Great! I think we had a delayed start today because of the fog, and I think our products that were launched brought a lot of clarity, and therefore, fog and clouds went away. So that's what we saw on the product. And we hope that you are very excited on seeing both of our launches as well as what we spoke about, what's coming in the future. Already we see a lot of exciting reactions on digital and social media of the products that are coming in. I was in. So some of our investor friends are still taking time to come in. But you're not the only one, 'cause after the launch, I was made to rush to the off track, and then I went there, and then I rushed back to media stand, and then I was doing interviews, and I'm rushing from there here. So if you think you're the only one doing the running around, I'm with you, and I'm doing more running around. But thank you. Thank you for being patient, and thank you for joining us. Switch on the slides now, Ravi. Yeah. I'm told that this time- Thank you. This time we do have many fixed income investors as well. So usually, we have investors who either recommend our shares to buy and write reports on us or who are actually buying, but this time here we have the fixed income investors as well, and therefore, my welcome to them also. Claps are in short supply? Okay, won't take much time. What we'll do is that in the next 20 minutes or so, we'll try to cover some slides. The idea of these is to talk about overall strategy around the three pillars. We are not going to cover the entire business presentation today. What we are going to. And this is just a recap of the, of the launches, that we're talking about, that we did multiple new launches, 2023, customer experience, as we spoke about, and of course, the financial performance. You've seen the margins. And again, I would like to thank the investors for being with us, for putting confidence in the company, which has resulted in doubling the market cap and therefore the shareholders' value creation in the last 10 months. Claps?[Foreign language] Okay. All right. So we are going to focus on three themes today, which is premium and EV, and the third topic is being digital. And there's a reason why we have chosen this third topic, is, as I spoke earlier in the day, digital and AI is going to power the top line, bottom line growth in future, and you will see what we are doing in that space, and I'm sure that you will get excited by it. May I now invite my colleague, Chief Business Officer of India Business Unit, Ranjivjit Singh, to talk about the premium, which will be followed by Swadesh, who is the Chief Business Officer for EMBU, to talk about EV, and it will be followed by Reema Jain, who's our Chief Information and Digital Officer, will talk about digital. And while they talk, I'll catch my breath, and I'll take some rest. Thank you. Over to Ranjivjit. Good afternoon, everyone. I hope all of you enjoyed the show so far. Yeah, and there's a lot more to see. So like, Niranjan said, the show only goes on from here. So what I'm going to... Let me just put my slide thing here. It'll help me. So what I'm going to talk about is... Yeah. Okay, thank you. You know, I'm at heart, a marketing guy, so let me start with the brand first. The brand is what really has fueled Hero MotoCorp and will continue to do so for the next 40 and multiples of that. And bringing in the Harley-Davidson X440 was such a step up in terms of the brand association that we have. The brand is also then built with a culture of riding and the lifestyle riding space that Harley-Davidson stands for, building that out, that, of course, for the rest of the portfolio and the premium portfolio. And there are a number of things that we are doing there, and we'll talk about as well. With that is really some cool merchandise. We'll also talk about the product portfolio and how we're expanding the product portfolio into wide spaces and then proliferating even further. We'll also talk about the premiumization strategy and the experience that we give to our customers, because end of the day, they're really looking for those kind of experiences when you look at the premium customer. So that really sets the agenda of what we're going to cover in my part of the presentation. As far as the premiumization is concerned, the proof of the pudding is really in the eating. When you look at our previous Hero World in 2020, we had four models from a premium perspective. Today, you're seeing seven models which are ready. So that's tremendous in terms of the progress, and it's only beginning, and it will continue. So what we've done today is analyze the market and looked at where the white spaces are, occupied those, and then as we go further, we'll proliferate even further. One of the things that, as a company, we feel very strongly about, is the differentiation and how we take things forward, because our customers are spoiled for choice. They have options. So how do they really choose a brand and a model from Hero? There are some really interesting things that therefore, through the R&D center and all the associated functions we come up with, is how do we make it such that the customer actually chooses us based on their different needs. And their different needs can be, from, like, we talked about the Xtreme 125R, the ABS or the new engine, and like that, Karizma being absolutely top of class in terms of its functionality, technology, modernity, bringing that into... Of course, I mean, the, what do I say about HD X440, but then today what you've seen is about the, the Mavrick 440 and bringing that modernity, bringing the techno parts, bringing the wider tires. A lot of that is at play here. And what we This is the HD X440. So amazing kind of ramp-up that we are getting in terms of the actual deliveries. We got more than 25,000 bookings. In December, we were able to deliver around 4,000, 2,000 before that in October. And then, as we go forward, we are augmenting the supply, and we're able to meet the expectations. Of course, this is an impatient generation. They want their Harley-Davidsons earlier, and we're doing everything possible to get that capacity going up. And that's what you see here, is the increased capacity, which is a great thing to do, to be able to serve those needs and then expand further. It was actually one of the most stylish bikes I've ever seen. Fancy, and it's, it's a killer look. Karizma, I think, yellow. Hrithik Roshan used to come in that ad. I used to have a huge crush on him. It looked very legendary. Hero's Karizma is back to rule the roads with an absolute bang. The bike which is king, the bike which is jazzy, the bike which is racy, the bike which is powerful. Every biker's dream was Karizma, and it's back. It's lit! So, again, here in Karizma, we covered a little bit of this even earlier, but, you know, you've got to experience it to believe it. The kind of comments that come out on social media, the nostalgia that there is, and the delight when they're receiving the Karizma. Every single delivery that we do is like a celebration, and, and that's quite an experience that we are having right now of the kind of energy that we're experiencing with our customers. And of course, we've even gone beyond the 1,600 to about 2,000 deliveries. Again, this is something that we are augmenting the supplies to meet the expectations of our customers. Mavrick 440. Wow! I think the signature thump was absolutely mind-blowing. It reverberated throughout. We all experienced that today. The way it's been designed is. Someone says it's beautiful. I think it's, like Vijay said, stunning. I think it's a beast. I think it's fantastic. I mean, almost so many adjectives are coming for this one, and the initial reactions that we are seeing from, you know, what, what we have just launched is absolutely outstanding. Outstanding. And there are some amazing technology, modernity, and it's clearly targeted towards a younger customer, where the younger customer is, is really wanting that option of, you know, what they can do with a roadster. So it's a modern roadster. We're really, really proud of the work that the teams have done in building this out. We, you know, we will keep following the progress of this one. Xtreme 125R, I was talking to a few of the people who saw it for the first time today. Of course, I've ridden it, and when I can tell