Greaves Cotton Limited — Q4 FY26

Greaves Cotton Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=PExOQ6WNKN4 Published: 7 days ago

0:00 Ladies and gentlemen, good day and welcome to the Q4 and FY26 earnings conference call for Greavves Cotton Limited. 0:09 9 seconds From the management of the company, we have Mr. Parak Satput, MD and group CEO Greavves Cotton Limited, Mr. Vikas 0:17 17 seconds Singh, MD, Greavves Electrical Mobility Limited, and Mr. Manish Podar, CFO Greavves Cotton Limited. 0:26 26 seconds 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 0:33 33 seconds concludes. Should you need assistance during this conference, please signal an operator by pressing star then zero on your touchdown phone. Please note that 0:42 42 seconds this conference is being recorded. I now hand the conference over to Mr. Palag Sat MD and group CEO Grief Scoten Limited. Thank you and over to you sir. 0:54 54 seconds Thank you Darin. Good evening everyone and uh thank you for joining us today on this earnings call. Before I start the 1:02 1 minute, 2 seconds formal proceedings for the call, I would like to welcome our new he's joining our leadership team and he 1:10 1 minute, 10 seconds brings over 25 years of experience across financial leadership, strategy and corporate governance. As we enter 1:19 1 minute, 19 seconds this next phase of our growth under Manisha's deep financial expertise and strategic perspective will be invaluable. Welcome Manish. 1:29 1 minute, 29 seconds Thank you sir. I will start today by giving you an overview of our performance and the execution on the strategy for Greavves Cotton Limited. I 1:37 1 minute, 37 seconds will then hand over to Mr. Vikas Singh who will talk about the Greavves electric business. This will be followed by Manish as the group CFO giving you a 1:45 1 minute, 45 seconds financial update and then we will open the floor for questions. So let me get started. 1:52 1 minute, 52 seconds Uh I am pleased to share that Greavves Cotton delivered another quarter of steady and all round performance in Q4 FY26. 2:01 2 minutes, 1 second At a consolidated level, she recorded a year-on-year 22% revenue growth along with improved profitability. 2:10 2 minutes, 10 seconds This was driven by disciplined execution, strong demand across key segments, and continued momentum in our strategic priorities. 2:21 2 minutes, 21 seconds I'm also pleased to share that we recorded the highest annual revenue on a consolidated as well as standalone basis in the last 10 year period. 2:30 2 minutes, 30 seconds Breeze.next, our strategy to build a trusted, innovative, and future ready engineering company is progressing well. 2:38 2 minutes, 38 seconds Our focus this quarter has been on consistent execution and translating this strategy into measurable outcomes. 2:48 2 minutes, 48 seconds Through this, we have strengthened our core business and enhanced the operational capabilities laying a strong foundation for future sustainable and profitable growth. 2:59 2 minutes, 59 seconds As I have outlined earlier to this group, our strategy is anchored around three areas. energy solutions, mobility 3:06 3 minutes, 6 seconds solutions, and industrial solutions. Let me walk you through the performance of each of these. 3:14 3 minutes, 14 seconds I'll start with energy solutions. The focus here is on strengthening our Genset platforms and also expanding our 3:22 3 minutes, 22 seconds aftermarket and service network so that we can deliver reliable and efficient energy solutions. 3:29 3 minutes, 29 seconds The overall outlook for India's genet market remains strong. This is supported by infrastructure growth, industrial 3:36 3 minutes, 36 seconds expansion and an increasing demand for reliable power. 3:41 3 minutes, 41 seconds In this context, during Q4, our energy solutions business continued its growth trajectory, registering 18% growth. The aftermarket business grew by 23%. 3:54 3 minutes, 54 seconds Reflecting the success of the integrated serviceled approach we had put in place just a few months ago. 4:01 4 minutes, 1 second We also secured our single largest institutional order work 35 cr. This covers end to end delivery including 4:10 4 minutes, 10 seconds supply, installation, commissioning and long-term maintenance. This clearly demonstrate demonstrates our integrated solutions capabilities. 4:20 4 minutes, 20 seconds For the full year FYI26, the energy solutions business delivered a 20% year-on-year growth with the aftermarket segment outpacing at 35%. 4:31 4 minutes, 31 seconds Additionally, I'm happy to report the recent launch of a new product, a 650 KVA genet, which is based on an engine 4:39 4 minutes, 39 seconds developed fully in-house by our R&D team. With this, we have further strengthened our portfolio and are able 4:46 4 minutes, 46 seconds to address a wider range of customer requirements. Now moving on to our mobility solutions. 4:54 4 minutes, 54 seconds This segment includes automotive engines, after market retail engineered components and associate services. Our 5:02 5 minutes, 2 seconds strategy here is to build a diversified and a fuel agnostic portfolio through the strong OEM partnerships. 5:10 5 minutes, 10 seconds We will continue to invest in advanced powertrain technologies while expanding our aftermarket footprint and scaling the Excel control linkages products. 5:20 5 minutes, 20 seconds Here too, the auto industry had a good FI26. It registered a 9% annual growth. 5:27 5 minutes, 27 seconds This growth was supported by structural tailwind such as GST 2.0 along with a stable monetary condition. 5:35 5 minutes, 35 seconds While EV adoption is accelerating, we still see multifuelbased technologies will coexist for an extended period. 5:44 5 minutes, 44 seconds Against this backdrop, our automotive business delivered a 48% year-on-year growth in quarter 4. This was driven by 5:53 5 minutes, 53 seconds strong domestic demand for three-wheeler diesel engines and the continued momentum we have in exports of the Euro 5 plus engine. 6:03 6 minutes, 3 seconds In the aftermarket business, we sharpened our portfolio focus. The core business remained resilient. We 6:10 6 minutes, 10 seconds accelerated the retailer engagement onboarding approximately 350 retailers with a clear road map to scale this to 3,000 by FY27. 6:21 6 minutes, 21 seconds At the same time, we exited non-core and low return segments such as tour parts, construction equipment, and some select battery and digital platform businesses. 6:32 6 minutes, 32 seconds This was a deliberate step as part of our grief greavves.net strategy aimed at improving business quality and margins 6:40 6 minutes, 40 seconds by focusing on areas where we have a very clear right to win. We remained positive on this business given its asset light nature and strong margin profile. 6:51 6 minutes, 51 seconds In our engineered component business which is Excel, we have expanded our product range into the small commercial 6:57 6 minutes, 57 seconds vehicle segment and also started adding new geographies and customers. This improves diversification and the growth visibility for the business. 7:09 7 minutes, 9 seconds In addition, within mobility solutions, we are also advancing e- powertrain initiative. I'm pleased to share that we 7:16 7 minutes, 16 seconds have successfully supplied the first pilot batch of our rare earth three motors to one of our three-wheer L5 OEM 7:23 7 minutes, 23 seconds customers and are in advanced discussions for securing a firm order for supply within the year. Overall, 7:30 7 minutes, 30 seconds Mobility Solutions delivered a 16% year-on-year growth for FY26. 7:37 7 minutes, 37 seconds Finally coming to industrial solutions. 7:40 7 minutes, 40 seconds This segment includes special purpose engines for applications such as firefighting and marine. We continue to scale our presence by leveraging our 7:49 7 minutes, 49 seconds core strengths in engineering design and manufacturing across diverse applications. 7:55 7 minutes, 55 seconds While the macro environment here remains mixed, demand for critical application continued to be resilient. This segment 8:04 8 minutes, 4 seconds delivered a revenue growth of 15% yearonear for the quarter. We have also commenced execution of the defense order 8:11 8 minutes, 11 seconds secured in the pre previous quarter and onboarded new OEM customers in the agriculture segment. 