Ndr Auto Components Limited (NDRAUTO) Q2 2027 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to the Q2FI27 Earnings Call for NTR Auto. As a reminder, all participant lines will be in the listening only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touchstone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Gavin Deesa from CDR India. Thank you and over to you, sir.

Thank you. Good day, everyone, and a warm welcome to all of you participating in this Q2F by 27 Earnings Fultrins Call of India or Auto Components. We have with us today Mr. Pranav Nelan, the full-time director, Mr. Vikram Vishnarathi, group's DFO and vice president, Mr. Akesh Rastagi, GM, finance and accounts, and Mr. Rajat Bandari, the executive director and company secretary. Before we begin, I would like to mention that some TAF statements made in today's discussions may be forward-looking in nature and are subject to risks and uncertainties. A statement in this regard is available in the presentation of the exchanges and shared with you earlier. We will now start the call with opening remarks from the management, following which we will have an interactive Q&A session. I now invite Pranav and Mr. Pranav Rilland to share some perspectives with you with regard to the operations and the initiatives during the quarter. Over to you, Pranav.

Good day, everyone, and a warm welcome to our Q2FI27 earnings conference call. I am sure you have seen the numbers. All the same, I will quickly touch upon the headline financials. Revenue driven by continuing strong executions stood at the base 247.86 crores for the period under review. Our EBITDA margins remain healthy at 11.08% despite the environmental and supply chain challenges, which is a reflection of the efficiency of our operations. Q2, FY27 EBITDA and PAT stood at Rs. 27.47 crores and Rs. 19.78 crores respectively. Our consolidated order book has expanded to Rs. 1,190 crores as at the exit of the quarter under review, comprising of Rs. 1,150 crores from NDR Auto standalone and Rs. 40 crores from our NDR-Hayashi joint venture. The significant increase in our order book is driven by some large order window seating as well as other order components. While CJ's solutions continue to be a predominated portion of our order book and revenues, these wins will help us broad base our portfolio. We are also delighted to partner with DYA, a leading automotive system company based out of Korea. NDR Auto will hold 51% of the joint venture company in which it will make an investment of 362.96 crores. The JV proposes to set up a manufacturing facility in India and gives NDR Auto the opportunity to work with a new OEM, namely Hyundai Motors, which is one of DYA's clients. The partnership will also enable us to introduce the Indian market to some more disruptive offerings. The potential and opportunity for the auto ancillary industry and particularly for NDR Auto is significant. To ensure we are adequately prepared to leverage this opportunity, the Board of Directors has approved the brownfield expansion of our Gutra and Kharkoda facilities, which will manufacture seed frames and trims and a range of other auto-acceleraries. We are excited about our future and growth potential, and the developments over the quarter under review offer us much better visibility. We will continue to explore value-enhancing and disruptive opportunities via both organic and inorganic route. We would be happy to take your questions.

Thank you, sir. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and then 1 on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and then 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A reminder to all the participants, you may press star and 1 to ask a question. We have the first question from the line of Jatin Chawla, from RTL Investments. Please go ahead.

Yeah, hi, Guru. Thank you.

Sorry to interrupt in which we are Jatin, your voice is speaking. I think you're not audible.

Hello, can you hear me now?

Yes, you're audible. Please go ahead.

Yeah, I was saying, so congratulations on a good quarter. I think the highlight this quarter is the increase in order book. So this 500 crore order book, you said, it comprises of orders on both seating and auto components. But who are the large customers for this order book?

So, we've predominantly got orders from Maruti Suzuki and Suzuki to Wheeler that is comprised of this order in Crete, and we've also got some new businesses from Toyota.

Got it. Got it. Also, congratulations on the signing of this JVB D-YA. What is the size of order you would expect from this entity over the next few years?

So, we are currently procuring orders for this entity. We would estimate something between 800 and 1,000 crores that is going to be executed in FY31.

In FY31. Oh, that's great. So, with, you know, your order book at 1,200 crores and your revenue at 900 plus crores, that gives us visibility for 2,000 crores. And with this… 800-2000 crores, then we will be very close to, you know, our ambition of achieving 3000 crores. Would that be the right way to look at it?

Yes, that is correct. In addition to that, we have a few more initiatives that we're working towards to achieve our 3000 crores vision by F570.

Got it. Got it. Thanks. I have a few more questions, but I'll come back in the future.

Thank you. We have the next question from the line of Anubhav Mukherjee from Prasayan Capital. Please go ahead.

