Ladies and gentlemen, the conference call for Syrma SGS Technology will begin in the next couple of minutes. Thank you for your patience, and please continue to stay connected. Ladies and gentlemen, good day and welcome to the Syrma SGS Technology Q1 FY 2027 investors' con call hosted by Axis Capital 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 this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nikhil Kandoi from Axis Capital. Thank you. Over to you, sir. Nikhil, sir, please go ahead. Thank you everyone for joining the call. We are hosting Syrma SGS Q1 FY 2027 con call. I will hand over the floor to Nikhil Gupta for the opening remarks. Thank you for the opportunity, Syrma management. Thank you, Nikhil. A very good morning to all of you. On behalf of Syrma SGS family, we welcome you all to the Syrma SGS Quarter One and Fiscal Year 2027 earnings call. We have with us today Mr. J.S. Gujral, Managing Director, Mr. Jayesh Doshi, Whole-time Director, Mr. Jaidit Singh Brar, Chief Executive Officer, and Mr. Bijay Agrawal, Chief Financial Officer, Syrma SGS to discuss the performance of the company during the first quarter and fiscal year 2027, followed by detailed question and answer sessions. Kindly note, during the call, certain statements that will be made are forward-looking, which involve several risks, uncertainties, assumptions, and other factors that can cause results to differ materially from those in such forward-looking statements. All forward-looking statements made herein are based on the information presently available to the management and to the company. The company does not undertake to update any forward-looking statement that may be made during this call. In this regard, kindly review the foremost statement in the earnings release and all other factors that can cause a difference. With this, I will now hand over the call to Mr. J.S. Gujral, Managing Director of Syrma SGS. Thank you. Good morning, ladies and gentlemen. A very warm welcome to the FY 2027 earning call of Syrma SGS Technology Limited. Always a pleasure to interact with all of you. Before I start the summary of what has happened and what's going to happen, I would request our new CEO, Jaidit Brar, to just say hello to all the analysts and the participants and introduce himself before I take up on the detailed presentation. Jaidit? Thank you, Mr Gujral. Good morning, all analysts. I'm delighted to be here. I joined Syrma SGS on 29th of June. I have spent 24 years at McKinsey. I've spent two years after that in various roles in the automotive and the energy industry. I'm very excited about the opportunities and the potential of Syrma SGS. I'm looking forward to my journey here. Thank you. I think we have had a really strong first quarter, which lays the foundation for us to grow as per plan for the current year. This quarter, despite the turbulences of the geopolitical problems which we're having in the Middle East, which translated into supply chain constraints, we were able to register a very robust growth on all parameters, whether it was the top line, EBITDA, PBT, PAT, which grew by more than 100%. Those figures are available with everyone. I'll not delve on that in detail. I'll highlight two qualitative factors in this quarter. The first one is the continued buoyancy in the exports. Exports last year grew by 40%. This first quarter, they have grown by 61%. This positions us well to further integrate to the global supply chain markets. As I've all the time been saying, for a long-term, sustained, profitable growth, integration of the Indian EMS companies with the global clients is a must. I think the efforts which our teams have put in the past two years have shown results last year and are showing even superior results this year. Going forward, I believe exports would continue to be one of the mainstays for our growth and profitability. The second factor is that my ODM sales, which is our own design manufacture sales, have gone up by almost 100%. Last year, they had gone up by about 82% to INR 825 crores. This year, in first quarter, they have been INR 270 crores versus INR 125 crores last year. These two pillars for the growth, when they are registering a very high growth trajectory, augurs well for us to deliver superior performances in the coming quarters. There's been a secular growth in almost all the verticals. I personally don't foresee demand side to be a constraint in the coming quarters. I think demand from across verticals is robust. Our medical vertical, MedTech vertical is doing very well and has started picking up. Defense vertical, early, but going forward in the coming quarters, it will scale up. What is worrying, not from a micro level Syrma SGS perspective, but from an industry level, is the supply chain constraint. While demand remains bullish, supply chain is a cause of concern because of the geopolitical situation, supply of some specialty chemicals which go into the PCB making, lead time of components going up. What we are focused on in Syrma SGS is to ensure that our customers don't suffer because of these supply chain constraints. We have formed a war room in the company to look at this, and every customer, every component shortage is being minutely monitored at the senior-most level. We have also taken a conscious call that we will not treat inventory as a working capital, at least for the next quarter or two. Inventory will be treated as a strategic asset, strategic investment. I personally believe across the industry, we will see a tad increase in the inventory levels in terms of number of days till the situation normalizes. I expect maybe six months down the line, when we talk to the manufacturers and distributors, they say by end of calendar 2026, situation should be back to normal. In the next six, eight months, five months, we should all be aware that the inventory levels across the industry would be going up. Our projects which we have undertaken, the PCB project is on track. Building is almost 65%, 70% complete. Equipment will be received from October onwards, and we are on schedule to power on the equipment in the quarter of January, March, take out samples and then the process of approval from the client starts. Overall, I think we are well on track of not only achieving what we had guided, but exceeding that achievement. With this, I hand over to Bijay Agrawal to delve on the detailed financial numbers. Thank you, Mr Gujral. Good morning, everyone, and thank you for joining us for this quarterly earnings call. I hope you have a good chance to review our quarterly results and investor presentation. I'll briefly walk you through our operating and the financial performance, and thereafter we can move to the Q&A session. We have started this year, FY 2027, with a very strong quarter of execution, continuing the momentum built over the last several quarters. Starting with the revenue numbers, our consolidated total revenue for the quarter stood at INR 1,604 crores, registering a 67% year-over-year growth. More importantly, this growth has been accompanied by continued improvement in profitability across, including our EBITDA numbers and the PAT numbers. Our operating EBITDA increased by 69% year-over-year to INR 162 crores, while total EBITDA, including other income, grew by 72% to INR 177 crores for the quarter. EBT increased approximately 110%, reaching to INR 141 crores for the quarter. PAT for the quarter is INR 106 crores with a 112% growth for the quarter. Over the last few years, we have consciously focused on improving our product mix, expanding into higher value programs, strengthening our operational efficiency, investing into technology-led manufacturing capabilities, and some bit of automations. The benefits of these initiatives are now reflecting into our overall profitability. Coming to our overall business performance, growth during the quarter was broad-based. The consumer business remained our largest vertical with 34% of our business mix and delivered healthy growth supported by faster customer ramp-ups and some bit of front-loaded schedules from key customers. Automotive business continued its strong momentum and now contributes about one-fourth of our overall total revenue, that's 24% of our business mix. We continue to benefit from our increasing penetration of EV across all vehicle platforms and deeper engagement with