Ladies and gentlemen, good day, and welcome to the Endurance Technologies Q1 FY25 results conference call, hosted by Axis Capital 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 the 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 the conference over to Mr. Nishit Jalan from Axis Capital. Thank you, and over to you, sir. Thank you, Lizan. Good afternoon, everyone. Welcome to Q1 FY25 post-results conference call of Endurance Technologies. We are pleased to host the management team. We have with us today Mr. Anurag Jain, Managing Director; Mr. Massimo Venuti, Director and CEO, Endurance Overseas; Mr. Rajendra Bhange, Director and COO; Mr. Raja Gopal Sastry, Group CFO; and Mr. Raj Mundra, Treasurer and Investor Relations. I'll, I'll hand over the call to Mr. Anurag for his opening comments, post which we can start with the Q&A. Over to you, Mr. Jain. No, no. Thank you very much, and good morning to everybody. I would like to share certain details of how we have done in the first quarter of this financial year. In India, first quarter of FY 2025, as per the SIAM data, the two-wheeler industry sales grew by 19.8% compared to quarter one of the previous financial year. Scooters grew by 27.9%, and motorcycles grew by 16.5%. The automotive industry in India had a growth of 16.3%. In our overseas operations in quarter one of the financial year, the EU and the UK markets saw an increase of 4.1% in the volume of passenger cars sold, while our European sales, including tooling income, grew by 16.8% in euro terms. I will now brief you on the financials of the first quarter of FY 2025. During quarter one of this financial year, as compared to previous year's same quarter, our consolidated total net income grew by 15.9% from INR 24,666 million to INR 28,593 million. Consolidated EBITDA grew by 28.8% to INR 3,378 million to INR 4,079 million. Consolidated EBITDA margin was at 14.3%. The profit after tax grew by 24.68% from INR 1,635 million in the previous year to INR 2,038 million, and the PAT was at 7.1%. This included the income from Maharashtra State megaproject incentive, or INR 227 million. There was no consolidated net debt, and the company had a net cash available of INR 6,127 million. During quarter one, our standalone total income grew by 16.26% from INR 18,361 million to INR 21,346 million. Standalone EBITDA grew by 19.74% from INR 2,409 million to INR 2,884 million, with an EBITDA margin of 13.5%. Standalone profit after tax grew by 24.76% and was INR 1,628 million at 7.6%. This included the Maharashtra State megaproject incentive of INR 227 million. There was no net debt, and there was a standalone net cash available of INR 5,818 million. Would like to mention that Endurance is focused in both its Indian and European operations for profitable growth. The detailed financials are available with the stock exchanges and on the Endurance website. I would now like to share certain key points of the first quarter of FY 2025. In quarter 1, FY 2025, 74.8% of our consolidated total income, including other income, came from Indian operations, and the balance, 25.2%, came from our European operations. In India, till date, in FY 2025, INR 1,843 million of new business was won from OEMs other than Bajaj Auto, which included TVS, Hero MotoCorp, Mahindra & Mahindra, Kawasaki, Piaggio, and Tata Motors. These included INR 1,061 million of electric vehicle business won, which includes INR 795 million business from Mahindra & Mahindra for their EV three-wheelers; INR 300 million of suspension business won from HMSI, which is a new business for our 160 cc motorcycle; INR 257 million worth of brakes assembly business won from HMSI and Hero MotoCorp; INR 87 million casting orders, aluminum casting orders from a Japanese multinational for a Mahindra four-wheeler application; and INR 68 million business won for TVS electric vehicle three-wheelers for suspension, brakes, and drive shafts. Despite the volumes are low for this TVS vehicle, this is a very significant view from a future perspective.... I would like to mention that we have INR 17,705 million worth of requests for quotes for OEMs. Since FY 2021 in India, INR 36,774 million of business has been won, out of which INR 28,364 million is new business, and replacement business is INR 8,410 million. Out of this 28,364 million new business, INR 24,425 million will reach peak sales by FY 2027, and it'll be mainly for our product areas of suspension, castings and brakes. Our TVS business has reached cumulative of INR 5,389 million, and this business is growing. The business won has been for brakes, aluminum alloy wheels, and suspension. The INR 5,389 million sales will reach peak sales in FY 2026. The total business win for electric vehicles till date is INR 8,421 million. These orders are mainly from HMSI, Ather Energy, Bajaj Auto, Hero MotoCorp, Mahindra & Mahindra, Tata Motors, TVS and Ampere. This is apart from the INR 4,242 million business won by our subsidiary company, Maxwell. The significant new business which wins, which will start in this financial year, are the INR 719 million of new business from TVS in FY 2024. Out of this, INR 309 million was for inverted front forks and rear monoshocks. The