Congrats on very strong results and the strong order info as well. My first question is, can you share some timeline on when this JV will be operational? Hello, everyone. Am I audible?

Yes, you are audible and above.

So, should I repeat my question? Congrats on a strong result from the strong order in flow. My first question was that this JV with D-Y-V-A, when will this, like, become operational?

So, we're currently procuring orders for that. We're expecting to get orders for FY3-1. We should know sometime middle of next year.

Great. And what I understand is that we were supplying some seed fabric and planes to some models of Kia. So, like, can you use some color on, like, does this JV add to that, and, like, what will be in terms of the product, how will it be different from what we were already doing for Kia?

So, currently we do seat covers and seat frames. That will continue in our standalone entity. The joint venture will do full seat assemblies, which includes assemblies and combs for Hyundai Ikea.

Okay, so, the standalone entity will be continuing to supply and ramp up, maybe, like, supplies of frames and fabric to this deal. Is that understanding correct?

Yes, that is correct, and the Joint Venture will do the final seat assembly directly for Kia.

You get that. And so what kind of marginal profitability will the Jamie have? Will it be like superior to a standalone business? Some color on that will be a useful case.

So it's going to be slightly lower than a standalone business, but the top line that we are targeting for this is anywhere between 800 and 1000 crores.

Get that. And, uh, luckily, like, uh, the standalone order book that we have of 1150 crore, is the understanding correct that at peak potential it translates into an annual revenue of 1150 crore?

Yes. Yes, that's correct.

Okay. Thanks, I'll get back.

Thank you. We have the next question from the line of Mukesh Modi. So, Modi Fincap, please go ahead.

Yeah, good afternoon, sir. And congrats for the good numbers. I've got a couple of questions. First of all, this JV which we are talking about, this 3,000 crore which we guided, includes the contribution from this JV, sir?

So, the JV is executed in FY31. We still have some more initiatives that we are working towards that our aspiration to achieve this 3,000 crores in FY30. So, if some more initiatives convert, then we will try to touch this in FY30.

And for that question, what will be our capacity utilization level?

Our capacity utilization should be approximately 90% across our plans.

Around 90%. Almost done.

So, currently we don't export any products, we just supply to the Indian market. We are looking to work on some initiatives for that.

Okay, it is totally Indian as present. Okay, hence of the three expansion which we are planning which are supposed to get Around January 27th. So, can we expect a full ramp up in 27th, 28th, sir?

So, E-Vicara, I think ramp up has started. Yeah, I think next year should be slightly better.

Okay. Okay. And last question, sir, on EBITDA level. The sustainable 11, 11 and a half would be a sustainable EBITDA level, sir, for this year, next year?

Yes, that's the EBITDA number that we're targeting. It'll be sustainable.

Thank you very much sir, and all the best, and happy devalu to all of you sir.

Thank you. We have the next question from the line of Tanishvara from InvesQPMS. Please go ahead.

Hello, sir. Good afternoon. Am I audible?

Yes, sir. Audible.

Yeah, sir, congrats on the good quarter. Basically, I have two questions. One is on the raw material side. If we see our GP margin, they have been improved year on year.

So with the current situation of raw material price increasing, we have not seen any impact.

Is that we are able to pass on it immediately to the client or is there some lack? Can you just give some light upon the same?

So we are mostly able to pass on the raw material prices to our customers.

Okay, so we have not seen any impact, no lakh to the same, right?

No, there is no lakh.

And sir, on the sales, what is the contribution of price, and what is the volume growth that we have got in this quarter?

So we don't have that offhand, we'll just share that with you.

Okay, sure. And sir, we have seen in this quarter that our other expenses line item has increased. Is there any particular line item that has increased in that?

It's due to the increase in minimum wages in Haryana that has led to the increase in other expenses.

Got it. Thank you, sir.

Thank you. We have the next question from the line of Saket Kapoor, from Kapoor Co. Please go ahead.

Yeah. Namaskar sir. I'm audible sir.

Yes, sir.

Firstly, if you could just please explain to us what results in the lower property on consolidation. Our standalone number, CVT, is closer to 22.58, whereas standalone is 19.75. So please explain the dip first and what factors lead to.

Yeah, I can. In standalone, there is a dividend received from BSL. Since BSL is consolidated in Andrea consolidation, so we have removed that dividend amount. That's the answer.