8:18 8 minutes, 18 seconds So this was the performance of the three business segments that we are focusing on under Greece.next. 8:25 8 minutes, 25 seconds From a strategic standpoint though through our multi-year transformation strategy we are aiming to position Grief 8:32 8 minutes, 32 seconds Cotton as a trusted innovative and future ready engineering company. 8:38 8 minutes, 38 seconds Within this one of the key priorities is expanding our international business. 8:43 8 minutes, 43 seconds During this year we strengthened and realigned our international teams. We deepened our Euro5 plus engine exports 8:51 8 minutes, 51 seconds through partnerships such as leisure and expanded our presence across Europe, the Middle East and other markets. As a 8:58 8 minutes, 58 seconds result of this, as a result of all of these activities, international review revenues increased from approximately 9% in FY25 to 13% of the total in FY26. 9:11 9 minutes, 11 seconds During the second half of FI26, we also made significant progress in strengthening our leadership team, ensuring that we have the right talent 9:20 9 minutes, 20 seconds in place to drive this next phase of growth. We have continued to invest in capability development, especially in 9:27 9 minutes, 27 seconds our operations. Some of the key initiatives I'd like to mention, we invested in a dual conveyor setup for 9:34 9 minutes, 34 seconds our single cylinder engines, which will lead to capacity increase to meet the growing demand. We also deployed a 9:42 9 minutes, 42 seconds robotic vision-based AI inspection system to enhance quality control, traceability and efficiency at our plant in Chhatrapati Sambajini Nag. 9:52 9 minutes, 52 seconds We commissioned a conveyorized cable assembly line in Excel facilities in Nagpur. 9:58 9 minutes, 58 seconds With all of these activities, we are also encouraged by continued customer recognition. We received a letter of appreciation from a global firefighting 10:07 10 minutes, 7 seconds equipment manufacturer during this quarter. 10:10 10 minutes, 10 seconds So to conclude, quarter four of this year was a quarter of strong execution and meaningful progress across our strategic priorities. 10:19 10 minutes, 19 seconds As you can see, we delivered healthy growth. We strengthened our portfolio and expanded our global footprint and we will continue to build future ready capabilities. 10:30 10 minutes, 30 seconds We remain confident in achieving growth over the medium term which we are doing through building on our core trends expanding into newer segments and through disciplined capital allocation. 10:43 10 minutes, 43 seconds With this I will now hand over to Vikas to talk about the green electric business. Over to you Vikas. 10:51 10 minutes, 51 seconds Uh thank you uh Farad and a very good evening everyone. Thank you for joining us today. Uh at Greens Electric Mobility, we are logging in our 11:00 11 minutes strongest quarter yet in quarter 4. And over the course of time, we have built a focused and differentiated position in 11:07 11 minutes, 7 seconds India's EV sector, spanning both the two-heer and the two-wheeler uh segment through our brands Ampia, Ellie and 11:15 11 minutes, 15 seconds three-wheelers. I'm pleased to share that Julia 26 has been a period of good progress for us. As for Vahan, we have 11:23 11 minutes, 23 seconds delivered a volume growth of 51% yearon year in PIA year 26. Our market share has expanded from 3.6% in full year 25 11:32 11 minutes, 32 seconds to 4.47 year 26 reflecting sustained market capture. We also achieved 11:40 11 minutes, 40 seconds approximately 12% market share across four competitive states of Tamil Nadu, Orisa, Bihar and West Bengal which 11:48 11 minutes, 48 seconds collectively contribute to approximately 23% of the overall E2 vita market volumes in quarter 4 26. We also 11:57 11 minutes, 57 seconds increased our market share in the eastern region to approximately 8% in full year 26 up from 5.7% in FIA 25. 12:07 12 minutes, 7 seconds On the product front, FIA 26 saw a successful portfolio ramp up. Magnus brand was launched in quarter 326 and 12:15 12 minutes, 15 seconds received the electric scooter of the year 2026 award continuing ampear streak of four consecutive industry 12:23 12 minutes, 23 seconds recognitions across the primus subbrand Nexus Magnus Grand and the latest game Magnus GMAX voted as the family scooter 12:32 12 minutes, 32 seconds of the year affirming the strength and consistency of our product innovation pipeline. 12:38 12 minutes, 38 seconds Together we believe that these achievements reflect our conviction in building products that are truly built for bar. They can handle different 12:47 12 minutes, 47 seconds terrain and weather conditions and are well geared to address the Indian consumer's requirements. 12:53 12 minutes, 53 seconds We launched the Magnus Gmax in quarter 426 that enabled us in gaining traction and also announced the introduction of 13:01 13 minutes, 1 second Magnus sixth generation, an upcoming addition to our portfolio designed with a clear aim to take on the ice scooter 13:09 13 minutes, 9 seconds segment. We have also been continuously building the AIA brand. Aia Nexus set an Asia book of records by conquering the 13:18 13 minutes, 18 seconds 70 steep hairpin bends of Kohi Hills in Tamil Nadu and our campaign on this account trended on X for a period in 13:26 13 minutes, 26 seconds time validating API's growing brand salience. Our financials reflect our progress. Full year 26 revenue stood at 13:35 13 minutes, 35 seconds rupees 786 crores up 19% yearon year showcasing that volume growth is translating into strong expansion. Our 13:44 13 minutes, 44 seconds network expansion drove both scale and productivity. Active dealer count grew by 13% and showroom revamps combined 13:53 13 minutes, 53 seconds resulted in a 30% improvement in per dealer productivity in full year 26. 13:59 13 minutes, 59 seconds Complementing this we achieved high after safe experience service levels with a net sentimental score sentiment 14:06 14 minutes, 6 seconds score on social at 93% one of the highest amongst the unique competition. 14:13 14 minutes, 13 seconds Turning our to our L5 three-wheeler business, L5 volumes grew 17% yearon year in full year 26 and also once again 14:22 14 minutes, 22 seconds a strong quarter 426 performance recording a 31% year-on-year growth. L5 14:29 14 minutes, 29 seconds E3 and three-wheeler volumes growing by approximately 14% and 17% respectively exited the year with 2,300 plus units in 14:39 14 minutes, 39 seconds quarter 426. Our financing tie-ups continue to get stronger. The latest being in Utah land finance which further 14:46 14 minutes, 46 seconds strengthens customer access in the L5 3 segment providing a boost with a maximum of 95% on road LTV funding which further 14:56 14 minutes, 56 seconds strengthens affordability in the segment which is a very important enabler for our next phase of growth. We remain committed to deepening our market 15:05 15 minutes, 5 seconds presence, expanding our product portfolio and building an electric mobility company that aims to deliver value for all our stakeholders. With this, I hand over to Manish. Thank you. 15:17 15 minutes, 17 seconds Thank you. Good evening. As we move forward with the implementation of our strategic priorities, this quarter reflects continued progress that we 15:25 15 minutes, 25 seconds make. I'm pleased to report the financial performance for Q4 in the full year of financial year 26. During the quarter, our consolidated revenues stood 15:35 15 minutes, 35 seconds at,000 crores with an a bit of 68 crores and PBT before exception items at 44 crores. The consolidated revenues as per 15:44 15 minutes, 44 seconds mentioned increased by 22% year on year while the beta increased at 49% during the same period. 15:51 15 minutes, 51 seconds For the financial year 26, the consolidated revenues full year was 3,437 15:58 15 minutes, 58 seconds crores, reflecting a 18% growth year on year driven by broad-based growth across businesses and consistent execution 16:06 16 minutes, 6 seconds across segments. Our profitability nexuses improved significantly during this period with AITA at 239 crores and 16:13 16 minutes, 13 seconds PBT before exceptional items at 154 crores growing at 76% and 118% yearonear respectively. 