Ladies and gentlemen, Good day and welcome to the Tube Investments Q3 FY25 earnings conference call hosted by IIFL Capital. 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 then zero on a touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Anupam Gupta from IIFL Capital. Thank you, and over to you, sir. Yeah, thanks, Diksha. Welcome everyone to the Q3 FY25 results conference call for Tube Investments. From the management, we have Mr. Vellayan Subbiah, Executive Vice Chairman, Mr. Mukesh Ahuja, Managing Director, Mr. A. N. Meyyappan, Chief Financial Officer, Mr. Jalaj Gupta, CEO, TICMPL, Mr. K. R. Gopalakrishnan, CFO, TICMPL, Mr. Shivdeep Singh Jamwal, Division Head for TPI, Mr. Sivakumar, Division Head for Metal Formed Products Business, and Mr. Yuvaraj Gopalan, Division Head for TIC. To start off with, I'll hand it over to Mr. Vellayan Subbiah, and after that we can move over to the Q&A. Over to you, sir. Thanks Anupam and good morning everybody. I just go through results for the quarter. In a fairly flat quarter, revenue in Q3 was at INR 1,910 crores compared to INR 1,898 crores for the same period last year. The profit before tax was at INR 212 crores. That was against INR 210 crores in the same period last year. ROIC for the quarter was 43% compared with 54% in the previous 10-year period. And free cash flow for the quarter was. In terms of each of our businesses. The engineering business had revenue of INR 1,212 crores compared to INR 1,229 crores in the corresponding quarter. The PBIT was at INR 156 crores as against INR 150 crores in the corresponding quarter. The metal form business had revenue of INR 400 crores compared to 392 in the corresponding quarter last year and PBIT was at 40 as against 47 in the corresponding quarter. Our bicycle business had revenue for the quarter of 142 crores compared with 147 crores in the corresponding quarter, and the loss was at negative 1 crore as against 8 crores in the corresponding quarter. Others had revenue of 252 crores compared to 219 crores, and PBIT was at 11 crores compared to 14 crores in the corresponding quarter. At a consolidated level, revenue for the quarter was at 4,812 crores as against 4,197 crores in the corresponding quarter, and the profit was at 427 crores as against 395 crores in the corresponding quarter. CG Power, a subsidiary in which the company holds a 58% stake, had a consolidated revenue of 2,516 crores as against 1,979 crores, and the profit before exceptional items and tax was at 235 crores as against 264 crores in the corresponding quarter. Shanthi Gears, in which the company holds a 70% stake, had revenue of 158 crores as against 126 crores in the corresponding quarter. And profit before tax was at INR 35 crores as against INR 24 crores in the corresponding quarter of the previous year. So Anupam, let me stop with those comments like we said and we'd be happy to turn it over to everybody for Q&A. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star 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 Nirmam with Unique PMS. Please go ahead. Hi, sir. Thank you for the opportunity. So my question is we have seen that the market leader in EVs has shifted the entire scooter portfolio to chain. So are we present in this market? And so do any of our OEM customers also plan to shift the EV scooters to the chain drive? As of now, development stage, which may be, let's say, even IC scooter earlier as well as EV scooter is not using the chain drive. But however, there's one OEM which is working for converting the belt into the chain. But there is an initial stage of development. Okay, and so does this also bring back a focus to the China market given that China might not get obsolete at all with EV? Yes, it will not get obsolete because motorcycle growth continues at the same time. Maybe last the replacement cycle may be even if you consider about two to three years for chain replacement. There is a huge population of vehicles available in the aftermarket area. So we don't think at all the chain market is going to get obsolete. Okay. So yeah, thank you. That's it from my side. Thank you. The next question comes from the line of Anupam Gupta from IIFL Capital. Please go ahead. Yeah, thanks for the opportunity, sir. The first question is on the clean mobility business. If you look at both the three wheeler as well as the truck side, the VAHAN data suggests that the volumes were up QoQ for third quarter versus second quarter. But the revenues have seen a decline QoQ INR 146 crore going to INR 127 crore. So, what explains that difference in the revenue side of it? Yeah, so our volumes for. I'll talk about the three-wheeler business. Our volume for Q3 was the same as our volume for Q2. Whereas the TIV there was an increase of over 19%. This increase was primarily on account of festive season like Diwali, etc., where the impact is more in the north and the west states. Our stronghold in terms of the market presence is more in the south. We held on to our market share in the South States. That explains as to why our growth was not in line with the growth of the TIV which was led primarily by the