Hi, good evening, everyone. For those joining online, good afternoon, good morning, depending on where you are. Pleasure having you here today to discuss our results. As you've seen, a quarter marked by various uncertainties across the world, translating into a number of challenges in India. Despite that, happy to say that our team has actually delivered some very strong results and across multiple businesses. The key messages for this quarter are consolidated profit up 34%, ROE at 23%. Auto and Farm, resilience in a strong quarter despite commodity price impact of 400 to 500 basis points. Auto profits up 21%, Farm up 15%. Rajesh will talk more about the margins as well. Some impact on that, but not as much as could have been the case. A lot of good actions taken by the team. Mahindra Finance and Tech Mahindra on a very strong journey now. We've been talking about both saying that they have been turning around. They are on a good track. What you can see from results is, we can show proof around the turnaround now. Mahindra Finance has had two or three very good quarters. This time, profits up 78%, driven by a lot of things that we wanted to have in place, especially around asset quality, a lot of work done on technology and data, and we're starting to see results being delivered. Tech Mahindra up 28%. Again, a very strong quarter on track for all the commitments that the business has made. Our Growth Gems, we've been talking about them. They're starting to deliver meaningful results, profits up 3x for Growth Gems. As we look at all of these businesses together, we got multiple growth engines delivering value in tough times. As we look at the overall results, revenue up 28%, PAT is up 34%. The key drivers, the summary of a few points I said earlier. Growth Gems driven by real estate, Accelo, and logistics. Mahindra Finance driven by NIMS, driven by asset quality and growth. The growth part is new. We talked about pivoting to growth last quarter, and that pivot to growth is starting to drive asset under management being higher as well as maintaining GS3 at a reasonable level. Tech Mahindra, driven by margin expansion, EBIT margins up to 14.4%. The promise has been to get to 15% by the end of this fiscal year, on track for that. Auto volumes offset by commodity prices. Farm volume, again, offset by commodities in Turkey, and investments we had again on sale from CIE, that have contributed to investments. Overall, as we look across everything we do, very strong numbers. Let's look at each business. This time we've added an element of future growth drivers. Not just talking about what's happened for performance, but also what are we seeing for this business going forward. As we look at Auto, well, Rajesh will cover the detail. The key highlights are SUV volume up 15%, despite some challenges from a production standpoint. Penetration for electric is at 12% now, and that's a fairly significant number, on a good track there. Inflation, I talked about. More exciting is the future growth drivers. The new new INGLO platform, will start delivering models fairly soon, and we will have a number of new models coming out from there, that gives us a much stronger foothold into a segment we really haven't played in in a big way. Accelerating EV volume growth, for that, we will need more capacity because, as you know, we are strapped for capacity right now, there is a plan to double capacity from where we stand today. Rajesh will walk through details of what that means when, in terms of specific questions that you may have. I'm fairly hopeful we can answer all your specific questions on what capacity comes on board at what point in time over the next few years. Farm Division, not just domestic volume, but exports up 15% as well. Again, commodity inflation, slightly lower impact here. Erkunt Foundry problem that we had, we've now solved for and exited. There, the future growth drivers are around product launches, accelerating exports further. International, we still have a certain set of weak spots, so fixing those that gets Farm Division overall on a much better trajectory. Mahindra Finance, the growth pivot is very clear now. AUM and disbursement growth is what you see as driving performance in Q1, along with the credit discipline and NIM expansion. We look forward, continuing on the same path that we've been talking about, technology and data fixed, asset quality in good place, need to continue maintaining that. Diversification have started, need to accelerate diversification into mortgage and SME and add more from a fee-based income standpoint. That's going to build a very strong, stable business, with good returns and something that will add significant value as we go forward. That's the path that Mahindra Finance is on, at this point Tech Mahindra performance driven by large deal wins by margin expansion and free cash flow as a result is up 94%. Continued focus on large deals. Geographically, we're diversifying and looking at reducing the margin gap. We will come out with the next phase for Tech Mahindra as we close this phase that we talked about, which is by end of FY 2027, we get to 15% EBIT margin, then we talk about the next phase as we go from there. The one thing I would say for these businesses as well as for the next we are going to talk about, an underlying theme is very strong execution across. That's one underlying theme that we've got, that's what's being able to deliver good results. Let's talk about some of the Growth Gems. Real estate this quarter has added 5,600 crores of GDV, up 60%. Pre-sales numbered 925 crores, up 2x. A number of OCs were delivered ahead of schedule, not something that happens very often, therefore strong execution here again. You look at the future, GDV is up at 50,000 crores now from 8,000 crores only three years ago. This is a fuel for future growth, that has been acquired already. The future growth is going to be driven by what we already have in place. This includes multiple large projects that will be multi-use, 5,000 crore to 10,000 to 12,000 crore projects, that also gives us certainty as we look into the horizon. We’re looking at expanding our industrial portfolio. We’re going to start seeing Lifes paces really move to the next gear and start accelerating. Logistics has gone from reverse gear to a positive gear now. Logistics was a business that wasn’t doing very well. We had talked about it. Execution was poor. This has been turned around very well by the management team there with Hemant coming in as CEO. There’s been a huge impact, huge focus on operational excellence. You see the results here for this quarter at the M&M level, it’s a INR 14 crore positive profit. At the business level, it’s a INR 25 crore positive profit, and this is the highest-ever quarterly profit for this business, coming out of a turnaround, not just through the turnaround, obviously, but even before that. I usually don’t like highest ever because I expect every business to be highest ever every quarter. Which is why we say, why use this term? In this case, it’s worth using because it’s a business coming out of turnaround and therefore we wanted to portray that. Future growth drivers. Growing logistics in India, e-commerce, Q-commerce penetration is going to be much higher. Express business is turning around well. That’s a drag even today, but that’s a drag that we hope to eliminate and have that start contributing. Then very strong operational efficiencies that the business is driving at this point. Logistics is now coming back into territory that will start really creating a lot of value, which is the path we wanted when we changed management there and brought the business to a much different trajectory. Truck and Bus, you saw the combination yesterday of SML and our Truck and Bus Division, and this only enhances the competitiveness. It creates more synergies for us. It allows us to do a lot of things in a business that is double its size now, and it continues a strong trajectory we’ve seen in Truck and Bus from three or four years ago. I remember questions from three or four years ago, which is: Why do we have this business? I remember acknowledging, saying, look, you’re probably right. Let’s decide whether we want this business or not. Let’s see if the business can execute. If they cannot, we will exit. The business executed really well. As we now brought SML on board, we feel even more confident that we can create very meaningful value in this business going forward. That’s what we are seeing. The combination also very positive from an SML standpoint, very positive from an M&M standpoint as well, because it is going to be accretive and the synergies that we get will add to it even further. From that perspective, we’re looking at this as a big step forward. Aerostructures we’ve talked about earlier. We’re sharing some numbers now. $1.2 billion of cumulative contract wins. Half of them in the last year alone at $600 million. Business that has continued deal wins, has a growing presence in what we call the shell and skins panel, and accelerating industrialization. The key to this business is very high quality. It’s been recognized as among the top quality players and therefore OEMs are giving this a lot more business and want to continue down that path. This is a business where we will move up the aero value chain as a result of the quality. We’ve got two large deals with Airbus recently, where we’re the single source globally for the fuselage for two helicopters, which is a very, very big deal. That again, is a testament to the quality this business can drive. This is a business we will look at making a potential acquisition globally, based on the strength of this business and what the OEM partner customers that we have want us to do. It’s going to be something that we will look at them to underwrite as we go forward in terms of making sure that this business can give us the returns that we would want. These are some of the businesses that we have. Driven by strong execution, but more than that now, potential that is being realized. We're starting to see some of that potential in numbers, which is where we want to be. Let's come back to AI. We spoke about it for the first time last quarter, though we've been doing work on this for a while. You remember this page from last quarter, our aspiration is to be a tech leader in every industry. In some industries, we can say we are there. In some industries, we need more work. We talked about deploy, transform, and invent with four impact