Thank you for the opportunity and congratulations for a really great sequential improvement on top line as well as margin. One clarification, if I do the OEM calculation, it is showing double digit decline, whereas this Q2 OEM production seems to be quite strong. So , anything I am missing out or is it because of the Tornel replacement increasing? So how one should read about this?
So overall OEM volumes are more or less flattish, we can say or revenue decline is something 11%?
Congratulations on a good standalone performance. Sir, my first question is on the Mexic an operation, whereas previous participant also asked about the losses for the first time after a long time. And we are indica ting normalized profit in next one or two quarters. So which area you think would be the progress in terms of either on the raw material side will get benefited or operating leverage or any other cost -cutting thing bringing down the promotional expense incentive, which are the areas you see scope of improvement on a sequential basis going forward?
So Q2 itself we will see the similar margins, which you used to report earlier, or it will take 2- 3 quarters to come to normalized level for Mexico?
Sir, my first question is on Mexico operation for this Tornel. You highlighted that a double-digit decline is because of the various reasons, one of them is election and then holidays and all. But going forward, what is a steady state, whether this can be considered as a onetime effect in this quarter and situation will be much better or still there is an expected slowdown for next 1 or 2 quarters? That is the first part of the question.
Sir, on the same line, second question is, as we are entirely into the aftermarket in the Tornel operations and quite a sizable portion is also exported from, so how you see the situation? Or can y ou explain in a bit detail on the domestic market situation as well as those export geographies also for Tornel?
Thank you for the opportunity. Congratulations, strong performance all around. Sir, my question is on Flash Financials for Q1. It seems there is a me aningful margin improvement and also top line. So, can you highlight what are the factors driving this in this situation? Is the raw material side benefit is coming or operating leverage? And how are these key numbers comparable Q125?
Sir, looking ahead, in next 2-3 quarters, how do you see this revenue growth would be double digit or on a sequential basis, considering again, global challenges on the EV front in terms of rare earth magnet and all.
Thank you for the opportunity and c ongratulations for strong margins in this tough environment. So first question on utilization. If you can give some ballpark number f or both the segments, approx., blended average utilization for Mechatronics division as well as for the Connected System.
Second question is, again, a follow-up to Raghu’s question on synergy with Flash. Any thought process on joint R&D to develop a completely new product segment or product line itself and in terms of synergy on the R&D side?
Congratulations on a record-high 11.5% EBITDA margin. Sir, my first question is on your R&D and investment, which is almost more than doubled in FY24, how that is shaping up in the first nine months? And what would be this as a percentage of sales going fo rward? And in context with that, we already have 290-plus patents filed. So, what is the status latest update on that side?
Any number on the patents?
Thank for the opportunity. Sir, I have a few questions, starting with U.S. tariff -related impact. In this quarter, how much impact if someone has to gauge about that, we have to absorb the tariff before it gets negotiated or settled down between us and OEM customer? And what was the effective tariff rate we applied during the quarter on whatever we exported to North America or U.S.?
Just clarification, this Rs. 6 Crores entire we have captured for that time or only Rs. 3 Crores we have taken in P&L, Rs. 3 Crores, we already got confirmation, so not taken.
Sir, thank you for the opportunity and congratulations on a very strong performance. Sir, first question, again, clarification on this 15% plus volume growth. Based on the first half number, then it implies that second half growth would be like a 20% to 25%. So, do we have that type of order in hand starting from October itself or it will be back ended in Q4? And we have concrete visibility on this second half, this type of growth of about 25%?
Second question on, sir, casting business where we have now increased our focus, including CAPEX and all. So , the majority of these are new clients or existing clients we are trying to cross-sell? How much clientele base would be overlapped and how much would be incremental clients, sir, where we can also cross-sell our forging products also?
Yes sir. Thank you for the opportunity. Sir, my first question is on the subsidiary. It seems that there is a decent margin improvement on Q -on-Q basis. So can you give more details on this? And if you can give subsidiary wise, few key numbers?
So it is the operational efficiency kind of thing or there is a raw material benefit also part of this?
Good afternoon Sir and thank you for the opportunity. First of all, congratulations for strong set of performance. And thanks for very elaborate presentation this time giving all the details, including subsidiary-wise Capex. Sir first question is on, is there any restructuring of the cost because raw material gross margin seems to be very different quarterly and entire cost seems to be shifted to other expenses. Is there any restructuring?
So in general, when export increase or export gross margins are much better, but other expenses on the export side are slightly higher. So EBITDA level, it is more or less maintained. Is it like that?
Sir, I have one question on your sunroof business, as we got decent traction in last 1, 1.5 years. But after, still we are catering to Hyundai, Kia Group only. And as you also mentioned in your initial remarks that other OEM-related discussion is going on, but nothing concrete. So what would be the competitive landscape after considering other few players also entering in the same business with the global tie-ups and all these are like a global technologically superior companies. So what would be our advantage over others? And how do you see the situation and our market share ambition in next 2, 3 years?