north in the west states. This is all the three-wheeler business. But our volumes were the same for Q2 versus Q3 as well as the truck business is concerned against 42 trucks which were commissioned or delivered in quarter two. We were able to do 36 numbers in Q3. So combination of these two extends the drop in the top line for Q3 vis-à-vis Q2. Understand? Understand. Okay. And what would this be? The main reason why the losses would have also gone up or losses also has a component for the new launches which are coming up. Yeah, this is Gopalakrishnan. So you know, basically, you know, in three wheeler business, the PM E-DRIVE, the incentive benefit got reduced earlier. You know, in Q2 it was INR 50,000 per vehicle as the quantum of the eligible vehicle got limited got exhausted. You know, industry per se, I'm saying. So you know, there was a reduction in incentive benefit by INR 23,000 per vehicle. So it was having some impact. The second one is, you know, we have commissioned China Tech Centre in Shenzhen. So you know, basically, you know, there is a technical service fee which is, you know, absorbed, you know, sort of the product development expenses and in case of tractors and you know, smaller commercial vehicles. Basically, you know that we are in the process of, you know, commercializing the operations and we are getting to startup production kind of more. You know, since the manpower is being ramped up in both the businesses, there was an increase in fixed cost to that extent. You know, other product development spend also has gone up between two, two to two, three. Okay, okay, understand. And just continuing on the small commercial vehicle. And I think that you also launched a cargo variant in the Bharat Mobility show. How soon should we see this at the dealership level for these two new products? The plan is that in quarter four, both small commercial vehicle as well as the cargo, the super cargo, we will be seeding in the market in quarter four. The full-fledged commercial sale we will begin from April of 2025. Okay, understand. Fine. This is helpful. So the second question is on the metal formed product business. What we see there is that the margin trajectory has been pretty weak for this business compared to what we were doing, let's say three, four quarters back. So what is driving the correction in margins for the metal formed product business? Especially since railways anyways was missing for the last many quarters also. So what is the trend there? So like you mentioned, one reason is railway because of the pricing coming down. Second reason is the PV growth was little down in the quarter three because of the model change and the year change which the rear frame business maybe has not done. We have done good in line with the market but maybe that segment was not doing good in the quarter three and that resulted into a little bit drop in the margin and we should come back. So, but what should be the, let's say, normal sustainable margin for metal formed? Assuming things are on track, then what should be your margins? Which one should a ssume there? At the PBT level? We'll continue to go around 10% -11% band. There will be the margin. Okay, okay, fine. I'll come back in the queue, sir. Thank you. Thank you. Before we take the next question, a reminder to all participants, and you may press star and one to ask a question. The next question comes from the line of Abhishek Ghosh from DSP. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. So just in terms of the engineering division, you know the top line has been fairly muted. Is it because of the correction in the metal prices or has the volume also been muted? And also if you can help us understand on the exports piece, given the overall challenges that one is seeing in the overseas economy, is that also impacting our exports volumes and revenues? So as of Q3 impact of the exports volume and we continue to do whatever engineering division was doing close to around 19%-20% of the exports. So that momentum continues. But going forward maybe let's say seeing the uncertainty and all those things, maybe environment is volatile and we'll see. But as of now, as far as engineering division is concerned, we enjoy good relationship with all the OEMs. So, we expect that to continue. Okay, so then what's the reason for this muted performance? Is it more led to lower domestic volumes or is it a function of metal prices? How should we look at the overall? It is a function of the metal price. Okay, so in volume terms you would have still seen healthy growth. Is that a right assumption, sir? Yes, we have grown in the volume terms around 7%-8%. Okay. Okay, thanks. So just in terms of the EV part of the business from a three-year roadmap, while you may have some market shares in mind but in terms of your own assessment, you think is it a combination of both margin improvement and market share or is there a more focus on getting the market shares for the first two, three years and then indigenize and then get to profitable route? If you can just help us articulate from a three- to five-year perspective? Thanks. Initially, since