INR 404 million was for the TVS Raider and the HLX bikes, and this was the front fork and shock absorber business. So these SOPs are planned for this year in October 2024 onwards. In FY 2024, we also won the Hero MotoCorp new business, where the inverted front fork and of the business win of INR 240 million. The SOP is planned from next month, which is from September 2024. The disc brake assembly new business of INR 263 million has already started from April 2024. And also, the front fork and rear shock absorber business wins at a Halol plant of INR 900 million, has also started, from April 2024, and this will reach peak by quarter four of this financial year. Also, the Suzuki new scooter front fork business, which was won earlier, which has been won in 2020, FY 2024, INR 253 million, is in addition to the 1,400 million front fork business, which was won earlier. Both these combined SOP business value of INR 1,653 million will start in quarter three of this financial year. We also won the HMSI disc brake assembly new business of INR 294 million in FY 2024, and the SOP is planned in quarter three of this financial year. Also, the Royal Enfield alloy wheel business of INR 960 million in FY 2024, the SOP has started in April of this year. The 35 dia air suspension inverted front forks for supply to KTM Austria will also start by quarter three of this financial year. This, the value of the business, is EUR 400 million per annum, and it'll be directly exported to KTM in East Austria. We also won INR 876 million per annum business from Hyundai in FY 2024 for aluminum castings, which SOP is in Q3 of FY 2027. HMSI has also awarded us two new businesses in Q4, which are the 100 cc Shine motorcycle front fork and rear shock absorber business for INR 343 million per annum, which SOP is in February 2025. Second is the first electric vehicle scooter of HMSI for the front fork rear shock absorber business, which SOP is also in Q4 of this financial year. As far as the electric vehicles market is concerned, it offers a very significant opportunity for the future and the growth in the auto component sector. As you know, Endurance has executed a share subscription and purchase agreement for acquiring 100% of equity share capital of Maxwell Energy in a phased manner by FY 2027. So 60, we have increased our... So 61 point, 61.5% is the stake in Maxwell, which we have recently increased in July from 56%, and which is as per the agreement. And as you know, Maxwell is in the business of advanced electronics, particularly in the battery management system for two-wheeler EVs and for battery packs. At Maxwell, we have won the battery management system business of INR 456, 457 million till date in this financial year, and we have a pipeline of RFQs of INR 1 billion. Till date, since FY 2022, INR 4,242 million business has been won by Maxwell. Despite the latest trends in the EV market, we believe that these orders will help us achieve a sale in excess of INR 2,500 million in FY 2027. I'm happy to inform you that in Maxwell, we have recently won an order of INR 344 million for motor control units, and the SOP of this will be in March 2025. We are in touch with a lot of customers to secure business for various electronic products. So with the current order book, the order pipeline, and our technical strengths between Endurance and Maxwell, we are confident of achieving our goals in this electronic space. Our disc brake assembly business is growing with addition of Bajaj Auto, TVS, Royal Enfield, Yamaha, Hero MotoCorp, Ather, as well as the HMSI new business. Our second plant at Waluj, Aurangabad, has been already set up for increase in volumes and has already started the SOP last year. We already started disc brake assembly supplies to Hero MotoCorp in April in this year, and supplies will now start to HMSI from quarter three of this financial year. So with this new plant, our disc brake assembly volumes have increased to 6.2 million numbers per annum, and brake discs to 8.1 million numbers per annum, as well as four-wheeler brake assemblies to 1 million numbers per annum. And, we hope to reach these volumes in this financial year from these two plants. We are also working on the product and process technologies to manufacture high-performance braking systems for catering to more than 350 cc motorcycle market. We are planning to start this business by March 2026. As you are aware, the supply of two-wheeler ABS assemblies to Bajaj Auto and Royal Enfield has started. We have reached a run rate of 400,000 ABS assemblies per annum. As you know, the competition is mainly from Bosch and Continental, which controls a major market share in this market. We are now in the process of supplying dual channel ABS from next month onwards, and we have scaled up additional assembly lines by 240,000 ABS assemblies per annum, which has taken the total capacity to 640,000 ABS assemblies per annum, which run rate we will reach in the quarter four of this financial year. We are further planning to increase these volumes to 1.2 million single and dual channel ABS assemblies by 2026. We've already started manufacturing both the stainless steel brake hoses and the ABS valves in-house, which