our new customers. Healthcare maintained healthy performance while IT and railway business continued to scale well from a relatively lower base. The industrial segment specifically witnessed some moderation on a sequential basis, primarily due to a rear-ended schedule of our maritime business, wherein the majority of the volume is loaded in second half of the year, and also some bit of lower pickup of the smart metering business. We remain confident about the medium-term opportunity on this business, seeing the overall order book visibility also. Coming to the export numbers, as Mr Gujral has also highlighted, this has performed very well and contributed approximately 24% of our operating revenue, reflecting our growing participation into global supply chain. Overall export number for the quarter is around INR 387 crores. OEM number for the quarter is approximately 17%, with INR 270 crores of OEM business for the quarter. On the customer concentration for the quarter, my top five customers contributed around 38%, while top 10 customers contributed around 51%, and top 20 around 66% of our total revenue for the quarter. Coming to our order book visibility, as on June-end, we have approximately INR 6,770 crores of overall total order book visibility. Of which, if we give the breakup by each vertical, automotive is around 29%, consumer is around 30%, industrial segment is approximately 24%, healthcare is around 7%, which includes MedTech business also, and IT and railways together about 9% of our total overall order book visibility. Some bit of update on the new customer additions. During the quarter, we onboarded 18 new clients, of which five on the auto side, three on the industrial segment side, two on the healthcare side, and balance on the telecom and IT and railway side here. This shows a very strong business addition pipeline for the future years. We remain confident that as volume grows and continue to scale and newer programs mature, our overall operational efficiencies will continue to improve overall over the medium term. Coming to our balance sheet performance. During the quarter, our net working capital days increased from 63- 71 days, and mainly due to higher inventory days. As Mr. Gujral was also explaining, we are keeping higher inventory levels as a strategic assets, and this is something that we will be continuing for a quarter or so. This is primarily a conscious decision to support our speedy ramp-up of the new customer programs to ensure uninterrupted availability of critical electronic components. This decision will help us, at least in the short term, ensuring low disruptions related to our customer supplies and delivery. This strategic decision resulted into higher working capital requirements for the quarter and an increase in the overall short-term borrowings by about INR 340 crores during the quarter. However, it is important to note that we continue to maintain a net cash position of INR 122 crores, supported by healthy treasury balance, cash and investment balance of INR 800 crores plus as on June end. We believe this inventory will give us a larger strategic supply assurance from the customers, strengthening our overall long-term relationship on both sides. Overall, on the financial ratio side, return ratios continues to improve. Our adjusted annualized ROC for the quarter is 20.1%, reflecting improving capital productivity. Going forward, our capital allocation philosophy remains unchanged. We will continue to invest prudently in capacity expansions, technology, design capabilities, strategic growth initiatives while maintaining financial discipline. Beyond this quarterly financial performance, our strategic priorities remain intact. During the quarter, we had tied up with a Japanese MNC player, Kaga, to manufacture all their EMS requirements through a jointly held subsidiary in India, wherein Syrma holds 60% and balance will be held by Kaga India. Initial investment into the JV would be approximately INR 24-25 crores by both the partners together. Coming to our PCB project update, the project is completely on track. We had invested around INR 50 crores during the quarter for this particular strategic project, while overall CapEx investment during the quarter is about INR 90 crores. We expect this PCB project to start at least commercial production by April of 2027. Our priority continues to be consistent and profitable growth, supported by operational excellence, disciplined capital allocation, and long-term customer relationship. With that, I would now request the operator to open the floor for questions, and we can take up the questions and answers. Thank you. Thank you. We will now begin with the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Aniruddha Joshi with ICICI Securities. Please go ahead. Thanks for the opportunity. Congrats to entire team for a solid set of numbers. Two questions. Is there any one-time revenue booking done in Q1? Because the numbers look extraordinarily strong. Any postponement of revenue booking or order booking or like that? That is question number one. If not, how should we look at the next three quarters in terms of the revenues, especially the consumer segment revenues? Second question is, there is a board resolution for raising funds via QIP of almost INR 1,000 crores. Any particular developments that can be shared here, or it will be just a normal resolution passed and depending on the opportunity, the fund-raising decision will be done. Any color on that as well? Thanks. I'll answer the first question in affirmative that there has been no one-time transaction which has been booked into the quarter. These are the normal run-of-the-mill numbers. The performance has been better because of our high margin profit business. Exports and ODM have gone up, while consumer also has gone up by about from 30-odd% or 34%. The effect has been sort of greatly absorbed by the increase in my exports and ODM numbers. These are numbers which are based on the standard accounting policies, and no one-time expense has been charged or one-time income has been booked. I should be making that very clear on that. Bijay, would you like to add something on that? Yes, there is no abnormal one-time kind of a revenue there. Coming to your question on QIP, very clearly, this is every year we take this QIP resolution from the AGM. This is something as an enabling resolution we take up so that in future, if we get a good investment opportunity, we should be ready with the funding kind of a pipeline available with us, and that's how this is a QIP resolution we are taking. While there is no immediate need for going out, that kind of a- Just to add on to the two points which Bijay has raised. On the QIP, I think it's an enabling resolution. The sector is seeing such positive tailwinds that you have to have a war chest ready for any emerging opportunity which may come. The opportunities are immense, whether it's in the semicon business, whether it's in the normal things. It's just an enabling resolution. On the second part of your first question, going forward, we believe that we are on track to not only achieve what we have guided, but we exceed that. By how much percentage, I think let one quarter more go by, and we can all have more clarity, and this is because of the supply side constraints, not from the demand side sort of issues. End of the year, I think we would broadly be within the parameters of the industry-wise verticals what we have been guiding. We are all the time maintaining that we don't view numbers from a quarterly lens. In fact, when we are building an institution, the numbers have to be viewed from a multi-year sort of trajectory thing, and not even annual. For the analysts and all that, we do believe in annual numbers. For institutional building, I think we have to see where we started from, where we have reached, and where we want to go, and is that trajectory being achieved or not. I'm very happy to say that whatever we have set out and whatever we have been sharing with the street, we have gone in a very structured, measured way to achieve the numbers and the objectives. Okay. Thank you. Sir, just one clarification. We are doing prudent inventory. Generally, the memory prices will be a passthrough. It will not have any impact on even the percentage margin. Absolute margin per unit, it may not have any impact, but it will not have impact on absolute percentages also. It will be a complete passthrough. Is that understood? Yeah. Even if it's a complete passthrough, as an example, if my chip is INR 60 and I'm selling it at INR 100, I'm just taking one example. Okay. It's a 40% gross material margin. The chip goes from 60- 100. I sell it at INR 140 to the customer. 