Greaves Cotton Limited — Q3 FY26

Greaves Cotton Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=pdOBNblw7yI Published: 3 months ago

0:00 Ladies and gentlemen, good day and welcome to the Q3 and 9month FY26 earnings conference call for Greavves 0:08 8 seconds Cotton Limited. As a reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:20 20 seconds Should you need assistance during the call, please signal an operator by pressing star then zero on your Touchstone phone. 0:28 28 seconds I now hand the conference over to Mr. 0:30 30 seconds Parak Sadput, MD and group CEO, Grief Scoten Limited. Thank you and over to you sir. 0:40 40 seconds Thank you very much. Uh good afternoon everyone and thank you for joining us on our Q3 earnings call. I'm going to start 0:48 48 seconds off by giving you an overview of our performance and execution on strategy for Greavves Cotton Limited. I will then 0:56 56 seconds hand over to Vikas Singh who will talk about the Greece electric business and we will be followed by Akila 1:03 1 minute, 3 seconds Balachandran who's our CFO and then we will open up for questions. So let me get started. 1:10 1 minute, 10 seconds So I'm really pleased to share that Greavves Cotton delivered a strong and steady performance in the third quarter at a consolidated level. Our revenues 1:19 1 minute, 19 seconds grew year on year and our margins expanded. This was driven by consistent demand and disciplined execution. 1:28 1 minute, 28 seconds This growth was broad-based spanning both our core and investeve businesses. 1:34 1 minute, 34 seconds Like I said, a little while later, Akila will walk you through the financial details. Last quarter, we introduced Gree.next. 1:43 1 minute, 43 seconds This is our strategy to build a trusted, innovative, and future ready engineering solutions company. Through this 1:50 1 minute, 50 seconds strategy, we will be focused on delivering reliable products, sustainable technologies and customercentric innovation. 1:59 1 minute, 59 seconds So this quarter, our focus has been firmly on execution that is translating that strategy into action. 2:08 2 minutes, 8 seconds We focused on strengthening our core businesses by building organizational capability which will lay the groundwork for sustainable and profitable growth. 2:20 2 minutes, 20 seconds For the core businesses, we have three priority areas. First is the energy solutions. 2:26 2 minutes, 26 seconds Here we are strengthening our genens platforms and expanding our aftermarket and service network so as to deliver 2:33 2 minutes, 33 seconds dependable and high efficiency energy solutions across the market. 2:39 2 minutes, 39 seconds In the second area, mobility solutions, we are building a diversified fuel agnostic portfolio through deep 2:46 2 minutes, 46 seconds connections with OEMs, sharp execution and development of advanced powertrain capabilities. 2:54 2 minutes, 54 seconds This also includes strengthening our aftermarket retail presence and scaling our components business under Excel control linkages. 3:04 3 minutes, 4 seconds Thirdly, in industrial solutions, we are scaling engineering applications by expanding into adjacent categories and 3:11 3 minutes, 11 seconds leveraging our deep manufacturing and design strengths. So those were the three priority areas. 3:20 3 minutes, 20 seconds Let me come to the performance during this quarter and I'll start with energy solutions. 3:26 3 minutes, 26 seconds So the outlook for India's Genset market remains robust and we expect a demand growth of 10 to 12% CAGGR in the next 5 3:35 3 minutes, 35 seconds years. This is supported by long-term structural drivers such as infrastructure and industrial expansion, 3:42 3 minutes, 42 seconds urbanization and power reliability challenges particularly in the rural and semi-urban areas. 3:50 3 minutes, 50 seconds To drive our growth ambitions in energy solutions, we have moved to a more customer- ccentric organization structure under our new strategy. 3:59 3 minutes, 59 seconds This is built around four zones and we bring together sales, service and spares under one organization. This is already 4:08 4 minutes, 8 seconds improving our execution quality, our responses, responsiveness to customers and the engagement we have with the customer. 4:18 4 minutes, 18 seconds In line with this drive and to enhance the value we provide to customers over the lifetime of the gen set, we also 4:26 4 minutes, 26 seconds launched a retail annual maintenance or AMC offering across the country. 4:33 4 minutes, 33 seconds So in terms of performance, energy solutions delivered a 21% year-on-year growth in the first nine months of this 4:40 4 minutes, 40 seconds year and within that the spares and service actually grew 40% yearon year. 4:45 4 minutes, 45 seconds This shows the success of this integrated approach we have implemented under the new strategy. 4:53 4 minutes, 53 seconds Turning now to mobility solutions which includes automotive engines, aftermarket retail, engineered components and the related services. 5:03 5 minutes, 3 seconds Here in the from a market perspective, the auto industry is expected to grow 6 to 8% in 2026 5:11 5 minutes, 11 seconds and it is supported strongly by the GST 2.0 zero and the easing monetary conditions. 5:18 5 minutes, 18 seconds We also continue to see a structural shift in the fuel mix. In the three-wheeler segment, the transition to CNG and electric vehicles, which we have 5:27 5 minutes, 27 seconds been tracking closely, has been more gradual than we expected and we see that diesel will still hold an 18 to 20% 5:35 5 minutes, 35 seconds market share and it has continued to do so in the first nine months of this year. 5:40 5 minutes, 40 seconds So this remains a meaningful opportunity for us in the medium term. While the EV adoption is accelerating, we believe 5:48 5 minutes, 48 seconds that the multiple fuel technologies will coexist for an extended period. 5:54 5 minutes, 54 seconds Also, our export OEM partnership continue to be a key growth driver. Our exports to Europe including the supplies 6:02 6 minutes, 2 seconds to leisure contributed to a strong quarter and remain a good endorsement of our product quality and competitiveness. 6:12 6 minutes, 12 seconds If I come to retail aftermarket business as a part of the greavves.net Next strategy, we made a very deliberate 6:20 6 minutes, 20 seconds portfolio choice, trimming and exiting some of the non-core segments so that the team could sharpen the focus and 6:27 6 minutes, 27 seconds improve the returns on the core business within Excel control rel uh linkages. 6:34 6 minutes, 34 seconds The overall growth of the business was impacted by softer exports especially due to geopolitical factors. 6:42 6 minutes, 42 seconds However, we saw very good uh and encouraging growth in the domestic OEM business we have here. We continue to 6:50 6 minutes, 50 seconds work closely with our OEM partners with an effort to move up the value chain expanding from standalone products more 6:58 6 minutes, 58 seconds to integrated solutions such as assemblies beyond control cables. So taking all these developments together 7:05 7 minutes, 5 seconds for the mobility solutions, our revenues grew 15% yearonear in the first nine months of this year. 7:14 7 minutes, 14 seconds I will now move on to the industrial solutions which includes the special purpose engines for applications such as firefighting and marine. While the 7:22 7 minutes, 22 seconds global macroeconomic environment remains mixed here, demand for missionritical application continue to be resilient 7:31 7 minutes, 31 seconds over the medium-term. We expect a steady demand across the engine categories. 