has helped us in lowering our cost and stop the dependence on imports. Due to increased orders in aluminum alloy wheels from Bajaj Auto, Yamaha India, TVS, and now Royal Enfield, we are now, at our two plants at Chakan, going to supply at a run rate of 5.5 million wheels per annum from this quarter onwards. In FY 2025 to date, Europe business has won orders of EUR 3.1 million, including the first Volkswagen business win for a specialty plastic component for a hybrid PV. In the last nine quarters, out of EUR 118 million order won, EUR 61 million orders are for the battery EV business, and EUR 37 million is for the hybrid business. In the calendar year 2024, the battery EV penetration in Europe has been at 13% and hybrid at 36%. We are therefore well placed in terms of securing orders for this growing segment. Also, in the EV segment, growth is slow. We have existing IC segment orders, which will continue, so there will be no loss of business for our overseas operations. Earlier this year, our Italian subsidiary acquired a 100% stake in Ingenia Automation S.r.l. This is a very strategic acquisition as it bolsters our strength in the industrial automation space, which will help us in our existing ongoing business as well as in our future expansion, which will happen at the plant. I'd also like to point out that Endurance, both in India and Europe, is actively pursuing its focus on gaining access to new technology and focusing on new product, organic and inorganic growth. So as I had mentioned earlier also, our future focus will be on the following projects for a better product mix and better profit margins. Increase our four-wheeler share of consolidated business from 25% to 30%-45% by FY 2030. This increase will come from aluminum die castings, aluminum forgings, as they will be increasingly used for lightweighting and also from proprietary products through acquisitions, joint ventures, and technology agreements. We are also focusing on increasing share of business for premium bikes greater than 250 cc for brake assemblies and ABS, suspension, clutch assemblies, as well as alloy wheels for upgraded product technologies and process. We'll focus on increasing business for electric vehicle, existing and new products. We will increase our embedded electronics business by becoming a significant player in the battery management system and electronic products required for electric vehicles, as well as other basic applications. We will be focusing to grow our aluminum alloy wheel business in future. We will focus on non-automotive business, which has large opportunities, especially in aluminum castings. We are in the process of setting up a new plant at AURIC Industrial Area in Aurangabad. The SOP will start in FY 2026, and this will focus on four-wheelers as well as non-automotive aluminum casting business. As far as our aftermarket is concerned, we, our focus is to reach 10% of India sales by FY 2028. In quarter one, FY 2025, our aftermarket sales grew by 14.94% from INR 922.25 million in the previous year to INR 1,060 million in quarter one of FY 2025. We are now exporting aftermarket parts to 37 countries, with addition of Costa Rica in June of this year. So aftermarket sales growth will always be a large focus area for us, and we are targeting a good growth in this financial year. On the environment front, I would especially like to mention that Endurance is striving to be carbon neutral in its plants by effective use of solar power and wind power, creating carbon sinks by driving tree plantations, and thereby creating dense forests, and driving use of natural gas and LPGs in place of electric power and furnace oil. We have reached a carbon neutral percentage of 35% till date in FY 2025, and our aspiration is to reach a carbon neutral percentage of more than 50 by FY 2030. We are also focusing on lowering hazardous waste generations and to achieve zero waste to landfill. In Endurance, it will be our continuous endeavor to grow through organic and inorganic growth, with a focus on technology upgradations in product and process, quality improvements, costs, as well as focus on our environment, health and safety. We will do our best to fulfill our stakeholder expectations by following our five values of customer centricity, integrity, transparency, teamwork, and, you know, innovation. We are very positive about the future outlook in both India as well as in Europe, and we are really excited about the future now. With these opening remarks, I would like to invite questions from all of you. Thank you. Thank you. Ladies and gentlemen, we will now begin with the question and answer session. Anyone wishing to ask a question may please press star and one on your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is on the line of Aditya Jhawar from Investec. Please go ahead. Yes, thanks for the opportunity. I have, you know, 2 questions. One is, when we look at our India business for four-wheelers, we are seeing some decline. So if you look at last 1 year, FY 2024, it's reported a decline of about 13 odd%. Even in this quarter, there is a decline of 3%. So, if you can help us understand that, is there any specific, customer-specific issue? That is