16:24 16 minutes, 24 seconds Likewise Q4 FI26 standalone revenue stood at 698 crores with EIT at 87 16:30 16 minutes, 30 seconds crores and PBT before accepting items also standing at 87 crores. Standalone revenue grew 22% yearonear while EITA 16:40 16 minutes, 40 seconds increased 4% year on year. As an update during this quarter the management identified a potential impairment 16:48 16 minutes, 48 seconds uh for the value of certain tangible and intangible assets under development. 16:53 16 minutes, 53 seconds This rel relates to our investment in an e power chain technology which has not scaled up or realized for our expectation due to the underlying 17:01 17 minutes, 1 second changes in the project execution and customer demand. resulting result we have on a conservative basis made a 17:09 17 minutes, 9 seconds provision of almost 16 crores during the quarter for FI26 our standalone revenue stood at 2365 crores with an a bit of 17:18 17 minutes, 18 seconds 320 crores with PBT before exceptional items at 312 crores reflecting a 23% yearon-year growth with AITA supported 17:27 17 minutes, 27 seconds by 40 basis point margin expansion supported a strong demand and cost optimization initiatives 17:34 17 minutes, 34 seconds coming to GFL degree finance limited the total asset manage asset under management for the financing uh business 17:41 17 minutes, 41 seconds store 521 as in March 26 our balance sheet uh continues to remain strong uh with uh 17:49 17 minutes, 49 seconds healthy cash balance our planned investments are completely aligned with our strategic priorities focusing on R&D and technological upgrades capacity 17:58 17 minutes, 58 seconds expansion and digital tools to summarize FY26 has been a year of consistent growth took margin expansion and strengthening our financial position as 18:07 18 minutes, 7 seconds we laid down the foundation of our next phase of growth under Greece. Next during the quarter we observed a rising 18:15 18 minutes, 15 seconds input cost being highlighted by our peers too owing to the commodity price increase fees while this has created some near-term pressures on the margins. 18:24 18 minutes, 24 seconds Our focus remains on discipline cost management and maintaining profitability. We remain committed to driving operation efficiency, maintaining working capital discipline and ensuring proving capital allocation. 18:36 18 minutes, 36 seconds With that, I hand over to Prag. 18:39 18 minutes, 39 seconds Thank you Manish. So let me give you a brief concluding remark before we open up for the questions. 18:47 18 minutes, 47 seconds So our forward path remains consistent. 18:50 18 minutes, 50 seconds We are focused on execution, discipline, profitable growth and strong cash generation. Our priorities are also 18:58 18 minutes, 58 seconds unchanged. Scaling international business, building future ready capabilities and ensuring disciplined return lid capital allocation. 19:08 19 minutes, 8 seconds We remain confident in sustaining our growth momentum. At the same time, as Manish mentioned, we are watching the 19:15 19 minutes, 15 seconds evolving macroeconomic environment and we'll act with agility to mitigate any potential headwinds. The performance for 19:23 19 minutes, 23 seconds the year reinforces our confidence and our execution capability. 19:30 19 minutes, 30 seconds As we continue to advance briefs.next, we will remain anchored to our core metrics and maintain transparent and consistent communication. 19:40 19 minutes, 40 seconds Gree cotton today stands on a strong foundation with a diversified portfolio for robust operating engine and a clear strategic road map for the future. 19:50 19 minutes, 50 seconds We thank our investors for the continued trust and support and we look forward to building on this momentum in the coming 19:57 19 minutes, 57 seconds quarters. With that, we can now open the floor for questions. 20:03 20 minutes, 3 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone 20:11 20 minutes, 11 seconds telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while 20:19 20 minutes, 19 seconds asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. 20:29 20 minutes, 29 seconds Our first question comes from the line of Mles Bosshi from Prospero. Please go ahead. 20:36 20 minutes, 36 seconds Hello. Am I audible sir? Yes. 20:41 20 minutes, 41 seconds Oh, thank you. Thanks. Thanks for the opportunity and a good set set of numbers. So my first question is regarding the the presentation on the 20:49 20 minutes, 49 seconds page number 15 you mentioned that the AITA margin is around 13 to 15%. So are you think are you indicating the AITA 20:58 20 minutes, 58 seconds margin at the console level or the state standalone level because we are already earning the AITA margin of 13.5% at the 21:05 21 minutes, 5 seconds standalone level. So is it the at the standalone level or consult? 21:10 21 minutes, 10 seconds Yeah. Hi Nish this is Manishia. So these are primarily for the core businesses that we are handling because that's where so invested business of course 21:18 21 minutes, 18 seconds have a different trajectory of growth and uh profitability path to profitability. These are the existing core businesses that we have which 21:25 21 minutes, 25 seconds includes standalone and uh one more couple of more smaller entities excel and uh gre technology. 21:33 21 minutes, 33 seconds So, Gre Electric Mobility is not a part of the core business with Gree Electric Mobility and Gree Finance 21:41 21 minutes, 41 seconds uh limited are part of our invested businesses. They're obviously they are completely into different zone from a 21:49 21 minutes, 49 seconds profitability after profitability and from a growth perspective they are in a different uh league all together. The Gree.net primarily uh aspires on the 21:57 21 minutes, 57 seconds core businesses. So therefore if you refer to slide number 22:05 22 minutes, 5 seconds uh slide uh the slide immediately after the 22:12 22 minutes, 12 seconds margin. So we have the three sections of energy, mobility and industrial solutions which is forming part of the core businesses and then you have the 22:20 22 minutes, 20 seconds green electric mobility and BS finances uh which is part of the industry businesses. So we're talking about the left section which is the core businesses. 22:29 22 minutes, 29 seconds Okay. Okay. Thanks. Thanks. So we would like to donate around 13 to 15% from the core business and these are our 22:37 22 minutes, 37 seconds investment activity. Can we consider the suppose we even we consider the even investment activity G electric mobility 22:44 22 minutes, 44 seconds then how long the GRE will financially support to that mobility business because that business is incurring the 22:52 22 minutes, 52 seconds losses and I would like to know from the sustainability point of view. I know that the many EV manufacturing are still 22:59 22 minutes, 59 seconds incurring the losses and Greavves is comparatively the small pair compared to the other listed or non-listed player. 23:07 23 minutes, 7 seconds So what is the own fund still with the GRE electric mobility to sustain that business? 23:14 23 minutes, 14 seconds Sure. So Nish I'll start off and then let you know Vic you know do the on the on the how does he see the progressing 23:21 23 minutes, 21 seconds on the increased electric mobility. FY26 has shown significant improvement if you see the stand for V electric and the 23:29 23 minutes, 29 seconds console for V electric as well from a minus 30% to minus 20% a bit. So that's a strong growth and as uh Vicas 23:37 23 minutes, 37 seconds mentioned there's a strong upside on the volumes as well. So there's a clear path to profitability thereon. Of course on a short-term basis uh the invest uh the 23:46 23 minutes, 46 seconds investments have paid off you know uh from a from a long-term perspective. So therefore we may have to continue for some more time uh on at least on a 23:55 23 minutes, 55 seconds short-term basis but would let Vicard you know respond on the profitability and the future aspects. Uh Vicas 24:03 24 minutes, 3 seconds sure Manish thanks for that and hello Ministry u u I'll just call out a few numbers for you to you know give you a sense of where we are heading and also a 24:11 24 minutes, 11 seconds sense of comfort. I unfortunately may not be able to get into too much detail given the disclosure obligations that 24:18 24 minutes, 18 seconds the DRHP fin you know puts on us. First and foremost we have market share growth. Market share growth means we're 24:25 24 minutes, 25 seconds fundamentally getting stronger. We've grown from 3.4 3.6% to 4.4%. 