Q1 2027 VST Tillers Tractors Ltd Earnings Call

Speaker #2: Not.

Speaker #3: Just a minute. They are still uploading their presentation on the VSE website.

Speaker #2: Yeah, yeah, but maybe we can start, sir. I don't think there should be a problem.

Speaker #3: Yeah. The results are anyway uploaded, so.

Speaker #2: Yeah, yeah, in another 1 or 2 minutes we'll start. People are joining now. Can we start, sir? Already 30. Hello?

Speaker #3: Hello? Yeah, Jayaraj?

Speaker #2: Yeah, we can. Can we start, sir?

Speaker #3: Yeah, just a minute. Let me share my screen.

Speaker #2: Yeah, yeah.

Speaker #3: Tell me when you are able to see this.

Speaker #2: Yeah, I could, sir. I could, I could. We can start, sir.

Speaker #3: Yeah.

Speaker #2: Okay, ladies and gentlemen, good day and welcome to VST Tillers Tractors Limited, Q1 FY 2026-27. One minute.

[Analyst] (360 ONE Capital Market Research): Okay. Ladies and gentlemen, good day and welcome to VST Tillers Tractors Ltd. Q1 FY 2026-27. One minute.

Annamalai Jayraj: Okay. Ladies and gentlemen, good day and welcome to V.S.T. Tillers Tractors Ltd. Q1 FY 2026-27. One minute.

Speaker #4: This webinar is being transcribed and summarized.

Nitin Agrawal: This webinar is being transcribed and summarized.

[Unknown Speaker]: This webinar is being transcribed and summarized.

Speaker #2: Yeah, sorry, I wanted to start recording. Yeah. So, Q1 FY 2026-27 post this conference call, hosted by 361 Capital Market Research. From VST Tillers Tractors Limited management, we have with us today Mr. B.T. Ravindra, Managing Director.

[Analyst] (360 ONE Capital Market Research): Yeah. Sorry, I wanted to start recording. Yeah. 1Q FY 2026-27 post-sales conference call hosted by 360 ONE Capital Market Research. From VST Tillers Tractors Limited Management, we have with us today Mr. V.T. Ravindra, Managing Director, Mr. Antony Cherukara, Chief Executive Officer, and Mr. Nitin Agrawal, Chief Financial Officer. At this point, all participant lines will be in listen-only mode, and there will be an opportunity to ask questions after the management presentation and opening remarks. Over to you, sir.

Annamalai Jayraj: Yeah. Sorry, I wanted to start recording. Yeah. 1Q FY 2026-27 post-sales conference call hosted by 360 ONE Capital Market Research. From VST Tillers Tractors Limited Management, we have with us today Mr. V.T. Ravindra, Managing Director, Mr. Antony Cherukara, Chief Executive Officer, and Mr. Nitin Agrawal, Chief Financial Officer. At this point, all participant lines will be in listen-only mode, and there will be an opportunity to ask questions after the management presentation and opening remarks. Over to you, sir.

Speaker #2: Mr. Anthony Sirkara, Chief Executive Officer, and Mr. Nitin Agarwal, Chief Financial Officer. At this point, all participants' lines will be in listen-only mode.

Speaker #2: And there will be an opportunity for you to ask questions after the management presentation and opening remarks. Over to you, sir.

Speaker #3: Good afternoon, everyone. I welcome you to the Q1 analyst call. This is the agenda item which we'll discuss today. I'll give you a brief overview of the macroeconomic situation.

Nitin Agrawal: Yeah. Good afternoon, everyone. I welcome you to the Q1 analyst call. This is the agenda item which we will discuss today. I will give you a brief overview of the macroeconomic situation, our sales volume for the quarter, and then briefly, I will touch upon the financial performance. After this, we will open up for the question and answers. On a macroeconomic situation, as you all know, there is an uneven monsoon. The outlook has been below normal monsoon by the IMD, and also the rainfall distribution continues to be uneven. We also have commodity cost inflation related trend for all steel, forging, casting, aluminum, copper. Prices of natural rubber also remain elevated and volatile. Due to the geopolitical and supply chain related disruption, crude and freight cost remains high. On this backdrop, I will first touch upon the volumes for the key products.

[Company Representative] (V.S.T. Tillers Tractors): Yeah. Good afternoon, everyone. I welcome you to the Q1 analyst call. This is the agenda item which we will discuss today. I will give you a brief overview of the macroeconomic situation, our sales volume for the quarter, and then briefly, I will touch upon the financial performance. After this, we will open up for the question and answers. On a macroeconomic situation, as you all know, there is an uneven monsoon. The outlook has been below normal monsoon by the IMD, and also the rainfall distribution continues to be uneven. We also have commodity cost inflation related trend for all steel, forging, casting, aluminum, copper. Prices of natural rubber also remain elevated and volatile. Due to the geopolitical and supply chain related disruption, crude and freight cost remains high. On this backdrop, I will first touch upon the volumes for the key products.

Speaker #3: Our sales volume for the quarter, and then briefly, I'll touch upon the financial performance. After this, we will open up for the question and answers.

Speaker #3: So, on the macroeconomic situation, as you all know, there's an uneven monsoon; the outlook has been for a below-normal monsoon by the IMD, and also the rainfall distribution continues to be uneven.

Speaker #3: We also have commodity cost inflation-related trends for all steel, forging, casting, aluminum, and copper. Natural rubber prices also remain elevated and volatile.

Speaker #3: Due to the geopolitical and supply chain-related disruptions, crude and freight costs remain high. So, on this backdrop, I will first touch upon the volumes for the key products.

Speaker #3: So, I'm happy to mention that during the quarter, the power tiller business has grown by roughly 18% in terms of volume. Also, our domestic tractor business has grown by 4.5%.

Nitin Agrawal: I am happy to mention that during the quarter, the power tiller business has grown to roughly 18% of growth in terms of volume. Also, our domestic tractor business has grown by 4.5%. However, in case of tractor, in the current quarter, we have sold 275 tractors. Power weeder has recorded an impressive growth of 56%. Reaper is a seasonal product, and in the coming Q2, the volumes will pick up when the harvesting season comes. Now I go to the overview of the financial performance. The revenue for the current quarter is INR 313.4 crore. Over INR 282.4 crore for the same quarter last year, which is 11% growth. Operational EBITDA, where we exclude the other income and fair value gain from the EBITDA, is standing at 12.85%. In terms of rupees crore, it is INR 40.3 crore. Last year same period, it was 13.3%.

[Company Representative] (V.S.T. Tillers Tractors): I am happy to mention that during the quarter, the power tiller business has grown to roughly 18% of growth in terms of volume. Also, our domestic tractor business has grown by 4.5%. However, in case of tractor, in the current quarter, we have sold 275 tractors. Power weeder has recorded an impressive growth of 56%. Reaper is a seasonal product, and in the coming Q2, the volumes will pick up when the harvesting season comes. Now I go to the overview of the financial performance. The revenue for the current quarter is INR 313.4 crore. Over INR 282.4 crore for the same quarter last year, which is 11% growth. Operational EBITDA, where we exclude the other income and fair value gain from the EBITDA, is standing at 12.85%. In terms of rupees crore, it is INR 40.3 crore. Last year same period, it was 13.3%.

Speaker #3: However, in the case of tractors, in the current quarter we have sold 275 tractors. Power weeder has recorded an impressive growth of 56%. Reefer is a seasonal product, and in the coming Q2 the volumes will pick up when the harvesting season comes.

Speaker #3: Now I go to the overview of the financial performance. The revenue for the current quarter is ₹313.4 crore, compared to ₹282.4 crore for the same quarter last year.

Speaker #3: which is an 11% growth. Operational EBITDA, where we exclude the other income and fair value gain from the EBITDA, is standing at 12.85%. In terms of rupees crore, it is ₹40.3 crore.

Speaker #3: Last year, during the same period, it was 13.3%, so there is a drop of around 45 basis points. This is largely due to the increased raw metal cost because of the inflationary trend.

Nitin Agrawal: There is a drop of around 45 basis points. This is largely due to the raw material cost due to the inflationary trend. That has been largely the reason for impact. Our PAT for the quarter is INR 48.7 crore, which was INR 44.6 crore in the same period last year. Yeah. With this remark, I open the floor for question and answers.

[Company Representative] (V.S.T. Tillers Tractors): There is a drop of around 45 basis points. This is largely due to the raw material cost due to the inflationary trend. That has been largely the reason for impact. Our PAT for the quarter is INR 48.7 crore, which was INR 44.6 crore in the same period last year. Yeah. With this remark, I open the floor for question and answers.

Speaker #3: That has been largely the reason for the impact. Our PAT for the quarter is ₹48.7 crore, which was ₹44.6 crore in the same period last year.

Speaker #3: Yeah, so with this remark, I open the floor for questions and answers.

Speaker #2: Thank you, sir. We will now begin the question and answer session. If anybody wants to ask a question, please raise your hand.

[Analyst] (360 ONE Capital Market Research): Thank you, sir. We will now begin the open for question and answers. Anybody who wants to ask a question, please raise your hand. I will unmute, and you can ask your questions. Otherwise, you can type the questions in the chat box. Before the question can assemble, sir, I will ask, what is the broad outlook as of now for FY27, sir? How are you seeing that?

Annamalai Jayraj: Thank you, sir. We will now begin the open for question and answers. Anybody who wants to ask a question, please raise your hand. I will unmute, and you can ask your questions. Otherwise, you can type the questions in the chat box. Before the question can assemble, sir, I will ask, what is the broad outlook as of now for FY27, sir? How are you seeing that?

Speaker #2: I will unmute, and you can ask your questions. Otherwise, you can type your questions in the chat box. So, before the question queue assembles, I will ask—yeah, what is the broad outlook as of now for FY27, sir?

Speaker #2: How are you seeing that?

Speaker #5: Good afternoon, everyone. Before I go to the broader outlook for FY27, let me share a view on what has transpired so far and how we look at H1.

