Bharat Madan

Our effort will be to maintain the margin on a full year basis, but obviously it's too early to talk about that unless we know how the geopolitical situation really emerges.

The basic purpose of captive finance is to help the main business in growing market share and increasing volume. That is the primary objective.

Our midterm business target for next four five years is to take it to about 15% level.

We expect we should be able to close it. So I don't know whether this calendar year but definitely within this fiscal year the acquisition should get completed.

Our midterm business plan target is to take it to 15% level.

The major change will happen once we have this localization of Kubota products, which is still two years away. Till then, I think we'll remain in this range only, maybe 11.5%-13% range.

U.S. is the biggest market for Kubota. Obviously, we expect that as and when the products start getting exported to the market, the numbers will ramp up.

These two JVs at a combined level were more or less break-even operations, and they had about 2,000 crore of sales as a top line with very nominal operating margin.

We expect within the next six months, we should be able to close on the land part. And if we get the land allotted in the next six months, then we expect within the next two and a half years, we should be able to go live on the commercial production on the tractor side.

We anticipate that the domestic tractor industry may experience mid-single-digit growth. This growth will be driven by various sectors, such as increased monsoon coverage, government assistance, improved crop prices, enhanced liquidity, and expanded access to the credit.

The idea of carving out these businesses was to align with the Kubota group. So they also have the similar verticals in terms of revenue.

On the margin front, I think we expect the margin should remain within this range, with the indication we have given.