24:31 24 minutes, 31 seconds Secondly we've had our highest ever topline growth. We've had our highest ever reduction in losses. Our loss per 24:38 24 minutes, 38 seconds unit has progressively fallen by almost half from last year to this year. I again am not at a position to you know share details with you. We have a very 24:47 24 minutes, 47 seconds strong increase in footprint as I mentioned in my in my update on GML. Uh besides the 4.4% growth that we talking 24:57 24 minutes, 57 seconds we have a we have an almost 12% growth across the four states of Tamil Nadu, Orisa and Bihar. And we also have uh 8% 25:06 25 minutes, 6 seconds uh market share in uh in the region of east. Uh our products are progressively meeting with recognition and we voted the best electric scooter progressively. 25:16 25 minutes, 16 seconds So there again this is something which is uh an achievement to be proud of and reflective of market uptake. So broadly speaking, if you were to look at just 25:25 25 minutes, 25 seconds these few, you know, statistics that I've shared with you, we are very confident that we are on the right track and we hope that we should not have to 25:32 25 minutes, 32 seconds be looking at funds infusion from GCL in the near future. Hope that addresses your questions. Thank you. 25:38 25 minutes, 38 seconds All right. Thank you sir. If if you permit the last question is regarding the employment cost. Sir it is at the 25:45 25 minutes, 45 seconds console level we are spending around 45 to 46 cr rupes on the employment and at the console level it is 90 to 94 cr 25:53 25 minutes, 53 seconds rupes it means the subsidiary at the subsidiary level we are incurring the as much as the standalone level 45 to 48 cr 26:01 26 minutes, 1 second is it not on a higher side because the the business which is the excel and the bridge electric mobility they are 26:10 26 minutes, 10 seconds spending 46 to 48 cr rupes on the employment cost is it justifiable to the compared to the revenue gender s 26:18 26 minutes, 18 seconds so nish maybe uh I step in and maybe let vicas do the so I think inherently there's a different level of maturity 26:27 26 minutes, 27 seconds curve of the two businesses I think that's not a fair comparison uh you know GCL is of course I 26:37 26 minutes, 37 seconds call it the you know regular cash generator and therefore the employment are you know in line with whatever whatever it will need. GML decreases 26:46 26 minutes, 46 seconds electric mobility and these financed logically are in a much uh you know at a primitive stage with regard to from a 26:54 26 minutes, 54 seconds evolution's perspective. So they have to invest ahead of the business. So therefore to compare a mature business versus a you know immature business is a 27:03 27 minutes, 3 seconds bit of a stretch. Pikach maybe you want to uh yeah sure man thanks again and hopefully we're not at a primitive stage. uh mili 27:11 27 minutes, 11 seconds the ratio of manpower to topline was 15% last year down to 10% this year I think a singledigit ratio of manpower to 27:18 27 minutes, 18 seconds topline needs to be so regardless of the challenges that are there with the sector and the growth uh for a high 27:25 27 minutes, 25 seconds growth business a singledigit ratio of manpower cost to topline is again a good place to be so I don't think that should be an area of concern for for any of us 27:34 27 minutes, 34 seconds again I hope that answers your query thank you thank you thank you thank you that's all from the my If I if any question I will come into the group. 27:43 27 minutes, 43 seconds Thank you. 27:45 27 minutes, 45 seconds Thank you ladies and gentlemen. If you wish to ask questions you may please press star and one. 27:51 27 minutes, 51 seconds Our next question comes from the line of Daki Abas Naser from Nasal Investments. 27:56 27 minutes, 56 seconds Please go ahead sir. Um congratulations on a u 28:04 28 minutes, 4 seconds phenomenal quarter. I would say I think your adjusted has crossed 100 crores for the first time. Uh two questions from my 28:11 28 minutes, 11 seconds side sir. One is um on the core business. Uh so do you do you see this growth trajectory 28:20 28 minutes, 20 seconds uh going forward? I mean could we consider the Q4 as a new base for the next year uh in terms of core business 28:29 28 minutes, 29 seconds and please throw some light on excling linkage and when when would Gree get 28:35 28 minutes, 35 seconds 100% holding in that as um as uh you all had planned. Uh my second question uh do 28:42 28 minutes, 42 seconds you want to ask me or um could you answer that first sir? 28:46 28 minutes, 46 seconds Hi hi Nas G to hear from you again. This is Parag. Let me answer your first question and then you can ask the second one. So yeah, we we are also very happy 28:55 28 minutes, 55 seconds with the the progress in the core businesses during 29:04 29 minutes, 4 seconds execution. So when when our plans fall into reality, it makes all of us uh happy and confident. Uh as you know 29:13 29 minutes, 13 seconds during the uh last couple of quarters as part of Greece.net Next strategy I've said that our uh growth ambition in the 29:21 29 minutes, 21 seconds midterm is between 16 to 18%. So we continue to hold that. Uh so that was the answer to your first question. Excel 29:29 29 minutes, 29 seconds also made good progress during this year. Like I again mentioned during my opening remarks, we entered into a new 29:36 29 minutes, 36 seconds segment and with the realignment of our international team and the investments we are making, we are starting to also 29:44 29 minutes, 44 seconds uh um open up opportunities for international business. And your final uh point there was about the holding. 29:53 29 minutes, 53 seconds Yes, you're right. We have a predetermined path. uh the last 20% of the ownership of Excel is uh planned to be done during Q2. 30:06 30 minutes, 6 seconds Sure. After we known 100% of the company and my second question would relate to your mobility business sir. Um u we we 30:15 30 minutes, 15 seconds have done decent numbers according to WAN data I think 6 7,000. I would like to ask at what number won't uh the 30:25 30 minutes, 25 seconds mobility business break even sir and um um we had mentioned that the DA about the 30:34 30 minutes, 34 seconds DHRP uh I I think in May that expires sir so we have we got an extension or 30:41 30 minutes, 41 seconds how does that work because I think it's been a year and it automatically expires 30:47 30 minutes, 47 seconds yeah so I'll take the questions um Um the DRHP has uh been all DRBs which were 30:55 30 minutes, 55 seconds expiring till 30th of September you know have been given an extension by say till 30th of September. So our DRB which is 31:03 31 minutes, 3 seconds expiring on 6th to 7th of May therefore gets extended till 30th of September. 31:09 31 minutes, 9 seconds This is keeping in mind the volatile geopolitical situation. This allows us more time therefore to you know u get 31:16 31 minutes, 16 seconds into a favorable market scenario and then the investment committee and the IPO committee to take an appropriate call on timing for the IPO as regards 31:25 31 minutes, 25 seconds the break even level for GML unfortunately given the constraints of the DRHP I will not be in a position to 31:32 31 minutes, 32 seconds make any forward forecast for you all I can tell you is a 50% rate of growth market share growth products which are 31:39 31 minutes, 39 seconds being recognized network uh footprint expansion pockets of you know market leadership or close to market leadership uh we should 31:47 31 minutes, 47 seconds be in a strong position to you know get to profitability in the near future. 31:52 31 minutes, 52 seconds Thank you. Fantastic sir because but but the path is there to separate the two right sir because if if we see our 32:00 32 minutes competition I mean to name a is uh although loss is being there it's going 32:08 32 minutes, 8 seconds the capitalization is going up also our core business competitor kiloskar oil is almost touching all times high so we are 32:15 32 minutes, 15 seconds caught somewhere in between sir this needs to be addressed as soon as possible thank you sir and best wishes for the Absolutely. 