TVS Motor Company Ltd — Q4 FY26

TVS Motor Company Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=RCURqtBinNE

0:00 Ladies and gentlemen, good day and welcome to TVS Motor Company Limited 4QI26 0:07 7 seconds results earnings con call hosted by 361 Capital Market Private Limited. 0:13 13 seconds This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions and expectations of the company 0:21 21 seconds as on the date of this call. These statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to predict. 0:31 31 seconds As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:39 39 seconds Should you need assistance during the conference call, please signal an operator by pressing star then zero on 0:46 46 seconds your touchstone phone. Please note that this conference is being recorded. I would now like to hand the conference 0:53 53 seconds over to Mr. Anamalai Jraj from 361 Capital. Thank you and over to you sir. 0:59 59 seconds Thank you. Welcome to PBS Motor Company from PS Motor Management. We have Mr. 1:08 1 minute, 8 seconds Kak director GDP officer opening officer. I'll now hand over the call to Mr. Ka for the opening remark. 1:19 1 minute, 19 seconds will follow the question to answer question over. 1:22 1 minute, 22 seconds Good evening. Good evening everyone and uh thanks for joining us today. 1:27 1 minute, 27 seconds We are delighted to share that during this financial last financial year of 2526 TVs TV motor company surpassed all its 1:37 1 minute, 37 seconds previous highs and achieved an all round record performance achieved the highest ever sales volume revenue and profit. 1:45 1 minute, 45 seconds Our sales volume grew from 4.7 million units to 5.9 million units at 24% 1:52 1 minute, 52 seconds growth. Revenue grew from 36,251 crores to 47,270 1:59 1 minute, 59 seconds crores at 30% growth. And operating PBG grew from 3,563 crores to 4,975 crores or 40% growth. 2:12 2 minutes, 12 seconds When you look at the two-heer ice growth, uh it grew by 19% over the previous year and the industry 2:20 2 minutes, 20 seconds growth during the same time was about 10%. 2:24 2 minutes, 24 seconds Two wheeler international market company sales grew by 31% over last year as against the industry growth of 23%. 2:33 2 minutes, 33 seconds Total twoheer sales grew by 22% compared to last year as against industry growth of 12%. 2:41 2 minutes, 41 seconds EV two-heer sales grew by 33% and it is at 3 lakh 3.7 lakh units as against last year's 2.8 lakh units. 2:54 2 minutes, 54 seconds Total sales of three wheelers grew by 63% to 220,000 as against 3:02 3 minutes, 2 seconds 135,000 units during last year. 3:09 3 minutes, 9 seconds On financial performance during the year companies he built up grew by 37%. 3:16 3 minutes, 16 seconds Last year was 4,450 cr and this financial year is 679 cr. 3:24 3 minutes, 24 seconds The IITA margin improved by 60 basis points 12.9 12.9% this year with last year's 12.3%. 3:38 3 minutes, 38 seconds Operating PBT grew by 40%. 3:41 3 minutes, 41 seconds During this year, the company generated an operating free cash flow of three 3,85 crores as against 2586 crores uh growth of 47%. 3:55 3 minutes, 55 seconds Now when we look at Q4 phase, company achieved the highest error revenue of 12,88 4:04 4 minutes, 4 seconds crores, a growth of 36% over last year is the highest. Two winner domestic ice 4:12 4 minutes, 12 seconds sales grew by 26% compared to Q4 of last year as against an industry growth of 24%. International market company sales grew by 23%. 4:23 4 minutes, 23 seconds Total two wheeler sales grew by 26% in Q4. EV two wheeler sales grew by 51%. 4:30 4 minutes, 30 seconds 115,000 as against last year 76,000. 4:35 4 minutes, 35 seconds Total sales of three wheelers grew by 65%. 4:38 4 minutes, 38 seconds 60,000 units as against last year's 37,000 units. 4:43 4 minutes, 43 seconds On financial performance in the quarter Q4 sales revenue was 12,88 cr and we achieved the highest IDIA of 13.1%. 4:56 4 minutes, 56 seconds During the quarter company's operating IIDA was at,679 crores as against last year's,172 crores. 5:09 5 minutes, 9 seconds company registered a PBT of,358 crores during this quarter as against 851 crores in Q4 last year. 5:22 5 minutes, 22 seconds Now let me talk about previous credit performance. 5:26 5 minutes, 26 seconds uh the previous credit services during the financial year 2526 again have achieved a record level of 5:34 5 minutes, 34 seconds PPT,248 crores. The book size is now 30,631 crores. 5:43 5 minutes, 43 seconds Q4 previous credits reported sustained growth in dispersement supported by improved consumption sentiment and 5:51 5 minutes, 51 seconds traction across all retail financing segments. 5:55 5 minutes, 55 seconds The two-heer category witnessed strong demand during this quarter aided by steady recovery across urban semi- urban market 6:04 6 minutes, 4 seconds and uh definitely you know we have seen the increasing adoption of electric vehicles of course supported by the broad 6:12 6 minutes, 12 seconds affordability and good finance iteration in the market. Consumer durable financing 6:19 6 minutes, 19 seconds remains steady divide driven by seasonal purchases and increased discretionary spending. 6:27 6 minutes, 27 seconds Company continue to maintain its focus on risk calibrated growth across all product categories. 6:37 6 minutes, 37 seconds TV credit has adopted a prudent and proactive approach to underwriting and risk through calibrated credit policy restrictions and sharper credit messages. 6:52 6 minutes, 52 seconds Overall, the portfolio quality has improved through reduction in total credit cost and G&PA. 7:02 7 minutes, 2 seconds Financial year 2026 the the TVs credit dispersed loans for over 53 lakh new customers. Overall the 7:11 7 minutes, 11 seconds customer base is almost 2.4 4 crores more TV credit continues to focus on leveraging 7:20 7 minutes, 20 seconds technology innovation through digital transformation, deeper customer relationships and 7:28 7 minutes, 28 seconds while maintaining strong risk management practices with external credit rating of A+ the bookite has grown by 15%. 7:40 7 minutes, 40 seconds Now it is at 30,631 crores as against last year's 26,647 7:46 7 minutes, 46 seconds crores. PBT has grown by 22%,248 crores as against,27 crores during last 7:54 7 minutes, 54 seconds year and for this quarter PBT has grown by 15% 348 crores as against 302 crores during the before of last year. 8:05 8 minutes, 5 seconds On previous motor international business performance, we have recorded highest ever international business sales of 15.8 8:13 8 minutes, 13 seconds lakh in the financial year 2026, a growth of 33% yearonear. 8:21 8 minutes, 21 seconds This performance was driven by very good demand for all our products, excellent range 8:28 8 minutes, 28 seconds and sustained and continued strengthening of our distribution in this market. 8:36 8 minutes, 36 seconds Africa, Asia, Latam remains our key countries. 