you, if any of you—Anyone here is a biker? Anyone rides bikes? Anyone? Few of you, I really encourage you to definitely try this one out. It'll put you in another state of mind when you ride this one. The comfort, you will feel the comfort, and then if you really go and you race ahead and then stop, you'll enjoy that feeling as well. So there's a lot to be discovered in this one. This is another one that very thoughtfully we've really come out for our customers. This is a segment that customers, you know, after COVID, there used to be upgraders before from 100 cc upwards, but after COVID, and with the inflation that took place, a lot of downgraders from, let's say, the 150, 160 cc bikes have come into this segment, and they are looking for performance, they are looking for styling, and they are looking for tech. All of these things, there's no other brand that has the amount of goodies that this one has. And again, like I said, seeing it is believing it. Trying it out yourself is where you will actually get, get, get the fun. So the first thing I'll say, these are not concepts, these are real. We're actually, you know, are serving our customers from there. We have three already opened, and our dealer fraternity is so excited with Premia. You know, where we've already opened, the kind of response we're getting from customers in terms of the happiness score, the NPS score, significantly higher. Significantly higher. It's the whole experience. They haven't experienced this kind of thing in the automotive sector, at least in two-wheelers. So it, it's, it's something to watch out for. It's a beautiful, new environment that we've created, and it's very natural to think about it. The kind of customers we are attracting are different, right? Let's acknowledge that. And therefore, you need a house that will bring in the different kind of customers, to bring in the Mavrick there, to bring in the Harley-Davidson X440, to bring in the Karizma there. So we need a different environment, and this has been very thoughtfully researched, designed, and then created. Like I said, the rollout is happening. [crosstalk] Okay. So there are different stores here. As you can see, it's very premium in terms of its look, but it's also very natural. It's got the performance, it's got HD X, it's got electric, it's got a lot of these things which that kind of customer is looking for. And therefore, our premium portfolio is coming up very well here, including a very good digital experience, a phygital experience, as well as merchandise. Merchandise, if you get the opportunity, again, do visit the merchandise part as well. You'll see how we are rethinking and completely taking the merchandise to a completely different level. So, as I said, three stores are live in Calicut, in Bangalore, and in Gurgaon. We've got a lot of interest from our dealers, and we will have 100 by June, and they will... When you walk into them, you will experience it, the whole stunningness of these stores. But what goes along is also the service for our premium customers, because, you know, we, it's not just about the infrastructure. Of course, we'll have the ramps, of course, we'll have the kits, and of course, we'll have the sales train... the service training and the qualified personnel, but then also the environment and then the whole digital journey for them. Bringing in the One App, which we have, which, you know, it must be another record that we've created, about 5 million downloads in, in about a year, of, Hero One App. There's a lot of interaction going in. 3.5 million is actually on a monthly basis. They're all coming to the app. So it's, it's phenomenal the kind of capabilities that we are building around these. It just takes the game to the next level. We can't change these films fast enough. It said 280, now we're already at 300. So 300 in 300 days, 400 by the end of March and onwards. So literally, our dealers are participating so much in this, and the reason for that is very clear. It's a very uncluttered, premium environment that's created. And our customers are... Just the whole thing of coming there, seeing that, a very different kind of an experience in the Hero 2.0, elevates the brand experience. So, you know, we're seeing tremendous amount of increase in the conversion rates. Over 33% increase in conversion rates from the stores that have already moved to Hero 2.0 from their previous versions. So that's the kind of change that we are seeing. We talked a little bit about this, driving the whole culture of riding. And, when you look at the XDrags, already over 50 XDrags that we did just last eight, nine centered around the Xtreme 160R 4V, which is the fastest in its segment. And people tried the product, and they loved it so much that they went for the top model. So this is premiumization literally at play, that when people experience, for example, the USD forks that we offer there, they just get blown away. They say, "This is the one I want." It's very different from going into a showroom and seeing it. So these are natural kind of activations that we do, and a lot of this is happening. Similarly, I mean, fantastic to see the results of the Dakar and the podium finish that we have, and our teams are working together in terms of how to leverage that and amplify that in the Indian market, and make it more and more popular. For example, the sort of stuff that we did, you know, all through the different kind of activities. So that's the summary that I'm at. What you would get from the presentation is a very, very clear strategy to win in premium. It's not a single faceted. People normally say, "Yeah, we need the products." The products are important, but that's not the only thing. You need a portfolio, and you need to keep innovating, for sure. But beyond that, there's the brand association, which is absolutely unique and phenomenal that we have. There are in-store activities that we are doing. Digital being the first, way of call, because our customers are digital natives, so we just have to keep pace with them and make sure that we have a right to win. Every time there's a lot of discussion internally in the company, why should we really launch this product? A lot of thought goes behind bringing it, so that it makes it easier for our customers to choose us, and to stay with us, and upgrade with us, and keep the journey going. And now with the portfolio that we've got and the retail experience that we are creating, becomes a far more fundamental journey that we have, and I feel very, very incredibly, proud of the work that the team has done. So with that, thank you very much. Thank you, Ranjiv. Requesting Swadesh. Team, the videos are not visible for Zoom. Could you please pick it up again? Take a minute. That's okay. Do get started, and we'll get the thing going. So I see it here. No? I can see the presentation here. Ranjiv? It's not showing up. Okay. Here. The slide will be visible here. It'll come. You don't need to... Okay. All right. Dear investors, welcome to the Hero World of 2024. Hope you all had a fruitful day so far. A lot is happening at Hero in this very first month of this calendar year, and a lot on offer this year from Vida as well, from our emerging mobility business. The EV industry is globally growing really fast, and the two-wheeler EV industry in this area, in India is also looking up, with much more customer adoption coming in, good, healthy competition, a lot of product options in the market, and obviously, the infrastructure, which is coming up to support the customer adoption. Last week, I was at the World Economic Forum along with Niranjan, and EV sector continues to be on the mind of both private and the public sector. Not just because the world has to do the transition to clean energy, but also EV technology provides, you know, more efficient powertrain and much better customer experience and connected experience. So with that, you know, the industry has to do a lot of things to, you know, really, grow the sector well. And I think now, going forward, the focus is going to be: expand the portfolio to bring more affordability, accessibility, to the customers, and also, accelerate, the growth and the setup of the infrastructure, like charging infrastructure, to make it easier for customers to adopt. So it becomes a no-brainer for customers to go towards EV. And you'll see