Thank you very much. We will now begin the question -and-answer session. The first question is from the line of Pankaj Tibrewal from Ikigai Asset Manager.

Just quickly two, three questions. One, first, congratulations on great cash flow conversion. Preliminary look suggest that the cash flow has been very strong in spite of earnings with a little sluggish, so continue doing that. On '27, just wanted to get your sense on two, three things. One on...

I'm sorry to interrupt Pankaj. Can you please use the handset? Your voice is fluctuating.

I'm using the handset only.

Okay. Then please speak a little louder. Thank you.

Yes. So on the mobile side, can you give us some color on how we are looking at the ramp -up on volumes in FY27? And what are the other areas of growth this year we are targeting. In terms of IT hardware, I remember last time you spoke about that INR3,500 crores, INR4,000 crores would be possible in this year, FY27 on the display JV, on the camera module. Can you just take us through some of the growth drivers for this year? And also the Vivo JV, any thoughts on that? How should we think from that perspective? And whether your volume, which you will probab ly kind of talk about, does it include Vivo -- does it include Vivo? Just some color on that so that we are able to help understand on the growth side.

Yes, sure, Pankaj Ji. So see, we have really focused on our balance sheet strength. And in sp ite of a sluggish business environment, we have generated after doing a capex of almost INR1,058 crores, a free cash of INR700-plus crores. The ROCE is 44.8% and working capital operating cycle is negative 8 days. So that way, the balance sheet is very str ong for triggering any kind of growth.

Absolutely.

As far as '27, business plan growth numbers are concerned, and here, I'm talking on mobile without Vivo. We have closed at almost 32 -odd million in the current fiscal. We feel t hat the overall volumes without Vivo is going to be almost similar, okay? Because there is an overall decline due to increase in the memory prices and the ASP going up significantly.

Okay.

As far as Vivo is concerned, we are dee ply engaged with the government. We feel that we are very close to it. And that's where the status is. I reiterate that we feel that we are very, very close to it.

And if Vivo comes, what would be the volumes?

So it depends on the time line. So on an annualized basis, 67% of what Vivo said and last year, Vivo sold almost 35 million units. Another 20 million, 22 million units can be added on an annualized basis. So that's the number. Apart from that, on the feature phone side, t here's a significant upside because we're going to be starting exports of feature phones under our subsidiary Ismartu to Africa. So that number will take us up to almost 50 million units. Further, we are expecting PLI 2 for mobiles to be rolled out. Let's see what will be the structure and format of it. We understand the focus is going to be more for global markets. If that happens, then I see that beyond Vivo and beyond Ismartu, another 4 million to 5 million units can be added. So I'm giving you the overa ll picture and direction as far as the mobile is concerned.

Absolutely.

IT products, the business looks very healthy. We have created more capacities. We have deep relationships with top 4 brands in the country, the global bra nds. And we feel that our revenue in this fiscal is going to be more than INR4,000 crores.

Okay. That's good to hear.

In our camera module acquisition of Q Tech, we are expanding capacity from present 70 million units to 80 million units to almost 190 million units. Last year, on an annualized basis, we did a revenue of INR1,700 crores. We are targeting a revenue of almost INR2,500 crores in that business. As far as the display is concerned, the building is ready, the machinery is getting installed. We plan to start the trials in Q3 of this fiscal. And Q4, the commercial production is going to start. I'm not putting in the numbers to that in the current fiscal. The other triggers of growth, the telecom network business is doing extremely well. We have grown from INR3,600 crores to INR5,000 crores in the current fiscal. We are targeting almost INR7,500 crores, INR8,000 crores in '26, '27. That's another major trigger of growth. In lighting, which was a laggard for us, we did almost INR800 crores, INR850 crores. The next year target is almost INR1,700 crores. We expec t 2x after we have formed the JV with Signify. And then there are further additions our Inventec JV is going to start generating numbers from Q3 of the current fiscal. In that, we're going to be setting up the SSD module line, which is going to further generate the numbers. So these are all triggers of growth, which have been planned and they are in the execution mode, Pankaj Ji.

Very nice. Just last qu estion. On the mobile side, is it fair to say that because of the memory chip pricing going up and also your product realization going up, the top line growth could be much higher than the volume growth, which you will see?

That's right. That's right.