7:36 7 minutes, 36 seconds This segment therefore delivered a more muted 3% year-on-year growth for the first nine months of this year. 7:46 7 minutes, 46 seconds Some highlights. We are pleased to secure a direct defense supply order during this period and to enter into agreement with a European customer for the supply of FMUL certified engines. 7:58 7 minutes, 58 seconds Both of these developments they strengthen our order book but also are an endorsement of our capability and credentials to supply to these high demand industries. 8:09 8 minutes, 9 seconds So that was the performance of the three areas that we we are focusing on under Greavves.net. Next, from a strategic 8:17 8 minutes, 17 seconds standpoint, we continue to advance Greavves.next, which is a multi-year transformation framework, and it is 8:24 8 minutes, 24 seconds aimed at positioning Greavves Cotton as a trusted, innovative, future ready engineering solutions company. 8:31 8 minutes, 31 seconds As I explained in my last call with you, the international business will be a key strategic priority and it will be a 8:38 8 minutes, 38 seconds significant growth lever across the three areas I talked about. So exports has contributed to 14% of the revenues 8:46 8 minutes, 46 seconds in the first 9% of this year and this reflects a consistent traction across the global market. 8:55 8 minutes, 55 seconds We have also strengthened our dedicated and international teams and we are now actively engaging with some geographies 9:02 9 minutes, 2 seconds which we have prioritized so that we can scale this further. 9:07 9 minutes, 7 seconds Alongside this customerf facing initiatives, we are also investing internally, especially in capability building. 9:15 9 minutes, 15 seconds I'm pleased to share that Greavves Cotton received two prestigious recognitions during this quarter since we last spoke. The first one which we 9:24 9 minutes, 24 seconds are really proud of is we were recognized as the best governed company in the listed segment emerging category and this recognition comes from the 9:32 9 minutes, 32 seconds company secretaries of India, the institute of company secretaries in India. So it's very prestigious and we are very proud to receive it. 9:40 9 minutes, 40 seconds Secondly, we also received the best process control award from Stanley Black & Decker which recognizes excellence 9:47 9 minutes, 47 seconds among all his global suppliers. So Greavves was chosen from across thousand suppliers for the best process control. 9:54 9 minutes, 54 seconds Again something which the teams are very proud of and work very hard for. We believe these awards validate our focus 10:02 10 minutes, 2 seconds on strong governance, a quality culture and a disciplined process excellence. 10:10 10 minutes, 10 seconds Looking ahead, we remain confident in achieving our targeted growth of 16 to 20% CAGGR in organic growth and this 10:19 10 minutes, 19 seconds will be driven by accelerating our core strengths, building new capabilities and selectively expanding into adjacencies. 10:27 10 minutes, 27 seconds A rigorous operating system and governance cadence underpin this approach and it ensures clear targets and accountability. 10:35 10 minutes, 35 seconds Our strategic priorities remain firmly on track and we continue to make targeted investments in R&D and manufacturing including fuel agnostic 10:44 10 minutes, 44 seconds engines, advanced gen sets and rare earth free motors. 10:49 10 minutes, 49 seconds Over the coming years, we have earmarked 500 to 700 crores towards new technologies, product development and capacity expansion. 11:00 11 minutes I will now conclude saying that Q3 was a quarter of steady and broad-braced progress. We delivered 11:07 11 minutes, 7 seconds a healthy growth. We improved the portfolio resilience and continued the momentum across our strategic priorities. 11:15 11 minutes, 15 seconds I'm now going to hand over to Vikas to talk about G electric. Over to you Vikas. 11:22 11 minutes, 22 seconds Thank you Farag. U a very good evening ladies and gentlemen. Uh thank you for joining us today on our earnings call. I 11:30 11 minutes, 30 seconds will provide a brief overview of brief's electric mobility performance and recent exciting developments before we open the floor for your questions. I'm pleased to 11:39 11 minutes, 39 seconds share that quarter 326 was a period of progress for Greens electric mobility marked by sustained volume growth market 11:46 11 minutes, 46 seconds share gains and continue geographic expansion across both our electric two-heer and three-wheeler portfolios. 11:53 11 minutes, 53 seconds In the electric two-heer segment, uh Wahan volumes grew 40% quarteron quarter to over 18,000 units driven by new product launches and network expansion. 12:05 12 minutes, 5 seconds This translated into a market share improvement from 4.1% in quarter 2 to 5% in quarter 326 12:13 12 minutes, 13 seconds positioning us as a top six player in India's E2heer market. We have now crossed the 2.5 lakh cumulative sales 12:20 12 minutes, 20 seconds mark demonstrating market capture during this festive season. 12:24 12 minutes, 24 seconds What is particularly encouraging is the depth of our regional market penetration. We achieved market leader position in Bihar with a 21.5% market 12:34 12 minutes, 34 seconds share and across the following markets Tamil Nadu, Bihar, Orisa and West Bengal which together represent approximately 12:42 12 minutes, 42 seconds 21% of the national market we hold around 13% market share. This validates our build for bat strategy products 12:51 12 minutes, 51 seconds engineered specifically for Indian terrain climate and duty cycles. 12:56 12 minutes, 56 seconds The Magnus grand launch early in the quarter drove strong retail traction with onground deliveries in Delhi 13:03 13 minutes, 3 seconds reinforcing dealer confidence and early demand signals. 13:08 13 minutes, 8 seconds Parallel efforts on dealer expansion and showroom refreshes across key markets has strengthened our retail presence and 13:15 13 minutes, 15 seconds customer reach. On the three-wheeler front, L5 Vahan volumes grew 33% quarteron quarter, marking the strongest 13:24 13 minutes, 24 seconds quarterly performance for our L5 three-wheeler business. Our diesel L5 three-wheeler sales also grew 18% 13:31 13 minutes, 31 seconds yearonear, demonstrating balanced growth across power trains. Regional launches of Elra City Extra in Gazabad, Kerala 13:39 13 minutes, 39 seconds and Bihar expanded our geographic footprint, reinforcing presence across northeast and south India. 13:47 13 minutes, 47 seconds Technologically, our commitment to the LFP battery chemistry continues to be a key differentiator, positioning us as the safety and durability standard in a 13:56 13 minutes, 56 seconds market increasingly crowded with priceless competition. 14:01 14 minutes, 1 second We have also strengthened customer access through strategic financing partnerships with alt mobility for B2B 14:08 14 minutes, 8 seconds fleet segments and Shirram Finance and perpetuity capital for retail financing addressing the needs of fleet operators, 14:16 14 minutes, 16 seconds delivery partners and MSME customers across both E2heer and E3 wheeler portfolios. 