100, 140 is what, 40%. While the absolute figures will remain intact, broadly, the percentage margin would undergo a change because you don't get a markup, you don't get a value add on the increased cost of a chip or a memory. Okay. The percentage margin may see a slight correction, though. Yeah, of course. Again, I don't get a value add on the price increase. I would love to have it, I don't get it. No one gives a value add just because your price has gone up. Your other costs have not gone up. Okay. Sure, sir. This is well understood. Congrats. No impact on the absolute numbers. Okay, sure, sir. Understood, sir. Many thanks. Participants, in the interest of time and fairness to others, please restrict yourselves to one question. For any more questions, you may rejoin the queue. The next question comes from the line of Mayank Pandey with Emkay Global Financial Services. Please go ahead. Hi, sir. Thank you for the opportunity, and congratulations on a good set of numbers. Sir, I have two questions. Question number one is on the consumer business. Could you just help us understand how in the past quarters, you've guided that this business will try to keep at, let's say, 30% of total revenues. Could you just help us understand how we should look at it going forward in terms of what businesses or what product lines you are targeting, and how the growth can come or how we will limit the growth in that sense, in that segment? That is question one. My second question is on the PCB project, the manufacturing project for PCB. Do we expect to have to raise funds for any part of our PCB project,P hase I, Phase II, both combined, whether now or in the future, or do we expect it to be fully funded through internal accruals? Those are my two questions. Thank you. On the composition of the sales, I think we are very confident that we'll be maintaining the trajectory of consumer being at about 30% of my total sales. As we have all the time been reiterating quarter-on-quarter, there would be aberrations. There's never a secular growth in every vertical, every quarter. Each industry has its own profile, but on an annualized basis, we still stick that our consumer business would be around 30% odd of the total revenue. That's question number one. On the PCB project, I personally don't see any constraint in terms of requiring additional funds. Our Phase I of the project is on track. We should be powering on the equipment in January to March. Once we start the production, we'll be filing the claim with the government for the subsidy. The second phase and the third phase of the project will only start towards the end of 2027, early 2028. I think the project is well-funded, and I'll request Bijay to throw more detailed light on this. Just to add on here, the Phase III, we are incurring around INR 400 crores. In fact, about INR 100 crores and INR 150 crores is already funded so far, and the balance will be funding during this particular year. Again, a 50% debt is what we will be taking for this, between 50%-60%. Most importantly, when we grow further, like next year when we try to fund another INR 400 crores, a majority of that can also come through the government incentives also. There is a government CapEx incentive which is also available as a funding source here. 50% CapEx incentive is available for this project. We'll be funding through internal accruals, CapEx subsidies from the government, and from the debt. We already have a INR. INR 800 crore plus kind of a treasury balance, which will be sufficient for all the phases of this particular project. Yes, obviously, going forward, the internal accruals will keep on adding for this thing. Thank you. The next question comes from the line of Bhavik Mehta with JP Morgan. Please go ahead. Hi. Thank you. Just one question on this multilayer PCB. What kind of asset turns we can expect in the first year of operations when it starts in April next year? What kind of EBITDA margins we can expect in the first year, X of ECMS benefits, and also if there's some color in terms of how much ECMS benefits we can get on the margins. Normally, asset turn varies around 1.5x. Initially, in the very first year, as you are checking, the capacity utilization can be lower, around 40%-50%. It can be lower in the year one, and thereafter, it can gradually move towards maybe 80%+ kind of a capacity utilization, which will be around 1.5x of asset turns. Normally, with the full complete ramp-up volume, one can expect X of any PLI incentive, the EBITDA is in the range of 15%-18%. Initially, when the capacity utilizations are lower, EBITDA can also be lower, around 10% or maybe less than 10% also. Just to add what Bijay said of 1x to 1.5x asset turnover, that is on the gross basis. That's not accounting for the subsidies. Thank you. The next question comes from the line of Keyur Pandya with ICICI Prudential Life Insurance. Please go ahead. Thank you. Sir, just one question on the revenue side. For last two or three, since quarter three, our order book is around 60. It was INR 6,400 crores. Today, it is around INR 6,700 crores. This similar sequential order book, should we assume current revenue run rate to continue, or we should expect acceleration from here as well? First question on that. Second, on the profitability side, this quarter, your share of consumer is lower versus last year. Sorry, just on the composition side. Consumer segment share is much higher versus last quarter. Despite that, our margin is around 10%+. Should we assume that this is the bottom range of the margin we should assume even with this kind of mix, where consumer is, say, more than 33%, 34%? On the margin front, I think what we have guided 10.5%-11%, we maintain that we'll be delivering that margin profile for the full year. I have no sort of concerns on that. On the order intake, what you are suggesting, you are saying, I think it's a logical thing, and we have seen an uptick in the order book from quarter on quarter. For example, I think in Q1 of last year, our order book was around 5,400. Today it is 6,700+, 67/70. It obviously means that quarterly intake of orders is increasing. I think my quarter order book as on the end of March was 6,000. 6,400. INR 6,400. I have executed INR 1,600. I've got an order book of INR 6,770. It means the order intake in one year, one quarter of about INR 1,800 crore, INR 1,781 crore. I think as we scale up, obviously, if we have to do higher revenues in the coming quarters and years, the quarterly intake of orders should also show a rise. Just to add in here, considering the order book and the visibility here, that's how we are guiding that 35%+ kind of a revenue growth for the full year is what we are guiding. Yes. Quarter-on-quarter, there is a higher intake is what we are seeing here right now. Coming to the EBITDA percentage, when we compare the business mix versus last quarter, last quarter consumer segment was lower, and that is where we have seen 11%, 11.3% kind of operating EBITDA margin for the last quarter, but this quarter it is 10.1%. That's primarily because there is a higher consumer mix into this business. Again, having said that, this consumer is not evenly distributed across four quarters, so we may see some kind of a seasonality here. That overall full year number can be in the range of 30%-32%, but this quarter it was 34%, some other quarter it can be lower also. Understood. Just one clarification on this. Earlier you mentioned that this guidance of 35% growth on the revenue side and around at least 30%, 35% growth on the EBITDA side. You mentioned that you would update it later, but you think you will need to update the guidance. That is what you mentioned earlier? What we said was that, one, we are very confident of achieving the guide, not only achieving the guidance, the numbers, both on revenues, EBITDA, but based on the strong performance of the first quarter, we should exceed that guidance. Understood. That's the statement we made. We should exceed that guidance based