So we expect Pankaj to -- that the revenue growth should be at least 12% to 15% higher, if not more.

And that was not the case for the last few years where volume was equal to your top line growth. Is that a fair understanding?

And once the Vivo thing comes into the system, then we are hoping that the selling prices would be better than our existing weighted average selling price of the current portfolio.

Okay. So that will be an aided one from an overall realization perspective?

So the margins may optically can be lower, but the revenue-wise, there will be upside on that.

Next question is from the line of Aditya Bhartia from Investec.

So my first question is on the PLI scheme coming to an end on the mobile phone side. How are the conversations with customers? Is it only the element that we were retaining, which we'll start losing out in terms of profitability? Or can there be any other hi t in terms of PLI scheme going away as well?

So Aditya, we have 5 large relationships, Motorola, our relationship through Longcheer with Oppo and our other relationships. Please be rest assured that the relationships are extremely strategic, dee pened anchor. And we expect volume growth and a larger share of business across all these relationships. So please be rest assured on that. Obviously, there is a margin pressure because of the PLI going away. A part of it is getting compensated through the enhanced operational efficiency. And the balance part of it is going to start kicking in with the backward integration piece of camera modules and display. So that's the path we are pursuing, which we have shared with you earlier also. But please be rest assured, the anchor relationships are very deep and there is no hit on that.

Sure. So what we had earlier kind of discussed that 50 to 70 basis points of margin impact may be there. Add to that, maybe optically how the margins may look low er on account of higher realizations, but that should be the complete impact, nothing more?

You have captured it absolutely.

Perfect, sir. And sir, in the last conference call, you've spo ken about industrial EMS wherein you had referred to hiring a senior resource. This time around, you have kind of hinted about exploring different opportunities within specialty EMS. If you could give us some more details about what are the kind of opportu nities within, let's say, aerospace, defense, automotive that you spoke about, how large those opportunities could be? Is it likely to be organic, inorganic? So what's really the road map over there, if there's anything that you can disclose?

So I think we have already taken a very senior resource at the level of President and CEO, who is going to build this business for us. We have partnered a very large consulting company. Five micro verticals have been identified. Their strategies are being prepared. Already on the table, there are a couple of serious inorganic opportunities across the verticals that I had mentioned in my opening remarks. So we have not budgeted any numbers out of these opportunities as of now in '26, '27, but we feel that some thing substantive, at least a couple of them is going to happen in the current fiscal.

Okay. And any indication on size, sir, how large could these be?

So these are going to be higher -margin businesses. We feel that each would be -- I mean, the combined opportunities which come in are going to be at least scalable to the size of INR3,000 crores to INR4,000 crores with a significantly higher operating margins, significantly higher operating margins.

Understood, understood. Sir, my last question on exports of mobile phones. So of course, with Ismartu, we are starting with the feature phones. But is there a road map of moving that relationship to smartphone exports as well? And besides Motorola and Ismartu, which are the potential other customers that may get added, let's say, if PLI 2 scheme comes in and incentivizes export opportunities? Thank you.

So Aditya, we are -- well, we have had deep discussions with our partner and starting with feature phones w ith Ismartu, the smartphone exports is also going to be initiated. Of course, the Motorola relationship for export is going to get a flip after the PLI 2. At present, these are the two relationships which are going to mature into exports. But beyond that, as I had shared in my opening remarks, we have already got two orders, one from large retail chain in U.S., another one from another large retail chain in Europe for lighting. That has already triggered. And also in our telecom business, wherein we have started manufacturing radios, microwave radios, we have got an export break. So step by st ep, we are building.

So at present in our -- to be very candid, in our AOP, we have not considered these numbers. This is going to be over and above that.

The next question is from the line of Siddhartha Bera from Nomura.

Sir, first one clarification. When you said that the revenue for the current quarter, you expect a 12% to 15% growth , is it volume? Or are we talking about the value here? And second is -- sorry?

Yes, it's the volume growth you're talking about.

Volume growth. Okay.

And also -- Siddhartha, both the pricing growth will also happen and the volume growth will also happen.

Understood. And sir, second thing was on the exports. So how much was the exports in FY26? And I mean, wh en you say flat volume growth, that does not include exports, right? So the export of 4 million to 5 million will be over and on top of the number which we are planning for the next year?

