Let me move to the key messages from our results this quarter. It was a very strong quarter overall. We've had a number of strong quarters for some time now, but I would look at this as amongst the strongest. Consolidated profit after tax is up 24%, and ROE is north of 20% for the first time, 20.6%. As I've always maintained, our target for ROE is 18%. We may go slightly higher or slightly lower from time to time, and that's what we will stay with. All our businesses have driven this performance, and that's what you will see through some of the numbers we'll share. Starting with Auto and Farm. Significant market share expansion for SUVs. The volume for SUV is up 22% and revenue market share is at 27.3%, up 570 basis points. 570 basis points. Tractor volume is up 10%. A 50 basis point market share gain to 45.2%. Very significant, especially in the forties. Every basis point is valuable and our team shown remarkable growth in a tough market overall. It's not just about growth. Margins are very strong as well. With Auto continuing at a 10% margin, excluding electric SUVs, as Rajesh will explain in detail. Farm PBIT margin is 19.8%. As we move to Tech Mahindra and Mahindra Finance, what we see there is, again, very strong progress. Tech Mahindra has its EBIT margin recovery on track at 11.1% this quarter, with an FY 2027 target of 15%. Mahindra Finance continues to focus on asset quality at 3.8% is well within the thresholds that the business has set. Assets under management are up 15%. While disbursement was a little slower, given the environment that we've been in, this is exactly the path that we want to be on, and the business has shown very strong performance. What you will also see in our numbers is the momentum for Growth Gems continues at a very rapid pace. What we are seeing in our overall result of a 24% growth in consolidated PAT and therefore in EPS, you will see all the businesses coming together to contribute to that. Key highlights, revenue up 22% at the consolidated level. Profit After Tax up 24% to INR 4,083 crores. In Auto, we talked about the SUV volume. The SUV volume is up 4% in a very tough market. What we would highlight there is Profit After Tax for Auto is up 32% this quarter. Farm has seen market share gains, as I mentioned, margin expansion. International subsidiaries have been a drag this quarter because of specific write-downs that were taken, and that results in a Profit After Tax of 7% growth year-over-year for the same quarter. As we look at the key drivers of this performance overall, Auto and Farm continuing to capitalize on market leadership, profit up 20%. Tech Mahindra up significantly from last year. Mahindra Finance up 6%. Good solid performance right now. Growth Gems also up significantly. The Growth Gems more than profits, we look at the underlying momentum for growth, which is very strong. Lifespaces or MLDL has acquired INR 3,500 crores of GDV. Susten has commissioned 70 MW, and Accelo has seen very strong growth in revenue as well as in profitability. The headlines for Mahindra Finance are reasonable growth, but more importantly, sharp focus on asset quality that continues. Very strong controls. We've initiated a specific project to strengthen that further. A high focus on technology and related to that customer experience. All of this is what we had talked about. We are in the final stages of most of that. Once we've done that, then we pivot to growth, and that puts the business on a much stronger footing and continue to diversify, which is also the next step for the business. Tech Mahindra has seen some deal win momentum, led by telecom and financial services. The transition from a delivery standpoint has gone well, and that has been reflected now in strong customer feedback, as we see in our NPS scores. I spoke about margin earlier, the recovery plan is working well. Therefore, you see both of these businesses contributing well to the path forward, and the overall results for the group. Logistics, we've seen multiple deal closures with Hemant coming in as CEO. We are seeing his experience coming to bear in the logistics business. A number of partnerships have been signed up, and we're seeing a much stronger momentum for the business. Hospitality, again, very strong numbers and we're looking at delivering a lot more. It's a business with tremendous potential and one that we feel will do much more to harness that potential. Real estate, you will see some variation at times in pre-sales quarter-to-quarter because that's the nature of the game, as well as in PAT. You see a slightly decline 56% decline in pre-sales, a 4x increase in PAT, but that will be due to one-offs. More importantly, the underlying trend is very strong and we are going on plan for a 14x growth in pre-sales this decade. That is also being supplemented by INR 3,500 crores of GDV that is acquired that I had mentioned earlier. In summary, a slide that you are familiar with and the new bar that is added to the slide continues that trend with ROE at 20.6% and EPS for the quarter at INR 36.4. A significant jump or growth from first quarter last year. With that, I would like to invite Rajesh to tell us more about everything going on in Auto and Farm. Thank you, Anish. I'm gonna start with the farm equipment business. you know, we've seen a very healthy growth in volumes