Ronak Mehta: Thank you, Ritika. Good evening, everyone. On behalf of ICICI Securities, we would like to welcome you all to CIE Automotive India's Q3 CY '26 earnings conference call. Today, we have with us from the management team, Mr. Ander Alvarez, Chief Executive Officer, Mr. K. Jayaprakash, Chief Financial Officer, Mr. Vikas Sinha, Senior Vice President, Strategy, and Mr. Ulrich Lompen, Global Business Controller. We will start the call with brief opening remarks from the management team about the quarter gone by, and then we will proceed to the Q&A session. Thank you, and over to you, sir.
Vikas Sinha: Yeah. Thanks, Ronak. Thank you all for joining. Good evening. Sorry for the late hour. I welcome all of you on this call, as also Ander, our CEO. I will present CIE India results for Q3 and nine months, CY '26, calendar year '26. The results of the India operations for Q3 CY '26, that is the July to September 2026 quarter, are on page 6. Sales in India were at INR 18 billion, which were 18% higher year-on-year versus Q3 CY '25 and 9% higher sequentially versus Q2 CY '26. Market demand in Q3 CY '26 was robust across all segments, though tractors growth slowed down appreciably compared to earlier quarters. It must be noted that there is a wide discrepancy in growth reported for the heavy truck segment between different agencies, but even the lower estimate is very good.
Vikas Sinha: We expect a relative slowing down in market growth over the next few quarters as the effect of GST cuts diminish. The India operations achieved an EBITDA margin of 16.3%, the way we calculate in Q3 CY '26, versus 17.3% in Q3 CY '25 and 16.7% in Q2 CY '26. The margin drop is due to price pressures generated by the conflict in West Asia, mainly in raw material, energy, and consumables. In Q3 CY '26, EBITDA grew 11% year on year, EBIT 12%, and EBT 10% in the Indian operations. On page 7, we have the Q3 CY '26 results for our European operations. Sales of INR 7.6 billion in Q3 CY '26 were 4% lower year on year versus Q3 CY '26, and lower sequentially by 15% versus Q2 CY '26.
Vikas Sinha: A sequential drop of 15% in sales between Q2 and Q3 is the seasonal pattern that is normally observed every year, with the annual holiday of three weeks in August, reducing the number of working days in Q3. The sales performance is reflective of the underlying market trend. The European auto market is stagnant, and this is coupled with expanding numbers for Chinese imports, along with increasing penetration of electric vehicles. On the other hand, margins were very healthy. The EBITDA margin in our European operations in Q3 CY '26 was 16.3% versus 14.1% in Q3 CY '25 and 15.9% in Q2 CY '26. Margin recovery is because of last year's restructuring activities. In Q3 CY '26, EBITDA grew by 12% year on year, EBIT by 20%, and EBT by 26% in the European operations.
Vikas Sinha: The bottom line in Europe continues to be robust in spite of a stagnant top line. On page 8, we have the consolidated CIE India Q3 CY '26 results. Consolidated sales were INR 25.6 billion, 11% higher versus Q3 CY '26 and 8% higher sequentially. EBITDA was INR 4.2 billion, EBIT INR 3.2 billion and EBT INR 3.2 billion again, higher year on year by 11%, 14% and 14% respectively. This represents a good consolidated performance, especially of the bottom line, which is largely supported by the Indian business. The nine-month CY '26 results for our Indian operations are on page 10. Sales increased by 16% versus nine-month CY '25 to INR 50.7 billion. The double-digit growth was supported by a favorable market in the period. could have been higher. A key reason has been the streamlining of our business portfolio at our aluminum vertical.
Vikas Sinha: The EBITDA margin of our Indian operations in nine-month CY '26 results was 16.9% versus 17.8% in nine-month CY '25. As explained earlier, the margin was depressed due to cost increases generated by energy and material inflation due to West Asia conflict. While sales in the Indian operations grew 16% in nine months CY '26, EBITDA grew 9%, EBIT 10%, EBT 9%, and PAT 8%. In the medium term, we do expect all the market segments in India to have good growth prospects despite the continuing geopolitical tensions. We are investing in new orders and projects across all the verticals. In CY '26, the overall CapEx in India will be almost double of last year. The aluminum division is planning to diversify into four-wheeler HPDC parts, and this will require new lines. Our stampings division is planning expansion at multiple locations to meet the expectation of its two main customers.