Okay. But, sir, when you look at consolidation, our other income is also higher on a year-on-year basis. So, if we eliminate, what is first the nature of this other income, sir? This 3.84 lakh that we have booked under the consolidated trade offer.

Yeah, we are doing job work for one customer in India South, so their expenses are coming below and the income is coming in the other income, which is 2.7th year. That's the other income. Was I clear?

No, sir, please. Okay, okay.

It is a customer task for which is manufacturing frame in our NDR South plant. So, and we are providing manpower services and other services and area to them. So, their all expenses are coming below in other expenses and income is coming in other income. That's why this is coming as showing as other income, which is, which amount of 2.0.

Okay. Okay. But this is again a part of the operations only.

Yeah, it's a part of operation. Income is coming separate and expense is coming separate. That's why it's coming other income. It's accounting.

So how much expense is attributable to it?

It's almost same. The expense is around 2.5 year and the income is 2.76 year.

Okay. So it gets netted off. Yes. Yes. Right, sir. And sir, now coming to your closing, the CWIP closing balance, sir, if you could just explain this 39 crore, yeah, 39 crore closing balance, what is this equitable to, when are we going to capitalize the same, and what kind of revenue contribution is going on?

The revenue contribution is already included in our order book, which we have already released. This includes of a project of LATCH, SBRS, then some kind of operation in India's seed insert plant, and some in India's sound. All together, the projects which we are saying. All together, this project acquisition project is the CWIP of 36 crores.

The last point, sir, I'm going to join the queue. If you could just explain to us, sir, how will then H2 shape up with the type of order wings that we have, and I think so, the type of capex that we have already done for H1. Taking into account and also taking into account the current inflationary trends, how should the business environment and our operational revenue profile will be or what kind of growth, just if you could outline to us how do H2 look up and whether we will be able to better our EBITDA margin for what we have reported in H1.

So, we don't give annual guidances. NDR Auto South has started, and we have some more models starting at the end of the year, and we also have the seat latch, seat belt reminder, and the seat inserts starting sometime early next year. So, I think you can just take an account for that. In terms of margins, we should be at a similar level.

Okay, so I just wondered the H1 versus H1 growth that we have seen for this year, in the most likelihood, this trajectory is on a continuity path or we should improve on the same? That would give a lot of sense.

We should be at a similar to slightly improvement, but it comes down to how a model mix works and how the ramparts are.

Okay.

And one more understanding, sir, our investor presentation has been totally ramped up, and this is the best way of explaining to us and presenting to us. So I hope we will follow the format. And, sir, one more small suggestion that could be looked into. If we can conduct our calls on the same day post-market hours. That would also surprise a lot of understanding. Since our presentation releases, everything is available to us within half an hour, 40 minutes of the declaration of results. So that will put the momentum into order and better understanding, rather than moving it to the next stage. That's a suggestion, sir, and my best wishes to the team, Shubh Dipavli and Shubh Sambath for everybody.

Thank you. Happy Diwali to you, sir.

Thank you. We have the next question from the line of Shiva Prasad, an individual investor. Please go ahead.

Hello, are I audible?

Yes, sir, audible.

Good afternoon. My question is regarding to India, Hayashi, Delhi. So after the initial commencement of the operations, how are you looking at You've noted that there's an order book of party, but according to your plans for the next two to three years, what is the kind of order book that you want to build in this, JV, and what was your initial feedback from the clients with respect to the different products that you're coming up with?

So, we're currently, we've got orders from Toyota. We're also working on getting some more models of Manuti Suzuki. And, of course, we have made presentations in the other OEMs also. The feedback so far has been positive. I think it's just going to take some time to convert it.

And with respect to the new capacity that is coming up in Bidjan, so... This capacity's revenue will kick in from the next financial year, so will there be any initial cost in, because of the low capacity utilization, will there be any pressure on the margins in the initial six months? No, there shouldn't be any.

Understood. Okay. Thank you.

Thank you. We have the next question from the line of Kush Nahar. From Electrum PMS, please go ahead.

Yeah, thank you for the opportunity. So, the first question is on the EBITDA margin, I think we've reported around 9.7% for the quarter. So, and we see that other expenses have increased by around 41%. So, were there any one-offs in the other expenses, and are we, you know, from Q3 back at the 11-12% range itself?

So, it's largely due to the minimum wage increase in Haryana that has led to an increase in other expenses. The EBITDA margin should be sustainable. We're going to work on a lot of measures to come back to our original EBITDA margins.