in the context of the tractor market, 10%. but most importantly, we've got to our highest ever quarter market share, which is 45.2, which is a gain of 50 basis points over the same period last year. the momentum that we are seeing in the tractor business continues on, you know, with both the brands doing really well, both the Mahindra and the Swaraj brand. This graph captures the trend line where we've seen an upward trajectory on an ongoing basis. the farm machinery business continues to show good growth, we had a INR 300 crore plus quarter. Literally INR 100 crore per month, with the rotavators doing very well again in market share at 25%. This was our highest ever single quarter revenue, the farm machinery business. The margins you see on the left is what is the farm standalone margin, which is at 19.8. Healthy growth over the same quarter last year. On the right, you see the core tractor PBIT% margin, which is really the tractor business domestic plus exports. Does not include farm machinery, does not include Powerol and so on. That has again seen a very healthy margin, 20.7%. This is the graph we have been using to show you the ability of the business to manage margins within a band, irrespective of whether, you know, the industry is in an up cycle or a down cycle. You know, we again have seen a very strong healthy margin performance in the context of a 9.2% industry growth. This is the farm consolidated number. You know, we're seeing a 12% revenue growth and a PBIT growth of 6%. A very large chunk of this, you know, is impacted by its impairment, as you see at the bottom of the slide, that we took on the Sampo business in Finland. That's the harvester business. If we had not taken that, we would have, probably seen the PBIT growth at about 18%. Moving to Auto. Very strong growth. You know, most of you are tracking that, the industry growth has been not so strong. We have continued to deliver in that environment, 22% growth in volume. The LCV business has seen 4% growth. This category is not seeing the industry momentum that we would like to see. We've gained share in both. You see the revenue market share up 570 basis points. The volume market share in LCV, total level now 54.3. This captures the movement of SUVs revenue market share over time. This is a chart you're seeing for the first time, so I'll spend a minute with explaining it. The red line represents our penetration. That means our electric SUVs as a percentage of our total SUV sales. The black line represents that for the industry. What we are seeing now is our SUV, electric SUV penetration is close to 8%. You can see over the last two quarters, the pace at which penetration is moving up. On the right side, you see the eSUV volume market share, and that has been at a healthy 31. As we've just talked about electric SUVs, both of which have got a very good response in the market. This captures, the. This is based on the JATO data, captures the revenue market share, which is, you know, a very strong 44.3% as a percentage of electric SUVs and 40.9% as a% of electric passenger vehicles. That means passenger vehicles is SUV plus cars together. The LCV, we just spoke about the fact that the industry is in a slow growth phase, and our market share continues to be strong and robust. The auto margins have been strong. The auto standalone PBIT percentage is at 10%, which we believe is a very strong performance in the current environment. We'll explain this a little bit more in detail so that you get a granular understanding of this. The auto standalone, as reported, is a function of two things: the auto standalone number, which you just saw on the previous slide, and the margin that we make on the electric SUVs manufacturing contract. We, M&M Limited makes vehicles on our contract manufacturing conversion cost for Mahindra Electric Automobile Limited, the separate legal entity. The margin there is only on the conversion cost. You can see that on a revenue of INR 2,800 crores, the PBIT there is only INR 7 crores because that is a conversion cost margin only. That drops the 10% to 8.9%. The 10%, which is the core business in which we play, the, as we call it, auto standalone, continues to be at a very healthy PBIT margin level. The Born Electric business has delivered a very strong end-to-end performance of INR 111 crores as an end-to-end PBIT. EBITDA, sorry. And as a standalone company, MEAL had an EBITDA of INR 90 crores. As you just saw, the rest of the EBITDA comes out of contract manufacturing, which is INR 21 crores. That together creates INR 1 billion crore EBITDA. The Last Mile Mobility, we continue our leadership. Category penetration continues to be at a strong level, is now at 28%, and the business seeing a growth of 20%. These are the auto consolidated numbers. Revenue of 31%, PBIT growth of 15%. This of course, the growth percentages represent the fact that electric vehicles, SUVs are part of the rev and are part of the PBIT. You did see that we are losing money at a PBIT level because of depreciation on electric vehicles. With that, I'll hand over to Amarjyoti Barua. Thank you. I'll just start over. Start with two things first before I sum up the financials. One, of course, is, like Anish mentioned, it was a tough day for us. As a finance professional, it was even tougher because Mr. [Manohar] really was