So that is subject to the policy framework of mobile PLI 2. In the present -- in the last fiscal, the exports was approximately INR5,375 crores.

Okay. And any color on which markets are you looking for these exports which we plan to do and in the IT segment also, I think we have seen some incre ases in the impact from the memory prices and also . Do you see a potential risk of ramp -up slower being there as well as we go into the next few years?

So Siddhartha, the export market for mobile are largely going to be for our anchor customer t o U.S. And for the other partner company, it's going to be to the African countries. As far as the impact of the price increase or cost increase due to commodity prices in IT hardware is concerned, we have large deep relationship. In any case, our base was very small. So we are confident of touching this revenue figure of INR4,000 crores in t he current fiscal. And this business, particularly our other partnership with Inventec is in a significant ramp-up phase.

We will take our next question from the line of Indrajit Agarwal from CLSA.

I have two questions. Post HKC, sorry, post Vivo, you would have something around 55 million, 57-odd million smartphone. Let's say, we hit this run rate by FY28 -- at some point in FY28, and that would imply more than 50% market share of the outsourced market in India. How do we see the smartphone volumes growth post that?

So we feel undoubtedly that there is a significant potential for exports. One is that. The second is we need to wor k upon getting a larger share of market of existing brand itself. A couple of relationships, we feel there is still a potential for increasing the share of the wallet. And next is bringing in one more acquisition of a large customer. So definitely, the kin d of ramp-up growth that Dixon has had in its mobile business is not going to be the sam e level. But yes, the growth will be there. That's what we are pursuing.

So you can gain market share further in the domestic market as well?

We will definitely strive for it.

And second, the smartphone concerns that you talked about, the near -term issues, is it more a demand issue because of rise in ASP or availability of memory chips?

So due to the kind of r elationships that we have as far as the mobile phones customers and principles are concerned, we are able to ensure the supply chain smoothness. So I'm not seeing any shortage due to which the business is getting impacted. But definitely, there is a cost increase. But there is no impact on production.

So the cost increase is impacting demand, not production.

That's right. That's right.

These are large brands, they have global relationships with the memory supp liers and they're very deep relationships, long-contracts. So I think supply availability is not an issue, Indrajit.

The reason I ask is we have seen Apple and Samsung gain market share in the Indian market while most of the Chinese brands losing. All right. That answers. Thank you so much.

Next question is from the line of Keyur Pandya from ICICI Prudential Life Insurance Company Limited.

Sir, on the mobile volume side, you mentioned demand, maybe pricing impactin g the demand. So when we speak to industry people, so their point of view is that basica lly there is a shortage below $200 kind of phones and their brands are also prioritizing premium phones because of the shortage. Now in that backdrop, what is giving us confidence of flat volumes? Are we getting higher wallet share? And thereby, we are securing our volumes or as you mentioned, there is no impact on demand even with the same wallet share, you are confident of flat volumes. Since this part of commentary versus the industry player was slightly different, so just wanted to get more clarity on it?

Yes, yes, clearly. And just one more clarification. So as you have highlighted earlier, the profitability is on the per unit basis. So optically on the percentage margin may look lower, but that is it, otherwise per unit absolute profit remains intact?

That's right.

X of PLI?

That's right.

Next question is from the line of Bharat Shah from BCS Capital Ideas Limited.

Atul ji, I'm just kind of reflecting on the past and kind of drawing the line ahead , for the longest period, we have done wonderfully well in terms of -- across many areas , but mobile phone has been one . And we're able to not only grow with it but throughout we maintained financial hygiene of the balance sheet and capital efficiency...

I'm sorry to interrupt Mr. Shah, your voice is fluctuating.

Is this better now?

Yes. Thank you. Please proceed.

Yes. So I was saying that over a period of time, we have taken hold of mobile opportunity in a big way and have grown. But somewhere along the line, do you think that strategically we have allowed ourselves to depend way too much o n mobile phone where it has become very large part of the business and therefore, anythi ng unfortunate happening is affecting our overall picture like it has happened in the last year where memory, other things, JV approvals not coming or have combined tog ether and it has hurt us. Have we strategically kind of taken eyes off the ball?

