Q1 2027 Bosch Ltd Earnings Call

August 11, 2026

Speaker #2: This webinar is being recorded and summarized.

Speaker #3: Yeah. Ladies and gentlemen, good

Speaker #3: day and welcome to Bosch

Speaker #3: Limited's 1Q FY

Speaker #3: 2026-27

Speaker #3: post-sales conference call hosted

Speaker #3: Research from Bosch

Speaker #3: Management, we have with us today:

Speaker #3: Mr. Guruprasad Mudlapur,

Speaker #3: Managing Director;

Speaker #3: Mr. Tilman

Speaker #3: Ahlson, Chief Financial Officer, for Mr.

Speaker #3: Tilman Ahlson, this will be the first investor.

Speaker #3: Call, and welcome, sir. At this

Speaker #3: At this point, all participant lines will be in listen-only mode, and there will be an opportunity for...

Speaker #3: You are now invited to ask questions after the management presentation.

Speaker #3: and opening remarks. Over to you.

Speaker #3: sir.

Speaker #4: Hello.

Speaker #4: Yeah. Good afternoon,

Speaker #4: Q1 FY 27

Speaker #4: earnings conference

Speaker #4: call. We'll begin with an overview of the

Speaker #4: current macroeconomic landscape and

Speaker #4: our outlook. The

Speaker #4: domestic economy

Speaker #2: economy remained

Speaker #2: resilient in the first quarter of fiscal.

Speaker #2: 2027. This fiscal 2027.

Speaker #2: stability was driven by robust

Speaker #2: private consumption and stable

Speaker #2: monetary policy from the Reserve Bank.

Speaker #2: of India. Which held the

Speaker #2: benchmark policy at a

Speaker #2: Rate steady at 2% under neutral.

Speaker #2: stance at its August

Speaker #2: 2026 meeting.

Speaker #2: While food and energy fertility

Speaker #2: pushed June

Speaker #2: headline inflation to

Speaker #2: 4.38%, reaching the

Speaker #2: RBI's 4%

Speaker #2: medium-term target for the first time.

Speaker #2: in 17 months, it remains

Speaker #2: comfortably within the central bank's

Speaker #2: 2% to

Speaker #2: 6% range inflation

Speaker #2: targeting framework. This

Speaker #2: policy flexibility is critical for

Speaker #2: India's macro stability in

Speaker #2: FY27, allowing

Speaker #2: the RBI to manage

Speaker #2: price stability amidst

Speaker #2: external volatility.

Speaker #2: While advertising

Speaker #2: the economic growth to avoid

Speaker #2: policy

Speaker #2: slowdowns. Given

Speaker #2: this, outlook for

Speaker #2: the remainder of fiscal

Speaker #2: 2027 is anchored in

Speaker #2: strategic reliance.

Speaker #2: Resilience: we are

Speaker #2: highly encouraged by RBI's decision to

Speaker #2: raise its real GDP

Speaker #2: forecast growth forecast

Speaker #2: for FY26-27 to

Speaker #2: 6.7%, up from its previous estimate.

Speaker #2: of

Speaker #2: 6.6%. Backed by strong capital

Speaker #2: expenditure momentum outlined in the

Speaker #2: budget, keeping India's position

Speaker #2: as the fastest-growing major

Speaker #2: economy. Our strategy

Speaker #2: is built to drive

Speaker #2: amidst external market

Speaker #2: dynamics. Our key priorities

Speaker #2: will remain focused on

Speaker #2: strengthening our operational resilience

Speaker #2: in the face of ongoing external

Speaker #2: uncertainties, enhancing

Speaker #2: supply chain agility through

Speaker #2: diversified sourcing, and

Speaker #2: managing commodity and managing commodity and

Speaker #2: currency risk proactively.

Speaker #2: Next slide, please.

Speaker #2: The Indian automotive industry

Speaker #2: concluded Q1

Speaker #2: FY27 on a

Speaker #2: resilient growth despite geopolitical

Speaker #2: disruptions in West Asia.

Speaker #2: Supported by

Speaker #2: strong domestic demand, lower GST

Speaker #2: rates, and a favorable base

Speaker #2: effect compared to Q1

Speaker #2: FY26. The passive

Speaker #2: vehicle demand remains strong

Speaker #2: during quarter under

Speaker #2: review, despite geopolitical

Speaker #2: tensions in West Asia,

Speaker #2: elevated inflation within

Speaker #2: the RBI's target

Speaker #2: band, and heat waves across

Speaker #2: select regions. Demand

Speaker #2: was supported by sustained

Speaker #2: preference for SUVs and healthy

Speaker #2: driver sentiment. The

Operator 1: Ladies and gentlemen, good day and welcome to Bosch Limited Q1 FY 2026-27 post-results conference call hosted by 360 ONE Capital Market Research. From Bosch management, we have with us today Mr. Guruprasad Mudlapur, Managing Director, Mr. Tillmann Olsen, Chief Financial Officer. For Mr. Tillmann Olsen, this will be the first investor call and welcome, sir. 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.

[Company Representative] (360 ONE Capital Market Research): Ladies and gentlemen, good day and welcome to Bosch Limited Q1 FY 2026-2027 post-results conference call hosted by 360 ONE Capital Market Research. From Bosch management, we have with us today Mr. Guruprasad Mudlapur, Managing Director, Mr. Tillmann Olsen, Chief Financial Officer. For Mr. Tillmann Olsen, this will be the first investor call and welcome, sir. 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: HCV

Speaker #2: segment maintained healthy demand

Speaker #2: despite the

Speaker #2: 7.5

Speaker #2: rupee per liter increase in the

Speaker #2: price. The HCV

Speaker #2: segment maintained its

Speaker #2: momentum, supported by a combination of

Speaker #2: stable flight

Speaker #2: activity, steady replacement demand, and

Speaker #2: sustained spending construction and

Speaker #2: infrastructure. Continued

Speaker #2: momentum in key sectors, specifically

Speaker #2: steel and cement, provided a

Speaker #2: strong foundation for further

Speaker #2: growth. LCV

Speaker #2: demand remained robust, driven

Speaker #2: by healthy national logistics,

Speaker #2: sustained e-commerce, and FMCG

Speaker #2: demand, and a low base

Guruprasad Mudlapur: Hi. Good afternoon, everyone, and welcome to our Q1 FY27 earnings conference call. We will begin with an overview of the current macroeconomic landscape and our outlook. The domestic economy remained resilient in the first quarter of fiscal 2027. This stability was driven by robust private consumption and stable monetary policy from the Reserve Bank of India, which held the benchmark policy repo rate steady at 4.25% under a neutral stance at its August 2026 meeting.

Speaker #2: effect supported growth

Speaker #2: momentum. The three-wheeler sales

Speaker #2: maintained strong growth momentum,

Speaker #2: supported by steady passive mobility

Speaker #2: demand and increasing

Speaker #2: last-mile connectivity. The EV

Speaker #2: segment continued to expand

Speaker #2: its market share,

Speaker #4: remained resilient in the first quarter of

Speaker #2: driven by attractive operating

Speaker #2: economics and lower

Speaker #4: This stability was driven by

Speaker #2: running costs. The tractor

Speaker #4: robust private consumption and

Speaker #2: demand remained resilient

Speaker #4: stable monetary policy from the Reserve

Speaker #2: despite concerns over an uneven

Speaker #4: Bank of India, which held the

Speaker #2: monsoon across parts of

Speaker #4: benchmark policy repo

Speaker #2: the country, supported by healthy

Speaker #2: farm cash flows from a

Speaker #4: rate steady at

Speaker #4: 5.25% under a neutral stance at its

Speaker #2: strong RBV harvest and

Speaker #2: pre-tariff farm

Speaker #2: activities. The two-wheeler

Speaker #4: August 2026 meeting.

