Thank you. Good afternoon, everybody.

Thanks for joining the earnings call. The presentation has been updated in the exchanges, I hope you had time to go through that.

We are ready for the Q&A. Please who is the queue, I think we can start the Q&A.

Thank you, sir, for the opportunity. Sir, on the aluminum side, aluminum standalone margin, sir, this quarter, there's a dip sequentially QoQ.

I just want to understand what could be the reasons for the decline. Is it some aluminum higher cost impact?

Also, sir, how do you see the aluminum standalone margins over a period of time, sir?

For the annualized basis, I think the aluminum will be moderating at higher level. Q3, I think there's a start-up of a new plant in Shoolagiri.

We have incurred operational losses in the first quarter to prove out all the parts totally. As a standalone, it had affected the standalone because it's quite also a significant plant.

We have started production now, and I think production will ramp up by Q2 to a reasonable level. I think it will be improving from Q4 onwards continuously.

I don't see any big change in the aluminum business margins going forward. Optically, yes, the commodity prices have been quite violent in the upward surge, and it is quite significant in aluminum, and it is continued to remain that way.

Our margin will be on the gross margin or value addition, I would say. Optically, our margin may come down, but it will be quite intact as far as the margin is concerned.

The second point will be that for the secondary aluminum, there is some volatility on the imports because of the sudden surge of the dollar or the rupee depreciation, I would say. All that has played out, but we have a pass-through with the customer.

Some are immediate, some are taking a month or two, so that doesn't affect in the long term. In the short term, yes, there has been minor corrections there.

Yes, thank you.

Got it, sir. Sir, on the alloy wheel side, how are you seeing the utilization levels for the 5.8 million capacity?

Also want to check, have the alloy wheel margins moved to a normal range of something like high-single-digit margin or still it's ramping up in terms of margins?

No, we're not even touched 50% of the installed capacity, I would say, because of the high variety of parts which is all subject to BIS approval also and the model developments and also customer validation. The second thing is because of the steep ramp-up and also additional new plant, we are not in the double-digit margin yet or even high-single-digit.

We're lower than that. When the plant becomes optimal, I think by Q3, we should be reaching that level, Q3 of next year.

Sir, at next year Q3, we should also get a good, say, 60%, 70%-plus utilization levels for the plant, right, sir?

Yes, correct.

Got it, sir. Sir, on the flow...

Yes, sir. Good evening, and thank you for the opportunity.

Firstly is on the powertrain segment. Could you kind of give us some sense on the fact that commercial vehicle segment is looking better now, the outlook seems far more positive, and so does tractors?

How do we see this segment fare for us? We've seen numbers around this ₹450 crore now quarterly.

How can this kind of ramp up further?

The last, mostly couple of years, commercial vehicle was quite muted, and even tractor was muted. Now tractor is doing very well in this financial year, and commercial vehicle is showing some kind of green shoots of some marginal growth.

The more interesting portion will come in the coming years when commercial vehicle moves to the higher engine capacities and gearbox capacities, which we expect. The norm globally of heavy duty means higher horsepower, 400-plus horsepower plus also on

1,800

Newton-meter, but we are seeing a little of seeding in the market by some of the OEMs in India. The results have been quite positive.

They're only battling with the delta cost whether the productivity and fuel efficiency are offsetting the initial investment. This will move just like any other product moves up for the higher capability, which is more productive for the fleet owners.

This will happen. That'll be the more interesting.

Absolute numbers growing will be growing at single digit, yes. At the same time, the growth in tonnage also will be at single digit.

I think the ability to turn around the fleet and a per-vehicle cost, I think that is set to go up as we move forward.

Right. Right.

We should kind of see that benefit for us, too.

Yes. The silver lining as far as Craftsman is concerned is this means new product development, and at least we can really do the costing from scratch at the current capex.

The capex is also very high related to any infrastructure and also import of machinery because of the exchange rates. We have the new labor code which is coming in very soon.