Bharat bhai, how do we strategize the business? We look at the opportunity pool. We look at the scalability of that opportunity. We look at derisking after the scal ability that can we have multiple customers? Is there a possibility of entering the glob al markets? And also, is there a possibility of deepening the manufacturing. Now in EMS services sector, the biggest opportunity pool was and is mobile. And it was aligning with the government policy framework, which I think as a company, we have leveraged well. Now definitely, there have been some aberrations. There have been some delays, particularly in Vivo government approval. And also similar business model, we have tried and we have tried successfully deploying it across the other product categories. We have done it well in telecom products. Please appreciate in '23, '24, we were at INR700 crores, we have grown to INR3,600 crores and last year INR5,000 crores and this year to INR8,000 crores. It's absolutely a similar model. We are trying to do the same thing with the IT product, where we see that a similar trajectory of growth will happen. Now with the new -- with the balance sheet strength and also the new foray into components is being replicating through the similar strategy. Now I humbly admit where possibly we have missed out is on the high-margin category of industrial EMS.

Correct.

So yes, that I accept. So yes, possibly, I should h ave tried it 2 years back. So that's where we are, Bharat bhai.

Sure. And therefore, if we sum it up all that it is there in various other initiatives which we have taken and probably more we will take from the current year INR47,000 crores, INR48,000 crores turnover that we have achieved, what kind of -- because there are too ma ny moving parts, so what kind of turnover one should believe would be there for the current year? And with what kind of margin similar, better or lower?

So Bharat bhai, usually, I don't give guidance, but then, let me just share with you. Without the Vivo numbers, this year, we closed at almost INR48,000 crores -- INR48,800-odd crores. Next year, we are targeting almost INR56,000 crores without the Vivo numbers, and mobile volume being flat. If Vivo comes in, then it's a very major trigger. We fe el that without the Vivo also, the company will keep growing at almost 15% to 17%.

And with a better, same or lower margin in the current year compared to last year?

So the margin profile will be slightly under pressure this year because the PLI has gone off, and there is a lag in the margin accretion happening due to component foray. But finally, when the component play is completely deployed, t here will be a margin expansion from last year's number by almost 40 bps, 50 bps.

So overall profitability rise rather than margin. Overall profit for the company in the current year will rise compared to last year?

Yes, absolute profitability will rise.

Yes, absolute profitability will rise. And once the component play comes in, sir, there will be a significant margin expansion, which will largely get played out in '27, '28. Camera modules will start to be -- will h appen in H2, where we happen -- we are deepening the level of manufacturing. But your di splay part, which is a larger part of the backward -integration strategy will start playing out in '27, '28.

Sure. Not a question, but just a point...

I am sorry to interrupt Bharat sir.

I am putting just a point, not a question. Don't worry. You see, I mean, our capability, core capability is the hardcore manufacturing at efficient cost. And we have done a wonderful, wonderful job in that cash flow, balance sheet, ROCE, ROE, everything. I think manufacturing, industry, automobile, defense relating, there are multiple opportunities, I think, which once we widen the horizon, I think opportunity can widen materially. That is all that I wanted to put in. Thank you.

We are absolutely aligned with you. And just to respond to you, there are significant adjacencies in our existing forays also. For example, the display one is getting such positive traction from the automotive industry . So there are many, many adjacencies and also what I had mentioned responding to the qu estion by Aditya that our foray into industrial EMS, please be rest assured will be a reality.

Next question is from the line of Achal Lohade from Nuvama Institutional Equities.

First question, just a clarification, the 32 million included the exports of 5.5 million, right?

No. This is not including exports.

Would you be able to quantify for FY26, what is the export number, sir?

No. 33 million, yes, is what we did...

'26, '27 number -- 32 million.

Achal, your question is on '26, '27 number?

For FY26?

33 million smartphones, and that includes a smartphone -- that includes export.

Including exports. And when you're guiding for flat volume, that also in a similar context, total basis or that was just for the domestic?

Export volumes can be over and above this 33 million.

Yes, so that is largely domestic.

And what was the quantum for export in FY26, sir, if you could call out that?

Around 4 million.

4.5 million, something.

Understood. The second qu estion I had was with respect to PLI. If you could clarify what is the PLI income we booked on a gross and net basis for FY26? And how much did we receive? And how much is outstanding as of 31st March 2026?