14:24 14 minutes, 24 seconds Looking ahead, our focus remains on disciplined and profitable growth. We are continuing to scale in markets where 14:31 14 minutes, 31 seconds we have demonstrated product market fit, expanding our retail presence in north and west India while continuing to 14:38 14 minutes, 38 seconds strengthen our foot for foothold in south and east regions. On the international front, we continue to 14:45 14 minutes, 45 seconds evaluate opportunities for exporting our products and building our presence in Nepal and Philippines. 14:52 14 minutes, 52 seconds In summary, quarter 3 full year 26 reflects continued momentum for Green's electric mobility, combining execution, 15:01 15 minutes, 1 second innovation, and customer focus with our product portfolio, localized manufacturing base and technologydriven 15:09 15 minutes, 9 seconds approach. We remain confident in our ability to play a meaningful role in India's transition to clean, connected and affordable electric mobility. 15:20 15 minutes, 20 seconds That concludes my remarks. I would now hand the floor over to Akila. Thank you. 15:28 15 minutes, 28 seconds Good evening all. Thank you Vikas. 15:32 15 minutes, 32 seconds Q3 marks the first full quarter of execution following the strategic direction we outlined in Q2. 15:39 15 minutes, 39 seconds As expected, this is an initial phase of implementation where actions taken during the quarter are focused on 15:46 15 minutes, 46 seconds sharpening priorities and setting the operating framework for the periods ahead. Against this backdrop, our core 15:54 15 minutes, 54 seconds businesses delivered steady and healthy operating performance during the quarter, reflecting the strength of the underlying businesses even as we begin executing on the new strategy. 16:05 16 minutes, 5 seconds While the benefits of the strategic initiatives will unfold progressively over the coming quarters, we are encouraged by the early signs and remain 16:13 16 minutes, 13 seconds focused on consistent execution and discipline delivery as we move ahead. 16:19 16 minutes, 19 seconds That said, I'm pleased to report strong and resilient financial performance for Q3 and 9 month FI26 with margin 16:28 16 minutes, 28 seconds improvement across consolidated and standalone financials. 16:33 16 minutes, 33 seconds During the quarter, our consolidated revenues for the quarter stood at 875 crores, increasing 17% yearonear. For 16:42 16 minutes, 42 seconds the 9 month FI26, consolidated revenue reached 2436 cr reflecting a 16% year-on-year growth 16:52 16 minutes, 52 seconds driven by broad-based growth across the businesses and consistent execution across markets. Our profitability 16:59 16 minutes, 59 seconds metrics improved significantly during this period. 17:04 17 minutes, 4 seconds Q3 FI26 standalone revenue of 575 cr with EIDA of 78 cr and PBT before 17:12 17 minutes, 12 seconds exceptional items of 74 cr. The standalone revenue grew 14% yearonear 17:19 17 minutes, 19 seconds while eida increased 18% yearon year resulting in a 13 basis point improvement in margins. As a separate 17:27 17 minutes, 27 seconds update, Q3 FI26 results reflects labor code related provisions arising from 17:35 17 minutes, 35 seconds regulatory implementation across the country. This impact has been appropriately recognized in the financials. 17:45 17 minutes, 45 seconds For 9 month FI26, our standalone revenue stood at 1,6667 17:52 17 minutes, 52 seconds crores with an AIDA of 232 crores. and PBT of 226 cr reflecting a 33% 18:00 18 minutes year-on-year growth in PBT and 150 basis point expansion in margins supported by 18:08 18 minutes, 8 seconds strong demand and cost optimization initiatives 18:14 18 minutes, 14 seconds as explained by Vikas GML also saw a strong momentum in Q3 FI26 18:22 18 minutes, 22 seconds driven by strong volume growth in Greece finance Since the managed AUM of financing business has crossed 18:30 18 minutes, 30 seconds approximately 441 cr as of December 2025. 18:37 18 minutes, 37 seconds Our balance sheet continues to remain strong with Greece cotton net cash being net cash positive and a minimum level of debt at the overall consolidated level. 18:49 18 minutes, 49 seconds As outlined earlier, our planned investments are fully aligned with our strategic priorities, focusing on R&D and technology upgrades, capacity expansion, and digital tools. 19:01 19 minutes, 1 second In summary, Q3 marked revenue growth across all business segments, margin expansion and strong strong cash 19:10 19 minutes, 10 seconds generation while maintaining financial strength that we remain continue to remain 19:16 19 minutes, 16 seconds focused on operational efficiency and working capital discipline leading to a returnsled prudent capital deployment. 19:25 19 minutes, 25 seconds With this I hand over to Par. 19:29 19 minutes, 29 seconds Thank you Akila. Uh let me give you the concluding remarks before we open up for questions. So in closing, our forward 19:37 19 minutes, 37 seconds path is very clear. We remain focused on execution, discipline, growth and cash generation. 19:43 19 minutes, 43 seconds Our priorities remain unchanged. They are expanding market share, growing international business, building 19:50 19 minutes, 50 seconds capabilities, and ensuring every project delivers a strong return on investment. 19:57 19 minutes, 57 seconds We are cautiously optimistic about the business environment and confident in sustaining the momentum. Q3's strong 20:04 20 minutes, 4 seconds performance reinforces confidence in our strategy and leadership. 20:10 20 minutes, 10 seconds As we advance Greavves.next, we will remain aligned around the key metrics and maintain transparent communication. 20:18 20 minutes, 18 seconds Grief Cotton stands on a strong foundation with a diversified portfolio, a robust execution engine, and a clear 20:25 20 minutes, 25 seconds strategic direction. We thank our investors for your trust and support and look forward to building on this success 20:32 20 minutes, 32 seconds in the quarters ahead. So, let's open up for questions now. 20:37 20 minutes, 37 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask questions may press star and one on the touchstone 20:45 20 minutes, 45 seconds 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 questions. 20:55 20 minutes, 55 seconds Ladies and gentlemen, we will wait for a moment while the question Q assembles. 21:02 21 minutes, 2 seconds To ask questions, please press star and one. 21:08 21 minutes, 8 seconds The first question is from Dhu Zubalia from Prospero Tree. Please go ahead. 21:15 21 minutes, 15 seconds Uh hello sir, am I audible? Hello. Yes, you're very much. 21:23 21 minutes, 23 seconds Yes. Uh thank you for the opportunity. 21:25 21 minutes, 25 seconds Uh I know that Gree Electric has filed and SE has approved the DRP but uh I would like to know when will Gre 21:34 21 minutes, 34 seconds electric uh achieve cash break even and uh how much cash is available to continue this uh loss making business. 21:47 21 minutes, 47 seconds uh here. 21:48 21 minutes, 48 seconds Thanks bro for the question. As you're aware, we have already filed the DRHP and we have got an approval. We 21:57 21 minutes, 57 seconds currently in the process of working on the IPO and in the course of time you will surely come to know about the relevant timelines. 