We need more automation. Craftsman has been preparing very well for the last three years on manpower productivity by investment into automation and better equipment or, I would say, more productive equipment in line with the international level of operations.

The international competitors. In that sense, I think new products call for also high reliability from the suppliers and high capability from the suppliers also.

That will help us to price the product right. The end product of the OEM which goes to the market, the product is so highly priced because of the technologies packed in and also the critical nature.

It will not impact them, but I think I'm not saying there's a price reset, but I think reasonable pricing

compared

to the legacy prices.

Got it. Got it.

Secondly,

the tractor,

yeah. Tractor is correct.

We are benefiting not only from the volume growth, but I think the average horsepower is

increasing. Yeah.

Right. Understood, sir.

On Sunbeam, if you could kind of just take us through where are we in that journey towards double-digit margins now that we've been running it now for a few quarters? Do you kind of see that that's going to happen say the next two quarters, three quarters?

How do you see that, sir?

Three headlines: one is the heavy weightlifting of Sunbeam is over. We crossed the most critical point of 50%, and now it is a journey which will continue to improve.

We will be seeing margins from Q2 of next year improving. We'll end the year for a 10% sort of EBITDA level from the current year of around 7% totally.

The exit run rate will be much higher. That is the Q4 will be higher than the 10% is what we see.

We are not still taken any new business which we will be starting in the coming quarters. Even on the two-wheeler side, there are premium vehicles coming up.

There is a shift towards outsourcing of machining activity which the OEMs are doing in-house. We are strategically placed in many geographic locations for the business.

For Sunbeam especially, we are also having a plant in Gujarat, Ludhiana, and we can supply to Uttarakhand from the plant. Yes, and also in the South, we are not invested for Sunbeam, but it's possible to look at similar parts and maybe also invest in the future.

I would say that those set of family parts Craftsman is doing as well as Sunbeam is doing for two-wheeler. Sunbeam has also got increased potential for the exports going forward.

While we wait for the total restructuring of Sunbeam to happen thoroughly, we're more or less integrated the three teams on the workings side of it. We have participated in the EUROGUSS exhibition just two weeks ago in Nuremberg, where all there's a key aluminum exhibition for aluminum suppliers.

All three teams participated together. We have exhibited the products together.

We see a good response. The traction of being at least getting to a medium-sized aluminum company in the coming two years as a group will help Sunbeam to leverage that.

Okay. Got it.

Got it, sir. Understood.

Great, sir. Thank you so much.

I'll get back in the queue.

Thanks for opportunity, and congrats for a strong set of numbers, sir. Sir, in Industrial and Engineering segment, we have seen a very sharp jump in EBIT margin.

Just wanted to understand is it sustainable, and are we looking some improvement on the business and on that top line and the margin both sides, sir?

Yes, it is sustainable. With the operating leverage which we are now started to generate, we will see margin expansion in the next financial year.

The demand for this products is increasing in India. We are the second-largest player in the country as far as the static racking, and we are one among the two largest Indian players, I would say, on the automated storage.

Both are gaining traction. The second important point is, since the market is also growing and there's been consolidation of the supplier base, it has a very clear segregation which has happened from the top five players and the other players.

They have become regional players. Also on the top five players, I think the number one and number two where we are number two, and among the other three, there is also clear gaps which is there, just like in the passenger vehicle segment.

This means the larger projects execution mostly lies on three of the suppliers. That way, I think there's no need to undercut each other on this matter.

We feel that we have made enough traction and also proved the product in the market. We need not also go on a sales price cutting strategy to win orders.

The optimum usage of the plant will come in in the next two, three quarters where we'll be able to see margin expansion due to better operating leverage and also better purchasing power from the steel.

Sir. Got it.

Got it. Sir, my next question on the operating margin side.

