Ladies and gentlemen, good day and welcome to Harsha Engineers International Limited Q3 and FY25 earnings conference call. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vishal Rangwala, CEO and whole-time director. Thank you, and over to you, sir. Hello everyone, good evening. Welcome to our Quarter 3 FY2025 Investor Call. On call with me today are Mr. Maulik Jasani, as well as Mr. Sanjay Majmudar. As you have been doing in the past, Maulik will take us through the numbers in a little bit more detail. I'm sure you would have had a chance to look at the numbers and the deck. Let me begin with, as you've seen, you might have seen in our Quarter 3 performance has remained overall kind of a flattish trajectory, with the key challenges continuing to remain more or less the same. Thus, our key market of Europe continues to face significant headwinds. Similarly, the US also is not showing any significant sign of revival. However, on the positive side, we are getting a feeling that with the U.S. taking positive, proactive steps under the new leadership of Mr. Trump, the geopolitical tension should start reducing, thereby making the business sentiment positive. However, this could be partly offset by increased tariff wars, particularly between the U.S. and China, which could have a domino effect on overall international trade. All these may not have any direct impact on Harsha; however, it can create an impact on global commodities and may have some indirect impact. Another fallout of the present scenario is making USD stronger vis-à-vis most of the emerging market currencies, including the Indian rupees. At a macro level, Harsha may stand to benefit since this will increase the price competitiveness of Harsha's products in the U.S. and other international markets. Now, if I talk of India, while we have grown in higher single digits in this quarter over the corresponding previous year quarter, bulk of the growth is attributed to strong growth in bronze bushing segment and also decent growth in stamping segment. The bronze bushing business has continued to be strongly positive for us. Thus, the nine-month year-to-date sales for bronze bushing is around 60 crore plus, very much in line with our expectation of crossing 80 crore annual sales target of bushing this financial year. If I talk of cages, this quarter was a bit soft in India, typically due to year-end inventory reduction pressure felt by our major MNC bearing companies operating in India. Since their overseas parent follow calendar year as their accounting year, I believe that normal purchasing will be resumed in Quarter 4, and we look forward to a little bit of improvement on demand from their side. Also, we have started seeing some better traction in order booking for exports, and demand scenario on the industrial side also looks to be slightly improving. As informed to stock exchanges, we have concluded a major sourcing contract for cages with a large global customer, and we should start seeing considerable additional business coming to us in India from the second half of financial year 2026. Again, we are also a major beneficiary of new facilities commissioned by our customers in India as part of the China Plus One strategy. We also expect the demand for large-sized cages to start picking up gradually in the coming quarter, matching with increasing demand from the industry. However, the demand from other geographies like Europe and the US is still not showing concrete signs of revival. China has not reported good numbers this quarter, though if you look at year-to-date performance, it's still quite improved. We expect China to sustain these improvements going forward. From a Romania perspective, Romania's prospects continue to remain bleak, though we are working very hard on the strategy for improving the product mix in Romania by pushing more cages and also consciously implementing cost-cutting measures. However, Romania will not be in a position to achieve operating break-even in the current financial year, given the fact that overall demand challenges continue. However, on a combined basis between our two key subsidiaries, I expect these losses to be reduced and kept at a manageable level in this current financial year. If I talk of solar business, Quarter 3 reported a normalized performance in line with our expectations. As indicated earlier, the solar division is operating on its own without any material additional capital contribution, or additional management bandwidth and support from the management. So, to conclude, I wish to reiterate while the current financial year top line will be more or less flat, as indicated in the past, the bottom line growth would be much higher, more or less in line with our current run rate we have achieved till now. I would really like to express my sincere gratitude for your continued trust and confidence in Harsha Engineers, and I would like to pass on to Maulik to talk about a little bit numbers in more detail. Over to you, Maulik. Thanks, Vishal Bhai, and hello, everyone, and good afternoon. For the last quarter ended December 24, our engineering business at consolidated level has achieved top line of Rs. 302 crore, 