Achal Lohade

Thank you for the opportunity. I think broadly, questions got answered. Just 1 clarification. In terms of the investment, eventually, if everything goes well, what is the kind of investment we are looking at? Is it multiples of INR1,000 crores? Or it is more of INR200 crores eventually, let's say, in 4, 5 years' time, assuming a picture-perfect scenario?

Got it. And like you said, we haven't decided yet in terms of which segment it will be part of, and whether we'll recognize on gross or just the job work charges. Have I understood, right?

Thank you so much for the clarification. Thank you. Moderator Thank you. The next question comes from the line of Aditya with Investec. Please go ahead.

Two questions. First, on the growth. If I understand right, essentially, the copper aluminium price will be up 40%, 50% on a Y-o-Y basis. If we assume the same price continues for next 2, 3 quarters, right? So do you see any impact on the demand given the budgets will take a hit in that case or the customer will have to rework on in terms of their requirements? Is there any case for such risk?

Yes. So essentially, you're saying you're not seeing any impact of such a steep increase in the commodity price on the demand as such for next 2 quarters?

Got it. The second question I had was with respect to the margins. So, if I see the inventory is what we carry, we do carry substantial inventories like even for the current quarter closing, we are talking about close to ₹ 6,000 crores worth of inventory, right, raw material plus finished goods.

Congratulations for strong results. Sir, the first question I have, you've said that exports have grown 20% Y-o-Y. And particularly, you've made a comment that Europe and Middle East continue to do well. So, if you could give us some sense in terms of what is the mix in terms of regions? Where the customer additions and see if any further certifications or additions on approvals we have seen?

So, are we seeing like was there any disproportionate growth for U.S. exports in this quarter gone by?

Okay. Okay. The second question I have is given the significant increase in the aluminum and copper price, particularly copper price, if you could give us some sense, how does it impact us, particularly on the export front? Do you see margin pressure on an optics percentage perspective?