one. And also you can add on that, if you look at our cumulative order book, say about, say, INR 37 billion, what could be the proportion of four-wheelers in that? That is question number one. Yes. So, if you see the new order wins, the four-wheeler business which has been acquired is, I think, about 15%-18%. I'll just give you the figure which is there. Which is for mainly the customers we are supplying is Hyundai, Kia, Tata Motors and Mahindra and Mahindra. There's also now Punch Powertrain, which is, you know, for a tie-up with TACO, you know. And, so if you see... So, so if you ask me, right now you may see a decline because the, I mean, four-wheeler business on the whole has increased, but you see a decline as far as the percentage is concerned, because, because the other businesses are growing very much faster. So here I'm talking about absolute. I understand that percentages would decline, but, you know, when you look at absolute numbers from INR 600 crores in FY 2023, on standalone, it has come down to about INR 511 crores in FY 2024, so absolute decline of 13%. And even in this quarter, the absolute number is down by about 3%. You are talking about quarter four to quarter one? No, no, no, no. So firstly, first question is full year, FY 2024 versus FY 2023, India four-wheeler revenue. Okay. So if you see the full year revenue, and you see the run rate of that, then yes, we are down, mainly because of the decline in sales in Ford Getrag. That will be the major reason, because of the slowdown there in Europe. So that has been the main reason for that. Okay. Okay, and even in this quarter, that was a drag? Yeah. So, so even in this quarter, it was a drag, and I think this drag will continue. Okay. Okay. As far as I'm concerned, I'm talking about the export to Ford Getrag. That's been the major reason. What would be the proportion of that, roughly? What is the proportion of Ford Getrag? Exact number. So we, we don't have that exactly, but in the India business, we've not lost any share in the four-wheeler market. So thanks to the- Okay. But that figure, we will tell you later, the figure for Getrag. Sure. What difference it has made. Sure, sure, sure. Perfect. Second question is that, this, you know, Freedom 125, what could be Endurance's content per vehicle in Freedom 125? I would say it's... I can only tell you it's large everywhere. I cannot give you, look, you know, I can't give you these figures. But, but you know, Endurance, we are, we are normally the first choice, cycle for, for all our products, so it's sizable. So, so it'll make a big difference, you know, for sure. Yeah. Okay. Now, final question is on the forging business. All our product areas. It's for all product areas. Yeah. Okay. Okay, perfect. My final question is on the forging business. So, if you can help us understand that, you know, now we have commissioned our fourth press. So out of, you know, the total capacity that we have set up for forging, what would be roughly for internal consumption for a backward integration, and what would be for external sales? And since the fourth press has come on stream, what could be the peak revenue potential from, you know, from this capacity? ... Okay, that figure of aluminum forgings, do we have it? So that's a backward integration. What is the total sales figure? Including internal sales. Yeah. I'm only talking about the aluminum forging. Okay, that figure I will get back to you. So, so you want a figure for this year, right? For the coming year. Yeah, yeah. So my question is that if you look at, you know, if I say fourth press coming on stream, so what could be the total revenue potential of forging, and out of that, you know, some would be, say, 15%-20% could be for internal. So just wanted to understand that split. No, no. One thing is very clear: the aluminum forging business has been set up as a backward integration for our inverted front forks, not only to be cost competitive to get new business, but to de-risk imports. So apart from the Jaguar Land Rover order which we got, which is about, I think, INR 260 million or INR 290 million, which will be starting in this financial year itself. Apart from that, everything as of now in the fourth, including the fourth press, will be done as a backward integration, you know, for our inverted front forks. So actual plans required for inverted front forks, and now we are getting into hydraulic preload adjusters, which also require aluminum forging. So it is more to, I would say, sustain and be competitive and grow our inverted front forks business. But like we got the Jaguar Land Rover business, now we are getting RFQs and opportunities from others, especially in the four-wheeler field. We also got in the two-wheeler field to, you know, grow this business. But to answer your question, this is largely as a backward integration, you know, the aluminum forging. Okay. Perfect. That's it from my side. All the best. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Jinesh Gandhi from Ambit Capital. Please go ahead. Hi, Mr. Jain. A couple of questions from my side. One is, can you talk about, again, on the passenger vehicles and the non-auto business on the aluminum die casting, given that has been the focus growth area for the aluminum die casting business, how has been the order win, from these same subsystems, for us? So, see, right now we are in the process of acquiring orders, both for the non-automotive and four-wheeler for AURIC, as far as this new project is concerned. You know, we have a separate team for that. And maybe I think, let me see if I can try and, I mean, in this call, it won't be right to share anything right now, but I think I should be in a better position to share the kind of order wins which we are getting for both non-automotive as well as the four-wheeler in the next call. But we are- But we are highly focused, and there are many projects. Some are resourcing, one is new business. So there are quite a few things happening, you know, there on that front. I think I'll be more specific by the next call. Okay. Okay. But clearly there we are on track for increasing share of business for next 3-5 years. Obviously, on a quarterly basis, things may be different. We are very committed here to... Because this will be a part of our foray into four-wheeler. Okay, it will be a step-by-step journey, but this is a focus which I set from now to FY 2030, you know, to reach that 45% consolidated share of business. Of course, there could be, along the way, some inorganic growth, because it cannot just happen by greenfield, as you know. But this is one of the steps as a part of our future growth journey to increase our share of consolidated business to 45% for four-wheelers. Got it. Got it. Second question is on Maxwell. Congrats on for in CEOs. Can you talk about how would be the content difference between a BMS versus a motor control unit? If you can talk about that. Content between the MCU? BMS and motor control unit. Majorly, it's a BMS. Yeah, obviously, currently it's BMS only. I'm saying, what would be, say, ASP of BMS versus, MCU, LA, which you've got? Percentage of the vehicle price, you are saying? Yeah, or absolute or per unit basis, how much would be our content there? Huh? MCU is better or- No, are you saying an MCU is better than a BMS? That's what I'm trying to understand. Is MCU content higher than BMS, how it would be? No, I can tell you that MCU will be a good, profitable product for us. Okay. Actually, the total value is what I... If you want a total value, which I mentioned, I think, was- The MCU value will be less compared to the total sale of Maxwell. The main business is going to be BMS. Is this the answer to your question, or you want to ask something else? No, no, I was trying to understand per unit, say, ASP of MCU versus BMS. I cannot give you the per unit value or what is the percentage of the vehicle, if you want to know that. Okay. I know the total value, which I mentioned, was about INR 343+ million. It's about INR 340-odd million. Per annum, which is starting in February 2025. It is just starting, by the way. We are definitely. I'll just tell you one thing on Maxwell. We are, like I said, we have INR 1 billion of RFQs, which we are discussing. Not discussing, I mean, looking at only one, you know, I mean, I mean, a good part of it. We are looking at other products, even the motor control unit, we have been working, but now we just announced it to you after the order win. Like this, there are other products and we are really engaged with different customers. So basically, the whole idea is that this has to have a profitable growth. You know what I'm saying? Right. Right, right. Maxwell was a strategic acquisition, as you know, in July 2022, because we wanted to be a part of the EV journey, you know? And, I'm sure the EV journey will continue, it will increase. We want to be a part of that journey. There are not many players what we are doing, there are not many players. Our advantage is the whole, the technology and process product is in-house. It's not a collaboration, that's a plus point. But we are, we were a bit later in the day, but slowly, slowly, we are showing our, I would say, strengths to our customers and slowly getting in and getting the businesses. So it's been a bit of a slow start, but you'll see that in future, you could see a lot more of this, you know, Got it. Got it. And, on the order book of Maxwell, can you talk about the client concentration in that order book? How much would be coming from the new players or the players who have lower market share today versus the incumbent EVs? But today, our biggest customer is Hero MotoCorp, for the year. Okay. They are our largest customer. Going forward, of course, they will always be a large customer, but we have a lot of things in the pipeline going on, you know? Got it. Got it. Basically, this company started with them and certain exports to battery pack makers, as well as to two-wheeler companies as well as in India, you know, battery pack makers. But the largest share of business today is Hero MotoCorp. And let me tell you that, since last month, there's been a very good improvement, and really the volumes are now really, you know, going up from this month onwards. But it's gonna do well. Yeah, that's really it. Last question is on the European business. Two-part question over there. One is, obviously, we have seen a very