Speaker #2: market recorded robust growth, supported

Guruprasad Mudlapur: On board, energy volatility pushed June headline retail inflation to 4.38%, reaching the RBI's 4% medium-term target for the first time in 17 months. It remains comfortably within the central bank's 2% to 6% flexible inflation targeting framework. This policy flexibility is critical for India's macro stability in FY27 allowing the RBI to manage price stability amidst external volatility while prioritizing steady economic growth to avoid policy-induced slowdowns.

Speaker #4: While food and energy volatility

Speaker #4: pushed June

Speaker #2: by low base effect and

Speaker #4: headline retail inflation to

Speaker #2: resilient rural

Speaker #2: demand. Next quarter, we

Speaker #4: 4.38%, reaching the

Speaker #2: expect resilient 8%

Speaker #4: RBI's 4%

Speaker #2: growth driven by festive

Speaker #4: medium-term target for the first time.

Speaker #2: demand, stronger rural

Speaker #4: in 17 months, it

Speaker #2: cash flows, and ongoing construction

Speaker #4: remains comfortably within the central

Speaker #4: bank's 2% to 6%

Speaker #2: activity. However,

Speaker #2: monsoon variability

Speaker #4: flexible inflation

Speaker #2: potential effect

Speaker #4: targeting framework.

Speaker #2: and geopolitical

Speaker #4: This policy flexibility is critical

Speaker #2: tensions remain key

Speaker #4: for India's macro stability

Speaker #2: downside. Next slide,

Speaker #4: in FY 27,

Speaker #2: please. Quarter of

Speaker #4: allowing the RBI to

Speaker #2: The mobility business has grown.

Speaker #4: manage price stability

Speaker #4: amidst external volatility

Speaker #2: 25.7%

Speaker #4: with while

Speaker #2: in April-June 2026 as

Speaker #4: prioritizing steady economic growth to avoid

Speaker #2: compared to April-June 2025,

Speaker #4: policy-induced

Speaker #2: driven mainly

Speaker #2: from the power solutions business,

Speaker #4: slowdowns. Given this

Speaker #2: which grew by

Guruprasad Mudlapur: Given this context, our outlook for the remainder of fiscal 2027 is anchored in strategic resilience. We are highly encouraged by RBI's decision to raise its real GDP growth forecast for FY26 by 7% to 6.7%, up from its previous estimate of 6.6%. Backed by a strong capital expenditure momentum outlined in the budget, keeping India positioned as the fastest growing major economy. Our strategy is built to ride on its external market dynamics. Our key priorities will remain focused on strengthening our operational resilience in the face of ongoing external uncertainties, enhancing supply chain agility through diversified sourcing, and managing commodity and currency risk proactively. Next slide, please. The Indian automotive industry concluded Q1 FY27 on a resilient note despite the geopolitical disruptions in West Asia, supported by strong domestic demand, lower GST rates, and a favorable base effect compared to Q1 FY26.

Speaker #2: 29%, mainly on account of growth in

Speaker #4: context, our outlook for

Speaker #4: the remainder of

Speaker #2: passenger cars and off-highway

Speaker #2: segments. The mobility aftermarket

Speaker #4: fiscal 2027 is anchored

Speaker #4: in strategic

Speaker #2: recorded

Speaker #4: reliance. Resilience: we

Speaker #2: 5.6%, driven

Speaker #2: by price positioning and rollout

Speaker #4: are highly encouraged by RBI's

Speaker #4: decision to raise its real

Speaker #2: of new solutions for key

Speaker #2: product categories including

Speaker #4: GDP forecast growth

Speaker #4: forecast for FY

Speaker #2: lubricants and spark plugs.

Speaker #4: 26-27 to 6.7%, up from its previous

Speaker #2: The two-wheeler business grew by

Speaker #2: 41.4%

Speaker #2: mainly on account of growth in

Speaker #4: estimate of

Speaker #4: 6.6%. Backed by strong

Speaker #2: value-added EMS

Speaker #2: products, increased sales to premium

Speaker #4: capital expenditure momentum outlined in

Speaker #2: motorcycle platforms, and

Speaker #4: the budget, keeping India

Speaker #4: positioned as the fastest-growing

Speaker #2: steady demand from

Speaker #2: major domestic oils. The

Speaker #4: major economy. Our

Speaker #4: strategy is built to thrive

Speaker #2: consumer goods business grew by

Speaker #4: amidst external market

Speaker #2: 20.9%, driven by

Speaker #4: dynamics. Our key

Speaker #2: strong demand for goods,

Guruprasad Mudlapur: Our key priorities will remain focused on strengthening our operational resilience in the face of ongoing external uncertainties, enhancing supply chain agility through diversified sourcing, and managing commodity and currency risk proactively. Next slide, please. The Indian automotive industry concluded Q1 FY27 on a resilient note despite the geopolitical disruptions in West Asia, supported by strong domestic demand, lower GST rates, and a favorable base effect compared to Q1 FY26.

Speaker #4: priorities will remain focused

Speaker #2: supported by marketing

Speaker #2: campaigns. Sequentiality: the

Speaker #4: on strengthening our operational

Speaker #4: resilience in the face of ongoing challenges.

Speaker #2: mobility business has grown

Speaker #2: 7.5% in April-June

Speaker #4: external uncertainties,

Speaker #2: 2026 as compared to

Speaker #4: enhancing supply chain agility through

Speaker #2: Jan-March

Speaker #4: diversified sourcing,

Speaker #2: 2026, driven mainly

Speaker #2: from the power solutions business,

Speaker #4: currency risk

Speaker #4: proactively. Next slide,

Speaker #2: which grew by 5.8% mainly

Speaker #4: please. The Indian automotive

Speaker #2: on account of growth

Speaker #4: industry concluded Q1

Speaker #2: in passenger cars and off-highway

Speaker #2: segments. The mobility aftermarket

Speaker #4: FY 27 on a

Speaker #2: business, which grew by

Speaker #4: resilient note despite

Speaker #2: 8.7% mainly on account of

Speaker #4: geopolitical disruptions in West

Speaker #4: Asia. Supported by

Speaker #2: strong growth in lubricants,

Speaker #4: strong domestic demand, lower

Speaker #2: wiper systems, and spark

Speaker #2: plugs, the two-wheeler

Speaker #4: GST rates, and a favorable

Speaker #2: business has grown significantly

Speaker #4: base effect compared to Q1 FY.

Speaker #2: by 20.5%

Speaker #4: 26. The

Guruprasad Mudlapur: The passenger vehicle demand remained strong during the quarter under review, despite geopolitical tensions in West Asia, elevated inflation within the RBI's target band, and heatwaves across select regions. Demand was supported by sustained preference for SUVs and healthy consumer sentiment. The HCVE segments remained healthy demand despite a INR 7.5 per liter increase in diesel prices. The HCVE segment maintained its momentum, supported by a combination of stable freight activity, steady replacement demand, and sustained spending in construction and infrastructure. Continued momentum in key sectors, specifically steel and cement, provided a strong foundation for further growth. LCV demand remained robust, driven by healthy last mile logistics, sustained e-commerce and FMCG demand at a low base effect that supported our momentum. The three-wheeler sales maintained strong growth momentum, supported by steady passenger mobility demand and increasing last mile connectivity.

