Ladies and gentlemen, good day and welcome to the Q2 FY 2026 results conference call hosted by Samvardhana Motherson International Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vivek Chaand Sehgal from Motherson. Thank you, and over to you, Mr. Sehgal. Thank you. Good evening, ladies and gentlemen. Thank you for joining the Motherson Results Conference Call, and please note that the Board has approved the results for the second quarter of financial year 2026. The company has delivered a strong operating performance across all business divisions. The teams have worked very hard to ensure bottom-line growth and realize the benefits of some of the transformative measures undertaken. Vaaman will talk more about this. I'm very happy to see that the early milestone we have achieved our industry-agnostic capabilities built on a strong platform as we start the journey of the seventh five-year plan. We are seeing strong momentum in our aerospace and consumer electronic businesses. Our three-tier strategy continues to augur well for us. Further, our book business stands at INR 87.2 billion as of September 2025. We are thankful to our customers for their continued trust in us. We also appreciate your continued support and confidence in Motherson. I would like to hand over to Vaaman and the team to provide a walkthrough and business insights. Over to you, Vaaman. Thank you, Papa. Good evening, ladies and gentlemen, and thank you for joining the Q2 earnings call for FY 2026. As Papa was saying, Samvardhana Motherson International Limited has delivered a very strong performance reflecting solid operational momentum and financial discipline. The company reported revenues of INR 30,173 crore, EBITDA of INR 2,719 crore, and a normalized PAT of INR 856 crore. Samvardhana Motherson International Limited outperformed the industry during the quarter with an 8.5% growth on revenue on a year-on-year basis. The growth was contributed by volume and content, and as well, addition of an acquired asset, Aksumitech, which we informed you all earlier. I am pleased to share that we have delivered double-digit growth across normalized EBITDA and PAT over the same period last year. Our performance is particularly noteworthy when viewed against the backdrop of an evolving production landscape and bouts of volatility in the broader external environment. I would like to now provide a brief walkthrough on the profitability side. As trade dynamics continue to evolve, a greater degree of clarity and stability is now emerging within the manufacturing ecosystem. We continue to engage in constructive discussions with our OEMs, and as of this quarter, there is about $10 million of tariff-related costs on our P&L, which will flow albeit with a lead lag effect. The transformative measures for Western and Central Europe announced earlier this year are beginning to bear fruit, especially in the polymer business. The profitability of the polymer business moved from 6.4% to 7.4% on a sequential basis, demonstrating these improvements despite the quarter being a seasonally weak quarter for Europe with the holidays. During the quarter, we have booked provisions of approximately INR 36 crore as an exceptional item, in addition to approximately INR 136 crore that we booked in the first quarter. The majority of the transformative actions are in place, with some bits to follow in the second half of the year. We do anticipate further acceleration of improvements in performance during the second half of this year, especially in the modules and polymer business division. If you look at the production scenario, the global light vehicles industry grew by approximately 3% year-on-year, reaching a production volume of 22.2 million vehicles. This growth was largely driven by emerging markets, particularly India and China, while Europe remained broadly stable and North America witnessed modest incremental gains. You can look at this on slide seven in our presentation. Looking ahead, we expect production momentum to strengthen as most premium automakers are nearing completion of their platform transitions and are all set to roll out a series of new models. This optimism is also reflected in the upwardly revision global production forecast for the full year, now converging around the 90 million-plus mark. We continue to invest to support our growth ambitions, with a large part of our CapEx going towards setting up avenues for growth. Two new greenfields have been operationalized during the quarter, and 10 more are at various stages of completion, with the majority expected to come on stream in FY 2027. You can see this on slide 11. We have also spent approximately INR 2,600 crore of total CapEx in the first half, and for the full year, we'll still be within our annual guidance that we have provided earlier, although we would be on the upper end of the scale, INR 6,000 crore plus 10%. More details on this are on slide 10. Despite the large growth capital, inflated working capital, and transitory impacts on profitability in the first quarter of the fiscal year, our leverage at the end of the second quarter remains stable at 1.1x net effective debt to EBITDA. We expect the leverage ratio to be around 0.9 by the end of the year, contributed by improvement in the business profile, better free cash flows, and reduction on the working capital front. You can look at this on slide 12. On ROCE, we are at 14.2% as at the end of September 2025, impacted by the transitionary impact on profitability in the first quarter, early-stage