302 crore against the top line of 310 crore in the immediate previous quarter, and against the Rs. 278 crore top line in the same quarter last year. While we have achieved the consolidated EBITDA for engineering business of Rs. 48.2 crore in the last quarter of Quarter 3 of FY25, against 50.2 crore in the previous quarter and 48.5 crore in last year, same quarter. In our solar business, we have achieved revenue of 37 crore and EBITDA of Rs. 1.28 crore in the Quarter 3 of FY25. Our solar business continues to have a respectable order level in the pipeline. Our overall working capital cycle has reduced to 144 days against 151 days in the previous quarter. The company has incurred overall CapEx of Rs. 70.8 crore in the Quarter 3 at a consolidated level and continues to spend on the CapEx size as committed for the future growth. With this brief on financial numbers, I request operators to take the Q&A from participants. Thank you. Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to withdraw 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'll wait for a moment while the question queue assembles. We have our first question from the line of Jason Soans from IDBI Capital. Please go ahead. Yeah, sir, thanks for taking my question. So my first question just pertains to the long-term contract which you have won that's effective December 5, which would put a release on the exchange. Now, this agreement is for an initial period of six years, and you had mentioned that the revenue potential is around EUR 6 million-10 million per annum. So, sir, I just wanted to know what is the update on that? I mean, when are we starting deliveries on that, and how is the preparation for that going on? Yeah. So, in general, we have signed a contract for a long-term supply of product, which we are expecting to start supplying in the second half of FY26. And from our audit, this is what we have anyway disclosed. And this will be, I think, EUR 6 million-EUR 10 million is what we are projecting at the full potential level we could achieve that, so. Yeah, I think the preparations are on, and we are on track. So, yeah. Okay. So, revenue potential, sir, you have mentioned EUR 6-10 million per annum. So that gives you a significant revenue potential in terms of that. Okay, sure. Okay. But it will not start with 10 million. It will scale up gradually. It will scale up. Okay. Sure, sir. Sir, second question is just wanted to know, I mean, of course, in terms of overseas subsidiaries, it's kind of status quo as compared to the second quarter as well. Just wanted to know, I understand that the situation overseas with Europe and the U.S. is pretty weak, as you mentioned. But are you seeing any green shoots there in those regions now? Trump also has come. Just wanted your sense on that. Do you see any green shoots growing into FY26, or are we going to look at a kind of a similar performance when you look at FY25? Just I'm talking about in terms of the overseas subsidiaries only. When you look at a PAT, it's around INR 11 crores loss, which we have entailed for till nine months. So just wanted to know, in terms of a progressive thing, how are you looking at any green shoots for FY26? How are you looking at it? Yeah, so as you mentioned, even though last quarter China was not positive from a PAT point of view. However, we think that year-to-date China performance was a respectable improvement over last year, and we expect that that will continue. We should see a decent projection from China. If I talk about Romania, I think demand remains very subdued, and that has a big impact on us. We are still working on changes and things like that, and also working with customers to turn around, get the right product mix and all that. Having said that, we are expecting that we will not continue with similar numbers for FY26 or next year. Having said that, right now, we are not in a position to really clearly project. There are a lot of uncertainties on this trade war. The things are still a developing situation. So we have a very clear picture right now. Having said that, we are going to be ahead from here on in general. Okay, sure, sir, so probably you're looking at a sort of a similar performance in FY26 as well. Okay, or a little bit better. Okay. Now, I just wanted to know. We can't say. Yeah. We can't say. Okay. We are not saying it will be similar, but what we are saying is that clarity. [Foreign language] Sure. But we are hoping that. Yeah, we are also very eagerly looking for green shoots. Okay, okay. Okay, sir. Sir, just wanted to also understand, sir, of course, overseas is fine, but there was a lot of talk about how bearings, the big three in bearings, are doing large CapEx in India in terms of localization as well for increasing localization, big capacities being planned up. And of course, we'll be a big beneficiary of that. But we are seeing currently some demand softening there also in terms of industrial side and even in terms of domestic demand. So those CapExes are coming in now. Just wanted to understand what is the on-ground update on that because we're seeing some softness domestically as well. So just wanted to know, what do you think? It's just