Nitin Agrawal: Yeah. Good afternoon, everyone. Before I go to the broader outlook of FY27, let me share a view on what has transpired so far and how we look at H1. The monsoon so far has been normal in the sense that the sowing is almost the same as the last year, except oil seeds and that will be some losses. The outlook is good, but the next 15 to 20 days is going to be critical because the standing crops have to survive. I believe that will decide the production from the kharif crop, and it will also decide the water table levels that will be required, or the moisture content that will be required for the rabi crop. So next 20 days for survival of crops and balance of the monsoon for the water table for the rabi crop is going to be critical.

[Company Representative] (V.S.T. Tillers Tractors): Yeah. Good afternoon, everyone. Before I go to the broader outlook of FY27, let me share a view on what has transpired so far and how we look at H1. The monsoon so far has been normal in the sense that the sowing is almost the same as the last year, except oil seeds and that will be some losses. The outlook is good, but the next 15 to 20 days is going to be critical because the standing crops have to survive. I believe that will decide the production from the kharif crop, and it will also decide the water table levels that will be required, or the moisture content that will be required for the rabi crop. So next 20 days for survival of crops and balance of the monsoon for the water table for the rabi crop is going to be critical.

Speaker #5: The monsoon so far has been normal, in the sense that the sowing is almost the same as last year, except oil seeds, and that too in some areas.

Speaker #5: So, the outlook is good, but the next 15 to 20 days are going to be critical because the standing crops have to survive. And I believe that will decide the production from the Kharif crop.

Speaker #5: And it will also decide the water table levels that will be required and the moisture content that will be required for the rabi crop.

Speaker #5: So, next, the next 20 days for survival of crops and the balance of the monsoon for the water table for the rabi crop is going to be critical.

Speaker #5: So, as of now, the outlook till September looks positive. Now, the outlook for the balance will be based on what I just said—that the monsoon should play out the way it has done so far.

Nitin Agrawal: As of now, the outlook till September looks positive. Now, an outlook for the balance will be based on what I just said, that the monsoon should play out the way it has done so far. For giving an FY27 outlook, I think it’s a little too early. I would say I will be able to comment on that in another month's time. I think that will be more accurate because right now it will be pure speculation.

[Company Representative] (V.S.T. Tillers Tractors): As of now, the outlook till September looks positive. Now, an outlook for the balance will be based on what I just said, that the monsoon should play out the way it has done so far. For giving an FY27 outlook, I think it’s a little too early. I would say I will be able to comment on that in another month's time. I think that will be more accurate because right now it will be pure speculation.

Speaker #5: So, for giving an FY27 outlook, I think it's a little too early. I would say I will be able to comment on that in another month's time.

Speaker #5: I think that will be more accurate, because right now it would be pure speculation.

Speaker #2: Okay, sir. Then, on the tractor, we have launched a product with the Zeta tie-ups, but still we are not able to see some big traction.

[Analyst] (360 ONE Capital Market Research): Okay, sir. Sir, on the VST tractors, we have launched the product with the Zetor tie-ups. But still, we are not able to see some big traction. Can you just update what is happening on the VST tractor sector for us, sir?

Annamalai Jayraj: Okay, sir. Sir, on the VST tractors, we have launched the product with the Zetor tie-ups. But still, we are not able to see some big traction. Can you just update what is happening on the VST tractor sector for us, sir?

Speaker #2: So, can you just update what is happening in the tractor sector for us, sir?

Speaker #5: Yeah, on the tractor front, we have launched a new variant. The production ramp-up is happening, and in Q1, we have not been able to fully supply the demand that was there.

Nitin Agrawal: Yeah. On the VST tractor front, we have launched the new variant. The production ramp-up is happening, and in Q1, we have not been able to fully supply to the demand that was there. So the numbers look small, so that I would say could have been better if the production would have been ramped up. So Q2, you will find that growing again, and Q3, Q4, substantial volume increase we are expecting. However, this is a long journey and the 40 to 50 HP segment is a crowded market. It is a very competitive scenario, but we are in for the long haul. We are planning many more variants in this segment to be launched in the next 12 to 18 months. We are very positive on growing this segment in the higher horsepower VST tractor space.

[Company Representative] (V.S.T. Tillers Tractors): Yeah. On the VST tractor front, we have launched the new variant. The production ramp-up is happening, and in Q1, we have not been able to fully supply to the demand that was there. So the numbers look small, so that I would say could have been better if the production would have been ramped up. So Q2, you will find that growing again, and Q3, Q4, substantial volume increase we are expecting. However, this is a long journey and the 40 to 50 HP segment is a crowded market. It is a very competitive scenario, but we are in for the long haul. We are planning many more variants in this segment to be launched in the next 12 to 18 months. We are very positive on growing this segment in the higher horsepower VST tractor space.

Speaker #5: So, the numbers look small. So, I would say it could have been better if the production had been ramped up. So, in Q2, you will find that growing again.

Speaker #5: And Q3, Q4, we are expecting substantial volume increases. However, this is a long journey, and the 40 to 50 HP segment is a crowded market.

Speaker #5: It's a very competitive scenario, but we are in for the long haul. We are planning many more variants in this segment to be launched in the next 12 to 18 months.

Speaker #5: So, we are very positive on growing the segment in the higher HP tractor space.

Speaker #2: Okay, sir. Okay, does anybody have a question? Please raise your hand. In the meantime, Mr. Shreyans, you can unmute and ask your question.

[Analyst] (360 ONE Capital Market Research): Okay, sir. Okay. Anybody has a question, please raise your hand. In the meantime, Mr. Shreyans, you can unmute and ask your question.

Annamalai Jayraj: Okay, sir. Okay. Anybody has a question, please raise your hand. In the meantime, Mr. Shreyans, you can unmute and ask your question.

Speaker #4: Hello. Am I audible?

[Analyst]: Hello. Am I audible?

[Analyst 2]: Hello. Am I audible?

Speaker #2: Yeah. Yes, sir.

Speaker #4: Yes. Hi. So, I had a couple of questions. So, one was on the tractors. so, we did I did notice that, there's like, a launch of the Phantom series also, along with, Zetor.

Nitin Agrawal: Yeah. Yes, Shreyans.

[Company Representative] (V.S.T. Tillers Tractors): Yeah. Yes, Shreyans.

[Analyst]: Hi. I had a couple of questions. One was on the tractors. I did notice that there is a launch of the FENTM series also along with Zetor. The tractor industry has been growing. If we see results for our competitors, they have been growing quite well, but we are not even able to keep up with the market. I understand that the growth also comes from the higher horsepower, which we are not very present in. At this point, I would believe that we also have the numbers for July, which have also been quite flat. Just trying to get some sense on what the competition is and even Escorts Kubota is launching a tractor in the Kubota brand now. How do you see that shaping up and what is our strategy to increase our sales there?

[Analyst 2]: Hi. I had a couple of questions. One was on the tractors. I did notice that there is a launch of the FENTM series also along with Zetor. The tractor industry has been growing. If we see results for our competitors, they have been growing quite well, but we are not even able to keep up with the market. I understand that the growth also comes from the higher horsepower, which we are not very present in. At this point, I would believe that we also have the numbers for July, which have also been quite flat. Just trying to get some sense on what the competition is and even Escorts Kubota is launching a tractor in the Kubota brand now. How do you see that shaping up and what is our strategy to increase our sales there?

Speaker #4: So, you know, the tractor industry has been growing. If we see results for our competitors, they've been growing quite well, but we're not even able to keep up with the market.

Speaker #4: I understand that the growth also comes from the higher horsepower segment, where we're not very present. But at this point, I would believe that we also have the numbers for July, which have also been quite flat.

Speaker #4: So, just trying to get some sense of, you know, what the competition is. And even Escorts, Kubota is launching a tractor in the Kubota brand now.

Speaker #4: So, how do you see that shaping up? And what's our strategy to, you know, increase our sales there?

Speaker #5: Yeah, so our strategy has been consistent in terms of increasing coverage, going to the northern markets, increasing the network there, and launching products in the next three years.

Nitin Agrawal: Yeah. Our strategy has been consistent in terms of increasing coverage, going to the northern markets, increasing the network there, launching of products.

[Company Representative] (V.S.T. Tillers Tractors): Yeah. Our strategy has been consistent in terms of increasing coverage, going to the northern markets, increasing the network there, launching of products. In the next three years, we are talking about launching more than 30 variants of tractors, various products that we will be launching in the next three years. Like I said, this is going to be a long haul. We will grow every year consistently. In the last call also, in the last quarter, I have said upwards of 15,000 numbers we will aim to reach. Close to 20,000 numbers we aim to reach in FY30, and I am pretty sure that we will do that. With all the launches, all the product launches that we are doing now, for example, the FENTM series, currently we launched only in one state, which is in Gujarat, last quarter.

Antony Cherukara: In the next three years, we are talking about launching more than 30 variants of tractors, various products that we will be launching in the next three years. Like I said, this is going to be a long haul. We will grow every year consistently. In the last call also, in the last quarter, I have said upwards of 15,000 numbers we will aim to reach. Close to 20,000 numbers we aim to reach in FY30, and I am pretty sure that we will do that. With all the launches, all the product launches that we are doing now, for example, the FENTM series, currently we launched only in one state, which is in Gujarat, last quarter. Now we are launching in Maharashtra this quarter. We will be launching in balance rest of the states going into Q2 further. That will give us launch.

Speaker #5: We are talking about launching more than 30 variants of tractors and various products that we will be introducing. In the next three years, like I said, this is going to be a long haul.

Speaker #5: We will grow every year consistently. And, as I said on the last call in the last quarter, I mentioned upwards of 15,000 numbers—we will aim to reach close to 20,000 numbers.

Speaker #5: We will aim to reach that in FY30, and I am pretty sure that we will do that. With all the launches—all the product launches that we are doing now, for example, the Phantom series—currently, we have launched only in one state, which is Gujarat.