Vikas Sinha: Gears and composites have exciting orders in the EV space. Iron castings is running close to full foundry capacity and looking to expand. Forgings vertical is planning expansion both at its Pune and Hosur plants. On page 11, we have the nine-month CY '26 results for our European operations. Sales increased by 7% versus nine-month CY '25 to INR 25.7 billion. There was a healthy increase in EBITDA margin to 16.0% in nine-month CY '26 results versus 13.4% in nine-month CY '25, thanks to restructuring actions taken in the previous year. Consequently, EBITDA in the European operations increased by 27% in nine-month CY '26, EBIT by 35%, EBT by 41%, and PAT by 44%. On page 12, we have the nine-month CY '26 consolidated results of CIE India. Sales were INR 76.4 billion, which is 12% higher than nine-month CY '25.
Vikas Sinha: The EBITDA margin was 16.6% versus 16.3% in the corresponding period last year, and PAT 9.5% versus 9.2%. The point to be noted is the consolidated PAT in nine-month CY '26 is INR 7.3 billion, which is 17% higher than in nine-month CY '25. Now we proceed to Q&A.
Operator: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Kishore Kumar from Unifi Capital. Please go ahead.
Kishore Kumar: Thank you. Hi, Mr. Vikas Sinha. Also, sir, actually, can you give some insights on the order inflow that we have got during the current quarter? Also, in the last call, you have indicated that we started execution of the foundry parts for the American customer. Can you brief us on that as well? How much was executed in Q3 and revenue coming from that?
Ander Álvarez: Order book in Q3. The order book in Q3 was, let's say, quite healthy. We got INR 9.7 billion total. I mean, year to date, in 9 months, INR 9.7 billion of new orders in all the verticals in India and approximately INR 3 billion in Europe. That is the order book that we have already consolidated in this calendar year 2026. The new orders are spread along all the verticals. I mean, aluminum is one of the important businesses where we are growing. Forgings, we are also growing importantly. That is why we are adding additional presses in our Chakan plant, and we expect to also expand our machining plant, so we will be able to machine all these additional concepts that we have been awarded. That is the evolution of the new orders.
Ander Álvarez: Regarding our foundry's new Ford project, in Q4, we have not had any sales in this new project. The order and delivery started finally mid of October. So during this month, we have already started the supply. So in the next months, we will see, in the next quarter, you will see the impact of this additional project that has finally started. We had a delay in the SOP of approximately 6 months, mainly due to the customer driven delay, not our responsibility. So finally we started the SOP, and we expect to have a better growth in our foundry division in the next quarters. With this new project, we will have our foundry fully booked for next year. I mean, once the ramp-up is finished by mid of next year, we will be fully booked in our Urse plant.
Ander Álvarez: We are now planning also a new expansion for our casting division.
Kishore Kumar: Thank you. Understood. Just a couple of questions on the Europe business. One, in last call, you have mentioned that the Mexican customer, GKN, has deferred the contract, and that is the reevaluation of the contract. So what is happening there now, and what is the plan for the excess capacity? In general, is the underperformance in the Europe business because of this? Or is there any other reasons for the underperformance compared to the industry?
Ander Álvarez: Yeah. No, this GKN contract that we renegotiated, we have already found the agreement and signed the reviewed contract with GKN. So the volumes have been reduced, but we extended the length of the duration of the contract. So this has been already agreed. That means that our current turnover in Bill Forge Mexico will remain at the current level. We saw a drop of approximately 20% compared to the previous year. But we will remain with these volumes in the next quarters. And with the excess capacity, we had four presses in that plant. Now one of the presses is being transferred to India. So we will install this press in our facility in Hosur in the next month. The press is already being dismantled, and we will receive it in Q1 of 2027. That means that this capacity that we had in Mexico will be transferred to India.
Kishore Kumar: Okay.
Ander Álvarez: Yeah, please go ahead.
Kishore Kumar: No, yeah. A follow-up on the Europe performance, compared to the industry. There is a wide variation in terms of, if I consider it in the EUR terms.
Ander Álvarez: Yes. No, and yes, you are right. I forgot to answer you this last comment. The European drop, let's say, is driven by this Mexican drop partially, but also during this quarter, the demand because of the flat scenario that we are having, and with additional electrification and the growth of the electrification in Europe is, let's say, reducing our turnover approximately 5% in the quarter. And this is the situation that we are facing in Europe. So together with the Mexican drop and this additional drop that we had in Europe, we are at least having this new sales level that we expect to maintain in the next quarters. But it is true that the European market behavior will be flat, and we do not see growth options unless there is a consolidation of the market that we also expect that will happen in the next years.