8:43 8 minutes, 43 seconds Africa has done extremely well. 8:46 8 minutes, 46 seconds Now we are focusing in Latan region and we have seen very encouraging traction in many markets and there is an 8:54 8 minutes, 54 seconds opportunity for further leveraging these markets for 3 years. As you know Asia is also doing well now. 9:03 9 minutes, 3 seconds Sri Lanka is fully back on track. Nepal is doing extremely well. Bangladesh there are some changes we have brought in and the the exports will start soon. 9:17 9 minutes, 17 seconds Q4 exports performance reflect sustained momentum and we are able to improve our product 9:23 9 minutes, 23 seconds mix and uh three-wheer segments has started showing improvement now and we 9:30 9 minutes, 30 seconds are confident that going forward in this financial year we will keep up the same moment same momentum for TVS motor 9:38 9 minutes, 38 seconds growth on new product I'm very sure all of you would have seen orbiter v1 9:46 9 minutes, 46 seconds it has done with 1.8K8 kilowatt battery and uh you 9:53 9 minutes, 53 seconds know this is for a different set of customers. 9:59 9 minutes, 59 seconds Now it is available in two ranges V1 1.8 kilowatt and V2 3.1 kilowatt. 10:08 10 minutes, 8 seconds We have also started B across EV portfolio. This will also give an opportunity for customers to 10:16 10 minutes, 16 seconds subscribe to battery usage instead of paying the full battery cost up front. 10:25 10 minutes, 25 seconds We have also launched the TV King Cargo heavy duty CNG. 10:34 10 minutes, 34 seconds As you know the cargo vehicle EV is also giving very good response from the customers. The recently launched CNG 10:43 10 minutes, 43 seconds cargo is going to give us very good response. Initial months have been very promising. 10:50 10 minutes, 50 seconds Built on durability, ease of operation. 10:53 10 minutes, 53 seconds The vehicle comes with robust lift swing suspension. It offers very good aeronomic cabin with top speed of 62 11:01 11 minutes, 1 second km/h, excellent ground clearance and turning radius. 11:07 11 minutes, 7 seconds I'm very sure that these two launches of cargo EV and cargo PNG they will take a very prominent position in the cargo 11:16 11 minutes, 16 seconds category in uh 3 weeks on North all of you know that the 11:22 11 minutes, 22 seconds company has done it started sometime in 2021 and we have 11:28 11 minutes, 28 seconds initiative behind building new products and this year it's very very key we Uh 11:38 11 minutes, 38 seconds we have unveiled our products in Milan. 11:43 11 minutes, 43 seconds We got excellent feed that and we are going to soon come up with 11:52 11 minutes, 52 seconds new model of Norstar Atlas and Atlas GT. 11:59 11 minutes, 59 seconds more details of that I'll give you closer to the launch and I'm very sure this will be available 12:06 12 minutes, 6 seconds in Europe and some of them will be available in India. 12:11 12 minutes, 11 seconds So 2627 is going to be very very important here especially the Q2 of 2627 12:20 12 minutes, 20 seconds on domestic I business and now we looking at this quarter and 12:28 12 minutes, 28 seconds going forward last year you saw very good growth in Q4. Okay, urban was slightly big 12:38 12 minutes, 38 seconds better than rural and 2526 we saw very good GDP growth. 12:44 12 minutes, 44 seconds Now coming to this year financial year we are looking at continuation of the GST benefits. 12:53 12 minutes, 53 seconds There are some headwinds in terms of uh the ongoing West Asia conflict. 13:01 13 minutes, 1 second There are there are challenges in terms of uh commodity prices, steel, aluminium, crude oil, derivatives 13:11 13 minutes, 11 seconds and there are pressures on input cost also some supply chain disruption. 13:19 13 minutes, 19 seconds We have also gone through similar situation in the past. Company has also taken many initiatives to further 13:27 13 minutes, 27 seconds strengthen our cost reduction, improving the product mix. Also taking a 13:34 13 minutes, 34 seconds price increases wherever they are able to look at and this is that continuous journey of closely monitoring the 13:42 13 minutes, 42 seconds economy and constantly looking at correcting the contribution through 13:50 13 minutes, 50 seconds various initiatives. What is most important is our demand both in domestic and international for all our models are extremely good. 14:01 14 minutes, 1 second As I said in the April press news, we had some challenges in the supply chain with respect to labor availability, gas 14:10 14 minutes, 10 seconds and also some challenges in terms of on-time availability of some raw materials. Things are becoming better. 14:17 14 minutes, 17 seconds This month is going to be better and we are confident that Q1 and we will force a very good growth better than the industry 14:26 14 minutes, 26 seconds on EV actually the industry is growing better 14:32 14 minutes, 32 seconds last quarter of Q4 last year we saw 38% growth and just to give you some data the overall 14:41 14 minutes, 41 seconds the penetration in Q4 was almost 7.8% 8% with 7.1. If you look at here as a whole, 14:49 14 minutes, 49 seconds the penetration has moved from 6.2 to 6.6. 14:54 14 minutes, 54 seconds I'm very sure that EV2 wheeler will continue to increase the penetration and the momentum will continue this year. 15:04 15 minutes, 4 seconds As you know, we have recently launched IQ I TBS IQ with 4.7 kilowatt 15:14 15 minutes, 14 seconds And this is definitely going to be a favorite EV for families. 15:19 15 minutes, 19 seconds We have more than 900 900 900,000 Indian customers and families are enjoying this product. 15:29 15 minutes, 29 seconds TS IQ has played a key role in driving electric mobility adoption in India which is the new launch of TQ TVs IQBS. 15:38 15 minutes, 38 seconds It offers a range of 175. It comes with new color graphics and enabling families 15:46 15 minutes, 46 seconds to go further with greater ease and confidence. 15:49 15 minutes, 49 seconds On commercial mobility, we are consistently improving on our EV three-wheeler. 15:56 15 minutes, 56 seconds Now the wan share is continuously increasing for our three-way EV and we are confident that in this financial 16:05 16 minutes, 5 seconds year we will reach a very prominent place with overall the EV 16:13 16 minutes, 13 seconds passenger EV cargo in addition the cargo PNG what we have 16:19 16 minutes, 19 seconds launched all of you know that TVs motor has recently signed a joint development agreement with Hyundai Motor Company 16:28 16 minutes, 28 seconds to commercial as an electric three-wheeler. 