on the first quarter performance. Understood. Sir, thanks a lot, and all the best. Thank you. The next question comes from the line of Sumant Kumar with Motilal Oswal Financial Services. Please go ahead. Yeah. Hi, sir. Can you talk about this healthcare segment? Last two quarter, we have seen a momentum of INR 130 crore, INR 135 crore. From here, what kind of order book we are receiving and how the growth is going to improve in this segment? Maybe I can just add in here. Yes, the current order book is giving almost INR 500 crores of orders from this healthcare segment, which includes healthcare RFID solutions, also in the MedTech business. Most importantly, in this quarter also, we have onboarded two new clients on the healthcare side, again for the CDMO manufacturing business and the design business also for one of the clients here. This business is picking up good. If I talk about specifically the MedTech business, we did about INR 210 crore last year through our subsidiary, Syrma Johari Medtech. This year we are expecting the business should be growing almost 50% because the base is lower here. This business is showing good potential now to grow. That is how we have been guiding that this should be approximately 7%, 8% of our total overall business for this year. For the PLI 2.0 and ISM 2.0, what kind of business segment we are exploring and what are our thought process for that? Okay. For the PLI part, there are two. One is the mobile PLI part, which, well, we are currently not seriously evaluating that and not there. On the ISM 2.0, which has just been announced, I think the notification, the detailed guidelines are yet to be out. We still maintain our earlier stand that we are interested in this. We are interested not only in the packing but also the back end and the PCB parts, the components which go into the making of a semicon. For us, one of the key qualifying criteria is to have a credible partner. That's a stand we have been maintaining right from ISM 1.0. We didn't participate in ISM 1.0 because no credible partner had come to India. If you see only Micron and Renesas, the two big names are present in India, rest are yet to take a call. We are very much in discussions with the sort of potential partners. Till we sign off, I really can't commit anything. As far as the interest of the management is concerned, yes, we are definitely very much interested in the business opportunities emerging out of ISM 2.0. Thank you so much. The next question comes from the line of Bhavya Gandhi with Bajaj Alternate Investment Management. Please go ahead. Yeah. Thanks for the opportunity. I just wanted to understand what is the average order execution period for the existing order book, and how big could this Kaga opportunity be over the next couple of years? On the order book, I can answer, and then Mr. Gujral can add on for the Kaga JV. Out of the INR 6,770 crore, approximately INR 5,400 crore is what we need to execute in the next 12 months, and the balance is beyond 12 months, like in the quarter subsequent to that thing. That's how the current order book is there. If we calculate the overall average period, it comes around 10 and a half months there on the order book side. Coming to your question on Kaga JV This is a JV primarily to meet their unit requirement here in India on exclusive basis. Kaga, they are primarily very strong in India on the automotive side and also some bit of a AC business, which is on the whiteboard side also. That's the two kind of a business vertical we are initially targeting through this JV. Gradually, they are very strong on the Japanese market side. They are a big global conglomerate having multiple business in Japan. Going forward, in future, we may also target supplying or exporting to the Japanese need also. Just to add on to what Bijay said, I think this is a strategic tie-up with long-term positive implications. It gives us a foot into the Japanese e-business ecosystem, and Japanese business ecosystem, everyone knows, is a very conservative ecosystem. It's not flamboyant. Having a partner in Kaga gives us that entry-level point into the Japanese market. Short term will be catering to the domestic requirements of Kaga, and we should not forget that Kaga has a very strong distribution network of components. Going forward, I think we'll have a positive rub-off effect in my purchasing because of the Kaga leverage. It has two, three dimensions. This joint venture has two, three dimensions, domestic supplying to Japanese customer, a foot into the door of the Japanese ecosystem, and the distribution of components, taking benefit of that in our material procurements. Got it, sir. Is it possible to quantify in terms of opportunity, how big would it be over next three, four, five years? We are just starting setting up this JV right now. In this current year, this may not be much, but over the three, four, five years, we can see somewhere around INR 300 crore-INR 500 crore kind of a business on long-term basis. Got it. Thank you so much. That's it from my end. Thank you so much. Thank you. The next question comes from the line of Vishal Goel with HSBC Securities and Capital Markets. Please go ahead. Hi. Thanks for the opportunity, congratulations for a good number. I'm sorry to interrupt you, Vishal. You're not quite audible. Please be a little louder. Hello. Am I audible now? Yeah. Yeah. Okay. My first question is on like the last quarter, you mentioned that you have very solid intent of entering the renewables energy space market, especially in the inverter business. Any update on that front? Second question is just a clarity on the ODM revenue number, which was shared earlier. I heard you said it was INR 270 crore or 17% of the revenue. If that is the case, that is a decline. Just want a clarity on that. No, it's not a decline on the ODM number. My Q1 FY 2026 ODM number was about INR 125. It has gone up to INR 269. Sequential, yes, it could be a decline. I'm not saying from Q4 of last year to this year, the decline may or may not be there. Bijay will share the numbers. Q4 of last year, it was INR 345. 345. Yes, sequentially, it is a decline, but year-on-year basis, there is a more than 100%. Overall the maritime defense communication business and MedTech business are rear-end loaded. We are very confident of scaling up this business and have a positive growth in the current year. There's no doubt on that. On a sequential basis, there's a decline, but on quarter-on-quarter, year-on-year last year, we have almost 100% uptake from INR 125 to INR 270. 115%. 115% or 120%. As far as the renewable energy business is concerned, post our decoupling of the KSolare deal, we are in touch and in negotiation with potential partners, and these things take time, but it is still in the focus of the management to enter this space. Once we have a firm tie-up and all those things, we'll definitely come back to the street with the details. The business is a focus area for growth for us. Understood. Thank you. Thank you for clarifying the ODM number as well. Thank you, team. The next question comes from the line of Achal Lohade with Nuvama Institutional Equities. Please go ahead. Good morning, team. Thank you for the opportunity. Congratulations for great execution. Sir, if you could talk a little bit about the capacity utilization. Currently, what kind of CapEx are we looking at in the current year as well as next year, ex of PCB? Ex of PCB, CapEx is what we are seeing around INR 100 crore-INR 150 crore for the full year, of which near about INR 40 crore is what we have incurred in the current quarter so far on the CapEx side. Capacity utilizations. Current capacity utilizations are in the range of 65%-70% as of now, and we are still building a certain more capacity at our Bangalore location also. We are expanding to one more facility parallel to our current existing plant. Similar way, in our Pune also, we are expanding the capacities over. This is a continuous process depending over the business additions. We will be keep on doing those business or maybe capacity enhancements or maybe stuffing of the current facilities with incremental lines. Got it. To add on here, we are setting up one additional capacity for our Medtech business, specifically in Jodhpur. There also, we are expanding the capacity with additional plastic injection molding capacity and