Speaker #5: last quarter, now we are launching in Maharashtra this quarter. So, we will be launching in balance rest of the states going going into Q2 further.

[Company Representative] (V.S.T. Tillers Tractors): Now we are launching in Maharashtra this quarter. We will be launching in balance rest of the states going into Q2 further. That will give us launch. The VST tractor production is getting ramped up. That will also start giving us the volumes. We are confident on the domestic growth. We are also confident that in the international markets, things will stabilize. Today, there is an uncertain scenario which causes various issues, including logistics issues. We have been facing that in the last couple of years. This year is no different. But we feel that with all the product platforms, which are going to be global platforms, we should be able to grow the international business as well.

Speaker #5: So, that will give us launch. So, we said tractor production is getting ramped up. That will also start giving us the volumes.

Antony Cherukara: The VST tractor production is getting ramped up. That will also start giving us the volumes. We are confident on the domestic growth. We are also confident that in the international markets, things will stabilize. Today, there is an uncertain scenario which causes various issues, including logistics issues. We have been facing that in the last couple of years. This year is no different. But we feel that with all the product platforms, which are going to be global platforms, we should be able to grow the international business as well. Overall, in the next three to four years, you will see us achieving the numbers that I have already in the previous calls also stated, upwards of 20,000, upwards of 5,000, 6,000 in the international market. These numbers will be achieved in the tractor business.

Speaker #5: So, we are confident about domestic growth. We are also confident that in the international markets, things will stabilize. Today, there is an uncertain scenario which creates various issues, including logistics issues.

Speaker #5: So, we have been raising that in the last couple of years. This year, it is no different. But we feel that with all the product platforms, which are going to be global platforms, we should be able to grow the international business as well.

Speaker #5: So, overall, in the next three to four years, you will see us achieving the numbers that I've already stated in previous calls—upwards of 20,000, and upwards of 5,000 to 6,000 in the international market.

[Company Representative] (V.S.T. Tillers Tractors): Overall, in the next three to four years, you will see us achieving the numbers that I have already in the previous calls also stated, upwards of 20,000, upwards of 5,000, 6,000 in the international market. These numbers will be achieved in the tractor business. While the second business will continue the very strong growth that it is showing, upwards of 56% in power weeder, upwards of 17%, 18% in power tillers. That will continue. I think both the businesses will grow in tandem, but the competitive scenarios of the tractors and the tillers are very different. Tillers is about creating a market, which we are successfully doing. In tractors, we are competing in acquiring market, and acquiring market needs product portfolio. That is what we are building.

Speaker #5: These numbers will be achieved in the tractor business, while the SFM business will continue the very strong growth that it is showing—upwards of 56% in power wheelers, upwards of 17–18% in power tillers—that will continue.

Antony Cherukara: While the second business will continue the very strong growth that it is showing, upwards of 56% in power weeder, upwards of 17%, 18% in power tillers. That will continue. I think both the businesses will grow in tandem, but the competitive scenarios of the tractors and the tillers are very different. Tillers is about creating a market, which we are successfully doing. In tractors, we are competing in acquiring market, and acquiring market needs product portfolio. That is what we are building.

Speaker #5: And I think both the businesses will grow in tandem, but the competitive scenarios of the tractors and the tillers are very different. Tillers is about creating a market, which we are successfully doing.

Speaker #5: In tractors, we are competing and acquiring market share, and acquiring market needs product portfolio. That's what we are building, and that will give us the result in the next three years' time.

[Analyst]: Okay.

[Analyst 2]: Okay.

Antony Cherukara: That will give us the result in the next three years' time.

[Company Representative] (V.S.T. Tillers Tractors): That will give us the result in the next three years' time.

Speaker #2: That's very helpful, sir. Are we looking to have any launches this year in the international markets, or is that going to be later?

[Analyst]: That is very helpful, sir. Are we looking to have any launches this year in the international markets, or that is going to be later?

[Analyst 2]: That is very helpful, sir. Are we looking to have any launches this year in the international markets, or that is going to be later?

Speaker #5: Yes, in the international market, I mean, more than the product launch per se, what we need to solve first is the logistics problem that the distributors are facing, which I have briefly, I think, mentioned in the previous call as well.

Antony Cherukara: Yes. In the international market, more than the product launch per se, what we need to solve first is the logistics problem that the distributors are facing, which I have briefed you I think the previous call as well.

[Company Representative] (V.S.T. Tillers Tractors): Yes. In the international market, more than the product launch per se, what we need to solve first is the logistics problem that the distributors are facing, which I have briefed you I think the previous call as well.

[Analyst]: Yeah.

[Analyst 2]: Yeah.

Speaker #5: To cut down the supply time to the distributors, and that's what we are working on. So, the infrastructure—we wanted it to be ready this quarter, but it's getting slightly delayed.

Antony Cherukara: To cut down the supply time to the distributors, that is what we are working on. The infrastructure, we wanted it to be ready this quarter, but it is getting slightly delayed. We are towards the end of it. in Q3 it will become operational. That should give us a big advantage, especially for the distributors, so that they can rotate their inventory faster. Apart from that, of course, we have launched the 35 horsepower last year, Stage V, 35 horsepower last year. We also have sent to a couple of markets the 39 horsepower in the European market. We are also getting into hydrostatic transmissions. We are seeding hydrostatic transmissions currently, which is not sold in India, but this is specifically meant for the export market. Considerable volume growth is expected from the hydrostatic transmission.

[Company Representative] (V.S.T. Tillers Tractors): To cut down the supply time to the distributors, that is what we are working on. The infrastructure, we wanted it to be ready this quarter, but it is getting slightly delayed. We are towards the end of it. in Q3 it will become operational. That should give us a big advantage, especially for the distributors, so that they can rotate their inventory faster. Apart from that, of course, we have launched the 35 horsepower last year, Stage V, 35 horsepower last year. We also have sent to a couple of markets the 39 horsepower in the European market. We are also getting into hydrostatic transmissions. We are seeding hydrostatic transmissions currently, which is not sold in India, but this is specifically meant for the export market. Considerable volume growth is expected from the hydrostatic transmission.

Speaker #5: But we are towards the end of it; in Q3, it will become operational. So that should give us a big advantage, especially for the distributors, so that they can rotate their inventory faster.

Speaker #5: So, apart from that, of course, we launched the 35-horsepower last year, Stage Five, 35-horsepower last year. We also have sent to a couple of markets the 39-horsepower in the European market.

Speaker #5: We have also been getting into hydrostatic transmissions. We are seeding hydrostatic transmissions currently, which are not sold in India, but these are specifically meant for the export market.

Speaker #5: And considerable volume growth is expected from the hydrostatic transmission. After 12 months, we also have Platform A, Platform B, and Platform C. We have already announced that we will be launching these three global platforms.

Antony Cherukara: After 12 months, we also have the platform A, platform B, platform C that we have already announced that we will be launching three global platforms, which will be launched in the next 12 months to 36 months, one platform by one platform. A lot of launches, both internationally as well as in the domestic market.

[Company Representative] (V.S.T. Tillers Tractors): After 12 months, we also have the platform A, platform B, platform C that we have already announced that we will be launching three global platforms, which will be launched in the next 12 months to 36 months, one platform by one platform. A lot of launches, both internationally as well as in the domestic market.

Speaker #5: These will be launched over the next 12 to 36 months, one platform at a time. So, there will be a lot of launches both internationally as well as in the domestic market.

Speaker #2: Got it. Thank you, sir. That's very helpful. Sir, the second question was on the tiller side, on the financing. At this point, were we going to do additional partnerships?

[Analyst]: Got it. Thank you, sir. That is very helpful. Sir, second question was on the tiller side, on the financing. At this we were going to do additional partnerships. Anything to call out? I know we had one with Bajaj Finance, so any-

[Analyst 2]: Got it. Thank you, sir. That is very helpful. Sir, second question was on the tiller side, on the financing. At this we were going to do additional partnerships. Anything to call out? I know we had one with Bajaj Finance, so any-

Speaker #2: So, anything to call out? I know we had one with Bajaj Finance. So, any?

Speaker #5: Bajaj Finance—I'm very happy to say this—is doing well this year. The volume has gone up in terms of retail financing. We have, I think, financed close to 1,000 tractors in Q1.

Antony Cherukara: Bajaj Finance, I am very happy to say that is doing well this year. The volume has gone up in terms of retail financing. We have, I think, financed more than close to 1,000 tractors in Q1. I think around nine, it is 963. Just a second, I will just pull out the exact numbers. Close to 1,000 compared to just about 400 odd numbers we did Q1 of last year. It is almost double. However, our business has also grown, so the percentage is at around 8% to 9% of retail. We wanted to grow it to about 15% to 20% this year. That continuous work is happening. The good thing is Bajaj Finance is taking off.

[Company Representative] (V.S.T. Tillers Tractors): Bajaj Finance, I am very happy to say that is doing well this year. The volume has gone up in terms of retail financing. We have, I think, financed more than close to 1,000 tractors in Q1. I think around nine, it is 963. Just a second, I will just pull out the exact numbers. Close to 1,000 compared to just about 400 odd numbers we did Q1 of last year. It is almost double. However, our business has also grown, so the percentage is at around 8% to 9% of retail. We wanted to grow it to about 15% to 20% this year. That continuous work is happening. The good thing is Bajaj Finance is taking off.

Speaker #5: I think around 900, within 963—just a second, I'll just pull out the exact number. It's close to 1,000, compared to just about 400-odd numbers we did in Q1 of last year.

Speaker #5: So, it is almost double. However, our business has also grown, so the percentage is now around 8 to 9% of retail. We want to grow it to about 15 to 20% this year.

Speaker #5: So, that continuous work is happening. The good thing is, Bajaj Finance has taken off.