ramp-ups of all the new greenfields, as well as the inflated working capital. This should creep up again as performance normalizes in the second half of the year. In our investor day on the 5th of September, we spoke about our ambitions for the future and evolution as a design, engineering, manufacturing, and assembly powerhouse. I am pleased to report significant strides we are making on this demo journey. Consumer electronics business continues its sharp growth trajectory, having operationalized one of the facilities in this quarter. Total two plants are operational now. The largest one is left to come on stream in the later half of FY 2027. Based on the September run rate, revenue Q2 demonstrated a 36% growth over the first quarter. This will further pick up pace in the second half of the year. We also expect this business to be positive in profit in the first full year of operations. That itself speaks a lot about the operational excellence that the teams have been able to deliver on this very significant project for us. Aerospace business delivered a 37% revenue growth in the first half of FY 2026 on a year-on-year basis. We became tier one to Airbus earlier this year, and that is already giving us desired results. We are in advanced discussions for complex and high-value large packages. Book business between consumer electronics and aerospace is already now at a whopping $3 billion, up from $2.7 billion in March 2025, and is further expected to see a sharp ramp-up by the time we next report this figure to you. We are also further enhancing our capabilities on the technology front. We are wanting to add more than 5,000 engineers in the next five years, building and bolstering our competency with global business services that we have built in-house and our AI platform. A new building will be coming up in the latter half of the year to support this growth. You can look at more information on this on slide 15 and 16 in our presentation. I'm extremely excited about the journey ahead of us, and we have entered into our next five-year plan, a next five-year chapter with momentum, opportunity, and strength of our demo capabilities that we have built as a platform. We are really geared up now to seize these opportunities and push the boundaries as we move forward. With this, I would like to conclude my remarks and open the floor for questions. Moderator. Thank you very much. We will now begin with the question-and-answer session. Anyone who wishes to ask a question may press star and then one on the touchstone phone. If you wish to remove yourself from the question queue, you may press star and then two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Again, to register for a question, please press star and then one. Our first question comes from the line of Kapil Singh from Nomura. Please go ahead. Yeah, good evening to you. A pretty solid quarter. I wanted to understand on the modules and polymer division, we have seen a pretty good step-up during this quarter. Probably a little ahead of expectations. If you could articulate what are the—just this journey, what exactly are you doing? What are the steps? Where are we in this journey? How much has happened and how much more is left? Just some color there would be helpful. Can I get a thing on Vaaman? Yeah, go ahead. Look, in the last couple of years, we've been on a transformative journey. Apart from the large number of acquisitions, we've seen that the European zone has been leading from the EV not being as successful as anticipated. A lot of extra capacity, a lot of things were built up for that reason. While Motherson had a balanced approach, we were asked by the customers to take over a lot of these troubled suppliers. We have done so, and we've had a plan of reorganizing ourselves so that, of course, even our capacities can be further orchestrated by this addition that we have for, for example, companies like Dr. Schneider, etc. I really look to combine forces to see where we can be operationally more efficient and drive some of the changes. We also had a complete management team change over there, and that management team is now fully in grip of the complete operation. We will have Christoph in the subsequent calls coming up because now he has completely taken control of the modules and polymer division as the new head over there. Together with him and the new people that we brought on board, including engineering, HR, etc., we really built a very strong team over there that are looking at all the plants and making sure that, again, we convert all those red units that we had and those under-utilized units to combine with all the acquisitions and have a very, very efficient operation going forward. We also restructured some of the operation. We have moved, relocated business from different plants to, again, drive more synergies and just overall bring a lot more focus on the shop floor delivering these programs with low levels of scrap and high level of quality. We also invested in our plants by redoing paint shops, etc., to make sure that we are again relevant and some of these assets that had not been invested in in the past from the prior ownerships. We have done all of that. That is what you have seen is taking fruit. Of course, some of the older programs are still in the system as they wean off, and the new programs which have been won at better margins and better grip over the launching of the program, this should continue. We believe that a large part of the restructuring is behind us, and the