the SMT lines over there. Keeping in mind the additional incremental new Medtech businesses which we are getting now. Yeah. In the Medtech business in Jodhpur, we are expanding our capacity and capability. We are entering into medical-grade plastics. New sort of lines into the Medtech business, hence the expenditure is being incurred. I think this will give us a good growth opportunity in the coming years, 2027, 2028 onwards. Got it. Just a clarification on your earlier comment in terms of the percentage margin. Can you help us understand in terms of the price inflation of your components, how large would that be on a blended basis? Just a ballpark, and what kind of bits impact we have already seen in 1 Q because of that? See, what is the impact, I think on an annualized basis, I can't comment because the situations, the dynamics of the global economy, supply chains keep changing. I was only referring to a principle that if I get 100% pass-through of my cost increase, my absolute margin is not affected, but my percentage margin gets affected. That was the only thing which I was referring to. Yes. I understand, that's why this question, sir. The reason I'm asking- I can't start to say that what it would be for the full year as my economies, the supply chains are still evolving. Where does the U.S. dollar go? I don't know. What will be the semiconductor shortage? I don't know. I know there will be a shortage. What impact it'll have on the supply chain because all the demand of semiconductors is being consumed by the AI center. Of late, there has been a sort of a slowdown, sort of a general perception that the AI may not be that good or bad. If that happens, the supply chain constraints ease. I really cannot comment today, generally we believe that the pressure of supply chain will continue. Whenever there is a pressure, it has a direct implication on the cost. Just to add on there, whatever guidance we are giving, 10.5%- 11% of a margin, that factors all this initiatives together. That's where we are guiding this to be 10.5% to 11% kind of a margin entirely for the full year. Got it. I'll take it offline. Thank you so much, sir. The next question comes from the line of Neel Mehta with Equirus Securities. Please go ahead. Yeah. Hi, sir. Sir, congratulations on the set of numbers. Sir, just wanted to know that, we know, sir, you mentioned that we have onboarded 18 new customers. From where we can expect this to grow in our financials sooner? The second question is that, sir, we have seen sharp Y-Y growth in auto. Just wanted to know that it is largely a wallet share driven growth or a new customer driven growth. Also if you can highlight that. On the new customers, I think whatever we are onboarding the new customers in this quarter, in this year, it will not have a significant impact on our revenue. These are all work in progress, which will give us a growth in the coming years. The breakup of the customer onboarding, Bijay will share in what vertical, but typically they are in line with the market breakup of the vertical sales. Just to add in here, on the auto side, we have onboarded five new clients. Industrial also three clients, healthcare also two clients, and the balance on the telecom, IT, and railways. As Mr. Gujral has said, actually the volume will start off from the next year and full ramp up may take year after that also. These new customer additions may have a potential to give me additionally INR 1,000 crore plus kind of a revenue on a full ramp-up basis. Sir, what would be the margin profile of these new customers versus the current margin profile? Because segmental margin will follow, if somebody is there in the auto segment, auto segment related margin will come into that. They will not be completely off the vertical kind of a margin. Depending upon which business, which clients is coming into which vertical, the margins of that vertical would generally follow. Sure, sir. Sir, just last question from my side. If you could share what would be the geography mix of the current quarter's export revenue? Okay. The export revenue, what we have got is if I was to take it as only percentage of the exports. Only percentage as my exports are, say, INR 387 crores this quarter. If I was to take the breakup, U.S.A. would account for about 22%, Europe around 40%, and the balance is other countries. If I was to include NAM, then the figure of 22%, NAM means Mexico, Canada, and America, then this 22% would go up by another 15-odd percent, I guess. This is breakup of the export sales, not as a percentage of total sales. Got it, sir. Thank you so much, sir. The next question comes from the line of Praveen Sahay with PL Capital. Please go ahead. Thank you for the opportunity. My question is related to the ODM and export, which you had highlighted. These are the two growth pillars for your business. We can see their contribution is rising 17% and 24% now. How you are going to see the contribution of these two segments to be in the near term? How has been the margin profile for these businesses as compared to the domestic ones? I'll take one by one. Exports. Last year we grew by 40%. That only shows that none of the economies where we were exporting have grown by that. That we are migrating customers from other geographies into India. The Q1 has been very good. We have grown by almost like 60%. I expect that this year we should grow our export by around 30%-40%. Last year, we did an export of about INR 1,200 crores, so we should be able to grow the business to INR 1,500 crores-INR 1,600 crores for the current year. Again, as I've always been saying, let the geopolitical situation settle down. It will give us more clarity. Despite all the turbulence, we are still confident of growing the export. On the ODM, again, it gives us a big satisfaction that ODM, which grew by 82% last year, has grown by almost 100% in this quarter. Going forward, I expect this momentum to be maintained as my MedTech and the defense business scale up, the ODM content would go up further. Currently, we are at about 17% of our sales are ODM sales. The long-term target is to take it up to a quarter. It's not a sprint, it's a marathon, and it will take time for us to take it up to that. This problem or this task becomes even more difficult because my non-ODM revenue is also growing at a very healthy pace. If my size is increasing and I want to increase from 17%- 25%, that is almost like a 50% growth, a little less than 50% growth. My ODM has to grow at 50%-60% level to be able to reach that 25% target in the next several years. Short term, 17%-18%-19% will be the target. On the margin front, sir? You can give some color on the. Both these segments have superior margin profile. You can give some color on the ODM contribution of the segments, which like healthcare or industrial, more contribution than the other. ODM family would be healthcare, it would be defense, it would be consumer, and little bit of industrial. Thank you, sir, and all the best. Participants, in the interest of time and fairness to others, please restrict yourselves to one question. For any more questions, you may rejoin the queue. The next question comes from the line of Bharat Shah with BCS Capital Ideas. Please go ahead. Gujral sir, namaste. I did not really have a question to ask, but I just wanted to state my observation. Over many years that I've seen Syrma, through many different phases of challenge, when chips were down, I think the firm has displayed remarkable strategic restraint, strategic intent, and its execution without wavering by the short-term considerations. I remember the period of about two years back when things were materially confused as far as the externalities were concerned. There were a lot of challenges. Quarterly numbers looked like lofty margins were going haywire, and top line was fluctuating quarter to quarter, but with little clarity as to what it is. Throughout this period, I've observed our strategic intent has remained firm. We have remained steadfast and not succumbed to the temptation of any loose picture being given, and we have remained scrupulously transparent. I just wanted to put on record my deep appreciation of the way the firm has evolved. I also must thank and appreciate Bijay Agrawal, who must have gone through a lot of challenges in managing on a much smaller balance sheet, financial