Thank you. First question is from the line of Saurabh Jain from Sunidhi Securities. Please go ahead.

Hello. Congratulations to the management for the wonderful set of numbers. I have a few questions. To begin with, some color on trading business apart from that it consisted of INR920 odd crores in H1, and how it fared or weighed on your profitability during H1. Something, which can help us to value this business and your plans to hive off this business as discussed earlier?

Thank you Saurabh for the question. So, the trading business grew steadily at around 5% to 6% for the half year. And the EBITDA margins were in line with what we had last year, close to 6%. And this business again, as we had discussed in the last call, consists of trading of commodities in metals and different alloy s as well as unique lithium -ion batteries. The perspective is that by using this commodity trading business, we are able to get deeper insights into global raw material indices. In terms of your question of hiving off, while we have not commented on that publicly, we are still evaluating if that would be a potential option that we could consider. And we will keep you updated for any further updates on that.

My next question, as mentioned on the presentation slide number 10, and also you have given quite some update in your opening remarks. We have entered into SOPs of several programs during H1 and a couple of more going forward in Q3 and Q4. So, what kind of turnover these programs contributed in Q2 and in a full -fledged year, say next year FY '27, although some of these, as you mentioned, would take 18 -22 months to ramp up fully. So, what kind of revenue one can expect from these new SOPs for next fiscal?

So, we mentioned on the Chennai facility that is coming up for the large two-wheeler OEM for the EV platform, where we are a single -source supplier. As we mentioned on the call, that will be contributing around INR1,500 million at peak levels in the next 18-24 months. When it comes to the long -member facility for the commercial vehicle OEM, again, where we are single-source and it's an extremely high-tensile component and very difficult to manufacture. Just to give you some color on that, while the average Indian industry for high -tensile strength is 600 megapascals, this compo nent produces around 980 megapascals. So, it's 1.5 times what is the norm in the industry. We expect, again, revenues in this facility to peak around INR1,500 million. We expect this peak to be much quicker. And we expect to reach this peak on a monthly -revenue basis in the next three months or so. And the third facility we've spoken about was, again, another Chennai facility that we've set up for a premium two -wheeler OEM and a large commercial -vehicle OEM in Chennai. That has already ramped up. And I th ink in the next 12 -18 months, we can enable that to get to, again, INR1,500 million and at its peak can go up to INR2,000 million as well.

So, overall, INR400 to INR500 crore kind of incremental turnover from all these programs can be seen next fiscal?

That's a simplification, I would say. I think each of these programs have different ramp-up cycles and are ramping up over different periods. So, I would not be able to answer that on a point - blank basis. But I think incrementally, we have defined the incremental revenue as well as how long it will take for the business to ramp up.

So, we're not guiding on the debt. That is something that we haven't done up till now and we won't be doing that going forward. In terms of our capex, we maintain our guidance of INR8,000 million over this fiscal year and the next fiscal year, so, no change in guidance over there.

Thank you. Next question is from Aditya Jhawar from Investec. Please go ahead.

Yes. Hi. Thanks for the opportunity and congrats on a good set of numbers. A couple of questions, so, number one, where are we on merger of Badve Autocomp and Eximius Autocomp? And if you can show throw some timelines in terms of when the group entities will be transferred to the listed entity?

Yes. Thank you, Aditya. I think on Badve Autocomp and just to correct you, Eximius LLP, for these two entities, we would like for the merger or the acquisition to happen within this fiscal year. We still maintain that guidance as we had mentioned during the last two calls. At this point in time, we are not able to comment on the exact time period when it would happen, but we still maintain that we will be able to do it as soon as possible.

Sure. And is there a sequential increase in debt roughly from about INR770 crores to about INR960 odd crores on a Q-on-Q basis?

Yes. On a net debt basis, there is. But that also has to do with the fact that we had ramped up that Chennai facility and Bhiwadi facility last year where there was a portion of debt that was undisbursed. So, it has to do with that. Since the Chennai facility and Bhiwadi facility have ramped up in this fiscal year, that's what that increase in debt correlates to. To answer your question more specifically whether any debt has been taken on from new projects or working capital? The answer would be no, so, all of this would be debt taken on before the IPO.

Mr. Aditya. Sorry for interrupting. I would r equest you to please rejoin the queue. Thank you. Next question is from Radha from B&K Securities. Please go ahead.