Speaker #2: Got it. That's very helpful. Sir, are there any additional partnerships that we are looking at to penetrate further, or would this be good enough for us?

[Analyst]: Got it. That is very helpful, sir. Any additional partnerships that we are looking at to penetrate this further, or this would be good enough for us?

[Analyst 2]: Got it. That is very helpful, sir. Any additional partnerships that we are looking at to penetrate this further, or this would be good enough for us?

Speaker #5: So, continuous work is going on in that area. We have several partnerships right now. One is Chola, one is TBS, one is Bajaj, apart from the nationalized banks.

Antony Cherukara: So continuous work is going on that. We have several partnerships right now. One is Shriram, one is TVS, one is Bajaj, apart from the banks, nationalized banks. So we have sufficient partnerships. I think the key today is to grow the current partnerships that we have in terms of getting it financed. So I am sure that will give us reasonable growth, and we will look at regionally if any specific financial support is required for growing business in that particular region.

[Company Representative] (V.S.T. Tillers Tractors): So continuous work is going on that. We have several partnerships right now. One is Shriram, one is TVS, one is Bajaj, apart from the banks, nationalized banks. So we have sufficient partnerships. I think the key today is to grow the current partnerships that we have in terms of getting it financed. So I am sure that will give us reasonable growth, and we will look at regionally if any specific financial support is required for growing business in that particular region.

Speaker #5: So, we have sufficient partnership. I think the key today is to grow the current partnerships that we have, in terms of getting it financed.

Speaker #5: So, I'm sure that will give us reasonable growth, and we will look at it regionally to see if any specific financier support is required for growing business in that particular region.

Speaker #2: Got it. Sir, my last question was on, you know, maybe a future thing. So, are we at any point looking at tiller exports, or is it just not competitive with China in the other countries, like neighboring regions where tillers are used?

[Analyst]: Got it. So last question was on the maybe a future thing. Are we at any point looking at tiller exports, or it is just not competitive with China, with any other countries, like neighboring regions where tillers are used?

[Analyst 2]: Got it. So last question was on the maybe a future thing. Are we at any point looking at tiller exports, or it is just not competitive with China, with any other countries, like neighboring regions where tillers are used?

Speaker #5: We are exporting currently, but in very small numbers. Last year, we did around 300-odd numbers of exports. Oh, that's why I said it's very small currently, but we believe there is a good opportunity in terms of reconfigured tillers that can be sold in the European market.

Antony Cherukara: We are exporting currently, but in very small numbers. Last year we did around 300 odd numbers of exports. So that is why I said it is very small currently. But we believe there is a good opportunity in terms of a reconfigured tiller that can be sold in the European market. Work is going on on that, and it will be a completely new technology in terms of tiller, which will be launched both in the Indian market as well as internationally. One is this will be a geared tiller compared to a belt-driven tiller today. It will have differentiate. These features are not available on current tillers. So it will be a tiller which can give us good growth in the international market. That is number one.

[Company Representative] (V.S.T. Tillers Tractors): We are exporting currently, but in very small numbers. Last year we did around 300 odd numbers of exports. So that is why I said it is very small currently. But we believe there is a good opportunity in terms of a reconfigured tiller that can be sold in the European market. Work is going on on that, and it will be a completely new technology in terms of tiller, which will be launched both in the Indian market as well as internationally. One is this will be a geared tiller compared to a belt-driven tiller today. It will have differentiate. These features are not available on current tillers. So it will be a tiller which can give us good growth in the international market. That is number one.

Speaker #5: Work is going on on that, and it will be a completely new technology. In terms of tiller, it will be launched both in the Indian market as well as internationally.

Speaker #5: One is, this will be a geared tractor—I mean, a geared tiller—compared to a belt-driven tiller today. It will have a differential. These features are not available on current tillers.

Speaker #5: So, it will be a tiller which can give us good growth in the international market. That is number one. Number two, we are also looking at EV.

Antony Cherukara: Number two, we are also looking at EV, that is electric tillers and weeders, which we believe will have a market internationally as well.

[Company Representative] (V.S.T. Tillers Tractors): Number two, we are also looking at EV, that is electric tillers and weeders, which we believe will have a market internationally as well.

Speaker #5: That is electric tillers and beaters, which we believe will have a market internationally as well.

Speaker #2: Got it. Sir, anything on the African market? I read that the—

[Analyst]: Got it. Anything on the African market? I read that the market-

[Analyst 2]: Got it. Anything on the African market? I read that the market-

Speaker #5: Yes, Africa, I'm very happy to state that we have succeeded—we have started sending our 75-horsepower tractors that we developed, which we said we were developing the last time we were on the call.

Antony Cherukara: Yeah. Africa, I am very happy to state that we have seeded. We have started sending our 75 horsepower VST tractor that we developed, which we said we are developing last time you were on the call. But now we have seeded that into the African market, and we are very hopeful that that will give us a good standing in the African market. But lots of work to be done in the African market. We need multiple nodes there, 60 horsepower, 72 horsepower that we have now, and we will have to work on it continuously. And we believe that is a future growth market for us, especially on the higher horsepower tractors.

[Company Representative] (V.S.T. Tillers Tractors): Yeah. Africa, I am very happy to state that we have seeded. We have started sending our 75 horsepower VST tractor that we developed, which we said we are developing last time you were on the call. But now we have seeded that into the African market, and we are very hopeful that that will give us a good standing in the African market. But lots of work to be done in the African market. We need multiple nodes there, 60 horsepower, 72 horsepower that we have now, and we will have to work on it continuously. And we believe that is a future growth market for us, especially on the higher horsepower tractors.

Speaker #5: But now we have seeded that into the African market, and we are very hopeful that will give us a good standing in the African market.

Speaker #5: But lots of work to be done in the African market. We need multiple nodes there—60 horsepower, 72 horsepower that we have now—and we will have to work on it continuously.

Speaker #5: And we believe that's a future growth market for us, especially on the higher horsepower tractors.

Speaker #2: Got it. That's all from my end. Thank you so much. All the best.

[Analyst]: Got it. That is all from my end. Thank you so much. All the best.

[Analyst 2]: Got it. That is all from my end. Thank you so much. All the best.

Speaker #3: Thanks, Ryan. If anybody has a question, please raise your hand. In the meantime, Mr. Manish Joshi, you can unmute and ask your question.

[Analyst] (360 ONE Capital Market Research): Thanks, Shreyans. If anybody has a question, please raise your hand. Meantime, Mr. Manish Joshi, you can unmute and ask your question.

Annamalai Jayraj: Thanks, Shreyans. If anybody has a question, please raise your hand. Meantime, Mr. Manish Joshi, you can unmute and ask your question.

Speaker #4: Hello. Hi. Thanks. Am I audible? Yeah.

Manish Joshi: Hello. Hi, Sam. Am I audible?

[Analyst 1]: Hello. Hi, Sam. Am I audible?

Speaker #3: Yes.

[Analyst] (360 ONE Capital Market Research): Yeah.

Annamalai Jayraj: Yeah.

Antony Cherukara: Yeah.

[Company Representative] (V.S.T. Tillers Tractors): Yeah.

[Analyst] (360 ONE Capital Market Research): Yes. Go ahead.

Annamalai Jayraj: Yes. Go ahead.

Speaker #4: Thank you for the opportunity. So, I just wanted to know, we have seen a decline in July volumes year-on-year, despite strong 1 kilo. There was weakness in July—can you address this, sir?

Manish Joshi: Thank you for the opportunity. I just wanted to know, we have seen a decline in July volumes year-on-year despite strong Q1. Weakness in July, can you address this, sir?

[Analyst 1]: Thank you for the opportunity. I just wanted to know, we have seen a decline in July volumes year-on-year despite strong Q1. Weakness in July, can you address this, sir?

Speaker #4: Are you seeing any moderation in demand? Yeah.

Antony Cherukara: Yeah.

[Company Representative] (V.S.T. Tillers Tractors): Yeah.

Manish Joshi: Are you seeing any moderation in demand?

[Analyst 1]: Are you seeing any moderation in demand?

Speaker #5: Yeah. July last year had a very large base. and, especially on the tiller volumes and there is like, I would like to reiterate, there is no issue on demand in tillers.

Antony Cherukara: July last year had a very large base, especially on the tiller volumes. I would like to reiterate, there is no issue on demand in tillers, and we expect the growth to continue at least till September. That is what the outlook I gave in the beginning, that at least till September, I see the industry doesn't have a problem with the monsoon or the rainfall so far. But the key issue is going to be the kharif output and the rabi crop sowing that will happen. That all depends on the next 20 days rainfall for the first part and the remaining of the monsoon, how it will play out for the rabi crop. Other than that, I believe that the tiller volume will continue to grow at the pace we are growing.

[Company Representative] (V.S.T. Tillers Tractors): July last year had a very large base, especially on the tiller volumes. I would like to reiterate, there is no issue on demand in tillers, and we expect the growth to continue at least till September. That is what the outlook I gave in the beginning, that at least till September, I see the industry doesn't have a problem with the monsoon or the rainfall so far. But the key issue is going to be the kharif output and the rabi crop sowing that will happen. That all depends on the next 20 days rainfall for the first part and the remaining of the monsoon, how it will play out for the rabi crop. Other than that, I believe that the tiller volume will continue to grow at the pace we are growing.

Speaker #5: And we expect the growth to continue, at least till September. I'm, I'm that's what the outlook I gave in the beginning, that at least in till September I see the industry doesn't have a problem with the monsoon or the rainfall so far.

Speaker #5: But the key issue is going to be the carryover stock and the rabi crop sowing that will happen. And that all depends on the next, you know, 20 days' rainfall for the first part and the remainder of the monsoon—how it will play out for the rabi crop.

Speaker #5: So, other than that, I believe that the tiller volume will continue to grow. At this phase, we are growing. We are talking anywhere between 16% to 20% for the last few quarters now.