16:34 16 minutes, 34 seconds This is going to be redefining the mobility and as you know Hundai Motor will lead 16:41 16 minutes, 41 seconds the design and co-develop the E3 wheeler by leveraging its research and development expertise, advanced mobility 16:48 16 minutes, 48 seconds technologies and movement design approach. previous model will co-develop the product using our leading edge electric platform extensive 16:57 16 minutes, 57 seconds three-wheeler engineering expertise deep local market understanding and I'm very sure with our long legacy 17:04 17 minutes, 4 seconds of truck quality focus we'll be able to come up with a product 17:11 17 minutes, 11 seconds which is a grand success in the market 17:20 17 minutes, 20 seconds on international business what we have seen in Q4 I'm very sure that this year also you will see the 17:27 17 minutes, 27 seconds momentum we are also closely monitoring the effects of the war situation 17:36 17 minutes, 36 seconds but as I speak every every international market we are seeing very good pull for DBS range of 17:44 17 minutes, 44 seconds products we are also constantly monitoring There are some challenges especially in 17:52 17 minutes, 52 seconds the lead time for delivery because of some of the logistic issues but I'm confident that with our close monitoring and working with our distributor we will 18:01 18 minutes, 1 second be able to overcome this and to conclude during Q4 18:10 18 minutes, 10 seconds we have seen our ITA has gone to 13.1 we will continue to leverage scale benefits better product mix and 18:18 18 minutes, 18 seconds sustained efforts on cost reduction which will definitely enable us right there are challenges on geopolitical 18:27 18 minutes, 27 seconds issues I think our thanks to our customers and our product portfolio we 18:34 18 minutes, 34 seconds are confident we'll put every effort to to further improve our cost and we 18:41 18 minutes, 41 seconds will definitely look at leveraging our growth momentum on top line better than the industry growth 18:51 18 minutes, 51 seconds this quarter and next quarter we will be very very cautious. 18:57 18 minutes, 57 seconds We will make sure that we will not we will continue to invest in technology, R&D, innovation and brand building. 19:08 19 minutes, 8 seconds We will very closely look at every cost element to make sure that we grow ahead of the industry. Thank you. 19:20 19 minutes, 20 seconds Shall we open the floor for question and answer? 19:24 19 minutes, 24 seconds Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star 19:32 19 minutes, 32 seconds N1 on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star N2. 19:40 19 minutes, 40 seconds Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. 20:03 20 minutes, 3 seconds The first question is from the line of Kap Singh from Mamura. Please go ahead. 20:08 20 minutes, 8 seconds Yeah, good evening sir. Thanks for the opportunity and uh congratulations on a strong performance. Uh my first question is just on your growth outlook for domestic and international for SI27. 20:20 20 minutes, 20 seconds Uh what kind of growth are you expecting and uh any color uh in between uh you know motorcycles uh ice scooters and EV 20:29 20 minutes, 29 seconds scooters directionally what do you expect there? 20:35 20 minutes, 35 seconds See we are we are expecting a good singledigit growth on the industry this year 20:42 20 minutes, 42 seconds and uh we are seeing growth momentum. Of course there are some challenges in terms of uh the uh the prices going up 20:52 20 minutes, 52 seconds especially on gases and inflation is going up but uh thanks to 20:59 20 minutes, 59 seconds our product range the demand situation is very good for us. 21:04 21 minutes, 4 seconds on uh particularly if you if you look at uh uh let me start with overall 21:12 21 minutes, 12 seconds uh I I already highlighted that the EV is doing extremely well and we have two 21:17 21 minutes, 17 seconds good brands Alcube and uh orbiter uh on CER uh if you look at Jupiter 110 21:26 21 minutes, 26 seconds Jupiter 110 and 125 it's doing extremely well in the market and uh as a category 21:33 21 minutes, 33 seconds According to me uh 26 27 the growth momentum will continue on scooters. EV will be very good. 21:46 21 minutes, 46 seconds Scooters will be very good. Okay. And also super premium category is also likely to do very well. The challenge will continue in the economy category. 21:56 21 minutes, 56 seconds Okay. economy category the challenge will be little higher because that is where uh most of the customers who have 22:05 22 minutes, 5 seconds challenges in terms of higher inflation prices are likely to review. 22:12 22 minutes, 12 seconds Fortunately for TVs we have uh for example currently SSP including EV the scooter category share is almost 38%. 22:22 22 minutes, 22 seconds And according to me that is likely to go over 40%. Which means scooters are likely to grow faster and we have very 22:30 22 minutes, 30 seconds strong brands of Jupiter En25 and the response of 150 is outstanding 22:38 22 minutes, 38 seconds in the market which was recently launched and on the EV side orbiter again outstanding response in the market. IQ continues to do very well 22:48 22 minutes, 48 seconds especially the new variants whatever we have launched. So super we are strong and we will continue to grow effort in this way. 22:55 22 minutes, 55 seconds And you know last three years we have done extremely well on our premium Apache and Ronim is doing extremely well. Super premium Ronin is also doing 23:04 23 minutes, 4 seconds extremely well. So overall we have a very good portfolio. 23:10 23 minutes, 10 seconds EV will grow well. Cooters will grow well. Premium and super premium will grow. Then the challenge will be on the 23:17 23 minutes, 17 seconds economy category and our proportion in that category is very small. Okay. Of course the new mop with alloy wheel is 23:26 23 minutes, 26 seconds doing extremely well in the market. What we have seen is if you add value to the customer still customers are willing to look at even if there are challenges in demand. This is on the domestic market. 23:37 23 minutes, 37 seconds Now coming to international market as we see the demand for us is extremely good and uh I I'm very sure that the momentum 23:47 23 minutes, 47 seconds whatever we have seen in Q4 will continue this year. 23:51 23 minutes, 51 seconds We'll be very closely watching the situation related to the geopolitical challenges. There are delays in terms of 24:00 24 minutes transit time which we need to support our distributors which we are working very closely with them. But as long as the demand is very good, we are very 24:08 24 minutes, 8 seconds confident that we will do better than the industry. 24:13 24 minutes, 13 seconds Thank you so much for the detailed answer. on the commodity side also I just wanted to know how much uh is the 24:20 24 minutes, 20 seconds commodity inflation uh that we are expecting in the first quarter and how much price hike we have taken and uh 24:27 24 minutes, 27 seconds also for similar numbers for Q4 FY2 commodity actually this is unprecedented 24:35 24 minutes, 35 seconds I think it is around 3 to 5% because as I speak there are there are challenges but uh uh we were able to increase 24:43 24 minutes, 43 seconds prices 35% % of the price increases. We were able to offset by increasing prices. We closely monitoring the 24:52 24 minutes, 52 seconds situation both in domestic and international. We have passed on price increases. 24:56 24 minutes, 56 seconds We'll also keep a close watch on that and you know this is something which we will look at it very very closely. And 25:04 25 minutes, 4 seconds second I think the product mix is going to definitely help us. The leveraging the topline is going to help us. uh so 25:13 25 minutes, 13 seconds it will be a combination of cost reduction product makes growing the the scale benefit and uh looking at 25:22 25 minutes, 22 seconds appropriate price increases uh in the right model. So it's it's a combination of all strategies put together. We have seen similar situation in the past. 25:32 25 minutes, 32 seconds Maybe it is little higher everything happening in one quarter this time. So we will closely monitor that. 25:40 25 minutes, 40 seconds So just to clarify this 3 to5 percentage is as a percentage of the revenue right revenue revenue revenue revenue yes yes 25:49 25 minutes, 49 seconds uh how much your CLI for the quarter is about.9%. 