somebody who guided a lot of finance professionals. I personally benefited a lot from my interactions with him in the audit committee, and it is a big loss for the company. Resulting from that is the format that, of the earnings call that you see today. This is not going to be the way we operate in the future. We'll go back to our normal routine from subsequent quarters. Just to then sum up the quarter, you already heard about the numbers. I just hit some highlights. On, at a consolidated basis, auto had a 31% growth, farm had 12% growth, financial services had 16% growth. Out of the Growth Gems, two notable call-outs, Mahindra Accelo, that Anish talked about, 34% growth, even Mahindra Logistics had 14% growth. Pretty broad-based growth across the group. On the PAT side, again, auto was the standout with 32% growth. You will ask why PBIT was 11 and PAT was so much higher. It is primarily driven by the cash generated by auto. It helps generate a lot of surplus fund income, which is what helps auto PAT be so much higher. From a farm standpoint, we did see the depression because of the Sampo impairment, which gave it a 6% year-over-year. The other call-out was Tech M, which was up 34% year-over-year at a consolidated level. This is the bridge which explains that walk. You can see there's a significant contribution from auto, farm muted by what we had to do at Sampo. I do want to emphasize that what the Sampo run rate of impairment is not going to carry into future quarters. These were the two large. We had to take an impairment in the fourth quarter, and we have had to write down assets in the first quarter in anticipation of certain actions that we are taking. This should be the end of anything major coming out of Sampo. If you look at the services side, that had a significant contribution by Tech M and Mahindra. On a standalone basis, again, Rajesh talked a lot about that. Great performance from Auto and Farm, which has resulted in that 32% PAT growth. I do want to, while we have no charts here, I do want to talk about cash very quickly. This was again a very strong cash generation quarter. As you would recall, we had announced two rights issues. We have infused close to INR 2,500 crore into two of our subs. Despite that, our cash balance actually grew quarter-over-quarter, thanks largely to the very strong cash generation from AFS. With that, we'll open it up for Q&A. Sure. Awesome. Thank you everyone for joining us online. As we're getting the questions, we'll kickstart the Q&A. The first question is from Nandini Sengupta from TOI. Her question is about sentiment pickup better in rural India than in urban if in FY 2026 so far. Yes, rural sentiment is better, and we are seeing that in our tractor business. Urban continues to be weak. There are multiple reasons for that, but the fundamentals are strong. On balance, I do believe that, given everything that we've seen with regard to rate cuts, greater liquidity and the overall sentiment being weaker will likely turn around. We've had a good monsoon. Again, that matters for rural, but for urban, our sense is we will likely see some sentiment turn around and us getting back to a stronger growth. At this point, it is weaker. Let me have Rajesh just comment on it as well in terms of what he's seeing specifically in the auto business in urban area. Yes. Nandini, we do, I mean, everyone's picking up that there is an urban slowdown. It is quite tangible at this point of time. We do know that sentiment, like Anish said, I think the fundamentals are all in place. The sentiment is probably what's coming in the way, and we've seen at times that, as festives start coming in, there is a turn in sentiment, and we're hoping that the industry in urban starts picking up towards the end of August as the festival seasons get started in some parts of the country and then September with the Navaratri and Diwali. Swaraj from Financial Express has asked, "What is the update and how are we placed, as in Mahindra placed, with regards to rare earth magnets inventory across segments? Have you decided the location, investment, and proposed new plant that we had talked about last time? What is the current capacity our factories are working? I'm not sure. This is the third question. Third question has nothing to do with rare earth. It's a new plant for capacity. It's nothing to do with rare earth. Yeah. Do so. Hi, Swaraj. We are comfortably covered on the rare earth magnet issue as we've shared earlier. We have no disruption in production because of that. We've taken a series of actions. Some of it has been around inventory. We are covered comfortably at least for the coming quarter and the next one, and mostly covered on everything for even the fourth quarter of the year. We've taken a variety of actions, substituting the rare earth with light earth. We looked at ferrites. Multiple sets of actions have been taken to de-risk ourselves. At this time we feel comfortable. On the second question. It was on the plant. For rare earth or the setting up? The second question is about your proposed investment in a new plant. Okay. Again, that's nothing to do with rare earth. Okay. Swaraj, where we are on that is we had said that for the new upcoming platform, we will expand the capacity within Chakan. That's all on way, and you'll hear a little bit more about what