performance should only improve from here as long as the numbers, of course, hold up. We are very excited about the new programs that are going to be launched from these facilities. If we do a good job there, we definitely will see much better performance coming up. The transitory work is done, and I think now from quarters on from here, you should see improvement. Okay, that is great to hear. A large part of the transformative work is done. Can we say about maybe what, 75-80% of that is done? Yeah, look, it's a continuous process. It's not that we will do it and stop. We will continue to look at ways that we can still be more and more efficient in those countries. There's a lot of pressure from the customers who are looking at sourcing from East Europe, North Africa. I'm just talking about the Europe zone in general. We have to be really on top of things and continue to focus on the AI automation, GVS, which we spoke about. That should deliver, again, more efficient operations for us. It's not something that we will stop. I think the first plan that we had, yes, is 75%-80% done, but next year we're going to think of how we can continue to push even more and build a completely new plan and continue to drive efficiencies in the operation. Okay. Great. The second question I had, you talked about hiring 5,000 engineers and also expanding capabilities in GenAI. Can you articulate a bit more what exactly is the vision here or what is your thought? What are the opportunities here from your perspective that you are trying to tap? If I can take this? Yeah. I'm going to go to you. I think you said it. Ask me. Yeah. Of course, we have seen a lot of progress that has happened in the last few years in terms of automation, in terms of software having intelligent capability. We are ourselves having a lot of strength. We already have about 5,000 design and software engineers in the group that are able to, again, give us our information systems. That is one of our key strengths for when we do acquisitions that we can get access to relevant data and create strategies of how we can improve the operations of the plants that we acquired, etc. We think that is a huge strength, and now we are wanting to double down on that. With partnerships as well, external partnerships, build out ourselves and our own capability and a strong foothold from the India side where we have strength, that's something that we are really wanting to, let's say, double down on. We will give you more and more information as we develop on this journey. First, the results are very promising. We're looking at very, very interesting software that can make the workloads that much more efficient, faster to respond. It's also about communication and how quickly we can get some of these things on our response time to our customers, engineering lead time. There's a whole bunch of things that are to happen. Each of the different verticals and the plants are focusing on that. Please do give us some time. This was announced at this part of this five-year journey, so we do have five years to get there. We will be giving you regular updates, but it is extremely exciting. Our vision is to eventually be able to really do a lot of the production in a very good automated way and use our people to value and skill them up into doing even more things for the group. Going from 27 to 108, that is a lot of growth. There will be a lot of things for people to do, and we want to be efficient while we grow and use our existing people for the growth. Thank you, sir. Just one last one. You mentioned that premium car makers, they are going to come up with a significant launch plan. By when can we expect a ramp-up of this plan? I think you have to see the car makers' results for that and their commentary on that. I think the second range of EVs, I think the first range of EVs, of course, really came up in a very fast way because of the entire environment pushing EVs to come. The next rung of EVs which are coming now have had a lot of time for development, and they really stand apart from the first time that they tried their hand at EVs. I think that the new range that's coming up will be significantly better. Of course, we've always said that, look, EV will take its time, and we will have a balanced approach, and our exposure to the engine or the EV is still in a very, very balanced way. We are not taking large bets on EV or something like that. What we are seeing is that the capability of the car makers, as they're getting more experienced with the EVs, are coming out with products that are more relevant and cost-effective and attractive to the customers. While we still believe there will be a healthy mix, there will always be ICE, there will be hybrids, there will be EVs, there will be a mix of all of this. I think our portfolio is totally geared to take advantage of all the different types of vehicles that will be over there, and we won't be hurt by one or the other being more. What I was trying to say is that there's a lot of exciting new models that are coming up, and you can look at any of the car makers' commentaries, whether it's the German ones or the Japanese ones and even the American ones, everyone, including the new age ones which are anyway launching a lot of platforms. We are pretty much partnering with all of them. It is a very exciting time for us, and you can see a lot of their products in the auto shows. Sure. So look forward to that and best wishes. Thank you. Our next question comes from the line of Raghunandhan NL from