glimpses of that when I present the update. So with this, there is definitely an urgency in bringing the right solution and the right infrastructure for our customers. And we have been rightly on that this year and continuing to expand next year as well. So I'll touch upon five areas. As I said, you know, we started with the premium positioning of Vida brand, and as the category is moving into early majority, we need to make sure that we are aspirational in every segment we play in. We are affordable for that segment, for that customer, and we are accessible to them anywhere they want to either buy or service, right? And that's gonna be the theme for Vida going forward. So I'll cover quickly what we have learned from our first product, what are the customers really liking, and how we are taking those learnings into the portfolio, how we are bringing multi-segment portfolio very soon. We will talk about how we have expanded the accessibility of both our sales and service points, but also charging infrastructure, and some of the capabilities we are looking to build so that we get ahead in the race of EV, right? So quickly jumping into it, as you know, we launched about a year back, and the customers are really liking these key aspects of our Vida V1, which is the unmatched performance, especially the removable battery, which gives them a easy option to charge their batteries at home if they live in a high-rise. Obviously, the best speed and the range, which we are able to provide, and the ride ability and the reliability of it, which people are really loving. It also is obviously fully loaded with a lot of connected features, but along with that, the modularity and the flexibility around the boot space, the connected features like cruise control, the custom mode, all of these. So I'm not gonna go in each of these, but this has been a fully loaded, connected vehicle, which people are really, really enjoying. And this becomes our base as we move into expanding across the segments. So as I mentioned, this year, you're gonna see a lot of action from Vida on the portfolio. Going from the premium offering of the last year, you'll see a full family of scooters coming in the first half of the fiscal, going from premium to mainstream to mass. And we continue to improve our cost competitiveness and profitability, so we'll continue to refresh these models and become much and more performance-ready and profitable-ready. While we continue to bring those refreshes, we'll also move into other segments like last mile mobility, micro mobility, some specific products as we expand our scooter portfolio. So while we have a full landscape on the scooters, we being the motorcycle leader, we can't leave the electric motorcycle segment behind either. Obviously, electrification started with scooters, which gonna very soon follow with motorcycles as well. I don't want to dive into any timing right now, so don't worry about the x-axis. What I want to focus is on the y-axis, is how we are working on through and through multiple segments of motorcycles. And obviously, you also know that we are working very closely with Zero Motorcycles from California, where we'll start with the first product coming out soon. But our idea is that we build a platform which allows us to bring different performance vehicles and different form factors from the same platform. So you'll see that coming out as well as a strong, motorcycle portfolio. Now, going into accessibility. We, last year, when we launched, we were in three cities. That was by choice with our experience centers, and pods, Vida pods, which allowed us to learn what is the customer journey, which is really clicking, what do we need to do? Then we moved to 11, towards the end of the fiscal. And this year, we have, when we started expanding, we have literally expanded, to every city per day, and we are now in 100 cities and 150 dealers across four formats. We still have our experience centers, Vida experience centers. We have EV exclusive dealerships, which are called Vida Hubs, present in eight cities, and we'll probably end the fiscal around 16, 20 of those, and many more coming next year. We are present, as Ranjiv Ji showed, in the Premia and the Hero 2.0 stores, so we bring that Vida experience across the formats. Not just that, as I mentioned, we have to continue to build the infrastructure so that customers adopt easily. I'm very delighted to say that we are already, as Vida network itself, we are present in about 26 to 30 cities, and about 800 chargers from Vida network. But you also are aware that we partnered with Ather and created an interoperability so that Ather customers can use our network and vice versa. And with that total network will become 100 cities and almost 2,000 chargers. We'll continue to expand. Obviously, Ather will, and Vida as well. So we'll have a huge presence. And this, by the way, is one of its kind in the world. Also, we got the standards on the connector, which is also one of its kind in the world for two-wheeler. So, as I said, we need to be aspirational, affordable, and accessible. How are we gonna do that when this technology is changing so fast and so much to wrap your head around? It is only by building capability in various, various aspects. So obviously, you will see best-in-class products coming out in all segments, as I said, for scooters and, and motorcycles. We will continue to leverage the Hero scale, not just for sales and service, but also in supply chain and manufacturing. So we bring the cost leadership in EV, which is going to be the winning factor, but also continue to build new capabilities around this tech and design, which EV industry needs, and we're heavily focusing on that. We obviously will continue to build our charging network as well. And also I wanna mention this, is that EV, as a new technology, allows you to open new segments because it allows you to create new form factors of vehicles. And we showcase some of them at EICMA and here as well, and we'll continue to innovate where EV allows you to open new segments and not just be ready for the transition of the existing segments. So with that, I want to close, and happy to take questions at the end. Thank you. Oh, yeah, I forgot about this here. Deepa will come with the- Good afternoon, everyone. Get the lights, please. All right, so you know it's the best time to be in tech when Chief Executive Officer is speaking about AI more than you. So you can understand the pressure I am in. But with that thought, you know, I just wanted to set a little bit of context. So I move the slides from here, Uma? Thank you. Go ahead. With the pointer? Yeah. All right. Yeah. All right, so a little bit of context, what's really happening in the industry, what's happening in the auto industry as well, what we are doing at Hero. So you've heard a lot, you know, about AI, even today with, you know, when Niranjan spoke about AI. AI is really disrupting the businesses, taking away a lot of lower-end pyramid of the jobs. It's also redefining new experiences, like you can, you know, some of the stores which we are looking in U.S., where there are cashier-less stores which are coming up with the help of AI. We also see there's a hyper-personalization which is happening, driven through AI. As well, what's really happening at our auto industry, as well, is really connected vehicle is something which is becoming, you know, the smartphones on the wheels, right? Where you can really play around with your vehicle using an app. What's really happening is also that our customers are getting more and more digital savvy. 