From last two quarters, we have seen that operating margin is hovering between around 15% to 15.3%. Sir, just wanted to understand what would be the margin number in quarter four and in FY '27?

As you said that this quarter, margin also impacted because of that addition of the new plants and that impacted to some extent the aluminum margin. If we take the FY '27 number, what kind of the margin expansion we can build in our model?

The model of percentage of revenue as the margin, I think it doesn't hold good for many reasons. For example, aluminum exports from China has been dropped by 8%, aluminum prices have jumped by around 16% from $2,800 to around $3,250, something like this.

At highest level since April '22, which was the last peak. When the top line only increases with the same value addition not margin, but value addition absolute value, artificially it looks like the margin reduces.

We have to look at it in relation with the commodity prices. I would kindly request you to look at the gross margin and the margin versus the EBITDA margins or EBIT margins versus the gross margins.

That will be the right figure, because aluminum again further increases, artificially it'll look like our margins have come down.

In the third quarter, if I see that top line, a number of this aluminum business that was quarter-on-quarter flat, despite that we have seen around 200 bps margin contraction. If you can throw some light over there that where the key reasons for that 200 bps of margin contraction on EBIT level and how this numbers will start to improve?

See, the revenue what you see on the aluminum is after some of the increased aluminum prices. You can say that the top line has been flat.

It may be reduced for us as far as our contribution goes totally because it may be attributed the top line being flat or growing or being stable may be because of the increased aluminum prices. You cannot just come and look at the top line and look at it.

I said only one-time event about this new plant at Shoolagiri for the alloy wheel, which has impacted our margins. Yes, that will be there for a quarter or two, then it'll go away just like we had in the past about when you started the Bhiwadi plant, if you remember.

Otherwise, the top line are not strictly comparable between even Q2 and Q3 because aluminum price are different.

Thank you, sir. That's all from my side.

Thank you.

Thanks for the opportunity. I have a question on the order book for stationary engines.

Can you provide the split for the $100 million between prime power source and backup power source?

Our customers do not tell us whether it's for prime power or backup power. These are fungible.

At least the product what we make is fungible. We manufacture everything under one roof.

The second point is the order book, I think we are inching towards an annual level of around $60 million now dollars, and that also for FY '29. Now the balance $30 million, $40 million also will get tied up in the next year or so.

We will be on track with the $100 million revenue for FY '29, FY '30. FY '29.

The demand for the products is quite high, and the customers' support on the product and order books as well as on the product development is quite significantly high. We will be touching a peak requirement in the market by 2030.

All the OEMs are geared up towards that. We are in time for this to catch this upward curve.

Okay. Okay.

From this Fronberg acquisition, do you see any demand coming in beyond data centers like from other industries? Also what kind of steady-state margins are you expecting from this business?

See, energy per se has been growing not significantly in the past, but this data centers or AI has driven the energy to be suddenly spike, I would say. Even after spike is over, even at larger base, we still see energy demands will be keep growing and backup requirements will keep growing.

It will not be as high as this what is happening. Once we are into this elite league of this supplier of this critical parts, I think there's a lot of validation required to onboard a supplier.

We are through with the first phase. Second phase is on now.

We will be starting to supply in a year, a year and a half, the first invoicing will start. That is the most important point in a milestone, so that we will continue to leverage this relationship with our customers for future products.

India per se is also well poised for this taking advantage of this technological growth, because there's not much of capacity in Europe nor in North America. Since Craftsman also owns an foundry for this large engines, Craftsman Fronberg Guss, it is in Amberg, which is near Nuremberg, we have an insight into whatever capacities are available in Europe also totally, and what is really happening to those capacities.

We are working hand in hand with the customers to see we align with their future requirements on volume.

Okay. One more question: what are the current debt levels of the company, both short and long term, given that OEMs finished 2025 with near-optimal inventory days, has that been like a bullwhip effect on your working capital needs because of the recent surge in demand because of the GST reduction?