Nomura Research. Please go ahead. Good evening, sir. Congratulations on extremely strong numbers. First question is on the order book. Order book is large at INR 87 billion for the next five, six years. Within this order book, would it be possible to indicate how would be the breakup between all new orders and replacement orders? And how much is the current EV share in your revenue? Would you see EV share also reach over 20% of revenue in five, six years, similar to the order book share of 22%? Thanks, Raghunandan. Vaaman, who would give this particular question, please? Kunal could support me on that, but definitely, look, we are wanting to keep a balanced approach. Definitely, whatever is there in the market, I think that will reflect in some of our businesses compared to the others. We do see that EV in the middle had tapered off, but we have significant wins in the new platform. I do see that growing as the market grows. What's interesting for you to see is that a lot of the new platforms, they are being offered by the car maker in EV and non-EV as ICE variants as well. Regardless of which one really takes off, they're kind of also hedging their bets by offering it and seeing what the consumers want. Of course, there are some EVs that are being launched as well, but a lot of the platforms are also coming in both variants. I think we will really win from that because our content will go on both the platform. Kunal, maybe you can add on. Yeah. Just to give you a context from a number perspective, the 87.2, we do not have the breakdown right now between new and this, but needless to say, you could take the five-six year to get a good sense of what the trajectory is going to look like. Our EV revenues right now is 11%. In the order book, you see a dip from 24%- 22%, which is largely reflective of what Vaaman was saying in terms of new launches that are happening along with non-EV powertrains as well. Hence, the share has shifted. Plus, the pace of growth anticipated in EVs has ebbed and accordingly recalibrated the volume trajectory associated with it. They are bringing the 24% down to 22%. Directionally, is this reflective of the industry somewhat? Though obviously, we are one among the industry participants, so I don't know how others are shaping up on this account, but at least the movement from 24 to 22 is largely the nature of the industry that is shaped up now. Very interesting, sir. Secondly, on the energy business, profitability has improved to 9.5%, 110 basis points improvement QOQ. Can you indicate what led to this improvement? Was there one-off cost in Q1? Also, please talk about efforts to further expansion of profitability. Kunal? Yeah, sure, sir. In quarter one, we had highlighted the fact that we assimilated Aksumitech for the first time in that quarter, which on a relative basis was a lower margin business as one end. Two, we had started ramping up our consumer electronics business, which, as you can imagine, in the initial space is obviously not profitable. As the ramp-up of the consumer electronics business has happened together with some improvements in the Aksumitech business, you are seeing the trajectory move up. You would see more of this as aerospace is also ramping up, as some of the other Indian businesses that are there with the tailwind now on Indian growth as well. You should see overall this number move up as we move to H2 as well. Thank you, Kunal. On the aerospace side, 37% growth in H1 is a very strong number. Has there been improvement on the profitability side? There was some pressure on AD profitability. If you can indicate directionally how is the improvement even on the EBITDA, and if you can share revenue on EBITDA, that would be great. Thank you. I can take this, and Kunal, you can support me here as well. Look, I can tell you from the directional side, we are definitely making huge amounts of progress, which the customer is also recognizing. I think, again, we have taken a bold step by increasing the CapEx in that facility because in the past, it really was not invested on something that I was telling you for our CapEx numbers in my opening notes, that we have to make some of these CapExes that will upgrade the facility and make us future-ready for the next 20 years of orders that we can get from these facilities. These are extremely critical parts. These are propulsion parts, engine parts, and the customer only trusts very few suppliers with things like this. I think the transition journey is on. We are obviously pushing the teams to do more and more. I'm never satisfied in a normal way, but the teams are working extremely hard, and the direction is of constant improvement. The last couple of months, we have been seeing that. Of course, in the next quarter, I hope that that will come up even stronger. Most importantly, like I said, is we have the customer's trust. We are winning orders, as you saw, and the customer really does have confidence in our capability. We have to continue this momentum. Overall, it's a very, very good picture, and we believe we are going to grow even further with this and have even more opportunities. Overall, very pleased with the performance, but we need to keep pushing from here. Thank you very much for wishing all the best. Thank you. Our next question comes from the line of Gunjan Prithyani from Bank of America. Please go ahead. Yeah, thanks for taking my question. The first question is on the order book that you mentioned of $3 billion for consumer electronics and aerospace. Can you share