25:59 25 minutes, 59 seconds Thank you. Thank you. I'll come back and thank you. We will take the next 26:09 26 minutes, 9 seconds question from the line of Chandra Madi Madya from Goldman Sachs. Please go ahead. 26:14 26 minutes, 14 seconds Hi, good evening and thanks for taking my questions. Um my first question is around production capacity. So in S526 26:22 26 minutes, 22 seconds we've manufactured and sold close to 5.9 million vehicles. I just want to understand at this stage what what is the rough range of our two wheel 26:30 26 minutes, 30 seconds collection capacity and three wheel production capacity and then you have announced recently that you plan to expand capacity to service demand. Just 26:39 26 minutes, 39 seconds want to understand what what proportion of addition we can expect over the next 12 to 24 months or so. Immediately we 26:47 26 minutes, 47 seconds are looking at increasing the capacity by another 1 and a half billion to go to somewhere around 8.3 million because uh 26:56 26 minutes, 56 seconds the demand is good and uh first time we have to add significant capacity in the next 12 months. Work has already started 27:05 27 minutes, 5 seconds in the last quarter of last year last financial year. This financial year is going to be very important. Quarter after quarter we are reviewing and 27:13 27 minutes, 13 seconds possibly for 28 and 29 we are also thinking about which what kind of capacity additions we need to add but 27:23 27 minutes, 23 seconds one thing we are very clear uh we want to be ahead of the industry growth and for that we will make sure that capacity 27:31 27 minutes, 31 seconds will not be a constraint and we will be investing behind that. 27:36 27 minutes, 36 seconds Got it. That's helpful. Second question is just around some of the supply chain challenges that globally the automotive industry is facing. So you did call out 27:45 27 minutes, 45 seconds um gas you did call out certain raw materials for production beyond that um rare earth has been sort of up and down 27:52 27 minutes, 52 seconds over the past 12 months uh and and EVs are also picking up where rare earth might be important. So just want to understand across some of your key 28:00 28 minutes materials um where are some of the challenges presently in manpower included and then how do you see that progressing over the next few months? 28:11 28 minutes, 11 seconds The supply chain was something unique we had in the last uh April and end of March. Uh primarily I think it all started uh the post geopolitical unrest. 28:24 28 minutes, 24 seconds I think the gas prices going up and other energy costs going up one it affected the you know commodity 28:33 28 minutes, 33 seconds commodity prices but sometimes the commodity availability uh as you know we don't keep more than 28:42 28 minutes, 42 seconds 30 days of stock with our dealers in India so normally it is 21 to 30 days maximum and they are all cash and carry 28:50 28 minutes, 50 seconds uh what happens is you know you have So and our retails are extremely good which you would have seen from our wahan and 28:58 28 minutes, 58 seconds also international the demand is very good and the retails are extremely good. 29:01 29 minutes, 1 second So uh very critical that we are able to ramp up and produce material and give it to uh and our supply chain uh because of 29:12 29 minutes, 12 seconds these delays in energy and sometimes raw material a couple of delays can also affect sometimes production. This is 29:19 29 minutes, 19 seconds one. Second across India we are seeing some challenges with respect to labor. 29:23 29 minutes, 23 seconds It is not only unique to south but many many areas especially the tire two suppliers. Tire one is able to manage 29:30 29 minutes, 30 seconds but many of the tire two they have serious problems. So we are supporting them and uh for example month of May we 29:37 29 minutes, 37 seconds are much better than April. Uh hopefully this month end of this month we will come out of it. That's why I'm confident 29:44 29 minutes, 44 seconds about Q1 we will uh we will be very very confidently growing ahead of the industry in totality 29:51 29 minutes, 51 seconds uh both in retail and in uh dispatches but this we have to closely monitor and see appropriate counter measures very 29:59 29 minutes, 59 seconds very important got it that's helpful and this my last question is bookkeeping question um just 30:07 30 minutes, 7 seconds related to the point you made around the channel document maintain you could just give us uh at this point in And where the channel stock is for domestic versus 30:16 30 minutes, 16 seconds the normal channel stock and for international business as well versus the normal channel stock that you maintain and also if you could share the 30:23 30 minutes, 23 seconds exports and spares um revenues for the quarter. channel stock has started improving this month uh because we were 30:31 30 minutes, 31 seconds able to produce much better in the first 10 days of May and I'm very sure by end of this month and uh first week of June 30:39 30 minutes, 39 seconds it will come to that uh we always operate between the 21 days to 30 days kind of uh that range 30:46 30 minutes, 46 seconds fortunately for us every product is under high pool so we have to make sure that we deliver that which we will do uh 30:54 30 minutes, 54 seconds the the revenue from international business uh for Q4 you're asking right correct 31:02 31 minutes, 2 seconds Q4 uh we are at uh almost 3,000 crores 2,999 31:14 31 minutes, 14 seconds and spare parts spare parts the total spare parts is uh 31:20 31 minutes, 20 seconds uh just a minute just overall Uh it's about uh,122. 31:33 31 minutes, 33 seconds Correct. Correct. That's helpful. Thank you very much and all the best. 1122. 1122. Correct. 31:42 31 minutes, 42 seconds Thank you. 31:45 31 minutes, 45 seconds Thank you. Next question is from the line of Gjan Pritani from Bank of America. Please go ahead. 