a seasonal kind of thing? Probably at the back end, we'll look at good demand coming through for bearing cages and everything. So how do you view the domestic outlook? So, as you rightly said, that we are seeing a little bit of softness there. All the big CapEx coming in were catering to both India demand as well as global demand. So I hear that our customers are also challenged with the softening global demand. And so I would say that some of those projects are a little bit delayed is what we feel. On the ground, some of the demands which we were supposed to deliver are now slightly delayed in how we are seeing on the ground. But having said that, the directional commitment is there from all our customers. They are continuing to say that they don't worry. This is a short-term pushback, and as soon as their capacity comes online, we will see the demand growth as well. Sure, sir. Thanks. Those were all my questions. Thank you for answering that. Thank you. Thank you. A reminder to all participants, you may press star and one to ask a question. We have our next question from the line of Harshit Patel from Equirus Securities. Please go ahead. Hi. Thank you very much for the opportunity, sir. So my first question is on our standalone India business. So how the cages business has grown in the domestic market in the third quarter? Also, has there been any material change in realization either on YOY or QOQ basis here? Yeah, with reference to the pricing change, yes, there is a price change as we discussed in the last quarter also. And as you know, that is a pass-through mechanism, and hence the price has been reduced because of the metal has reduced on both fronts and majorly on the steel front. That is first. Second, with reference to the India growth, the overall growth of India has remained bullish because of the auto sales has gone up. While with reference to the cages, it is almost flattish. Okay. So flattish YOY, you are saying flattish with respect to the same quarter previous year, domestic cages, right? Yes, both. Yeah, more or less both, yeah. So as Vishal explained, that softness is probably attributable to maybe this year-end destocking phenomenon we generally find in the December quarter because most of these companies, they get consolidated with their parents, and then they are very conscious about buying or reducing buying. We believe this quarter Q4, we should see India domestic business also again starting to grow 8%-10% per annum. That's what our assumption is. Yeah. We don't see this as a structural issue. It's more like a cyclical issue. Yes, sir. This is more about we are talking about. Age only, yeah. Yes, sir. Understood. Understood. Sure. So my second question is on our CapEx. Could you provide an update on the commissioning of the first phase at the greenfield site? Also, what would be the overall CapEx number for FY25 as well as the next year? Let me start with the second part. The CapEx number we are targeting for FY25 is about 170 crores somewhere in that range for FY25 and primarily attributable to the new project, I mean, new plant and building and equipment coming in. If I think what was the first question I missed, sorry. Sir, on FY20, CapEx is? April, around April. Yeah. So, correct. So, this is going to be in a phase commissioning thing. One of the subsections will be starting pretty soon towards the end of this quarter or early next quarter. And then most of the things will come online. All the capacities should come online by the end of the first quarter next year. Understood. Sure. And sir, just lastly, could you share an update on what have been our nine-month revenues from the Japan-based customers? Any update in the outlook over there will be helpful. So, I think the number for Japan-based customers remains largely flat versus the previous year. I think about INR 50 crores is the year-to-date revenue from Japan-based customers, or not Japan-based, but Japanese customers, Japanese companies across the globe. And we expect that to be versus last year, not much of a growth. However, from a development and also other point of view, we are, I think, progressing very well. I mentioned in the last call that some of the projects got delayed due to technical and other issues, and they should be coming online again soon. So that we will probably come back to the growth phase again. So development continues. Transition to sales should happen. It is happening a little slowly, but development continues. Understood. Sir, perfect. Those were my questions. Thank you very much, and I'll get back in the question queue. Thank you, Harshit. Thank you. We have our next question from the line of Saket Kapoor from Kapoor & Co. Please go ahead. Yeah. [Foreign language], sir. I'm audible, sir? [Foreign language]. Yeah, yeah. Sir, firstly, if you could explain to us the nature of losses in our subsidiary when we go into the consolidation. You reported about there being on a declining trend, and it is around, I think, the INR 10 crore number for the nine months. So if you could just explain to us first the nature and what steps are we taking, or what would be the changes that would lead to first lowering of