32:24 32 minutes, 24 seconds Thank you. 32:26 32 minutes, 26 seconds Thank you. The next question is from the line of Anubhab Mukharji from Preian Capital. Please go ahead. 32:33 32 minutes, 33 seconds Uh I am not audible. You are audible. So you may proceed. 32:38 32 minutes, 38 seconds Uh thanks for the opportunity. Sir uh for the standalone business uh both uh 32:45 32 minutes, 45 seconds sequentially and there has been a drop in gross margin. So is this because of 32:52 32 minutes, 52 seconds the uh inflation and the level uh can you throw some light on that? 32:58 32 minutes, 58 seconds Yeah. No uh absolutely. So primarily uh it's the Q4 numbers which you have seen you know uh the RMC being on the higher 33:06 33 minutes, 6 seconds side with the Q3 and which is actually reflecting into FY26 versus 25 with the marginal drop. Um as you know uh there 33:14 33 minutes, 14 seconds have been commodity cycle coming in since March and that is impacting the profitability. uh I think that is where 33:21 33 minutes, 21 seconds uh this uh path is clear. Uh although I I would also like to mention here that while on the commodity front uh we have 33:30 33 minutes, 30 seconds seen some pressures uh specifically in aluminium, copper and uh platinum. 33:36 33 minutes, 36 seconds However, there's a there is a pass through mechanism which we have already activated in Q1. So therefore we do see 33:43 33 minutes, 43 seconds some price uh you know some recovery on account of price. uh fortunately the volumes have been supporting us. So therefore that operating leverage should 33:51 33 minutes, 51 seconds also continue to help us. B and C there have been some costconsciousness uh decisions which are being taken up. So 34:00 34 minutes which is going to say uh you know which is going to impact uh positively on this side. I think that should make up for the in the coming quarter and all that. 34:09 34 minutes, 9 seconds But of course we stay cautious on how the uh you know commodity cycle evolves. 34:16 34 minutes, 16 seconds Got and uh for the gentle business or energy solution 34:22 34 minutes, 22 seconds uh the 20% growth uh that we business can you sh some light on like is this like are we growing faster than the 34:31 34 minutes, 31 seconds Indian are we gaining market share and some qualitative color on what's driving that like 34:40 34 minutes, 40 seconds sure sure I can uh give you an answer to that so you know in the dreams Next strategy we have clearly uh identified 34:49 34 minutes, 49 seconds energy solutions as a focus area for us and then since that time we have been taking very deliberate actions to uh to 34:59 34 minutes, 59 seconds increase our business here and some of those are starting to yield results. 35:03 35 minutes, 3 seconds I'll give you one example. We integrated our sales and service team and we increased um the presence on the ground of our 35:12 35 minutes, 12 seconds service technicians. We also launched a retail annual maintenance contract program which we didn't have before. So 35:20 35 minutes, 20 seconds we have seen during the last few months our service business has been growing faster than the overall business. So 35:26 35 minutes, 26 seconds that is one driver of growth. The other thing we also did is we realized that we are uh we have a strong right to win in 35:34 35 minutes, 34 seconds the medium horsepower nodes uh in applications to do with residential and commercial. uh we had 35:42 35 minutes, 42 seconds strong market shares in certain parts of the country while other market other parts of the country were under uh leveraged. So we also increased our 35:51 35 minutes, 51 seconds sales and distributor presence in those areas which has resulted an increase in business. I would say overall we are 35:58 35 minutes, 58 seconds keeping pace with the industry growth um and we expect to maintain that and further accelerate our own growth. 36:08 36 minutes, 8 seconds some of the new products which we launched this quarter the 650 KBA that will start to deliver also u new 36:15 36 minutes, 15 seconds business for us in the coming months uh and as a followup question do you 36:23 36 minutes, 23 seconds have plans to enter into higher or higher and connected data center 36:33 36 minutes, 33 seconds applications indeed that is uh part of our strategy and that's why we are focusing on the 36:41 36 minutes, 41 seconds energy solutions. Uh we are in discussions and we are also working internally. So whenever there is uh 36:48 36 minutes, 48 seconds something meaningful to share I will uh come to this team uh to this group as well 36:56 36 minutes, 56 seconds and uh in in the presentation it mentioned that uh share of non three 37:03 37 minutes, 3 seconds legal is 63%. that is of the auto region just to get more clarification in that. 37:14 37 minutes, 14 seconds Yeah. Yeah. So we on the within the mobility the auto engine business. 37:22 37 minutes, 22 seconds I see. So can you uh uh I mean like uh uh give some more details on uh like uh which are the auto segments and in 37:31 37 minutes, 31 seconds exports uh we are filtering to uh which is contributing to this 63% okay I I'm looking at the slide you're 37:40 37 minutes, 40 seconds referring to the mobility solutions what we state there is we have the L5 three-wheeler auto segment in India 37:48 37 minutes, 48 seconds where we are a dominant player in the diesel variety you know the overall All industries broken into 40% electric, 40% 37:56 37 minutes, 56 seconds u uh CNG and 20% diesel. Within that diesel segment, we have a 63% market share and that actually has increased 38:04 38 minutes, 4 seconds during this year. So that was on the domestic side. On the export side, this is a new business which we started 38:11 38 minutes, 11 seconds during the year which is supplying the Euro 5 plus compliant engines to a microcar application and there we have a 38:19 38 minutes, 19 seconds strategic partnership with one of the largest microcar manufacturer in Europe called LG and that business is scaled up 38:26 38 minutes, 26 seconds during this year and is continuing to maintain that trajectory. 38:31 38 minutes, 31 seconds So one of the also just to add uh I think the focus here is that the nonreewheer diesel engine is a 38:39 38 minutes, 39 seconds significant portion of our mobility solution itself. So while the diesel engine growth trajectory may not be you 38:46 38 minutes, 46 seconds know having that aggressive growth rates in future there is enough portfolio for us which is 63% of our mobility solution 38:53 38 minutes, 53 seconds itself uh which can grow beyond the diesel engine growth rates. I think that's where we wanted to focus on 39:03 39 minutes, 3 seconds that chair and it's also seems to be growing very fast on the 39:10 39 minutes, 10 seconds sorry to interrupt but we request you to please rejoin the queue if you have any further questions. Thank you. Our next question comes from the line of Kush 39:19 39 minutes, 19 seconds Nahar from Electrum PMS. Please go ahead. 39:29 39 minutes, 29 seconds Kush Nahar, your line has been unmuted. You may proceed with your question. 39:39 39 minutes, 39 seconds As there's no response from the current participant, we will move to the next questioner in the queue. Our next question comes from the line of Rajesh Gupta from Krishna Motors. Please go ahead. 39:49 39 minutes, 49 seconds Yes sir, sir. A very good number you have uh got in this quarter. Hello. 39:57 39 minutes, 57 seconds Thank you very much. Thank you. Thank you for your compliments. 40:02 40 minutes, 2 seconds What is sir? Uh I want to know that there is a nonrto market existing. 40:09 40 minutes, 9 seconds My question is from Vikas that there is a nonrto market is still existing in India in EV. 40:21 40 minutes, 21 seconds Yes, scooter parts and uh the demand of EV 40:28 40 minutes, 28 seconds scooter that was price two lower than our uh counterparts with the low speed and uh low uh low 40:37 40 minutes, 37 seconds range scooters or the tire three uh tire three cities. 40:45 40 minutes, 45 seconds These are more more popular than our scooters. 40:50 40 minutes, 50 seconds Yes, are are we are considering to enter in this segment also? We are having 400 more showroom and if the low cost 40:59 40 minutes, 59 seconds scooter will be came and our margin will existingly increase in further. 