22:08 22 minutes, 8 seconds uh as regards cash available with the business uh that is the purpose of the IPO and if 22:16 22 minutes, 16 seconds you have read through the I the the documents we will be raising approximately a primary of thousand 22:24 22 minutes, 24 seconds crores which will be utilized for funding the growth aspirations of Greece electric mobility thanks okay question. 22:37 22 minutes, 37 seconds Hello. Yes. 22:41 22 minutes, 41 seconds Huh. Uh, so I would also like to know what are the ESOP cost to Greavves. 22:54 22 minutes, 54 seconds You're talking of Greavves Cotton. Yeah. 22:57 22 minutes, 57 seconds Yes. Greavves cotton. What is the ESOP cost that is incurred by the company? 23:07 23 minutes, 7 seconds So we have an ESOP scheme which is approved both by the board and the shareholders and all the details of the 23:15 23 minutes, 15 seconds scheme are in the public domain. Uh as uh decided by the nomination and 23:22 23 minutes, 22 seconds reminerations committee. the resops get allotted wasted and granted to the key 23:29 23 minutes, 29 seconds management personnel and the others who are approved by the NRC. Uh the exact cost of this uh maybe we can share it 23:39 23 minutes, 39 seconds with you on a separate note. 23:44 23 minutes, 44 seconds Okay. And uh my last question is that I would like to uh know the revenue generated by uh the subsidiaries and the aida for each subsidiary. 23:59 23 minutes, 59 seconds Sure. See these details will be uh available while we we are sharing currently the consolidated 24:08 24 minutes, 8 seconds revenues and the investor debt clearly gives out most of the information you ask for. The audited financials for each 24:17 24 minutes, 17 seconds individual subsidiary will happen on an annual basis. There's anything specific that you would like to know? uh I 24:26 24 minutes, 26 seconds request you to send us an separate email and we can answer it on a onetoone basis. 24:34 24 minutes, 34 seconds Uh okay ma'am u thank you. Thank you. That's all from my side. 24:41 24 minutes, 41 seconds Thanks bro. Thanks very much. 24:45 24 minutes, 45 seconds Thank you. Before we take the next question a reminder to participants that you may press star and one to join the question queue. 24:53 24 minutes, 53 seconds The next question is from Zaki Naser from Naser Investments. Please go ahead. 25:02 25 minutes, 2 seconds Sir um congratulations on uh uh a very decent set of uh QT numbers and for uh 25:11 25 minutes, 11 seconds explaining the uh future of um core grief. So well uh my question to you is 25:17 25 minutes, 17 seconds sir uh our competitor and um comments has given a very strong commentary on 25:24 25 minutes, 24 seconds the data center AI center kind of uh demand coming in from the Indian markets. What are your thoughts on these 25:32 25 minutes, 32 seconds this area sir because what they would be doing re also would be doing a part of it sir. So my your thoughts on this and 25:41 25 minutes, 41 seconds um my next question would be to either uh Vicas or Akira Kim uh what would see 25:47 25 minutes, 47 seconds we are doing 18,000 uh numbers on the uh two wheelers what would be a break even 25:54 25 minutes, 54 seconds uh number would it be 25 30,000 bikes of water kind of stuff and u um I mean I 26:02 26 minutes, 2 seconds think the IPO is coming closer because it's been a year uh because these two businesses would be separately worth much more than uh CB and wave together. 26:13 26 minutes, 13 seconds So your thoughts on these three uh things sir? Thank you. 26:19 26 minutes, 19 seconds Thank you Zaki and uh thanks for your good wishes on uh on the execution of our strategy. As you remember we when we 26:28 26 minutes, 28 seconds met we explained to you how we are going to go ahead with real next and this is the first full quarter of execution and 26:36 26 minutes, 36 seconds I will reiterate what I said in my opening remarks I am very happy with the way the team has u rallied around this 26:44 26 minutes, 44 seconds new strategy and the numbers speak for themselves uh within the energy solutions 21% growth uh over last year 26:51 26 minutes, 51 seconds in the first nine months I think it's very healthy uh to your specific question around the opportunity for data centers. Yes, that's indeed a very 27:00 27 minutes attractive space. It was already for the last few quarters something we were actively looking and working on. But now 27:08 27 minutes, 8 seconds with the recent announcements in the budget, it is going to be even more interesting to go after. So we I would like to confirm the industry view that 27:15 27 minutes, 15 seconds that's a very very interesting opportunity area for our energy solutions business. And with this new strategy and the way we have structured 27:24 27 minutes, 24 seconds our team, we stand uh in a very good position to go after that segment of business. 27:31 27 minutes, 31 seconds So let me take the second question on the 18,000 numbers and also the break 27:37 27 minutes, 37 seconds even. So yes, I think uh uh if you also refer to Vikas's commentary uh we have 27:45 27 minutes, 45 seconds been increasing market share consistently uh and this quarter as per Wahan data we 27:51 27 minutes, 51 seconds have touched 18,000 plus units uh we have a very strong path to profitability 27:59 27 minutes, 59 seconds but given the stage where we are on the road to IPO uh I would not be able to comment any further on that over a 28:08 28 minutes, 8 seconds period of time definitely all your questions will get answered sir. 28:13 28 minutes, 13 seconds Thank you ma'am and um um best wishes for the upcoming IPO because I think Gree and Gree EV will be worth much more 28:22 28 minutes, 22 seconds separately. Thank you and if you can ma'am would EV be a subsidiary or associate of Greece cotton once the IPO happens? 28:34 28 minutes, 34 seconds The intention is definitely it will uh not it will definitely remain a subsidiary but we will go below the 50% 28:44 28 minutes, 44 seconds shareholding but all those are outcomes which only post IPO one can really give a definitive answer so I will hold 28:53 28 minutes, 53 seconds myself till then thank you best wishes thank you thank you 29:01 29 minutes, 1 second before we take the next question. A request to participants to please limit your questions to two per participant. 29:08 29 minutes, 8 seconds For follow-up questions, we request you to rejoin the queue. The next question is from Krisha Cansara from Molecule Ventures. Please go ahead. 29:19 29 minutes, 19 seconds Hello. Am I audible? Yes, you are. Krisha, please go ahead. 29:27 29 minutes, 27 seconds Yeah, thank you. Uh, so my first question is regarding our gender segment. If you can uh tell us uh what 29:34 29 minutes, 34 seconds was the volume growth in this quarter if we compare yi 29:43 29 minutes, 43 seconds u so we we'd like to share with you the revenue growth which we have given I think it's a comparative sensitive information so we would stick with the 29:51 29 minutes, 51 seconds revenue growth and we have tried to split it into the aftermarket as well so our aftermarket is growing faster at 40% 29:57 29 minutes, 57 seconds and our uh overall revenue has grown by more than 20%. 