all the four businesses are in their initial stage of product life cycle, of course the focus would be more on improving the market share and the numbers with a definite eye on the margins as well. But between the two the focus would be more on improving our presence in the market and pay attention because it's a market which is evolving and there is continuous aggressive work which is going on to improve our realization in the market and also to look at reducing our BOM cost as well, which is a time taking process. But initial focus would be to improve our numbers and market share. Just to add, I would say that ideally with the two products that are already in the market, we'd like to at least get to operating breakeven in the next financial year and obviously kind of the other two products will still require investment. Okay, okay, that's helpful. That's helpful. Thanks sir. We have also seen a fair amount of increase in the depreciation in the current years. If you can help us with the CapEx that's incurred in nine months and for maybe for FY25. How should we look at the CapEx? You are talking about? I'm talking about the standalone business. Yeah, standalone. As of December we are done. 293 crore of Capex. The question is in the increased depreciation. Yeah Depreciation is because of the higher CapEx only. We also invested in Nasi consultant, and Nashik has started depreciation right now in. This quarter and that's the major reason for the increase in the depreciation. Nashik will be which product? It's CRSS product. So obviously kind of a lot of the CapEx has been in the engineering business and they kind of and there as demand picks up, we will basically and those businesses start to scale, we will see growth in that business. Okay, got that. Revenue growth and margin. Okay. So you have that visibility and that's why you're investing now because you are seeing that whenever things pick up you want to be ready for that. That's the way to look at this business. Yes. And the other, and obviously, kind of one of the things we've started to do in each of the businesses is regionalize more. So when Meyyappan talks about steel strips, we basically now are the same business that we have. I mean the same manufacturing capability we have in the south, we've now moved that to the west and similarly, so basically in tubes now we have presence in the north, west and south. And so basically we want to kind of have regional presence to reduce logistics costs and therefore improve margins based on each of the products and also our ability to serve customers quicker basically because we're aware of the proximity to them. Got that. Okay, so thank you so much and wish you all the best. Thank you. Thank you. Thank you. The next question comes from the line of Jeetu Panjabi from EM Capital Advisors. Please go ahead. Hi. Thanks for this call-in. I have a question for you which is a bigger picture question. You've seen a slowdown across the entire segments, all segments of the economy and the business. You've seen a lot of pressure across. Even globally you're seeing cyclically things are weaker. How do you read it in terms of what are the things that you would be doing to neutralize it to differently and kind of think through how do you navigate the next 12 months in your mind and what could you do differently? Yeah, so I think again we got to our preference in some of this is to take a slightly longer term view. Right. And I do believe that longer term things are still intact. I mean obviously kind of there are macro uncertainties with what's happening locally, especially with kind of the changes in the U.S. But I think as far as we are concerned the thesis remains kind of intact. Which is like the core businesses, we need to look at a certain amount of diversification from them because otherwise we do see challenges and kind of maintaining the levels of growth that we're used to. But I do think that the broad thesis is continue to invest, diversify a bit and things will continue to kind of support the growth. I especially think in India, things will continue to support the growth. I know there have been some negative reports of late, but I feel that India has enough strength to go into areas of growth, especially using India as a domestic consumption base and then using that as a way of getting to global market. So I don't think that that thesis is fundamentally. I still think that that thesis is intact. Okay. And is there anything like, in this environment, would you do anything differently? Like, I mean, is the communication to the operating teams any different, or are you looking at newer opportunities where you think there's going to be more tailwind that is going to be more exciting going forward because of whatever changes the environment is seeing? Yeah, I'll tell you, I mean, if you separate out kind of, you know, the, you know, so if you take kind of the TI's core businesses, I mean, I almost put things in three buckets, like kind of TI's core businesses looking at opportunities for growth and what we should be doing from like a prudent perspective. Right. You