41:06 41 minutes, 6 seconds So uh thank you for your question. It's a very good question and um I'll try and answer it as best as I can given the RHP 41:14 41 minutes, 14 seconds limitations. Um the low-speed scooter segment is a very big segment. It's a high priority segment. We already have a 41:22 41 minutes, 22 seconds presence in this segment. We have a successful brand called Rio which is being sold across the country and we are seeing steady growth in volumes. On top 41:31 41 minutes, 31 seconds of that we also see a sharp demand for B2B in the low speed segments. Uh so we would be not we would be we are looking 41:39 41 minutes, 39 seconds at this segment very closely and it would be a critical road driver for us going forward. So uh uh I hope that answers your question 41:47 41 minutes, 47 seconds because these are getting at 30,000 per scooter. This is for a big range of customer you can get. 41:55 41 minutes, 55 seconds Yes, I can just tell you that that segment is being looked at and uh we are already present and it's a critical part of our strategy. So we are aware of Yes. Thank you. 42:08 42 minutes, 8 seconds Thank you. The next question comes from the line of Kush Nahar from Electrum PMS. Please go ahead. 42:15 42 minutes, 15 seconds Yeah. Uh thank you for the opportunity sir. So can you give us more financial details in terms of Excel control linkage performance? So the full year maybe the revenue tax. 42:27 42 minutes, 27 seconds Uh Kush hi this is Manisha. I think specifically you'll get the individual uh P&Ls and the financials being uploaded on the on the on the website 42:36 42 minutes, 36 seconds pretty soon. uh but however you if you see that uh this is one of the most profitable uh businesses that we have in 42:44 42 minutes, 44 seconds mixed control linkages uh with growing profitability and we have a what we can say is future and future as well they 42:51 42 minutes, 51 seconds have a very strong uh growth trajectory and consistent profitability improvement. So to add one aspect the 42:59 42 minutes, 59 seconds within Excel we have a domestic business and an export business. So the domestic business has remained strong. It grew in double digits this year as well. The 43:08 43 minutes, 8 seconds export business like I also shared with the group in the last call uh faced some headwinds due to geopolitical situation 43:17 43 minutes, 17 seconds uh due to the war in uh Ukraine and we have we have seen a reduction in the growth there. Um I mentioned in my 43:26 43 minutes, 26 seconds opening remarks that we have now got a reconstituted and reinvested international team and we see a lot of opportunity to grow the Excel business 43:34 43 minutes, 34 seconds in uh Europe and we are actively pursuing that path and as Parak mentioned earlier the balanced 20% will 43:42 43 minutes, 42 seconds also be acquired in Q2 and therefore the non-controlling interest will also go away and that 100% of profits will flow 43:49 43 minutes, 49 seconds into the consolidated financials going forward. 43:54 43 minutes, 54 seconds All right sir for the secondary could you give us a break up in terms of uh percentage revenue you're getting from the aftermarket business on a company 44:03 44 minutes, 3 seconds level or a segment level uh I'll I'm sorry I'll not have the details individually if I have some time 44:11 44 minutes, 11 seconds uh I'll just come back to you on that okay all right those are my questions thank you 44:18 44 minutes, 18 seconds thank you the next question comes from the line of nam with unique PM DM please go ahead. 44:26 44 minutes, 26 seconds Um yeah so my question is on the retail and the industrial part of the business. 44:32 44 minutes, 32 seconds Uh sorry to interrupt sir but your line is not very clear. 44:36 44 minutes, 36 seconds Just hello. Hello. 44:43 44 minutes, 43 seconds Uh please go ahead sir. 44:45 44 minutes, 45 seconds Uh yeah so my question is on the retail and the industrial part. Uh so both of these businesses are uh you know growing 44:52 44 minutes, 52 seconds in single digits and in line with our strategy of growing the overall business by 16 18%. 44:59 44 minutes, 59 seconds Do you think that these businesses can also pick up the growth um and what is our strategy or how do we see these businesses evolving? 45:10 45 minutes, 10 seconds Okay now happy to answer that question. 45:12 45 minutes, 12 seconds So in our strategy we clearly stated that the retail business is a very resilient and strong cash generator for 45:20 45 minutes, 20 seconds us but we don't see that growing very fast. So we have aim to grow at 6 to 8% in the retail business. On the other 45:29 45 minutes, 29 seconds hand the industrial business uh is a number of niche applications where we have a strong position. So there you already saw during the quarter we 45:38 45 minutes, 38 seconds delivered a 15% uh year-on-year growth and uh as we accelerate our product 45:45 45 minutes, 45 seconds development in that space we expected to contribute to the overall growth of 16 to 18% that we have outlined for the core businesses. 45:55 45 minutes, 55 seconds Okay. Uh and so my second question is on the capex piece. So we've outlined 500 to 700 crores of capeex. Do you have any 46:04 46 minutes, 4 seconds further details on where will we spend this amount? Uh what products or what segments are we looking at? 46:12 46 minutes, 12 seconds So I'll repeat what I also said at the last meeting. So after the revamp of the strategy and launch of Greece. Next uh 46:21 46 minutes, 21 seconds we year mark 500 to 700 cr of capex. Uh this capex will be focused in three 46:29 46 minutes, 29 seconds major areas. The first one is product development. uh we are getting into new application segments and we are also 46:37 46 minutes, 37 seconds aiming for international businesses where our product will be upgraded. So that is one category of investment will 46:44 46 minutes, 44 seconds do. The second one is in capability enhancement largely in our operations and once again 46:52 46 minutes, 52 seconds as I said during my opening remarks we have already started operationalizing that during the last quarter we invested 46:58 46 minutes, 58 seconds in uh increased capacity and automation and AI based quality check system in 47:06 47 minutes, 6 seconds Chhatrapi Simba and we also uh invested in automation in Excel which creates a very solid foundation for growth. So 47:14 47 minutes, 14 seconds that's the second area and the third area where we are going to put the capex is helping us to expand into international markets and there again we 47:23 47 minutes, 23 seconds have clearly identified the uh geographies where we want to grow uh middle east uh Europe uh at that time we 47:31 47 minutes, 31 seconds had also said that as the geopolitical situation develops in North America that could also be an attractive market. So 47:38 47 minutes, 38 seconds we have been working and operationalizing some of those plans during this quarter. So our plan remains consistent and we will deploy the capex in these three areas. 47:53 47 minutes, 53 seconds Uh Neon sorry to interrupt. We request you to please rejoin the queue if you have any further questions please. Sure. 47:59 47 minutes, 59 seconds Thank you. To his earlier question I think the retail is broadly 30% of the mobility solution business as well. Uh that should answer the question. 48:09 48 minutes, 9 seconds The afterm market. The aftermarket. 48:13 48 minutes, 13 seconds Thank you. Ladies and gentlemen, we request that you please restrict yourselves to one question per participant. If you have any further questions, you may rejoin the queue. Our 48:22 48 minutes, 22 seconds next question comes from the line of Kushar Bora with MK Ventures. Please go ahead. 48:33 48 minutes, 33 seconds Kushar Bora, your line has been unmuted. You may proceed with your question. 48:42 48 minutes, 42 seconds As we're not receiving a response from the current participant, we will move to the next question in the queue. Our next question is from the line of Di Barucha 48:50 48 minutes, 50 seconds with Sanangi family office. Please go ahead. 48:54 48 minutes, 54 seconds Yeah, thank you so much for the opportunity. 