So, 11-1% we'll see from Q3 itself. We're hoping. Okay. And the secondly, the new Capex that we have announced, so that will be for Maruti only, the Kargoda plant and the other plant.

Yes, it's for Maruti only.

And a bit on the Orangabad land that we had, any, you know, information from the OEM in terms of Capex?

So, we've acquired the land currently. We've also acquired some business for our joint venture, Hayashi. We are going to set up a plan for them over there. In addition to that, we're also acquiring some more business from Toyota. When it converts, then we will announce the project.

Okay. All right. And this is one last question. So, I think, you know, just looking at the batch one, I think we'll close at around maybe 950 crores in FI27. So, given the current order book gives us the confidence to achieve that 2000 organic benchmark by FI30 or will we need more business in order to achieve the organic 2000 target?

No, we'll achieve the 2,000 organic from it, and then with the new joint venture, if we're able to acquire the 800,000 crore number, then we should achieve the 3,000 crore. But in addition to that, we still have a few more initiatives that we're working towards.

Okay, and this will be under a JV or it will be a wholly-owned subsidiary, the Korean partner structure, how is it?

It will be a joint venture where NDR holds 51%, so it will be fully consolidated.

Okay, all right, thank you.

Thank you. We have the next question from the line of Ankur Gulati from Genuity Capital. Please go ahead.

Thanks. Bishop, congrats on great execution. First couple of clarification questions. You just said that 3000 CR will be achieved with this JV. So that means 2000 CR will come from 900 current revenue plus 1150 order book. Is that a correct claim?

Yes, that is correct.

Okay, great. And second, did you say that the joint venture will start production in the middle of next year? Did I pick that right?

So, middle of next year, we will acquire the business, the production we are targeting for FY31.

Okay. Fair enough. Third, there are some 60 odd crores of capex. Lined up, other than the joint venture in the presentation. So, this 1150 order book, you need this CAPEX or this CAPEX will give you more over and above 1150?

So, this CAPEX will give us 1150. And we're using some of the existing capacities also.

Okay, so that's not incremental. Yes, that's not incremental. Okay. There is reference to sunshades in non-seating. If you can give us more details, what do you mean by sunshades in this case?

Sunshades is part of the door that's there to prevent the heat in the car. We are still working with some more OEMs in order to acquire some witness for that.

So these are the detachable sunshades, right? These are not the films.

They are OEM or sunshades. They are not the detachable ones. They come fitted in the car.

They come fitted in the car. Second, one request, if you guys can, the associate Pat has gone up approximately 2.5x quarter on quarter. If possible, if you guys can also share P&L summaries going forward, that will be a great help.

Okay, sure.

Last of this manpower cost increase, when do you think you will end up renegotiating the terms with the OEMs to pass on this cost?

So some of the cost is not passed on, some of the cost is passed on, we are still negotiating that number with. That's 1 forward.

Thank you. We have the next follow-up question from the line of Anubhok Mukherjee from Prasad and Capitan. Please go ahead.

Thanks for the follow-up opportunity. I just have one more question. In terms of the competitive landscape, recently Gabriel India also announced a JV with Forvia. And I suppose Forvia is already present in India in the sitting segment. So does that change anything in terms of, like, increased competition and also your views on that will be very interesting.

I mean, adding a new player definitely makes it tougher to enter a new OEM. Having said that, we're quite confident to keep our share in Maruti Suzuki, and we're also quite confident to enter Kia Motors, and in addition to that, we also want to add Hyundai as a client.

Okay. And will it be possible like to share like which are the key like the OLEAN customers of OLEAN in India, like, yeah.

I think you can check that with the Gabriel business.

Okay, sure, sure. Thanks, I'll get back in the chat.

Thank you. We will take the next question from the line of Jatin Chawla from RTL Investment. Please go ahead.

Yeah, hi. Thanks for the opportunity again. So, my first question is on this 1150 or 1200 crore order book, how does it split in terms of, you know, when is it starting over the next three years between FI 28, 29 and FI 30?

Okay, so we don't have a split at the moment. A large portion of it starts maybe in two years. And it's subject to ramp up. We'll all get ramped up by F5C0. Got it.

Got it. Second question is, this is JV. Will it be, you said, right, it will be supplying full seats like Bara Seats is supplying to Maruti, and you will, you know, the standalone entities will continue to supply the seat cover and the frames. Now, for the incremental business that this JV wins, let's say, sometime middle of next year, will NDR still independently supply? The seat cover and the frames, or for those incremental wins, everything will be done in the JV?