a little bit more on how is the split between the two businesses and what sort of conversion timelines should we be looking at for this order book? Thank you. Vaaman? Yeah. Look, we can't give you specific breakups. We are tied by confidentiality norms. What I can tell you is that, of course, on the consumer electronics side, a lot of that is ramping up already in the next year for that order since their order books are much shorter. The aerospace business is obviously more long-term. I think we take your direction, and we will see if we can come back next quarter and try to come up with some more details around it. At the moment, we are not able to disclose more details. Like I said, it will ramp up quite fast next year for the consumer electronics side, and the aerospace is a more consistent order build-out for the next decade. Sure. No, I appreciate that. I mean, the reason I asked that is, as an analyst, I'm honestly grappling with how do I think of the revenue ramp-up in this business in the consumer electronics specifically. I mean, of course, profitability and all is something which will follow through. I am just looking for a little bit of direction from you, but how do we think about the revenue line of this segment? Sure. I appreciate what you're saying. Please allow us some time, and we will come back to you and see how we could show you more color on that in the next quarter. Like I said, the ramp-up is still coming next year, so we have some time, but we will see how we can give you some more information. Right now, we'll have to make sure again that from all our contracts and everything that we are what we are allowed to say and what we are not, we have to make sure that we are in line with what we have contractually signed. Please bear with us. Thank you, Shravandan. No problem. My second question is on the commentary that you sort of called out, second half will be better. I'm just trying to understand when you think about second half, is it acceleration both in terms of revenues as well as margin improvements from the transformation program? The reason I ask that is there's a little bit of uncertainty around this whole Nexteria impact on the production of the European oil and joint. In that context, how do we think about the revenues in second half and the profitability, of course, you've covered from the transformation program? Yes, I think. Go ahead, Kunal. Go ahead, Vaaman. I would like to say that. Yeah, please go. This is up to September. The real change has happened in the festive season. Even that itself is a big push. Vaaman, go ahead. Go ahead. Yeah, you're absolutely right. I think, look, we are very hard to have a fortune ball, crystal ball, to tell us what's going to happen. The commentary that's coming from, again, the chip shortage is kind of mixed. Some places we are hearing that it's getting better. Some places we're hearing it's not. All of our talk that we're seeing is with the view that this issue is not something that's going to linger for a long period of time and should be solved. Already, we do see that some of the commentary that's floating that you're also reading is saying that it's not going to be such a big issue. We hope it stays that way. Of course, if there is something like that, then we will come back next quarter and tell you about it. I can tell you that the customers are very proactively working, and everybody is really on top of the situation right now. We are hopeful that a solution should come out of that. That is one side of it. I think on the other side, and you rightfully picked up from my speech, that look, the operational improvement targets have been given, and the restructuring, a lot has been done. We see a lot more efficient operations coming in in the second half of the year. Of course, post the second quarter, which is weak, the third and fourth quarter sequentially are some of the strongest quarters. The sales growth momentum, the launch of some new programs that we are also seeing, and the overall attempts to make the operation leaner and drive through these efficiencies with the changes that we have made, we are extremely, let's say, positive and optimistic that the worst is behind us and the next few quarters should be stronger. We will come back to you in the next quarter and show you how some of these things have panned out. We are, like I said, extremely optimistic that next few quarters should be in the right direction. Sure. That's quite good to hear. Just last question from my side. I think tariff impact, which you called out, of $10 million. Now, is it that we are in the phase of conversations with the customers and this will eventually be passed through? What segment is this tariff impact really reflecting in if you can give commentary on that? I can start that, and of course, maybe Kunal can add on. Look, Papa always had the strategy of Motherson to be a local company. Majority of our operations source locally, produce locally, supply locally. That has been the biggest strength of Motherson, that we do complex parts because the customer always prefers a supplier to be in the same time zone, speaking the same language, not having large logistics costs, not being in this volatility of foreign currency. There are always translation issues. We have always prided ourselves on being able to drive factories and keep our operations and our factories open globally and supply to the customer their needs and be competitive. That is the reason that you're seeing that the impact for such a large