Hi, sir. Thank you. Sir, in Sheet Metal, I believe 40% to 50% of the rough INR20,000 to INR22,000 crores market is captive. So you already have 24% market share and I believe another 25% is owned by Metalman, Indocom, etcetra. So, my question is, if my understanding is correct, then...

Sorry, we can't hear you. Your voice is echoing a little bit.

Ms. Radha, you can rejoin the queue.

Okay.

Next question is from Nitij Mangal from Jefferies. Please go ahead.

Hi, good evening. Thanks for taking my question. So, two questions. Firstly, you seem to be making some good progress in the proprietary components around suspension, brakes, steering, etcetera. So you've got some initial order events. What is the roadmap you see in terms of scaling up these components with other OEMs? And also, it seems you've gotten some breakthrough in some of the newer OEMs as well. So how do you see that business expanding? And is there a case to supply some of your conventional components also to the new two-wheeler OEM that you have now?

Thank you for the question, Nitij. I can answer the first part of it and maybe Sumedh can answer the second part. So when it comes to the three components you spoke about, steerin g column, brakes, and suspension. When it comes to steering column, we are already quite well penetrated. So steering column is a component that is used very commonly in three-wheeler OEMs as well as scooters. So across the top three-wheeler OEMs in India, we have penetrated all of them. And we are also supplying the steering column to the highest-selling electrical two-wheeler OEMs. So steering column is a phase where we feel we can continue gaining share of business. And as we had mentioned earlier, since it was a monopoly beforehand, we think we can get 50% or more SOB in the next 18 to 24 months. When it comes to suspension, our progress in suspension has been quite good over the past 12 to 18 months. While we initially started with a large Italian tw o-wheeler OEM, we have now expanded to another two-wheeler OEM based in Pune. And now also expecting to expand into the three - wheeler suspension for an extremely fast-growing two and three-wheeler OEM. I think this win was around 12 months in the making. Since suspension, again, is a proprietary product, requires very deep validation and testing to get to a level of an LOI and a PO. The fact that we have added a third large OEM in the suspension space is an extremely positive sign for us. And coming to the braking part of it, right now we continue to supply two two - wheeler EV OEMs, both of which seem to be doing decently well. I think the next step with braking would be, of course, to continue to innovate and potentially also look at further categories. Right now, we're largely working on combination brake systems. We would potentially also like to explore working in the disc braking space, but that's also work in progress and we'll talk more about that as and when we can speak more about it. Talking to your question on going to a deeper relationship with the top two -wheeler and three- wheeler OEM, I think Sumedh can talk more about that.

Yes, thank you, Swastid and thank you Nitij for your question. Fundamentally, cross-selling has been at the top of our priority list. The fact that we're moving towards a Tier -0.5 supplier, working closely with our OEMs across our product portfolio, and we're glad that we can offer them a wide range, not only from metals and plastics but as well in the proprietary products. And from a strategic location of being very close to them, that is a priority and a focus area for us. And we believe that by doing so, we can actually increase content per vehicle as well and align more closely with their volumes and their strategy as well. So, just wanted to update you on that side.

So, I would just like to add an overall thought process from our side. So, we are dealing with majorly all OEMs, and our approach is to have more and more strong baskets with them. And I think that is our strength. I think we will be able to make that happen.

Thanks for that fairly detailed answer. So, one more question. When we look at your first half EBITDA versus operating cash flow, so there is almost a 19%-20% growth in EBITDA, but that doesn't seem to have flown into operating cash flow in the first half. And there are some of these line items like other current assets, etcetera, which seem to have adverse cash flow movement. Can you explain what has happened between EBITDA to cash flow in the first half?