know, TI's core businesses, obviously, you know, what the numbers are reflecting is kind of a level of flatness where we would have expected kind of, you know, more growth in the third quarter. That growth did not come. That growth, you know. So basically the question is, when will that growth come back? I don't think we have the answer to that, but I would just say that when the growth comes back, we're ready for it now. So from that perspective, kind of. I always think that timings for expansions can never be perfect, but the important thing is that we kind of have expansions in the ground now on the engineering business, which will be able to kind of make use of that growth when it comes back. The second is obviously a level of softness on the export markets. But I just think that that just means that we have to intensify our efforts in those markets. I definitely think that the export markets have to be a growth sector and will continue to be a growth sector for India. Third, in terms of new opportunities and how we look at them, I think my broader concern is that a lot of the new opportunities, especially we look at inorganic, tend to be kind of very, very steeply priced right now. Right. So I don't think it's the time to kind of get into too much of that at this stage. Right. Because of kind of the pricing of kind of where most opportunities or assets are today. So I don't know if that covers broadly. No, that does. In fact, the point I was also. Trying to check, are there acquisitions? Opportunities in this weaker environment that might be there, and I hear you say that they're not priced rightly yet. That's correct. Okay, thanks so much, Vellayan. Good wishes to you and the team. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask a question. The next question comes from the line of Jinesh Gandhi from Ambit Capital. Please go ahead. Yeah, hi sir. Continuing on the export side. So given that there are talks of increased tariffs in the U.S., can you first talk about what is our exposure of exports to the U.S.? And secondly, how do we see this opportunity from the U.S. Market perspective given currently India at least is not part of those tariffs being put on. So how do you see that opportunity? So we particularly as a company, we do about 35%-40% exports to the U.S. market and but the relationships are a little longer. Only half of those relationships are with the OEMs which require the long product cycle for the approvals and all those things. We don't see a challenge there. But coming to the balance, it's distributor side we depend small how the tariff will be going forward, which none has. The answers can be a watchful point. Okay, but currently our exports are largely driven by engineering business. Do you see opportunities in other segments as well? Like metal form and industrial chains as well? Yes, we see opportunity in the other parts of the segments. One is the bicycle business. We see the opportunity for bicycle as well as in the metal formed part we see opportunities. We're doing some product development. If it changes in terms of E bikes there is opportunity. Got it, got it. So what would you say that the 20% export target which we were talking about has some upside risk as exports get more broad-based across businesses? So like Mr. Vellayan was mentioning, we are ready maybe in terms of the capacity for the domestic as well as exports market. And work is on the product development side. And like Vellayan said, that area of growth opportunity lies still in the exports. Got it. And second question pertains to the eLCV which we showed at the Expo. We were also taking bulk orders there. And so any feedback from your dealer partners and the order booking which would have taken on the eLCV. So there were memorandum of understanding which were signed with the logistics provider and those were for the deliveries in the next fiscal. As I said as an answer to the previous question in quarter four, we are planning for to seed in vehicles with some of these customers and other customers as well. So it is right now premature for any feedback on the product is concerned. But as far as the overall appearance, aesthetics and the looks of the product is concerned from Auto Expo we have got a very, very positive response from all the stakeholders from customers, financials, dealers and even the competition as well. Okay, but any quantum of MoU signed in terms of number of deliveries which are planned for FY26 based on their MoUs? It is not zero. Yeah, yeah. We'll be premature to comment on that, but we have a decent number of MoU which has been sent. Got it. Okay. That's all from me, sir. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask a question. The next question comes from the line of Rushabh from RBSA Investment Managers. Please go ahead. Hello. Yeah, the first thing I just want to understand, we are expecting some certifications in the medical devices for the export market. What is the status and what is the expected growth trajectory here? I think it's slightly below but what we're expecting earlier. Sorry. Because of the name change of the company which has taken a quarter or two extra, we expect that entire CE certification to get over by Q4 and after that we expect a good growth because customer relationship by the seat distribution is happening, is already getting built up. So we expect that to give us. Growth credentials going forward and my second question was to Mr. Vellayan, just want to understand from your end what is the reason for the acquisition of the Hubergroup through this private investment arm other than any of the listed entities. And my related query was what is the framework to decide what type of businesses or sectors would be done to the private arm versus the listed entities? Just a broad thought process. Yeah. So I think the broader way to look at it is one of business platforms. Right. Which is if a platform is in a totally new segment, then it will not make sense to kind of in one of the public entities that are basically. I mean. So for example I would see TI is kind of predominantly. TI was predominantly kind of automotive and then we have some industrials in it. But when we look at an area like Inks and Chemicals, which is totally process driven and kind of chemistry driven, it obviously doesn't fit in any of the existing platforms today neither the listed entity showed that. So if it's a new business platform we will do it outside of the listed company. But if it's something that in the existing platforms then we will do it within the platform. So would the promoter have sufficient bandwidth given your full involvement in the retail entities? That is. Is that not a concern given you might acquire more entities in the pipeline as well. So how do you see this? Absolutely. I mean, I think the bandwidth question has always been asked. I think, you know, in all honesty, the bandwidth question was asked, you know, even when we kind of, you know, were growing one company at a particular pace, then it became two, then it became three. But I think that even if we don't grow from a leadership perspective, I mean, it's basically the opportunity that the country offers today. Right. That there is that level of growth. And if you believe that we are growing as leaders, then we have to be able to handle additional bandwidth. Right. As part of the process of growth. Okay, thank you. Obviously what we've done at that point, if you look at how we started, at one point, you know, I was running Chola or I was running TI. Now each of the businesses have their own CEOs and we have a whole structure to basically kind of support the level of growth that we aspire to. That's very much helpful. Thank you. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Salil Desai from Marcellus Investment Managers. Please go ahead. Thank you. Hi gentlemen. My first question is on the three wheeler volumes which were impacted by the subsidy regime undergoing some changes in the quarter. Now, given where we are in terms of visibility. Sir, may I request that you use your handset, sir. Your audio is slightly muffled, sir. All right, I hope it's better now. So my question is on the subsidy regime change which kind of impacted three wheeler volumes. So given where we are today in terms of visibility on availability of some of these subsidies, where do you see volumes, say the next 12 months or so? And related to that is where would you see profitability if there are production costs going up because of fewer subsidies? So any visibility on these two aspects? The subsidy part which Gopal mentioned was to the answer on the profitability. But as far as the three wheeler volumes are concerned, the electrification of the three wheeler market is improving with every quarter is the data that we have. April to December, about 25% of the total three wheeler passenger market is what it is, you know, electrified or you know, what gets sold as electric. So we see a very positive upside in terms of the electric three wheeler, both passenger as well as the cargo is concerned. And as regards our plans, we have also aggressive plans both in the passenger segment as well as in the cargo segment which we will seed in quarter four and scale up our volumes in starting April. How does the profitability get impacted given whatever changes you would see the subsidy regime goes through? Yes. So that would be a challenge industry-wide, not only for us broadly what. Right. What I think we are targeting in the next financial year is to see if we can get to operational break-even in that business. And this target, irrespective of whatever the external means in the sense that subsidy would be. So, we're already kind of beginning to understand and factor in what we think we will get off the subsidy because that's very clear for three wheelers and then basically make our plans around that both in terms of volume planning and what we need to do on the cost side to deliver. Got it. Secondly, on this China Tech Centre, if you could throw some more light on what the plans are and if maybe an example with where this could benefit you in terms of whether it is. Pricing product at this stage. So it's too early to kind of even figure out. So it's an early investment at