areas: quality, experience, reach, and efficiency, with real outcomes for revenue, cost, and customer satisfaction. We also talked about transform. For each of these four areas, what are businesses like auto and Farm doing, and finance? We gave a few high level view in terms of here are kinds of things that we're working on. For this quarter, we now want to go deeper and give you specifics about some of those examples. We're not going to talk about all the transform projects, but we picked four in auto and four in finance. Here are some specifics. Paint.ai. This is making a significant impact in the paint shop in terms of, one, creating a better vehicle that looks nicer, in terms of reducing the paint that's used, and helping us reduce the rework required as well, which effectively is more capacity. Service.ai for auto. 2,600 workshop assistants are using AI today to help make it easier for the customer, give them faster solutions, be able to reduce the turnaround time in the workshop, and therefore, again, create more capacity in the workshop. Reach.ai. We've had 91,000 test drives done entirely by AI or getting customers to the test drive. AI is not doing the test drives as yet. We'll get there at some point in time. We've got 91,000 customers to come for a test drive, leveraging the AI communication that has been done with the customer. This is business we would not have got otherwise. This is direct addition to revenue as a result of that. Simulation in the fun world of product development. This is one specific example where there's a lots of simulations done to look at drag coefficient. It's something that really becomes the centerpiece for product development in many ways. Each simulation would typically take an average of 10 hours. With AI, we can do that in two minutes. Think about the speed of product development as a result. Our goal is to cut down the product development timeline. This is one example. There are many others that the team's working on to be able to do that and to be able to create better products as a result as well. On the finance side, Samura.ai is our model for loan file processing. 65% of our loan files today are processed by AI. 65%. Service requests, 500,000-plus service requests fulfilled through AI. Cross-sell, 30% lower cost of acquisition through the AI orchestrated channel that we have for cross-sell now. Voice.ai is something we're using in Mahindra Finance and across multiple businesses in multiple solutions around collections, sales, and other areas. Here are some real numbers on what we are achieving in some of the projects that we showcased. As we go through the next few quarters, we'll provide more information around what we're doing on AI on a broader basis as well. This is driven by a very strong foundation. We have 50 forward deployed engineers and AI experts that are working with our businesses. We have 19 proprietary models that we have built for AI, for specific applications that are giving us very meaningful results. These are applications that are built on GPUs we have, so we don't need to pay for tokens for this, which is even better. We don't have to worry about the cost of tokens on these applications. We have 1,900 of our leaders and teams trained in m.AI Academy, and 15 transformation projects that we are driving through AI. These are large scale transformation projects. A number of other smaller projects as well, along with a group AI governance council, business governance council. A lot of focus on security and governance from an AI standpoint as well. These are a large number of activities that we are doing in AI with this foundation. We, based on various conversations, feel there are multiple areas we are leading in this space, and we continue to be able to drive this and see results from it. That's the most important part. We are seeing meaningful results from AI at this point in time. The one other thing I'll mention here is, beyond the foundation, AI is really being driven by process owners. I know some of you have been to our Chakan plant. If you go there again, you will have people on the shop floor tell you about how they're using AI and ideas that they've come up with to use AI as well to create better processes. This is one area where process owners are the ones that are really driving this transformation, and that's the power of AI, and that's the power of being able to really leverage AI. A chart you're familiar with. A number that you're not familiar with is 23%, which is for ROE. I will stay with my standard approach, which is our target is 18%, so we will go slightly up and above 18%, but 23% is higher than what we expected as well. We are not resetting expectations. We will stay with 18% as a target there. On growth, we continue to grow faster. We are at 34% growth in EPS at this point in time. INR 48 EPS, and consistent delivery from that perspective. We will share some thoughts on some of the factors driving this performance, but I'll hold off on that at this point in time. I'm going to invite Rajesh up to talk about auto and Farm, and then Amar will come up to talk about numbers, and I'll come back to talk about some aspects of performance equity driving. Hi. Good evening and good morning to everyone, depending on where you are. I'm going to go a little faster because you would have already picked up some of this from the earlier presentation. I'll go a little faster. On the farm equipment side, we had an 18% volume growth, a very strong market share. We did lose on a sequential basis, a little bit of share. Sorry, compared to last year, same quarter. On a sequential basis, it's a very strong quarter as well. You can see that last year, the 45.2 was an all-time high that we had on market share. Farm machinery had a very strong, robust growth again. Its highest quarter. That's a business now which is getting into momentum and in a way connects with what we are seeing as increased level of mechanization in rural India, both on the tractor side and the adoption of farm machines. This is a new chart. I'll spend a few minutes trying to walk you through it. There are three columns, literally. Column one is what you've been seeing in the past, which is what we call core tractors. Core tractors is basically domestic plus exports of the tractor business. What you're seeing in the middle is international subsidiaries. What you see on the other side is others. The others are defined below. Mainly, it's the farm machinery business, the Powerol business, and the Indian subsidiaries like Swaraj Engines. That's broadly the third column. All of that totals to what we also put out as farm consolidated. These are the three columns which help you understand the margin structure better. The 19.2 is the core tractor margin. You can see that we've taken a loss in international subs. A reasonably large amount of that is the impairment that we've taken on Erkunt Foundry and one more company. The third one, as you can see, has seen an improvement in the margin percentage and the growth. All of that together gets us to a 14.2% farm consolidated margin. The 19.2 here is the chart that you've been seeing, which carries over to the column one for the previous chart. Basically we are now building on this to give you a disaggregated view of how farm consolidated breaks up into different subsegments. This is a chart we often show you more to kind of say that the band in which the tractor margins operate is 17%-19%. There are periods where we do 20%, there are periods where we do 17%. We've rarely gone below 17%, except maybe one quarter. That is the ability of the business to manage either the upcycle that may happen for an industry or in spite of a down cycle or commodity cycles up or down. Irrespective of what is happening to these two key variables, we are able to manage margins mostly between 17%-19%. These are the farm consolidated financials. You've already seen them. 9% PBIT growth, after impairment, 12% before impairment, and a 15% PAT growth after impairment. I'll spend a few minutes on this because I think it's on the mind of quite a few people. What is driving rural in spite of all the fears of El Niño? We've kind of tried to capture here the positive enablers right now in the rural market. Not to say that there are no negatives, I'll kind of call that out as I walk through this. Clearly, we're seeing a Farm labor shortage. It's not a new phenomenon, but it's an accelerating trend. We are seeing that labor is moving to industrial areas as they're getting paid better. There is a lot of labor shortage in industrial areas, specifically with small-medium enterprises, that's coming out of the movement of Farm labor. As Farm labor is earning more, they're seeing greater value in going and working in industrial enterprises, which is what is one of the factors driving mechanization right now in rural area. That's point one. Point two is the rabi cash flows have been healthy. There has been an improvement in wheat procurement by about 19%. That is strengthening the cash flows in the rural economy. The third is the deficit in rainfall was really bad as we were into June. It's come down significantly from then to what is now at a 15% deficit. If rains continue, then we may be at a reasonable level of deficit. Of course, this is different in different parts of the country, and we track that as well to see how that is impacting it. The rains have come in in most parts of the country, our feedback on the ground right now is the sentiment is actually not negative. The data indicates a lot of negativity if you'll just look at the rainfall deficit. Because rains have actually come in, the sentiment is not negative. Reservoir levels are 7% below LPA, but have recovered from where they were. There was a much greater deficit, it is lesser than the same period last year, but it was much worse a few weeks back. Kharif sowing has accelerated significantly after the rains have started over the last three, four weeks. At the moment, the shortfall over last year is a little over 4%, which is not too bad for this time of the year. The government spending has gone up by 16%. The state governments too are putting in money, that itself is an enabler for greater cash coming into the rural economy. Overall, we see many factors beyond the negatives that we may be hearing about El Niño, which makes us believe that the sentiment on the ground or the reality on the ground right now is not as bad. Of course, we need to see what happens to rainfall and other factors