48:57 48 minutes, 57 seconds So, first congratulation and good set of money. My first question is a defense order which you stayed in last uh 49:06 49 minutes, 6 seconds conference last can you just on that? Sure. 49:14 49 minutes, 14 seconds Sorry I I did not fully follow your question. Uh let me just repeat what I heard and you can confirm. You were asking about the defense order that we 49:22 49 minutes, 22 seconds received in the last quarter. You wanted some more details on that. Did I hear you correct? Product. Yes. 49:29 49 minutes, 29 seconds Product. Okay. Good. So it is the engine which we are using to repower uh army trucks. 49:37 49 minutes, 37 seconds Okay. Um okay. Thank you. And only this one. Thank you. 49:43 49 minutes, 43 seconds Thank you. The next question is from the line of Sakit Kapoor with Kapoor company. Please go ahead. 49:50 49 minutes, 50 seconds Yes sir. I just put forward my questions and then you uh finish the work. So firstly I think so we we have given a 49:57 49 minutes, 57 seconds growth uh a road map of our growth for five years of some some x number in in in in top line. So taking that into 50:06 50 minutes, 6 seconds consideration and the current uh uh current business setup what kind of growth in the key vertical engines of uh 50:14 50 minutes, 14 seconds vertical of our engines the core business are we looking uh for the current financial year and what is the 50:20 50 minutes, 20 seconds current update on the uh IPO of our electric mobility uh I guess if you have replied it uh earlier sir I have joined 50:28 50 minutes, 28 seconds late in this okay I'll answer the first question and then Vikas will uh repeat the answer on IPO. So we have said that we would go 16 50:37 50 minutes, 37 seconds to 18% organic growth year on year in our core businesses. So we maintain that 50:47 50 minutes, 47 seconds we and on profitability sir anything you can comment how will the profits be aligned in that once again we have said that we will 50:55 50 minutes, 55 seconds maintain 13 to 15% eida margins as we scale the business. 51:02 51 minutes, 2 seconds Yeah, thanks Far and uh to your question on the IPO u you would be aware that the DRHP 51:09 51 minutes, 9 seconds timelines have been extended to 30th of September by 7 given the highly volatile geopolitical situation. So we are 51:17 51 minutes, 17 seconds watching the situation closely and u the IPO committee will take a decision closer to time once we feel we are 51:24 51 minutes, 24 seconds likely to get a proper valuation uh for the company. 51:28 51 minutes, 28 seconds Okay. Can I add one more question with the capex in the capex part sir uh you mentioned about 200 to 300 cr capex 51:35 51 minutes, 35 seconds parish me there I think so we have done only 30 cr uh 36 cr precisely in the purchase of property plant and equipment 51:43 51 minutes, 43 seconds so when you mentioned this 200 cr number what what should we read into it uh I don't think we mentioned 200 crores 51:52 51 minutes, 52 seconds what we during the strategy is in the next four to five years we are going to invest 500 to 700 crores. 52:00 52 minutes And how will that split between the years? We have done barely 30 35 days here. 52:06 52 minutes, 6 seconds Right? So as you can imagine, we did a full strategy reset just a few months ago like two quarters ago. Uh in that we 52:14 52 minutes, 14 seconds re uh looked at where we want to invest our capex and we have started working with those business cases. During this 52:21 52 minutes, 21 seconds quarter what we did was capability enhancement, capacity enhancement in our operations and already started working 52:28 52 minutes, 28 seconds with the new product development. So you will see that as we go ahead. So for this year any number you can share sir 52:36 52 minutes, 36 seconds what we should move forward in terms of capital we will stick to our 500 to 700 cr uh overall aim for the next five 52:45 52 minutes, 45 seconds years and I think uh what is important is beyond uh you know immediate uh capeex what is important is that we leverage 52:52 52 minutes, 52 seconds the existing cap cap abilities with regard to having additional uh working hours or you know increased shifts and 53:00 53 minutes all that. So once I think that is an easier part rather than getting into the investment mode early on. So that's something that we need to leave then we 53:08 53 minutes, 8 seconds of course we get into the total number remains uh static. Thank you. 53:16 53 minutes, 16 seconds Our next question comes from the line of Tushar Bora with MK Ventures. Please go ahead. 53:22 53 minutes, 22 seconds Yeah, thank you for the opportunity and congratulations to management for a steady set of numbers. Uh my first question is uh on the engineering 53:31 53 minutes, 31 seconds business uh if you can highlight uh qualitatively uh some of the new initiatives that we are taking a bit 53:39 53 minutes, 39 seconds more detail and especially on you know maybe contract manufacturing possibilities where we are using our engineering capabilities to diversify 53:47 53 minutes, 47 seconds away from the pre-wheer automotive segment. 53:53 53 minutes, 53 seconds Hi Tar, good to hear from you and thank you for your question. uh thank you also for your compliments on the results. So 54:01 54 minutes, 1 second yeah like you know we are actively looking at partnerships with key customers. Our first step has been to with the OEMs 54:10 54 minutes, 10 seconds that we already work with such as legair such as PIO to improve our share of wallet with them. Other than that we 54:16 54 minutes, 16 seconds have got uh a dedicated team which is seeking partnerships for contract manufacturing to leverage the strong 54:24 54 minutes, 24 seconds engineering and manufacturing capabilities which you witnessed during our uh family trip to the to the plant. 54:32 54 minutes, 32 seconds So as and when there is uh meaningful progress we will share with this group. 54:39 54 minutes, 39 seconds Right. So the second question is on the uh EV side. uh I I believe we started recently uh advertising uh you know for 54:49 54 minutes, 49 seconds on television for the Mia brand and uh also given that uh because of the high oil prices there's been some momentum 54:58 54 minutes, 58 seconds around indie as a space uh in the last maybe couple of months if you can highlight any tailwinds that you're 55:05 55 minutes, 5 seconds seeing uh since the uh you know television ads went online sometime in Feb early March any positive momentum 55:13 55 minutes, 13 seconds maybe any acceleration in market share gains or overall any uh traction in the EV side that you're seeing because of the geopolitical issues. 55:22 55 minutes, 22 seconds Uh gi hi good evening good to hear from you and thank you for your question. Um yes we broke media for the first time in the month of March and the response has 55:31 55 minutes, 31 seconds been really very strong. Um our volumes have touched new highs in quarter 4 and on on top of that March has been the 55:39 55 minutes, 39 seconds strongest month um you know ever. Uh on u on the brand side uh followership on Meta we have the second most highest 55:47 55 minutes, 47 seconds followed brand on Meta. We have had two media campaigns which have tracked number one on Twitter X for almost 5 55:54 55 minutes, 54 seconds days. uh the uh the uh social comments sentiments that are coming in on the 56:02 56 minutes, 2 seconds product are highly positive. We have a 94% positive social sentiment coming in from the customers. Uh dealer 56:09 56 minutes, 9 seconds productivity numbers has gone up uh significantly. We have a 30% improvement in dealer productivity across towns and 56:17 56 minutes, 17 seconds markets. We've seen share growth and we are extremely confident about the path ahead. Um so for now I would just tell 56:24 56 minutes, 24 seconds you that the media has been media uh plan has been extremely successful. We would look at repeating the media 56:30 56 minutes, 30 seconds investment once again uh reasonably soon and the uh market share gain continue into this current quarter s you continue 56:39 56 minutes, 39 seconds it yes market share continues to grow. 56:44 56 minutes, 44 seconds Okay, great. Thank you so much. I'll join the interview. 56:49 56 minutes, 49 seconds Thank you. The next question is from the line of Sonal from Preian Capital. Please go ahead. 56:57 56 minutes, 57 seconds This is Sonal Minas. Uh I'm audible. 57:02 57 minutes, 2 seconds Now you are audible sir. You may proceed. 