Antony Cherukara: We are talking anywhere between 16% to 20% for the last few quarters now. That will continue. The power weeder segment, we have been talking 50% to 60% growth for the last several quarters now. That will continue. I don't see any issues there. Now, the VST tractor volumes, as I said, is to be done by acquiring market share, and that will be done by building a product portfolio that is in the works. So you will see us growing gradually quarter on quarter.

[Company Representative] (V.S.T. Tillers Tractors): We are talking anywhere between 16% to 20% for the last few quarters now. That will continue. The power weeder segment, we have been talking 50% to 60% growth for the last several quarters now. That will continue. I don't see any issues there. Now, the VST tractor volumes, as I said, is to be done by acquiring market share, and that will be done by building a product portfolio that is in the works. So you will see us growing gradually quarter on quarter.

Speaker #5: That will continue. The Power Bidder segment—we have been talking 50% to 60% growth for the last several quarters now. That will continue, so I don't see any issues there.

Speaker #5: Now, the tractor volumes, as I said, are to be increased by acquiring market share, and that will be achieved by building a product portfolio that is in the works.

Speaker #5: So, you will see us grow; you will see us growing gradually, quarter on quarter.

Speaker #4: Yes, sir. Thank you, that was helpful. I have another question on the broader mechanization upcycle, or any thoughts on that, sir? Especially in the tiller segment.

Manish Joshi: Yes, sir. Thank you. That was helpful. I have another question on the broader mechanization upcycle. Any thoughts on that, sir, especially in the tiller segment. Will that be able to help smaller and marginal farmer segment? How do you think on that, sir?

[Analyst 1]: Yes, sir. Thank you. That was helpful. I have another question on the broader mechanization upcycle. Any thoughts on that, sir, especially in the tiller segment. Will that be able to help smaller and marginal farmer segment? How do you think on that, sir?

Speaker #4: Will that be, you know, we'll be able to help the smaller and marginal farmer segment? How do you think about that, sir?

Speaker #5: Yes, yes, I agree with you. I mean, this small and marginal farmer segment is huge. And I have said before that we will be launching many innovations in this segment, and I am very happy to state that we are ready with our product between tiller and tractor that I have been talking about for a long time.

Antony Cherukara: Yes, I agree with you. This small and marginal farmer segment is huge. I have said before that we will be launching many innovations in this segment. Very happy to state that we are ready with our product between tiller and tractors that I have been talking about for a long time. The first of those products will roll out of the factory from this month onwards. We should be able to do substantial volume in Q3 and Q4 on those products.

[Company Representative] (V.S.T. Tillers Tractors): Yes, I agree with you. This small and marginal farmer segment is huge. I have said before that we will be launching many innovations in this segment. Very happy to state that we are ready with our product between tiller and tractors that I have been talking about for a long time. The first of those products will roll out of the factory from this month onwards. We should be able to do substantial volume in Q3 and Q4 on those products.

Speaker #5: And the first of those products will roll out of the factory from this month onwards. We should be able to do substantial volume in Q3 and Q4 on those products.

Speaker #4: Thanks. Thank you for that, sir. No more questions from my side. Thank you.

Manish Joshi: Thanks for that, sir. No more questions from my side. Thank you.

[Analyst 1]: Thanks for that, sir. No more questions from my side. Thank you.

Speaker #3: Okay, sir, before somebody joins, I'm the Q. You said there is a mid product. Now we are developing. How, I mean, cost-wise, I mean, how it will be, how much premium to the tillers, and what will be the advantages compared to tiller in that product, sir?

Antony Cherukara: Okay.

[Company Representative] (V.S.T. Tillers Tractors): Okay.

[Analyst] (360 ONE Capital Market Research): Sir, before somebody joins on the queue. You said there is a mid product now we are developing. Cost-wise, how much premium to the tillers and what will be the advantages compared to a tiller in that product, sir?

Annamalai Jayraj: Sir, before somebody joins on the queue. You said there is a mid product now we are developing. Cost-wise, how much premium to the tillers and what will be the advantages compared to a tiller in that product, sir?

Speaker #5: Yeah, the price of the product will be very close to the tiller, but the performance of the product will be very close to the tractor.

Antony Cherukara: Yeah. The price of the product may be very close to the tiller, but the work of the product will be very close to the tractor.

[Company Representative] (V.S.T. Tillers Tractors): Yeah. The price of the product may be very close to the tiller, but the work of the product will be very close to the tractor.

Speaker #3: Oh, I see. Okay. Okay. So, but already, it's a—I mean, globally, it's an established product, sir. I mean, this water product.

[Analyst] (360 ONE Capital Market Research): Oh, I see. Okay. But already globally it's established product, sir, this quadra product.

Annamalai Jayraj: Oh, I see. Okay. But already globally it's established product, sir, this quadra product.

Speaker #5: No, no, no. This is an innovation, Mr. Jayraj, that this will be a one-of-its-kind product that we'll be bringing into the market.

Antony Cherukara: No, this is an innovation, Mr. Jayraj, that it will be one of its kind product that we will be bringing into the market. This is an innovation from the VST R&D Center.

[Company Representative] (V.S.T. Tillers Tractors): No, this is an innovation, Mr. Jayraj, that it will be one of its kind product that we will be bringing into the market. This is an innovation from the VST R&D Center.

Speaker #5: This is an innovation from the VST R&D Center.

Speaker #3: I see. Okay, we'll wait for the product, sir. Before somebody joins on the queue, I'll read some from the question box, sir.

[Analyst] (360 ONE Capital Market Research): I see. Okay, we will wait for the product, sir. Before somebody joins on the queue, I will read some from the question box, sir. Somebody has given some questions. One minute, sir. I am just reading from the chat box, sir. What is the capital allocation policy? Since I see significant capital being deployed in low-yielding mutual funds and equity shares, sir. These are not in the long-term interest of the shareholders, unless the capital is deployed in the business eventually. So basically, any update on the sale of the non-core assets? There are two questions, sir. One is the investments on that, second one is on non-core assets. Basically, I think they are talking about the land.

Annamalai Jayraj: I see. Okay, we will wait for the product, sir. Before somebody joins on the queue, I will read some from the question box, sir. Somebody has given some questions. One minute, sir. I am just reading from the chat box, sir. What is the capital allocation policy? Since I see significant capital being deployed in low-yielding mutual funds and equity shares, sir. These are not in the long-term interest of the shareholders, unless the capital is deployed in the business eventually. So basically, any update on the sale of the non-core assets? There are two questions, sir. One is the investments on that, second one is on non-core assets. Basically, I think they are talking about the land.

Speaker #3: Somebody has given some questions. One minute, sir. I'm just reading from the chat box, sir. What is the capital allocation policy since I see significant capital being deployed in low-yielding mutual funds and equity shares, sir?

Speaker #3: These are not in the long-term interest of the shareholders, unless the capital is deployed in the business eventually. So, basically, any update on the sale of the non-core assets?

Speaker #3: There are two questions, sir. One is on the investments in that. The second one is on non-core assets; basically, I think they're talking about the land.

Speaker #5: Understood. Understood. So, I think, let me answer the first one. The policy is very clear—to maximize shareholder value. That's very clear. That means that the deployment of the capital that we have should be done strategically.

Antony Cherukara: Understood. Let me answer the first one. The policy is very clear to maximize shareholder value. That's very clear. That means that the deployment of the capital that we have should be done strategically, and we are exploring several opportunities for deploying that capital. Hopefully, in the next 18 to 24 months, we should have some good deployment of this capital. Coming to the non-core assets, as of now, there is no development on that.

[Company Representative] (V.S.T. Tillers Tractors): Understood. Let me answer the first one. The policy is very clear to maximize shareholder value. That's very clear. That means that the deployment of the capital that we have should be done strategically, and we are exploring several opportunities for deploying that capital. Hopefully, in the next 18 to 24 months, we should have some good deployment of this capital. Coming to the non-core assets, as of now, there is no development on that.

Speaker #5: And we are exploring several opportunities for deploying that capital. Hopefully, in the next 18 to 24 months, we should have some good deployment of this capital.

Speaker #5: Coming to the non-core assets, as of now, there is no development on it.

Speaker #3: Okay. Okay, sir. Sir, then this next emission norm is coming up, TREM 3A, from I think April '28, and TREM 5 from '32, as of now.

[Analyst] (360 ONE Capital Market Research): Okay. Sir, then this next emission norm is coming up, TREM IIIAA from, I think, April 2028, and TREM V from 2032. As of now, that is the date it is announced, I think. So what will be the implication, first with the 3A, which is coming up in maybe one and a half years' time. Will it have any major implications for our products, sir? Cost side.

Annamalai Jayraj: Okay. Sir, then this next emission norm is coming up, TREM IIIAA from, I think, April 2028, and TREM V from 2032. As of now, that is the date it is announced, I think. So what will be the implication, first with the 3A, which is coming up in maybe one and a half years' time. Will it have any major implications for our products, sir? Cost side.

Speaker #3: Those are the dates announced, I think. So, what will be the implication? First, the 3A, which is coming up maybe in one and a half years' time.

Speaker #3: Will it have any major implication for our product, sir?

Speaker #5: There are three stages in which the emission norms are being implemented. The first of which is from October '26, Stage Five, for all products less than 25 horsepower.

Antony Cherukara: There are three stages in which the emission norms are being implemented. First of which is from October 2026.

[Company Representative] (V.S.T. Tillers Tractors): There are three stages in which the emission norms are being implemented. First of which is from October 2026.

Antony Cherukara: Stage V for all products less than 25 horsepower.

[Company Representative] (V.S.T. Tillers Tractors): Stage V for all products less than 25 horsepower.

Speaker #5: whether both the tillers as well as tractors—and VST is fully prepared for it and completely ready for it. Then the next implementation is TRUMP 3AA from April 2028, which also VST will be fully prepared for.