that new platform is very soon on 15th August. We have actually been able to pull out more out of the Chakan plant than what we thought. Hence, while we are exploring the greenfield as an avenue to make us completely future ready, we still have not zeroed in on the site, and that we will do over the next few months. We don't have an urgency at the moment, given that we will be able to handle production capacity increase within Chakan for the new platform that is getting created. The capacity utilization, I think, you see our numbers right now. We have a nice capacity of roughly 55,000. We are in the mid-forties, so roughly about 80% or so is our capacity utilization. It's about the same for electric vehicles. At this time, we are ramping up to a level of about 4,000, which will go up as we come closer to the festival season. A couple of questions from the analyst as well. Kapil from Nomura, questions are as follows: "Congratulations on strong quarter once again. Demand environment is tougher than expected. Is there a risk to SUV growth guidance?" Well, I'll take the second one as well. "What is driving the EV profitability improvement? What will be the further margin drivers for electric vehicles? What's the status update for PLI?" Well. Yeah. Kapil, well, I'll request Rajesh to answer the question. What we've been able to demonstrate so far is the ability to manage the risk and be able to deliver what we've committed. That is our hope at this point as well. That's something that we do feel very strongly about. With that, Rajesh. Kapil, the question is a totally valid question by way of the risk to the SUV growth guidance that we put out. We stay with our number. We stay with the mid to high teens as a growth percentage. We believe that we are able to achieve this because we have two new electric SUVs, two more which will come in the part of 2026. We have, you know, minor variant refreshes, if you may call it that, for example, on 3XO, we've done the RevX, two versions, which have got off to a very good start. We've done a couple of new versions with upgrades at this point of time on Scorpio-N. Other similar tactical actions are expected over the next few months. We do have a aggressive launch calendar over 2026, and some of that may spill over into the early part of 2026, which affects the calendar the financial year FY 2026. We do feel comfortable at this point of time with the state of the current economy as it is to be on our guidance of mid to high SUV. Mm-hmm. Of course, if there's a big deterioration in the economic environment over what it is now, that's a different story. The way things are, we stay with our guidance. On the electric SUV, I just want to clarify that we have not accrued any PLI at this point of time in the numbers that you saw. The EBITDA that has been shown here is without accruing any EBITDA or any PLI benefit. We have qualified, as we said earlier, for the [XEV 9e] PLI from a point of view of meeting the DVA. We are waiting for the final technical audit certification, which should come in in Q2. Once that comes in, at whichever time, either Q2 or early Q3, we will accrue the PLI for the XEV 9e, which will be a combination of cumulatively from the time close to from the time that we launch. The BE 6 PLI is something that we will hope to apply for in Q4 of the year and accrue it subsequent to the application which takes roughly two to three months. That's where we are on the PLI. What has enabled us to deliver this financial performance on the electric SUVs, I think are the following. One, right now we have sold only the higher-end versions. As you know, over the next few months the mix will include lower-end versions. It, it will of course be a little dilutive compared to what's just selling the top-end versions is about. Secondly, I think we have the benefit of having leveraging existing assets of M&M, and that's I think a very, very important point we must underscore every time we have this conversation, and that's a huge competitive advantage that's available. We are using existing manufacturing facilities except a few new shops, some of you have seen it, in Chakan. That helps us keep overall fixed costs at a low level and is helping us deliver a reasonable financial performance. You covered it well. Thank you. Just one other point, Rajesh, on the growth side was exports also starting with the XUV 3XO doing well in South Africa, et cetera. We do have at least that international leverage. Yeah. probably didn't have in the past. Just wanted to add that. Okay. Another question, well it's come from Gunjan. Sure. Motilal Oswal. Some of them are repeat, but I'm just going to take you through implication of rare earth on both ICE and EV SUVs, which you answered. Ramp up of EV business, how should we think of ramp up to 5K per month run rate? Which I think we are already doing, but. Finally, any color on booking run rate, portfolio and variant expansion and customer feedback. Also talk about contribution margin for the EV offerings that you have. A lot of these I've got answered, I'll maybe add a qualitative feel over that. Just to add, Gunjan, on the ramp up of EVs, we are right now at four. As we get into festival, we would ramp up to the level of 5-6 that we spoke about. The further ramp up beyond that we expect to happen after January when we