over the next two months. At the moment, the rural market, that's been playing out in the volumes that you've seen over the last three months and early signs of July as well, is reasonably okay. That's on the Farm business. On the auto business, the SUV volumes grew, we had said mid to high teens. We had a 15% growth in SUVs in spite of some production issues, especially in April and May. 20% growth in LCV, which also had some production issues. We continue to be revenue number one market share and a strong growth, in market share sequentially on LCVs as well. This is just a chart which kind of shows you that last year, Q1 was an exceptionally high revenue market share. On a kind of linear line basis, we are by and large at the same level of 24, 25%. The electric penetration Anish spoke about, that was 12%, nine for the industry, which some of you will remember the industry penetration for EV just a few quarters back was 2.5%. The two has gone to nine. We were, of course, zero, six quarters back, which now is for us, 12%. We continue to have a very strong performance on revenue market share. We've sold 77,000 vehicles cumulative till now. Interestingly, the XUV400 is the single largest, even by volume, selling EV across all passenger vehicles in spite of its price point, which has done very well. LCVs, again, strong performance on volumes and market share. Now I'll explain the same auto margin chart, taking a column at a time. The first column is something that you are seeing for the first time. What we are showing you here is auto plus LCV, domestic plus exports. Okay, so that's really, in other words, can be called the core business, which is without EVs. The second column is the EVs, e-SUVs, which has two components, what happens in Mahindra Electric and the conversion cost that we earn in M&M. That comes into the second column. The third column of others is listed below, but is mainly trucks and buses and contract manufacturing that we are doing for Mahindra Last Mile Mobility and some other domestic subsidiaries and international subsidiaries, plus the Mahindra Last Mile Mobility company. If you look at column one, our margin at a PBIT level is 8.9, and that's what is also represented here as a trend. It was 10.2, 10.8, and 8.9. Now, of course, we have lost margin compared to last year, and we can talk more about that in the Q&A. We believe this is a reasonably good margin performance, which has been on the back of a very high commodity price increase, which we've seen over the last many months but has got significantly escalated after February. This is a chart we've shown you in the past. You basically see on the top, Mahindra Electric as a company, contract manufacturing of EVs and end-to-end of EVs. The 5.3% margin here that you saw it was the same as in column two of the three-column chart. Okay, so we made a INR 288 crores PBIT, in the EV business end to end, out of which INR 270 crores was in Mahindra Electric company. Okay, so this is the capacity planning chart. The chart has not changed fundamentally, I'll just walk you through it. There's some updates. I'm on the first row, which is the ICE SUV capacity. We had said by September, we'll be at 60,000 per month, which we should be ready with by September, which is the end of first half. We'd said we'd be operationally ready for 8,000 EVs, which we should be ready for 8,000 EVs. Of course, there's an issue of mix because there's one product out of the three which is doing disproportionately well. From a capacity readiness, we are ready for 8,000. That takes the total September capacity to 68,000. By the end of the year to the 60, we add 10,000, which is the capacity which will flow through into FY 2028, which is really for the launch of the first of the new INGLO platform products. Likewise, the eight becomes 12. I'm on the last column, second row. The eight becomes 12, which is really adding 4,000 of EV capacity for the new EV, which will get launched in FY 2028. 70 plus 12, you get 82. By end of the year, 64 and a half would have moved to 82. We are adding 10,000 more in Chakan, which will take 82 to 92. That's for the new INGLO platform phase II. We would have 92, and then we add 20,000 per month, which is 250,000 and 250,000 in two phases in Nagpur. The first phase of Nagpur should be ready first half of calendar 2029. That's what you see in the first bullet point there, which is 20,000, and then the second is few months later, maybe 10, 12 months later. That's really the 2x capacity increase between now and FY 2031 in multiple phases, as you see it. We had 11% growth in the trucks and buses volume. Market share was at 7.8%. Market share is much higher for us in Q1 for this business because SML Mahindra has a very strong bus SKU, and the bus market is really in Q1. We see a much higher market share in Q1 than we see as an average for the year. Mahindra Last Mile Mobility had a very good quarter. Very strong growth. Total volume of 42,000. Continued to be number one. Most interestingly, the L5EV penetration now is 40%, which was about 27% same period last year. Significant acceleration in the EV penetration in this segment. The Uvs has done very well and is enabling this kind of a volume growth. These are the auto consolidated numbers. Profit PBIT grew by 28% and PAT by 21%. Amar, thank you. Thank you, Rajesh. We've talked a lot about the PAT performance, I'm going to focus a little bit on the revenue performance. Just want to highlight outside of the auto 32% that you heard and Farm 15%, Mahindra & Mahindra Financial Services Limited had a very strong revenue quarter as well, and we had Growth Gems grow 39%. When you consider what we have been saying, that the Growth Gems are going to help drive the diversification of the group and help drive a lot of the future growth, that 39% far outpaces everything else. That momentum should help us tremendously in the years to come. The other thing that I want to highlight in terms of the PAT performance, Rajesh spoke a lot about the inflation, but if you think about it, with a 400-450 basis points pressure in Auto and 300-plus basis points pressure in Farm, to come out with the 160-170 basis points reduction in Auto is remarkable. It happened because the team proactively took actions on pricing and also took a lot of actions on operating costs. Right. That continues. That mentality of kind of being ahead of emerging risks has really helped the business come through this. As we look towards the future as well, unless commodity prices significantly deteriorate, we expect that Auto should be able to now get better from here on, right? Farm will continue to have some pressure because of what we saw in steel and rubber. Steel is up now 24% and rubber is up 30%, 53% from the beginning of the calendar year. Right. It's pretty remarkable. Both of these cannot be hedged. This is a chart which showcases what we've talked about, that every engine in our federation is right now firing. You see remarkable performance from each of the pieces and contributing significantly to the growth in PAT. Even if you take out the CIE gain, it's a 22% increase year-over-year. Okay. As I mentioned, I wanted to come back and share some reflections on what are some of the key factors driving performance, because we are starting to see a few things we had planned for play out well. What is that set of factors that we also call The Mahindra Way now, that are driving performance across multiple businesses? It starts with purpose. It's about values that enable us to lead with purpose. Integrity, quality, care. That covers customers, that covers our associates, that covers the broader communities. That is a very important element for us because that is what enables trust. Trust is a very powerful factor for us across multiple businesses. Our Lifespaces businesses can price 15% higher in the market with very strong competitors because of trust. We're being able to close joint development partners in one particular case for a INR 12,000 crore GDV opportunity because a partner said, I'm just going to work with Mahindra. I don't care what other people give me. Across businesses, that's a very important factor for us. Talent. Everything that we've done is driven by talent, the ability to attract talent, the ability to have our best talent go into areas of highest opportunity is something that's unique to us as a group, that's driving results across multiple businesses. Technology. We talked about AI, but it's not just AI, it's across multiple different areas, and the ability for each group business to benefit from the experts we have across the group in technology to see best practices somewhere else, adopt them, is turning out to be a very powerful thing for us because technology is central to almost everything that happens. Logistics is building a very strong business with technology as a backbone. If you have that, a customer is not going to go anywhere else. Not just logistics. That's something we are seeing across multiple businesses. With that, it's behaviors that drive meaningful outcomes. We are a large company that wants to operate and often operates like a startup. It's about collaboration, agility, being bold, and which is the reason why you see some of these results, that you'd look at and say, how can this be consistently delivered over such a long time? It's a combination of these things that create the synergies for growth and the synergies for resilience across our businesses. Wanted to share some of those thoughts with you. What we're gonna do today for question and answer is different from what we've done because we actually going to have multiple leaders up here on stage as all their businesses have contributed. I want to go back to this chart that Amar presented. If you just look at the numbers here, the contribution of multiple businesses. You see very significant numbers. Growth Gems year-over-year is almost equal to TechM, and TechM's done well. You see Mahindra Finance has INR 213 greater than Farm. Farm has also done well in a tough cycle. That is why we are going to have a number of leaders come up on stage in a format we will use going forward as well, so you can hear from some of those leaders directly, and yourself, be able to assess the quality of talent that we have. Right? With that, we're going to have a large number of chairs and take up all the space that's available here. Just give us a minute to complete the setup. Just one minute. One chair. As promised, we've taken up the entire stage