80%-90% of our customers have already made up their mind, you know, through digital before they come into the stores. And what some of our, our customers are also looking at, you know, some of our young generation, is really instant gratification, right? They want the information right there at their fingertips whenever they want, whether it's about booking, whether it's knowing about the product, or about getting a service booked. So with all that, you know, we are not far behind in Hero. In fact, we are leading the way in the industry to redefine some of these experiences. Where it is connected vehicle, which Suresh spoke about, Ranjiv spoke about, the customer journeys which we are building through our website, all that, you know, we are kind of leading the way in the industry. Digital is not just being, you know, business enabler, we are the business itself. We are. Some of the things which we are creating is redefining the how the businesses is getting done. When Ranjiv was speaking about some of the Premia bookings which we are doing, it's kind of changing the business model from a push-based business model to a pull-based business model, enabled all through digital. So that's why we are saying we are moving away from just doing digital to being digital itself, to being a digital company as digital being business itself. All right, so, as I was telling in the last slide, that our customers are looking for instant gratification. They want their information right there, wherever we are. So, you know, what we're looking at is the customer doesn't have to even walk into the store. We want to provide, you know, all the experiences to them wherever they are at their ecosystem, right? So if what we see is some of the booking journey as well as inquiry journeys, which we have created in our website, where, you know, you get all the information right there as soon as the customers goes into our website or interact with us. You know, a couple of things I wanted to call upon, when we were doing the HD booking as well as Karizma booking. You know, we didn't have even a single bike, you know, sent to the stores initially. What we really did, created those experiences where customers can really experience a bike, whether it's through 360-degree AR/VR configurator, which you will see there back in the Hero Hub, or it's experiences, experiencing the sound of a, you know, engine of a Harley. So all that we are redesigning, which will help us, which will help us to redefine and change the way the customers are really interacting with us. All right, when we do all this, our campaigns are also getting started smarter. So earlier, we were doing a lot of broad-based campaign, right? Looking at some of our data, we were just doing broad-based campaign. Now, what we're doing is we build a, you know, property called Marketing Data Workbench. You know, some of you asked us: "You've got a, you know, access of 115 million customer, what are you really doing about that database?" Right? What we're doing is we've created, you know, a rich value proposition, which is the Marketing Data Workbench, through which we are enriching and hydrating the data in the workbench and creating propensity models so that we can do proper data-driven marketing enabled through AI. So that is also something which is helping us, you know, to, you know, do much more targeted marketing. The other thing which we are doing is our campaigns, you know, are, you know, led by AI. I don't know how many of you got Mavrick Buddy, AI Buddy, in your phone, and did you guys play around it? Anybody? All right. All right, so that's how we are running our campaigns really, right? The AI is helping to answer any questions which you ask and get all the information without even you walking into the store, and that's something which the customers are also looking for. Hyperlocal, Ranjiv spoke about, you know, we are first one in the two-wheeler auto industry to really do, which are near me campaigns, where our, you know, where our dealers are getting empowered to run some of the campaigns, looking at, you know, how, you know, how our customers are located around the areas and things like that. There's an echo. Let me just mute here.... Go on, keep speaking. All right. I'll get this in order. No, something else happened. Don't worry, don't worry. Keep speaking. Okay. No, no, the slide. The audience is getting an echo. I'm just muting here. Both are... That's fine. It's still there. Yeah. All right. So I spoke about booking journey, pre-booking journey, but what about, you know, after they made a purchase? How do we make sure they stick around with us, and we create a lifetime, you know, value for them? And that's where our One App comes into picture, and some of that you will also see in the Hero Hub. What we are doing here is we are, you know, exciting the customers, connecting, and attracted to the app so that they stick around with the app. The multiple value proposition, which is built in the app, whether it's booking your service journey, whether it's buying an RSA, buying Good Life, as well as, you know, playing around with some cool features which are there in app. Couple of things which we are doing more in the Connected 2.0 version, where the app also becomes an extension of you. I know Geetika spoke about man and machine. The app really is that integral part of man and machine, where it becomes an extension of your bike. And some of the things which you can really do is, you can do geofencing, you can immobilize, you can lock, unlock. A lot of things you can do through app without having you to go near to the vehicle. All right. You know, as we're building this app, we're also launching a lot of industry-first feature. One of the things which we have done is, we are the first one in automobile industry to be in the ONDC. ONDC, I hope you're all aware, it's an open network for digital commerce with government of India is building. We're the first one to be there. In fact, we are defining the auto taxonomy there, right? That this is how the parts look like, this is how the parts need to be sold. We're the first one to be there. Gone live with few PDs. The idea really is to scale it up across for our parts distribution. Some of the image generation capabilities which we have built, where you can, you know, imagine yourself anywhere, and you can, you know, play, play around with a bike and then imagine yourself and, you know, generates, you know, AI. The last but not the least, is the assisted journey for user manual, where you can ask any question and a bot, that AI, GenAI bot will answer. So earlier, our consumers have to go through to some page 30 or line 24 to know something about the vehicle. Like, now the customers just go in, ask chatbot anything about, know about spark plug, know about any feature. They just get an instant answer right there. You can ask anything about the bike, and they will, you know, the bot will reply, whatever is needed for you to, you know, after sales experience to do what. All right. I'll skip the video because I know we are running out of time, but I know that in the Hero Hub, you'll see more and more of the app. With that, let me go to the next slide. One of the other thing which we have done is, it's not about, you know, just building the customer journey, how we are also, you know, premiumizing the entire experience at our dealership that Ranjivjit spoke about. Today, we have a lot of financers really sitting there at the dealership, where our customers have to go in from one desk to other to look about, to know about the financing option. We have created an aggregator, or aggregation platform called eFin. Right now, it is live only in NCR, but the idea is by April, we will scale it up across pan-India. What does eFin platform do? It brings all the financers in into one common aggregated platform. Either the customers can do a do-it-yourself journey or walk into the dealership without having, you know, so many financiers really sitting there, and can figure out what is the best offer for them from a retail finance perspective. We've just gone live right now with five financiers in the NCR. The results are, you know, quite amazing. We've already done 500 sanctions from the platform, and the average time taken end-to-end for a sanction to really happen, which used to take hours and hours, is just four point twenty two minutes, right? That's the power of the platform, really. And again, as I said, we will scale this up across all our primary channels, and this could also be an avenue for us to unlock, you know, and monetize, right? I mean, down the line, we could, you know, be that aggregator and monetize the platform as a... more we drive this adoption across our ecosystem. All right. So as we are building these experiences, we need to, you know, drive monetization. My boss is an ex-Chief Finance Officer, so he doesn't give money so easily until you show that what is the revenue impact it is creating and how these apps are really driving monetization and to add, you know, revenue growth. So while we do all this, it's adding to the overall, you