the same going ahead? The major losses are coming from our European subsidiary. There are multiple reasons behind it, but the major reasons are, one, demand low, which is an overall struggle at Europe territory per se. And in that also, the Europe subsidiary is serving to the market like windmill market and high-end industrial usage, which is a large-sized industrial requirement, which is significantly low overall demand network over there. Hence, there is a fixed cost component which hits us badly over there. As you might be aware that our Romania site is a leased site, and there are multiple fixed cost components attached to that site. So that is one reason. Another reason is obviously Romania site also serves the semi-finished products to one of our customers. There also, we are making some good amount of losses, reason being some of the inflation cost on our value add could not be passed through, and that also results into the loss because of the overall efficiency of plant has gone down in reason of lower demand. Okay, so sir, out of this 10 crore nine-month losses, what would be the contribution from the Romania facility in terms of the revenue contribution and the losses? So China is positive, and Romania is negative. So it's partly positive. So major contribution is Romania only. Rather, only contribution to loss this year, except for the third quarter minor loss for China, is Romania. So yeah, it's Romania here. So as we said, almost 30% revenue growth, fixed overhead remaining fixed, demand compression continued. So these are the reasons why you have to maintain the basic infrastructure there. Sir, out of the total pie of the business, what is the contribution at peak level from the Romania facility? Peak level was about INR 300 crores plus annually. Currently, INR 100 is sub-200, and that too is not a good product mix, major being the semi-finished castings. We're trying to push cages, as you might be aware, but things are taking a lot of time there. Sir, you alluded to some of your clients domestically looking for higher cages requirement. I missed your commentary in the opening remarks. And if you could just outline to us what are we trying to convey and what kind of incremental business is anticipated going ahead from these customers in terms of the revenue going up once their facility are commercialized? So we are not able to fully quantify that as a revenue number. Having said that, what we are trying to say is that our customers are putting large CapEx to cater to domestic demand as well as some demand for outside India as part of their China Plus One de-risking strategy for bearings. And we believe that we would be a major beneficiary of that. Our guesstimate is that this could be around INR 200 crore. At the peak. At the peak opportunity. Incremental additional opportunity for supplying cages to them. But this is an ongoing developing situation. It will take a little bit of time because obviously they have to also these are very large CapEx taking a long period of time for them to bring those capacities to India and bring them online, so. Sir, domestically, what is our utilization level for our Indian operations in the caging segment? About 60%. You can say average. We have various subsegments and dedicated lines in a lot of cases. So it varies from those lines and products and everything, but you can take an average of around 60%. Sir, depending upon the improvement in the business environment and the demand scenario, at optimum level, what can we reach in terms of utilization levels from 60 going up to what number? Around 80% is what we could optimally reach. I think. And the optimum product mix. You see, we have multiple lines. Each line is designed for different sizes. So if I get a complete bouquet of demand from each size, then I can reach 80%. But it never happens. Very idealistic. It's an ideal situation, but yes, theoretically, we can reach 80. Okay. And last two points, sir, just putting the first you have given in your presentation wherein you have outlined the key strategies going forward. So if you could just throw some light on specifically, you have mentioned about the focus on developing products to capture the opportunity in the EV segment. And then I think so the bushings and specialized component segment, I think so with respect to the wind energy part. Just if you could spare some time on the key strategies going forward, [Foreign language]. Sure, Saket. So this is what, from our long-term point of view, how we look at market opportunity and what we have said within that document or within that presentation what we are looking at is we are confident of a bearing industry growth as a minimum level, and we believe that we could grow much higher based on various strategies, various additional growth opportunities. Specific to things you mentioned, I will elaborate on those. One is bushings. Bushing is a product which is very adjacent for us from a cage point of view, and we bring in a very technical competency within a non-ferrous casting and machining area, and wind industry right now, last few years, has been going through this transition from some of the bearings being replaced by