now. What we're going to do is, I would just want each of our leaders to just spend a minute giving you a highlight of what they've done and then we open it up for questions and answers after that. With that, Vinod, why don't we start with you? We'll just go around in this order. We'll briefly talk about the two businesses which came on the slide. On SML Mahindra, the big announcement which happened yesterday, makes us very well poised for harnessing the full potential of what this industry promises. It's an industry with a very high revenue pool, very high profit pool. Of course, we have a mixed bag of products. By the way, in quarter two, we became number two player in LCV, ICV bus segment of less than 12 tons. We used to be number three, with a very thin margin. We hope to sustain and increase it. We are amongst the leaders, when it comes to LCV trucks, ICV trucks. We have a limited range. We are doing well. Heavy trucks is a long haul, which we are continuing to commit. With the two teams coming together, not just from the network and product point of view, but also a lot of synergy from the cost and value engineering. We have already started working. Now the company becoming one with both the brands and its product, it promises a lot of potential to harness, both on revenue and the profit side. On aerospace, Anish talked about it. We are very well poised for future growth, both organically and inorganically. Organically, we are getting a lot of business coming our way, because this is an industry where your reputation counts over everything else. Reputation gets built over a period of time based on your quality and time, and the cost of the delivery which you do. As Anish said, we are rated amongst the top five globally in terms of our quality and business excellence performance. Because of which, a lot of businesses are coming our way. We are in the process also trying to go up the value chain. We started with detailed parts player. Now going towards sub-assemblies and making full fuselages. From a manufacturer who is to make thousands of small parts, to moving towards making hundreds of high-value parts is also a transition we are trying to do. Of course, inorganic is another opportunity we are looking at. Thank you. Vinod Sahay runs our Aerospace, Advanced Technology, and Truck and Bus Business. All have seen significant growth in his time at the helm. With that, Hemant Sikka, CEO for Logistics. On Logistics, we have put a lot of focus on operational execution. As a result, we took several actions. The significant one I will call out was the work that we did on white space reduction. Same time last year, we had 16 lakh sq ft of white space. As I speak, we have only two lakh sq ft of white space available. That also, we should be able to sell it by September. That was a big drag on our numbers, so that is out. Mind you, none of this white space has been surrendered. It is all sold. These are all now revenue-generating assets for us. Apart from that, a lot of focus on our customers. We are winning a lot of large deals. Very good growth on manufacturing and e-com side. This month itself, we have startup done on three very large e-com sites across the country. That focus on customer continues. With that, in quarter three of last year, after 11 straight quarters of losses, we got a little bit small profit in quarter three. Quarter four and quarter one, again, have been very strong. We see that this kind of momentum will continue going ahead. One of the big levers which Anish called out was our express logistics turnaround, which is the Rivigo company. We have cut down the losses significantly in the last one year. However, still it's a drag on our business, but we are very confident now that our EBITDA positive is just around the corner. I won't give you a month, but it is just around the corner. That should then lead us to a PAT positive number at some point in time very soon. This kind of effort will obviously bring goodness in our financials. Apart from that, there is a lot of focus on, again, winning new businesses. That effort, both in terms of consumer, pharma, telecom, manufacturing, and e-com, will continue. Thank you. Thank you, Hemant. Veejay Nakra, CEO of Farm. Rajesh has covered quite a bit in detail, I don't want to repeat what he's covered. Strong performance in quarter one, despite the headwinds that we've had because of the war and commodity prices. Actually, I'm actually delighted that we are having this conversation at the end of the month when we've seen a favorable monsoon turnaround in the last two weeks. The sentiment on the ground is definitely a lot more positive as we are moving into quarter two. No doubt, there are challenges still in front of us. Internationally also, we've had some headwinds, but in our core markets, we've performed very well. With that, we'll be happy to answer questions as we go forward. Amit Sinha, CEO, Lifespaces. I think I'll just highlight four things that are shaping our performance and aspiration. Number one is stick to the guns on strategy and what we will do and what we will not do. What that means is focus on a few cities for residential, Mumbai, Pune, Bangalore. We get a lot of land parcel requests, come to Indore, come to Hyderabad, come to Delhi. I think for us to scale, I think we'll stick to the guns. It also means what we will not do. Like affordable segment has not done well for us, we decided to exit that, and we'll continue to focus on doing mid-premium and premium segment. The second is for us to secure a strong future for this business, it was important to lock in some key land deals. We were always looking for the right deals. Over the last three years, we have scaled that pipeline which is locked in terms of greenfield, in terms of joint development, in terms of society redevelopment, roughly INR 50,000 crore of deals. Those deals have gone through a very rigorous process so that we have more upside in those deals rather than downside. Third is a focus towards customer experience, premiumization, making sure that customers want our product. They come in because of our brand, but they should stay there because of the experience they have. I think that has been a key part of our effort over the last few months. We got a lot of OCs, as Anish covered, 3,000 apartments. We have delivered 1,500 apartments till a few days ago, and 99% apartments have been zero snag apartment to the customer. That means customers are accepting those apartments as is. That means we've been able to do a good job in terms of quality side. Finally, making sure our execution stays on course. This is a business where price gets locked up front and the costs get covered over the next five years. How do we ensure delivery of our projects as per the original plan? I think Amar covered a lot about the cost escalation, et cetera. We factor a lot of it, and we always have some surprises. We want to make sure that whenever we execute, we are very prudent about cost escalations, surprises. Our IC business helps us quite well. It complements the residential business. These four things have been quite good for us, and will continue to have these shape the journey for us in the future years. Velusamy, CEO Auto. The auto team delivered a resilient quarter performance, following on an exceptional Q1 FY 2026 performance of 22.0% growth. The Q1 FY 2027, the team delivered 14.9% growth on SUVs and 20% growth on LCVs. All the three verticals are really doing well. The ICE SUV, the EV SUV, the LCV, they're really doing well. The ICE SUV and EV put together 14.9%. In the EV SUV space, we have grown 77% compared to last year. A combined XEV brand, it is 1,600 in the quarter volume, 1,600 of 1,000. As Rajesh pointed out, XEV 9S is the largest selling SUV despite of its high selling price. The revenue of auto, 32% growth, and with a PAT of 21% growth. The resilient performance continues for the upcoming quarters, in spite of pressures on margins as you have heard from all the presenters. The festive season is going to be big one for us. As you have seen, the capacity increase is happening from 64.5 to 68. It will happen end of H1. This is very crucial for us to upcoming quarters. All the best for the auto team and wish you all the best. Raul Rebello, Mahindra Finance CEO. Thank you. A pleasure to be here at this forum. In our business, we look at consistency being the real hallmark of directionally moving well, and consistency in growth, margins and risk. When we reflect on the last two quarters, actually that's played out quite well. Starting with risk, Anish alluded to it. In risk, we look at stability in the GS2, GS3. That's come in, I think, in a very formidable manner. For example, in our GS2 plus GS3, for the last seven quarters now we have been below 10%. If I just look at last Q1 versus this Q1, GS2, which is 30 plus early risk, that's 100 basis points lower than last Q1. That's on risk. We think we have covered fair ground there. On margins, we had dropped significantly to NIMS of 6.5. Now we have climbed back to a good 7.3. Overall ROAs, which was quite elusive, we were below two, and now is in a respectful range, come to about 2.4. Finally, growth. Anish has tasked us now to pivoting back to growth. I think of late on that metric also, both the wheels business and the non-wheels business. The wheels business, we benefit from a lot of gentlemen on the forum here. We feed off the auto CV tractor business. The wheels business has been growing well at just 20% in that vicinity. What's really encouraging is the non-wheels business, which grew at 79%, which is the mortgage business, the SME business, and the PL business. Yeah, we are starting to see a good balance between the growth margin risk. We keep balancing between all the three. It's been progressing well, and it's early in the year, Q1, and we have some curveballs which we have seen with fuel prices, et cetera. We have to monitor the portfolio well and just make sure that we are on the path to being steady balancing between the growth risk margin equation. Thank you. Okay. Thank you all. With that, we open up for questions. We can begin with Chandru of Goldman. Kapil, I'll come to you. Chandru, just give the mic there. Kapil, can you pass the mic just behind you? Hi. Good evening, and thank you for taking my questions. I have three questions. I'll ask them all at once. First one is just on the battery electric vehicle business. It's good to see that now 12% of the vehicle mix is battery electric vehicles and