Speaker #2: mainly on account of higher

Speaker #4: past vehicle demand

Speaker #2: production volumes from two-wheeler

Speaker #4: remains strong during quarter

Speaker #4: under review, despite

Speaker #2: OEMs, supported by general

Speaker #4: geopolitical tensions in West

Speaker #2: inventory replenishments.

Speaker #4: Asia elevated

Speaker #2: The consumer goods business

Speaker #4: inflation within the RBI's target

Speaker #2: declined by

Speaker #2: 15.7% due to seasonal

Speaker #4: band, and heat waves

Speaker #2: factors. Next slide,

Speaker #4: across select regions.

Speaker #2: please. Quarter

Speaker #4: Demand was supported by sustained

Speaker #4: preference for SUVs and

Speaker #2: on quarter: revenue from operations

Speaker #4: healthy consumer

Speaker #2: in April-June

Speaker #4: sentiment. The SUV

Speaker #2: 2026 stood at

Speaker #2: 58,419 million INR, which

Speaker #4: segments maintained the healthy

Speaker #4: demand despite the

Speaker #2: grew by 22% over

Speaker #4: 7.5

Speaker #2: April-June 2025. The

Speaker #4: rupee per liter increase in

Speaker #2: growth was driven mainly by

Speaker #4: diesel prices. The

Speaker #2: higher sales in power solutions

Speaker #2: and lower power support

Speaker #4: SUV segment maintained

Speaker #4: its momentum, supported by a combination

Speaker #2: segments, as seen in the previous

Speaker #2: slide.

Speaker #4: of stable flight

Speaker #2: Likewise, the revenue for the

Speaker #4: activity steady replacement

Speaker #4: demand and sustained spending in

Speaker #2: period April-June 2026

Speaker #4: construction and infrastructure.

Speaker #2: grew by 5% over

Guruprasad Mudlapur: Continued momentum in key sectors, specifically steel and cement, provided a strong foundation for further growth. LCV demand remained robust, driven by healthy last mile logistics, sustained e-commerce and FMCG demand at a low base effect that supported our momentum. The three-wheeler sales maintained strong growth momentum, supported by steady passenger mobility demand and increasing last mile connectivity.

Speaker #4: Continued momentum in key sectors,

Speaker #2: April-Jan-March

Speaker #2: 2026, from

Speaker #4: specifically steel and cement,

Speaker #4: provided a strong foundation for further growth.

Speaker #2: 55,657 million INR to

Speaker #4: growth.

Speaker #4: LCV demand remained

Speaker #2: 58,449

Speaker #4: robust, driven by healthy last-mile

Speaker #2: million INR. This growth

Speaker #2: was driven by strong performance

Speaker #4: logistics, sustained e-commerce, and

Speaker #4: FMCG demand, and a low

Speaker #2: in power solutions and

Speaker #2: mobility aftermarket

Speaker #4: base effect that supported growth

Speaker #2: segments. The EBITDA

Speaker #4: momentum. The three-wheeler

Speaker #4: sales maintained strong growth

Speaker #4: momentum, supported by steady

Speaker #2: for

Speaker #2: April-June 2026 was

Speaker #4: passenger mobility demand and

Speaker #4: increasing last-mile

Speaker #2: 8,180 million

Speaker #4: connectivity. The EV segment continued to

Speaker #2: INR, which grew by

Guruprasad Mudlapur: The EV segment continued to expand its market share, driven by attractive operating economics and lower running costs. The tractor demand remained resilient despite concerns over an uneven monsoon across parts of the country, supported by healthy farm cash flows from a strong rabi harvest and pre-kharif farm activities. The two-wheeler market recorded robust growth, supported by a low base effect and resilient rural demand. Next quarter, we expect a resilient 8% growth driven by such demand, stronger rural cash flows, and ongoing infrastructure activity. However, monsoon variability, potential El Niño effect, and geopolitical tensions remain key outsiders. Next slide, please. Quarter on quarter, the mobility business has grown 25.7% in April-June 2026 as compared to April-June 2025, driven mainly from the power solutions business, which grew by 29%, mainly on account of growth in passenger cars and off-highway segments.

Speaker #2: 28% over the same quarter of the

Speaker #4: expand its market

Speaker #4: share, driven by

Speaker #2: estimate. The improvement in

Speaker #4: attractive operating economics

Speaker #2: EBITDA margin was

Speaker #4: and lower running costs.

Speaker #2: primarily driven on account

Speaker #2: of growth in

Speaker #4: The tractor demand remained

Speaker #2: revenue and optimization of

Speaker #4: resilient despite concerns over

Speaker #2: expenses. EBITDA

Speaker #4: an uneven monsoon

Speaker #2: for period

Speaker #4: across parts of the country, supported by

Speaker #2: April-June 2026 was

Speaker #4: healthy farm cash

Speaker #4: flows from a strong Rabi harvest.

Speaker #2: 8,180 million INR,

Speaker #2: as compared to

Speaker #4: and pre-tariff farm

Speaker #2: 7,816 million INR

Speaker #4: activities. The

Speaker #4: two-wheeler market recorded robust

Speaker #2: in Jan-March

Speaker #2: 2026, which grew by

Speaker #4: growth, supported by a low base effect.

Speaker #2: 4.7%. The

Speaker #4: and resilient rural

Speaker #4: demand. Next

Speaker #2: increase in

Speaker #2: EBITDA was due to revenue growth.

Speaker #4: quarter, we expect resilient 8%

Speaker #4: growth driven by

Speaker #2: The profit

Speaker #4: festive demand,

Speaker #2: after tax for April-June

Speaker #4: stronger rural cash flows, and ongoing

Speaker #2: 2026 declined by

Speaker #4: infrastructure activity.

Speaker #2: 37.1% over the

Speaker #4: However, monsoon variability

Guruprasad Mudlapur: However, monsoon variability, potential El Niño effect, and geopolitical tensions remain key outsiders. Next slide, please. Quarter on quarter, the mobility business has grown 25.7% in April-June 2026 as compared to April-June 2025, driven mainly from the power solutions business, which grew by 29%, mainly on account of growth in passenger cars and off-highway segments. The mobility aftermarket recorded a growth of 9.6%, driven by strategic price positioning and rollout of new schemes for key product categories, including lubricants and spark plugs.