good growth in the European revenues, but is that partly because of aluminum cost inflation? Is that the reason for such a strong growth? Or we have seen actually very strong growth on the core business itself. Oh, the aluminum is the same price of the previous quarter, no different. And so, the increase of turnover compared to the previous year, that is more or less EUR 11.5 million, 16.8%, is due to the business for 50%, and the increase of more or less 8% is tooling, due to the important investment we have done. And certainly that, considering that the market grew 4.1% in terms of registration compared to the previous quarter, quarter one of the previous financial year, in Europe, you double considering the production and four times considering also the tooling. Okay. Okay. So in that context, our margin performance has been, I would say, relatively weaker, considering that strong revenue growth. I mean, there has been a Q2 decline in margins despite having a strong revenue outcome. And YoY also, it's just about 40 basis points improvement in margins. What would, what would, My question is, what would be your expectation? We have done now a 16-point? Five percent. 16.5%. So what is your briefing expectation in a market like this? No, Mr. Jain, my question is, I mean, you have seen a sequentially strong volume growth in that business as a reasonably good operating leverage. Would not there be benefit of that? Just that's what I'm trying to understand. No, let me say, considering the total value of the deal that we closed in this quarter with EUR 13.3 million compared EUR 11.1 million the previous financial year. So we grew 20%, 20.2% in terms of the lead, with an increase of turnover of 16.8%. In terms of net results, we closed with EUR 4.9 million compared to EUR 4.2 million the previous year, and certainly with the same percentage of 6.1% in terms of net result. But please consider that we are changing completely our organization in Europe. We started in January of this financial year with a new plant from zero for Stellantis, where we will produce 850,000 thousand per year. And certainly the fixed cost is not at the same level of the previous quarter. And certainly, the benefit in Europe overseas will be clear in the next two years, when we will reach the maximum production capacity. So we are doing EUR 50 million investment per year, and so, the structure of our profit and loss is changing completely apart. But I repeat, the profitability in this moment is 20% higher compared to the previous quarter. But to be honest, you know, Jinesh, we are quite satisfied in all... in this whole challenging environment, which is there in Europe. We are quite satisfied, you know? Right. Right. No, I mean, but- To keep improving, you know? Yeah. There's obviously new plant fixed cost expense for this relatively lesser expansion. And lastly, we have talked about this specialty component, specialty plastic component, for order from Volkswagen. So, can you talk about the kind of investment we'll need to make on the capabilities and capacities for this business? Can this be a material new technology for the European business? How do you think about this as an opportunity? No, so the technology is the same, that we have in our hand with the other customer as, Stellantis and also, Mercedes as a final customer. The important news is that it's the first order as a tier one supplier for Volkswagen Group in the plastic injection molding. And in this moment, fortunately, or let me say fortunately for us, there are a lot of, problem into the, plastic market due to the, increase of, raw material and lot of, a lot of company are in, financial trouble. And, this was an important acquisition for us because, this is the first acquisition that we are discussing for future growth, and we can use the existing production capacity for this business. For this reason, is absolutely strategic for us. We are talking about only EUR 2 million, but is 20% of the total turnover of the company, so, you can imagine which is the potential for the future. Okay. So where the specialty plastic is already 20% of the turnover today, that, is that what I, is what that you mentioned? At this moment, the total turnover of Endurance Engineering is more or less EUR 10-12 million. We are. Please remind to you that we bought Endurance Engineering as a technical conversion from aluminum to plastic of specific products for the higher part of the engine. And we are moving now in components for the hybrid vehicle, for the vehicle, also in the plastic component. To answer your question, Jinesh, this is a small value. This business is about EUR 12 million. So it's a small value in our overseas scheme of things, it's about 5%. But when you win a EUR 2 million order from a customer like Volkswagen, it opens up many new opportunities for a proper growth in this business. That's the point. Yeah. No, I understand. That's a very, very, important point. Agree, sir. Thanks and all the best. Thank you. Thank you. The next question is from the line of Pramod Amthe from InCred Capital. Please go ahead. Yeah, hi, thanks. So continuing on this European business, some of the manufacturers, especially Porsche, the