No, on the powertrain, I think there is no increased requirement of working capital per se. In aluminum, I think the delta price of the price increase will have that marginal 10% or 15% increase in the working capital requirements.

The question is I would rather look at net to EBITDA. Debt to EBITDA on a consolidated level, we are at 2.55.

Okay.

On a nine-month figure which is annualized.

Okay. Thank you, sir.

That's all from my side.

Thank you.

Hi, sir. Thanks for the opportunity.

Sir, in aluminum, are there products where we can benefit out of this aluminum price increase, meaning it's not on per tonnage basis and on more product-level pricing?

We never have ever quoted for per tonnage basis at all. Aluminum is a calculated material cost, and that is it.

Anybody can calculate it, not only the customer. It is an very clear engineered number which nobody can dispute on the weight of the part nor on the cost of the material.

Cost of material, of course, there can be some dispute on plus, minus 3% on market prices. That is it.

Beyond that, whatever is the gross, then value addition what we do on the casting side, and the post-casting process can be painting, can be some heat treatment, and also can be the machining side. We are an engineering company where we do a lot of machining per se as Craftsman standalone.

Sunbeam and DRAXIN are more on the casting side. Sunbeam on the exports, yes, it is fully finished product.

We never have ever quoted for per ton basis on that matter. It is always component to component, this component, this price.

Okay. Despite quoting at those levels, you're saying the spread is what we compute as value add.

Always when prices increase, there will be a optical reduction in margins, so that will always happen?

Yes, correct. See, suppose a tailor is getting ₹1,000 for stitching and garment is ₹2,000, say, has got

₹300

margin. The material costs goes up, it is a pass-through.

It will only optically increase the top line.

Revenue. Correct.

Sir, secondly, on this Euro FTA, can there be better opportunities than earlier envisaged in Kothavadi from Europe?

No, I think the Kothavadi project is based on very special product where there's a unique once-in-a-lifetime sort of an requirement coming up for the OEMs or manufactures products which are hardly less than 10 companies all over the world. This is driving that they are going to lose their customer base if they don't ramp up on that matter.

Everybody's in the race to create capacities. Nobody's worried about this FTA per se.

I think I mentioned in the previous earnings call, a generator costs anywhere between $1 million to, say, $1.5 million per generator, whereas our product may be around $20,000, $30,000, depending on the configuration and size of the engine, things like that. We are not any significant game changer as far as their bill of material of that cost goes in.

It more is driven by the capability of the supplier, in this case Craftsman, and also the reliability of quality is extremely important for the customer to take a decision. This was normally made in-house, the trust to give the orders outside to a supplier itself is a big, big step for these OEMs.

If you ask for the other, not the bottom of the pyramid, at least the middle of the pyramid products where we are somewhat present a little, but on the top of the pyramid products, this is not the criteria. FTA is not the criteria.

Middle of the pyramid products, earlier it was we need to be 30% cheaper than what they develop in Europe. Now the Europe costs have gone up, and now they're feeling the pinch.

Now they're looking at 20% we should be cheaper than Europe to get the order. We don't really engage on the sort of businesses.

With this FTA coming in, I think the gap will be further reduced totally. The trust on India's supplier base has to improve because of infrastructure for shipping, logistics, reliability of quality and delivery.

Once it improves, we can come at even at a 10% leverage we have lesser pricing than the European counterparts, we can easily win the order. On aluminum, the other things are happening.

I would say that I want to clarify, aluminum, there's a lot of distress in the aluminum supplier community, vendor base, especially in the auto ancillary, both in North America as well as in Europe. They all invested heavily for Europe, and many of them are getting insolvent or don't have the ability to invest further.

When the swing back is happening to hybrid and ICE in a bigger way, these companies are not able to adapt at all. The products have to be outsourced to other regions.

We are still competing with our Asian partners and other regions also. I think we're not really competing now with the European supplier base or the American supplier base on the products what we manufacture.

