Thank You. We have a few questions which have come in already in the queue. The first one is from Raghu. Congratulations. For full year, do you expect double-digit growth in domestic CVs? And second question, on exports, how do you see the full year outlook? For Indonesia order, how do you see dispatches in FY27 and FY28?

Thank you, Raghu. I think very early to talk about H2. It appears that Q2 will also see a healthy double- digit YoY growth. I think it will be very interesting to see how the market pans out from September onwards, especially when we do a YoY comparison. Because last year, as you recollect, post the GST rate correction, the market really picked up from the month of September. But I think the kind of growth that we have seen in July, it will probably be safe to say that Q2 will end up with a double-digit growth. Now coming to Indonesia, I think we are ramping up the supplies quite significantly. And yes, I can only say that the 70,000 orders will certainly be supplied over a period of two years, FY27 and FY28.

So next question from Kapil. Kapil is also asking about demand outlook, which I think you just addressed. On EVs, what is the EV demand outlook? How has the response been to Intra EV and what is our capacity? Is there more cost pressure ahead? And will the price hike in Q2 cover it? And again, Indonesia order is something which we've already answered. So maybe you can take these two.

So, first of all, thank you. On EVs, yes, the demand outlook is quite positive. I already gave you the number of orders that we have for the electric buses. In addition to that, I think as a part of PM-eBus Sewa, there are a few more newer tenders which are also on the way. We are quite positive on that. Page 6 SCV pickup, which is completely in the retail market, is in fact doing very well. And as I said, the TCO parity of Intra, Ace Pro has become very attractive in comparison to their ICE brothers. And, therefore from that perspective, I think the demand will remain strong and will continue to grow. In terms of capacity of Intra EV, our in-house capacity is not a challenge at all. What has happened is not only our electric vehicle demand has gone up, which is therefore leading to a cascading increase in demand of cells from China, but even within China, the share of electric vehicles has further gone up, which has led to increased demand on the cells. And this is something which is currently a bottleneck. And the lead time for the demand or lead time for getting the cells in India and converting into batteries is currently pretty high. But I think we have placed higher set of orders already around two months back. So, towards the end of this quarter, I think we should have the supplies completely debottlenecked from the perspective of the demand as we see. Now coming to costs, is there more cost pressure ahead? Yes, there is further cost pressure ahead of us in terms of commodities, few of the commodities, steel, rubber, etc. And it is our endeavour, of course, to ensure that the price hike and our own internal cost management actions enable us to tide over this tough commodity challenge. The net price hike in July, we have taken 2.5% increase and very confident that it should pass through as we progress during the quarter. On Indonesia order, I think we have already answered in detail, so we can move to the next question.

Yes. The next, again from Raghu, on e -truck sales, how is profitability different from the ICE trucks? And how much is the EV revenue and PLI for the quarter?

There is another question in terms of higher payload trucks. Okay, Raghu, there is one question from you in terms of higher payload trucks. So yes, I think the acceptance in the market is very good. And this is therefore leading to market share gain gradually. Now let me say, because you have asked a question whether it is giving a double whammy of market share gain and contribution margin improvement, I think in commercial vehicles, the customers do take time to build a trust in a vehicle, although they have a trust in the brand. And for any new vehicle, I think they kind of watch as to what is happening. But at this juncture, I must say that, yes, it does make a positive business case for them, these high-payload trucks. The next question you have asked is utilization for HCV tipper is relatively lower than HCV cargo. Are there any worries? No. So, Raghu, this is quite characteristic. From the beginning of rainy season, the tipper utilization does go down. And towards middle of September, it starts picking up again. In many cases, it also starts picking up from the 15th August. So, it depends on the rainfall activity. This is not something to be concerned about. You asked about growth in other expenses is much lower than the revenue growth. That is the operating leverage, Raghu, and we will make all the efforts to get this leverage as we go ahead. Page 7 There was one more question from him you said

Yes. On e-truck sales, how is profitability different from ICE trucks?

This is something that I also addressed during our Investor Day, that first is, our endeavour is to sell all the vehicles with PLI benefits. Although I must add that offlate, the regulators are taking pretty long time in giving the certificates. And therefore, in specific cases to meet customer commitments, we have started delivering the vehicles in certain cases. But otherwise, our endeavour is to deliver with full PLI. The profitability will be different from ICE trucks because the scale is pretty low. But as the scale improves and we have higher localization, and I think in some quarters from now, we should see even cell localization happening gradually. With that, I think we should get back into a good position.

We have a few questions on email. So, this one is from Pramod Kumar, UBS. He says congratulations team on the strong volume and profit performance. His question is, on the pricing environment. Are we reaching the limit for price hikes given the sharp surge in steel and rubber. And how's the discounting been across segments?