this stage. So I think let it develop and then we'll have more commentary on that. Sure. And lastly, in terms of funding available at TICMPL, I'm sure the fundraising numbers were a pretty large amount, but now we have, I think, from a loss point of view, almost INR 600-650 crores till date, and if the current quarter is a 100 that you could expect the next couple of quarters. Then, if you could just give us a sense of where or how much funding is remaining. Any plans to maybe look at some more de-risking? We feel very comfortable that we have enough runway for at least two more years. At least two more years with the funds we have it. All right. Okay. Thank you. Thank you very much. Thank you. The next question comes from the line of Nishit Jalan with Axis Capital. Please go ahead. Hi. Thank you. Thank you for the opportunity. My question is a top down on the whole electric vehicle space that you are looking to enter. I think we started into this business in the last two years and have made reasonable progress in some segments. So just wanted to hear your thoughts. In the last two you would have made certain plans when you started this business. Do you think you are on track or? There have been some disappointments on an overall basis and still wondering, trying to understand what is the right to win or cube in this business. Right. Because incumbents have now started even in the two-wheelers. We have seen that happening now in three-wheelers also. I think Mahindra, Bajaj and all have been fairly well. So just wanted to understand what is the right to win for Tube or why will through tube succeed? What will make you succeed in these segments? Yeah. So some thoughts around this one. Thank you. So first on overall direction, right? When we started what we said is we'd like to deliver $1 billion in revenue by 2029. And I still believe that that, you know, and profitable. Right. So basically what we've said is kind of a profitable $1 billion in revenue by 2029. I do believe that that thesis is very much intact and I do believe that we'll be able to deliver that. Second, in terms of your question on kind of how will we be able to compete, honestly I think that the market is just beginning to play out. We're still in very early days in terms of how the market will play out. You talked about three wheelers. Broadly. The way I look at it is if you take the heavy truck for example, at this stage there is no other player that basically has that product in the market today, and I believe that we'll have at least another year of being the only player, so we will have the chance to basically develop a good starting position, but I actually think even what's happening in three wheeler is encouraging because of the percentage of the market that's moving and that starts happening when two or three players get into the segment, so basically there I would that we are too and we are aspiring to particular kind of market share that we will get to in that product, and I do think that because obviously kind of the incumbents have an advantage in terms of the presence and geographic presence in terms of dealerships and distribution. But I do feel that we will be able to overcome that and get to kind of our stated internal market share target, though it will still take. I mean, so we get to a certain percentage of that target in the next financial year and then perhaps get the target kind of in the financial year after that. Right. So that's 26, 27. But we've always taken a long-term perspective to this and I do feel that the thesis is totally intact from that perspective. Okay. Okay, thank you. Just one follow-up here. I think a few quarters back in the phone call you did highlight that right now we are doing more of an assembly and over a period of time the idea is to build R&D capabilities in the battery pack and some of the other components. So just wanted to understand where are we in that journey? How have we increased our R&D team? Any particular components where you think we have started to build in-house capabilities, especially on the BMS, battery pack? Any of these components where you are really close to getting them in-house? Yeah. So just to give you a sense, now we have over 250 people in R & D, and to start, just talk about components and what we're beginning to do at a component level. So pretty much for the truck, and I would say for the truck, all battery packing is basically going to be done in-house. And for the small commercial vehicle as well, we're going to do batteries in-house for ourselves, battery packing in-house for ourselves. So that process has started, but I think the more relevant thing is what happens at the component level. And we've now taken a two-year path to basically where we believe that a lot of the control units, whether the MCUs, the VCUs, the telematics, a lot of that will be developed. We will have our own capabilities. So the development process for that has started and I do believe that that's going to be a significant advantage because once you get your own capability there, both on the hardware and software front, both from a cost