Yes, sure. So, I will answer this question maybe in three points. And I will split the answer into three points. One would be the increase in inventory. The second would be the, as you mentioned, increase in other current assets. And the third would be reduction in the financial liabilities. So, when we talk about the increase in inventory, we went from an inventory of INR7,697 million on 31st March to around INR9,600 million by 30th September. Of course, this is an increase in inventory from 20% -23%. While, if you compare our revenue from H1FY26 to H1FY25, our revenues also went up by close to 20%. So, the inventory growth was in line with our revenue growth per se. And on top of that, there were a couple of compounding factors that added to this. Number one, as we had mentioned, one of our large four-wheeler European OEMs had a cyber-attack due to which they had low or subdued production and increased inventory levels at our end. And secondly, as we mentioned, during the September month, there was a bit of a slowdown across a few OEMs because a lot of consumers had stopped buying until the 22nd of September. When the new GST rate cuts were coming into play. So, that kind of led to an increased inventory level for the month of September that is shown in our inventory levels for September. In terms of the second point, in terms of increasing other current assets, I think that largely has to do with an increase in capital advances. And that is l argely towards the capital expenditure for our long -member facility in Pune, which was being set up in this quarter. And hence, the advances towards that. Secondly, also due to the tremor that was seen in the supply chain for two-wheeler OEMs, there was a lso supply advances to our steel and bought-out component suppliers, which is again another large supply advance that was shown in this quarter. And thirdly, for a large European passenger vehicle OEM, we are, for some of the newer models, shifting from a domestic-based steel sourcing to an import -based steel sourcing. So, when we go from domestic to import-based sourcing, the advances are given again over a larger period of time, due to which they reflect that way in the balance sheet. Another factor in terms of our cash flow would be the reduction in our financial liabilities. So, this year, we kind of ramped up two facilities, Chennai and Bhiwadi. And we kind of paid the creditors for those two facilities, due to which there was a capital outflow for these two reasons also. So, largely, I would say inventory and increase in the other current assets and the reduction in the financial liabilities, these would be the three most pertinent reasons when it comes to the delta between the EBITDA and the free cash flow.

Okay. Thanks very much Swastid.

Next question is from Raman from Sequent Investments. Please go ahead.

Hello, sir. So, as you mentioned in the earlier part of the call, that your trading business has around 6% EBITDA margin. And on the back of my hand, if I'm calculating the manufacturing EBITDA, which is 16%. And if I'm assuming that your two -wheeler business does a margin of 12% to 13%, then your three -wheeler business, which is the new vertical, which you are expanding into, the EBITDA margin is more than 20%. So, I just want to understand, is this margin in your three -wheeler or four -wheeler business sustainable? And I just want to understand, what are the products which we are developing which gives us this margin?

I think, just to correct a few of the fundamental assumptions, our manufacturing EBITDA is at 14.3%, as is shown in our investor deck and as we mentioned on the conference call. And I don't think we commented on the fact that the three-wheeler EBITDA margin is around 20%. We usually don't comment on EBITDA margin by segment. But I would say that the three-wheeler EBITDA margin, of course, is not that high. We will not be able to comment more on this. We comment more on what the gu idance is for the larger company. Yes.

Okay. Can you comment on the last part of it? What are the products which we are developing in three-wheeler and four-wheeler segment?

Yes. So I can comment on that. In four-wheelers, I think there is a large focus from our company on the high -tensile components. Again, we acquired a company called H -One, a Japanese company, on 28th March, 2025. And what H-One really gave us was a deeper expertise in high- tensile steel. Again, to give a 30-second brief on high-tensile steel. High-tensile steel allows you to go from, say, a 2-millimeter thickness of steel to a 1-millimeter thickness of steel. So you are reducing the weight by 40% to 50%. At the same time, you are increasing durability of the steel, given that it can absorb more pressure. So, with H-One, we can go up to 1,100 to 1,200 megapascal, while the India average in terms of megapascal is around 600 megapascal. So there will be a large focus on high -tensile steel in four-wheelers, given that it has a large application in EVs, given that a EV battery is heavier than an ICE power train. So the light -weighting onus lies on the chassis manufacturers and the BIW manufacturers. So there will be a large focus on the high -tensile steel. And the two -wheeler space, there are three key components we are working on, apart from suspensions. One would be braking, where we are doing combination braking systems. The second would be filtration systems. And the third would be steering columns, for all of which w e have gotten our maiden orders from large OEMs. And now, the real play will be cross-selling these products to multiple different OEMs.

Sir, can you repeat the third product?

Steering columns.

Yes, and Raman, sorry, just to correct, I think what you incorrectly assumed was the consolidated EBITDA at 14.3%. I think that is 12.6%, and I think that's how you incorrectly assumed a 20% EBITDA. I think if you just look at the numbers again, it will be self-clarified.

Yes, understood. Thank you, thank you, sir.

Thank you. Next question is from Ashwin Patil from LKP Securities. Please go ahead.