constraints and working capital challenges, and very low ROC that the business faced to contend with the high growth and managing finances. Even he, I think, through this period has remained truly focused on guiding the destiny of the firm. A deep note of congratulations and appreciation. Thank you, sir. Just a follow-up to your comments. I would just like to reiterate that what we are in Syrma focused on is in building an institution. We have to balance the short term and the long term, but never ever would we compromise the long term for the short term. I think that focus is very clear. We'll rather absorb the short-term pain, but we'll never, ever compromise or sacrifice the long-term objectives of the management and the board, which is to build an institution which is truly global in nature, engineering-led, and focused on very tight execution and generating free operating cash flows, tight capital allocation policy. Thank you, Gujral sir. No, absolutely. Just one point if I can check with you. While opportunities abound, our capacity and capability, both are rising at a greater pace, actually. What, in your opinion, could be emergent threats or challenges, may not be today, but over a period of time, or any areas which you think are strategically very vital but which are not visible today? Well, I can only say that I think we in Syrma, I think the industry, for the benefit of the country, I'm not taking on a sort of philosophical level. I think we have to be very cognizant of the fact that long-term sustenance does not come in from plain vanilla manufacturing, whatever be the vertical. It has to come from design, it has to come from engineering. Earlier, the companies invest in that, they are securing the future, we are very focused on that. We know this business of manufacturing would continue for the next 10 years. I'm not having any doubt on that. What we have to learn from China is that while we are harvesting the sort of produce from manufacturing, we should not sacrifice the long-term vision of investing in technology, in engineering, in design. End of the day, India has to become a product nation. Now, the product may be of the brand owner. The backend technology has to be with companies like us, which develop products, develop technologies, and that is where I think everyone should be focused. On what are the areas which may become future, I really can't say as of now. Data centers is a big buzzword globally. Let's see how it pans out. It is opening up big opportunities for manufacturing currently. Long run, I really can't say on that. Semiconductor is another business where we in India, I think majority of the companies would be focusing on the assembly and the whatever part. Design part is where the cake is, where the cream is, and then the fab. We have to see how we get into the higher margin profile within the semiconductor ecosystem. Very correct. Thank you, Gujral sir. My pleasure. The next question comes from the line of Rahul Maheshwary with Ambit Investment Advisors. Please go ahead. Hello. Good morning, sir. Congratulations on a good set of numbers. Two questions. First, while deciding or coming on board with any JV or any partner, what are the top three criteria you look at? What are the top three criteria which the partner looks in you? Second question is, can you give some kind I'm sorry to interrupt, Rahul. Your voice is breaking. Could you please speak up? Yeah. I lost the last part of your sentence. Can you hear me now better? Yes, better. Yeah. Yeah. First question was, while deciding any partner or going with any JV, what are the top three criteria you look into the partner and vice versa, which the partner looks in you? Second question is, while onboarding any customer, what is the gestation period and can you give some kind of wallet share gain that is happening in a long period from last of three to five years? These are my two questions. Thanks. Okay. On the first part, I think we have always been very clear and sort of communicating with all the people that we enter into joint ventures or we acquire companies in areas where we are not present to fill in the gap of technology, regulatory approval, or maybe market access. If the joint venture cannot bring any of the three things, then what's the point of entering into a joint venture? A joint venture will be entered if the partner brings in something which I don't have, which could be technology, which could be access to a particular ecosystem, as we have said, the Japanese ecosystem, or access to some regulatory approvals or areas where we are not present, and that's why we acquired Elcome. Rather than reinventing the wheel, we thought it better that it would be better to acquire and sort of scale up that business. Those are the technology market access, or regulatory approvals is what we look at in forming any joint venture or acquiring any company. Normally, we'll not acquire a company which gives me additional revenues, but not one of these three strategic sort of entry points. On your point of the scaling up of the customer, there are two sort of cases in this. One is where a mature product is being transferred to us. There, the scaling up time could be 12 months-18 months, closer to 12, but outside 18 months. If it's a new product which is yet to be validated in the market, this 12-18 could stretch from 18-24 or even 30. There are two different case studies. We have seen that where customers are migrating mature products to us, the ramp-up is about 12-18 months because he has to phase out from his existing line or ramp up with me. Right. I hope that answers your. Yeah. Just addition to it, what kind of market share, particular customer you have increased up to? Because he also would be diversifying his entire chain. Can you give some idea on that part, that during the year, what kind of gain you have done in his entire ecosystem? Again, the global customers and the domestic customers. In global customers, when we enter their supply chain, I think we are a very small, insignificant player when we enter. Because if a company, as I say, spends $1 billion on electronics and they supply INR 120 crores or INR 150 crores, it's what? Not even 2%, 1%. There it could slowly and steadily go up to four, five, six, but I don't expect with global companies, it could go up to 40% in the five to seven years, because they're very entrenched line, the supply chains. The volume being so large, even if you have a two, three, 4% share, it could be $100 million worth of business. Right. $50 million worth of business. On domestic customers, typically, we are either the number one or number two vendor. Very rarely we will be the number third vendor with my customer. There, the endeavor is always to keep increasing the wallet share, and we have increased the wallet share with the existing domestic customers. If we are one, we have sort of increased the gap between the one and two, and if we are number two, we have reduced the gap between us and the number one. sir, how much would be domestic customer and global customer mix? See, my export is about 24%-25%. 