a very, very important role. We are working very seriously to improve, you know, on various parameters of customer service, and we are delivering a great value as far as, through the digitalization initiatives and through connected trucks. As you know, we are now giving 100% trucks and buses as connected, and we make the connection live and give it for two years. Then customer, we are able to show him the value through a very powerful app which we have put on the, thousands of customers', smartphones. We are also able to give predictive maintenance to that. I'm not too much worried in the long run as far as the discounting is concerned. This is a short-term phenomenon. It has to die one day. It will die. Of course, that is the time when the companies like us will get into the major advantage mode. As far as the electric vehicles are concerned, I think this is the beginning. The industry is evolving. Of course, the current CESL tender, you know, which has been allotted now, which has been decided, the prices of course it is beyond our understanding because there was a difference of almost 20% from the L1 and L2. Between L1 and L2, I've never seen the huge difference like this, which is almost 20%. We have to understand that what is the motivation to, t ake on the orders at such a low price. We should not forget, this is going to be very, very tough business because whatever tenders you are picking up, you have to this entire service model is on per kilometer basis, and you are committing for next 12 years. Whatever rates you are giving, you are fixing the rate for next 12 years. You have to deliver uptime, and you have to deliver everything in next 12 years. Therefore, if you are taking a hit in per kilometer, it means you are going to suffer consistently for next 12 years. Of course, we will never do that sort of a thing where we are very clear that we will incur loss because we don't want to become loss leaders. The industry will evolve. There will be more opportunities coming on the electric vehicles. It is just first tender which has come. Now it was government incentive-based tender under FAME II. More tenders will come which will be outside the frame and which will be for private contract, because this right now, 5,000 buses, this is all for government STUs. Now the. You will see more and more action happening in the private space in various intercity routes or various intracity routes. I think, we are ready with the technology, we are ready with the products, so therefore we are for a long run and we are not going to, give discounts in the short term. Thank you, sir. Next, can we have a question from Jinesh Gandhi? Yeah. Hi. Thanks for taking my question. A couple of questions. One is, what are we seeing on the commodity side, now? What were the pressures seen in fourth quarter, and what kind of pressures do you expect in, upcoming first quarter? Second question on the other expenses, which continue to remain high. I believe last quarter we had some, event-related expenses, but despite that we have seen further increase in, this quarter. How should we, see through, the other expenses line item? Thanks. Sure. Thanks, Jinesh. I think, overall, from a commodity perspective, the headwinds continue. As you would have seen, we all thought around Q4, maybe the beginning of Q4, it can settle in, but then there was the geopolitical disruption, which is further adding to the commodity pressure that we are seeing in. At this point of time, we need to wait and watch. There is no clarity as to when will this stabilize. Base metals have started to increase. That is where the significant pressure is coming in. More or less, precious group of metals went up and that is coming back. That is happening, but base metals continue to increase. We need to wait for at least a quarter or two to see where does this stabilize and do we see a fundamental correction happening after the super commodity cycle. At this point of time, too early to conclude. Now, coming to your second question, in terms of the other expenditure, I would love to look at this in two parts. One is if I have to compare this to FY 2020, our full year other expenditure was about roughly INR 1,200 crores. That in FY 2022 stands at INR 1,400 crores. Now, if I have to look at the delta of what is driving this increase, one part of this is significantly on account of the freight increases that has happened. You have seen our export business. We have almost doubled the business, reaching about 67,000 units for full year. That also means there is, one, availability of container is becoming a challenge, and whatever container is available is at an extremely premium cost. We are seeing about 6x increase in terms of the overall freight cost that is on the international side. Volume increase on international coupled with the container cost increase is one reason for other expenditure to go up, which we expect it to continue in terms of the future also. Overall, the model mix at international at net of all the costs is still accretive to the bottom line. Second, yes, we did invest in some of the launches that we talked about in the earlier quarters, which had Classic, and it also had the trip to South Pole. While those are milestone-based events that happens, but we would love to continue to invest in the brand and ensure that the aspiration gets balanced with accessibility. That's probably the way forward I would see as to how you need to look at the other expenditure. Just to add on, Jinesh, on the commodity side, because it's a super inflation which is continuing now, what is it we have to do as an organization? Our focus is very intense. We have commissioned our value engineering, VAVE initiatives with our team, dedicated people who are put onto the job. We have done as a team, mining out what are the options which are there in reducing, the precious metal. That activity is continuously going on, without disturbing any of the right handling, which is very important for us. We have also started looking at digitization of some of the activities. Thereby, the activities which is endlessly adding some cost can get automated. Internally we are also looking at how do we hedge all these sort of issues which we don't have a control on. We are very focused. We are seized of the issues, and the team is fully on the job, Jinesh. Thanks. Last question on exports. Given that that has been doing extremely well for us, we now have broadly good presence in most of the important markets which we are targeting. Over next couple of years, which are the key markets where we would be looking to ramp up? For our presence, with respect to both in terms of, the distribution network and in terms of volumes. Thanks. Yeah, Jinesh, I think, the international market, in our opinion, it's a starting point for Royal Enfield's success. We have launched our Classic 350, which is also an outstanding product which got received very well across the globe, which is a Euro 5 compliant vehicle. We launched Scram 411. All these vehicle launches which had come in, so for us it is just a starting point. As of now, the markets like Europe, North America, LatAm, and APAC