Antony Cherukara: Both the tillers as well as tractors, and VST is fully prepared for it and completely ready for it. Then the next implementation is TREM IIIAA from April 2028, which also VST will be fully prepared. We have full capability to achieve that. After that, the complete range of tractors will move to Stage V as per the current notification in 2032, and we will be ready for that as well. Already work on all the trends are, some of it is already completed, which is October 2026, already completed and moving into production. As far as April 2028 and October 2026, sorry, October 2032, April 2032 is concerned, we will be fully ready for it.

[Company Representative] (V.S.T. Tillers Tractors): Both the tillers as well as tractors, and VST is fully prepared for it and completely ready for it. Then the next implementation is TREM IIIAA from April 2028, which also VST will be fully prepared. We have full capability to achieve that. After that, the complete range of tractors will move to Stage V as per the current notification in 2032, and we will be ready for that as well. Already work on all the trends are, some of it is already completed, which is October 2026, already completed and moving into production. As far as April 2028 and October 2026, sorry, October 2032, April 2032 is concerned, we will be fully ready for it.

Speaker #5: We have full capability to achieve that. And after that, the complete range of tractors will move to Stage V, as per the current notification, in 2032.

Speaker #5: And we will be ready for that as well. Already, work on all the frames has started—some of it is already completed. For example, the October 26 frame is already completed and moving into production.

Speaker #5: And as far as April 28 and October 26 are concerned, I mean, sorry, October 30 to April 32 is concerned, we'll be fully ready for it.

Speaker #3: And what could be any major changes, sir? What could be the cost implication broadly, not numbers?

[Analyst] (360 ONE Capital Market Research): Any major changes, or what can be the cost implications broadly? Not numbers.

Annamalai Jayraj: Any major changes, or what can be the cost implications broadly? Not numbers.

Speaker #5: Yeah, the major cost implication will come when every tractor moves to Stage V in 2032, when the DOC, DPF—everything—will have to be implemented.

Antony Cherukara: Major cost implications will come when every VST tractor moves to Stage V in 2032. When the DOC, DPF, everything will have to be implemented.

[Company Representative] (V.S.T. Tillers Tractors): Major cost implications will come when every VST tractor moves to Stage V in 2032. When the DOC, DPF, everything will have to be implemented.

Speaker #5: And then there will be a cost implication at that time, for, see, if the current cost of that technology on the tractor is about 25–30 percent, it'll go up.

Antony Cherukara: Then there will be a cost implication at that time. See, the current cost of that technology on the VST tractor is about 25%, 30%, it will go up. But that is the current cost. How technology will evolve, how costly or cheaper will that be in 2032 is difficult for me to say at this point in time. But currently, that technology will cost you about 25% to 30%. But the normal trend is, with time, this technology starts costing lower because the volume starts climbing across the globe.

[Company Representative] (V.S.T. Tillers Tractors): Then there will be a cost implication at that time. See, the current cost of that technology on the VST tractor is about 25%, 30%, it will go up. But that is the current cost. How technology will evolve, how costly or cheaper will that be in 2032 is difficult for me to say at this point in time. But currently, that technology will cost you about 25% to 30%. But the normal trend is, with time, this technology starts costing lower because the volume starts climbing across the globe.

Speaker #5: But that is the current cost. How technology will evolve and how costly or cheaper it will be in 2032 is difficult for me to say at this point in time.

Speaker #5: But currently, that technology will cost you about 25 to 30 percent. But the normal trend is that, with time, this technology starts costing less.

Speaker #5: because the volume starts climbing across the globe.

Speaker #3: Okay. And this, whatever the 26 now that's coming up, no, that less than 25 HP, that will be applicable for tillers also, sir?

[Analyst] (360 ONE Capital Market Research): Okay. This, whatever the 26 now it is coming up. Now that less than 25 HP, that will be applicable for tillers also, sir?

Annamalai Jayraj: Okay. This, whatever the 26 now it is coming up. Now that less than 25 HP, that will be applicable for tillers also, sir?

Speaker #5: Yes. Yes.

Antony Cherukara: Yes.

[Company Representative] (V.S.T. Tillers Tractors): Yes.

Speaker #3: Okay, but it won't have a big cost increase for the end customers, sir?

[Analyst] (360 ONE Capital Market Research): Okay. It won't have a big cost increase for the end customer, sir?

Annamalai Jayraj: Okay. It won't have a big cost increase for the end customer, sir?

Speaker #5: No. No.

Antony Cherukara: No.

[Company Representative] (V.S.T. Tillers Tractors): No.

Speaker #3: Okay. Okay. And there’s a question in the chat box, sir. What is the roadmap for our target revenue of ₹2,500 crores?

[Analyst] (360 ONE Capital Market Research): Okay. There's a question in the chat box, sir. What is the roadmap for our target revenue, INR 2,500 crores?

Annamalai Jayraj: Okay. There's a question in the chat box, sir. What is the roadmap for our target revenue, INR 2,500 crores?

Speaker #5: Our vision is ₹3,000 crores, and we will be achieving that by 2030. I've stated that we are working towards it, and all efforts are on to meet that by 2030.

Antony Cherukara: INR 3,000 crores is our mission. We will be achieving that by 2030. I've stated that. We are working towards that, and all efforts are on to meet that by 2030.

[Company Representative] (V.S.T. Tillers Tractors): INR 3,000 crores is our mission. We will be achieving that by 2030. I've stated that. We are working towards that, and all efforts are on to meet that by 2030.

Speaker #3: Okay. I mean, I think his question is, which products will drive that or whatever.

[Analyst] (360 ONE Capital Market Research): Okay. I think his question is, which products will drive that or whatever.

Annamalai Jayraj: Okay. I think his question is, which products will drive that or whatever.

Speaker #5: Yeah, so I have said that before, and we have five verticals of businesses. All the verticals of businesses have planned growth strategies that are being implemented.

Antony Cherukara: Yeah. I have said that before, and we have five verticals of businesses. All the verticals of businesses have planned growth strategies that are being implemented. Now we are scaling up the execution ability. We are scaling up our R&D ability. We are scaling up our capability in terms of capacity, people. We will have to also invest in new production facility in the next two years or so.

[Company Representative] (V.S.T. Tillers Tractors): Yeah. I have said that before, and we have five verticals of businesses. All the verticals of businesses have planned growth strategies that are being implemented. Now we are scaling up the execution ability. We are scaling up our R&D ability. We are scaling up our capability in terms of capacity, people. We will have to also invest in new production facility in the next two years or so.

Speaker #5: Now, we are scaling up our execution ability. We are scaling up our R&D ability. We are scaling up our capability in terms of capacity and people.

Speaker #5: We will also have to invest in a new production facility in the next two years or so.

Speaker #3: Okay. Okay. Okay, sir. And then on the dealership expansion—see, we wanted to expand our dealership to improve the tractor sales. So, where are we in the journey, sir?

[Analyst] (360 ONE Capital Market Research): Okay, sir. On the dealership expansion, we wanted to expand our dealership to improve the VST tractor sales. Where are we in the journey, sir?

Annamalai Jayraj: Okay, sir. On the dealership expansion, we wanted to expand our dealership to improve the VST tractor sales. Where are we in the journey, sir?

Speaker #5: Yeah. Continuous expansion of dealerships is happening, especially across North India. Last year, we added about 40 to 50 dealers across India. This year, we are targeting about 50 to 60 dealers across India.

Antony Cherukara: Yeah. Continued expansion of dealerships is happening across, especially North India. Last year, we added about 40, 50 dealers across India. This year, we are targeting about 50 to 60 dealers across India. The key focus is to establish these dealers and make them viable. We will continuously do that. In the after sales space also, we have moved ahead with the counter expansion strategy. Today, we are sitting on, we started last quarter. Within three months, we have opened more than 500 counters across the country, which is apart from the 750, 800 dealers that we have in SFM. We have added another 500 counters. By the end of this year, we would like to expand the retail counters to about 2,000 counters.

[Company Representative] (V.S.T. Tillers Tractors): Yeah. Continued expansion of dealerships is happening across, especially North India. Last year, we added about 40, 50 dealers across India. This year, we are targeting about 50 to 60 dealers across India. The key focus is to establish these dealers and make them viable. We will continuously do that. In the after sales space also, we have moved ahead with the counter expansion strategy. Today, we are sitting on, we started last quarter. Within three months, we have opened more than 500 counters across the country, which is apart from the 750, 800 dealers that we have in SFM. We have added another 500 counters. By the end of this year, we would like to expand the retail counters to about 2,000 counters.

Speaker #5: The key focus is to establish these dealers and make them viable, and we will continue to do that continuously. In the SFM space also, we have moved ahead with the counter expansion strategy.

Speaker #5: Today, we are sitting on—we started last quarter—within three months, we have opened more than 500 counters across the country. This is apart from the 750 to 800 dealers that we have in SFM; we have added another 500 counters.

Speaker #5: By the end of this year, we would like to expand the retail counters to about 2,000 counters. So, in all areas of SFM, in all areas of tractors, we are expanding coverage through, in tractors, dealership expansion.

Antony Cherukara: In all areas of SFM, in all areas of VST tractors, we are expanding coverage through interactive dealership expansion and in SFM through both distributor counter expansion as well as dealer expansion.

[Company Representative] (V.S.T. Tillers Tractors): In all areas of SFM, in all areas of VST tractors, we are expanding coverage through interactive dealership expansion and in SFM through both distributor counter expansion as well as dealer expansion.

Speaker #5: And in SFM, through both distributor counter expansion as well as dealer expansion.

Speaker #3: Okay, sir. I am reading one more question from the chat box, sir. So here, in the last calls, we talked about looking at inorganic opportunities, sir.

[Analyst] (360 ONE Capital Market Research): Okay, sir. I am reading one more question from the chat box, sir. In the last calls, we talked about looking at inorganic opportunities, sir. Any shortlisted candidates or due diligence for inorganic growth?