perspective, because those components are significant in terms of the BOM and from a market advantage perspective, having your own capability, there will be a huge differentiator. Thank you so much and all the best. Thank you. Thank you. The next question comes from the line of Prolin Nandu with Edelweiss Public Alternatives. Please go ahead. Yeah. Hi Vellayan, thank you for giving me this opportunity. A few questions from my side. The first is while you mentioned that on, let's say TIC and some of the inorganic growth opportunities, valuations are quite expensive. But when we look at the TI 2 part of our business, do you think in, let's say next couple of years you want to focus on scaling up the business where you have already seeded some investment into or we will hear something in some of the new segments as well. And within that investment which you have already seeded, which is the business which you are most optimistic on in terms of the size and profitability part. Yeah, so I mean, so first off, I think what you stated was correct, that a lot of the focus is going to be on growing the existing businesses that are part of, you know, part of TI2 and you know, but I think in terms of your question on which one are we most optimistic about? I'd like to say that, you know, we're fairly optimistic for all the businesses. Obviously there are different growth rates. Right. And kind of, I would say so you have the TI mobility that is further along on that growth journey. And that's why I said that, you know, it becomes quite important for us to look at achieving that operational breakeven on a couple of businesses there because then that gives us further impetus to push it into the next level of growth. But obviously we're fairly optimistic for all the businesses going in. Sure. Thank you. And again, on the investment side, as to how you decide between your public companies and your private arm and in the past also you have answered this question that let's say if we talk about investments or how you will see new businesses in your listed companies, it would be more on capabilities of those companies. And then also on a case to case basis, anything changes Vellayan on that part or it still remains the same. And is it the case that right now maybe in the segments where you want to probably enter into, whether it comes to inorganic part, things are expensive and in let's say a CG Power maybe there the visibility of near term in terms of investments are slightly more than Tube. Is that a fair way to look at things or that's not a right assessment? I think you already came back to. You answered it a bit in terms of saying that right now the focus is more on the TI2 part from TI perspective, and we've got so I mean obviously kind of this is one of the challenges where depending on what we did, investors would also ask us the counter question. If we got into like seven new verticals within TI, then the question would be why are we getting into seven new verticals? Right. So definitely kind of the focus now needs to be to deliver on the current businesses we've got. What I've always said is kind of at best we can add one more vertical that we had. But otherwise kind of TI has its hands full with the current businesses and our focus needs to be on how we grow these businesses. Similarly, you can see from CG, we made two big investments there, the semiconductor, both on the packaging side as well as the design side. And so basically once you've got in, then I think the focus needs to be on kind of growth within those segments versus adding new verticals. And so then that comes back to the thesis on why we would not distract some of those companies with new areas versus keeping it in private entities. Sure. That's it from my side. Vellayan, thanks a lot and all the very best. Thank you. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Anupam Gupta from IIFL Capital. Please go ahead. Yeah, thanks for the opportunity again. So just a couple of questions. Firstly, on the EV business, in one of the calls I think a few quarters back you had also mentioned that exports can be an opportunity for EV business as well given the sort of costing we are able to achieve for trucks here. So how do you look at that exports for all the four categories which you are looking at, let's say in the next two, three years, do you plan to go outside India for these products as well or how do you look at that? Yeah, so I would say that the first thing, Anupam, is so we are exploring, but I would actually say that so definitely because of two- to three-year horizon. Yes, I do believe that we will look at it, but like I said, first is to establish a good solid position here. But you're definitely right. In a two- to three-year horizon, we will look at that as well. Understood. And the second question, if you can just quickly update on the two things. So it is a small investment. So it's a Moshine. If there is any change we have been able to achieve so far given the tough market. And also, secondly, on the optical lens business, if there is any update on that. Moshine, we have not been able to. I mean we've not been