Avik Roy

I would still believe that the core business at this situation has a potential to do at least a high single digit to double digit growth.

The key will be to also the government has to also develop this industry locally. There has to be a value for Make in India cell, because otherwise nobody else will come up for investment like this if they are not encouraged.

We have not taken any price correction in Q3, particularly because we wanted to pass on the entire benefit of the GST reduction to the end customer.

In January, we have taken one round of price correction we had to take, because otherwise this currency and these commodities were killing us.

Having a local supplier with such capabilities and helping me to receive the material on daily basis... this is a great value for any OEMs.

We have passed on the entire benefit of GST rate reduction to the end consumer during this period.

The trick lies in your operational efficiency and sourcing. Once we ramp up the scale, and fortunately, we have good collaboration with our principal partner, SVOLT, we have been able to access raw material at scale from reliable suppliers.

I would recommend that you do not consider this Q2 margin as a reference margin because in Q1 itself, if you go back, we have done 12% plus.

We are probably the only one that when we started this project, we tried to mitigate the risk through multiple chemistry and multiple format methods.

If I do the math and if I add this back, we were at a very good EBITDA margin level even in Q4. We were actually close to 13%.

We still hold to our promises which we made to you in the recent past on our numbers.

The businesses which declined in the first half year are going to rebound. That is our expectation in the rest of the year.