Ander Álvarez: Okay, we don't know if it will happen in, I don't know, in 2, 3 quarters. That is not expected or at least we don't have any information. But in the long run, we will see the consolidation of the market, and in that consolidation, we expect to be the winners. Let's say that the business is profitable. Margins are solid. As you can see, the margins improved because after the restructuring in our Italian business, we recuperate again the previous margins. Let's say that we are now waiting and, let's say, adapting our business to the new scenario.
Vikas Sinha: Kishore, just let me add. Yes, on the top line, we are stagnant and there is some trouble on that. But on a YTD basis, we have grown 44% on PAT in Europe. That is a very significantly good performance. Let's keep that in mind also.
Kishore Kumar: Okay. Got it. Just a follow-up on the India business. You did mention about the high base impact coming in. How do you see the growth panning out for CIE India? Second is, the margins impact and how do you see that pass-through coming too? Is there any aluminum restructuring happened in Q3 as well, the aluminum vertical restructuring?
Vikas Sinha: I'll answer the last question first. As far as the optimization of portfolio in aluminum, yes, it will go on till at least the mid of next year. Because these things take time, these are not simple things, because we cannot let down the customer either. Yes, it will continue. That's number one. Number two, as far as your question around market situation is there. If you go to page 16 of our presentation, we do have some indicative forecasts where you see the forecast are more or less much lower than Q3. But other than tractors, we still think that the other segments will do reasonably. That's what we think. The market situation is good in India. I would say, of course, the last few quarters have been tremendously good, but it will remain a good situation except maybe for tractors.
Vikas Sinha: That's the answer to your second question. The first question regarding margins. JP, would you want to take what happens to Indian margins in the next
Ander Álvarez: He was asking about the pass-through, how is this process going on? The pass-through negotiations are ongoing in this moment in the market with all the customers. We have partially recognized a part of this negotiation because some of the agreements are already closed, and we are, let's say, negotiating the rest of the customers. We expect that by the end of the year, we will have all these pass-throughs already agreed. Sometimes it's not easy because, of course, there are competition discussions, market share balances. This is what we are doing. But hopefully, let's say that by the end of the year, we will have all the customers already settled.
Kiyath Jayaprakash: This penalty is for non-
Ander Álvarez: Non-raw material.
Kiyath Jayaprakash: Non-raw material.
Ander Álvarez: Raw material is indexed. Raw material has not any impact, rather than the margin drop because of the higher value of the raw material. That means that just because of that raw material increase, our margins are affected because we are selling more, but the added value is the same. That is the explanation. It is just a margin issue.
Kishore Kumar: Got it. Thanks. I will follow back.
Vikas Sinha: Thank you.
Kishore Kumar: Thank you.
Operator: Thank you. Ladies and gentlemen, to ask a question, please press star and one. The next question is from the line of Pratik Kothari from Unique PMS. Please go ahead.
Pratik Kothari: Hi, good evening. First of all, congrats on India numbers. I think after a while, we always intended to achieve this, and we have. So, congratulations to the team. One, while we look at the forecast, et cetera, that you pointed to, a very large high base was created last year post this GST cut in September. Despite that, the projections for next six months, at least in our slides, seems to be from flat to maybe even +5% for the larger part of the market. 80% of our business is anyway four-wheeler and two-wheeler. Even on the production side and the feedback that you are getting, does this match? It seems good growth even on a very high base.
Kiyath Jayaprakash: Except for tractors, I will agree with what you are saying.
Pratik Kothari: Okay, great.
Kiyath Jayaprakash: Tractors will possibly be more like what you see in the forecast. Now, these are forecasts from different agencies, including some of your colleagues. The forecasts are what they are. Yes, except for tractors, maybe the others will, maybe not as good as Q3, but yes. I don't think they will be bad. That's my feeling.
Pratik Kothari: Correct. Over and above this, lot of delayed projects for us now have started ramping up or gone into production. For us, there should be something over and above this.
Ander Álvarez: Yes. The answer is yes. Hopefully, I think I talked before about the fourth project that finally started. Yes, we should see certain growth on these new projects that are ramping up. Yes.
Pratik Kothari: All right, great. Maybe if you can explain this other income. Seems a very big jump this quarter.