30:04 30 minutes, 4 seconds Okay. Okay. Understood. Uh and so one question on Excel control linkage. U so 30:11 30 minutes, 11 seconds the growth has been very slow um you know since last few quarters and I think in our last conversation as well. You 30:19 30 minutes, 19 seconds mentioned that there were issues um with one of our client. Um so uh what is the 30:26 30 minutes, 26 seconds status on that? uh have those issues been resolved and uh you know when can we expect this segment to start registering the group that it used to 30:34 30 minutes, 34 seconds register uh you know before yeah no that's a fair point and I remember you asked me this question last 30:43 30 minutes, 43 seconds time so and I alluded to it in my opening remarks yes overall Excel numbers have not uh grown as we expected 30:52 30 minutes, 52 seconds but actually there are two parts to the business the domestic business and the export import business. So the domestic business has actually been quite good and it has grown in high double digits. 31:03 31 minutes, 3 seconds So which should be good because that is large part of the business. It is the export business which has witnessed headwinds and we see that is due to 31:12 31 minutes, 12 seconds geopolitics. We had a significantly large customer in Russia. the demand in that market is significantly impacted 31:19 31 minutes, 19 seconds due to the ongoing political situation there and also of course other opportunities were a bit on hold with the overall tariff discussions ongoing. 31:29 31 minutes, 29 seconds So I would say this quarter was a continued kind of headwinds in geopolitics for the Excel export business but from a 31:39 31 minutes, 39 seconds internal point of view the domestic business is very strong and is growing and our operations are very robust. So as soon as the geopolitical winds become 31:47 31 minutes, 47 seconds more favorable, we will be able to recapitalize on that business. 31:53 31 minutes, 53 seconds Okay. Um so can we expect uh this slowdown to continue for next few quarters or can you give just some sense on the Excel controlling page numbers 32:02 32 minutes, 2 seconds because I think that is a key growth drive one of the key growth drivers. 32:09 32 minutes, 9 seconds It is it is one of our interesting uh parts of our portfolio. So like I said the domestic part of the Excel business which is nearly twothirds of the 32:17 32 minutes, 17 seconds business or a bit more than 2/3 grew by 17% yearonear for the first nine months of this year that is heavily connected 32:25 32 minutes, 25 seconds to the MHCV commercial vehicle industry in India as we spoke there is a lot of tailwinds there due to the whole 32:32 32 minutes, 32 seconds industrial development and the GST 2.0 zero. So we expect that to grow in the next few quarters. The exports while we 32:40 32 minutes, 40 seconds have faced the headwinds in those specific geographies I talked about, we have now in place a dedicated international business team. We have 32:48 32 minutes, 48 seconds increased our um investments there and they are actively working to open up new markets especially in Europe because the 32:57 32 minutes, 57 seconds the market for Excel products is quite attractive in Europe with the recent announcements in improved trade 33:04 33 minutes, 4 seconds conditions between Europe and India that should also in the next few quarters become better. 33:11 33 minutes, 11 seconds Okay. Okay. Understood. Thank you. 33:16 33 minutes, 16 seconds Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue. 33:27 33 minutes, 27 seconds Ladies and gentlemen, to ask questions, please press star and one. 33:32 33 minutes, 32 seconds The next question is from Sana who's an individual investor. Please go ahead. 33:37 33 minutes, 37 seconds Uh hi, good evening sir and thank you for the opportunity. 33:43 33 minutes, 43 seconds So my first question is are you good evening uh evaluating any merger or strategic merger or acquisition opportunities currently? 33:54 33 minutes, 54 seconds Thank you for your question Sana and uh I'll refer back to the griefs.net strategy. We have been very explicit and 34:02 34 minutes, 2 seconds clear that yes we have three dimensions of our growth. We have accelerating the core. We have building new muscle which 34:10 34 minutes, 10 seconds is the organic growth part but we are also very actively looking at uh inorganic growth which is M&A and JV. We 34:19 34 minutes, 19 seconds have a dedicated a team since we launched the strategy to actively scan the market for attractive uh 34:26 34 minutes, 26 seconds opportunities which will be synergistic to our businesses and at the right time uh we will make that call and I can then talk about it also with our investors. 34:38 34 minutes, 38 seconds As we speak we are acting on multiple fronts and there are opportunities we are closely evaluating. 34:44 34 minutes, 44 seconds Okay. And sir, one more question I have like how do you ensure consistent product quality across businesses? 34:54 34 minutes, 54 seconds That's a very good question and thank you for asking it. I believe that is one of the core strengths of Greece. Uh 35:02 35 minutes, 2 seconds actually we are taking this call from our uh manufacturing plant in Orangabad. 35:07 35 minutes, 7 seconds We've just completed 50 years and this is where like I said in my opening remarks we have been awarded as a global 35:15 35 minutes, 15 seconds supplier by a reputed company like Stanley Black & Decker. Uh the manufacturing practices which have been 35:22 35 minutes, 22 seconds perfected over the last decade have been well ingrained in this plant and we are able to transfer that into some of the 35:30 35 minutes, 30 seconds new plants we are acquiring. A good example of that would be Excel. Since we have acquired Excel, especially in the last two quarters, we have been 35:38 35 minutes, 38 seconds transferring these practices and making sure that their process and quality standards remain very high. So I would 35:45 35 minutes, 45 seconds say when we look at M&A opportunities or uh JVS, this is one of the things we closely evaluate how could we take our 35:53 35 minutes, 53 seconds best practice and unlock synergies between the two companies. This is based on the very strong individual and process capabilities we have developed 36:02 36 minutes, 2 seconds in Greavves over the last decade. I would say. 36:06 36 minutes, 6 seconds Okay. Thank you so much for your answers, sir. Thank you. Thank you. 36:14 36 minutes, 14 seconds The next question is from Ankur Podar from Swan Investments. Please go ahead. 36:20 36 minutes, 20 seconds Hi sir. Uh my first question is regarding our um growth targets that we have given 16 to 20% CAGGR organic 36:29 36 minutes, 29 seconds growth. So can we um say which division are we seeing growth from like uh 36:35 36 minutes, 35 seconds segmental growth numbers and also for our inorganic growth are we like are there any transactions which we are evaluating. 36:47 36 minutes, 47 seconds So thank you for your question. Like I said in my opening remarks, the three areas that we focus on, energy solutions, mobility solutions and 36:56 36 minutes, 56 seconds industrial. Energy solutions has grown 21% yearonear for the first nine months of this year. Mobility solutions has 37:04 37 minutes, 4 seconds grown 15% yearonear and industrial solutions which has been slightly more muted has grown 3% year on year. uh 37:12 37 minutes, 12 seconds together we have actually achieved our target of being above 16% year-on-year growth and we believe that the portfolio 37:20 37 minutes, 20 seconds we have is well distributed so it is resilient and that gives us confidence that we can consistently meet the target 37:27 37 minutes, 27 seconds we have laid out of 16 to 18% CAGGR over the next few years that was organic growth in organic growth I just answered 37:36 37 minutes, 36 seconds uh the previous uh question saying that we have a dedicated uh Minity team which is actively looking at acquisitions in 37:44 37 minutes, 44 seconds in segments which are synergistic and uh adjacent to our these three areas we talked about and that will be on top of 37:53 37 minutes, 53 seconds the 16 to 18% organic growth. The size of those investments or acquisitions actually depend on which deals come to 38:00 38 minutes our table and which ones we decide to go ahead with. 38:06 38 minutes, 6 seconds All right, understood. And uh my next question is regarding our investment plan which we have given of 500 to 700 38:13 38 minutes, 13 seconds crores under grievance. So can you give us a breakdown of uh like annually what capex are we expecting next year and in FI28? 