Yes. So the first part of the quest ion, the total PLI income which has been booked across the 5 -- the 4 PLI schemes that w e are a beneficiary of. The total income is around INR360-odd crores. And overall across these 4 PLI, the overall receivable balance will be closer to INR1,380-odd crores.

Just a clarification. I'm not asking any new question. Just a clarification. Is this net PLI number Saurabh ji?

What is net?

INR360 crores as in there is gross and there is pass -through, right? And so there is a net PLI recognized in the period.

Of course, and INR960 crores would be the net. INR960 crores is the pass on, so difference is the net number.

Next question is from the line of Ashutosh Kumar Jha from Balyasny Asset Management.

Just two questions. One is a bookkeeping question. On the mobile and EMS division, can you just break out the Hearables, Wearables, Telecom and Q Tech part of it possibly?

We don't split these numbers, please, if you don't mind.

Understood. No worries. The second was around your earl ier comment on the ASP increases that are happening in the industry. As far as Dixon is concerned, can you just clarify the accounting on what happens when the ASP goes up due to memory issues? Then how does it impact our revenue? And how does it exactly impact our EBITDA? Does EBITDA per unit remains same or EBITDA profitability remains that same?

Yes. So basically, it's the bill of -- so basically, the revenue is a function of the bill of material, the cost of goods sold plus our conversio n charge. So if the bill of material, the cost of goods sold goes up because of increase in the memory prices. So accordingly, the revenue will go up. What our understa nding with the customer is that we get an EBITDA per unit depending on the complexity, which goes into the smartphone with various models of smartphones. So yes, if the revenue goes up, the margin will optically look lower. So we get a per unit conversion charge.

Next question is from the line of Santhosh Seshadri from Avendus Spark.

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?

Look first of all, your quarter 4 numbers are closer to 5.6 million. So it's not 5 million. And then we are saying on this, we expect a higher double -digit teen growth in terms of volumes. And we have that numbers in mind, but we don 't want to share the specific number. So high double-digit teen growth I'm talking about . And then on top of it, we are talking about a 12% to 15% pricing growth. So there will be a significant growth in terms of mobile revenues overall on account of both pricing and volume. Then of course, you can't just multiply the quarter 1 numbers into 4 because there's always a quarter 2 generally is the best quarter for us. And also the exports, which we mentioned also will start happening from Q2, which we mentioned in our opening remarks. So we feel confident that excluding Vivo, we will be looking at a similar volumes. Exports can potentially add some more volumes to it. And then the Vivo volumes as and when the approval comes in, it will have a proportionate impact for the balance part of the year.

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 in the Phase 1, we are setting up a capacity of 24 mi llion mobile displays annually and 2.4 million of automotive and IT product display. The first line we installed is for IT products and automotive display for which the trial is going to start in Q3 of current fiscal and the commercial production is going to start in Q4 of the current fiscal. Mobile display, the trial and the commercial production is going to start in Q4 of the current fiscal. As I've shared, finally, th e capacity buildup for mobile over the next 2 years is going to be from 24 million to al most 50 million, 55 million. In the final picture of this business, the revenue target, once we start achieving 80% to 90% of the capacity utilization, the revenue generation is going to be almost INR5,500 crores to INR6,000 crores with a double -digit margin.

Next question is from the line of Keshav Lahoti from HDFC Securities.

Just a follow-up on the last question. Once the display business will ramp up, so fair to assume the margin could be mid- to high teens?

Sorry, the question is not clear. You're not very -- I'm not able to understand -- we're not able to understand, please. Can you repeat?

Please, can you repeat the question, Keshav?

Hello. Am I audible?

Yes. So my question is once the display business will ramp up, is it fair to assume the margin will be mid- to high teens?

We feel that it should be double-digit margin. Yes, it should be in mid-teens.

So that your understanding is right.

Understood. Got it. So -- but let's say, what ab out if we expect FY28 will be a full year of revision, so initially it would start with lower and possibly will ramp up to mid - to high teens in the next 2 years. That is how we should look at the business, right?

That's right.

Next question is from the line of Rahul Agarwal from Ikigai Asset.

Just two questions. Two questions are on capex. Clearly, we are going ahead with most of the capacity expansions. Even fiscal '26, you ended at INR1,000 crores. Sir, next year, f iscal '27, how do we look at the capex budget and which segments take the largest share? That is question one. And question two, just from a top -down perspective for Dixon, both from an input cost inflation perspective and the forex rate, which is INR -U.S. dollar, how does it impact Dixon, positive or negative? Is there a time lag between wha t we should actually anticipate once it's a 100% pass-through business is what I understand. Could you just put some thoughts around these three points, which will really help to understand further. Thank you so much.