able to kind of and honestly kind of the whole electronics segment continues to be a segment that, you know, I would honestly say that we've not been able to have that much success. So the Moshine business, definitely it was a small investment but we've not been able to basically get it to any scale predominantly because we still see a lot of that supply chain is controlled and managed by China, in China. So I think that's definitely been a huge learning for us on the electronics side I think it is, it still continues to be an area we explore but it's definitely going much, much, much slower than we thought we could basically kind of scale. That's predominantly again I would say around learning curve on some of the new businesses and our ability to get some of these new businesses up to productivities and yields that allow us to get to the cost points. So Moshine, we understand that it's supply chain tough to break in. But optical lens, is it more of a production issue or what is the issue which is plaguing the scale? Up here there are a limited number. Of customers that are basically willing to just source at a lens level from India. Right. Okay. So basically we have two choices. One is to kind of double down and go into the lens modules also ourselves and then be able to kind of get to a lens module, a full camera module and then be able to send that to a customer. So that is one choice. The second choice obviously is to just sell the lens to people who will then assemble into a lens module. And that's where there are limited customers and that's the path we've been taking now versus basically going up the chain to the camera module just because we don't have the comfort again like I said, to match Chinese pricing. And if we don't have that comfort we don't feel comfortable yet making that capital investment and going all the way to camera module. So we want to basically see if we can get to efficiency level with the limited customers we've got. Right. That then would give us comfort that we could expand this product. But till then we're not going to be able to expand on this. Sure. Yeah. That's all from my side. Thank you. Thank you. Thank you. The next question comes from the line of Samyak Jain with Marcellus Investment Managers. Please go ahead. Hi sir, thanks for taking my question. Just two questions on the EV distribution side. Firstly, can you please update us on? The dealer related dealership counts and what is our target to take it for FY25 and FY26? Okay, so for three-wheeler business we have 88 operational dealers, and we are planning to ramp it up aggressively and maybe look at 100-plus dealers by end of this fiscal. We have aggressive plans for the next fiscal which may not be appropriate at this point of time to share. When it comes to our small commercial vehicle business we have issued about LOIs in our shortlisted cities, and we hope that those dealers will be operational by the end of this financial year. For the tractor business, likewise we are looking at about 10 dealers by the end of this financial year. This is about the three businesses where we are going to operate through the channel. Understood. And sir, in terms of your expansion plans of the dealerships, are you prioritizing any particular geography like the north, east or west or is it we are expanding pan India level. So how do you think about in terms of expanding the dealerships prioritizing or throughout India? Yes. So, it is varying from business to business. So, for example in practice we have identified the states where we will be primarily operating in based on various factors and it is those states that we are focusing in as far as expansion of channel is concerned. Likewise for small commercial vehicle business also we have identified cities and geographies where we feel that Electric Small Commercial Vehicle will have a very natural pull and therefore those are the cities that we will be focusing on. So, it will all depend on which are the priority market and states, and accordingly our network strategy will also get driven by that. Understood, sir. That's it from my side. Thank you. Thank you. Thank you. The next question comes from the line of Vipul Kumar Shah with Sumangal Investment. Please go ahead. Hi, sir. Thanks for the opportunity, sir. What will be the CapEx for electric vehicle for next year? We are looking at close to INR 300 crores kind of a capacity across all the, you know, four businesses. Across all the products. All the four. Yeah, yeah, yeah. Sir, would you repeat the sales figures for all the products which you had at that time? My line was disconnected, so would you repeat? You indicated a number of products sold for trucks. For trucks. Yeah. So, truck it was 42 and our. For three-wheeler business it was 1837. Okay, sir. Thank you very much and all the best. Truck was 36. My mistake. Not 42, Truck was 36. Thank you, ladies and gentlemen, as there are no further questions from the participants, I'll now hand the conference over to the management for closing comments. Yeah, no, I think from our perspective we have nothing specific from our side, thank you.