38:27 38 minutes, 27 seconds Uh so first of all where will we spend this money the 500 to 700 cr uh we have 38:34 38 minutes, 34 seconds under identified three specific areas that we need to spend the money in. One is product development because as we go 38:42 38 minutes, 42 seconds into international markets as we move into some of the high technology areas we need to continue to upgrade our products and develop new products. So a 38:51 38 minutes, 51 seconds good section of this will be spent on product development. Secondly on capability development uh manufacturing 38:59 38 minutes, 59 seconds capability uh also technological capability and this is automation in manufacturing this is digital. So that 39:09 39 minutes, 9 seconds uh is the second area and the third area is um expansion into new geographies because international business is going 39:16 39 minutes, 16 seconds to be a key area. So I could say that the first two which is product development and capability development 39:24 39 minutes, 24 seconds we have already started because we believe those are going to be at the core of our growth ambitions. 39:32 39 minutes, 32 seconds uh to be able to split it out. I would say between the 500 to 700 crores as we see it, it will be frontloaded. So we can see larger investments in the coming 39:41 39 minutes, 41 seconds first two years of this plan and then as we move forward, it will of course taper down because the investment will start to deliver a more specific breakup at this moment. We would not like to give. 39:56 39 minutes, 56 seconds Thank you. The next question is from Pratik Kotari from Unique Portfolio Management. Please go ahead. 40:04 40 minutes, 4 seconds Yes. Hi, good evening and thank you. Uh so one until last quarter we used to break this down into different segments 40:11 40 minutes, 11 seconds and we used to share a bit numbers for each of them. Do we intend same for the new uh divisions that we have energy mobility? 40:21 40 minutes, 21 seconds Uh until last quarter we used to share all of these numbers. 40:26 40 minutes, 26 seconds That's right. So last quarter we revealed the new strategy greavves.next. 40:31 40 minutes, 31 seconds there was a deliberate refocus of the company. We decided to uh prune our 40:38 40 minutes, 38 seconds portfolio in especially in retail and some of the engine business as well because we wanted to be focused on high growth segments and we wanted to become 40:47 40 minutes, 47 seconds more market oriented and customer centric as a company. So we have organized ourselves to focus on these three areas that I talk about which is 40:56 40 minutes, 56 seconds energy, mobility and industrial. So if you look at the investor deck which we have um uh uploaded this time you will 41:04 41 minutes, 4 seconds see the revenue split between these three areas already which we have given you 41:11 41 minutes, 11 seconds and no I'm asking about the operating profits thea margins that you used to share until last quarter revenue 41:20 41 minutes, 20 seconds yes yes so one of the reasons we were sharing the iida was sell was an 41:28 41 minutes, 28 seconds acquisition and we were progressively um increasing our ownership in Excel. We will complete that acquisition in the 41:36 41 minutes, 36 seconds coming quarters and then it will become a fully integrated part of the company and as the organization structure we are 41:43 41 minutes, 43 seconds now restructuring to be focused on these three segments. What we intend to do in the coming quarters is to also share 41:50 41 minutes, 50 seconds some leading indicators which will help the investor community uh have a early view on how the progress to strategy is 41:58 41 minutes, 58 seconds happening but we intend to reveal the IBIDA at the GCL standalone and the consolid. 42:06 42 minutes, 6 seconds Okay. Correct. Okay. And just if you can in more detail explain so so one is the industrial that has been ballpark at 42:15 42 minutes, 15 seconds this range 80 crores plus minus 23 for last few quarters. Uh so one what is happening there what are we doing to 42:22 42 minutes, 22 seconds solve this because again this is one of our high growth focus. Uh so one is that and second on the energy solutions I 42:30 42 minutes, 30 seconds mean you did call out the faster growth in aftermarket or after sales and spares. What takes of that? What is 42:36 42 minutes, 36 seconds going well? What is uh I mean when are we catering to more geographies, more products? Is it domestic? If if for both 42:44 42 minutes, 44 seconds of them you can break down what is going right in energy solutions and what we need to improve in industrial. 42:52 42 minutes, 52 seconds Good. I will I will answer that. Let me start with energy solutions. So you if you follow I mean consistently over the 42:59 42 minutes, 59 seconds last few quarters we have registered 20 21% year-on-year growth. What is going well within that? Um 43:08 43 minutes, 8 seconds uh yes you it's mainly domestic. Uh let me say at the moment the export business has not kicked in. So this growth is 43:15 43 minutes, 15 seconds mainly driven by domestic sales. We have u we have got a very strong position in 43:23 43 minutes, 23 seconds certain segments application segments which is um uh what we call infrastructure and residential which is 43:31 43 minutes, 31 seconds the medium range of gen sets. We have got a very good product offering and we are now expanding across the country 43:39 43 minutes, 39 seconds through more dealers and through our own sales teams. So that has driven the growth so far. In the coming quarters of 43:47 43 minutes, 47 seconds course we will continue with that but we expect to see a increase in our aftermarket and service business because we have invested in in the teams and we have invested in the technology. 43:58 43 minutes, 58 seconds A few quarters down the line as soon as the uh uh international business team comes up to speed, we expect that we'll 44:07 44 minutes, 7 seconds see an increase in our business from from identified export geographies there. So that is the plan in energy 44:14 44 minutes, 14 seconds solutions. If you come to industrial solutions, it is a mix of multiple applications. I would say some of the 44:22 44 minutes, 22 seconds interesting applications there, one which I'd like to quote is the fire pumps. The fire pumps uh we have a 44:29 44 minutes, 29 seconds dominant market share position there in India. Uh we have faced uh low growth I would say than expected in the last two 44:38 44 minutes, 38 seconds three quarters because overall the market has not grown as much but this is a segment which we see that as only as a temporary slowdown. It will pick up as 44:47 44 minutes, 47 seconds it is very closely linked to the infrastructure and especially expansion of the infrastructure into the tier three and tier four cities. 