Sir, I have the following questions. Firstly, what is the inventory level in RACs right now versus the start of this year, say, January '26. Secondly, the quantum of price hikes is definitely required to cover up the margins. But in your view, do you think it will lead to a demand destruction industry -wide, not only limited to Blue Star? Thirdly, your capex and FY '27 outlook in terms of revenue or margins, please?
And the margin outlook?
Sir, my question is on pricing actions. In your media interviews earlier towards the start of this year, you did mention that you will be evaluating price hikes. Sir, my first question is, have you taken any price hikes in Q4? And with this scenario of sort of this muted demand, do you think it will impact the industry's ability to take pricing actions despite supply chain disruption?
And that has not impacted the demand so far in your view, the price increase?
My first question is and please help us understand. As per the GFK data that you have quoted, we have outgrown and outpaced the industry by a very large margin perceivably in H1. And even so, we have retained our RAC markets at about 13.75. So, can you just help us understand the dynamics? And also, you quoted October '24 volume and revenue numbers. So, could you please repeat those again?
Sir, my second question is regarding this Commercial Refrigeration, and we understand that these are interim hiccups. From when do you expect to start seeing the improvement in this vertical? And secondly, do we retain our FY25 guidance that we cited in Q1 earnings call of about 20%, 25% top line growth and 8.5% to 9% operating margin?
Sir, my question is on CAPEX. You did talk about $90 million of PCB manufacturing CAPEX, of which about 40% you are expecting from state subsidies. Sir, may we check what is the CAPEX guiding for FY '26-'27, and how much do you think would the Central government subsidy in terms of PPM also accrue to this subsidy part?
So, what is the effective CAPEX for FY '26-'27 outlook?
Thank you for the opportunity, and congratulations on a great set of numbers. S ir, my question will be regarding, firstly, could you reite rate what is your guidance for FY '25 and also you mentioned for FY '26? Sorry, I joined the call a bit late. And secondly, what is the kind of steady margin that we should expect considering and we do appreciate that every quarter will have its own product mix changes and every segment will have its own margin?
Great, sir. And secondly, a very important point is that for the last two quarters we have been showing considerable improvement in our EBITDA margin. This is the second consecutive quarter. So, has anything structurally changed in terms of (a) whether we are targeting certain sub-segments within the key segments or how should we look at it, or probably it is finally boils down to the function of our product mix change, which could be transitory?
Good morning, Mr. Gujral, and congratulations to you and the team. So, my question is regarding the consumer business. Now that it has gone down in our overall mix and the industrials has come up, where should we assume the consumer business percentage in the overall mix by FY '25 and going forward across in FY26 and FY27? And secondly, I might have missed the PLI incentive number that you would have talked about. So, what is the PLI incentive expected in FY '25? And are you planning to share it back with the brand owners or utilize it for our own growth? Thank you, sir.
Sure, sir. So, on a net basis, what is the kind of PLI incentive you expect in FY '25, and will it mainly come from telecom and IT businesses?
So my first question is regarding the m ix change that you were talking about in your initial remarks. Maybe I understand what exactly have you changed in the production mix and what percentage does each end user segment account for...
Yes, very clear. So what is the mix right now of projects versus, say, 3 years back?
Sir thank you for the opportunity and w ish the entire team a great 2025. Sir, my first question, sorry for checking on this again on the switchgear margins. And I would like to check if I look at the EBIT segmental margin of switchgears, it used to be about 28% about a year back and we have now come to about 18%. So I understand the interim reason of the pl ant relocation in this quarter, b ut is there anything structural in your view which is plaguing this segment as in product mix or higher competition or do we think it is transitory and we might get back at those 28% margins, EBIT?
Got it, sir. Sir, my second question would be any thoughts on the impending summer season because much of our product portfolio is also summer-centric. How are the channels reacting to that? I mean, I know it's a bit too early, but are we expecting a good summer and is there any restocking ahead of that already?
Thank you for the opportunity. So, my first question is any update on the income tax issue?
Understood. Helpful, Chirayu. Second question is again on the exports b ecause exports seems to be the main reason for the margin dilution this quarter. So , we understood that there is an interim transition of the business model to a distributor led model in the US. How many quarters do you think this impact can sustain?
Team, congratulations on a great set of volume growth, truly very encouraging, especially because even last quarter, we had a healthy double-digit UVG. So my question is on the ad spend. We do understand that you have reinvested part of these gains in the form of higher promotion as a growth-oriented initiative. If we could quantify the ad spend as in FY '24, how much was it higher as compared to last yea r?
Absolutely, sir. Sir, secondly, on the price rollbacks, were there any price rollbacks effected in Q4? And what would be the number for FY '24 as a whole?