Annamalai Jayraj: Okay, sir. I am reading one more question from the chat box, sir. In the last calls, we talked about looking at inorganic opportunities, sir. Any shortlisted candidates or due diligence for inorganic growth?

Speaker #3: Are there any shortlisted candidates, or is any due diligence underway for inorganic growth?

Speaker #5: No, it's too early to say anything at this point, and we will keep you posted as things progress.

Antony Cherukara: No, it is too early to say anything at this point, and we will keep you posted as things progress.

[Company Representative] (V.S.T. Tillers Tractors): No, it is too early to say anything at this point, and we will keep you posted as things progress.

Speaker #3: Okay. Does anybody have any questions? Please raise your hand. One more question has come in. Post the current war uncertainty, could you please provide a three-year view on exports, considering the several agreements that are being signed?

[Analyst] (360 ONE Capital Market Research): Okay. Anybody has any question, please raise your hand. One more question has come. Post the current war uncertainty, could you please provide a three-year view on export considering the several FTAs that are being signed?

Annamalai Jayraj: Okay. Anybody has any question, please raise your hand. One more question has come. Post the current war uncertainty, could you please provide a three-year view on export considering the several FTAs that are being signed?

Speaker #5: The reality is, it's very difficult to predict three weeks from now. So, I mean, to be realistic—because, see, if something like a 100% tariff comes up on the new bill that is going through the US Congress now, that could be a big trouble in our expansion plans into the US market.

Antony Cherukara: The reality is it is very difficult to predict three weeks now. To be realistic, because if something like 100% tariff comes up on the new bill that is going through the US Congress, that could be a big trouble in our expansion plans into the US market. What I can give you is a view of Europe. We believe that the Europe market will continue to grow for us. That is why we are expanding into the European market. We are expanding both. Earlier we were only in Western Europe, that is France, Germany, Spain, Portugal, Italy, Belgium, Netherlands, and UK. Now we are moving into Turkey, we are moving into the Nordics as well with the hydrostatic transmission product being introduced. We believe we can continue to grow in the European market.

[Company Representative] (V.S.T. Tillers Tractors): The reality is it is very difficult to predict three weeks now. To be realistic, because if something like 100% tariff comes up on the new bill that is going through the US Congress, that could be a big trouble in our expansion plans into the US market. What I can give you is a view of Europe. We believe that the Europe market will continue to grow for us. That is why we are expanding into the European market. We are expanding both. Earlier we were only in Western Europe, that is France, Germany, Spain, Portugal, Italy, Belgium, Netherlands, and UK. Now we are moving into Turkey, we are moving into the Nordics as well with the hydrostatic transmission product being introduced. We believe we can continue to grow in the European market.

Speaker #5: So, to give you—what I can give you is a view of Europe. We believe that the European market will continue to grow for us.

Speaker #5: That is why we are expanding into the European market. Earlier, we were only in Western Europe—that is, France, Germany, Spain, Portugal, Italy, Belgium, Netherlands, and the UK.

Speaker #5: Now we are moving into Turkey. We are moving into, you know, the Nordics as well, with the hydrostatic transmission product being introduced. So, we believe we can continue to grow in the European market.

Speaker #5: We also believe that we can continue to grow and which is going to be our huge opportunity which is going to be the African market and that will remain an opportunity for a long time.

Antony Cherukara: We also believe that we can continue to grow. This is going to be our huge opportunity, which is going to be the African market, and that will remain an opportunity for a long time. We are very focused on that. We have started slowly. We were never in the higher horsepower phase, but now we have slowly launched the 50 horsepower, we have launched the 75 horsepower, and we are getting good traction in the African market. I think over the next three to four years, that will be a major market, yes. But the US expansion plan is still unclear.

[Company Representative] (V.S.T. Tillers Tractors): We also believe that we can continue to grow. This is going to be our huge opportunity, which is going to be the African market, and that will remain an opportunity for a long time. We are very focused on that. We have started slowly. We were never in the higher horsepower phase, but now we have slowly launched the 50 horsepower, we have launched the 75 horsepower, and we are getting good traction in the African market. I think over the next three to four years, that will be a major market, yes. But the US expansion plan is still unclear.

Speaker #5: And we are very focused on that. We have started slowly. We were never in the higher horsepower space, but now we have slowly launched the 50 horsepower.

Speaker #5: We have launched the 75-horsepower model, and we are getting good traction in the African market. I think, over the next three to four years, that will be a major market test.

Speaker #5: But the US expansion plan is still unclear.

Speaker #3: Okay. Sir, you were, we were earlier working with electric tractors. So because of the current—um, I mean, the tariff and all the other issues—it has taken a backseat now, sir.

[Analyst] (360 ONE Capital Market Research): Okay. Sir, US, we were earlier working with the electric tractors. Because of the current tariff and all the other issues, it has taken a backseat now, sir?

Annamalai Jayraj: Okay. Sir, US, we were earlier working with the electric tractors. Because of the current tariff and all the other issues, it has taken a backseat now, sir?

Speaker #5: Correct. Correct. It has definitely taken a back seat. Not only for us, but across the US market, because there is no emphasis on environment anymore.

Antony Cherukara: Correct. It has definitely taken a backseat, not only for us, across the US market, because there is no emphasis on environment anymore. The electric market, I think, for now in the US market, doesn't seem to be growing.

[Company Representative] (V.S.T. Tillers Tractors): Correct. It has definitely taken a backseat, not only for us, across the US market, because there is no emphasis on environment anymore. The electric market, I think, for now in the US market, doesn't seem to be growing.

Speaker #5: So, the electric market, I think, for now, in the US market doesn't seem to be growing.

Speaker #3: Okay. Mr. Sayan has come back again. Please unmute and ask your question.

[Analyst] (360 ONE Capital Market Research): Okay. Mr. Shreyans, he has come back again. Please unmute and ask your question.

Annamalai Jayraj: Okay. Mr. Shreyans, he has come back again. Please unmute and ask your question.

Speaker #4: Sir, thanks for the follow-up. so I had a question on the Europe market that you mentioned. So you know, based on the volumes that we do, you know, it seems like it's just like a handful of tractors that we are putting into each country.

[Analyst]: Sir, thanks for the follow-up. I had a question on the Europe market that you mentioned. Based on the volumes that we do, it seems like it's just a handful of tractors that we are putting into each country. I'm just trying to understand, is that still a very profitable-

[Analyst 2]: Sir, thanks for the follow-up. I had a question on the Europe market that you mentioned. Based on the volumes that we do, it seems like it's just a handful of tractors that we are putting into each country. I'm just trying to understand, is that still a very profitable-

Speaker #4: So I'm just trying to understand, is that still very profitable?

Speaker #5: It is very profitable. So then, we do about 1,400 to 1,500 tractors in Europe. The market leader in India doesn't do any tractors in Europe.

Antony Cherukara: It is very profitable.

[Company Representative] (V.S.T. Tillers Tractors): It is very profitable.

[Analyst]: way or is it-

[Analyst 2]: way or is it-

Antony Cherukara: We do about 1,400 to 1,500 tractors in Europe. The market leader in India doesn't do any tractor in Europe. The best of Indian tractor companies in our segment, there's about 8,000, 9,000 tractors. 1,500 to 2,000 tractors that we are doing in Europe is, I think, pretty decent. That is for our segment. We do about 400 to 500 tractors in markets like Italy, France, and Netherlands, where we do about 300, 400 tractors. Spain, Portugal, Germany is where we can do more penetration. We have not entered the Nordic markets, we have not entered the Balkans, we have not entered Turkey until recently. All these markets are still an opportunity for us. We believe that we can grow the way we have grown in markets like France, Italy, and Netherlands.

[Company Representative] (V.S.T. Tillers Tractors): We do about 1,400 to 1,500 tractors in Europe. The market leader in India doesn't do any tractor in Europe. The best of Indian tractor companies in our segment, there's about 8,000, 9,000 tractors. 1,500 to 2,000 tractors that we are doing in Europe is, I think, pretty decent. That is for our segment. We do about 400 to 500 tractors in markets like Italy, France, and Netherlands, where we do about 300, 400 tractors. Spain, Portugal, Germany is where we can do more penetration. We have not entered the Nordic markets, we have not entered the Balkans, we have not entered Turkey until recently. All these markets are still an opportunity for us. We believe that we can grow the way we have grown in markets like France, Italy, and Netherlands.

Speaker #5: And the best of Indian tractor companies in our segment—there's about 8,000 to 9,000 tractors. So, the 1,500 to 2,000 tractors that we are doing in Europe is, I think, pretty decent.

Speaker #5: That is for our segment. And we do about 400 to 500 tractors in markets like Italy, France, and Netherlands, where we do about 300 to 400 tractors.

Speaker #5: But Spain, Portugal, and Germany are where we can achieve more penetration. Then, we have not entered the Nordic markets; we have not entered the Balkans.

Speaker #5: We have not entered Turkey until recently, so all these markets are still an opportunity for us. We believe that we can grow the way we have grown in markets like France, Italy, and the Netherlands.

Speaker #3: Okay. Okay.

Speaker #4: So what would our current share be? Like you mentioned, is the market around 9,000 tractors—is that what we should consider?

[Analyst]: Okay. What would be our current share be? Like you mentioned, is the market like 9,000 tractors is what we should consider as

[Analyst 2]: Okay. What would be our current share be? Like you mentioned, is the market like 9,000 tractors is what we should consider as

Speaker #5: In, in, in our segment it is the highest selling player from India is selling around 9,000 tractors in our segment.

Antony Cherukara: In our segment, it is the highest selling player from India is selling around 9,000 tractors in our segment.

[Company Representative] (V.S.T. Tillers Tractors): In our segment, it is the highest selling player from India is selling around 9,000 tractors in our segment.

Speaker #3: Okay. From India.

Speaker #5: Which is zero to 30 horsepower.

[Analyst]: Okay. From India.

[Analyst 2]: Okay. From India.

Antony Cherukara: Which is 0 to 30 horsepower.