So, I think this is a very delicate balance that we have to achieve, and this is something that I said in Q1 also, that our first line of attack is to see how much cost we can contain, how much cost we can negate. But beyond that, I think we have no option but to increase the prices. I think what has helped us, I must say, is the model year '26 that we launched across the portfolio with improved efficiencies and therefore improved TCO, it helped us to a good extent in terms of stabilizing the new prices. Whether it has reached the limit, it's very difficult to answer in a binary manner, but I can certainly say that the cumulative price increase during this year has been quite significant.

Another question from Pramod Kumar. Can you comment on the current demand environment? July has been very robust despite monsoon. What is driving this demand surge and whether it will be sustainable?

As I mentioned earlier, Pramod, I think the underlying demand fundamentals are pretty strong, right? We saw e -way bills, diesel consumption, FASTag collection. I think all the indicators indicate very high movement of goods, which means the underlying freight available is pretty robust. And we've also discussed that this remains directly correlated with the GDP growth. So once the GDP growth is quite robust, what it is today, it also leads to equivalent amount of freight growth, and that then leads to higher Page 8 demand. So, at this juncture, despite the inflation which is happening in the products as well as the fuel prices, you see the demand remaining quite robust.

Okay, another question from Kapil. How is the EV financing scenario? And have historical resale value concerns been addressed?

The EV retail financing has been improving month over month. And I must say that more financiers are having confidence in the technology, in the product. In most cases, we are also offering battery warranty especially, which is higher than the tenor of the loan, which is giving a very high comfort to the financiers. And more and more financiers I meet, I see a lot of comfort amongst them in funding EVs because their book quality is quite robust, quite okay as far as EVs are concerned.

This is from Jay Kale, Elara. On the demand side, is it replacement demand that is driving the growth? And can you also share some flavour on large fleet operators versus first-time buyers.

So, Jay, I mentioned this last time also, it is very difficult to differentiate between replacement demand and new vehicle purchase, so to say. But generally, what happens is large fleet owners are the first ones to replace their existing trucks in four to six years, and they go for newer trucks because they see a clear TCO benefit with the newer trucks. But at the same time, their existing trucks don't move out of the system, but they are sold to maybe smaller customers, individual vehicle owners, and they then put those vehicles to use on shorter distances. So, I think overall the demand is going up, which means there is an increase in the freight which is available and the capacity utilization of the fleet also remains strong. So , as I said, very difficult to give a separation between replacement demand, new vehicle demand. It is actually a combination of both.

Next question is from Amyn Pirani, J.P . Morgan. 1Q working capital and FCF has been surprisingly strong considering normal seasonality. Are there any one-offs, or any structural changes have happened?

So, Amyn, I think we did have some carryover benefit to some extent from Q4, but otherwise I think the working capital discipline that we have been driving, combined with good operating profit, has helped us to deliver a good FCF in Q1. You are right. I think traditionally in Q1 and Q2, we burn working capital, but with the discipline as well as the operating profit, it has led to a good improvement. I must also add that the Indonesia order and the advance that we received from Indonesia has been the one -off, if I may say so, which has helped us on the cash flow in Q1. Page 9

Let me check if there are any other questions. Let me check on email as well

There is a question from Sridhar

But I think you've largely answered it. There's a question from Kapil. Can you talk about the export outlook for MHCV and LCV for maybe two or three years?

Kapil, two to three years is pretty long horizon. But I think we are certainly doing a lot of work in some of the markets that I spoke about, whether it is Africa and also with the entry that we have in Indonesia with this order, we're doing some work in other segments also. I mean, this order in Indonesia also has been in light commercial vehicle and pickup. I think we are using this opportunity to do some work and seed our products in other segments also. But very early to give any kind of outlook. But yes, we are doing a lot of work on the demand generation front as well as launch of new products in some of these international markets.

Okay. There's another one on email from Pramod Kumar, UBS. Any comments on operator profitability given rising prices of trucks? Also, has Tamil Nadu reverted to a normal demand post -election-led slowdown?

The second one is easier. Yes, Tamil Nadu has been improving in demand month over month, and especially last month was pretty good, very close to the normal situation as far as Tamil Nadu demand is concerned. And what was the first question?

This was on the rising operator profitability.

I don't have any index on this, but I can tell you anecdotally from discussions that we've had with the customers. I think depending upon the route, shippers and the commodities being transported, the diesel price increase is being passed through, and therefore gradually the profitability will come back to the earlier level. Now take the case of we as shippers. I mean we ship our vehicles on tractor trailers or trucks. I think, the auto industry has been -- has passed through the diesel price increases pretty soon, and there are quite a Page 10 few other segments also where this has happened, which is then helping the fleet owners to get the profitability back on track.

One question from Himanshu Singh. Should we continue to see market share gains going ahead?

So that will always remain our endeavour.

Just seeing if the questions are queuing up. Please give us a minute. I think with that, we've mostly answered all the questions. And we can close the call with that. Any other questions that remain unanswered, we'll be happy to take them offline. Thank you so much for your time.