57:04 57 minutes, 4 seconds Sure. uh sir as you've given guide uh guidance for growth aida margins and uh 57:10 57 minutes, 10 seconds capex is there also guidance for return on capital employed and some financial parameters on capital valuation because 57:19 57 minutes, 19 seconds I think that is where uh management and uh the leadership basically uh has 57:26 57 minutes, 26 seconds invested and the from a shareholder perspective the return on capital employed basically for the business has gone haywire. So is there a near-term to 57:34 57 minutes, 34 seconds three year plan on where the business uh would be back to uh in terms of return on capital employment and uh that's the first question. 57:45 57 minutes, 45 seconds Perfect. Thank you for the question. I think that's a extremely important question uh to address. ing overall uh our uh if you see the net worth at 1619 57:54 57 minutes, 54 seconds crores uh a big portion of that is into the investy businesses uh the breeze electric mobility and these finance 58:02 58 minutes, 2 seconds limited obviously they have a different uh you know growth trajectory and uh we know that they will be you know um you 58:09 58 minutes, 9 seconds know uh uh some capital uh contribution should come up in uh some medium term 58:16 58 minutes, 16 seconds short-term medium term and all that so that That is something which we need to take out from our calculations. A B 58:23 58 minutes, 23 seconds there is a another 500 plus crores of cash available at the group level which is basically the watches for the future growths and all that. So that is 58:31 58 minutes, 31 seconds something that we need to we take these two pieces out primarily almost if memory collects me right something like 900 crores goes out of the uh you know 58:41 58 minutes, 41 seconds calculations. So if you if you see on the core business there's something like 700 crores of capital or employed being 58:48 58 minutes, 48 seconds used and which gives us a healthy returns uh you know uh to date uh as you're right maybe in another two to 58:56 58 minutes, 56 seconds three years uh all the the these two pieces on the investy businesses and the cash will be appropriately deployed and then you know the numbers come in but 59:04 59 minutes, 4 seconds basically these are the you know from a long-term strategic decisions to grow the businesses to agreed to make and to diversify. 59:17 59 minutes, 17 seconds Got it. So uh sorry if I may ask because there has been a leadership overall over the last year. U what are the broader 59:24 59 minutes, 24 seconds parameters which are linked to your KPIs and the KPIs of the people who are uh the at the CXO level? Are there links to 59:33 59 minutes, 33 seconds uh uh capital uh return capital coming back? are they linked to growth? If you could just body give me some guidelines 59:42 59 minutes, 42 seconds that will help us uh understand uh this as well. Thank you. 59:46 59 minutes, 46 seconds Yeah, very interesting question. Uh as you have observed, we have really strengthened the leadership team within 59:54 59 minutes, 54 seconds Greece. Uh and we have built a very strong and capable team with very varied experiences relevant to the areas we 1:00:01 1 hour, 1 second want to grow in. and uh the board and uh myself uh in selecting and onboarding these leaders uh we have very clearly 1:00:09 1 hour, 9 seconds linked their uh uh performance to of course growth but also very disciplined capital allocation and of course uh in 1:00:19 1 hour, 19 seconds terms of the returns that they get they are also linked to very very strongly to the business results. It's a combination 1:00:29 1 hour, 29 seconds of long-term incentive plans are there which are in line with the grease.net strategy a and the capital market uh conditions as mentioned. 1:00:40 1 hour, 40 seconds Thank you. Our next question comes from the line of Kosh Nahar from Electrum PMS. Okay. 1:00:47 1 hour, 47 seconds Before you go ahead, let me ask participants to please restrict your questions to one per participant only. 1:00:53 1 hour, 53 seconds Please go ahead Kosh. Yeah. So in the presentation you mentioned that in the mobility segment a non three-wheeler is now around 63 66%. 1:01:03 1 hour, 1 minute, 3 seconds So do we see this going to 100% like the three-wheer engine will four years down the line or will be a very small portion say five six%. 1:01:15 1 hour, 1 minute, 15 seconds Some idea on the Yeah. 1:01:17 1 hour, 1 minute, 17 seconds Okay. No, thank you for noticing that and uh yeah the good thing is we have now started developing business beyond 1:01:25 1 hour, 1 minute, 25 seconds the three-wheeler auto and uh that's why we wanted to share that. Having said that uh the three-wheeler auto diesel 1:01:33 1 hour, 1 minute, 33 seconds engine business is also very healthy and profitable for us. We have very strong OEM connections. So yes, the market will 1:01:40 1 hour, 1 minute, 40 seconds start in a meaningful contribution and it's a 1:01:48 1 hour, 1 minute, 48 seconds healthy focus on maintaining that through our OEM partnerships. All our new business development efforts, they're going to 1:01:56 1 hour, 1 minute, 56 seconds this non- three-wheer diesel area and they're already starting to deposition here to have a cash 1:02:04 1 hour, 2 minutes, 4 seconds generating engine which is helping us fund the new growth activities across and helping us to diversify. 1:02:12 1 hour, 2 minutes, 12 seconds All right. Well, thank you. Thank you. 1:02:18 1 hour, 2 minutes, 18 seconds Our next question is from the line of Asake Kapoor from Kapoor Company. Please go ahead. 1:02:26 1 hour, 2 minutes, 26 seconds Uh yes sir. Hope I'm audible. 1:02:29 1 hour, 2 minutes, 29 seconds Yes. Yes. Sir for the electric mobility business what what are we outlining for the for the 1:02:36 1 hour, 2 minutes, 36 seconds current financial year in terms of uh the top line and also in in terms of reducing the uh catch losses for the 1:02:45 1 hour, 2 minutes, 45 seconds sales. What is our road map for the current financial year? 1:02:54 1 hour, 2 minutes, 54 seconds electric is it? 1:02:56 1 hour, 2 minutes, 56 seconds Yes sir. Yes sir. Okay. Uh Vikas you want to take that? Am I can you all hear me? Yes we can hear you. Yeah. 1:03:05 1 hour, 3 minutes, 5 seconds So I was just saying that unfortunately the DRHP prohibits us from making any forward-looking forecasts. So all I can 1:03:12 1 hour, 3 minutes, 12 seconds tell you is that the past trajectory of growth, market share, top line, reduction in losses, uh brand products 1:03:20 1 hour, 3 minutes, 20 seconds should be a reflection of what the future looks like. I will really not be in a position to share any further details with you on this account. I hope 1:03:28 1 hour, 3 minutes, 28 seconds you understand that. Thank you. We understand uh the prospect but as a shareholder this is this this has been 1:03:36 1 hour, 3 minutes, 36 seconds uh the red ink on uh on the on the PNN for a for a sustainable period we understand that it is a growth engine 1:03:43 1 hour, 3 minutes, 43 seconds for us also. So as as investors today we we need to understand of uh if you could 1:03:50 1 hour, 3 minutes, 50 seconds just give some understanding of when and how can we turn uh even uh uh uh uh net 1:03:57 1 hour, 3 minutes, 57 seconds positive or even uh even out just just eroding the losses what kind of timeline 1:04:04 1 hour, 4 minutes, 4 seconds have we have we set in sir I guess sorry to interrupt but we are you know held back by the statutory compliances and therefore kindly 1:04:12 1 hour, 4 minutes, 12 seconds appreciate our limitations to answer this question. Correct. Correct. Fine sir. Thank you. 1:04:20 1 hour, 4 minutes, 20 seconds Thank you ladies and gentlemen. Due to time constraints we will take that as a last question. I would now like to hand the conference over to Mr. Palat Satpud for closing comments. Over to you sir. 1:04:32 1 hour, 4 minutes, 32 seconds Thank you. Thank you for uh all your questions and also for the positive uh reinforcement we received about our 1:04:38 1 hour, 4 minutes, 38 seconds business results. Uh we'd like to thank you for your continued engagement, trust, and support. We remain focused on 1:04:46 1 hour, 4 minutes, 46 seconds implementing our new strategy, grease.next, and we look forward to building on the momentum coming quarters. Thank you very much. 1:04:57 1 hour, 4 minutes, 57 seconds Thank you. On behalf of Greavves Cotton Limited, that concludes this conference. 1:05:02 1 hour, 5 minutes, 2 seconds Thank you all for joining us. You may now disconnect your lines.