Speaker #2: same quarter of the

Speaker #2: estimate. April-June 2025 had

Speaker #4: potential El Niño

Speaker #4: effect and

Speaker #2: an exceptional item

Speaker #4: geopolitical tensions remain key

Speaker #2: of profit on sales

Speaker #4: downside risks. Next slide,

Speaker #2: of video services at

Speaker #4: please. Quarter on

Speaker #2: full-time inclusion and

Speaker #4: quarter, the mobility business

Speaker #2: communication systems under the building

Speaker #2: technology segment. The

Speaker #4: has grown

Speaker #4: 25.7% in April-June

Speaker #2: profit after tax accounts this

Speaker #4: 26 as compared to April-June

Speaker #2: exceptional item in April-June

Speaker #4: 25, driven mainly

Speaker #2: 2025 quarter has

Speaker #4: from the power solutions

Speaker #2: grown by

Speaker #2: 9.9%. The profit after

Speaker #4: business, which grew by

Speaker #2: tax was 3 months

Speaker #4: 29% mainly on account

Speaker #2: ending June 2026,

Speaker #4: of growth in passenger cars and

Speaker #4: off-highway segments. The mobility

Speaker #2: stood at 7,018 million

Guruprasad Mudlapur: The mobility aftermarket recorded a growth of 9.6%, driven by strategic price positioning and rollout of new schemes for key product categories, including lubricants and spark plugs. The two-wheeler business grew by 41.4%, mainly on account of growth in value-added EMS products, increased sales to premium motorcycle platforms, and steady demand from major domestic OEMs. The consumer goods business grew by 20.9%, driven by strong demand for tools supported by marketing campaigns. Sequentially, the mobility business has grown 7.5% in April-June 2026 as compared to Jan-March 2026, driven mainly from the power solutions business, which grew by 5.8%, mainly on account of growth in passenger cars and off-highway segments. The mobility aftermarket business which grew by 8.7%, mainly on account of strong growth in lubricants, wiper solutions, and spark plugs.

Speaker #4: aftermarket recorded growth of

Speaker #2: INR, which is a growth of

Speaker #4: 9.6% driven by

Speaker #2: 26.4%

Speaker #4: strategic price positioning

Speaker #2: over the sequential quarter.

Speaker #2: The growth impact is

Speaker #4: and rollout of new schemes

Speaker #4: for key product categories,

Speaker #2: mainly due to revenue growth

Speaker #4: including lubricants and spark

Speaker #2: and higher vehicle rates, which

Speaker #4: plugs. The two-wheeler business

Speaker #2: are taxed at a fixed

Guruprasad Mudlapur: The two-wheeler business grew by 41.4%, mainly on account of growth in value-added EMS products, increased sales to premium motorcycle platforms, and steady demand from major domestic OEMs. The consumer goods business grew by 20.9%, driven by strong demand for tools supported by marketing campaigns. Sequentially, the mobility business has grown 7.5% in April-June 2026 as compared to Jan-March 2026, driven mainly from the power solutions business, which grew by 5.8%, mainly on account of growth in passenger cars and off-highway segments.

Speaker #2: rate. Next slide,

Speaker #4: grew by

Speaker #4: 41.4% mainly on account

Speaker #4: of growth in value-added

Speaker #2: through the key highlights from

Speaker #4: EMS products, increased sales

Speaker #2: our business users for the first

Speaker #2: quarter of the fiscal year

Speaker #4: to premium motorcycle

Speaker #4: platforms, and steady demand

Speaker #2: 2026-2027. From our power solutions

Speaker #4: from major domestic

Speaker #4: OEMs. The consumer goods

Speaker #2: division, it

Speaker #2: achieved strong growth,

Speaker #4: business grew by

Speaker #4: 20.9%, driven by strong demand for

Speaker #2: significantly outperforming the broader

Speaker #2: automotive market. This performance

Speaker #4: tools, supported by marketing

Speaker #2: was due to robust

Speaker #4: campaigns.

Speaker #2: demand across all our key

Speaker #4: Sequentially, the mobility business has

Speaker #2: segments, including passenger cars,

Speaker #4: grown 7.5% in

Speaker #4: April-June 26 as compared

Speaker #2: commercial vehicles, and

Speaker #2: tractors. Our focus continues on

Speaker #4: to Jan-March

Speaker #4: 26, driven

Speaker #2: navigating the evolving

Speaker #4: mainly from the power

Speaker #2: regulatory landscape. We are

Speaker #2: actively engaged with our partners to

Speaker #4: solutions business, which grew by

Speaker #4: 5.8% mainly on account

Speaker #2: address upcoming regulations

Speaker #4: of growth in passenger cars and

Speaker #2: like CAFE 3, Phase

Speaker #2: 3 CAFE Phase 3,

Speaker #4: off-highway segments, the mobility

Guruprasad Mudlapur: The mobility aftermarket business which grew by 8.7%, mainly on account of strong growth in lubricants, wiper solutions, and spark plugs. The two-wheeler business has grown significantly by 20.5%, mainly on account of higher production volumes from two-wheeler OEMs, supported by channel inventory replenishments. The consumer goods business declined by 15.7% due to seasonal factors. Next slide, please. Quarter on quarter, revenue from operations in April-June 2026 stood at INR 58,419 million, which grew by 22% over April-June 2025.

Speaker #2: and implementation of

Speaker #4: aftermarket business, which grew

Speaker #2: TEDAS in commercial

Speaker #4: by 8.7% mainly

Speaker #2: vehicles. Our commitment to quality

Speaker #4: on account of strong growth in

Speaker #4: lubricants, wiper systems,

Speaker #2: and innovation continues to be

Speaker #4: and spark plugs, the

Speaker #2: recognized across the

Speaker #2: industry. This quarter, multiple

Guruprasad Mudlapur: The two-wheeler business has grown significantly by 20.5%, mainly on account of higher production volumes from two-wheeler OEMs, supported by channel inventory replenishments. The consumer goods business declined by 15.7% due to seasonal factors. Next slide, please. Quarter on quarter, revenue from operations in April-June 2026 stood at INR 58,419 million, which grew by 22% over April-June 2025. The growth was driven mainly by higher sales in power solutions and two-wheeler powersport segments as seen in the previous slide. Likewise, the revenue for the period April-June 2026 grew by 5% over Jan-March 2026 from INR 55,655 million to INR 584.19 million. This growth was driven by strong performance in power solutions and mobility aftermarket services. The EBITDA for April-June 2026 was INR 8,180 million, which grew by 38% over the same quarter of previous year.

Speaker #4: two-wheeler business has

Speaker #4: grown significantly by

Speaker #2: OEMs honored us for

Speaker #4: 20.5% mainly on account of

Speaker #2: our performance. We

Speaker #4: higher production volumes

Speaker #2: received a delivery

Speaker #4: from two-wheeler OEMs, supported

Speaker #2: excellence award from a leading

Speaker #2: commercial vehicle manufacturer and

Speaker #4: by channel inventory

Speaker #4: replenishments. The consumer

Speaker #2: a prominent tractor and

Speaker #4: goods business declined by

Speaker #2: Utility vehicle manufacturer awarded us for

Speaker #4: 15.7% due to

Speaker #4: seasonal

Speaker #2: best quality performance. Best

Speaker #4: factors. Next slide,

Speaker #2: in technology and innovation, and named

Speaker #4: please. Quarter on quarter,

Speaker #2: us their business partner

Speaker #4: revenue from operations in

Speaker #2: of the year. Moving to

Speaker #4: April-June 26

Speaker #2: our two-year-end power sports

Speaker #4: stood at 58,419 million

Speaker #2: division, the business successfully

Speaker #2: met a surge in market

Speaker #2: demand ensuring zero production

Speaker #4: INR, which grew by

Speaker #4: 22% over April-June

Speaker #2: disruptions for our

Speaker #2: customers, despite ongoing

Speaker #4: 25. The growth was

Guruprasad Mudlapur: The growth was driven mainly by higher sales in power solutions and two-wheeler powersport segments as seen in the previous slide. Likewise, the revenue for the period April-June 2026 grew by 5% over Jan-March 2026 from INR 55,655 million to INR 584.19 million. This growth was driven by strong performance in power solutions and mobility aftermarket services. The EBITDA for April-June 2026 was INR 8,180 million, which grew by 38% over the same quarter of previous year.