bushings. Not all, only select some bearings. And in that, when they are replaced by bushings, we have become the only supplier or maybe the first supplier in India to supply to wind market. And we see that as a good opportunity just from the product point of view, and we could grow significantly in that. That's what we are talking about. And if you look at our numbers, every quarter we talk about that as a number, and we have been growing. We will probably grow to the tune of almost 70%-80% year over year on that segment last year to this year. And we expect that that will continue. That is not necessarily the market. End market itself is growing, but application within end market is shifting from one product to another. We come in, and we are able to help that. And we think that that could be a continued additional growth opportunity for Harsha. And the other stamping component, what we are talking about, we are a very strong tooling tool design competency, tool manufacturing competency, and what we can do is make very complex toolings. So taking those competencies, we are looking to expand into the stamping area beyond bearing cages, also focus within that on green battery-operated vehicle area and select some of those products. And that is what we are talking about. We see a lot of growth within that. Even if you look at our commentary, we are saying that in spite of a little bit difficult quarter, we have grown in stamping area, and we see a lot of traction within that, what we bring to the table for complex stamping components. And that's what we are talking. That could also be a very great long-term opportunity for us to grow in India or for us to grow. And those are the two things you mentioned, what we are talking about. Just to conclude sir, if we look at the peer comparison in terms of the caging segment where we are operating, who is our nearest competitor? Are you talking of India? So globally, frankly, we have number one player, a company called NKC in Japan. That is our number one competition. We believe we have the second highest global market share after them in this outsourcing space. And then there is a company called MPT in Germany. These are our competitors, but we have multiple competencies. So for example, we do steel, we do brass, we do plastics. So we have multiple technologies, multiple competencies. But NKC does mainly steel. MPT does mainly brass. So that way, being in India, we have that advantage of being a little more penetration capabilities are higher. Within India, we only operate in organized space. So there are just one or two players, and we believe we have more than 70%-80% outsourced cage market share in India. Most of the Indian bearing companies have they don't have any cage facility practically, except for very few. So we have that way a very, very high market share in India. And overseas, our wallet share between the three giant top three players, SKF, Schaeffler, and Timken, we would be supplying to almost 60-70 plants worldwide with a 10%-20% wallet share. That's where we are. Right. And concluding remarks, sir, if you could permit me, is regarding the employee cost. Also sir, in your presentation, you did allude to increasing operational efficiencies to improve return. But when we look at employee cost as a percentage of sales, I think so the fixed cost component you have already explained. But still, even when we look at the Indian operation part, these are higher numbers if you look. And what aspect should we look at the employee benefit expenses as a percentage of sales if you could give some more color to it? Sorry, your question is not very clear to us. Can you be more precise? Are you trying to say that in India, the total cost of employees as a percentage of sales is higher? Higher, according to my understanding, sir, on a top line of, say, 1,034 crores. Yeah. Yeah. Yeah. Okay. Higher than? Sir, at a top line of INR 1,034 crores. Without going into, no, no, no. Yeah. So see, without going into the specifics, I don't know [Foreign language]. But our employee cost is around 11%-12%. Two reasons. One, we have very, very high level of engineering skill set that we deploy given the precision-oriented job that we do. So if you are doing a mass scale production, commodity scale production, employee cost for those kind of companies would be 8%-9%. We are 10%-12% because A, we do our own tooling. B, we employ a large number of engineering graduates. We do a lot of training, and this is a very, very high precision job that we are doing. Overseas, if you compare for a similar kind of operation, the cost would be 25%-30%. So that way, we are quite competitive as compared to the relevant competition. But there's no universal yardstick. Okay. So, yes, sir. And lastly, sir, margin improvement, hum kya dekh sakte hain? Abhi jo hum 14%-15% ki range pe chal rahe hain. Agle 2-3 years ke liye, sir, ye trajectory kya se improve hoti dikhti? Aur kya all kar sakte hain next financial year 26 ke liye in terms of EBITDA margins with respect to the environment jaise aap bata rahe hain? Yeah. Yeah. It's a, kya hain? India continues at a decent margin of 20% odd run rate. The problem is Romania