44:56 44 minutes, 56 seconds We also expect that this industrial solutions and fire pump especially there is a good opportunity to grow that business in the Middle East and Africa 45:04 45 minutes, 4 seconds and the new team we are building will be focused on that. So I could say that it will improve in terms of growth but our 45:12 45 minutes, 12 seconds main growth engines will be energy solutions and the mobility solutions and just as a as a data point and you 45:20 45 minutes, 20 seconds will also see that in our investor relations we have had the first success because we have signed a agreement with 45:27 45 minutes, 27 seconds the European customer for the fire pump application. 45:35 45 minutes, 35 seconds Thank you. The next question is from Nlesh Doshi from Prospero Invest Limited. Please go ahead. 45:42 45 minutes, 42 seconds Hello. Hello. Mr. We can hear. Am I audible sir? 45:52 45 minutes, 52 seconds Hello completely. Hi Nlesh. We can hear you. 45:58 45 minutes, 58 seconds Okay. Sorry. Sorry madam. So madam my question is related to G's electric mobility IPO because the as per the DRP 46:06 46 minutes, 6 seconds the large portion is the OFS. So how the balance amount comes to the subsidiary will help the subsidiary to achieve the break even. 46:18 46 minutes, 18 seconds Sure. So nles uh if you go through the DRHP we have a uh primary issue of 46:27 46 minutes, 27 seconds thousand crores and there is a breakdown of the utilization of this 1,000 crores. 46:34 46 minutes, 34 seconds Apart from this there will be an offer for sale. So it is not only an offer for sale it's a primary plus a smaller 46:44 46 minutes, 44 seconds portion pertaining to the offer for sale. So the monies raised from the primary will be directly infused into 46:52 46 minutes, 52 seconds Breeze electric mobility and this will a help them in their vision going forward and growth going forward. The details of 47:00 47 minutes the utilization as I said are very clearly spelt out in the DRP. 47:06 47 minutes, 6 seconds So madam madam if madam madam if I'm not making mistake the th00and cr r r r r r r r r r r r r r r r r r r r rupees comes to the greavves 47:14 47 minutes, 14 seconds electric mobility and the other portion the extra portion will go to the current promoter the gre kotan and other 47:21 47 minutes, 21 seconds promoter is it right that is correct that is your understanding is absolutely correct 47:29 47 minutes, 29 seconds okay madam so in in continuation to that that question sir madam our DRP is being approved in May 2025 and the steel IPO 47:38 47 minutes, 38 seconds has not come. So when the IPO is now planned or in any case if the IPO could not come what is the another alternative for the company to raise the fund. 47:51 47 minutes, 51 seconds Sure. So as you rightly said we have received the approval in May 2025 47:58 47 minutes, 58 seconds and we have a approval which is valid till for one year which is therefore till May 2026. 48:06 48 minutes, 6 seconds Uh we are currently as I said in the process of working on the IPO. 48:12 48 minutes, 12 seconds uh and since this is like work in progress and already in the public domain I am not uh sure that we are 48:21 48 minutes, 21 seconds looking at any plan B the plan A is to go for the IPO and we are working on that. 48:28 48 minutes, 28 seconds Okay madam and and in the in the current press release it is informed that the 500 to 700 cr rupees of the capex is 48:36 48 minutes, 36 seconds planned. Is it restricted to Greavves cotton or for the subsidiary also? It covers the grease cotton only or the subsidiary that 700 cr rupees. 48:48 48 minutes, 48 seconds This 5 to 700 cr that we talk about is for the core business of grease cotton which is in these three segments we talk 48:55 48 minutes, 55 seconds about in energy solutions, mobility solutions and industrial solutions and the fund fund mobilization from the 49:04 49 minutes, 4 seconds internal acrual or we'll go for the any debt raising or like that or uh what is the plan for the fund? 49:11 49 minutes, 11 seconds This is from internal. 49:13 49 minutes, 13 seconds So if you uh go through our financial results, we have approximately 49:20 49 minutes, 20 seconds uh 250 cr plus of cash on the books and therefore we are very confident and if you also see my results we are 49:29 49 minutes, 29 seconds generating c operating cash on a quarterly basis. We are comfortable that we will be able to fund this internally. 49:40 49 minutes, 40 seconds Thank you. 49:41 49 minutes, 41 seconds Next question is from Sakit Kapoor from Kapoor Company. Please go ahead 49:51 49 minutes, 51 seconds Mr. Sakit Kapoor. You may go ahead with the question. Yeah. Yes. Thank you. 49:55 49 minutes, 55 seconds Uh namaskar sir and thank you for this opportunity. In continuation to the earlier participant uh firstly ma'am uh 50:03 50 minutes, 3 seconds with respect to the the the IPO of the uh G mobility solution company when they 50:11 50 minutes, 11 seconds when we will be able to raise how will we then the equity structured uh in terms of promoter holding provided we 50:18 50 minutes, 18 seconds are able to raise something at a enterprise value but drawn value for 1,000 cr how will we then be uh the 50:26 50 minutes, 26 seconds numbers would be reflecting on the P&L of uh the uh the current existing company Graves Cotton whether we will be 50:33 50 minutes, 33 seconds line by line or only an associate company uh how will that uh shape up going ahead. 50:42 50 minutes, 42 seconds So thanks for the question but uh some of these are best answered post IPO 50:49 50 minutes, 49 seconds because all these will depend on the exact capital structure of the company post IPO and how it reflects on our 50:57 50 minutes, 57 seconds books. It is very premature for me to comment on it at this point in time. 51:04 51 minutes, 4 seconds Okay. And sir and then ma'am uh depending upon uh the the the fund that will be raised uh then the then the cash 51:13 51 minutes, 13 seconds flows and the dependence on the on the uh currently on the promoter company will not be required. So that was that 51:20 51 minutes, 20 seconds is the only uh fair understanding investors can keep in mind that by May we should expect that uh this uh 51:27 51 minutes, 27 seconds depleting of uh the profitability for the parent company because of consolidation and its financial support 51:34 51 minutes, 34 seconds uh to the uh to the mobility franchise will see and we will have fair fair understanding of the core core operations of the company. 