Speaker #2: geopolitical and supply chain

Speaker #4: driven mainly by higher sales in Q1

Speaker #2: complexities. Bosch's

Speaker #4: power solutions and two-wheeler

Speaker #2: advanced safety systems were

Speaker #4: power sports segments as seen in the

Speaker #4: previous slide.

Speaker #2: recently introduced

Speaker #2: integrated into the first

Speaker #4: Likewise, the

Speaker #4: revenue for the period

Speaker #2: electric

Speaker #2: motorcycle from a leading two-wheeler

Speaker #4: April-June 26 grew by

Speaker #4: 5% over

Speaker #2: manufacturer for its commercial

Speaker #4: April-Jan-March

Speaker #2: launch. We also showcased

Speaker #4: 26 from 55,657 million

Speaker #2: our latest innovations

Speaker #2: across powertrains, safety, and electrification, at the Agra.

Speaker #4: INR to

Speaker #4: 58,419 million

Speaker #2: Mobility Foundation Technology

Speaker #4: INR. This growth was driven by

Speaker #2: Show. Furthermore, we

Speaker #2: were honored by a leading

Speaker #4: strong performance in power

Speaker #4: solutions and mobility

Speaker #2: global two-wheeler manufacturer

Speaker #4: aftermarket

Speaker #2: for providing exceptional

Speaker #4: segments. The EBITDA

Speaker #2: development speed

Speaker #2: and engineering support for one of

Speaker #4: for April-June 26

Speaker #2: their flagship

Speaker #2: scooter platforms, a testament

Speaker #4: was

Speaker #4: ₹8,180 million, which grew by

Speaker #2: to our strong collaborative

Speaker #2: partnership. In our mobility

Speaker #4: 28% over the

Speaker #4: same quarter of the previous year.

Speaker #2: aftermarket division, the independent

Guruprasad Mudlapur: The improvement in EBITDA margin was primarily driven on account of growth in revenue and optimization of expenses. EBITDA for the period April-June 2026 was INR 8,180 million as compared to INR 7,816 million in January-March 2026, which grew by 4.7%. The increase in EBITDA was due to revenue growth. The profit after tax for April-June 2026 declined by 37.1% over the same quarter of previous year. April-June 2025 had an exceptional item of profit on sale of video solutions, access and intrusion, and communication systems under the Building Technology segment. The profit after tax without this exceptional item in April-June 2025 quarter has grown by 9.9%. The profit after tax for 3 months ending June 2026 stood at INR 7,018 million, which is a growth of 23.4% over sequential quarter.

Speaker #4: improvement in EBITDA

Speaker #2: aftermarket business was

Speaker #4: margin was primarily driven

Speaker #2: a standout performer,

Speaker #2: achieving its highest-ever monthly

Speaker #4: on account of growth

Speaker #4: in revenue and

Speaker #2: sales in June. The original

Speaker #4: optimization of expenses.

Speaker #2: equipment segment

Speaker #4: EBITDA for

Speaker #2: also delivered robust

Speaker #4: period April-June 26

Speaker #2: growth. This performance was driven by

Speaker #2: Strong contributions from our core product.

Speaker #4: was 8,180

Speaker #4: million INR as compared

Speaker #2: categories, including

Speaker #4: to 7,816

Speaker #2: lubricants, batteries, spark plugs,

Speaker #4: million INR in

Speaker #2: and braking

Speaker #2: systems. Strategically, we are

Speaker #4: Jan-March 26, which

Speaker #2: accelerating our workshop

Speaker #4: grew by

Speaker #4: 4.7%. The increase in

Speaker #2: programs and expanding our portfolio

Speaker #2: with new product launches, such

Speaker #4: EBITDA was due to

Speaker #2: as steering LED

Speaker #4: revenue growth.

Speaker #4: The profit after

Speaker #2: range of advanced lighting

Speaker #2: solutions with a

Speaker #4: tax for April-June 26

Speaker #2: high-duty heavy-duty

Speaker #4: declined by

Speaker #4: 37.1% over the same quarter of last year.

Speaker #2: commercial vehicle battery,

Speaker #2: PC clutches, and

Speaker #4: previous year.

Speaker #2: suspensions, which will further strengthen our

Speaker #4: April-June 25 had an exceptional

Speaker #2: market position. In

Speaker #4: item of

Speaker #4: profit on sale of video

Speaker #2: our power tools

Speaker #2: division, we saw

Speaker #4: solutions access and

Speaker #4: intrusion and communication

Speaker #2: strong sequential growth and

Speaker #2: accelerated demand in the construction

Speaker #4: systems under the building technology

Speaker #2: and automotive sectors, with

Speaker #4: segment. The profit after

Guruprasad Mudlapur: The profit after tax without this exceptional item in April-June 2025 quarter has grown by 9.9%. The profit after tax for 3 months ending June 2026 stood at INR 7,018 million, which is a growth of 23.4% over sequential quarter. The growth impact is mainly due to revenue growth and higher mutual fund gains, which are taxed at a lesser rate. Next slide, please. I now will walk you through the key highlights from our business divisions for the first quarter of the fiscal year 2026, 2027. From our Motor Solutions divisions, it achieved strong growth, significantly outperforming the broader automotive market.

Speaker #4: tax, without this exceptional

Speaker #2: our online sales channels

Speaker #4: item in April-June

Speaker #2: continuing to expand

Speaker #4: 25 quarter, has grown by

Speaker #2: its share of total

Speaker #2: sales. Our strategic focus

Speaker #4: 9.9%. The

Speaker #4: profit after tax for

Speaker #2: conversion, extending

Speaker #4: three months ending June

Speaker #2: our product portfolio and

Speaker #4: 26 stood at

Speaker #4: 7,018 million

Speaker #2: expanding our market

Speaker #4: INR, which is a growth of

Speaker #2: reach to key customers, key

Speaker #4: 23.4% over

Speaker #2: users, and small to

Speaker #4: sequential quarter. The growth

Speaker #2: medium enterprises. Next slide,

Guruprasad Mudlapur: The growth impact is mainly due to revenue growth and higher mutual fund gains, which are taxed at a lesser rate. Next slide, please. I now will walk you through the key highlights from our business divisions for the first quarter of the fiscal year 2026, 2027. From our Motor Solutions divisions, it achieved strong growth, significantly outperforming the broader automotive market. This performance was driven by robust demand across all our key segments, including passenger cars, commercial vehicles, and tractors. Our focus continues on navigating the evolving regulatory landscape. We are actively engaged with our partners to address upcoming regulations like CAFE phase 3 and the implementation of ADAS in commercial vehicles. Our commitment to quality and innovation continues to be recognized across the industry. This quarter, multiple OEMs honored us for our performance.

Speaker #2: please.

Speaker #4: impact is mainly due to

Speaker #4: revenue growth and higher

Speaker #2: Yeah. Thank you all for your time.

Speaker #2: contribution, and we're seeing patience through the

Speaker #4: mutual fund gains, which are taxed at a

Speaker #4: lesser rate. Next

Speaker #2: We will now address the next topic.

Speaker #2: offers. Thank you, and we are

Speaker #4: Slide, please. I will now walk you through the

Speaker #2: open.