75% is my domestic customer. Good. Thank you so much, sir. All best wishes. Thanks. Thank you. The next question comes from the line of Tanay Shah with DAM Capital. Please go ahead. Yeah. Hi, good morning. Thank you for the opportunity, and congratulations on a great set of numbers. Sir, I have two questions. First, obviously, you've highlighted in detail about the supply chain disruptions which the industry is facing. Given that EMS focused on inventory as a strategic asset, let's say for the next couple of quarters, do you see any risk to achieving the current guidance which we have? While you said that we will exceed the guidance. Is there any risk to the current estimates which we at least are projecting for ourselves for FY 2027? See, I would answer this question with a caveat. On a micro level basis, on my demand side and my execution strategy, I don't see any risk. It is a tough chase. I'm not saying it's a cakewalk. It will be a tough walk. We would achieve what we have guided or exceed what we have guided. The only imponderable is the geopolitical situation in West Asia, and which is beyond my control or beyond control of anyone. If tomorrow it was to again escalate further and cause some significant damage to the supply chain capacities, well then not only me, but all the competitors, all the industry, everyone will have to bear the brunt. That's the only improbable factor on which I believe I'm not competent to comment what will happen. Sure, sir. It was just more from a perspective of the particular bare PCB shortage which we're seeing across the industry. What we understand is that even single layer boards are something which are going into shortage. Do we feel like we're covered for the year wherein we see no risk from a delivery perspective? I understand that demand is strong. Yeah. When you say cover, it is not that for the next eight months I have the inventory stocked in my factory. We have the orders. We are in constant touch with the vendors. We are constant touch with the suppliers or whatever to ensure that whatever has been committed is given to us. Again, it's a hypothetical question. If one supply of chemical was to come down to zero, then the entire industry, global industry will come to a grinding halt. I don't foresee that situation. It's a constant tug-of-war, and I think, as I said, we have set up a separate war room in our company to only tackle all these shortages and ensuring that the supply chains are maintained. It has been carved out of the material sort of supply chain team. They have 100% focus only on the critical items which we believe could sort of have an impact on us. Sure, sir. Sir, just one last if I can squeeze in. The core industrial portfolio, right? Obviously, in industrial we also have the defense contribution. I am not sure what the number would be, but if we were to exclude that, the growth would surely have looked moderated. How do we see that industrial portfolio going into FY 2027, the growth? We know that we are going slower on smart meters, but any other outlets of growth, if you can sort of highlight out there? I think you have hit the nail on the head on the smart meters. I will request Bijay to delve on it and detail. You are right here. Last quarter, the defense maritime business contributed approximately INR 140 crores into the industrial business of around INR 460 crores. Excluding that, it was about INR 320. This quarter also excluding that, this is about INR 325, near about. There is actually this entire sequential year-over-year lesson, which you are seeing. This is primarily because of the defense maritime business. This is much more seasonal or maybe you can see it is much more rear-ended loaded in a way. That is one. Again, in totality, industrial business is growing at a very decent pace. Lot of new businesses like we have been adding into this particular vertical, specifically this fuel injection system and maybe the utility metering business that is also growing. Only the Indian smart metering business, which is also the uptake there is slightly lower in last two quarters, and we are also deliberately keeping a watch on it to keep our working capital under control there. That's how this particular vertical is doing. Okay, sir. Got that. Thank you so much for answering my questions and wishing you all the best. Thank you. The next question comes from the line of Santhosh Seshadri with Avendus Spark. Please go ahead. Thanks for taking up my question, and congratulations for solid numbers. My first question is on the divisional growth outlook over the next couple of years. You have been mentioning that the company as a whole could grow at 30%-35% each, and you're already exceeding that. Could you help us break down how the different business segments are likely to grow, and which divisions do you expect to outgrow the company average? Is there any possibility of any new segments or sub-segments emerging, given the opportunities that you mentioned within the semiconductors and data centers value chain? I'll take this question. First on the growth part, as we've already said that this year we should be not only achieving but exceeding what we have guided. It is 35% plus growth rate for the current year. We maintain that for the coming years, that is 2027, 2028, 2029, at least for the next two-three years, we would be able to grow at this percentage, going forward on a higher base. The clients which we are onboarding, I think there was tremendous potential of maintaining this momentum of the growth, if not increasing it further. I think everyone must appreciate that the global clients, when we onboard, they take two years to start giving decent figures, and it's only in the third year that the real growth happens. Whatever export growth we are witnessing today is the effort of the clients which we had onboarded in 2023, 2024, 2025, and 2025, 2026. The clients which we have onboarded in 2025, 2026, they may contribute something in this year, but the real contribution will come in 2027, 2028. We have onboarded several global clients which have a big potential of giving revenues. These are spread across automotive, industrial, MedTech, and so on. Domestically, automotive remains to be the cornerstone for growth, led by the EV. EV is seeing a surge because of the fuel price increase. The figures are in public domain, the way the EV vehicle industry is growing, and we are well integrated into that system with the electronics on the vehicle and the charging infrastructure. We are also growing significantly in the coming years, this year it may not be very big, into the ecosystem of the data centers, which would be the power management and the cooling systems for the data centers. We are beefing up our Bangalore facility and dedicating certain areas to cater to this business. Early days, but we are very confident that this will scale up significantly in the coming years. Bijay, if you would like to add anything. Lovely. We are done. Thank you very much, sir. Just to clarify, just to double-check here, we are expecting the growth rate to continue at about 30% or did you mention that there is a high base effect where the growth could moderate? No, what I said was that current year we are achieving what we have guided, rather exceeding what we had guided. Going forward, we are very confident that at least for the next three to five years, five years is a very faraway figure, but for 2027, 2028, 2029, and maybe thereafter, we are on track to achieve 30%-35% growth rate. What I said was, the global customers which we have onboarded have a potential of further giving a bit or sort of an uptick to this growth rate. Early days. I can't commit a figure to it, but they're giants. They buy billions worth of electronics. They have the potential for us to grow at even a faster clip. I can't comment and commit today because we are yet to start series supplies to them and all those things. The geopolitical situations, how they pan out in the coming years. The trend today is that people are looking at diversifying the electronic supply chains. India is one of the preferred destinations. Thank you very much, sir. Just a follow-up on that. On the exports, you mentioned that the momentum is very strong. Is it concentrated in any few verticals like industrials or MedTech, or are you seeing a broad-based traction here? Beyond the supply chain shift away from China, what is driving specifically this for Syrma? Is it largely existing global customers giving wallet share gains, or is it a significant new addition on the export front? See, on the export front, currently the composition is broadly between industrial and MedTech. Broadly a little bit in RFID, which goes into different applications, and little bit in auto. We crossed INR 120 crore mark in auto exports last year. Some of the new clients which we have onboarded belong to the automotive sector. Going forward, I believe automotive sector, and vertically, industrial and MedTech- IT also would be the driver for the export growth. That's very clear. Thank you very much, sir, and all the best for your future execution. Thank you. The next question comes from the line of Archit Shah with 360 ONE Capital. Please go ahead. Thank you for the opportunity, and congratulations on a good set of numbers. Sir, my first question was that your presentation mentioned that your net working capital and your working capital loan increased because you have some early ramp-ups in some customers. Is that built in in our growth, like the confidence that you are seeing of increasing your growth from 35%? Does that also include