know, top line of the business. Right now, we have small wins, but really, really confident that as we build these value propositions, it is going to significantly change and drive more and more, monetization off of some of the, products which we have created. Few quick quick examples. Our inquiries are really going up. If you see the kind of investment and the properties which we are building from digital, from last year to this, this year itself, we've got 16, from we moved up from 7.7% digital inquiries to 16.6% digital inquiry, right? So that's how, when I spoke about that. Earlier, we were doing a lot more broad-based mass marketing. Right now, we're doing a lot of targeted marketing through our, you know, generated through data analytics, which is helping us to get better inquiries as well as better conversion. Retail and exchange, we already had a Wheels of Trust platform. We've improved significantly to create that experiences and integrated buying journey as well. If you look at the retail, which we did using Wheels of Trust, right? When a customer comes, look for a value, and then we do retail, we say, "Okay, this is the value of your bike," and then they take a new bike. We've got around 83,000 bike versus what we did for last year. That's because, you know, the way we have kind of changed our journeys and created that integrated journey. As well, we've just launched a new platform, which is our exchange platform, where, you know, where customers can come in and also look at an old bikes. That's also started to give a lot of results. I know Ranjiv spoke about what, you know, that we're changing how we are, you know, doing Premia, right? Moving away from a push-based model to a pull-based model, and that's where, you know, digital is playing its role. We did the first-ever digital booking, we started with Harley-Davidson X440. And some of the numbers you could see, 54% of our bookings really came via digital channel, without even a single bike there in the store. That's the kind of booking we've got. We've got, you know, four minutes, you know, the time of the first booking window, the first month of the booking window, every four bookings we got per minute, right? That's what, you know, kind of customers kind of interacted with us, and that was the kind of pull of the brand. And some interesting facts, a lot of our bookings, right, came when the stores were shut down. Like, what we call it, graveyard hours, like, after 12, right? Those are the ones. You know, people just came in and they booked the bikes. Around 5,000 bookings really after, you know, graveyards. And a lot of, lot of bookings really coming from tier two, three or three cities. All right. I spoke about app, and just wanted to talk about, you know, what is our, our app is doing. And some of the native digital companies, if you look at, will really envy some of the numbers which we had. Go to the mic. All right. So today, our monthly active users of the app are 1.2 million. Huge improvement from where, what we started earlier. Our daily active users, which is people who are coming to our app on a daily basis, is 131K. Total installs of 3.5 million. That's not right. We're number one in auto OEM in the Play Store here rating. Our app rating is four point three in the Play Store, as well as four point two in the, you know, the App Store. So there's a lot of... You know, there's a customers are really loving the app, and it's also helping drive monetization. In festive itself, we've kind of were able to send significant numbers of upsell and cross-sell inquiries to our, you know, channels, so that, you know, the customers come in and buy. Similarly, we are, as I told, the RSA as well as Good Life journey, we see a significant uptick in overall buying from the app itself. It's, it's a value proposition which will help us to drive more monetization and cross sell ups and more. Imagine we have a, you know, we have a base of 115 million customers. If 10% to 15% also adopt this app, this, you know, the, the, there's a value is significant. So with all that, there was... All right. With all that, thank you very much. It's, it's not all. What we are also doing is we are continue to build lot more value proposition. With app, there's a lot more journeys which are coming up, whether insurance, whether it's subscription. Even we are also improvising our entire service journey, right? So a lot of premiumization is also happening on service journey. I spoke about eFin platform. Idea really is to do a pan-India rollout of the eFin platform. And while we do all this, we'll continue to monetize this app asset and continue to add to the revenue. Thank you. Thank you, Reema. Thank you, everyone. Lovely. What we'll do now is open it up for Q&A. We're going to request all the speakers for the day, Mr. Bhan and Dr. Jaura, to please come on the stage. Just give us a moment. We are getting all the chairs. Just give us a moment. Okay, sure. So, Mr. Bhan, Dr. Jaura, please come. For those who are online, feel free to ask your questions on the app as well. Please have a seat. I will- We can start the question? Yes. Sure, we'll take the first few questions from the audience here. Happy to, happy for you to raise your hand, and we'll get started right away. In the middle, on the right, please do... I'll get you a mic. Let's get the mics, please. On the seat mic, sir? No, they're not, because there's a confusion on that. Yeah. I request you to introduce yourself, your house, and then please ask the question. Are you sure you also want to come down with the mic, so we can run around with the mics as we go by? Please. No, no. no. Please, Dr. Jaura. Ranjiv. You've got a mic with... You got a mic? I'm waiting for questions online as well, you to get started. Yeah. Hi, my name is Ritesh Goyal. I'm from CLSA. So my question is, we can see a lot of emphasis on premium, right? But when we are seeing the numbers, you know, it's not coming through, right? Xpulse, we have seen, Xtreme, we have seen, Karizma and Harley have talked about supply chain constraints. So can you talk about what are these constraints which are holding back these numbers? How should we look at it over the next one year? Because there are a lot of product launches, but, you know, competition is tending to do better. Honda was not there in first half, in the premium segment, right? Then also, we didn't see Hero's market share go up substantially. So if you can talk about that. Yeah. Thanks. So firstly, when a kid is born, the kid can't grow to 20 years age- Yeah. in two months time. So when we launched Xtreme and Xpulse, we knew that building them will take time, because we needed to upgrade our stores, the brand experience, the portfolio strategy. Absolutely. Because we needed to move from a more commuter-oriented company to a premium-oriented company, so which is what is being done. As far as Harley and Karizma, they're not constraints, they are by design that this will be a pull-based model. They'll always run on two to three months order book. So we're already expanding the capacity. For instance, the capacity of X440 has gone up from 2,000 per month that we started, to a ramped up to in January, as we speak, it's already 6,000 per month capacity. In terms of fulfilling the stores, we were delivering from 100 stores. And remember, we need to maintain the brand positioning also intact, and therefore, every store that we are qualifying, which will sell the Harley-Davidson, is with very careful consideration of the parameters. Happy to inform again that from 100 stores, just as of last week, we've now expanded to 200 stores. Those are the Hero 2.0 stores which are getting certified. All of this will build. Seeing the volume in the short term, in a month or two months, that never happens. But as you build this, the bookings are exciting, and we're running an order book of two to three months. There are constraints. We're just upgrading the capacities in a timely manner. Lovely. Thank you. Yes, please. You wanna introduce yourself? Yeah. So this is Yogesh from HSBC. Just one quick question on Harley. Look, Hero is always a gold standard in sales and marketing and distribution. I was just curious if you feel you could have managed the HD distribution and sales a bit better because you have just three Premia showrooms. Shouldn't you have done the showrooms