Speaker #4: key highlights from our business

Speaker #1: Yes. Thank you, Okay. Thank you, sir. We will now begin the sir. We will now begin the question and answer question-and-answer session. For session.

Speaker #4: Divisions for the first quarter of

Speaker #4: the fiscal year 2026–27. From our

Speaker #4: power solutions

Speaker #4: divisions, it achieved strong

Speaker #1: We will now your hand. We will now wait for wait for a moment when the questions are a moment while the question queue assembled.

Speaker #4: growth, significantly

Speaker #4: outperforming the broader automotive

Speaker #2: Yeah.

Speaker #4: market. This performance was driven

Speaker #1: First question is from First question is from Pramo Pramod Amte. Please unmute and ask Dante. Please unmute and ask your your question. question. Pramod, you can Pramod, you can unmute and ask your unmute and ask your question.

Guruprasad Mudlapur: This performance was driven by robust demand across all our key segments, including passenger cars, commercial vehicles, and tractors. Our focus continues on navigating the evolving regulatory landscape. We are actively engaged with our partners to address upcoming regulations like CAFE phase 3 and the implementation of ADAS in commercial vehicles. Our commitment to quality and innovation continues to be recognized across the industry. This quarter, multiple OEMs honored us for our performance.

Speaker #4: by robust demand across

Speaker #4: all our key segments,

Speaker #4: including passenger cars, commercial

Speaker #4: vehicles, and tractors. Our

Speaker #4: focus continues on navigating

Speaker #4: the evolving regulatory

Speaker #4: landscape. We are actively

Speaker #4: engaged with our partners to address

Speaker #4: upcoming regulations like CAFE

Speaker #4: III, Phase III, CAFE

Speaker #2: I don't

Speaker #2: know.

Speaker #4: Phase III, and the implementation

Speaker #4: of ADAS in

Speaker #3: Hello.

Speaker #1: Yeah, yeah.

Speaker #4: commercial vehicles.

Speaker #4: Our commitment to quality and

Speaker #3: Thanks for this opportunity, and

Speaker #4: innovation continues to be recognized

Speaker #3: Congrats on a good set of numbers.

Speaker #3: So, the first question is the—

Speaker #4: across the industry. This

Speaker #3: aftermarket segment seems to have come back into a

Speaker #4: quarter, multiple OEMs

Speaker #4: honored us for our

Speaker #3: high seven-digit growth

Speaker #4: performance. We received a

Speaker #3: after languishing in

Guruprasad Mudlapur: We received a delivery excellence award from a leading commercial vehicle manufacturer and a prominent tractor and utility vehicle maker awarded us for best quality performance, best in technology and innovation, and named us as Business Partner of the Year. Moving to our Two-wheeler and Powersports division, the business successfully met a surge in market demand, ensuring zero production disruptions for our customers despite ongoing geopolitical and supply chain complexities. Bosch's advanced safety systems were recently integrated into the first electric motorcycle from a leading two-wheeler manufacturer for its commercial launch. We also showcased our latest innovations across powertrain, safety, and electrification at the ACMA Mobility Formation Technology show. Furthermore, we were honored by a leading global two-wheeler manufacturer for providing exceptional development speed and engineering support for one of their flagship scooter platforms, a testament to our strong collaborative partnership.

Speaker #3: the low single-digit. I wanted

Speaker #4: delivery excellence

Speaker #4: award from a leading commercial vehicle company.

Speaker #3: to get your comments on how sustainable

Speaker #4: manufacturer and a

Speaker #3: is this momentum

Speaker #4: prominent tractor and utility vehicle

Speaker #3: and what you have done

Speaker #3: differently from now on, because it's a

Speaker #4: manufacturer awarded us for best

Speaker #3: large legacy business to be

Speaker #4: quality performance. Best in technology

Speaker #3: addressed.

Speaker #4: and innovation, and named as

Speaker #2: Yeah, thank

Speaker #2: you. Yes, I mean, we've

Speaker #4: their business partner of the

Speaker #2: had some

Speaker #4: year. Moving to our

Speaker #4: two-wheeler and power sports

Speaker #2: low growth period last year, with

Speaker #4: division, the business successfully met a

Speaker #2: our

Speaker #2: aftermarket.

Speaker #4: surge in market demand

Speaker #2: And we've looked at the aftermarket, and we've recognized that and made quite

Speaker #4: ensuring zero production disruptions

Speaker #4: for our customers

Speaker #2: some corrections in

Speaker #4: despite ongoing geopolitical

Speaker #2: our strategy and our

Speaker #2: approach to market.

Speaker #4: and supply chain

Speaker #4: complexities. Bosch's advanced

Speaker #2: So

Guruprasad Mudlapur: Bosch's advanced safety systems were recently integrated into the first electric motorcycle from a leading two-wheeler manufacturer for its commercial launch. We also showcased our latest innovations across powertrain, safety, and electrification at the ACMA Mobility Formation Technology show. Furthermore, we were honored by a leading global two-wheeler manufacturer for providing exceptional development speed and engineering support for one of their flagship scooter platforms, a testament to our strong collaborative partnership.

Speaker #2: specifically,

Speaker #4: safety systems were recently

Speaker #2: to address your

Speaker #4: introduced

Speaker #4: integrated into the first

Speaker #2: question, the independent

Speaker #4: electric motorcycle from a

Speaker #2: aftermarket business did very,

Speaker #4: leading two-wheeler manufacturer for

Speaker #2: very robust

Speaker #4: its commercial launch. We

Speaker #2: growth. A lot of contribution

Speaker #4: also showcased

Speaker #4: our latest innovations across

Speaker #2: from lubricants, batteries, spark

Speaker #2: plugs, braking systems, and rotating

Speaker #4: electrification at the ACMA Mobility

Speaker #2: machines. We've

Speaker #4: Foundation Technology

Speaker #4: Show. Furthermore, we were

Speaker #4: honored by a leading global

Speaker #2: our expansion of the workshop program, which

Speaker #4: two-wheeler manufacturer for

Speaker #4: providing exceptional development

Speaker #2: We are expanding at a very,

Speaker #4: speed and

Speaker #2: very rapid pace

Speaker #2: now. We've also introduced

Speaker #4: engineering support for one of

Speaker #4: their flagship scooter

Speaker #2: quite some new product

Speaker #2: launches: Helix the LED

Speaker #4: platforms, a testament to our

Speaker #4: strong collaborative

Speaker #4: partnership. In our mobility

Guruprasad Mudlapur: In our Mobility Aftermarket division, the independent aftermarket business was a standout performer, achieving its highest ever monthly sales in June. The original equipment segment also delivered robust growth. This performance was driven by strong contributions from our core product categories, including lubricants, batteries, spark plugs, and braking systems. Strategically, we are accelerating our workshop programs and expanding our portfolio with new product launches, such as Tulips LED range of advanced lighting solutions, Bitfury heavy-duty commercial vehicle battery, BC chargers and suspension, which will further strengthen our market position. In our Power Tools division, we saw strong sequential growth and accelerated demand in the construction and automotive sectors, with our online sales channels continuing to expand its share of total sales. Our strategic focus remains centered on driving cordless conversion, extending our product portfolio and expanding our market reach to key customers, key users, and small to medium enterprises.

Speaker #4: aftermarket division, the independent

Speaker #2: then probably heavy commercial

Speaker #4: aftermarket business was a

Speaker #2: Batteries, we've brought in new products.

