Yes, thank you so much. My question is on the new brand identity. Is this a classification only for branding or it will have a P&L and hence monitoring and target settings for each of these identities?
Okay, but would we be having a P&L for each of these brands?
Yes. Thank you for this opportunity. Two questions. One is the merger with IHS Markit has been for some time. Now, in terms of opportunities, in terms of outsourcing, could you just help elaborate what is the opportunity as the journey yet started or there's not much there to look forward to? That's question number one.
That's right.
My question pertains to the international pipeline, not specifically for us, but the general investment outlook in Africa and Middle East. How is that shaping up last year versus this year? And how is our investment win rate in the export market, in the national market shaping up? How are we building competencies to possibly have a bet ter win rate there? That's question number one.
And in terms of investments along with Consultancy, is this becoming a norm, our competitors are also doing the same? Or is it a few projects are demanding this? This type of...
Yes. Thank you for this opportunity. So, my first question is on capital allocation. Historically, dividend payout used to be upwards of 65%-70% and gradually it has come down and this year it has been less than 40%. We have also seen that excess capital we have deployed in unrelated projects. So, how is the management now thinking about capital allocation? That is question number one.
Sure.
And I'm not sure if this was answered earlier. But between a like-to-like hybrid vehicle and a normal ICE vehicle, what is the intensity of lubricants, which goes into it?
All right. That's helpful. And the second question is, given the evolution of ICE engine, do you see a change in the drain intervals over the next 3 , 5 years? Or do you think it is little bit pretty much similar to what has been in the past?
My question is, you touched upon it a while ago. See, the economics of the government transport with respect to electricity and CNG , earlier the data would have been scarce, but how do you perceive the economics of electric BEST bus or MSRTC bus versus a CNG bus? How is it evolving also, that will be a little helpful.
That’s helpful. And you touched upon few numbers, but if you could just quantify . You said the cost of an electric bus with subsidy would be approximately Rs. 1.5 crores, versus a CNG bus of Rs. 40 lakhs, Rs. 45 lakhs.