So my first question is on the PLI opportunity. Since the revised incentive in a potential framework possibly focusing on value addition rather than pure assembly. So what are the focused areas of Amber in backward integration apart from HDI interconnect facility?
And my second question is on potential of working with other brands. So since Oppo is part of this BBK Group, so does this open door for working with other brands of BBK Group as well?
Good morning. Thanks for the opportunity. I have a question on net debt position. So , how should we think about our overall gross debt and net debt relative to fourth quarter levels considering the capex spending and maybe the working capital associated with the project ramp- up? And what would be the impact of that on interest cost and other income in FY '27? So that's my first question.
All right. Thank you very much. And my second question is on the Consumer Durables division. Sorry if this is a repetition. Your earlier commentary suggested 20% growth in first quarter and 12% to 13% percentage growth in FY '27. Just to clarify, is this for the broader industry? Or are we talking specifically about for the consumer durable divisions?
My first question is on the volume guidance for the full year. Correct me if I'm wrong, sir, based on the FY26 volumes of 32 million to 33 milli on units, our run rate for 4Q '26 implies 5 million units approximately. And if we factor in the guided volume growth of 12 to 15 percentage sequentially and extrapolate that to second quarter of FY27 as well, we are arriving at roughly 12 million units to 13 million units for first half and 20 million units for second half. So could you expl ain -- is this largely driven by the steep recovery in the second half? Is it driven by any customer ramps or any market share gains? Or is it just a broader demand recovery?
Thank you. And my second question is on the display business. Could you provide some more color on the ramp-up schedule? And how should we think about the margins and the utilization for FY26 and -- sorry, FY27 and FY28?
So my question is whether are you consciously targeting away from the smart metering business given the working capital cycle there? Is there a way to realign this business to target export markets by utilizing the existing capacity?