Hello. Sir, congratulations on a great set of numbers. My question is pertaining to the H -One business that we have acquired. Can you throw some light on the revenues that we have posted in this quarter, and the margins also in this quarter which we have registered? And also, going forward, an outlook on this business, as in, what kind of growth are we expecting in this business, and what kind of synergies, margins are we expecting going forward in H-One business?

So, thank you for the question. This quarter we had a revenue of close to INR600 million or INR60 crores in the H-One business. And right now, the capacity utilization in this business is not more than 40% to 45%. So, what we expect is, with almost little or no capex, we should be able to double our revenue in this segment from what we achieved today. So we feel that this H -One subsidiary can easily go to INR400 to INR450 crores or INR4,000 to INR4,500 million revenue in the next 24 months. Beyond that, I think in terms of margins, we have had a bit of an operational turnaround in this quarter, and we are seeing margins inching towards our consolidated business. However, since the capacity utilization is still small, it would still take time for it to get to the larger company levels, but we are fairly confident that we will be able to do it.

Okay, that's great, really. So yes, I was just coming to the margins on the consol basis. We have reported very good growth in the margins in this quarter. So, going forward, what steady -state margins are we expecting over the next one or two years? And what would be the dr ivers for any kind of growth in the margins going forward?

So, we have guided for stable EBITDA margins going forward, which will be stable as compared to FY '25 figures. I think the potential thing that can lead to us having better margins in the future would be, of course, better operating leverage as we increase our capacity utilization. So, the capacity utilization is already being seen in our numbers with our ROCE going up from 14.4% last year to around 15.3% this year. Operating leverage over there will definitely help our EBITDA margins. Apart from that, our foray into proprietary components like steering column, suspension, braking, filtration system, all of which we own the IP for, will have slightly higher EBITDA margins. And also, four-wheeler and commercial vehicle segments are segments where we feel we can achieve better EBITDA margins, contingent, of course the industry continues to perform well in the future. The potential downsides or offsets when it comes to our EBITDA margin going forward will be the fact that we have so many facilities ramping up simultaneously. We have a Chennai facility, now we have a Pune facility, the Bhiwadi facility, and again a new Chennai facility. So, almost four facilities are being ramped up in this fiscal year itself, apart from the two facilities that we acquired of H-One. So, as a management group, we have got access to six new facilities, all of which will take time to ramp up, and we will not be able to create optimal EBITDA margins on day one. So, of course, during the ramp-up period, you will have less than optimal EBITDA margins, which, of course, will be an offset or a downside to the EBITDA margin going forwar d. That being said, we are still guiding for stable EBITDA margins going forward.

Okay. That's great, sir. And within the H-One business, as well as…

Mr. Ashwin, sorry for interrupting. Please rejoin for any more questions.

Okay. Thank you, sir.

Thank you. The next question is from Radha from B&K Securities. Please go ahead.

So, thank you again. In sheet metal, I believe that 40% to 50% of the rough INR22,000 crores market is captive. So, you already have a 24% market share, and another 25% is owned by Metalman or Indocomp, etcetera. So, my question is, if this understanding is correct, then in order to outperform the industry growth in sheet metal, are you betting on gaining market share from the captive and non-captive players? And if yes, then what is our right to win as compared to them?

So, Radha, thank you for the question. I think we don't foresee or we don't think that the captive margin is so large as to 50% or 60%. We would imagine it would be much, much lower than the number you're quoting. The captive market existed probably a decade ago. But as players like us, Belrise and other peers in the space have kind of migrated from a Tier 1 player to a Tier 0.5 player, a lot of these assemblies have come to us. So, we are manufacturing and assembling a large number of vehicles. For a large two -wheeler OEM, we are assembling almost 75% of the vehicle. So, we think the 40%-50% captive production you're quoting is quite high. You would assume it would be much lower. While we don't comment on competitors, I think we are number one in the sheet metal space by a large margin. So, that would be the second point. A nd when it comes to outperforming the market, I think we have continued to do that, say, over the past five to seven years. And we'll continue doing that going forward. We have a very large lead in the two-wheeler auto component segment. I think four -wheeler would be the place where we're still quite small, where our market share will be in the lower -single-digits. That's the space where we can really have a leap of growth and can outperform. And that's visible in the H1 numbers. In H1, we have grown by 52 % in four-wheelers and commercial vehicles as compared to last year. So, we expect this trend to be positive. And going forward, we want to double our revenues in this space. So, that will be the key driver for us going forward.