So for the incremental seat covers and frames, NDR will continue to supply. And the assembly will be done by the joint venture.

Got it. Got it.

So NDR basically, that's an incremental value addition capture that the JV enables, apart from, you know, winning more business. Yes, that's correct.

Got it, got it.

And this 800 to 1,000 crore opportunity that you are talking about for FFD1, that's only Kia or does that include in me as well?

That's only Kia as the contents of vehicles for this joint venture, anything between 15,000 to 80,000 crores. So Hyundai will be additional to the 800,000 crores. Got it, got it.

And I think Kia, we had a large order kind of starting in this year as well. So, that should happen in the 4Q of this year?

So, it started production sometime this quarter. Ramp-ups are taking time, but it should come full swing in Q4. Got it.

Got it. Just a clarification on your...

Sir, to interrupt in between, Jathan, I would request you to please rejoin the queue again for more questions. Thank you. We have the next question from the line of Ritesh Data from Lucky. Please go ahead.

Hello, sir. Sir, your line is not so clear. Sorry, I might be asking some repetitive questions. So, now in this 3,000 crore of, you know, the ambition that we have, what is the extent of organic ambition that gets finished within this 3,000 crore?

So our current top line is anything between 900 and 1000 crores. Our organic order book is another 1150 crores. So that takes us up to 2000 crores. There's another 1000 crores from the joint venture that we're hoping to procure in the middle of next year, which will be executed in FY31. So that will add another 1000 crores. In addition to that, we're also working on a couple more initiatives to achieve this target earlier.

Okay, and now these two numbers that you mentioned, 1150 order book and 1000 crore for the JV, the DRJV, here you mentioned that the execution, last part of the execution is after FY30, right?

Yes, so 2000 will be executed before FY30.

And what is the progress on Toyota, considering that we had picked up, you know, some assets in Aurangabad?

So, we've got some businesses for our joint venture, which is procuring some more business from Toyota. We should have an update maybe next quarter or the quarter after that.

Okay, and the organic built up, let's say from 1000 to 2000, because in any case you are running at about 1000, and you have this 1150 crore of books, so in this 1150 crore, How much of this book is executable over the next 2-3 years? I don't know, one of the questions someone asked you is to tell us the built-up year. So, in the 1150 order book, what would be the built-up before FY30?

Okay, all of the 1150 rules will be executed by FY30. Okay, within FY30, okay.

Yes, before that. Okay. And my last part is in terms of the KPEX or capacity needed to reach the first 2,000 crores and then the 1,000 crores which we are adding from the new JV. So from 1,000 to 3,000, what is the incremental capital that you will put?

So we're going to put 60 crores as the projects we've announced. The joint point is going to be another 60 crores plus we'll have some yearly capex that we're going to add.

So, basically, 120 plus some maintenance capets.

Yes, some routine capets that we have.

Okay. Okay. Thank you. I'll come back with more questions.

Thank you. We have the next question from the line of Paris Jada from Purple One Vortex Ventures, LLP. Please go ahead.

Thank you, sir. For this opportunity, I just joined in a little bit late. But, you know, just, sir, this 1150 crore order book is spread over time. And therefore, you know, so I'm trying to understand, you know, if you could share any guidance for FY27 and 28, you know, in particular. Although, I understand the entire order book will be pre-2030, but just, you know, slightly special in terms of some guidance for FY27 and 28.

Okay, let us get back to you on that. We don't share annual guidances because it's subject to ramp-ups, model mixes, etc. But let us think about it.

But any range, ballpark?

We'll let us get back to you.

Okay, fair enough, sir. Thank you.

Thank you. We have the next follow-up question from the line of Ankur Gulati from Genuity Capital. Please go ahead.

Thanks. Rasha, any color on non-passenger vehicle lines or client wins, either on commercial vehicle side or even two-wheeler side?

So, we're working on that. When it converts, we'll share that with you. Some of the order wins are actually from the two-wheeler segment. I don't have the exact split of them.

In this 11th, is it correct?

Yes, that's correct. Fair enough.

At some point in time, maybe, if not on this call, is it possible to also give us SOP schedule of this order book to some extent, just to get a sense? When will these, this order book starts crystallizing into revenue? So sir, one request, if you can help us, some split of SOP for the order book, because what we are struggling with is, let's say, 900 this year, and I add up this 1150, so we are around 2100, sometime in F30, but the interim visibility is a bit of a blind spot, so if you can give us some split.