and mainly Romania and a little bit of China also. So in a good scenario, Romania was doing 8-10% EBITDA, but today it is in negative territory. We are working very hard to see it a) reaches back to a profit or a break-even situation, and then it starts generating margins. But long-term, [Foreign language] target {Foreign language] consolidated margin 14-15% [Foreign language] target to 17-18% [Foreign language]. But it's very difficult for me to predict anything right now. Yes, sir. Sir, [Foreign language] 16% [Foreign language] nine months [Foreign language] EBITDA margin. Correct me there, sir. Consolidated [Foreign language] key performance indicators [Foreign language] EBITDA margin currently 16.09. [Foreign language] I'll join the queue. I am online, I think. Hello? Okay. Sir, Romania mein hamara capital employed. [Foreign language] Romania has, including the capital investment we did initially, is around INR 180-190 crores. Okay. [Foreign language] Thank you. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Amit Anwani from PL Capital. Please go ahead. Hi, sir. Thanks for taking my question. My question is on bushings. So I think I remember bushings; we said H1 was about INR 44 crore and 9M is INR 60 crore. We are targeting INR 80 crore. So that gives me the understanding that we are targeting INR 35 crore in H2. So why is there a decline there? And some more highlights on what is the outlook now in bushings? What is the number you are targeting for FY26? And just like you highlighted the competition on the cages side, if possible for you to highlight competition on bushings for domestic market and global market. So Amit, bushings run rate average quarterly was about INR 20 crore, and we are on track. [Foreign language] So we are absolutely over INR 60 crores in nine months and 100% over INR 80 crores. So there is absolutely nothing structural or nothing to read about it in terms of whether there is a softening. On the contrary, we are very excited about it. The new greenfield facility also has a decent increased capacity for bushings. On long-term, [Foreign language] can take us to easily INR 200, INR 300 crores annual run rate over a period of time. So nothing really negative to read about it. What's the target, sir, for FY26? We don't have clarity yet on that, but we are expecting to grow from whatever we did in the year. Yeah. At least 20% growth minimum. But a lot of questions and answers, a lot of things developing in that reference. What is the competition there, sir? Who we are competing with on bushings? Anyone from domestic market or global market? Best of our knowledge, domestic competition is not present. Globally, there are competitors out of Europe as well as strong competition out of China, and we don't have the names. Yeah. My question on Romania. You highlighted that again, we are in a wait and watch, though we aim that the losses should cover up and we should be contracts. Wanted to understand strategically how one should think. Operationally, we understand things have not been well from past several years. And the objective was to transition from semi-castings to the large cages. And that is now panning out, and we obviously don't see too much happening in next three, four, five quarters also. Is there any strategic thought that we want to make a change or any thought strategically? Are we following the same thing with the intent with which we acquired the subsidiary? No. So see, Romania had started generating positive profits, then first came COVID. We had a hit again, and then, while we thought that we are recovering, then came this geopolitical war and inflation and everything, so in all honesty, to be very, very candid, currently, it's a very tough situation in Romania because our strategy is to, or rather was to increase the share of cages, maintaining the share of castings. [Foreign language] castings is also down and cages is not improving. So therefore, there is a double whammy. Secondly, it's not possible to just so we are trying very hard for cost containment. Can we how do we control the costs if we are not able to get the demand? So I think currently the focus is cost containment, and our teams are pushing very hard on trying to increase the sale of cages out of Romania. But [Foreign language] overall things are very difficult. So I think, as you very rightly surmised, we don't see a dramatic improvement happening even next year. The first target is whether we can contain losses or reduce losses to the maximum, and that's what we are trying. It's [Foreign language]. Yeah. So what is the annual fixed cost there? We don't have it. Let me take this offline. We'll answer. No problem. Okay. Thank you. Thank you so much. Thanks. Thanks. Thank you. A reminder to all participants, you may press star and one to ask a question. We have a next question from the line of Prathamesh from PL Capital. Please go ahead. Hi, sir. Thank you for taking my question. I just wanted to know the revenue for Q3 or nine months for castings as well as bushings, and yeah, basically the bifurcation of India engineering if you could. For some strategic reasons, we don't give the breakup between castings