first and then gone with sales? Because some of the early feedback on sales experience is not very positive. So I'm wondering if it's something you guys worry or could have been done better? Thanks. Right. So Yogi, Yogesh, let me answer. First of all, it's not from the three stores that we are selling. So the overall stores is 100 stores, which is we started, and that's moved to 200 stores very rapidly. These are pull-based model and not push-based model, that you actually stock and then sell. This is based on the bookings that you do. As far as feedback is concerned, actually, strongly positive. If you look at the way we do is the social media chatter, and there are ways to do that, the positive on Harley is far more than the established premium brands. So in terms of the positive voice, which is there, it's almost close to around 65%, and neutral is around 30%, and then leaving only 5% negative. For a normal premium brand, they are almost around 15% negative social chatters. So when you look at overall, in totality, the comments are extremely positive. And of course, it's heartening to see that any of the comments, even those 5%, are around that we want to grab the Harley bike faster. So which is a good problem to have, and it's not a problem, it's by design that you have that, and we are ramping up capacity, and therefore, we stopped the booking, we reopened the booking. It's a very different model that we are following, and every person who's buying a Harley, the Harley-Davidson X440, is extremely delighted because they're able to fulfill their dreams at such an affordable price. Yeah. Do you wanna go next? We'll take a couple of questions online after this. Yeah. Sorry, I had two questions, one on this thing, distribution. Sonal, you want to introduce yourself? Yeah, sorry. Yeah. So my name is Sonal Gupta. I'm from HSBC Mutual Fund. So just on the Harley and the distribution, that because you're talking about that we're now going to 200 stores, 2.0 stores- Yes. and then you're setting up 100 Premia stores. Yes. I'm still a bit confused as to what is the intention with the Premia, then, if you're selling Harley everywhere? Not everywhere. We have got 6,000 stores in Hero, so we are selling to only 5% of the stores. And these Hero 2.0 stores are very upgraded versions, so they are certified on parameters. The Premia... So you will have a Premia, you'll have Hero 2.0, and there'll be, which is an upgrade, and there'll be Hero 1.0 continuing. The premium products will sell through only the 2.0 or the Premia. As the Premia builds up, you will get more and more in the premium showrooms. So the strategy is very clear. Okay. And the other question I had was on the Vida. So essentially, what's happened, like, now, because the subsidies come down very substantially, we're seeing now people sort of moving towards smaller battery sizes from 4 kW, which is people are maximizing the subsidy, to now 3 kW and 2 kW. And I mean, like, how would you... I mean, like, while yours is a very differentiated model with the replaceable, I mean, like, detachable battery, the thing is that you've designed a 2 kW battery pack, so now if you have to downgrade to a 3 kW scooter, I mean, like, how do you do that, right? So this- I can take that. Yeah. So, actually, the flexibility and scalability is not just the fact there are two batteries, and they're removable and chargeable. Within the design of the battery, there is also a lot of flexibility. So, you've actually, you know, answered the question. There is enough flexibility, and Arun can add to that, which is allowing us to bring smaller, you know, size batteries, capacity batteries, which will allow us to get into those affordable segments, as I mentioned earlier. So, that is by design. And obviously, battery being the major cost driver, that will definitely help us bring the affordability down. But we, along with our R&D, supply chain, and production, working on many other areas, where we will be able to bring profitably the price down and play in the affordable segments. So there's a full comprehensive approach, but by design, the battery allows us to do that. Thank you. We'll take a couple of questions online. There's a question from Chirag Shah. His question is: "In the premium portfolio, now that we have a bouquet of products, could we talk more about the gaps that we want to fill up in the next 12 to 36 months?"... So premium portfolio, what are the gaps that we are- You've already seen, you see us in 160 cc. In fact, I would call the 125 cc launch today also as premium, as you heard. And then we have the Xpulse, we have the Karizma in the 200+, we have the 400+. So there are a couple of segments which are remaining, and then over the next 24 months, we'll aim to fill those portfolios again. One of those we actually showcased at EICMA as well. So that's all I can say at this point in time. Thank you. There's another question online. This is Kapil Singh. He's got a couple of questions. One, the Xtreme 125 R, am I right in understanding that the product is much more sportier than the competition? And what is the thought behind this? Why did you prefer Xtreme as a continuation of the brand? There's another question, but Ranjivjit. Sure. So, this is a sportier, peppier, more interesting kind of a bike configuration that Arun and the team have made for the customers. There is a desire to have a different level of performance that's been engineered into this. There are some very, very interesting first-in-class, best-in-segment kind of features that have been built in, and so it gives a very, very strong reason to buy for a customer. When you're looking at who the customer could be, the customer is probably a little younger. That's what our research says. The affinity is stronger there. There is a, you know, a desire to just go out and, like, beat the traffic, go out in the night and use those lovely LED package, be able to navigate, an uncomfortable ride and make it extremely comfortable because of the engineering that's gone into it, and also have the safety features like hazard lamp and the wider tire and the ABS and all of that there. The Xtreme is really like building up the power brand. Like, it stands for that in terms of the street fighter that we have at, Xtreme 160R. This also emulates the same kind of DNA and takes it, in fact, to another level. So we are saying that the appeal of a power brand approach and strengthening that will make it far more interesting for our customers, and then they'll have a choice in the spectrum where to go. So like Xpulse is for adventure, Xtreme we've built for this kind of a very aggressive kind of a sporty ride that we've created. Thank you. He had another question, and that was around capacity expansion for the 125 cc. A number of people have also asked me, I'm guessing that's gonna come through as well on the Harley and the Mavrick volume expansion as well. You've answered that to begin with, but 125 also got asked. I'll ask, our Chief Procurement Officer, Mr. Ram Kuppuswamy, to answer that. Go ahead. All right. I just get up? Yeah, yeah. All right. So what was the first part of the question was regarding the 125 cc- The 125 ramp up- Xtreme 125 ... and then the Harley and the Mavrick ramp up. Awesome. So firstly, we're really excited, of course, to bring this product to market, and we have one of the most challenging actually ramp ups right now, because this is going to be at an accelerated pace. Ranjivjit has actually pushed us really hard from a demand perspective on the 125 cc in particular. It's going to be one of the fastest ramp ups within our company. The good news that I can share right now with all of you is we've already started production, and we are actually right now starting to stock up units. And these will start flowing into dealers in the near future, as soon as we get the go ahead. Four forty. Mavrick 440, as well as Harley. First, I'll answer the Mavrick 440. You saw the announcement today. Bookings will start in February, deliveries will start in April. There again, there's a lot of work that's going on in the background to make sure all of those happen, and we are very confident that those will happen. Regarding the Harley, Niranjan has tasked us with continuing to push the capacities higher and higher. It is, by the way, for a new engine class that we've brought into