31:52 31 minutes, 52 seconds Hi. Thanks for taking my question. My first question is you're just going back to the comments you made that you know for the next one or two quarters we'll 32:00 32 minutes be cautious. I'm just trying to understand is it more the cost headwinds that worry you is it the supply 32:06 32 minutes, 6 seconds disruption or maybe to some extent the sort of price increases that the industry is taking to offset the commodity. Uh do you see that there 32:15 32 minutes, 15 seconds could be some risk to the uh demand as well which is pretty strong at the moment. some some you know some more clarity on the comments you made around 32:23 32 minutes, 23 seconds the next two quarters questions we are confident about the demand I think uh there is absolutely thanks to 32:30 32 minutes, 30 seconds the customer delight the products and the product range what we have delivered we are very confident on the demand side 32:37 32 minutes, 37 seconds and talking about TV the uncertainty is on the raw material availability timely 32:44 32 minutes, 44 seconds availability okay the costs are high but uh couple of days delay here and There is one one worry. Another uh worry which 32:53 32 minutes, 53 seconds we are getting over completely is the supply chain tro disruption but that we are coming out of it fully. So I'm very 32:59 32 minutes, 59 seconds confident by end of uh couple of weeks time we will be completely out of it and we are closely monitoring the 33:07 33 minutes, 7 seconds overall situation in terms of what is happening on the geopolitical situation. 33:12 33 minutes, 12 seconds Uh because this is not only for us it is for the entire industry. So we have to be very cautious about that. When I say cautious, we have to closely monitor 33:21 33 minutes, 21 seconds what is happening, how the segments are doing well. And please please note that 33:28 33 minutes, 28 seconds for a distributor also the material has to reach on time and if there is a 10 15% delay in terms of the extra lead 33:37 33 minutes, 37 seconds time for transit. Okay. Again when you have high pools you know that is also we cannot lose any opportunity. 33:46 33 minutes, 46 seconds So otherwise uh we are pretty confident. 33:49 33 minutes, 49 seconds So maybe in two three weeks we will come out of it. 33:54 33 minutes, 54 seconds Okay. Got it. And uh the second question is if you can share a bit more color on the investments that we made in this 34:01 34 minutes, 1 second quarter of 700 crores. Um and the losses also from subsidy were a bit higher this quarter. So any any color on that and uh 34:09 34 minutes, 9 seconds if you can share a guide for fiscal 27 for investments in KEX. 34:15 34 minutes, 15 seconds See the the overall let me tell you it is more for the overseas subsidiary we spend about investments were about 34:24 34 minutes, 24 seconds 2,400 cr total I'm paying for the year and predominantly it is for non okay and 34:31 34 minutes, 31 seconds non products are getting ready and uh many of the products are going to be seen in Q2 of this year and I'm pretty 34:38 34 minutes, 38 seconds confident I've seen the product they're all extremely good and it is going to really redefine the super premium globally 34:47 34 minutes, 47 seconds the about about 200 crores is in DBS trading services and we also have put as a strategic investment in Dubai to have 34:57 34 minutes, 57 seconds significant focus on international markets. So we have established a total infrastructure and we have invested this we said about couple of quarters back 35:05 35 minutes, 5 seconds about 300 cr we have invest all put together this quarter this year last financial year was 2,400 cr next year 35:13 35 minutes, 13 seconds the investments will be much lower it will be maybe another 500 600 crores 35:20 35 minutes, 20 seconds lower than this 2,400 cr okay we are we are because we are we are very confident that uh many of the investments whatever 35:28 35 minutes, 28 seconds we have made this uh is going to start yielding better revenues and start getting results for us. Now coming to 35:36 35 minutes, 36 seconds capex uh our focus on the product development and new products will continue from TVS motorcycle that will 35:43 35 minutes, 43 seconds be around like this year around uh close to 2,000 crores. 35:49 35 minutes, 49 seconds Another additional investment is we are I I told you we are adding another one and a half million of capacity. 35:55 35 minutes, 55 seconds So we are expanding uh in a significant way on all two wheeler and three-wheer that will be about th00and cr plus okay 36:04 36 minutes, 4 seconds and uh we are also expanding our R&D because we believe in investing in R&D capability testing so all put together 36:13 36 minutes, 13 seconds the capric for next year for previous model will be likely to be around 3,000 close okay got it and last question sir is on 36:22 36 minutes, 22 seconds the EV capacity like you mentioned you're upping the capacity Can you talk about what is the EV capacity on a monthly basis right now and where do you 36:29 36 minutes, 29 seconds see that you know capacity unlocking happening to what level are we planning to take it given the demand uh is rising 36:37 36 minutes, 37 seconds on the EV side and any plans to sort of also leverage on these EV products that you have in the international markets because the similar trend that we're 36:45 36 minutes, 45 seconds seeing in India is also playing out in some of the Asian countries on higher uh E2 demand. 36:52 36 minutes, 52 seconds You're absolutely right. I think uh Asian market the response to IQ is very good. We are now starting our uh 37:00 37 minutes orbiter. So Asian markets have started uh a good proportion of our EVs. 37:06 37 minutes, 6 seconds Currently we are doing about uh uh last year if you look at our average was about 32 32,000 around 30 to 32,000. 37:16 37 minutes, 16 seconds we have now moved maybe around 40,000 and uh we will soon move to 50,000 per month. 37:25 37 minutes, 25 seconds So that is the kind of uh direction we are looking at in EV. We will definitely be ahead of the industry that I can 37:33 37 minutes, 33 seconds promise you. Uh we are constantly looking at our capacity versus demand and expansion in the network and also 37:41 37 minutes, 41 seconds you have seen the variance in ICU. You have seen the variance in orbiter and we will go ahead on industry. 37:50 37 minutes, 50 seconds Got it. Thank you so much sir. Thank you. 37:57 37 minutes, 57 seconds Next question is from the line of Anandi from JP M. Please go ahead. 38:03 38 minutes, 3 seconds Uh yes. Hi sir. Thanks uh for the opportunity. Um so my uh first question was on exports. uh you know you 38:11 38 minutes, 11 seconds mentioned you know that we are seeing a lot of strength but in the near term there can be some challenges um as of now uh you know if you look at 38:20 38 minutes, 20 seconds Africa Latam and South Asia um are we seeing any signs of any challenges 38:27 38 minutes, 27 seconds regarding inflation or the same issues that we're seeing in India in terms of gas availability and fuel prices uh you 38:34 38 minutes, 34 seconds know emerging any in any of these geographies because some of these geographies have announced work from home rationing of fuel. So any any worries or any concerns you are hearing from the ground here? 38:45 38 minutes, 45 seconds Uh see these are things you have to constantly look at it. But but the strength is we have a very strong product range of HLS series 100 125. 38:57 38 minutes, 57 seconds Actually the demand is so high for us we are not able to meet the demand today. 