Very clear, sir. Thanks, thanks for that.

Sorry. Thanks for the opportunity again.

Sir, on the capex side, what was the capex for the nine months, and what is expected for the full year, sir? Can you again indicate the debt level?

What is the debt gross and net currently, sir?

I think this can be taken offline on this subject. We'll be reading out a lot of numbers for various subsidiaries also.

As I mentioned, consolidated net debt to EBITDA, the EBITDA levels, it's 2.55 as of now. Today, the return of capital employed is, before tax, is around 16% totally.

ROE is around 12% annualized. We look at it now, there is big upsurge in orders as we speak also.

We are looking at standalone capex for Craftsman around close to ₹1,000 crore this year because we have added quite significant revenue. If you recall, the turnover was around, say, ₹1,300 crore, ₹1,400 crore range, and now this year alone we are nearly adding around ₹1,000 crore to the top line overall.

We are seeing that this growth is going to continue in the coming quarters, also in the coming years. We are incurring capex at that level, I would not like to comment on closing debt or this.

I think we have seen the higher level of net debt to EBITDA at 2.55. This will keep improving.

Got it, sir. Sir, finally, sir, recently, Sunbeam have sold this aluminum piston asset to Shriram Pistons.

Just want to understand, what kind of business was that, sir?

It was generating around ₹30 crore revenue approximately with two customers there, both in the two-wheeler side in the NCR region totally. These customers.

Historically, I think earlier it was a slightly higher number, but the products have migrated and moved during the Sunbeam's troubled period and not developed the new products. It doesn't make any materially change to have this ₹30 crore revenue with the variety of products, and we are not a key market player also, Sunbeam there.

We are simplifying the business model of Sunbeam to its core competencies overall on our strategies. In fact, not only that particular business, a number of customers also are on the exit mode.

We have given three months', six months' notice for that. These customers, I think numbering around 10, contribute to 5% of our revenue.

This means that we'll become more and more efficient as we move on. Now as we speak, I think 97% or 95% of the revenue is coming from four, five customer groups, I would say, in total.

We want to focus on that, stabilize that, and then add more customers which are sizeable in value. Hereafter, adding a customer and value, I think at threshold level, the initial orders itself we're looking at $10 million, going all the way to $30 million even for a smaller company like Sunbeam, because of the new costs of, I would say, labor, the infrastructure, the equipment cost has gone more, and the demands from the customer also are quite high because of the new requirement of quality and things like that.

Also, as we speak, the increased requirements for all sort of tax and other compliances, software, all these things are also going up. We cannot really handle retail business.

This is why we're rationalizing Sunbeam's business.

Got it, sir. Thank you so much for the opportunity.

Hi, sir. Am I audible?

Thank you. I just wanted to know how do we see the revenues across the segments growing in the next couple of years?

Do we see industrial engineering ramping up? What's your view on?

Industrial engineering, I think high-single-digit or low-double-digit will be there. On powertrain also, we see the similar number.

On aluminum products, it'll be in the high teens.

Sir. How do you see from ICE to electric vehicle shift and the usage of aluminum products more towards the EV?

Is that happening or?

Can you repeat the question or?

The demand for the aluminum products, is it increasing as we slowly move to the EV side because of lightweighting or something like that?

I will answer that in two different ways. First I'll answer it for ICE, which is applicable, and then we'll talk about hybrid, ICE, and then the EV.

All the three segments will benefit from lightweighting, very clearly, because it means lesser carbon footprint, lesser cost of the vehicle and engine size, and even the passenger car segment, you might have noticed slowly but surely that now 1.5-liter is becoming predominant, even though the 1.5-liter of the current passenger cars are pumping out more power than the 2-liters of the gasoline earlier. Earlier 1.5-liter power was being used for 1.2-liter also.

The engines have become more powerful and more smaller. Even in spite of all that, I think engine capacity is moving in India from 1.2 to 1.5-liter.