our company, it's one of the fastest ramp ups we've ever done. We're already at 6,000, as you heard from him, in the month of January. We will meet the target that he set, which is the combined volume between the two, Karizma and Harley, of being at 10,000 in that month. From there on, we've been asked to continue to grow. Again, I can't get into the numbers here, but you will see far more come out from us in the near future after that. Ram, your internal target is without Karizma. That is only for the investors, including Karizma. I'm not gonna answer any more questions here. Every time I come up, I think my targets just continue to grow. But Okay. These are good times to be in the supply chain space. This is a lovely problem to solve. At this stage, I'll just ask Ravi to also talk about how we are building this X440 in a very different way as a brand activity, as marketing activity, all that we are doing, India by... Ravi, a couple of minutes on that to give a flavor. Yeah, thank you. So Ravi Avalur, I head the Harley unit. As you know, when you sell a Harley-Davidson, you don't sell a motorcycle, you sell an experience, you sell a lifestyle. So we already had a network of Harley dealers. We've taken very much the culture that they have of cultivating riders to the Hero Premia and the Hero 2.0. We're organizing a number of experiential rides. This year, we came back to India Bike Week in a very big way. Harley-Davidson were the founder partner of India Bike Week 10 years ago, and this year we were by far the largest exhibitor at India Bike Week. We did a very successful custom build-off contest. So the X440 is not, again, just a motorcycle, it's a platform for customization. So we gave this bike to various customizers, builders, to build what they wanted out of it. And we got a cafe racer, we got a scrambler, we got a bobber, and many of these ideas might make it to fruition. So we're doing this very innovatively, and I think quite well. Thanks, Ravi. Thank you, Ravi. Yeah, this is Nitij from Jefferies. Thanks for taking my question. Niranjan, can you talk a little bit, a bit about your customer demographics in terms of first time replacement, income levels, et cetera, and especially in the context that as you're trying to become more premium, more digital. So let's say if you trace the journey of your customer from 100 cc to 125 cc and beyond, how does that work out, and what is the opportunity for you there now? Thanks. So I'll start and then I'll ask Ranjivjit to supplement. I think the way to look at this is that at the core segments, our responsibility is to drive the growth, because we are the leaders in those segments. As far as premium is concerned, what we are doing is to participate in the entire premium story and participate in that growth, which is growing. And of course, you've seen the Mavrick 440, which is going to disrupt the category. You can see the category of roadster, how we are attacking. One is with Harley X440, which is, of course, everybody knows and can understand. And the other is to disrupt the category, because youngsters want a modern version of roadster. I think those aspirational India, aspirational consumers, are the ones that will be targeted, and that segment is significantly large. Going back to your first time and other, and some of the customer part of it, Ranjivjit, would you like to just elaborate? Sure. I think a very relevant question, because when you see the way the shape of the industry is, it is changing. The premium segment is definitely growing quite fast. It's more buoyant. What you've seen today, Mavrick 440, will play into the aspirations of that segment. And by the way, the research, the insights and all of that, that we've got from, you know, the study that we've done in the build-up and the launch so far, is that there are a huge number of customers that are wanting... Because some of the lower cc bikes are far more peppier, far more modern, far more techno, and they're looking for some alternatives. So we believe that the Mavrick 440 will hit the sweet spot in that, and help us drive up both replacement demand, additional demand. So those are the ones that it'll get triggered there in the premium segment. Today, again, what we saw on the Xtreme 125R is going to be a very, very interesting space for us. Again, this is the one that will get in, I think, across the spectrum. The attraction of it to get a replacement done, because it has all the bells and whistles and everything else, so the replacement demand of this will probably get triggered. There's also a new first-time customer who's saying, "I'm not interested in, you know, going through an upgrade path." Because in urban India, there is definitely a bit of an aspiration, there's a bit of an affluence, and they want to get something that's best in class. This will play in, into that. The third dimension that I'll talk about is the premiumization strategy of Xtreme, which is taking on a lot of the first-time buyers as well. So first-time buyers coming from, mostly from semi-urban, urban areas, and then our commuter segment, which is seeing, really getting the bulk of the 70% to 80%, 70% to 75% of first-time buyers, is still very much the mainstay. There are markets where penetration is lower, but the skew towards premium is higher, and there are other markets, and some of these could be like even West Bengal, it could be Bihar, but there are markets like Rajasthan, where the penetration is very high, but it's still a very strong commuter market. So when we do this varianting strategy, we're able to serve those needs in terms of first-time buyers, replacement buyers, and additional. Now that we get a full portfolio, I think it's going to play a very, very good, you know, in terms of penetration and, and moving our customer upgrades further up. Thank- So broadly, it just goes across the strategy. What we've done today will really help us position ourselves much, much better. Thank you, Ranjivjit. Nitesh, did you have a follow-up? I have another question, if I can. You have the mic? Can I go ahead? Thank you, sir. Raghu Nandan here from Nuvama. Sir, firstly, yeah, firstly, wonderful launch on 125 cc, extremely sporty. If I understand that 125 cc category, roughly around 250,000 units a month, and within that, entry level or commuting 125, Hero has a very good presence with over 30% share. So that new segment or category, which is over 100,000 a month, we are entering now. So, you know, two things here. One is: would you say that, you know, we could have that similar kind of market share you would aspire even in the premium 125? And second, if I take the overall premium category, where Hero has a single digit market share, how would you aspire to take it up forward over the medium term? Okay, so let me take that. See, first of all, while I'll not give out any numbers, but in any segment you see, you've seen the bike. Obviously, the bike is there to win in that segment, and therefore, you can therefore imply as to what, going forward, our ambition would be in that segment. As far as premium is concerned, again, it's very important to understand that are we doing the right things or not? And the right things that we are doing is, first, build a full portfolio, because you can't be a credible premium player with just one premium bike and 10 commuter bikes. So that's the one thing that we have addressed, almost, and there are a couple of more launches that will follow. So portfolio, done, tick. The second part is the retail experience, which is where in parallel we started upgrading, because you can't sell premium bikes through the similar kind of stores that you sell commuter bikes. And that's where you saw the 300 stores upgraded in 300 days. And you saw the marketing, the way differently we are doing through digital experience. So all of these pillars are getting addressed in parallel, and obviously, we want to win in premium in the medium term. And what that win quantifies, you can take your call on the market shares. We're happy... All the products that we are launching are differentiated product. They all have first-in-class features and best-in-class features, and they are all priced rightly, and we are doing differentiated marketing as well. And the products are receiving fantastic response, as you've seen in the last couple of launches. That's very