Kiyath Jayaprakash: That is grant income in our aluminum business. We have got the final approval, so that is recognized.
Pratik Kothari: Sorry, which income?
Kiyath Jayaprakash: Sorry?
Pratik Kothari: Sorry, which income? Grant income.
Kiyath Jayaprakash: Grant income.
Pratik Kothari: Okay.
Kiyath Jayaprakash: Capital.
Pratik Kothari: Okay. Last, a broad one on Europe. If we look at revenues in EUR, it just seems to keep getting worse. Anything that we can do, I understand this Chinese onslaught and EVs, et cetera, but anything that we are doing. Again, consolidation is something that plays out when it plays out, and we will gain out of it. But anything that we can do now to capture or arrest this fall? In INR, it looks okay because of the currency, but otherwise, in EUR, it is just getting worse.
Ander Álvarez: Yes, in EUR, we are talking about -10%. Okay? That is the real figure in EUR.
Pratik Kothari: Yeah.
Ander Álvarez: Part of it is coming from the Bill Forge Mexico business that had a drop of 20%, and then it is true that this electrification growth is, let us say, reducing the demand on the ICE cars. So there is a balance, a new market share on the EVs versus the ICE. That is the explanation. The action plan that we are doing, of course, we are fighting for. Of course, we are entering into certain EV components in our forging divisions. The volumes and, let us say, the turnover of these components are much lower than the crankshaft value because of the weights are lower. That is the explanation of the lower volume turnover generated by these EVs. But also what we see is that there will be a consolidation, and in certain businesses in Europe, we are already facing this consolidation.
Ander Álvarez: Some of our competitors are struggling financially because of the drop of the market during the last years and now especially. We will see certain new organization, new share of the businesses between the different players in Europe, and we expect to be, let's say, one of the winner companies in this consolidation process. Okay? That's how we see it. In the short term, we are not worried because the business is profitable. We protect the margins. We adjust the company to the new scenario. And of course, we are working with the customers to increase our share. That's the situation. Tough situation because the European market is a tough environment, but we can say that we are one of the best companies in Europe with the best margins in Europe. That is also something that market should recognize.
Pratik Kothari: And just to confirm, this GKN reduction, you said this 20% reduction is being shifted to India?
Ander Álvarez: The machinery, the capacity, let's say the assets that we were using for that 20% has been transferred to India, yes. And we will use them in India because right now we are also with certain capacity issues in India. So with those, together with the new presses that we have had, we will increase our output in India.
Pratik Kothari: But not for GKN, for all customers.
Ander Álvarez: Not for GKN. It is a generic press, so we can produce any part for any customer in hot forging.
Pratik Kothari: Okay. So any reason why GKN kind of reduced this? I mean, what changed for them?
Ander Álvarez: No. The main reason is because GKN was acquired last year by American Axle, and in the new strategy, they had a lot of idle forging capacity in American Axle. So they are integrating, they are insourcing partially the products. That is the reason. They are using their own capacities after joining two companies.
Pratik Kothari: Fair enough. Thank you, and all the best. Thank you.
Ander Álvarez: Thank you. Thanks, Pratik. Thank you.
Operator: Thank you. The next question is from the line of Bharat Sheth from Quest Investment Managers. Please go ahead.
Bharat Sheth: Hi. Congratulations, Ander and team, on a good performance in challenging environment, and thanks for the opportunity. Ander, would like to understand, I have been reading in the newspaper that European Union has arrived at some kind of agreement with China on EV side. So what is your sense, and can you give more color to it?
Ander Álvarez: Regarding EV imports, I guess he is talking about.
Bharat Sheth: Okay.
Ander Álvarez: Let's say there are still open discussions on that, and the main, let's say, subject or the biggest change that we have received in the last weeks has been that European Union is thinking on setting a quota on the hybrids imported from China. One year ago, approximately, they set up certain tariffs, big tariffs on EVs. The Chinese car makers immediately adapt to the new situation. They start selling hybrid cars, plug-in hybrid, and mild hybrid cars in the European Union. This year, for example, year to date, they have already sold 800,000 hybrid cars in Europe. The decision on the European Commission, forced by the European car makers, is that they will set up a quota limit of the imports of hybrid cars from China, and the figure they have set is 350,000 per year.