launch the additional two product which we've spoken about. That is something that will happen in the early part of 2026. The feedback out of customers who are using the product, and we track this very regularly, we have, you know, the typical methodology of Net Promoter Score tracking, which is above global benchmark. We track that on delivery, which is a two day, 2nd-day ownership feedback and a 30-day ownership feedback. All of these are very strong numbers that we are getting. We believe that the value proposition is very strong and we are getting a very different profile of customers. Interestingly, these electric vehicles has the highest women ownership amongst all our product portfolio. You know, we are getting a very different profile of customers. I don't remember right now the exact number, but I think 80% odd of our customers who bought electric vehicles are not male. Business Today has asked a question. Are not, ex-customers of Mahindra or ex or current customers of Mahindra. Yes. Okay. With the CAFE norms becoming mandatory for commercial vehicles, including the N1 category, what sort of impact do you see on the margins? Overall your view on the CAFE norms, what's been happening in the press? On the CAFE norms, basically, you know, this is a discussion that is very actively advocated by SIAM. SIAM has given for the passenger vehicle business a proposal around the CAFE norms in December 2024, and for the commercial vehicle category in 2025. We strongly endorse and support the SIAM proposal. We believe that there's very high alignment within the SIAM organizations around that. We will wait for the government to come back on what is the final version of that. We would be prepared to, of course, implement whatever is the final decision. We believe there is high alignment within the SIAM around. Nevin John from Fortune India. Mahindra, what is the timeline for Mahindra's scaling its EV offerings, and how do you protect and grow the market share in face of fierce competition that will intensify with the entry of new international players? I think I've answered the question on the addition of the new products. Of course, you know, as new players come in, market share, something like diluted. From a volume standpoint, we do believe that, you know, that hence our goal should be around the revenue market share because our products will be at much higher average price points than competition. Like what we've seen with the entry of new players over the last two quarters, we've seen the EV penetration, as you just saw on the graph, start to move up. We believe as more players will come in, EV penetration will go up. That is fundamentally the right direction for the country. We strongly endorse the EV journey that the Government of India has laid out. You know, we have seen very good progress with new players coming in. The charging ecosystem is also getting much more stable, and there are very strong plans that the government has to implement through the Ministry of Heavy Industries and a few other partners in the ecosystem to execute a stronger charging infrastructure. We think as a combination of all of this, we will start now seeing a rapid growth in EV penetration as more of the ecosystem starts developing, and that will lead to growth for electric vehicles. I believe more growth overall for passenger vehicles through that process. You know, I think we will have to assume that as competition comes in, margin, market share will get affected, but overall volume growth should start picking. Yeah, I'll just add a couple of points to that. We've had this question on competition for a few decades now. What we've seen is that competition's always made us stronger. The one difference we see this time is that usually in the past when competition came in, we had to improve our offerings, which we did, and we could combat competition well. This time with the electric products which have Mm-hmm. As I've already thought, our products actually stack up very well against the competition coming in. We're in a better position to start with, and that gives us a lot more confidence based on what we've achieved over the last few years, to be able to do well in the market. I would dare say, you know, maintain and potentially grow market share as well. Arvind Sharma from Citi. His question is views on commodity costs and the impact on Q1 FY 2026 margins. If you could please share any updated news on TREM V. On the commodity prices, we are concerned about steel going up. Steel has gone up by about 6% over the last quarter. We were able to mitigate some of this in quarter 1 through hedging and inventory carryovers as well. We have taken some price increases to pass this on to customers as well already. But really our view is that, you know, looking at the overall inflation levels in the category, there should be an effort made to moderate the level of inflation that is getting kicked off with raw material increases such as steel. But that is something definitely which is a watch-out. I think the second question was around TREM V. The government had put a panel in place and had then made a recommendation, splitting the kind of implementation needed by different horsepower categories. We believe that is a reasonable proposal, and we are comfortable with, you know, an ability to implement that in