heartening, but it's a thing that we have to build over medium term, and we are very confident. So I hope the success of Harley and Karizma follows, going ahead. Sir, my second question was on the EV side. So we have seen I mean, and thanks so much for sharing that, four new scooter launches and multiple motorcycle launches going ahead. That gives lot of visibility. Thanks for that. So, so on the EV side, we have seen that, availability was one factor which you are slowly addressing and expanding. How do you see the ramp-up happening? Again, you know, in terms of, you have peers who have reached 20,000 to 30,000 kind of mark, whereas we are still in that, you know, 3,000 to 4,000. We are scaling up, but it's happening slowly. What do you think will lead to a faster ramp-up here going forward? Ram has a lot of task on his head, so we are ramping that up. But again, my favorite quote on this is that, "EV is a marathon and not a 100-meter run." And at least not to my knowledge, in any marathon, the winner of the marathon hasn't been the one who's ahead in the first 100 meters. So this is a marathon. We are doing things right, and we are here to build EV leadership. That's all I can say. Thank you, sir. All the best. Thank you, Raghu. And if there is one more question, we're going to run out of time. Amyn, and then we'll take you, Vivek, and we'll end with that. Amyn, one question. Vivek, one question, please. The chairman's waiting downstairs, so I'm going to request all of us to go down for 15 minutes, right after this. Amyn, your question. Do you want to give him the mic? Sorry. Hi, this is Amyn from JP Morgan. First, just a clarification, the Xtreme 125 is going to be available in all three formats or just the point and the premium? Ranjivjit? We're going to treat it like a premium bike, right? So the Hero 2.0, mostly in the urban centers, will be our priority one. And I think like, he mentioned, there is a segment of customers that's looking for this kind of a performance in sporty, so we'll focus on those markets. And then premium, as premium rolls out. But right now, this is a scale, so at scale, it will be Hero 2.0. Okay. Thank you. And just the question is actually on the overall portfolio. This year, we've actually seen that your retails have been much higher than wholesales, and you've done a lot of inventory correction against a perception historically that Hero's inventory is one of the highest. So since you mentioned the pull thing on the premium side, is it something that you're trying to change as a company for the overall portfolio, and how should we think about it going forward? Absolutely. And you've got that right. It's a very conscious call, where our retails are higher than wholesale. We have moved to Pull-based Model on the premium bikes. That's the way forward that we want to do. Of course, the commuter bikes will continue to be Push-based, the way that it operates. But there also, we want to ensure that the stock levels are optimized, so that the channel partners can get the decent return on their investment. So which is the conscious effort rather than trying to push that. Absolutely, that's the way going forward. Thank you. We'll take the last question from Vivek. Hi, Vivek from SBI Mutual Fund. So, could you just help me appreciate how Harley-Davidson X440 and Mavrick 440 would be differentiated, both from a customer profiling use case perspective? If- You, you got to ride these two bikes, and then you will yourself know that how it is differentiated. Because X440 plays in the classic roadster segment, while this is modern roadster. I'll ask Ravi to talk about it for a minute or two on the differentiation between the two. Ravi? And we are disrupting the category, because there are young people who want to buy that kind of a bike, but they still want some modern version of it, and which is where the modern roadster comes in. Ravi? So I think, first of all, you'll see in the riding posture, it's a more dynamic styling, whereas the X440 is more on the classic roadster segment, as Niranjan said. The Mavrick 440 is a modern roadster. It's not a sports roadster, but it's got sporty-ish touches in a modern roadster. ...The features are also, while comparable, on the Mavrick is much more of an urban-friendly use package, a very maneuverable motorcycle. And, if you get a chance, I would say go and ride it today on the track. Thank you.[crosstalk] Yeah, go on. Other question? Yeah, before the last question, I just want to check that there's no royalty for this version, right, Mavrick? No. Got it. So, your premium showrooms look quite, quite well done. And I just wanted to understand, as from a dealer perspective, if I get to just sell the premium vehicles, seven of them, versus a 2.0, what incentive do I have to actually put that additional CapEx to actually upgrade to- We have more dealers lined up than our plan for the premium stores. So I can tell you that when we are saying we'll cross 100, we've got more than 150 applications from the dealers. So obviously, they've calculated their ROI and the margins. The margin per unit on the premium bikes is very high. So for instance, the X440, if you see, I think it's INR 12,000 to 13,000 per bike that you earn, versus, let's say, commuter bikes, which you will earn between INR 3,000 to 4,000 per unit. And then, when you have a pool-based model, your investment in the inventory is very low, and therefore, your, your churns that the inventory does in ROI multiplies immensely. You can do those calculations. So, so that essentially gives a far better ROI on, on, on the premium part of it. That's why we have a lineup which is existing. What I'll do is that while we focused on premium, EV, and digital today, and there have been questions about this one as well, but on the... Just a couple of minutes on the international markets, may I ask Sanjay to just spend a couple of minutes explaining what we have done and what we plan to do on our international business. Sanjay? Yeah, thanks, Niranjan. So as you all know, international markets, currently, the sentiment is not very strong. Unfortunately, every time we, we believe we are out of it, something new happens. The good news is that we've had a few setbacks, particularly from a distribution standpoint, in markets like Nigeria, which is a large market. Nepal is another market where we have... And then, of course, we are getting in, which is going to help us from a, you know, line of sight point of view. We've just appointed a distributor, one of the largest, private sector, you know, players in the country, in Nepal. So that's now onboarded. Nigeria, we have the largest FMCG player of the country partnering us, and our approach to Nigeria will be very, very different from the traditional approach that people have tried in that market. So we are looking at disrupting the space recently, and we have some tailwinds, like I just explained. That should set us up for some serious growth opportunity. In fact, if you've been looking at the numbers, in the last four months, we've been growing at a significant 25% to 35% growth rate, month-on-month, and I think that trajectory will continue. The next year is gonna be far better and stronger, given the amount of tailwinds that we are seeing more recently and from a distribution standpoint. Markets aren't really improving. The sentiment is down. We in India don't really realize that. It just takes a trip out of India for a week, and you come back, and you suddenly realize, "Wow, what a wonderful place we all live in. We are blessed." And I guess, that's the way it is. The world is in a state of evil. We in India are really privileged to be in this wonderful country at this point in time. That said, for us, there's a lot of opportunity because we are not just looking at growth. Our target is to look at market share gain, and that's a game, and we will unlock that potential for ourselves as we go along. Yeah. Thank you so much. We'll end now. Let's walk down to the boulevard where we came from. Please look at the vehicles, et cetera. I'm gonna request the leadership to also be there for half an hour, and if there is anything specific that some of the investors wanna talk about, we'll have that chat as well. Requesting everyone to walk down to the boulevard now. Thank you so much. We'll stop recording. Thank you. Thanks a lot.