others, have guided for a very soft next quarter. Will it have what type of repercussion for you? No, in this moment, even if we have seen a reduction of volume in the electric component and Taycan, in the specific with the Porsche, we are compensating this reduction with increase of volume in internal combustion engine technology. So frankly speaking, it's true that they had a problem, and you can read in all the newspaper, which was the issue with the specific supplier. But in this moment, Volkswagen and Porsche are confirming more or less the same volume of the previous quarter, also for the next two, three months. And so we don't see a particular problem. Probably, the major problem is in the assembly of the car and not in the powertrain and transmission division. Sure. Second one is with regard to India business. When you look at these alternative powertrains, especially like CNG bikes, does your content per vehicle drastically increase, or it's the same as any other ICE vehicle? It is the same. Okay. And the third one is with regard to your car ambitions. Considering that there is a GM plant being now acquired by Hyundai, and Hyundai is anyway your existing client, do you see a more scope for you to add more components because you already have a ready capacity available? So how do you look at this opportunity? Oh, no, it's a very good opportunity. It's next to our plant at Chakan, which is doing four-wheeler parts, including for exports. So they are very similar parts. So it's a very, very good opportunity, I mean, for us. You will continue with the same products, sir, or you have an opportunity to add more components content for it? We have the opportunity. Okay, sure. Thank you. It's not finalized, but we have the opportunity. Okay. Would you be able to indicate which line you are looking at? Is it still in the metal forming or? No, this is in aluminum die casting. Okay. So which is like a existing line and you are adding- ... Chennai and Vallam plants. Right. Will be similar. Okay, sure. But you have any headroom capacity or you have to add capacity in the existing plant? Capacity. So we look at the business quantum which we'll get. Based on that, we'll take a call whether the existing capacity is enough or we need to add new, you know, die casting machines. Okay, sure. Thanks, sir. Thanks and all the best. Thanks. Thank you. The next question is from the line of Divay Agarwal from Fincom Family Office. Please go ahead. Hi, sir. Thanks for the opportunity. So, my question is regarding the aluminum die casting business. So I just wanted to know what proportion of the total order book would be in the aluminum die casting? Do we have that figure? Can we tell him the figure, total business win? You're talking about since FY 2021, which we have done, which has not gone into the production. Yeah. Right now, how much, what about the total order which we have, what would be the proportion of aluminum die casting in that? So, we have the data year by year, so it'll take a while for me to give you a cumulative number. No, you want for the last one year, or you want right from the beginning? Right from the beginning. Twenty one. Yeah, yeah, yeah. Okay, then we have to come back to you, you know, on this. We don't have that figure right now. Okay, no problem. And, secondly, regarding the new order wins in the aluminum casting, I actually missed the part of you on that, and other new order wins that you got in aluminum casting. So can you repeat that? In the aluminum castings, the orders... See, mainly the orders are, one is for the aluminum alloy wheels, which we have got. You know, we have. Then we have got, castings from various customers, right? From, you know, from HMSI to Hero MotoCorp, to Royal Enfield. And, except for Royal Enfield, all the other customers, it is with machining, because we are only taking orders from machining.... Then, of course, we have the Punch Powertrain business, which I've been saying the last two quarters, which is, order about INR 1,000 million. It started in a small way, but it, it, it will pick up now in future. And there are other opportunities coming also with Punch Powertrain as we go this thing along. Of course, I told you about the big Hyundai business of about, I think it was INR 830 million or INR 870 billion. So that will start in FY 2027 only, which is there. And three, the business which I've talked about is non-Bajaj. So in Bajaj, what happens is, any new business comes or new products, new growth, and there are also very, very—I mean, there are also structural casting items, like, you know, subframes, you have structural fairings, you have swing arms. So one, one, one has alloy wheels, one has crankcase covered machine, then you have parts for EVs. You know, with the Chetak growing, there are a lot of parts for EVs which we are doing for them. So Bajaj is one part which is growing, but for the other customers, some of the points which I told you, which come to my mind immediately, yeah? So the combination of alloy wheels, question of castings, largely with machining for two-wheeler, three-wheelers and four-wheelers for different customers. Okay, sir. Got it. And, in regards to the domestic