that, or is it just first quarter performance that gives you confidence so that can be more growth achievable on early ramp-up? Borrowing increased primarily because of higher working capital investments and mainly led by higher inventory carrying right now in this quarter. There was a certain supply chain constraint and also faster ramp-up of the customers. On the faster ramp-up side, this is primarily on the consumer segment. That's where we are seeing a higher consumer segment mix in this quarter and higher volume mix for that particular set of vertical here. Here, generally, like instead of full year even distribution, we have seen a faster ramp-up from few of the customers here. Also, on the auto segment side, the customers whom we have onboarded last year, this quarter, some bit of a faster ramp-up we are expecting from those clients seeing their order book visibility now. That's where we are preparing for this year. I hope that answers your question. Yeah. Sorry, just a second question, sir. Where are we on different segment right now? What could it be of overall contribution in this year and next two years? How can the ramp-up look like? Are we also getting new customers on our own onboard, or we are only relying on customers that Elcom has? On the defense vertical, I think it's early days. It has been six months since we have acquired that company majority stake. We are very confident that going forward, this sector, defense portfolio, would continue to give 30%, 35%, 30%, 25%, 35% growth rate. As I said, we had acquired a platform for the defense setting. We are in a sort of dialogue or search for beefing up the portfolio in this company. We would not, in the coming three to five years, will not rely only on the existing offerings of Elcom. We would definitely be adding more technologies or offerings to the menu, and so that we can cater to a broader spectrum of customers. Early days today, I think let's wait for six to nine months to have a better grip over what all we'll be doing in the defense. Short term, we'll be growing on the portfolio of Elcom, but we'll be definitely adding more products and services or offerings to this menu. Okay. Sir, just one last question. On this current quarter's growth in auto and also 100% in healthcare and fixed consumer, within that, is there any particular customer we have increased wallet share or is it just early ramp-up in consumer? Also, which product might have seen a larger growth, like say in auto, is it at EV we are making more inroads? Within consumer, it is at BLDC motors or anything that we are making more inroads, any such thing? I'll just broadly answer and then Bijay can take the detail. Yeah. Automotive, I think we are seeing a big traction in the EV. The growth has come from expansion of business from the existing customers, plus adding a few customers which will significantly grow in the coming quarters. They may not have added too much to this. One major growth area in the automotive is the charging. You classify it as automotive, isn't it? Yes. Yeah. Automotive charging, that business has seen an uptick compared to the last year. Very bullish on the automotive sector, and with the addition of a global customer, not in this year but in the next year, we expect that this sector would continue to see this strong traction. On the consumer, Bijay, I think you have the details. Automotive, yes, EV is growing faster. That's where we see a lot of new customer onboarding also and the business growth also together. Consumer, again, our telecom business is growing in this quarter. This has shown up maybe faster or maybe early kind of schedules here in this quarter. Apart from that consumer business, our ODM business also has grown into the consumer segment, which is more of a water purification business. That has also shown a good traction into this quarter. Similarly, on the MedTech side, apart from that healthcare side, apart from that MedTech business, this quarter, our RFID solution business going for MedTech end user, healthcare end use, has also grown significantly. On the industrial segment side, I have updated that smart metering business is slightly lower in this quarter, Power supply are good, Defense is also maybe subdued in this quarter. Most importantly, IT sector business is also growing at a very faster pace. There are a lot of IT assembly businesses, what we are currently doing. We are also targeting to do the domestic motherboard manufacturing also gradually there. We also have a C-DAC approval in our favor, which helps us, or maybe with basis which we are eligible to design and manufacture server motherboards also, which we are already in process of working with few select clients already. Thank you. Ladies and gentlemen, we will take that as the last question for today. I would now like to hand the conference over to Mr. J. S. Gujral, Managing Director, Syrma SGS, for the closing remarks. Thank you. I think Q1 has laid the foundation for a sustained growth in the coming quarters and the coming years. As we have all the time been saying that we are very focused on execution. I think that has started paying results, we should be reaping even better benefits in the coming quarters and the years. As I said, the management is very focused on building our institution and having a long-term objective. We have our internal plan for the next five years, where we want to be, what we want to be. We are going in that way in a very structured and strategic fashion. The geopolitical situation continues to be an area of concern, not for us, but it is a global thing. I think if the industry, despite these turbulences, is able to demonstrate a healthy growth with margins, I think full credit to the industry as a whole. I am speaking from the industry point of view, not from the company's point of view. Apart from that, I think we have focused greatly on our ESG. Though not mandated, we have been awarded the gold medal by EcoVadis, which rates us among the top five percentile companies in terms of ESG. So we are very mindful of our responsibility to the society and environment. Again, not mandated by any regulation, we have signed up with SBTi, it is an initiative based out of England, to set our targets for emission and carbon footprint for the next 10 years. So our team is in dialogue with them to set the targets. I think one point would highlight the whole thing. We have a senior executive, president level executive, looking after ESG. That I think shows the intent and the focus which the senior management team, led by the board, has on ESG. Going forward, I think we are well entrenched to integrate ourselves with the global supply chains. The work in progress is to further beef up the ODM business. I am only talking of the existing EMS business, beef up the ODM business, we are strengthening our capabilities in that sector. With Jaidit Brar joining us, he brings with him a very 360 view of the business, coming in from a consulting background. He is not mired by a myopic view of production-led manufacturing. I think that will place us in good state in the coming years. Semiconductor continues to be an area of focus, but we are in no hurry to jump into the bandwagon till we are sure about the credibility of the partner. Because it is an industry which is notorious for its requirement of deep pockets and fast-changing technologies. So we do not want to burn cash and our fingers or whatever, until we are sure about the credibility of the partner. We are currently in dialogue with several of them, but since nothing is concrete, I am not in a position to commit anything. I can only commit the management is focused that we should be a part of the semiconductor supply chain, but within the red lines drawn by us. I think our team has done a phenomenally good job, I would like to, this medium, thank the entire team of Syrma SGS, all the value partners, whether they are our channel partners for supplying, for technology, the bankers, everyone. Last but not least, the investors who have reposed confidence. We had that tough couple of years in the beginning, but I think the worst is behind us, and we are on well on track to be one of the recognized Indian global EMS companies. Thank you very much. Thank you, sir. Ladies and gentlemen, on behalf of Axis Capital, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.