making north over 10% EBITDA margin. Just wanted to clarify, what is the PLI in the current EBITDA/EBIT margin and contribution from PLI? Just related to that, just want to understand, is there any discussion around PLI 2.0 and whether this might be extended beyond FY 2028? Second question is on the tractor business. Just want to understand, I remember in FY 2024 when we had a rainfall shortfall, there was a lot of destocking in the back half of the year. Just want to understand where we are on channel inventory, as well as in terms of horsepower mix in a typical calendar year. In the past, have you seen improvement in tractor horsepower mix? That's, I think, a strategy which we had laid out at the investor day in November last year. The last one is just on Mahindra Finance. I think most of Mahindra Finance on the wheels business is new vehicle sales. Over a period of time, is there a strategy to do more used vehicles where the yields might be much, much higher? I'll just quickly pause there. I'll just take the PLI question and then have Rajesh cover everything else, and then let Raul cover the last question. In terms of whether the subsidy continues or not, the objective of PLI has been to transition to EVs and ensure that we can maintain reasonable price parity with ICE, and that has been done very well so far. With scale coming in, what you've seen in the numbers is the ability for us to be able to reduce cost and therefore get higher margins as well. Not as much as ICE right now, but that will start happening. Our expectation would be that as we start showing higher margins with scale, PLI should reduce. That is part of how it should go, because we would not want to make supernormal profits based on subsidies. That's a conversation we have with government as well to say that that's only the fair thing to do. In terms of specific timelines, we don't have an answer on that as yet. That will depend on how the industry moves as well, but we'll have more clarity on that in the next maybe 6- 12 months. We still have some time to go on this one. Yeah. Chandru, on the specifics of how much PLI, I don't think we want to share the absolute amount right now. One reassurance we can give is that we were EBITDA positive without PLI. We're not losing money without PLI at a cash level. I just want to reinforce that part, that we are EBITDA positive without PLI right now. That's on the PLI. Anish answered the second part of the PLI question. On the tractor, you had two questions. That was the only auto EV question, right? Inventory. Yeah. Inventory. On the tractor, there was one question related to the inventory, and you were relating that to 2024. The horsepower mix. The horsepower mix. On the channel inventory, I think this question had come up earlier as well on why we are seeing lesser volatility on industry growth in tractors, and a few quarters back, I reflected on that to say that I think there's much more discipline today by all OEMs. Which means that when there's a down cycle, the extent of down stocking that we need to do on channel is much lesser. Between our two brands, we would be by and large in line with norms. Actually, Swaraj is below norm, because they had some supply issues in the quarter, but in the region of 30-40 days, which we think is fine and not much destocking is to be done at this point of time. You want to take the horsepower question? We can clearly see a shift towards higher horsepower. Rajesh spoke about mechanization. We are seeing that if you look at the first quarter of this year, close to 69, 70% of the horsepower mix has now moved towards 40 to 50 horsepower. A lot of that is being driven also by the kind of implements that the farmers have started seeing adoption towards, whether you talk about seeders, whether you talk about balers. Some of these higher value, higher horsepower drawing implements is what they're looking at. Also, I think post GST, they are able to buy a product with a higher horsepower, for a price that they would have paid for a lower horsepower earlier. I think all of these have helped move the mix towards about 70% and for the 40 to 50 horsepower range. On the question on the composition of the used vehicle business, when I just look back eight quarters, that number from a disbursement hovers between 15%-19% of our incremental disbursements. Last quarter was at 16%. We did slide down a bit because post GST, actually, we were ourselves getting firmed up to the new residual value, right? Because the GST prices caused a huge shift in the residual values. We were ourselves being a little conservative in the last two quarters. From now on, we will see us going up that scale, the 16%-19% that I talked about. See, if you look at on the leaderboard, we are always between number two and three in used car. We're number one in used tractor. In used CV, we are not a very big player. These two are big categories for us, you're right, it's margin accretive. It is an important business. It's not small in any capacity, we'll see this business grow in the times to come. Just if I could clarify what the farm implement revenue was for the quarter. 300 and-- 300 and-- INR 50 or 60 crores. 370. INR 70 crores in the quarter. That was on the slide. Thanks. All the best. Yeah. Thanks, Chandru. Kapil, please proceed. The mic is-- Chandru, you want to pass it? It's okay. First of all, thanks for getting the entire leadership team here. It's great to meet all of you. I have a question which is relevant probably for everyone. Anish, you talked about building AI-based competencies. What I would like to understand is, these same AI models are available to everyone, right? Where will the differentiation come from? If some of the business leaders can also share their experiences as you're building these things. Where do you think we can differentiate, because technically, same things can be built by everyone, right? First, Kapil, I'm glad there's value in this, but this is not the entire leadership team. I know. Just a few folks. We still have other leaders We will bring them on board as well. We just ran out of space on the stage, we've kept it at this level so far. On AI, I'll just take a quick answer to that, and then we'll have some of our leaders come in. We are building many of these models as proprietary models. If you look at simulation for product development, and I'll ask Velu to talk about that is something that's built proprietary. Almost everything that I spoke about is something that our teams have built, and it's our process owners that are coming in and saying, this is how we should build these things. That to me is the biggest difference in AI. It is the process owners that have to be a part of it and have to build it in a way that makes sense for their process. Let me give one example around welding in Chakan, which we haven't put up there. There are 300 welding guns in Chakan. Welding quality is done from a destructive standpoint, so every month, typically, you take the car apart, you take each model and take it apart. Now, there are 20,000 welds done every hour in Chakan. Every single one can be validated with AI that this is a proper weld. That's a welding model that has been built by our team operating there. Our AI engineers are the ones working with each of the businesses to be able to deliver that. Let me have Velu come in for that. Let me have Raul talk about some of the minds of finance work that's being done. We can go to other leaders, we may go to other questions first and then come back to it. So, t he one key difference is that the AI model is an intelligence layer. You feed in 20 years of your simulation data into it, then it becomes a different AI. That AI is known only to you, and it is possessed by you. That's the differentiator. Raul? Yeah. I think what's contextual to us is because we're such a distributed business, right? 3.8 lakh villages, so many dialects. There was a lot of unstructured data sitting in our system which was never harnessed before. Today we are using the power of vernacular bots, et cetera, to even acquire customers at a much lower cost. Anish talked about our proprietary Samura.ai, which is the wordplay on Samura.ai, which is basically helping us to cut down TAT by almost 40%, the time it took to basically process a loan, because we're able to piece together a lot of these unstructured data and the time to yes and time to money is now significantly shrunk. We have many more examples, but I'm sure they will be. Anish, may I please give one? Yes, Velu. Go ahead. It's not a very hi-fi use case of AI, but I'm just stating this because you can find very simple use cases. We've recently started experimenting with this in the Farm business, and we call it Sentiment.ai. We've come up with a very simple tool where we can connect with our field force, and that's where the power of FD, SD, both divisions, a very large channel presence across the country and feet on the ground. Through AI, we are able to collect sentiment on the ground in that village, at that pocket, and we can use layers of AI and data to collate that to see where there are patterns, where there are discrepancies that are coming up, and that can feed into a lot of work that we do on the ground to proactively act. It's a very simple use case. Raul? Yeah. There are a couple of questions on the auto sector as well. Firstly, because you have been slightly capacity constrained, would like to know in terms of inquiry or booking growth, what kind of growth are you experiencing? If you were to cut the data by powertrains, diesel, petrol, and EVs, what is the kind of growth you are experiencing? Is there any significant difference that you're observing out there? Similarly, if you were to cut the data by GST, like 40% GST bracket and 18% GST bracket, is there a significant difference in the inquiry growth? You really want to know everything about our business. I think it's a very, let's call it information that we wouldn't want to share, because it kind of gives an indication of where demand momentum is. We'll try and give you an overall sense rather than the level of detail. I'll start and then hand over to Velu. We have seen very strong demand momentum, urban and rural, both. We are seeing some kind of a shift to diesel. Of course, there is a segmental shift to CNG in especially the lower GST product category, less than 4 m. That's happened very fast over the last few months. As one part of the segment has moved to EV, there's another part which is moving to CNG as the