and other products, and we just generally cover the revenue the way we have shown in our presentation. Sure, sir. Understandable. Thank you so much. That was all from my side. Thanks. Thank you. Thank you. We have a next question from the line of Saket Kapoor from Kapoor & Co. Please go ahead. Yes, sir. Sir, our solar EPC vertical, I think so we were not very keen to grow or grow it, so what is the thought process now behind and [Foreign language]. And the thrust which the government has provided on the solar installation and all, if you could give some color. And also, sir, budget [Foreign language]. I think so last year [Foreign language]. So [Foreign language], especially government CapEx [Foreign language]. Yeah. So, Saket, on that railway and other things, again, overall demand is a little bit subdued right now. We are expecting it to, relative to the peaks, remain like that. What you just mentioned, there is some impact on that. However, on the other end of that same segment, we are expecting to improve revenue from the fact that there is a lot of metro implementation, and our products are now increasingly going into those bearings. So I mean, all in all, we see that we expect the rail to continue to grow. Maybe reference to what you just mentioned may not be as aggressive. And what was? Solar EPC. The outlook for solar EPC. Solar EPC. Correct. So for the solar EPC, again, it is a legacy. We had started this business a while back and we had to scale it down because it has become a very competitive situation. The strategy here is to again create a sustainable positive business. And we have, from an earlier point of view, scaled it down. Now it is growing. And because there is a policy incentive support in place from the government, so we are seeing decent growth. Our focus is on a sustainable growth there. And we are not trying to grab a very large project to increase our top line. Our focus is to remain sustainable and within our capabilities continue to execute solar EPC projects. So that's the direction that from a long-term point of view, we will see how to take this upward. But that's different. Sir, aapka audio problem over. I could not hear you. Last point, aap kya keh rahe hain? But what we are saying, Saket, the legacy that was inherited by Harsha. Management bandwidth and focus remains absolutely engineering side. Hardly any CapEx. But because of current favorable policy regime and a lot of investments happening, we are getting projects. And we will hope the same ecosystem continues to remain profitable. So without too much of a capital allocation, this will be status quo. It will keep on growing because [Foreign language], usually [Foreign language] with focus very large product. But on typically top industry top all projects [Foreign language]. Sorry, wait nahi aaye hi. Sorry to interrupt, sir. Just can you please wait a second? Yes, sir. Now please go ahead. Okay. Am I audible now, Saket? Ha, sir, [Foreign language], sir. Continuous basis [Foreign language]. Aaa. [Foreign language] I think what Vishal just concluded that this business will continue at its current level more or less without incremental bandwidth. We will remain completely focused on engineering part. This will go more or less on auto the way it is going. Correct. So we can also look to hybrid talks, sir. [Foreign language]. But any [Foreign language] importance to that in Vishal wanted to continue under the Harsha vertical only, it can be hived out to a different segment altogether. Or any incentive that is derived in terms of Harsha Engineering brand for going for solar EPC? The rationale of continuing with the same. Actually, it was in a separate company because of some reason, it has become part of Harsha. But at this point in time, it will. Sorry to interrupt, sir. We are not able to hear you. Is that us? Can you? No, no. No, sir. The voice is still breaking. Okay, so maybe you have to wait a while. Sir, [Foreign language] I'll take it also offline. And last point me, sir, whenever it is get connected, about the other income component [Foreign language] what are the key elements that contribute to the other income? Is it the cash from the books? If you could just give me then the cash net cash balance we have currently. Available. Other income breakup is available in our schedules. It is similar to our last year's financial. There is nothing significantly changed, and cash and bank balance we have around INR 200 crores approximately. Sir, I'll take offline, sir. I think so we are on a very weak line. All the best to the team, sir. Thank you for all answering patiently to all the questions, and [Foreign language], sir. Thank you. Okay, so Arvind, we may conclude the call, please? Yes, sir. As that was the last question for today, I now hand the conference over to the management for closing comments. Sir, any closing comments for your team? Thank you, everyone. Yeah. Thank you, everyone, for joining this call. And appreciate your interest and enthusiasm about this. And we hope you have a good evening. Thanks. Bye-bye. Thank you so much. On behalf of Harsha Engineers International Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.