39:02 39 minutes, 2 seconds So country by country people are loving our products uh in African market and many other 39:08 39 minutes, 8 seconds markets. So our our endeavor is to significantly and proportionately increase. Okay. The challenge according 39:16 39 minutes, 16 seconds to me what we are seeing is the delay in terms of uh you know the the container 39:23 39 minutes, 23 seconds availability and making sure that there is a 15% increase in the lead times now. 39:29 39 minutes, 29 seconds Okay. And you as you know you know when the distributor plans it whatever the uh money is booking and he has got certain 39:38 39 minutes, 38 seconds dealers and sub dealers they need to have this plan and uh 15% is like another 10 days delay you know 10 days delay or 8 days delay or one week delay. 39:50 39 minutes, 50 seconds So this is something we need to plan and we need to also support them in terms of possibly higher capacity higher 39:57 39 minutes, 57 seconds production okay better planning. So this is something we have to look at. But the 40:02 40 minutes, 2 seconds inflation, prices of energy, local challenges, this we always constantly 40:09 40 minutes, 9 seconds look at it because we are now talking about this uh war situation. But last year or year before that we have seen 40:17 40 minutes, 17 seconds Ukraine, Russia war also created certain problems in this region. So this is something we have been very closely monitoring and I'm pretty confident that 40:26 40 minutes, 26 seconds we will come over it. uh we will get over these challenges. We'll come up with a very clear solution. 40:32 40 minutes, 32 seconds What is more delighting is every market products are sought after and we are very confident that that momentum is 40:40 40 minutes, 40 seconds going to help us to grow faster than the industry. 40:44 40 minutes, 44 seconds Great. That's that's good to know and we can see that in your in your you know monthly run rate improvement as well. Um 40:52 40 minutes, 52 seconds uh so my second question is on the domestic market. We've seen you know in the last 12 months uh EV three-wheeler and even CNG three-wheer launch as well 41:00 41 minutes as you know uh two wheeler EV scooter launches in the motorcycle category is there anything that you know any 41:07 41 minutes, 7 seconds category launches that we can look forward to in the next 12 months any specific categories motorcycles that you're targeting for launches 41:16 41 minutes, 16 seconds TV always believes in investing behind technology coming up with models build uh which delights the customer. 41:27 41 minutes, 27 seconds This is this has been our focus for our growth ahead of the industry and that momentum will continue. Last year you 41:34 41 minutes, 34 seconds have seen IQ, you have seen RTX, you have seen orbiter, now V1 version and you have seen three-wheer started with 41:43 41 minutes, 43 seconds the passenger EV then we started cargo then CMG cargo. So we completely believe in investing behind product and our strength is R&D. Our strength is doctor. 41:53 41 minutes, 53 seconds Our strength is digital. Our strength is connected services. So this is something we will continuously invest and we will drive. That's also the reason our capitalist is pretty high. 42:04 42 minutes, 4 seconds Yeah. 42:04 42 minutes, 4 seconds Because we don't we don't we don't uh we don't stop in investing. You know we always say that these are all medium to long-term strategy of the company to 42:13 42 minutes, 13 seconds grow aspirationally in every market. On top of it you know super premium normal. 42:19 42 minutes, 19 seconds Okay. There are models which we are investing products are getting ready in our house plant and solely health. So we 42:26 42 minutes, 26 seconds are very excited about 2627 I think it is going to be a key turnaround year for the next phase of 42:34 42 minutes, 34 seconds growth for TVS and that's that's great to know. So just a clarification uh will you be 42:42 42 minutes, 42 seconds manufacturing these initial uh northern products in India as well? Yes. Yes sir. 42:48 42 minutes, 48 seconds Okay. Solehal is solely hell is looking at uh one model which is in the high end where we will be making 42:57 42 minutes, 57 seconds okay the other models are going to be made here and we will also look at what type of models in sol what type of 43:04 43 minutes, 4 seconds models in India but we are leveraging India especially the household plant in a big way 43:11 43 minutes, 11 seconds okay that's that's great sir thank you thanks for the opportunity 43:18 43 minutes, 18 seconds thank Thank you. Next question is from the line of Ahmed Han and Dani from Philip Capital India. Please go ahead. 43:27 43 minutes, 27 seconds Yes sir. Thanks for the opportunity. 43:29 43 minutes, 29 seconds Sir, uh as per your earlier years assessment, what has been the impact on rural sales due to El Nino? And my 43:38 43 minutes, 38 seconds second question related to looking at the elevated and extended cost inflation. How much more price increase 43:45 43 minutes, 45 seconds you are planning to take to sustain the FY26 level margins? 43:51 43 minutes, 51 seconds See one issue as we open this year when we look at the reservoir water level as of now it is 15% higher. 44:02 44 minutes, 2 seconds Okay. So it is definitely good for the car season. However, what the point what 44:08 44 minutes, 8 seconds we said is Elnino risks could moderate the rainfall. Okay. So, we have to be constantly watching that and we have to 44:17 44 minutes, 17 seconds make sure that the reservoir water levels are very very critical going forward. So, that is very critical for 44:26 44 minutes, 26 seconds looking at in my opinion Q3 and Q4 which we will very closely look at it very closely look at it. What was your second question? 44:36 44 minutes, 36 seconds Uh sir looking at the uh elevated and extended cost inflation so how much more price increases you are planning to take 44:43 44 minutes, 43 seconds to sustain your FY26 levy margins normally I don't give you any guidance on margin okay because we don't look at 44:53 44 minutes, 53 seconds uh we we take pricing is a strategy we look at uh and I always believe that pricing is only one element 45:00 45 minutes we always look at the value what we are giving to the customer in terms of in terms attractiveness in terms of technology in terms of connectivity. So 45:09 45 minutes, 9 seconds pricing is only one element and we always use the variant strategy. You know there are different type of 45:16 45 minutes, 16 seconds customers. So we continue to leverage this method and when you grow the top line ahead of the industry that is also 45:25 45 minutes, 25 seconds going to give you many benefits and in terms of cost inflation this 3 to 5%. 45:30 45 minutes, 30 seconds According to me it is uh quite significant. Okay. So we have to closely monitor and we constantly look at uh you 45:39 45 minutes, 39 seconds know what type of opportunity is given to us in terms of looking at various what type of driving we can look at. So it's a continuous journey. Okay. And our 45:48 45 minutes, 48 seconds endeavor is to grow the top line and continue the momentum. Again we don't look for one quarter another quarter. 45:56 45 minutes, 56 seconds Many a times we become very anxious about what happens in Q1 and what happens in Q2. We always look at a trajectory when we started the growth 46:05 46 minutes, 5 seconds momentum. We are all of you know that we were at 6 and a half second in this quarter we are closing at 13.1. 