a manner which is realistic within the overall infrastructure available in the country and the comparability and maintainability of, you know, the changes in the product to meet that level of emission requirement. We are still waiting for a final verdict on what the timelines for those norms are, once the panel report is being evaluated. Did I cover all that? I think so. Okay. And then- Just on the commodity inflation, it's important to understand that the hedges act on our overall purchases. While we did get enough offset in the current quarter, if the steel inflation continues, then that will impact future quarters. We, of course, like every other quarter, we'll have actions to try and offset, but it is a true headwind for not just us, but the industry. That's something that we'll have to keep watching. In addition to steel was the largest. There are certain precious metals which are also starting to see some inflation that could be driven by just overall pre-buys driven by the U.S. We'll have to watch that as well. Inflationary environment is right now a little bit more than what we were counting on till last quarter. [Rakshith Kumar] from BNP Paribas. As you ramp up delivery of lower variant of EV models, do you see a higher cannibalization of existing ICE models? Any update you can share on the farm machinery business? It seems to be trending behind your targets. What's the reason, and how do you plan to address it? Yeah. Firstly, on the lower packs of BEVs, we think that those packs are very important and, you know, as a part of the learning. We will have pack towards 79 KWh, which we've announced, and we think that's an attractive price. We've always said that we are agnostic to cannibalization because over a period of time, the unit margin of an electric vehicle and an ICE SUV is gonna be the same. You know, which is why we've been comfortable about putting both the portfolios in the same dealership showroom. Our mandate is to sell what customer choice is, we are happy to give customers the choice to choose between any of our packs and between the EV and ICE. It is possible that there will be cannibalization, but we think that there will be overall growth. So far with pack three, we've not seen cannibalization. Of course, that was at a different price point. With pack three as well, pack two, which comes in 79 KWh, is at INR 23.7 odd lakhs. It is not like it is cannibalizing into 80%, 90% of our volume. The only product we have at that kind of a price point right now is XUV700. We have nothing else in that, in that price range right now. We are not too worried about the cannibalization. On the farm machinery business, we have recalibrated our ambition and, you know, moved into saying reasonable growth without diluting profits. We have moderated our growth ambition. We are now within the new growth ambition that we've set for ourselves, and we will focus at this point of time on strengthening our product pipeline, you know, across multiple streams. We have to strengthen our harvester business. Just as an example, the harvester business is right now a market share of about 5%-6%. We've launched an improved product, and that hopefully we're beginning to see traction on that, and we'll start building share on some of these big categories which are value drivers. We will take the growth more incrementally than what we had set out to do, but in the process of that, manage the bottom line on the farm machinery business better. NDTV Profit, Puneet asks a question on the ROXX bookings and delivery schedule now. 3XO's current availability in which export markets and what stable volume targets for exports are you expecting for 3X? The Thar ROXX question was bookings? Bookings. Yeah. Thar ROXX has a booking pipeline. The booking pipeline is much more on the four by four part of the portfolio. You know, as we said earlier, our intention is to not have long waiting periods and booking, that's the endeavor. We've started, we've ramped up. As we said, we've unlocked the fungibility issue we had between three-door and ROXX. We have been able to ramp up ROXX volumes now, which has reduced the waiting period, hopefully we will continue to, you know, work on that. On the export piece, 3XO has done extremely well in South Africa. We have just launched it in Australia, the initial response has been very positive, very positive media reports and customer reports. At this point, we're hoping to do roughly 1,000 plus of 3XO in the per month. Okay. Question from Moneycontrol from Varun, saying: How much is the overall first-time buyer penetration in your SUVs now? Can you also share some model-wise% figures? With Thar ROXX introduction of Thar ROXX, what's been the impact on the 3-door Thar volumes and E buyer penetration? It's very hard, Varun, to measure first-time buyer. I'm not venturing into that data point at the moment. The source of, you know, the data around that across models we found is not always very reliable. Vehicles are owned in different people's names. India is a country with a joint family system. 