Speaker #4: standout performer achieving

Speaker #4: its highest-ever monthly sales in

Speaker #2: like the PC clutches and

Speaker #2: suspension systems. So

Speaker #4: June. The original

Speaker #2: overall, the aftermarket

Speaker #4: equipment segment also

Speaker #2: portfolio is much stronger

Speaker #4: delivered robust growth.

Speaker #2: now. And our approach to market, which is even

Speaker #4: This performance was driven by strong

Speaker #4: contributions from our core product

Speaker #4: categories, including

Speaker #2: More significant, it has started to produce results.

Speaker #4: lubricants, batteries, spark plugs,

Speaker #2: So, we believe that this is

Speaker #4: and braking systems.

Speaker #4: Strategically, we are accelerating

Guruprasad Mudlapur: Strategically, we are accelerating our workshop programs and expanding our portfolio with new product launches, such as Tulips LED range of advanced lighting solutions, Bitfury heavy-duty commercial vehicle battery, BC chargers and suspension, which will further strengthen our market position. In our Power Tools division, we saw strong sequential growth and accelerated demand in the construction and automotive sectors, with our online sales channels continuing to expand its share of total sales.

Speaker #2: a sustainable path for the coming period.

Speaker #4: our workshop programs and

Speaker #4: expanding our portfolio with new

Speaker #2: So we should see sustained growth in our moving.

Speaker #4: product launches, such as

Speaker #2: forward.

Speaker #4: Tulix LED range

Speaker #3: Thanks. The second question is regarding—

Speaker #4: of advanced lighting solutions,

Speaker #3: margins. Compared to post-COVID, EBITDA margins range from 12 to

Speaker #4: Prithvi a

Speaker #4: high-duty heavy-duty commercial

Speaker #4: vehicle battery, PC

Speaker #3: 13 percent. Last two

Speaker #3: quarters, we have successfully delivered

Speaker #4: clutches, and suspension, which

Speaker #4: will further strengthen our

Speaker #4: marketing position. In

Speaker #3: In January, we talked about holding onto the margin. So, in...

Speaker #4: our power tools

Speaker #4: division, we saw strong

Speaker #3: that context, I wanted to

Speaker #4: sequential growth and accelerated

Speaker #4: demand in the construction and

Speaker #4: automotive sectors, with our

Speaker #3: helped you and going forward,

Speaker #4: online sales channels continuing

Speaker #3: how confident you are

Speaker #3: to maintaining these margins?

Speaker #4: to expand its share

Speaker #4: of total sales.

Speaker #2: Yeah, margins?

Speaker #4: Our strategic focus remains centered

Speaker #2: I'll give you my perspective

Guruprasad Mudlapur: Our strategic focus remains centered on driving cordless conversion, extending our product portfolio and expanding our market reach to key customers, key users, and small to medium enterprises. Next slide, please. Yeah, thank you all for your contribution and listening patiently through the call. We will now address your queries. Thank you, and we are open for questions.

Speaker #4: Our driving focus remains centered on cordless.

Speaker #2: And maybe Silman can add on this.

Speaker #4: conversion extending our

Speaker #2: So, I think we've done quite a few things over the

Speaker #4: product portfolio and expanding

Speaker #4: our market reach to

Speaker #4: key customers, key users,

Speaker #4: and small to medium

Speaker #2: at least two years or so, consistently, which

Speaker #4: enterprises. Next slide,

Guruprasad Mudlapur: Next slide, please. Yeah, thank you all for your contribution and listening patiently through the call. We will now address your queries. Thank you, and we are open for questions.

Speaker #4: please. Yeah.

Speaker #2: improvement in our margins. The first thing is,

Speaker #4: Thank you all for your contribution, and

Speaker #4: listening patiently through the call.

Speaker #2: continuous improvement in our operational activities, so

Speaker #4: We will now address your queries. Thank you.

Speaker #4: Thank you, and we are open for questions.

Speaker #2: that has led to a

[Company Representative] (360 ONE Capital Market Research): Yes. Thank you, sir. We will now begin the question and answer session. For participants who wish to ask a question, I request you to please raise your hand. We will now wait for a moment while your question comes to us. First question is from Pramod Damle. Please unmute and ask your question. Pramod, you can unmute and ask your question. I don't know.

Speaker #2: We've had a continued increase in our localization.

Speaker #1: For participants who participants who wish to ask a question, I request you to wish to ask a question, I request you to please raise please raise your hand.

Speaker #2: So, that's contributed quite a bit.

Speaker #2: The volume growth has been

Speaker #1: assembles. Yeah.

Speaker #2: Good part. We've had improvements in

Guruprasad Mudlapur: First question is from Pramod Damle. Please unmute and ask your question. Pramod, you can unmute and ask your question. I don't know.

Speaker #2: productivity overall, and that has

Speaker #2: been also a major, major

Speaker #2: contributor. And the product pitch has also been quite favorable.

Speaker #1: question. I

Speaker #2: also a good addition to

Speaker #2: our margin pitch. So overall, I would say,

Speaker #1: don't

Speaker #1: know.

Speaker #2: We are on an upward trend, and

Speaker #2: Hello. Can you hear me?

Pramod Damle: Hello.

Speaker #1: Yeah, yeah. We could hear hear you. Yeah, yeah, we can hear you. you. Yeah, yeah, we could hear you. Please go. Please go ahead, sir.

Guruprasad Mudlapur: Yeah.

Pramod Damle: Can you hear me?

Guruprasad Mudlapur: We could hear you. Yeah, we could hear you. Please go ahead.

Speaker #2: We could say that we will sustain.

Speaker #2: Thanks. Thanks for this opportunity, and congrats.

Pramod Damle: Thanks for this opportunity, and congrats for a good set of numbers. The first question is the aftermarket segment seems to have come back into a high single-digit growth after languishing in the low single-digit. Wanted to get your comments, how sustainable is this momentum, what you have done differently from now onwards, because it is a large legacy business to be addressed.

Speaker #2: for a good set of numbers. So, the

Speaker #2: first question is the aftermarket

Speaker #3: Silman, if you want to add anything,

Speaker #2: segment seems to have come back into a high.

Speaker #3: Comment: I would also like to say that...

Speaker #2: single-digit growth

Speaker #2: after languishing in the single low

Speaker #3: Silman—not Thilman—is not feeling very well. That's why he's on the

Speaker #2: single-digit wanted to

Speaker #2: Could you share your comments on how sustainable this is?

Speaker #3: call from home. So

Speaker #2: this momentum, what you

Speaker #3: He can join in, but I'll keep...

Speaker #2: have done differently,

Speaker #2: From now onwards, because it's a large

Speaker #2: legacy business to be addressed.

Speaker #1: I'm

Speaker #1: here.

Guruprasad Mudlapur: Yeah. Thank you, Pramod. Yes. We have had some low growth last year in our aftermarket. We recognized and made quite some corrections in our strategy and our approach to market. So, specifically to address your question, the independent aftermarket business did very robust growth. A lot of contribution from lubricants, batteries, spark plugs, braking systems, and rotating machines. We have also sort of continued our expansion of the workshop program, which we are expanding at a very rapid pace now. We have also introduced quite some new product launches, GE lines. Then for the heavy commercial vehicle like series batteries, we have brought in new products like the DC clutch and suspension systems. So overall, the aftermarket portfolio is much stronger now. Our approach to market, which is a little more significant, has started to produce results. So we believe that this is a sustainable path over the coming period.

