And just to clarify, did you indicate that Metalcastello business and the end market in U.S. for off-highway will recover from second of CY '25? Or we expect that to happen from first half itself given new government would be in place?
Okay. And what would be the current run rate for Metalcastello in terms of quarterly run rate of revenues in 3Q? How it was at peak and how it was in the second quarter? If you can throw some light on that?
And just to clarify, did you indicate that Metalcastello business and the end market in U.S. for off-highway will recover from second of CY '25? Or we expect that to happen from first half itself given new government would be in place?
Okay. And what would be the current run rate for Metalcastello in terms of quarterly run rate of revenues in 3Q? How it was at peak and how it was in the second quarter? If you can throw some light on that?
Given that we were also preparing for electrification in Europe and now we are seeing EVs being seen slower adoption, do we need to make any changes in our business now or remain status quo for us?
And the second question pertains to the M&A part of it. So, one is obviously in India we have been looking for acquisitions to strengthen our presence in plastics and maybe with some other customers as well , but in Europe, do we also now look at acquisitions given that some of our competitors would be seeing some stress because of higher interest rates and leverage on balance sheet, are we open to acquisitions in Europe as well?
Hi, Ravi. Just clarification you mentioned that order book for automated storage is INR 250 crores?
And of which INR 40 crores has been executed in the first half?
A couple of questions from my side. One is you refer to you are seeing some challenges in the domestic market. Can you elaborate on that? What are the challenges that are visible on the ground currently in two-wheeler business?
Okay. 7%, 8% is for FY '25 or for the festive season?
Just some clarification on the Indonesia subsidiary, which we are proposing. What is that for?
So, we will be putting up a local plant there, a manufacturing capacity there or it could be just the sales office?
My question pertains to the Volume growth of what we are talking of close to double -digit growth for FY '25. This is what we expect across categories? Or it could be laid by the 2-wheelers in farm segment and PCR and truck and bus would be relatively low single digit or the single digit kind?
Sorry replacement.
Hi, Amit. A couple of questions from my side. One is with respect to the defense business. The revenues which we have seen so far or the order books which we have today, is it now without any gun orders, the export gun orders being largely delivered or there is any pending order? My question was on our defense business. So, is the ex port gun order which we had got now being totally serviced or there is anything pending on that side?
Sorry, I am referring to the gun export order which we had got, I believe that was supposed to be serviced by end of FY '25, if I am not mistaken.
Okay, despite the exports so it’s more of how we supplied as a result that how we accounted in domestic is that correct? Amit Kalyani Yes.
Got it. Secondly, with respect to the aluminum forging business in US and Europe. So, while currently it is a passenger vehicle-oriented business, is this technology relevant for non-PVs and non-auto segments as well, which we are looking at. How to think about that? Amit Kalyani Non-Auto is definitely possible, but non-PV it will be limited by the size of the product. Typically, you can make products up to about 12 odd kilos in weight. So, the whole reason for, this whole aluminum forging is basically light weighting . So, it is applicable for areas where weight is a factor.
A few questions from my side. One is if I look at the organic growth excluding acquired assets, the number which we provided, organic growth had been largely flat on Y oY basis. Do you expect this trend to continue given the commentary of muted vehicle production growth or we should be continuing to grow ahead of the industry based on the Greenfield plants which are coming?
Primarily deducting the Rs. 6,000 odd crore from the revenues and looking at organic growth.
First question on the cost inflation expected in 2Q. So we are expecting 2% to 3% increase in RM basket and a similar increase on the freight side. and currently, we don't have visibility of price hike. So do we expect a substantial pressure on margins in 2Q? I mean against 26%, you expect it to go back to 20% to 24%?
Okay. Got it. And secondly, while we talked about 24% plus growth in our wholesale volumes, any sense of how retail volumes are trending on the ground? Are they flattish? Or we are seeing some growth there? Or they are still declining?
A couple of questions from my side. One is , can you talk about the demand environment you talked about the fourth quarter seeing a recovery conflict of expectation. So have we started the process of inventory built up, or that has started now and what is the outlook for FY25?
Okay, but at least we should not be seeing any material decline from where we are today?
Two questions. One is a clarification on JPY. So, royalty which we pay to Sumitomo, that's on JPY basis or calculated on INR?
Got it. And secondly, on the content side, clearly, that is one of the key drivers for our business apart from the underlying industry growth. How do you see the difference in content between ICE and hybrids on the passenger vehicle side? Hybrids obviously is something which is coming up in a reasonably good manner. So is content substantially different than hybrids?
Couple of questions from my side. One is on the core business, can you talk about how exports are trending up now? Are we seeing full normalcy in exports? And what kind of a growth we are seeing and what would be the level of exports in standalone business?
Okay. 14.6%. Okay. And secondly, when I look at our Others segment revenue, it has been going up reasonably well. I believe this will be largely industrial chain. Has the Greenfield plant started operations there? Or that will be over and above what we are doing today?
Yes. My question is on a, first, clarification on the other expenses, which seemed to have gone up quite substantial ly in the fourth quarter. And because of a sharp -- reported margins have declined. Any one -offs in other expenses that you can call of? Or what's the reason for increase?
Okay. And a large part of delta, which would be about INR50-odd crores, would be one-off.
Hi. My question pertains to the price hikes you mentioned you have taken from May this would be, what, about 2% or would be lower than that?
Okay. So we do not need to take any material price increase going forward unless there is further inflation in commodities. Is that the right understanding?
My question pertains to; one is the commodity side. So, you alluded to the fact that you are not expecting a material increase in commodity prices, but we have provided for some increases in 1Q. So, from the provisioning in 1Q, we should not see a material increase going forward. Is that the correct understanding?
And secondly, what kind of price increases we took in 1Q and in July so far?
Couple of questions from my side. One is you talked about the fleet average has been increasing and this has been happening for the last few years. Any sense on what is causing this delay in replacement demand coming back? Is there any structural issue there or why it is not getting justified now?
But are you seeing the last part of this replacement getting delayed because of small and single fleet operators holding back on their own purchases? Is that also one of the reasons for?
My question is a follow-up on the previous question. So we already have a partner and the technology on which we are developing this, right? So we are looking at partnership beyond that?
Okay. Okay. Perfect. And also, can you update for the cell manufacturing capacity where we are now? You indicated it will be starting from 2 half of FY '26, but I believe our large part of investment is yet to be -- I mean, yet to happen in that. So if you can talk about how much we would be investing in FY '25 for that and for FY '26 for cell manufacturing and overall capex for FY '25?
My question pertains , firstly a clarification on arrangement with SVOLT - So we have an agreement to pay variable royalty or its on fixed technically fee basis?
Okay. But it's a royalty basis, not a technical fee basis. Got it. And second question again continuing on the lithium-ion side, when we say non-binding agreement with Hyundai and Kia group, it means there is no clarity on what kind of volumes offtake will be there or pricing. What do you mean by non-binding agreement?