competition and the aluminum casting itself, so I mean, there are players, listed players who are, you know, the sole providers in the cylinder heads to Toyota, Maruti, and many other OEMs. So do we have any kind of relationship like a sole provider to any OEMs? Yes. So we are for many segments of, say, two-wheelers, mainly for, I would say, two-wheelers. Four-wheelers also, there are a few segments for Honda and Kia and for Mahindra also, maybe. I have to check that. But we are 100% because, see, the 100% supply depends basically on the volume of business, look per year, you know. So our volumes beyond, say, the volumes per month are beyond, say, 10,000, you know, then there would be a single source. I'm just taking one example, just as an example. Then beyond a certain volume, they'll have two sources, in general, you know? So we have a combination of both, you know. One thing I'll tell you on the aluminum die casting business, that today, in the last, I would say 35, 36 years we have been there, we have got a very strong, I would say, operation in die casting, in terms of a good engineering center, with a lot of value engineering is happening and development is happening, our own tool room. And of course, a very strong business experience, technology in product itself, process and product itself. So, we're in a good space and, to be honest, we don't see so much of competition for us in India as of now. There has been a consolidation over the years, but there is a lot, but there is a lot of business, if you ask me, look today. Okay, sir. Got it. Die casting is a CapEx-intensive business. We are quite choosy about it. Yeah, yeah. Right. Right. Got it, sir. Thanks. Thanks a lot. All the best. Thanks. Thank you. The next question is from the line of Akshay Karwa from Anand Rathi. Please go ahead. Hi, sir. Good afternoon. Thank you so much for the opportunity. So my first question is regarding the four-wheeler segment. In the earlier comments, you mentioned that you expect the four-wheeler segment to reach 45% in the next, by FY 2027, FY 2030. So what type of margins would this need to generate under the margins? So what... As in when we move to more aluminum die cast products, so would there be-- What margins will, what would the margin profile for this point in time? See, I can only tell you the margins will be higher. The margin will be higher. I mean, I can't put a figure to that, but the margins will be higher and that... So we are getting to four-wheeler for two reasons: One is to de-risk from the two-wheeler industry in India, as well as to improve the profit margins, you know. And this, like I said earlier, cannot happen only from organic growth. AURIC India is a first step apart from growing our existing four-wheeler businesses, which we mainly do in the aluminum die casting, in our Chakan plant and the two plants in Tamil Nadu. But it will happen also from inorganic growth opportunities. We are looking very actively in Europe as well as in India, you know. So it will happen by that time. But we have to choose the right product where we can really grow. It's a technology product. There are few players, like I've said, it is EV agnostic. So these are some of the criteria. So it may be taking some time. I know I've been saying this for the last three quarters. It may be taking time, but when it happens, you will know immediately. You know what I'm saying? Right, sir. There are a few business wins that we have had recently with Jaguar and all these Hyundai and all the big players. So, you know, by FY 2027, FY 2028, I just wanted to get an idea, like, by what, which year? See, the thing is, the percentage will definitely increase. Our focus is on that 45% consolidated, which today is at 25%, you know, so this will definitely increase both India as well as Europe. But, of course, it will happen from inorganic also, in a large way. It cannot just happen from organic, you know? Got it. Got it, sir. Then the second question is regarding Europe business. Want you to know the top-line number in euro terms, the revenue number? Yes, we closed the first quarter with EUR 80.3 million of euro of turnover, compared 68.8 of the previous financial year, an increase of 16.8%. In terms of EBITDA, we closed with EUR 13.3 million of euro, compared 11.1 million of euro the previous year, and sequential 20.2% of increase compared to the previous year, and the percentage of EBITDA was 16.5%. In terms of net result, we closed with EUR 4.9 million of euro, compared to 4.2 million of euro the previous financial year, with an increase of 15.7%. The percentage of net profit was 6.1%. Perfect, sir. That's all from my side. Wish you all the best. Thank you. Thank you. Mr. Karwa, are you done with your questions? Yes, ma'am. Yes. Thank you. Ladies and gentlemen, as there are no further questions, I now hand the conference over to the management for their closing comments. I don't have any further comments. I said what I had to in my opening remarks. Thanks. Thank you, members of the management team. Ladies and gentlemen, on behalf of Axis Capital Limited, that concludes this conference call. We thank you for joining us, and you may now disconnect your lines. Thank you.