51:48 51 minutes, 48 seconds That's a fair understanding, right sir? And taking into account uh the core business the our bread and butter where we are earning the cash 51:56 51 minutes, 56 seconds flow there there also sir there are there are challenges in terms of uh uh these engines being uh the ice engines 52:05 52 minutes, 5 seconds or the uh being run by uh the fuel diesel and that also being phased out in uh in in a manner going ahead. So what's 52:13 52 minutes, 13 seconds the current current strategy or the thought process of the management uh in terms of our whole and sole focus uh on 52:21 52 minutes, 21 seconds the on the on the most profitable segment and uh if you could just give some color or apprises on the same. 52:31 52 minutes, 31 seconds Yes indeed I definitely when we were working with the strategy before we launched it we of course did thorough 52:39 52 minutes, 39 seconds analysis not just of the current situation but how the market landscape will look in the coming few years because our strategies for the next 5 52:47 52 minutes, 47 seconds years. So on one hand yes diesel has seen a decline but what I can tell you is that uh we believe going ahead and 52:57 52 minutes, 57 seconds especially for the next uh 5 to 7 year period the fuel it will be a mixed fuel 53:04 53 minutes, 4 seconds portfolio that most companies will go for. So the the sharp decline we have seen recently especially for the automotive in the automotive industry in 53:13 53 minutes, 13 seconds the diesel will stabilize. Currently it's at around 80 to 20% of market. we expect it to only have a gradual 53:20 53 minutes, 20 seconds decline. But on the other hand, there are segments where we expect it will continue to be a dominant uh uh 53:28 53 minutes, 28 seconds technology. Uh let me take the genet segment. So due to the nature of the application uh the we believe that in 53:36 53 minutes, 36 seconds the near future in India in many of the developing countries genets will continue to be a very very important 53:43 53 minutes, 43 seconds part of the the supply and uh multiple uh studies we have done and external reports we have received show that there 53:52 53 minutes, 52 seconds is a 8 to 10% growth happening in this space. So that's on what will happen to the current portfolio. But we believe as 54:00 54 minutes Greaves we have already started working on the next level and started to see the benefits of that. To give you two or 54:07 54 minutes, 7 seconds three examples, one the Excel control linkages acquisition we did is a auto components or engineered components 54:16 54 minutes, 16 seconds business which helps to make our portfolio resilient. That is one. On the second hand, in our strong space of 54:24 54 minutes, 24 seconds three-wheers, we have already invested in electric powertrain. We are already supplying electric motors to the L3 and 54:31 54 minutes, 31 seconds now very soon to the L5 segment. We have strong technological partnerships with uh companies such as Charara which are focused on future rare earth uh motors. 54:43 54 minutes, 43 seconds So that's the second way we are making our portfolio more resilient. And thirdly, we have also opened up new application areas. A case in point is 54:52 54 minutes, 52 seconds the recent success we have had with um uh eur with a European customer called leisure where we are supplying not just 55:00 55 minutes the engine but the whole engine systems and systems around it for application of microars. 55:08 55 minutes, 8 seconds This application uh is quite uh it's a niche application we believe that will remain in place for the coming future. 55:15 55 minutes, 15 seconds So in that way we see that we will be able to deliver on the 16 to 18% growth that we have committed to in the greaves.net strategy with the portfolio and the plans that we have. 55:27 55 minutes, 27 seconds Hope that answers some of your questions there. 55:32 55 minutes, 32 seconds Thank you. The next question is from Rohan Meta who's an individual investor. Please go ahead. 55:39 55 minutes, 39 seconds Hello. Good evening sir and thank you for the opportunity. So you uh you spoke about uh inorganic opportunities. So uh 55:47 55 minutes, 47 seconds you know the CAGGR target that we have of somewhere around 15 to 20 odd percent over the next few years. Uh do you see a 55:54 55 minutes, 54 seconds break up of how much is expected from organic growth visav uh inorganic? 56:02 56 minutes, 2 seconds Uh thank you for your question Rohan. 56:04 56 minutes, 4 seconds The 16 to 18% target we have is for organic growth. Any inorganic growth we expect will be on top of that. 56:17 56 minutes, 17 seconds Thank you. The next question is from the next question is from from Du 56:25 56 minutes, 25 seconds Zobalia from Prospero Tree. Please go ahead. 56:29 56 minutes, 29 seconds Hello sir, thank you again for the opportunity. uh I would like to ask that uh since uh you mentioned earlier about 56:37 56 minutes, 37 seconds the Apex planning uh which will be for the core business but uh I would also 56:44 56 minutes, 44 seconds like to ask that since we have cash balance of about 250 K and uh in future we'll focus more on the capeex side for 56:53 56 minutes, 53 seconds the core business or for covering the losses for our subsidiary uh till the time the IPO is approved and launched. 57:06 57 minutes, 6 seconds I'm not sure I fully understood the question. The capex you have laid out the 500 to 700 crores is something that 57:13 57 minutes, 13 seconds we have planned for uh to help grow the core businesses and to achieve the growth of 16 to 18%. And we believe we 57:21 57 minutes, 21 seconds will be able to do that based on the way we are generating the cash and our current cash balance. 57:30 57 minutes, 30 seconds Thank you. The next question is from Satashi Bhachara. 57:38 57 minutes, 38 seconds Hello. Uh am I audible? Yes. 57:42 57 minutes, 42 seconds Uh so my question is on Greece Technologies. So initially it was a uh subsidiary company and now it is uh part 57:51 57 minutes, 51 seconds of the core business. So now I see that uh there has been hirings done from competitor companies which are in erd 57:59 57 minutes, 59 seconds space. So how do we plan to grow this particular uh business? 58:07 58 minutes, 7 seconds Thank you for your question. I think well noticed that uh greavves technology is an interesting asset we have. It was an acquisition we did a few years ago. 58:16 58 minutes, 16 seconds Uh what we see it's a very interesting niche. We employ about 400 highly skilled engineers there and we are 58:24 58 minutes, 24 seconds providing engineering and R&D services to some marquee customers in the automotive industry. Uh we now are 58:32 58 minutes, 32 seconds looking to see how we can leverage this asset that we have had. The first step is to use their skills to uh help grow 58:40 58 minutes, 40 seconds the Greavves core businesses. As you saw we have a lot of ambition on improving technology and becoming a future ready 58:48 58 minutes, 48 seconds uh engineering solutions company. So as a first we will use them internally and then of course we want to grow their external business. So the 16 to 18% 58:57 58 minutes, 57 seconds growth target I've given it kind of includes some of the upside we will see 59:03 59 minutes, 3 seconds from selling ENRD erd services as well but we see that as a good and core 59:10 59 minutes, 10 seconds component of the overall portfolio we have thank you very much due to time 59:18 59 minutes, 18 seconds constraints we'll take that as the last question I would now like to hand the conference over to Mr. Parakut for closing comments. 59:29 59 minutes, 29 seconds Thank you. Thank you very much. Uh I appreciate all of you for joining us today. Uh we appreciate your trust and your ongoing confidence in our journey. 59:38 59 minutes, 38 seconds We remain committed to delivering a strong performance and are excited about the opportunities that we see ahead. On 59:46 59 minutes, 46 seconds behalf of the full management team, I would like to thank everyone once again not just for the time but for the continued engagement. Thank you. 59:56 59 minutes, 56 seconds Thank you very much on behalf of Greavves Cotton Limited. 1:00:00 1 hour That concludes the conference. Thank you for joining us ladies and gentlemen.