All right. That's helpful, sir. Second question is, the recent product launches suggest that there is a shift in revenue mix towards suspension products in two -wheelers, as you already have launched front fork, shock absorbers, steering columns, which covers 80% of the suspension SPU in a two-wheeler. However, this remains a competitive market as there are large players like Gabriel and Endurance already in this. So, what is our right to win here and where do you see your market share in this segment in the next 3 years?

So, I think so far we have had good verticalization in the space. So, given the fact that we already do fabrication, machining and assembly of components, we are able to vertically integrate a lot of the manufacturing process behind it. Another product that you missed on was that we also make springs. Springs are again a very critical and proprietary component when it comes to shock absorbers. We also make the springs in-house. So, that's again a lever of growth that we have against some of our peers. And apart from that, we also have a strategic partnership with an Italian design firm called EDI. EDI has been working in the Indian market for more than 2 decades and has designed a lot of unique vehicles across all of the top 2 -wheeler OEMs in Ind ia. So, we have a technical collaboration with them through which we are able to design suspensions that are of high quality and high design capability. Maybe my brother Sumedh can add more to that.

Fundamentally, in the proprietary space, in novation is the name of the game. There is an opportunity to further add value and that is fundamentally what we do as a process expert in terms of identifying the end product and then doing the design for manufacturing in such a sense that you can add value to the end product and deliver to the end customer. That is how we have been. So, we have been able to add value already and our customers have trusted us with orders there. So, I understand your perspective. There are established players. However, we are making good headway already.

We will not comment on the market share of a specific segment. I think we are commenting on our company-wide growth targets and we will continue doing that.

Okay, sir. Thanks, and all the best to you.

Thank you. Thank you. Next question is from Shrinarayan from Baroda BNP Paribas. Please go ahead.

Hi, thank you for the opportuni ty. Sir, last quarter you had put up a target to reach a CPV of 17,300 in 2 wheelers. So, with the GST benefits coming up, do you expect to reach that target meaningfully faster and by when?

So, we have already reached that target for select OEMs. For steering column that we mentioned, we are working with 4 OEMs, for filtration system with 2 OEMs and with braking again for 2 OEMs. So, I think we have already reached that target for select OEMs. You know, this transition from 12,500 to 17,300. I think now the real opportunity is to cross sell and add more OEMs across all 3 commodities.

So, at the organization level, what was the CPV last quarter if you can comment in 2-wheelers and 4-wheelers if you can give out that?

So, we can only comment on optimal CPVs which is the peak CPVs that we could work on. So, with 2 wheelers as you mentioned 17,300 and in 4 wheelers with commercial vehicles it was around 30,000, but with H-One coming in, it has gone up to 45,000.

Okay, okay. So, that's the peak. But average, if you can give, I wanted to know the average with all the OEMs.

It's actually difficult to quantify an average because different OEMs follow different sourcing strategies. So, that is something that we don't track at a company level.

Okay, okay. And lastly, you highlighted that in last quarter that CBS will have incremental CPV of 2,500. Now, you are saying you will be moving to disc brake. So, what will be incremental CPV there?

So, we will get back to you on the exact number but it will be easily INR1,000 to INR2,000 higher.

Okay, fine, thanks.

Thank you. Next question is from Vijay Pandey from Nuvama. Please go ahead.

Hi sir. I have just one quick query. It's regarding JLR. So, JLR, the production was impacted this quarter. So, did you have any impact from this trade? And are we expecting to see the ramp-up from Q3 onwards?

So, yes, there was an issue into JL R and because of the cyber attack, they kept the production on hold for some time. So, definitely, this was something new to everybody and it took some more time. And now the issue is resolved and there has been a start of production and it will be sustained properly.

And so, secondly, on the margin side, since we are now ramping the two plants that are still in the start-up phase, so do we expect any incremental cost from these until the entire ramp -up is possible? And when do you expect to s ee the full ramp -up or like 60%, 70% utilization from these plants?