Okay, let us just get back to you on that.

Thank you. Thanks.

Thank you. We have the next follow-up question from the line of Anubhav Mukherjee from Prasayan Capital. Please go ahead.

Thanks for the follow-up opportunity. I just have a small clarification. The 800 to 1000 crore order book that you mentioned for the joint venture with DYS, does that, is that a, like, Combined value of the seat or like is it only the order book for the JV because we'll also be manufacturing and supplying seat fabric and frames. So, yeah.

So, it's the combined value of the seat.

Okay. So, whatever we manufacture and supply, it is also like part of that 100 crore, sorry, 1000 crore order book.

Yes, it is part of the 1000 crore.

Thank you. We have the next follow-up question from the line of Jatin Chawla from RTL Investments. Please go ahead.

Just one last follow-up. If you look at the, I think on the other expenses, there was a question asked earlier as well. Just wanted to clarify. So, There are two elements to this, you know, almost 5 crore increase, quarter on quarter, right? One is the Haryana minimum wage increase, and the other is the NDR South order that you executed. So, both are roughly 2, 2 and half crore each, is that the right understanding?

Yeah, yeah, yeah. 2.5 is NDR South, and balance is a lot.

Got it.

And one more clarification on the other income, sorry, the share of profit from associate, that's gone up to 5.2 crores. When I look at Bharat seats, there the QOQ PAT increase is not that significant. So what is causing this, you know, big increase in share of associate?

Okay, our company TSI, Toyo Seeds, CATS has turned fairly good profitable, it has turned profitable, and energy loss in this quarter is less because we receive the price increase from customers.

So, should we look at this as a sustainable number, this 5 crore quarter?

Yes, I think that is a sustainable number. Okay, great.

Thanks a lot, and wish you and your team are very happy, Diwali. Thank you. You too.

Thank you. We have the next follow-up question from the line of Tritesh Jeda from Lucky Investment. Please go ahead.

Yeah, sir, some clarifications on this JV. Here the models will have to be newer models, right? That's how we have to look at it, and because this is a JV which is happening with NIGA, so there's maybe some comments there.

Yes, so it's going to be all new models. I think Hyundai and IKEA are also expanding capacity, so we're going to be targeting that.

Can you translate this into some volume and seating value number per seat?

Yes, so this content per vehicle for this joint venture is anything between Rs.50,000 and maybe Rs.80,000. So we are targeting about 1.5 lakh volume.

Okay. And my other question is in this 1100 crore order book, I think there is, you know, a portion from your existing Japanese OE as your client. So what is the ramp-up expected? How is the ramp-up happening there?

So, ramp-up, I think we will share with you. For the next three years, for the quarter, let us just get back to you. But apart from that, a lot of the business is acquired from Marathi, Suzuki, and Suzuki, and some from Toyota.

So, the progress is as per schedule, or there is changes in terms of, because there also is new models, right? All these are new models.

So, most of it is as per schedule, but there are always some last minute delays.

Okay, okay, okay.

Thank you. We have the next follow-up question from the line of Parash Jada from PurpleOneVertexVenturesLLP. Please go ahead.

David, that means that the revenue are again allocable, I mean attributable profit of that will be 51%, right? I mean to that extent. Yes, that's correct. So, vision-wise, it will be let's say a thousand crore additional, but profitability is 51%.

Yes, that is correct.

Right. And sir, I mean, I know you'll put back on this one, but just, I mean, on this Leverant Critical Order book, is it more back-ended towards FY30 or slightly, you know, evenly spread?

I think it's relatively evenly spread, slightly back-ended. I think FY29 and FY30 should be our bigger years. Sorry, I just missed that. Sorry, what was that? FY29 and FY30 should be our bigger years. Okay, thank you.

Thank you. Ladies and gentlemen, that was the last question, and with that, we conclude the question and answer session. I now hand the conference back to the management for the closing call.

Thank you for your time and participation. We continue to be optimistic about the opportunities before us and look forward to sharing these with you as we move forward. Should you need any input or clarification, please write them to us or our investor relationship partner, CDR India. Thank you.

Thank you, members of the management. On behalf of MDR Auto, we conclude this conference. Thank you for joining us and we are in our Disconnect Alliance.