Ander Álvarez: That means that they will sell less than half than they have already sold in 2026. This is something that probably will be implemented, and that will be very beneficial for us because all these hybrid cars, they have also all these engines, transmission components that we are supplying to the European car makers like Volkswagen, Audi, Renault, Mercedes, and so on.
Bharat Sheth: Out of that, we may benefit in a medium term. Is that correct understanding?
Ander Álvarez: That is correct. Yes.
Bharat Sheth: And second thing, even in Europe also, EV adoption is increasing. How do we really want to play on this EV side of the story in Europe?
Ander Álvarez: Yes. That is true. Because also one of the drivers of the EV market share increase has been the huge oil price increase due to the Iran war.
Bharat Sheth: Correct.
Ander Álvarez: Right now, the oil prices, the petrol and diesel are extremely high in Europe. That is moving together with the cheaper EV car offers that not only the Chinese, but also the European car makers are offering to the market. Now, there is a move on that sense. We see that around 24% to 25% of the cars sold in the last quarter are EVs. Of course, as we explained in our previous calls, we are also working with the customers on these EV components. Of course, in the EV car, the amount of forged components in terms of weight is much lower. But we are working with them in certain aluminum forging components and also some gears and all these kind of components for the EVs.
Ander Álvarez: But as I explained before, the turnover coming from these EVs, because of the size of the components, are much smaller than the crankshafts. The turnover is less. But we are playing importantly, and approximately 10% to 12% of the new orders that we have got in this year are for EVs in Europe also.
Bharat Sheth: Okay, great. On India part, Mr. Vikas Sinha in his opening remark alluded that we are doubling down our CapEx in India than normal CapEx. Second time, we are seeing some softness on the Indian market. What has led, and if you can give a little more color, apart from industry, how we plan to grow much ahead, as earlier we were growing. These CapEx is for which? If you can give a little more color, detail on the CapEx.
Ander Álvarez: Yes. You know that in CIE now, our plan was to grow both organically and inorganically in India. That is why, as we are a foreign-owned company, we had certain cash available for inorganic growth to be able to acquire Indian companies. The reality is that the current, let us say, valuation of the companies, and also in the last four or five years, we have not found a proper fit for this acquisition or for this inorganic growth. The strategic decision for us now is we will go for organic growth. That is why this year we are going to almost double the CapEx on growth in the different verticals. On top of that, for next year, we expect also to be in the same range than this year, because we are thinking on additional expansions and all the verticals are growing. Okay?
Ander Álvarez: We are expanding the forging activity. We are bringing one press from Mexico, but we have ordered two new presses for our Chakan plant. We are also adding an additional press and additional performance in Bill Forge in Bangalore. We are growing our gear division, that we are expanding the building. We are building a new 4,000 square meter plant. We are also expanding the composite site, and we have had several presses. The iron foundry plant is completely, fully booked in this moment. For the next expansion, by 2028, we need to have additional foundry to cope with these orders that we have already been nominated. That is the picture that we have. We have a big growth expected for the next years, and also that is why we are adding capacities, and we are adding capacities, diversifying between the different technologies.
Ander Álvarez: All the technologies that I forgot to mention also the stamping, but we are also adding one stamping line and expansion of one of the buildings in Kanhe, and also thinking in further greenfield expansions. Overall, we can say that all the technologies are now preparing for the growth and investing to get this growth that we are all willing.
Vikas Sinha: Bharat, sir, we will have orders booked for all of these expansion plans.
Bharat Sheth: Correct.
Vikas Sinha: The question.
Bharat Sheth: Oh, definitely.
Vikas Sinha: It won't be without orders being booked for these expansions.
Bharat Sheth: Okay. Vikas, again, further to this question, some of our, like Stellantis, they were not picking up. Our ramp up was not happening. Stellantis itself is putting up a facility in India. How do we see in the next 2 years, impact of these on our company?
Vikas Sinha: Stellantis is a tricky case. In many other cases, yes, like Ander mentioned, our export order has been delayed by 6 months, so that will pick up. Stellantis is a separate case altogether. Yes, they have announced big plans, but on the ground, situation is slightly different as far as that order is concerned. That was affecting our Bill Forge business, the Bill Forge four-wheeler business. We are actively looking for other customers there, and I think we are on track as far as that is concerned. Ander, if you want to add anything.
Ander Álvarez: No, the current orders from Stellantis are more or less at the same level in the last quarter. We were expecting the growth of these orders, but unfortunately, the assembly of the different engines that they are doing in India are not growing. We are following them, waiting for them to grow. Of course, our business depends also on the success of our customers, and unfortunately, in this case, we are not getting this growth. We hope that in the near future, they will be able to grow and to recuperate the lost ground.