This means that other amenities or other features which the customers want, they will need some sort of engine power or an hybrid to supplement the activity. All this or the CAFE norms will drive the OEMs to have lesser emissions in total to meet the CAFE norms.

For that, lightweighting is the best way. Yes, on EV, it'll become more predominant because the more lighter the vehicle, the same battery will give a higher range, or we can reduce the size of the battery to give the same range.

That means decrease in cost of the battery in relation with the increased content of aluminum, it is quite significantly advantageous for the OEM to move towards aluminum. On the ICE and hybrid, the challenges are slightly different.

The new platforms have to bring out the new designs which the Western world has already adopted in the last 10 years, and only then the aluminum content will increase. As OEMs build new plants, it is only then possible for them to make this big change.

Always they say platform, when we have to develop a new platform because existing platform will not meet the safety norms or will not meet the new requirements which are come up. When they invest for a new platform, which is much more than the powertrain investment, they build in features which can take in more aluminum, I would say.

That is the time aluminum content will dramatically increase. We have got a long way to go for the increase of aluminum content in the passenger vehicle when compared to the Western world.

It is happening, but it's not happening at the pace what we want to happen.

Okay. Sir.

Thanks for the detailed explanation, sir. Thank you.

That's it from my side.

Sir, my next question is on debt side. What's your plan to reduce your debt, as you have earlier indicated that you will sell one of your land and you will start to reduce debt in FY '27?

Just wanted to understand how much debt reduction will happen in FY '27 onwards and what is your target for the medium term?

See, we already told anything debt below debt to EBITDA below 2 is comfortable, and we like to stabilize at 1.5 when we have gone through this big growth cycle. As we speak, it is 2.5 in spite of the land not getting sold.

Land has become very and very hot property, I would say, in that region. While we waiting for the best price, we are engaged with multinational companies who are in the business of selling this land.

Various advertisements have come in, offers have come in. We are evaluating those offers for the best possible price.

We are carrying around ₹350 crore worth value in the books, which was at the last year when we had done the evaluation. We're seeing what best we can do for the shareholders.

That will surely reduce the debt. We're not in such a hurry that we have to sell the land at a lower price to reduce the debt.

You mentioned that your debt-to-EBITDA reduction to be around 1.5 from the 2.5 now. How much time it will take?

Sir, I think I need to be very honest. If we grow at 5%, it will take only two years to get to debt to EBITDA 1% 1:1.

Another two years we grow at 5%, the debt will be gone totally, provided we know new capex. We are balancing that act on the matter.

At a steady state at a lower growth at around 8% to 10%, I think we can have a debt to EBITDA between anywhere between 1 to 1.5 totally. Today, we have grown the business from ₹1,500 to ₹7,000 crore.

The very fact that India and our Asian neighbor, we have not kept pace is, all our customers are disappointed that we don't have the capacity nor the infrastructure to handle those big orders totally. For that, I think without building bridges, I think the infrastructure will not grow in the country, nor we cannot have multinational customers to place single orders of $50 million, $100 million with us unless we have the capability to deliver that.

With a smaller base, yes, it looks like as if the capex is high. I think we are looking at even in the aluminum space competitors who are having $8 billion only in the aluminum revenue.

All the top 10 aluminum players are between $3 billion to $8 billion. That the stated fact is we are less than half a billion dollar in aluminum revenue.

Unless we scale up capacity, we cannot even bid for the orders. On one side, we want to broadbase the customer, we want to export, we want to be one among the players who are capable of going through the next 10, 15 years cycle of this sort of a not only growth phase, I would say sustainability.

I think we're doing capex to sustain the company with getting new orders with the new technologies.

Got it, sir. Sir, in a powertrain business, you are also adding capacity.

Just wanted to understand when it will be completed and how much incremental revenue would be generated on this capacity, sir?