So based on this, any minor changes in the strategy or possible slower ramp -up going ahead, considering wait and watch situation initially and then we'll ramp up at a later stage or something like that on the slower capex or anything?
And second question on margins. The Powertrain margins are at a highest in last 4 quarters, 15.2% despite more or less production but by a few players as well as industry -wide slowdown in terms of the PV and CV production. What could be the reason for reasonably good margins on this segment?
So, only one question on global macros based on our discussion with a few key global OEMs. Do you see any near-term deferment of the projects or capex for next 2, 3 quarters? Of course, we are betting big on the FY '28 onwards for us. But in general, just to understand the global environment of the auto OEM side.
Sir, thank you for giving the opportunity, Sir, my first question is if you can help with the utilization of various business segments currently for Q4?
Sir, second question is on your CAPEX guidance of Rs.750 crores to Rs.800 crores at a group level. If you can split broadly in terms of standalone and just key two, three subsidiaries ballpark number?
Thank you for the opportunity, sir. The first question again is on market share. Seasonally, Q4 is very strong for our Company and generally it has been roughly 100 to 150 basis improvement on a sequential basis. This time it is marginal improvement, or it is not appearing so strong. So any specific reason apart from South has reported high growth in this quarter and is it to do anything with this merger of Kubota that combined entity market share will not get that benefit which we used to get during Q4.
And then the second question is on margin for t ractor segment. Seasonally , it's a slightly weaker quarter compared to Q3. Still margins are much stronger also for the leaders also. So , any specific reason apart from commodity, are they sustainable or it was one quarter effect to some extent?
Thank you for the opportunity. Similar to the previous question, sir, if you can quantify, as you highlighted, the retail market share were much higher. In terms of the number is against 31,500 wholesale number, what would be approximate difference between retail versus wholesale? Or how much retail was higher?
Okay. Sir, second thing on this again adverse geographical mix, which impacting overall performance, but it seems that even that is also not so bad, for example, for the month of January or last few months, North seems to be as an industry-wide more or less flattish whereas our volume instead of flat, declining in double digits. So, what is exactly happening either it is in terms of the product -related challenge or what we are hearing from the channel is that post new management it's the stricter norms on the credit side or we are reducing our d ebtors than all those type of initiatives, which has some impact? So, if you can to give some qualitative perspective here that would be more helpful?
Just before going for the questions, I have one clarification on the margin side, current reported margins roughly 10.8%. If we take out the railway business, it comes closer to 10%. So, we earlier guided that over the next 2, 3 years once this new plant, localization, et cetera, it will go to 12% to 13%. So, this 10% will go to 12% to 13%. So right now, we are considering railway business as a normal continued operation?
And now a question on the second half. In terms of double -digit growth, as we highlighted for the industry, which are the regions or geographies will see much higher growth. And also, after this combined entity and after merging of the Kubota, which are our opportunity markets and which are the stronger market because without Kubota, South and West Maharashtra was earlier considered to be weaker opportunity. But now Kubota already has 7%, 8% market share in Maharashtra and Karnataka. So combined entity, what is the situation now?
Thank you for the opportunity. Sir, first question is again on tractor volume growth outlook for FY 2025 and 2026 also. So, in terms of this mid -single-digit growth of about say 5%, how do you see geography-wise growth coming in? Because as last two, three years, North has witnessed very high growth, all-time record high volumes coming from UP for the month of July, roughly 11%, 12% growth coming in. So do you see this trend to continue? Or because South was almost 30% lower than the previous peak, the South and Maharashtra can record a much higher growth or there would be disproportionate growth from these geographies?
Still South and West will continue degrowth, so it will be at a very low quantum. Is it right and understanding, right?
My question is on the…
Yes. Am I audible?
Congratulations on a very strong performance, particularly in this tough environment, having double-digit volume growth. Sir, my first question is on clarification on this Camso business to U.S., you indicated 30%. So that includes both tracks and tyres or only tyre related? Or if at all, then how much would be the only tyre from this 30% out of this 30%?
So effective this 40%, 44% impact would be only on the 15% of the overall business of Camso, right?
Sir, my first question is on growth outlook for pa ssenger vehicle industry for Q4 and FY'26. As there has been lot of uncertainty recently in terms of huge difference in growth among the players, if you can give more detail on the Q4 particularly and what could be the FY’26 domestic PV industry growth. And at the same time also, we w ould be happy to understand your market share strategy as our shares have declined marginally in first nine months. So, what strategy will you use to regain it?
Yes sir. Just on this new Talegaon plant, as you m entioned, after it becomes operational, what would be export strategy? As domestic growth would be single digits, to make or to reach certain optimum utilization to make it profitable, our expo rt needs to be much higher. So, what would be our strategy there?