fuel prices and the fuel crisis has kicked in. Also there are people who have looked at diesel because fuel efficiency has become that much more salient in a way. You're kind of seeing some of this play out on the fuel mix. Right now, I think all our brands are on very strong momentum and growth. EVs in particular, and especially XEV 9S. Velu, you want to add? As you said, we said EV is 77% growth. If you see overall industry above 4 m and below 4 m, you can see wherever there is a new product, there is an equal growth that has come above 4 m and below 4 m. I'm not sure it is segmentized, rather than it is whether it is a refreshers and new launches and every segment is growing. That's what I assume. Okay, great. Lastly, just on the electric vehicle business. How should we think about the profitability path X of PLI? Is it going to be pricing led from here or most of it is going to be through cost efficiencies? What are you doing over there? Yeah, I think, Kapil, it'll be a combination of both. You'll remember that when we were launching EV, you all thought we'll never make money. We've come a long way since there in the last six quarters to now at least talk about what is the sustainability of the profit that we are making versus will you ever make money in this business. I think what is the value of reaching an inflection point on penetration is that a very strong word of mouth starts building, where customers who are EV users start talking about how much money they're saving. Once the proof of money being saved becomes real and not notional, the acquisition price becomes less relevant because you have a very tangible, yes, with this kind of a usage situation, I can save INR 5 lakhs in three years if this is my driving situation, or INR one and a half lakhs a year or whatever in a different driving situation or whatever. The ability of price to go up is something that customer is able to tangibly see the value that that's creating, right? When the category adoption is low, the customer is not able to anticipate what are the other barriers. Really what is happening as EV penetration is going up and better quality cars are coming in, is customer is confident on reliability, more confident on range. Charging infrastructure is building up, the barriers are disappearing and the real savings are tangible. At that point of time, we expect price sensitivity to be much lesser. That's why the inflection point probably will be after 20%-25% EV penetration. That's really the journey that the government also has in mind, as Anish said, that you get EV penetration to 20%-25%, there's enough word of mouth and enough customers who are talking positively. The price equation need not be parity or close to parity. Today our EVs are at close to parity, twice. There's very little on-road difference between a 9S and a 7XO. Once your savings are visible and tangible on all fronts, then a reasonable premium of 5%-7% is possible. Meanwhile, there's a lot of work going on to continue localizing and bringing costs down. As scale builds, it's even more remunerative for the supply ecosystem to pass on the benefits of scale. Today, most of them are operating at, well, quoted us on sub-scale. There was complete uncertainty on how EV will pick up in the country when this was done in 2022, 2023, 2024. More like the VOBs were done, or the orders were awarded in the year 2022, where there was really no EV penetration in the country. Today, it's a very different scenario of scale. We would expect the cost curve to kick in as well on multiple technologies that we have deployed, which are being optimized from an engineering point of view, but also from a scale point of view. I think both of these will kick in in the next 12-18 months. I want to add two more things, actually. One, I'll emphasize the scale part, because we're effectively doing 9x in ICE as compared to EV right now. Even for that small 1x, we've got a reasonable level of profitability today, without PLI. The minute you start scaling that up, that's going to start giving benefits. The second aspect is today the platform's also been developed for a very small number of vehicles. The beauty of the EV platform, the INGLO platform that we've developed, is that it can be used across multiple top hats, and therefore the CapEx that goes into developing it also is lower. That also enhances profitability. These are factors that come in. If I go back to the point that Rajesh also made on consumers willing to pay more, over the years, you've seen that for diesel, consumers have paid more. Yes. The cost of diesel is lower than the cost of petrol, and you've got higher fuel efficiency, so you're willing to pay that much more for diesel. EV, we didn't start with that. We didn't say that you will save petrol or diesel cost. There is a significant saving in that. There will be some ability to price as well from that standpoint. All of these factors give us the confidence that we will be at par. It's not going to really make as much of a difference on ICE versus EV. Right. Thank you so much. Yeah, if it wasn't, we wouldn't be pushing EV so hard. We'd be pushing ICE harder. Binay, thanks. Binay, Raghu, I'll come back to you. Akash, you had questions from Nomura. I'll just come back to you. Hi, Akash. I cover the real estate space at Nomura. Thank you, everyone, for taking my question. My question is with Amit, sir. I have two questions. One is bottom-up, one is top-down. From a bottom-up strategy, I want to understand the vision that Mahindra Lifespaces has over the next five years. Obviously, we are growing very fast, but how do we see Mahindra Lifespaces after five years? That's my first question. The second question is top-down. Where does the company fit in the group strategy? Where does Mahindra Lifespaces fit in the overall group strategy? These are my two questions. Thank you. How much time you have? I think I'll let Anish answer the second question. I knew that was coming. I think, let me just give you a short answer and then Raul can give you a longer answer. I think for Mahindra Lifespaces, the first step is to be relevant. I think we have a 32-year legacy. We started in 1994, our scale does not reflect that. I think for us, the first goal is to be relevant in the market. To be relevant, we just don't want to chase growth. Right? We want to chase profitable, good growth, right? That's why when we codified our strategy three years ago, it was to say what is relevance mean in the market, and how should we actually achieve that. We codified that we want to be a INR 10,000 crore company, pre-sales by FY 2030. In simple terms, that will be 14x what we were in FY 2020. It's a FY 2030 to FY 2020 is a large amplifier in terms of the growth. Where we want to get the growth from is mostly from residential sector, which has been something we have played for a long time, but we also started to play in industrial side. We wanted to codify where we want to play. Within that, we said we'll go for depth over breadth. We'll go deeper in a few markets. Each market that we play, we want to be top five, top three. Mumbai, Pune, Bangalore are the three key cities we are consolidating our presence. That's very counterintuitive, because when you're trying to grow, you'll say that let's play in as many frontiers as we can. We have defined our frontiers to be just three cities. These three cities make 55% of the overall national volume in terms of the unit sales. Value-wise, it's slightly more. Our goal is to be as deeper as possible. We look at our presence in terms of relative market share, RMS, so it doesn't matter for us, market share. What matters is how big you are compared to the biggest player. If I have 0.5 market share in Mumbai, Lodha has 5%, so I'm 1/10. I want to reduce the gap to as little as possible. That's why we will go for deepening our strategy. The second part, I think I've covered that, is premiumization, not playing in the affordable segment. I think Mahindra brand strengths, we are inspired by what our Auto team has done. We want to reflect same kind of customer trust and delivery in our apartments and our products. Then execution, choice of how we deliver those experience in terms of the purchase, in terms of waiting, in terms of possession. Everything needs to be in line with what a premium brand can deliver, just like what Mahindra brands stand for. I think to come back to your question, I think we want to be relevant. To be relevant, there are many things we have to get it right. Some of them we have gotten right so far. It's a business where one mistake can derail the profits of many other project that you're doing well. We want to make it very careful, deliberate in our ways of growing. Hopefully, you got some, and maybe we can talk more of- Yeah. To fit in the group, a business needs three things. High-quality products, where customers say, I want this product. We ideally want to reach a place where each of you would ask, when is a Mahindra Lifespaces property coming to the area I like? Because I'm going to wait for that to come, and that's where I'm going to buy. Today, we can say with confidence we're starting to build products of that level of quality. The second is scale. The business has to have meaningful scale. The third is profitability. There are profit standards we have. We need to be able to maintain ROE. We will give leeway to the businesses to grow. We have a long-term view as well. Given the portfolio we have, we will take a long-term view for some businesses, and we'll say, It's fine. You can build profitability over five years or 10 years. In Vinod's case, you might build it over 10 or 15 years as well. In aerospace, it will require that time period, but it's a very profitable and solid business at that point, with a very strong moat around it that no one can really come into. These are the kinds of businesses we like. With that, Lifespaces fits very well because of the products they have right now, because of the scale that has been achieved so far, the path that's going for scale. 