group, INR 30,000 crore of revenue, and we are still less than $10 million of impact that has already hit us in the last few months. Again, a lot of that is going to be discussed with the customer. I do think that we will find a good solution. It is a small number compared to the overall size of what could have happened to us. I am grateful that the impact is only $10 million. Even this $10 million is important to us, and we will go to the customer and find ways and means that we can, how do we share this pain? If it was not our fault, then it was customer-directed, then that is something that we will ask the customers to give us direction on. I mean, it's a relationship business, as you can imagine. We all have to work together, and I'm sure the customers are also finding it difficult in these kinds of uncertain times. We have to do the best we can together with them and make sure that the relationship is something that holds strong. I'm sure that we will find ways and means to recover the $10 million down the line. Sure. Thank you so much. Thank you. Before we take the next question, a reminder to all the participants, you may press star and then one to ask a question. Our next question comes from the line of Jyoti Singh from Arihant Capital Markets Limited. Please go ahead. Thank you, sir. The opportunity and the consolidation on the good set of number. I just wanted to understand our acquisition of Eoteca that we have done for the thermal management and rotor stator portfolio for every opportunity globally. If you can guide us more on that. I also wanted to understand our consumer electronic in terms of revenue contribution. Can this business, if you can guide us, what are targets for the few years, three to five years? Vaaman, can you help? Sure, Papa. I can talk for the consumer electronics. Would you like to take the Eoteca question? Eoteca, I think at this moment, we have made an offer. We can't really talk too much about it, but there's a lot of information on the right left. And it's a single source supplier to Honda worldwide. I think all the information is there. Is there anything, Kunal, that you would like to add? Or Vaaman, would you like to add on that, or that's about it? Yeah. I mean, if it helps, Jyoti, I think the revenue is EUR 1.2 billion. The open offer remains pending. It is a likely closure somewhere around Q1 of FY 2027. Eoteca is still not in the numbers that you are seeing right now. Okay. Absolute Tech is reflected. Maybe you were wanting to ask for Absolute Tech. Yes, sir. Absolute Tech. Vaaman, go ahead. Yeah. Look, again, I think these acquisitions that we are doing in Japan is just a testament to the confidence that the Japanese customers, especially Honda Son, have on Motherson capability. I think very early to tell you a lot of our plans with Absolute Tech. Of course, the idea is to diversify, bring in global customer base, allow them to piggyback on the good network that Motherson has, and show them ability of growth. I think that's the purpose that we partnered with our customer to be able to take some of these acquisitions. It's been a huge success, even with Yachio, which was the first acquisition that we got through Honda Son. This was already showing colors with new businesses being awarded, new opportunities, and full integration of Yachio into Motherson, which has really done well. That's why the follow-on opportunities are also coming. We will come back to you with more color on what we're doing with Absolute Tech and when the other acquisitions finally close, what is going to happen there. It is a bit too short because that has just happened. Again, very exciting plans for having these companies part of Motherson. They're so technologically strong. Their engineering capability is really unbelievable. Not only that, they also bring a lot of competence in automation and efficiency driving because in Japan, that is given with the shortage in land and people, they are really highly automated. I think that's something that we can use for a lot of our group. A lot of those synergies will also be realized as we go through and something that we're already doing. It has been a wonderful fit for us and something that you will continue to see be more and more integrated in the Motherson family. On the electronics side, look, we are doing a whole bunch of things. Of course, one was this joint venture with BEAL for the glass products, but we're not stopping there. We are also looking at SMT lines. We have a lot of requirement of that internally. We are going to be doing things in PCBA as we get the right opportunities. We are also making parts for the semiconductor companies that want to set up base in India. We are helping their supply chain. This consumer electronics is really going to grow at a rapid pace. As you are seeing, the order books are swelling. Motherson is in a unique position because we have the global trust of a lot of top brand customers. A lot of these new industries automatically have the confidence because if we could make a name for us in an industry like the automotive where the quality is global, no matter where they are sourcing from, I think a lot of the customers have seen that Motherson has the ability to expand and to drive growth in a fast manner and give them solutions for the supply chain that they need, obviously in India and abroad. That is something that is really working in our favor. I think the teams are extremely charged up. There are lots of opportunities. This will be one of the sectors