So, I'll go one by one. The first Chennai plant that we started in Q1 FY '26; that we expect to continue ramping up close to 70% by the end of this fiscal. When it comes to the Bhiwadi plant, that has literally just started in this quarter, so that ramp-up should also take another six months or so. When it comes to the Pune long-member facility for a large commercial vehicle OEM, that ramp- up has been particularly sharp and we've been able to make some very good progress over there where we expect to hit high capacity utilization in the next two to three months. And lastly, coming to the new Chennai plant that we just announced, that will go into production in the third quarter of FY '26 and say that will continue ramping up over a period of 12 months to 15 months, because the models being manufactured over there are being shifted from another facility for the OEM. So, we'll be waiting for the shifting to happen completely a nd then we'll be able to ramp-up fast.

Okay, sir. That’s it all from my side. All the best for upcoming projects.

Thanks.

Thank you. Next question is from Kush Shah from B&K Securities. Please go ahead.

Yes, hi. Congrats on a great set of numbers. I just had a couple of questions. On the export side currently, I'll have around 6% revenue contribution, and with H -One India acquisition, so does that open our TAM to the Japanese market or will this be specific for the domestic segment?

I think the TAM for the domestic Japanese market definitely opens up while H -One largely works with one four -wheeler Japanese OEM and one two -wheeler Japanese OEM , we are in discussions with another Japanese four-wheeler OEM and another Japanese two-wheeler OEM for the initiation of orders. So, in total, we'll be working with two Japanese four-wheeler OEMs and two Japanese two-wheeler OEMs. So, that itself will expand TAM considerably. Beyond that, a lot of these J apanese OEMs that we're talking about are looking at India as a central production hub for supplies into Asia and the rest of the world. So, we expect them to continue exporting more from India. So, it will not be a direct export that we do, but an indirect export where we supply to the Indian facilities of these Japanese OEMs and they export outside. And maybe Sumedh can add more to that.

Yes. And obviously, also opens up the opportunity to look at direct exports. Now there's an increasing trend of vehicles and parts manufactured in India that are being export ed to right up to Japan and moving on the Japanese roads. So that definitely is directionally a very, very positive sign, and we stand to benefit from it, and we see that coming our way.

Understood. Got it. Thanks. And my next question would be on the non -automotive segment. I think you all have touched based upon the aerospace and defense segment. So can we get some more insights on the non-auto side?

So, all we can comment on that is there's a few things that are in the works there.

So, I think the two things that we announced right now was the increased orders for the Indian defense OEM for the armored vehicle programs. So that, again, is an indirect export order where we are a single source. And again, this order was, I think, more than 9 or 10 months in the making, and we have finally won this order. So again, while the order itself may be modest, I think important from a capability perspective, which is important to us. And second, for the Israeli OEM, we continue working on larger assemblies. I think initially, the order that we had gotten was for some smaller BIW parts. But now we are thinking about launching and exporting larger assemblies to them and for them to make India an import hub for them in Israel.

And if I can comment on something else, there's multiple things that are in the works, which we'll expect to share with you in due course.

Sure, sure. And just one last question was, I think in the investor presentation, you mentioned that you all have started supplying for the solar structures. So incrementally on the non - automotive side, like from, let's say, it's right now at a base of 100 in the coming couple of years, how much do you all expect that to scale up?

While we can't comment on a specific number right now, I think we as a management, are fairly confident on a sharp increase in the realization and the revenues in this space. I think we would think that the automotive manufacturing industry or component manufacturing industry is probably one of the most demanding or rigorous industries in terms of manufacturing excellence. Now that we have learned the know-how from the automotive component industry, we feel that we can conveniently use these capabilities into these adjacent domains like the solar industry or the aerospace and defense industry, where we can use all of our existing processes like robotic fabrication, like high -tensile steel fo rming, like coating, painting and assembly and penetrate them fairly quickly given our process expertise. So while we can't give a specific number out today, we do expect a sharp ramp up on this going forward.

Understood. Got it. Alright, that's it. Thanks. And best of luck going forward.

Thank you very much. That was the last question for the day. I would like to hand over the conference to management for closing comments.

Right. So I would like to thank everyone for their time, interest and questions today. I hope we've been able to address most of your queries. We remain confident in our growth trajectory, both near term and long term, driven by strategic investments and our commitment to advancing products and technologies. For any further questions, please reach out to us or to SGA, Strategic Growth Advisors, our IR partners. Thank you once again for joining and looking forward to speaking with you again soon.

On behalf of Belrise Industries Limited, that co ncludes this conference call. Thank you for joining us. You may now disconnect your lines.