Thank you, sir, for the opportunity. Congratulations on the fifth quarter of 20% margin, shows the quality of growth. Sir, firstly, on the new products, e -rickshaw is a major product. Apart from that, what new products variants in two wheelers, would you be focusing on for FY26?
Questions across 2 calls
Raghunandhan Nl
Firm not listed in source transcripts
Bajaj Auto Limited
TVS Motor Company Limited
Congratulations, sir, for a stron g set of numbers. Sir, firstly, a follow -up question on the EV side. In earlier quarters, you had indicated that we have achieved the gross margin breakeven for electric two-wheelers. Has margins further improved considering the fall in battery prices and continuous efforts on localization and better scale? And going forward, you should also get more benefits in terms of PLI incentives. So how are you looking at it? Would you be retaining the benefits or partially passing on the benefits to support EV penetration?
Got it, sir. And on the overall raw material cost, there is some decline on a QO Q basis. So just trying to understand, what were the factors which led to this decline? Because even on a QO Q basis, if I look at the share of exports, that has slightly come down. So despite the exports coming down, there is margin improvement. If you can talk a little about what helped the margin.