50,000 GDV, if you compare it with the large players as well, they're in a very good position right now, and we will continue to grow at a much faster rate than most others. It's a very profitable business. We're monitoring it very closely, as you've seen from some of the things that Amit has shared in the past. Understood. Thank you so much. Thank you. Raghu? Thank you, sir, for the opportunity. Thank you so much for sharing the breakdown of Auto and the Farm profits. My first question, Amar, sir. Basically, a temporary transient problem is the commodity part. On the commodity in Q2, how do you see the impact coming through in Auto and Farm? The price hikes which has been taken in Auto, which is around 2% in July, and in Farm, which is maybe INR 15,000 in August. Would that be able to cover the commodity impact? How do you see the impact, in terms of protecting the margins? Also because of the price hikes, is there any thought process how customers will accept it? The customer question, I'll really leave it to Rajesh and Velu to answer. We tried to give a framework in the media conversations. I'll just lay that out for you all as well. We did see around 450 basis points of pressure on auto margins because of the commodity inflation. The team has taken, like you rightly pointed out, around one and a half earlier and 2.7 on average towards the mid of July. That will help offset some of it. Then, there are other operating actions that I have taken. The commodity prices since those decisions have again started going up. We'll have to keep managing through that. The pricing decision is going to be the team's, because they do a very good job of managing the right balance between demand and pricing, and you can't have too high prices either. That the team will manage. As a framework, right now, we are expecting that Q1 in auto was a low point and it should improve from here. That's how we are thinking about this. Farm is a little different because Farm does have a completely unhedgable steel and rubber inflation. While there has been price increase, it is not going to be sufficient given the prices have escalated even further since those increases. Some temporary blip is likely in Farm. How long that extends will depend a lot on how long this rally in prices continues in these two items in particular. Rajesh? Raghu will just build on what Amar said. Take auto first. Sequentially, if there's no further dramatic change in commodities from where we are, we think we should be able to maintain/slightly improve the operating profit margin between Q1 and Q2. We have consciously taken what we may call a slightly aggressive price increase. We normally are more conservative. Really the thinking was, it's very disruptive to customers if you're taking price increases too often. That completely unsettles the whole prospecting process. Kapil was talking about inquiries and bookings, and prospecting does, from first inquiry to conversion, does take a few weeks. Then, you've given a quotation to a customer, by the time they're ready to buy, you have a different price. It is very unsettling. We took a conscious call that let's not keep doing this incrementally with all the uncertainty. We took a conscious call to do a 2.7% average increase. At the back of our mind, we also had that, and we have mentioned this last quarter, that we had a headroom coming out of GST coming down. The prices still continue to be below what they were in September, October last year. That is what has given headroom, which gives us confidence that we can navigate this. It's something we watch closely and, of course, the new prices are just getting in. So far, we're not seeing any significant impact that it is having on demand. Hopefully we should be able to see this through. We thought that is probably better than taking some price increase now and then having to take one more just before the season, which would have probably caused more disruption. I think the tractor side, as Amar said, is a little more complicated, for two, three reasons. We also have a season shift. This year, as you all know, festival has moved to 11th October, whereas last year, quarter two, you had a peak volume in Q2, given that Navratri had already started in Q2. We have to factor in that there is a season shift, and that makes a big difference in tractors, because of operating leverage. Over and above the issue of commodity, there is an operating leverage issue in the quarter as well. Overall, I think as we get into Q3, we are hoping that there will be some softening on commodities. Plus, we also get into season up cycle, which will help tractors, certainly. Tractor situation is different than the auto situation. Velu, you want to add anything on auto? Overall, I would say that we are on balance, cautiously optimistic as well. If you look at all the challenges we've seen over the last three months, and if you'd asked me three or four months ago saying, with all these challenges, would you declare these kinds of results? I'd probably look at the person asking and saying, really? That's super optimistic. The team's delivered that. Given the price increase that have been taken, it's not a small price increase, 1.5 plus 2.7. With Farm, we are better off today than we had even thought of where we would be. All of those things, I think, put us in a much better position and, therefore, I'd say cautiously optimistic. I think we should be able to ideally maintain margins, potentially improve them. That's something that we'll see how that goes in the next quarter. At this point in time, we feel pretty good. Thank you, sir. The results show that. If I can take quickly on the group side. Raul, sir, if you can speak about moving towards the non-wheels business and diversifying over the medium term and also how you see that ROA of 2.5% or possibly higher. How do you go towards that? If I can add my last question. Vinod, sir, you have the exciting businesses. On the aerospace side, obviously you have a strong order book of $1.2 billion. How do you see the ramp-up of the orders into revenues, and how do you see the pipeline ahead? Thank you. Yeah. See, the lending book is now touching about INR 150,000 crore. We mentioned that in the lending business, always good to be diversified. For us today, of that close to INR 150,000, 83% is wheels and the remaining 17% is non-wheels, right? In that 17%, it's largely mortgages, SME, and some PL. Just to mention quickly, we benefit also now with, if you're buying a property somewhere around, please think of us. We give home loans too. In the diversified business, we wanted to first clean up some of those businesses. If you see the housing finance company, the NPAs now are, the GS3 is below 2.5. We have set that business in order before growing. It's grown now by 130% in the last quarter. The lending business, non-wheels, is starting to grow well after we've cleaned up some of the past baggage. The MSME business, the way we think about the franchise is we are still a very heavy Bharat player. The adjacencies for the Bharat customer, besides mobility, included livelihood assets, housing made sense. Even for the entrepreneurs in Bharat, micro, small enterprise loans made sense. We are choosing diversification within our adjacency, and in our mind, we will very well trend towards that 70/30 we've set by 2031. 70% of the book will still be mobility, 30 will be non-wheels, and we're targeting a INR 3 lakh crore book by 2031. On ROE, our first goal is to be between 2.2-2.5. We're at a higher range now at 2.4, that's the range, 2.2-2.5. If we are at that range, we'll be able to keep up to the group aspirations of ROE. The group is much higher at now 20% ROE. Our first state of ROE was 15%. If you looked at last quarter's performance with the 2.4 ROE, we're very close to the 15% ROE. Okay. Very quickly, just to give you the perspective, our order book has grown quite healthy, as Anish said, in last two years, especially last year. If you compare the aerostructure industry globally, from order book standpoint, we are actually a much bigger player than our revenue right now, because in this industry, it takes a couple of years to industrialize. In fact, the largest player in aerostructure business right now would be sitting at order book of 4-4.5. From order book perspective, we are getting there pretty fast. What happens in this industry is that because of the reliability criteria is very high, and a part which we make, the aircrafts fly for almost 40 years. Even once in service, a successful aircraft, 747s are still flying, some of them. The aerostructure part, which we build, has to last for that period. No one changes aerostructure part unless there is a slight accident on the ground, because if it happens in the air, then nothing is left to repair. There is a quality standard, is very high. It normally takes us two to three years to industrialize. During the Global Investor Day, we had given an aspiration target that organic and inorganic put together, we want to grow the business by almost 30x within a decade. Out of which, organic was 10x. I can assure you we'll grow faster than that, and we'll share more numbers as we come closer to that. Yes, go ahead. Sir. Yeah, Vinay, please go ahead. Hi, [Inaudible]. My first question is when. His mic's not working. I think just hold it closer. Yeah. Just going back to the auto margins. In the past, we've talked about hedging aluminum, precious metals, and they've been quite volatile. When you look at Q1, was it a hedging gain or a hedging loss? It was a loss. How sizable was that? It was around a 85 basis points impact on auto margins. On a quarter-over-quarter basis. Yeah. Secondly, when I add up the comments, we are talking about 450 basis points of commodity headwind in Q1. We are saying that we've taken 2.7% price hike, yet margins will be neutral-ish, which means almost a 650 to 700 basis points of commodity headwind. Is that understanding correct? That's the level of headwind we are facing on the auto side? As of today. If you look at the June trend, there was a significant uptick after June. There is a pressure from there, but there is also operating leverage that the team will get. That's why we feel like it's the low point, and from here, we should be able to go up, unless there's a significant increase in commodity prices. Okay. In a way, sequentially then- I wouldn't get to INR 600, INR 700. I think the INR 400 to INR 500 is what we saw in Q1 for most of Q1. June, some start coming down, but a number of things did not come down in Q1 as well. I'd sort of expect that part to continue. The price hike will help, but we don't know what other things might come in, which is where we are right now. As I said, we are cautiously optimistic at this point in time, but I wouldn't say at this point that we'd get to INR 600, INR 700 overall impact offset by prices. Secondly, just on tractors, could you help us give some framework that we had a hit in Q1. What was the