50% of our volumes come out of rural. You know, it's very hard to get very reliable data on who in the family, especially in rural India, you know, owned or didn't own a previous vehicle or in whose name it is. I, you know, we've realized after trying to measure that it's not a very reliable piece of data. I would kind of stay away from that. Sorry, Swati, Varun, can you just recap if you have it there? Yeah. Yeah. You have one. Thar ROXX, the three-door. Yeah, the Thar three-door, is doing about between 3,500 to 4,000 a month. You know, between the two, the ROXX and the Thar three-door, we have reasonable fungibility now, but we are consuming almost the full capacity between the two. In a way, we determine the mix of the two. Question from UBS, from Pramod Kumar. Some questions are repeated, so I'm not taking that bunch of others. How should one see D&A evolving for Auto Consolidated going ahead? Can you please remind us about your auto launch pipeline for FY 2026 and FY 2027? Given the response to your BEVs and India's low cost advantage, is there an opportunity for an alliance with a global OEM for exports of your BEVs? First one, depreciation. Depreciation. Yeah. And- Pramod, you'll recall in the fourth quarter we had to do some cleanup of certain projects which caused the depreciation to spike. It's now back more to the normal range. What you'll see is with the CapEx coming online, we will see quarter-over-quarter some growth in D&A, but it is not going to be the kind of spike you saw in the fourth quarter. I'm assuming that's where the question is coming from. As we called out at that time, we expected it to drop in 1Q, which is what it has done now. This should be the run rate with gradual increase as the CapEx comes online and we have to depreciate or amortize that. Yeah. On the product pipeline, Pramod, we are on track with the product pipeline that we had shared by way of numbers. It will be an exciting 2026, and of course 2027, but we hope to see more, you know, share with media more details and with all of you in the investor meet in November on the new platform, which will get revealed the 15th of August, where you will get a better visibility on the pipeline in several forms. It continues to be a very exciting portfolio. You did speak about the EVs and the opportunity of using India as a low cost center. We are seeing that benefit as we see new players coming in. We have a very strong value proposition. We, at this point of time, are not, necessarily thinking of any alliance, as you call it, around that. You know, there are opportunities for us to grow global at the appropriate time and pace. Sumant's question, Is Classic Legends current market performance meeting your expectations? When do you plan to have it listed and unlock value? Classic Legends has a fantastic set of products. There were nine awards that we won last year and this year. The market overall has been slower, which is what we are seeing reflect in our numbers as well. There's a high degree of optimism around it based on the products that we have and what that can do for the business as we go forward. Yeah, [Rajesh]? No, we are hoping, Sumant, to see a good festival season up ahead and are gearing up a channel ramp up to leverage the new products that have just been launched and are in the pipeline for launch. Okay. Amit Hiranandani from PhillipCapital: Why M&M is behind in exports as we have world-class SUVs? What steps are you taking to increase export sales? Amit, I think, you know, it's not fair to compare exports of ours with other global players. For other global players, they don't need to build either a brand or a channel. India becomes, in a manner of speaking, white label for them into those countries. For us, we have to go country at a time because we have to establish a dealer network, channels, spares network, logistics on the ground, and most importantly, brand and goodwill. That's the approach we've taken. We've invested, for example, over many years in South Africa, and now with the right product portfolio, we've gone into being the top 10 OEMs, the fastest growing brand in South Africa. This is a result of the effort that we put in. Today, if you go around South Africa, you will see Mahindra vehicles, you will see very good Mahindra dealerships. The same is being seen in places like Australia. I think we will have to build our brand step by step at a time. Our idea is not to be ad hoc about it and try and just look for short-term deal-based exports, but to fundamentally invest in brand, channel, and market creation, and that's the process that we are on. Question from Bus Coach India, Santosh Sharma. Electric buses are gaining traction. Is M&M planning to capture a share in the electric bus segment? Any investments you plan to do to further expand the electric bus business in collaboration with SML Isuzu? Yeah. SML Isuzu has revealed a electric bus and it's a pretty good bus, it looks like. Whatever we do in the electric bus segment will be through the SML Isuzu entity. That's, that's broadly the plan. There's no plan to do any electric bus within the Mahindra Truck and Bus support. I think other questions are repeat of most that are already asked. I think we can wrap it up. Thank you everyone for joining in. We will close the session now. Thank you. Yeah. Thank you again everyone for joining in, and appreciative to us in coming in today instead of tomorrow, which is what we traditionally plan for. Just given the circumstances, today, we felt that it was better to close our board meeting and the results as well. Thank you. We appreciate your time.