Mayank Agarwal

Thank you for the opportunity and congratulations on the good set of numbers. I have a couple of questions. The first question is regarding the margin trajectory. Given the current quarter headwinds in the geopolitical scenario and manpower expansion, how do you see the margin trajectory going ahead once the normalization has been done and the operating leverage kick in?

Okay. One more question. Actually, across commercial and refrigeration and automotive segment and even if you look at the non-lighting segment, what gives the company a sustainable right to win? Like if you can elaborate on the key customer relationship and how do you see growth and contribution evolving from this segment over the years?

Thank you. And like, if I can ask one more question, like, since earlier you had guided like, at the peak utilization, at a Rs. 300 crore base, a company can do 4.5x to 5x of asset turns. So, like, if you can just give an expected timeline to reach a full utilization, and at the peak utilization, what can be the margins? Earlier you had told it can go from current margin to 17% to 18% EBITDA margins.