commodity hit? The incremental headwind, is it similar to Q1? Is it lesser than Q1? I think Rajesh has explained that one of the challenges we will have in 2Q is the volume mix shifting from second to third quarter, just when you look at year-over-year. That puts some incremental pressure. As I mentioned, as of today, steel is up almost 24%, rubber is up 30%. This is just for the year, 53% since the beginning of the year. Those are the impacts that we have to be able to absorb. Some price actions, like Raghu mentioned, have been taken. Let's see. Let's see through the quarter how it evolves. It's a little bit difficult in this kind of a dynamic environment to predict exactly where things are going to land, right. Lastly, just on electric vehicles. When we started on this journey, our ambition was, I remember, 12%-15% sales to meet CAFE III norms, and we are pretty much there now already. When you look at FY 2028, FY 2029, will you then focus more on market share, trying to maintain that EV market share or rethink that maybe focus on profitability because you're already hitting your targets on EVs. Right? What we'd set out to do and what you need to do as per CAFE. Let me take one part of that, because the transition to EV is not just for CAFE norms. That is the right place to be, and that's a better product overall for the customer, and as per the earlier discussion, we can do that profitably as well. To your question on market share or profitability, my answer is both. We want a higher market share in EVs, we want a higher market share in ICE, and we want more profitability as well. Given the track record of this team, this is one thing that they've been able to deliver over time as well. We're going to go all out to transition to EV as quickly as possible, continue. As we build scale, we will build greater profitability with it as well. We will ensure that profitability matches longer term for ICE and EV also. Shorter term, hopefully the subsidy helps us transition or bridge that. As we deliver high-quality vehicles, we want to take a higher share of the overall market as well in both. That's the approach that we're taking right now. Back to commodity at this point in time. Yes, there is volatility right now. Prices come down very quickly as well, and we saw aluminum literally in a space of 8- 10 days come down 20% as well. If you believe the war is going to continue for the next six months, then we may have bigger problems. The whole economy, the world economy will have bigger problems at that point in time. Indications are not that that will happen. Given that, yes, we will have some volatility for some time, but we feel pretty reasonable that things will settle down. Thanks, teamwork. Thanks, Vinay. Nishit, I'll just come to you. One online question I'll take. This is for Mahindra Logistics. You have highlighted LogiOne as a key differentiator. Can you elaborate how technology has improved productivity, pricing power, and customer retention? The whole logistics space actually operates on the structure of tech. This is not an industry where you can throw people to solve a problem. It has to be done through tech. LogiOne is a new platform that we have recently launched. We are right now showcasing it to our customers. We already have almost five customers who have raised their hands that we want to implement there. As we implement and go through the journey with our customer, we will be able to quantify the benefits for our customer in terms of productivity and lowering their cost, and that gives us advantage with those customers. I would say that it is a key backbone of our working, but we will have to work with our customers to see what kind of benefits that finally accrue on this. Nishit, please go on. Hi. Two questions. One on the autos. On production side, where are we? Are the concerns behind? If yes, then should we be operating at close to capacity that we have, given that demand is strong and I'm assuming dealer inventory levels will be lower than normal? Secondly, just on the hedging side, Amar, there was a 85 basis points loss. Is it fair to understand that 7.1% reported margin, so the underlying margin was around 8%, if we add back the hedging loss, and if the hedging MTM doesn't come in the next quarter, so basically that is the underlying margin we should look at, and then plus minus the commodity and price increases? Let's start with the first question. I was hoping you were to take this. The second one, that's a fair point. That is a fair point. The MTM this time was unfavorable, and that did put pressure on the margins. Yeah, that gives us some buffer as well for the next quarter. Yeah. Which is back to my earlier point then. Yeah. Which is why we worry a little less about this. Yeah, it depends on which way the commodities move, right? Right. Nishit, what happened in last quarter was really the effect of the last 10 days, when post announcement of war stopping and some of the commodities crashed. You had a disproportionate loss in 10 days. This is really very hard to predict and bake into anything. I would suggest right now, don't bake anything in because there's so much volatility, as we saw in the last quarter. We didn't see this coming. This happened in the last 10 days. Very sharp drop in commodities which were hedged. There was a gain till then. It's just very hard to predict. We are hoping there will be an upside, but it's hard to bake in. As we were joking, we like the loss in this case because it meant the commodity prices came down sharply. That's also the counterpoint here. On the production question, Nishit, it is a volatile work environment right now, and it's very hard to say which supplier is getting disrupted when. While these capacities include our own capacity plus supplier capacities, but we are dependent on multiple suppliers to meet their commitments. That's not always happening. While there's a stated capacity, there is a new black swan literally every other day. The one of the past is not the same one every other day. That's why it is a challenging environment to navigate. I was avoiding wanting to say this, but we lost three days in July because of the rains. We had very strong rains, as all of you know, in all over Maharashtra. We lost at least two days of production because of flooding in all the plants. Right now, you don't see that. You can't predict that. Over and above plant shutdown that we already had in July. These are all things which are nature of the environment. Supplies got impacted by that, too. It didn't allow us to build inventory as well. You are right from, here's a number and this is the capacity that should come, but there are many things that are coming in between. All of you know that one of very large supplier in south had a fire, which caused a disruption to us as well. We had a very critical part coming out of that supplier. Sorry, one thing. Where would we be in the dealer inventory level on the auto side? Physical inventory is maybe 15 days or something. Okay. Thank you. We are above time. One last question from your side. Hi, this is Biplab. Good evening to everyone. My question is on the slum rehab that we are seeing in Mumbai. Lot of slum redevelopment, lots of big names are entering into the slum redevelopment, real estate players, non-real estate players. You are also one of the big names. What's your view on this? Will you see Mahindra, maybe not today, tomorrow, entering to the fray? That is one question. Related to that, I was just seeing the numbers. If they are successful in doing the slum redevelopment and a huge supply of real estate would be hitting the Mumbai market, then what would be the competitive positioning of the incumbent real estate players? Let me take that. That's a real estate question. The initial part was not clear. I think in our strategy, I think slum redevelopment is something we have not prioritized as of now. Given the way the market is shaping, we'll start looking at some of those deals. Those are huge deals, right? Some of them been awarded to some of the other larger peers. I think the risk and rewards, financially as well as brand, are very different from what we have done in the past. I think we are right now not looking at any of those deals. In future, as the whole policy gets stabilized and there are already, actually, we met some of the decision makers, policy decision-maker, they are very keen for Mahindra to participate. I think we'll evaluate them at the right point of time, and we'll see how it affects financially. Also from a brand perspective, we want to be very careful about that. Second part of your question, I think about supply, demand. I think we'll look at that carefully. I think I'll just give you one stat. In Mumbai, 60% of the apartments are either owned or people living with their families. 40% are rented. 40 plus 30, if you're living with your family, 70% of the apartments are potential target customers for us. There is a huge demand just in Mumbai, and similar stat applies to many other cities. Given the kind of infrastructure coming in, given the kind of job creation likely to happen, I think the demand for homes will continue to be healthy in Mumbai alone, and we can talk each city separately. I think this supply coming in will only solve some of the problem that we see. Let's see how Dharavi develops. I think it's been three years since it was announced. The development of such project takes a long, long time, the supply doesn't come in one big jump. It takes a while, and it gets easily absorbed by the sustained organic demand that exists in the market. The competition is good. We'll find our own differentiations. We'll participate meaningfully. Perfect. With that, I just want to leave everyone with the thoughts that despite all the challenges and everything the teams outlined, from commodity cost to supplier issues, to plant issues, everything else, the teams delivered some very, very strong results. That gives us confidence going forward. That's the reason why they say we feel good about the future in that sense. Yes, challenges will come, and that's part of life at this point in time. The resilience that's been built in is something that's very strong. We're sitting in a good place right now in terms of where we are. We look forward to the future. Cautiously optimistic is where I would leave it at. Would want to thank each of you for spending the time today with us with the results. Thank you. Thank you. Please join us for snacks in the adjoining room. Thanks.