that will continue to grow at a very, very fast pace. Eventually, we will start showing you the difference between the different verticals. We will only show you consumer electronics once it reaches the scale next year that we envisage with the new facility coming up. Thank you, sir. Just wanted to understand a few more points. Like earlier, you have already discussed on the EV point, but wanted to understand that there's a reduction from 24% to 22% on the EV side. If you can guide us globally, how's the situation on the Europe side? What kind of traction are we seeing? Also, what is your conversion ratio of RFQ to SOPs across major regions? Ma'am, the conversion ratios are different for different companies. Very hard to tell you that. The order book is only growing for Motherson. Of course, we are defending programs. We are growing programs. Sometimes there is a reshuffle of programs that happens from the customer side. Like Papa had guided us to not take a very overly approach with investing too much into the EV side. We have a balanced approach. Sorry to interrupt, sir. We have lost the audio from your line. Can you hear me? Yeah, Malani, go ahead. Yeah. As I was saying, the first slew of EVs that came out from the automakers who were doing it for the first time, the European EVs, they were not up to the expectation of the volumes that the OEMs had themselves. That is why you see some of that EV share has come down, and the ICE programs have been prolonged. That is something that has had that impact. I think, again, you will see this EV piece continue to grow, albeit slowly, I think, as the customers get used to these kinds of products. We do not envisage or we do not think that it is going to take over the entire market. There will be enough place for ICE, enough place for hybrids, and EVs will also command their space in the market. We are having that balanced approach. Our portfolio is not geared towards any one type of drivetrain. We are engine agnostic. In that way, I think we will continue to grow and have this balanced approach. Sure. Thank you so much. Thank you. Our next question comes from the line of Joseph George from IIFL. Please go ahead. Thank you. I'm trying to figure out the organic growth in the overall business. So when I look at the consolidated revenues, that's up about 8.5% year on year. But there are two factors there. One is EUR INR moved from, I think, 94 to 104. That will have contributed maybe 3%-4% to growth. And then you have the acquisition of Absolute Tech, which is another maybe 3% or 4%. So question number one, on an organic basis, like currency without acquisitions, what is your estimate of year-on-year growth? And second, when I look at it in the context of 3% growth in production volumes of light vehicles and 8% growth in commercial vehicles, how do you see that? Is it that the revenue, sorry, the regional mix or customer mix have hurt you adversely? Some comments on all of this. Vaaman, Kunal, Ankur, if you can take it together. Sure. Maybe I'll give you a little bit of color, Joseph, on the growth itself. While it is 8.5%, if you were to exclude Absolute, it will look closer to the 6% levels. That is the organic growth. Yes, there is a forex impact as much. I think that should be around about 2.5% of forex impact, while EUR has moved from 97 to 102 on an average basis. That is what matters from P&L perspective and not year-end basis. The entire business is not EUR. Hence, the impact is not 6%-7% there. Secondly, from the perspective of the growth that you're talking about, LV volumes and the commercial vehicle side, the LV volumes of 3% have come on account of Europe stabilizing and growth in India and China where we have all participated. On the commercial vehicle side, however, we have been hit with the 25% decline in the North American market, which has been a sizable portion of our commercial vehicle space. That has eaten away some of the revenue growth, if I were to put it. When you aggregate this picture, we would have still outperformed the industry as it stands, in spite of taking all the other variables that we used to consider. Understood. That's clear. Thank you. Thank you. Thank you. A reminder to all the participants, you may press star and then one to ask a question. As there are no further questions from the participants, I now hand the conference over to Mr. Vivek Chaand Sehgal for closing comments. Thanks very much. Thank you all very much. I've both congratulated all the people and the circumstances of an amazing quarter. I would also like Raghun, if you want to add something to what we have achieved. I know they have a lot of questions on electronics and electric and all these particular things, but I would just say hats off to Motherson. We know what we're doing. We are taking advantage of all the things that are happening out there, uncertainty, and yet we are totally covered with our customer right behind us. Wish you all the best. Raghun, would you want to add something else? No, Papa, I think you have covered it. I think the best is yet to come. I think we are all excited about the next few quarters. We will take all the feedback from the investors and continue to show more and more color as things develop. Nothing more to add. Good. Thanks. Wish you all the best and have a very good day. Thank you. Thank you. Thank you. Thank you. Thank you. On behalf of Samvardhana Motherson International Limited, that concludes this conference. Thank you all for joining us and you may now disconnect your lines.