So Rahul, on the capex side, we feel that the capex number, where a lot of capex in our existing business has already been front -ended. The capex allocation is largely going to be on three things. One, our display capacity . Second, our expansion of the IT business, and third is expansion of our camera module capacity and deepening of manufacturing. As far as the absolute number is concerned, it will be in the similar range. And the balance sheet and the cash accruals are adequate to support this expansion. As far as the commodity price increase and the currency fluctuation is concerned, and our EMS business is an absolute pass-through. So there is no currency risk and there is no time lag. As far a s our ODM business is concerned, which is the business of our appliances that is washing machine, refrigerator, LED television and lighting, that's wherein we do a product sale, and we have to pass on that cost increase to the customer. Yes, we are pushing that cost increase to the customer. Sometimes there can be a lag of a couple of months. But largely, we are able to pass it on to the customer. So that's where it is.

Next question is from the line of Saumil Mehta from Kotak AMC.

So one question from my side. In terms of the industrial EMS opportunity, is it fair t o assume that in terms of the opportunity size, it is maybe as big or bigger than the IT hardware. And also from a margin perspective, it will be better margins with le ss dependency on government PLIs, etcetera. Would that be a fair assumption?

Yes, you are absolutely right.

Not so -- Saumil, in terms of revenues, IT hardware can be a bigger opportunity. But margin profiles definitely in an EM S, high -margin EMS business, specialty EMS business will be much, much higher. And definitely, yes, there is no PLI there in that particular segment.

And my second, just a bookkeeping question of the INR360 crores of net PLI what you have booked across 5 entities, would it be possible to give just for the mobile and EMS division?

Yes. So that would be just -- so that is closer to almost INR250-odd crores.

INR250 crores. And last question, now with various things on the plate, is it fair to assume that our earlier thoughts of putting up a display f ab unit is much in the less priority versus some of the other businesses what we are talking about?

Yes, that's right.

That's right.

Next question is from the line of Pulkit Patni from Goldman Sachs.

I have a couple of them. One is you spoke about server opportunity that looking at data center servers. Could you highlight like what stage of discussion are we in? Wh at is the kind of work that we could get over the next, say, 12 months, 18 months here? Or is it very, very initial stage?

Well, we are mapping this opportunity and dialogue with our partner has already started. We feel that the government polic y framework for local manufacturing of servers for serving the Indian Data Center requirement is going to get at a significant flip. So the contours are being worked out. Exact numbers and opportunity in terms of numbers, I'm not in a position to share. I think it's early for that.

Sure sir. This is clear. Sir, my second questi on is I'm referring to notes to accounts 11, which talks about INR1100-odd crores, which is receivable from PLI and INR730-odd crores that is payable. Could you highlight the reason why this is like mentioned in the note? Is it something where government has not given approval? Like if you could just highlight what's the status there in terms of both our receivable and our payout to the customer?

Yes. So basically, as part of the PLI scheme, there was a provision under the guideline that -- and there was a budget allocated to it for domestic companies, five domestic companies and five foreign companies. Now -- and there was a provision under the guideline that if some company underperforms, those five domestic companies underperform, there -- to the extent that there is an overperformance by a company and in this case, of course, is Dixon, the incentive will be given to the extent of underperformance by other companies. So we have been given all the incentives by the government till the ceilin g revenues, which is ceiling, which is defined per applicant or per company. Now the overflow money is still pending, which we are in discussions with the government. And so there will be a -- and similar cases would be there for foreign companies as well, the vendors of large global brands. So that thing is being pursued with the government. So the auditors felt right that there should be a note to it, and that's the reason it has been mentioned.

Thank you. Ladies and gentlemen, we will take that as the last question for today. I would now like to hand the conference back to the management for closing comments.

So thank you so much, everyone, for be ing with us today evening, and thanks a lot. Have a great day.

Thank you so much. Thank you.

Thank you. On behalf of DAM Capital Advisors Limited, that concludes this conference. Thank you all for joining us today, and you may now disconnect your lines.