My question is on , how are the growth trends we are seeing when we talk about very positive consumer sentiment in March till now, and it is for May, June, April. So, with very broad based now, unlike in the past, is rural also doing equally well as urban or that is not yet the case?
Okay. So, you are seeing some signs of coming back of first-time buyers, particularly in the 100cc motorcycle segment as well?
Yeah, hi. Niranjan you talked about rural markets, you have seen some positive signals from the rural market. So, can you elaborate further on that, what are those signals and also more importantly post festive, how has been the retail trends and enquiry trends in the rural market on the entry level side?
Yeah. Is it better now?
Quickly on the order books that you have for guns and for overall order books for 6,000 crores, would this CAPEX of 500 crores per annum run rate will be sustainable or do you have to invest more in capacities given the opportunities which are coming up for you?
So, this 5000 odd crores defense order book can be met through the current stock.
Can you talk about what was the defense revenue in this quarter and how much of that would be from the gun order on the exports side?
Got it. And secondly, you talked about US classic to be strong for CY24 as well, but if I look at the commentary of some of your customers which is indicating towards 10 % to 15% decline from high base of CY23. So, is that an indication of what you are also getting or that’s something different?
Accounted in the India financial. That's correct understanding, right?
The Mexico business still continues to be reported in the India business, India financial, right? It's not in the reflected in the report?
A couple of questions from my side. One is on the EU business. Given that outlook for industry is expected to be muted for next few years , how should we build in for EU business revenues given the changes which are happening in the industry particularly towards hybrids and EVs, would there be content increase led growth or we will be largely mimicking underlying industry growth in EU?
Just to clarify , are we indicating that we are not expecting any material increase in content as EV share in our business increase? Is that the right understanding?
My question pertains to the current quarter performance where if I adjust for the EPR provisioning, EBITDA margins have improved almost 120 basis points is the third quarter despite stable RM basket and like the impact of freight cost. So is this entirely due to mix improvement or there is something else which is not getting the structure?
No, I'm referring to EBITDA margin. EBITDA margins have improved about 130 basis points if I adjust for the ETR provisionings.
A couple of questions from my side. One is, when you're talking of double -digit growth in replacement. This was predominantly driven by the scooter segment and other segments remaining fairly high -- mid to high single -digit growth. That's the underlying e xpectation or there's something else to that?
No. Going forward.
Hi, Ravi. A couple of questi ons from my side. First, clarification.
Yes, is it better?
Hi sir. My question pertains to this clarification on revenues of acquired assets in the quarter of close to Rs. 4,000 crores. This includes Dr. Schneider as well as SAS Auto and other acquisitions done in second quarter, right? That's for all the assets acquired in the current financial year and not just the assets acquired in 3rd Quarter.
Got it. And secondly, with respect to this Red Sea issue, so while obviously freight rates and those things will be volatile, but are we seeing any impact of this on our efforts to normalise inventories, which has started to show some results over the last few quarters? Are we seeing that getting impacted?
Hi, sir. Congrats on a good set of numbers , a couple of questions from my side. One is, would you be able to share more details with respect to what has led to such a strong top-line growth, especially considering a weaker operating industry that way? So in that context is there any boost of copper price pass-through, which would have come through or there is anything more beyond that? So that is the first question. And the second question is on capex as well. If you can talk about what kind of capex are we looking for FY25 as well, considering that you have commented about expanding capacities to support customer expansion plan. So these are my two questions. Thanks.
Sure. Just to follow up on the revenue growth, so there is not material benefit of higher earning cost pass-through in this quarter. Is that a fair understanding?
My question pertains to your outlook for fourth quarter. Are you indicating it to be flat on a Q- o-Q basis or expecting some growth and seasonally strong fourth quarter?
Okay, okay. Secondly, when we talk about retail demand being doing okay in the sense, are you referring to -- it being stable and not declining? Or are you seeing growth in the end markets as well?
Just to quickly clarify, on the EV product launches you mentioned, will you be launching more products in fourth quarter itself or in FY25, are we referring to?
Okay. And in that context, where are we in terms of capacity for EVs? Or how much we can do for iQube and overall electric two-wheelers?