I hope we'll continue to invest for the powertrain for the next 5 to 10 years, and this was a stated fact that we bet on ICE rather than on EV, and now we see that it is paying off. There is a lot of consolidation happening within India as well as rest of the world in the number of supplier base because again of the technological change and the new demands on the emission norms, I would say.

We are getting more inquiries as we speak. As long that demand keeps going, we will continue to expand and invest in capacities.

What would be the near-term capacity additions in the powertrain business, sir? How much that would be?

I think 10% capacities 5% to 10% is what we are looking at in the next 12 months, starting from even this January. Yes.

Okay. Thank you, sir.

That's all from my side. Thank you.

Thanks for the opportunity again. DRAXIN, actually the margins are at 20%, I think, currently.

Just wanted to know is this the peak or in the coming years and how can we achieve this further?

See, we are putting up one more plant for DRAXIN. We have done the disclosures in the stock exchange.

You may be aware that we have received some orders, and it's quite significant this plant investments and capacities as we move on. As we move on, when the new plant comes into operation, two quarters we'll have a hit on the margins because there will be pre-operative cost which is there and suboptimal utilization of the plant.

As you move forward, again that it'll normalize, and when that plant comes in at full operating capacity in the coming three, four years, we will see that margin expansion will happen because the older projects may come down. Again, margin expansion, I put a disclaimer here, which is a very strong disclaimer.

Our margins are related to only gross margins, on percentage of the gross margins, or after the material cost is removed from the top line. Otherwise, it's not an apple to apple.

Today, aluminum is at around ₹230, ₹240, or ₹280 on the special alloys. On special alloys, it is more than ₹280, ₹300.

Tomorrow it may be ₹500. You calculate margins on that, it'll be wrong.

I would rather say it'll come on operating leverage and how well we control our costs and how well we are controlling the product mix and our strategies going forward.

Okay. Thank you, sir.

That's all from my side.

Hi, sir. Thank you for the opportunity.

Sir, just wanted to understand what is our exposure by segment? Can you give any rough figure like CV, passenger vehicle, two-wheelers?

Only on the powertrain you're talking about, as a whole as a company? I think you're talking about as a whole as a company.

Just a minute, Mr. Vimal is opening the slide, and Mr.

Chandrasekhar also is giving me some inputs. Just a minute, we'll take the exact slide.

As a consolidated revenue per se with across all the subsidiaries also, passenger vehicle contributes to 34% revenue, two-wheeler is 24%, commercial vehicle is 12%, storage is 9%, and balance is tractor is around 4%, and all other products high-end off-highways is around 5%, other powertrain is 4%. It is quite a long tail.

Okay. Okay.

Sure, sir. Sir, next question is on the standalone aluminum power performance.

We have seen the revenues also coming down and margins on the EBIT level falling sharply almost 500 basis points. Particular reason, how should we see this going ahead?

See, there are OEMs who shut shop for their annual maintenance, and post the festive season, inventory correction. The product mix would have been changed.

Maybe our revenue would have been flat because of aluminum prices or because of new products we brought into line which are suboptimal, and the existing product lines will not be utilized properly in December because customers do not inward material in the last two weeks of the month because the year of manufacture and a lot of other things which are there. We also have increased our capacities quite significantly, and we carried those costs in December, which in December it was not fully utilized, not the exact word, but it is below optimum level for December usage.

This will continue. As we ramp up, it'll not be a stable level.

There will be fluctuations from one quarter to one quarter depending on festive season, depending on how the customer performs, how that particular product segment is contributing. We will have that.

As on annual basis, I don't see any big change.

Sir. Sure.

Thank you so much.

Thank you very much for joining. What I wish to tell our shareholders and investors, I would say thank you for staying with us during this large change what we have brought about the company from a standalone to with the subsidiaries and things like that.

We have more interesting things to do to make the company more strategically aligned in line with the global requirements. We are working on that.

Thank you for your support.