Bharat Sheth: Thank you, and all the best, sir.
Vikas Sinha: Thank you. Bharat, thank you.
Operator: Thank you. Participants, to ask a question, you may please press star and one. The next question is from the line of Siddharth Dand from Goodwill. Please go ahead.
Siddhant Dand: Hello.
Operator: Yes, sir. Please go ahead.
Siddhant Dand: Hi. My first question was regarding our India revenue and our standalone revenue has quite a bit of. Is that different?
Operator: I am sorry to interrupt you, Mr. Siddharth, but we are unable to hear you, sir. Your voice is breaking.
Siddhant Dand: Hello. Is it clear now?
Operator: Yes, better.
Siddhant Dand: Yeah. Our India revenue, segmental revenue, and our standalone revenue has quite a bit of a difference. That difference, should one assume, is that CIE Hosur?
Kiyath Jayaprakash: And aluminum.
Siddhant Dand: And aluminum. So aluminum has not merged yet?
Kiyath Jayaprakash: No, not yet. We are waiting for the NCLT order.
Siddhant Dand: Okay. So what would the margins of each of these divisions be?
Kiyath Jayaprakash: Margins of?
Siddhant Dand: Margins of these divisions.
Ander Álvarez: We don't disclose margins in verticals, no, Vikas.
Vikas Sinha: Yeah, but you have the standalone numbers, and you have the India numbers. You can-
Siddhant Dand: Yes. Okay.
Vikas Sinha: You can have a look at that.
Siddhant Dand: Okay. In our standalone, other expenses have gone up 20% this quarter, and they have been going up. What would these expenses be?
Kiyath Jayaprakash: These are energy, gases, consumables. What we mentioned as the areas where costs have increased, and we have not been able to. We are working with the customers to get some pass-through out of it.
Siddhant Dand: Okay. My follow-up would be for Ander on two large, on a corporate action basis. Have you considered ever putting the Europe business into the CIE parent to make India operations a little more easier? And second would be, to use a stock repurchase program in India the same way you do in your parent company.
Ander Álvarez: Okay. Two big questions, very important questions. Okay. That decision belongs to CIE. I am not now ready to give you a proper answer on that. But what you say makes sense. So I will transfer this question also to CIE, and we will have a discussion on that. Yeah.
Kiyath Jayaprakash: Stock repurchase.
Ander Álvarez: Yes. And stock, in this moment, we are not thinking on stock repurchase in India, mainly because we have decided to go to a strong CapEx plan to expand our capacities and to expand our businesses in India. So, we will need this cash for this growth. Okay. We were having the cash and the net cash position for the inorganic growth. Now we have doubts on the inorganic. We don't see any inorganic, let's say, good deal in terms of the money, of reasonable deal. So we will go for the organic growth. That's it.
Siddhant Dand: Okay. Any ballpark range on CapEx in the next three years? You said you will double it.
Kiyath Jayaprakash: What was said this year, we will approximately double growth CapEx from last year as far as India is concerned. Next year would be almost similar to what growth CapEx we will do in CY 2026 overall for India.
Ander Álvarez: As usually, we are around 5% of CapEx. That is the standard we have. In this case, in previous years, we have been a little bit below that. Now we can think about 8% of sales, something like that.
Siddhant Dand: Perfect. 8% of sales. Great. Thank you.
Kiyath Jayaprakash: Thank you.
Operator: Thank you. As there are no further questions from participants, I now hand the conference over to management for closing comments.
Ander Álvarez: Thank you again for the participation in this call. I really appreciate the questions and also the deep and clever questions that you did. I hope we show the strength of our company and also our willingness to continue our growth journey in India. We have, let's say, reinforced this bet with this additional CapEx that we are now deploying, and we expect that we will fulfill the expectations of the market and of the investors in the next year. Thank you to all of you, and as always, I thank to all my CIE India team, for the great job, committed job, and I am sure that we will get fantastic results in the future. Thank you, everybody. Any comment, Vikas?
Vikas Sinha: No. Thanks for joining at this late hour. We had some logistical issues on our end, but thank you very much. Thank you for your participation, and have a great evening.
Ander Álvarez: Have a nice day.
Operator: Thank you very much. Ladies and gentlemen, on behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.