46:13 46 minutes, 13 seconds So we always look at the direction and definitely with our product portfolio the focus what we have on product mix and both the combination of 46:22 46 minutes, 22 seconds three-wheeler premium international business all these are going to strengthen our realization for vehicle 46:29 46 minutes, 29 seconds that is very important when you have the realization for vehicle going up I think you can always leverage cost and we can 46:38 46 minutes, 38 seconds also amortize our fix cost over a larger base so the growth momentum and the iida journey will continue. Okay. We should 46:46 46 minutes, 46 seconds not be so much worried about one quarter, two quarter. Sure. All the best. Thank you so much. 46:55 46 minutes, 55 seconds Thank you. 46:59 46 minutes, 59 seconds Thank you. Next question is from the line of Ragunan from Noama Research. Please go ahead. 47:06 47 minutes, 6 seconds Uh good evening sir. Uh thank you so much for the opportunity and congratulations on strong results. Uh firstly sir in the export market would 47:16 47 minutes, 16 seconds you expect the growth to be higher than domestic market in FI27 and within exports would you uh in terms 47:24 47 minutes, 24 seconds of pecking order would you say growth will be higher in Latin America followed by Africa and Asia? 47:33 47 minutes, 33 seconds I think if you look at many of these markets, international markets, India, you know, India, I always believe that India has got a huge opportunity and the 47:42 47 minutes, 42 seconds type of investments what government has done on the infrastructure side especially on the road and thanks to the 47:49 47 minutes, 49 seconds consumer class of 1.4 billion who definitely looks at two wheeler as a great category for 47:55 47 minutes, 55 seconds their own uh income generation and community. I'm very sure the growth momentum will continue and thanks to GST 48:03 48 minutes, 3 seconds I think the entire scenario got changed when government reduced 28% to 18%. 48:09 48 minutes, 9 seconds Okay, it's not only on two wheeler overall. 48:12 48 minutes, 12 seconds This V situation has put little bit of challenges but I'm very sure that the need for 48:20 48 minutes, 20 seconds uh commuting, the need for uh uh especially 50% of the class is uh 48:28 48 minutes, 28 seconds self-inccome kind of customers, rural customers that momentum will continue in India. Now growth I I said about a 48:38 48 minutes, 38 seconds strong single digit okay it could even you know if things go better in the second half you can see something 48:45 48 minutes, 45 seconds becoming better also but we have to be cautious you know I'm saying from the industry point of view and from our point of view we are optimistic about 48:54 48 minutes, 54 seconds product range and what we are going to deliver into the market now coming to international international last if you look at 21 22 23 we saw lot of 49:02 49 minutes, 2 seconds challenges and it went to the bottom Now all these international markets are coming back. Last year we saw a good growth. I'm very sure this year also 49:10 49 minutes, 10 seconds you'll see similar growth and the momentum will continue. Okay. And latter you you have seen it went to Africa went down. So and we have seen it with Asia. 49:20 49 minutes, 20 seconds So we are pretty confident that the momentum whatever you have seen will continue in international market and 49:27 49 minutes, 27 seconds especially for TV the product pool is very good in the market. 49:34 49 minutes, 34 seconds Uh not very helpful. Uh sir, Ronin model has done extremely well and monthly volume has crossed 8,000 in domestic 49:44 49 minutes, 44 seconds market. How do you see the potential for this product in domestic and exports and how do you see you know like this 49:51 49 minutes, 51 seconds helping your play on premiumization product is a great brand. If you recolct the last 3 years, I always say that you 50:00 50 minutes know we started with 2,000 went to 4,000 8,000 okay I'm telling you shortly we will 50:08 50 minutes, 8 seconds cross 10,000 okay and it is grateful in India in every state and thanks to all 50:15 50 minutes, 15 seconds those customers who loves Ronnie it is yet another brand like Apache I can tell you I don't want to give you any guidance on the volume because we are 50:24 50 minutes, 24 seconds building it and the thanks to every customer or morning and pool has started already in Indonesia in in international market every market wherever we operate. 50:34 50 minutes, 34 seconds So it is going to be a longstanding very good brand for the super fre customers and once again thanks to all the customers. 50:43 50 minutes, 43 seconds Uh wonderful sir. Uh just a housekeeping question. Can you share the EV revenue for FI26 50:51 50 minutes, 51 seconds EV revenue? You have to give me a minute. Just just listen to 51:02 51 minutes, 2 seconds about uh about 5,000 cr. 51:07 51 minutes, 7 seconds Got it sir. Thank you very much sir. And wishing you all the best. Thank you. 51:15 51 minutes, 15 seconds Thank you. Next question is from the line of Ashen from Mcquary, India. Please go ahead. 51:22 51 minutes, 22 seconds Hi sir. Uh sir, good evening. Uh so firstly you know on investments uh you said that fiscal 27 investments will be 51:31 51 minutes, 31 seconds 500 600 crores lower but uh I thought bulk of the Norton investment is behind 51:38 51 minutes, 38 seconds us. So can you give some color on where that 2,000 cr investment will be spent in fiscal 27 and 51:46 51 minutes, 46 seconds you know investments will be lower but it will not be zero. I think uh we understand product development is still continuing because we can't have only 51:55 51 minutes, 55 seconds few models. We have to have an all segment models for normal but it will be lower than this year and other 52:02 52 minutes, 2 seconds investments where uh we are investing this year. Some of them will continue some new investments 52:09 52 minutes, 9 seconds will be there uh which closer to the investment we will let you know. Okay. 52:14 52 minutes, 14 seconds It may not be in northern and uh the current investment because we constantly look at the opportunities and we'll be 52:21 52 minutes, 21 seconds doing that but overall at this point of time it will be 70% of the current somewhere around that 52:30 52 minutes, 30 seconds right when you say new will it be something outside Norton plus Dubai plus TVs credit services can it be something 52:38 52 minutes, 38 seconds outside these three as well we always look at new opportunities and we want to keep this opportunity. So 52:46 52 minutes, 46 seconds closer to when we decide we'll let you know. 52:51 52 minutes, 51 seconds So secondly uh you know if I look at our export volumes you know while we have done a phenomenal job in terms of going ahead of the industry our volumes are 53:00 53 minutes still more skewed to Africa. Uh so like you know let's say from the next two three year point of view you know do we 53:07 53 minutes, 7 seconds see an opportunity to gain substantially in LATAM? You know how is the experience been in LATAM? Can you speak a bit about that? 53:15 53 minutes, 15 seconds Yeah, Africa we invested long back and I'm extremely happy the way TVs brand is preferred in Africa. 