regions, all those areas, as I mentioned, the market share has been steadily growing. Some of the areas where we have decided to be there in that market through the CKD route, thereby our presence is there. T hat's how the consumers are actually relate to, that they are part of our life. We live the life of the consumers in those countries. That's why we see the growth in the international market is going to be very huge. As of now, we are actually sending motorcycles which are manufactured in India to almost 60-plus countries. Wherever our consumers are in love of those motorcycles, we will look at that on priority basis and we'll enter into the market. Yeah, just to add a little bit, on the markets, as it were. EU is huge for us and I think we believe it can grow tremendously in the coming years or decades. Europe is absolutely enormous and they love our motorcycles, so it just works out really well. In North America, similar, but maybe a step behind right now. We're building further distribution. We're really penetrating now deep into EU, deep into North America. In all the developing countries, which means Australia and New Zealand, we have a great brand equity and people love our motorcycles. Japan, Korea, all these developed countries, it's doing well. Then, again, further depth, let's say in the core LatAm and APAC markets, that's still a longer story, let's call it. It's working out. It's got huge potential in the medium long term. We're doing well. We've got brand salience, we've got distributors are doing well, dealers are doing well, sorry, all of that. It's actually a lot more depth, but we keep adding a market here, a market there to test different situations, conditions. We've added something in Morocco recently. Again, just to get a feel of what different markets may be like. We're approaching some markets in a different way. We're doing only some B2B transactions in some markets for tour operators, just to sort of see how we operate in those markets before we actually start putting in a distribution. There's, you know, we're testing those kind of things in Africa, for example, because we don't want to, we can't be in the taxi market. We have no interest in that market, which is really the goal for other Indian players who are in Africa. We have other ideas, thoughts, means, and not the typical fashion. We are expanding, but in different ways now in different countries. Thank you, sir. Next, can we have Sonal Gupta? Please go ahead. Yeah, hi. Good evening and thanks for taking my question. Just continuing with the previous question, could you just sort of give some more details in terms of what's the broad split of exports in terms of EU, Americas and LatAm and APAC? Could you also talk about, like, you've been in Thailand now, you're setting up an assembly plant, and also in Colombia for quite a few years now, 4, 5 years. Where have you reached in terms of market share or scale, and how large are these markets? If you could just talk about those. Yeah, go on. Yeah. Starting with from a regional priority, if you look at it, the large part of our business, as Sid started with, comes from EU. Close to about 40% of our business comes from the EU market. Followed by Americas, which includes Latin America, which is roughly about, say 25-30%. The balance comes from Asia Pacific. Let's start with Thailand. Thailand as a market, yes, I think we see a significant potential as a market. Not only Thailand, but also the entire Southeast Asia for that matter. We started with our penetration into Thailand with our stores, followed it up now with a CKD, and we do see the market growing up and our market share is inching towards 7%-8% already in the Asia Pacific region. Now, on the Latin America side, there are two parts to it. One, Brazil, which continues to be a significant opportunity for us in terms of the revenue deliverability, but the country has its own challenges in terms of Forex or in terms of the tax structure it has got. We need to balance it out and appropriate time take calls as to what kind of setup will make it accretive for us as we grow forward. Colombia and Argentina, we have already started our CKD plant. Business is delivering very, very well for us. Between Latin America, if I have to look at run rate including Brazil, we should be doing roughly about, say, 20% of our exports coming from that markets. Govind, you wanna add? No, it's fine. Yeah. Because of time also. Yeah. Thanks a lot. Thank you. Next, can we have Kapil Singh? Good evening, sir. Firstly, wanted an update on the supply situation. What is the percentage production you are losing currently compared to the required run rate? We had talked about several actions to address this problem, so what is the update on that? Yeah, Kapil, what is happening now is, as I mentioned, ours is 100% ABS motorcycles. To that extent, the e-component, especially the semiconductor issue which was there last year, we were losing production fundamentally because we had only one source. Over the year, we swiftly brought in 2 more vendors, thereby the supply is increased. Just for everybody's understanding, the overall capacity of, let alone for us, for the entire automotive, it will be kicking in from first quarter of 2023. That's what it is being said. What we have approached as an initiative is that we shouldn't lose the production. We have gone ahead with the various levels of purchase, inventory stocking to some extent, alternative sourcing additions. Wherever possible, the supply chain volatility which is there because of the current pandemic situations, our team is on the job of actually maximizing the potential which is available for us. Sorry, are we losing our production right now or, you think it is more or less at the levels at which we want it to be? We are steadily ramping up, Kapil, to the market, whatever is required. We have actually come out with what is called as an S&OP new process, which we have added into this so that the consumers are continuously connected into this. We are working very closely with all the suppliers so that we don't lose any productions, so that efficiency is also maintained. It's a constant growth which I'm just seeing now. Okay, great. Kailesh, one follow-up to you, please. The other expenses, should we look at as a percentage of sales? It has been holding around 12%-13%, so is that the right level to expect given your international expansions? That's right, Kapil. I think at this point of time, we should take it at that level, considering there are growth aspirations plus brand building aspiration that will continue via marketing investments also. Okay. Thank you. I'll follow up in detail. Thank you. Given the paucity of time, that was the last question. Please note the IR team and management will be available offline to answer any questions. I now hand over to the management for closing remarks, please. Well, thank you all very much for attending, and looking forward to talking to you and seeing you in a bit next quarter. Thank you very much. Bye-bye. Thank you. Thank you. Thank you, everyone. Thank you, everyone. Thanks, Adhuu. Thank you very much. Thank you, sir.