[Company Representative] (V.S.T. Tillers Tractors): Which is 0 to 30 horsepower.

Speaker #3: Okay.

[Analyst]: Okay. I was saying, more of total sales per 0 to 30 horsepower, what would be the market and what would be our share in that?

[Analyst 2]: Okay. I was saying, more of total sales per 0 to 30 horsepower, what would be the market and what would be our share in that?

Speaker #4: So I was saying, like, more of total sales for zero to 30 horsepower—what would be the market and what would be our share in that?

Speaker #5: So, let us—I mean, I don't have the exact figures of the European industry right now in front of me, but I can tell you that most of the players from India, like the largest player, is doing around 9,000.

Antony Cherukara: So let us I don't have the exact figures of Europe industry right now in front of me, but I can tell you that most of the players from India, like the largest player is doing around 9,000. We are doing around 2,000. There are a couple of players more who are doing around 1,000, 2,000 tractors each. So I would say from an industry perspective, tractors from India cumulatively in our segment, that is 0 to 30 HP segment, would be around 15,000 odd. So out of that, we do around 2,000.

[Company Representative] (V.S.T. Tillers Tractors): So let us I don't have the exact figures of Europe industry right now in front of me, but I can tell you that most of the players from India, like the largest player is doing around 9,000. We are doing around 2,000. There are a couple of players more who are doing around 1,000, 2,000 tractors each. So I would say from an industry perspective, tractors from India cumulatively in our segment, that is 0 to 30 HP segment, would be around 15,000 odd. So out of that, we do around 2,000.

Speaker #5: We are doing around 2,000. There are a couple of players more who are doing around 1,000 or 2,000 tractors each. So I would say, from an industry perspective, tractors from India cumulatively in our segment—that is, the zero to 30 HP segment—would be around 15,000 on.

Speaker #5: So out of that, we do around 2,000.

Speaker #3: Okay. Okay. Understood.

[Analyst]: Okay. Understood. Would the market expand with the new product launches, or are the launches within the 0 to 30 horsepower segment?

[Analyst 2]: Okay. Understood. Would the market expand with the new product launches, or are the launches within the 0 to 30 horsepower segment?

Speaker #4: And would the market expand with the new product launches, or are the launches within the zero to 30 horsepower segment?

Speaker #5: So, I told you in Europe we will be in the 0 to 30 horsepower range, but in Africa we will be going in from 4 up to 75 horsepower.

Antony Cherukara: So I told you, in Europe we will be in 0 to 30 horsepower, but in Africa, we will be going in for up to 75 horsepower.

[Company Representative] (V.S.T. Tillers Tractors): So I told you, in Europe we will be in 0 to 30 horsepower, but in Africa, we will be going in for up to 75 horsepower.

Speaker #4: Okay. Okay. Understood. Got it. Thank you. Thanks for the follow-up.

[Analyst]: Okay. Understood. Got it. Thank you. Thanks for the follow-up.

[Analyst 2]: Okay. Understood. Got it. Thank you. Thanks for the follow-up.

Speaker #3: Yeah, this—in the chat box again—there are some more questions on this land. We understand there is no decision yet on land monetization. But what is the extent of land in Bangalore which can eventually be looked into?

[Analyst] (360 ONE Capital Market Research): Yeah. In the chat box, again, there are some more questions on this land. We understand there is no decision yet on land monetization, but how much is the extent of land in Bangalore which can be eventually looked into? How easy is it to move to a newer location, the manufacturing lines?

Annamalai Jayraj: Yeah. In the chat box, again, there are some more questions on this land. We understand there is no decision yet on land monetization, but how much is the extent of land in Bangalore which can be eventually looked into? How easy is it to move to a newer location, the manufacturing lines?

Speaker #3: And, how easy is it to move the manufacturing lines to a newer location?

Speaker #5: No, there is no need to move to a new location because we have already moved everything outside of Bangalore. So there is no shifting time requirement, nothing.

Antony Cherukara: No, there is no need to move to a new location because we have already moved everything outside of Bangalore. There is no shifting time requirement, nothing. We will be looking at maximizing the value out there, and we believe that we can do it at the right appropriate time. Right now, there is no delay. There is no question of shifting. It is only the administrative office there.

[Company Representative] (V.S.T. Tillers Tractors): No, there is no need to move to a new location because we have already moved everything outside of Bangalore. There is no shifting time requirement, nothing. We will be looking at maximizing the value out there, and we believe that we can do it at the right appropriate time. Right now, there is no delay. There is no question of shifting. It is only the administrative office there.

Speaker #5: We will be looking at maximizing the value out there, and we believe that we can do it at the right, appropriate time. Right now, there is no development.

Speaker #5: So there is no question of shifting. It is only the administrative office there.

Speaker #3: Okay. And then, same question: what is the extent of land? The same guy is asking.

[Analyst] (360 ONE Capital Market Research): Okay. Then, same question. What is the extent of land? Same guy is asking.

Annamalai Jayraj: Okay. Then, same question. What is the extent of land? Same guy is asking.

Speaker #5: Engine makers. Around 19 acres.

Antony Cherukara: 90 acres. Around 90 acres.

[Company Representative] (V.S.T. Tillers Tractors): 90 acres. Around 90 acres.

Speaker #3: Okay. Okay, sir. And then, on the implements, sir, you already touched upon this, but how is that industry developing, and what are we trying to do in the implements?

[Analyst] (360 ONE Capital Market Research): Okay, sir. On the implements, already you touched upon. How is that industry developing and what are we trying to do in the implements?

Annamalai Jayraj: Okay, sir. On the implements, already you touched upon. How is that industry developing and what are we trying to do in the implements?

Antony Cherukara: I assume it is for the small farm mechanization that we are talking.

[Company Representative] (V.S.T. Tillers Tractors): I assume it is for the small farm mechanization that we are talking.

Speaker #5: This is for—I assume it is for small farm mechanization that we are talking about.

Speaker #3: Yeah. Correct. Correct. Correct. Yeah.

[Analyst] (360 ONE Capital Market Research): Yeah, correct sir.

Annamalai Jayraj: Yeah, correct sir.

Speaker #5: Yeah. So, this industry—the growth is being driven by us, and it is growing quite nicely, both in the tiller segment as well as the weeder segment.

Antony Cherukara: Yeah. This industry, the growth is being driven by us. It is growing quite nicely, both in the tiller segment as well as the weeder segment. For several quarters, we have been growing the weeder segment at about 50% to 60% rate. In the foreseeable future also, I see that growth continuing unless something adverse like monsoon failing completely or something like that happens. Otherwise, it will continue to grow. We are also getting into expanding our coverage through counters and all of that, increasing our product portfolio in that range. All of this is aiding on our growth, and it will continue to grow. Power tiller segment will continue to grow; in the near future, it will continue to grow at 15% to 20% percentage.

[Company Representative] (V.S.T. Tillers Tractors): Yeah. This industry, the growth is being driven by us. It is growing quite nicely, both in the tiller segment as well as the weeder segment. For several quarters, we have been growing the weeder segment at about 50% to 60% rate. In the foreseeable future also, I see that growth continuing unless something adverse like monsoon failing completely or something like that happens. Otherwise, it will continue to grow. We are also getting into expanding our coverage through counters and all of that, increasing our product portfolio in that range. All of this is aiding on our growth, and it will continue to grow. Power tiller segment will continue to grow; in the near future, it will continue to grow at 15% to 20% percentage.

Speaker #5: Now, for several quarters, we have been growing the weeder segment at about 50–60% CAGR. And I see, in the foreseeable future also, I see that growth continuing, unless something adverse, like the monsoon failing completely or something like that, happens.

Speaker #5: But otherwise, it will continue to grow. We are also working on expanding our coverage through counters and all of that, increasing our product portfolio in that range.

Speaker #5: So, all this is adding to our growth, and it will continue to grow. The power tiller segment, again, will continue to grow; in the near future, we expect to grow at about 15% to 20%.

Speaker #5: And I believe, in the future, there will be more product variants that will be introduced, which will continue to grow this tiller segment as well.

Antony Cherukara: I believe, in future, there will be more product variants that will be introduced, which will continue to grow this tiller segment as well.

[Company Representative] (V.S.T. Tillers Tractors): I believe, in future, there will be more product variants that will be introduced, which will continue to grow this tiller segment as well.

Speaker #3: Okay. Sir, there are no more questions in the chat box also. Do you want to make any closing comments, sir?

[Analyst] (360 ONE Capital Market Research): Okay, sir. There are no more questions in the chat box also. Do you want to make any closing comments, sir?

Annamalai Jayraj: Okay, sir. There are no more questions in the chat box also. Do you want to make any closing comments, sir?

Speaker #5: Yeah, so thank you very much for the call, and I look forward to meeting you all in the next call after Q2. Thank you.

Antony Cherukara: Yeah. Thank you very much for the call, and look forward to meeting you all in the next call after Q2. Thank you.

[Company Representative] (V.S.T. Tillers Tractors): Yeah. Thank you very much for the call, and look forward to meeting you all in the next call after Q2. Thank you.

Speaker #3: Okay, thanks, sir. Thanks to all the participants.

[Analyst] (360 ONE Capital Market Research): Okay. Thanks, sir. Thanks for all the participants.

Annamalai Jayraj: Okay. Thanks, sir. Thanks for all the participants.

Speaker #5: Thank you.

Antony Cherukara: Thank you.

[Company Representative] (V.S.T. Tillers Tractors): Thank you.

Speaker #3: Number is good, sir. Huh?

[Analyst] (360 ONE Capital Market Research): Number is good, sir?

Annamalai Jayraj: Number is good, sir?

Speaker #5: Every time the call is good, but profit before tax calls are negative.

Antony Cherukara: EBITDA is good. But profit before tax falls.

[Company Representative] (V.S.T. Tillers Tractors): EBITDA is good. But profit before tax falls.

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