53:24 53 minutes, 24 seconds In this please understand it takes time to establish your brand and you know the HLX series HLX 100 125 155 is the most 53:33 53 minutes, 33 seconds preferred brands in this market. Asia is very strong for us. Africa is very strong for us and I completely agree with you. Latan we are growing ahead of 53:42 53 minutes, 42 seconds the industry which means we are gaining market share year after year and latam is going to be the focus for two years definitely but you have to give two 53:50 53 minutes, 50 seconds three years time because we need good distributor we need very good investment behind brand we need to have visibility 53:57 53 minutes, 57 seconds of this brand in the market. So our full focus will be of course there is huge head room in Africa and Middle East. 54:05 54 minutes, 5 seconds Okay. Huge huge opportunity even for TV. 54:08 54 minutes, 8 seconds So we want to further strengthen Africa and Middle East and uh strengthen put the strong foundation in LA grow it. 54:18 54 minutes, 18 seconds Okay. So that journey will continue and LATAM will be the focus. 54:25 54 minutes, 25 seconds So that's an extension of that. So shall we think that LATAM journey will be more through Apache and Ronin or you know it will be much wider in including entry- 54:33 54 minutes, 33 seconds level products as well all product see every every every country I have seen uh there are 54:41 54 minutes, 41 seconds proportion of premium super premium and is an entry level so every every see these are all developing country so we 54:50 54 minutes, 50 seconds have to play with the portfolio even for the distributor and leader productivity and their profitability So we will play with the portfolio and sometimes you can 54:58 54 minutes, 58 seconds also design and develop something unique for this market and please remember the Indonesia products are also doing 55:05 55 minutes, 5 seconds extremely well. Okay, quietly we are doing now about uh last year we did average of uh uh 17,000 per month. Now 55:15 55 minutes, 15 seconds we are getting into almost 20,000 plus and this and are also in many of these markets doing very well. So the 55:23 55 minutes, 23 seconds portfolio what we have we will leverage that and country specific certain products also we will design and develop. So it's a combination of 55:32 55 minutes, 32 seconds investment behind some new product leveraging existing models and we will take it up in a big way. 55:40 55 minutes, 40 seconds Got it sir. Thank you so much and can we get into the last question please? 55:47 55 minutes, 47 seconds Yes sir. 55:49 55 minutes, 49 seconds We will take the next question from the line of ya from security. Please go ahead. 55:55 55 minutes, 55 seconds Uh hi sir, thank you for the opportunity. Uh I just wanted to understand the strategic rationale behind the Hyundai TVs partnership in 56:02 56 minutes, 2 seconds the three-wheeler EV segment and what is the expected timeline for commercialization and product launches under this partnership. 56:10 56 minutes, 10 seconds I think all of you know about Hundai their capability in terms of uh uh you know their ability to design look at 56:19 56 minutes, 19 seconds their R&D capability advanced mobility technology very clear understanding of humanentric 56:26 56 minutes, 26 seconds approach country by country we want to completely leverage that equally on the other side you know we have excellent 56:34 56 minutes, 34 seconds leading edge electric platform uh we have uh uh the three-wheeler engineering expertise, 56:42 56 minutes, 42 seconds deep local understanding of Indian market, international market. So we will look at how do we use this uh 56:51 56 minutes, 51 seconds both companies leveraging the strength and how we come with the redefined mobility uh in the three-wheer category. 56:59 56 minutes, 59 seconds I can give you so much now. I think closer to the launch I can give you more details including the lead time 57:08 57 minutes, 8 seconds and extension to this question how should we think about revenue contribution profitability potential from this partnership over medium 57:17 57 minutes, 17 seconds I think I think what we have to look at is overall how the company is moving and we have done extremely well how we were 57:24 57 minutes, 24 seconds moved from 6.5 to 13.1 so whenever we look at we look at portfolio we look at every product every 57:32 57 minutes, 32 seconds project. Okay. And overall we look at as the performance of the company and I'm very confident this also is going to help us in improving our journey. 57:42 57 minutes, 42 seconds And the last question like sir how do you think about international growth potential for the EV scooter? 57:48 57 minutes, 48 seconds I think it has started well especially in the Asia market. We are also entering into many markets where we are present. 57:56 57 minutes, 56 seconds I'm very positive because whether it is I cube or orbiter it is loved by the customer but each country is specific 58:04 58 minutes, 4 seconds each country is unique we need to be very closer to the customer in understanding and what need they are expecting sometimes we may have to also 58:13 58 minutes, 13 seconds come up with a new model even in electric because the customer preferences we have to understand and that is the strength of EVs we invest 58:21 58 minutes, 21 seconds behind for example HLX whatever we are selling in Africa and matter we don't sell even one number in India 58:28 58 minutes, 28 seconds so we have to we constantly believe in looking at the customer coming up with the models which are unique to the customer and the usage 58:38 58 minutes, 38 seconds uh okay sir that was very helpful thank you for that's it so overall overall thanks everyone I think last year last financial year is a 58:46 58 minutes, 46 seconds great year the smaller company posted the highest ever revenue of 47,270 58:53 58 minutes, 53 seconds crores highest net profit of 3,615 with a best-in-class quality. Our focus 59:01 59 minutes, 1 second on the consumer strong portfolio of brands starting from Apache, Jupiter, IQ, Orbiter, Radar, Encellet, Radon, 59:09 59 minutes, 9 seconds Ronin, TVS, Inc. In Fargo, EV I'm pretty confident and all the products from Indonesia the company will 59:18 59 minutes, 18 seconds leverage going ahead of the industry. We will definitely use scale benefits. We will 59:26 59 minutes, 26 seconds use the focus premiumization journey. We will focus on the sustained material cost reduction. 59:33 59 minutes, 33 seconds We look at the model mixing. Okay. While there are challenges as I said we are cautiously optimistic and we will 59:41 59 minutes, 41 seconds continuously looking at improving the top line and continue to grow our margin going forward. 59:49 59 minutes, 49 seconds Q1, Q2, we will closely look at it and we will take appropriate counter measures and we will continue to grow the top line and do best for the industry and the customer. Thank you. 1:00:05 1 hour, 5 seconds Thank you very much on behalf of 361 Capital Market Power Limited. That concludes this conference. 1:00:14 1 hour, 14 seconds Thank you all for joining us today.