Speaker #1: Yeah. Thank you,

Speaker #4: I think we

Speaker #1: Pramod: Yes. I mean, we've had...

Speaker #4: also I think we

Speaker #1: some

Speaker #1: low-growth period last year with

Speaker #1: our mobility

Speaker #1: recognized that and made quite

Speaker #1: some corrections in our

Speaker #4: currency organization, which helps

Speaker #4: us to maneuver this very volatile

Speaker #1: strategy and our approach

Speaker #1: to market.

Speaker #1: So

Speaker #4: situation, and maintain as much as possible our

Speaker #1: specifically, to

Speaker #4: margin in this situation by also

Speaker #4: Margin in this situation is also driven by our sourcing activities. That's the only sourcing activity.

Speaker #1: address your

Speaker #1: question, the independent aftermarket

Speaker #4: thing I would add.

Speaker #1: business did very, very

Speaker #3: Thanks. So, if I can ask one...

Speaker #1: robust growth.

Speaker #3: More questions based on a regular question about your annual report.

Speaker #1: A lot of contribution from

Speaker #3: delivered in terms of reducing the

Speaker #1: lubricants, batteries, spark plugs, braking systems, and

Speaker #3: sales. Over the last two to three years, by

Speaker #1: rotating

Speaker #1: machines. We've

Speaker #3: by reducing it from

Speaker #1: also sort of continued our, also thought of continuing expansion of the

Speaker #3: whatever, 40 percent plus, by around—whatever, 40 percent plus, by around.

Speaker #3: 200 basis points. But if I had to look at the 200 basis points...

Speaker #1: workshop program, which we are

Speaker #3: A mix of it, the sourcing from the parent continues to go.

Speaker #1: expanding at a very, very

Speaker #3: up. It's now almost

Speaker #1: rapid pace

Speaker #1: Now, we've also introduced quite some...

Speaker #3: is a mix, which is, I think, a

Speaker #1: new product

Speaker #3: decadal high. Versus the

Speaker #1: LED

Speaker #3: The local subsidies proportion has come down. The local subsidies proportion has come down.

Speaker #1: lights, then lights,

Guruprasad Mudlapur: Then for the heavy commercial vehicle like series batteries, we have brought in new products like the DC clutch and suspension systems. So overall, the aftermarket portfolio is much stronger now. Our approach to market, which is a little more significant, has started to produce results. So we believe that this is a sustainable path over the coming period. So we should see sustained growth moving forward.

Speaker #3: at is there a directionally

Speaker #1: for the heavy commercial vehicle

Speaker #1: like CV vehicle like CV

Speaker #3: The imports from the parent, directionally the imports from the parent...

Speaker #1: batteries. We brought in new products like

Speaker #3: will come down, or the technology,

Speaker #3: New technology, still technology. New technology, still.

Speaker #1: the PC clutch and suspension

Speaker #3: demand this proportion to remain, demand this proportion to remain.

Speaker #1: systems. So

Speaker #1: overall, the aftermarket portfolio

Speaker #3: high? Thanks.

Speaker #1: is much, much stronger

Speaker #2: There's been a

Speaker #2: certain surge in volumes which certain surge in volumes which have

Speaker #2: have also led

Speaker #1: market, which is even

Speaker #2: to this effect.

Speaker #2: But all I can state is, but all I can state is,

Speaker #1: produce results. So

Speaker #2: that our localization, that our localization,

Speaker #1: We believe that this is a

Speaker #2: plan are well on track,

Speaker #1: over the coming period. So

Speaker #2: and consistently

Guruprasad Mudlapur: So we should see sustained growth moving forward.

Speaker #2: increasing localization

Speaker #2: content. And we

Speaker #1: sustained growth moving

Speaker #1: forward. Yes.

Speaker #2: will continue to, will continue to

Pramod Damle: Yeah. Thanks. The second question is regarding margins. Compared to post-COVID EBITDA margins range of 12% to 13%, last two quarters you have successfully delivered 14% margin. Even in the annual report, you talked about holding on to the margins. In that context, wanted to know how sticky these margins are. Are there any one-offs which have helped you? Going forward, how confident you are to maintaining these type of margins?

Speaker #2: Yeah.

Speaker #2: Thank you. So, the second question is regarding...

Speaker #2: Go in this path and continue to increase.

Speaker #2: our localization content source.

Speaker #2: post-COVID EBITDA margin range of 12–13%

Speaker #2: As we go by in the, as you go by in the,

Speaker #2: Coming focus, we will continue. Coming quarters, we will continue.

Speaker #2: percent, last two

Speaker #2: quarters, you have successfully delivered 14.

Speaker #2: to share our

Speaker #2: percent margin, and even in the 13 percent margin, and even in

Speaker #2: localization updates

Speaker #2: and this is on a very good

Speaker #2: path as far as I

Speaker #2: margins. So in that

Speaker #2: can.

Speaker #2: context, I wanted to

Speaker #3: Thanks, and all the

Speaker #2: know how sticky these margins or are know how sticky these margins are

Speaker #1: Thanks for Thanks,

Speaker #1: both.

Speaker #2: Are there any one-offs which have helped, or are there any run-offs which have?

Speaker #2: you and going forward, how

Speaker #1: Mr. One minute. Mr. Ravi Gupta,

Speaker #2: confident you are in maintaining these types of

Speaker #1: You can unmute and ask your question.

Speaker #1: Yeah.

Speaker #1: question.

Guruprasad Mudlapur: I'll give you my perspective, and then maybe Tilman can add on this. I think we've done quite a few things over the last several years, maybe at least two years or so, consistently, which has led to a sustained improvement in our raw margins. The first thing is continuous improvement in our operational excellence. That has led to a sustained change. We've had continued increase in our localization content, so that's contributed quite a bit. The volume growth has been favorable, which is also a very good one. We've had improvements in productivity overall. That has been also a major contributor. The product mix has also been quite favorable going forward, so that's also a good addition to our margin case. Overall, I would say, we are on an upward trend, and we would say that we will sustain this.

Speaker #1: I'll give you my perspective

Speaker #1: on this. So I

Speaker #1: things over the

Speaker #1: last several years, maybe at least the last several years, maybe at least two years or so.

Speaker #1: Consistently, which has

Speaker #1: Hello?

Speaker #1: led to sustained—has led to sustained

Speaker #2: Go

Speaker #2: ahead.

Speaker #1: margins. The first thing is

Speaker #1: Yeah, yeah. He's not

Speaker #1: able to. One

Speaker #1: minute. I will ask Mr.

Speaker #1: our operational excellence. So that

Speaker #1: sustained change. We've had

Speaker #1: Mukul, even though he can unmute and ask your question.

Speaker #1: continued increase in our localization content, so that's

Speaker #1: question.

Speaker #1: contributed quite a bit. The volume growth has been

Speaker #1: Thank you. Thank you.

Speaker #1: And congratulations on the you.

Speaker #1: wonderful numbers. This is

Speaker #1: favorable.

Speaker #1: Mukul Yudhvir Singh from AutoConf

Speaker #1: which is also a very favorable one, which is also a very good one. We've

Speaker #1: Professional. You know, everybody is

Speaker #1: had improvements in

Speaker #1: focusing on SDVs, electronics, and focusing on LBVs,

Speaker #1: and everything else,

Speaker #1: but India's share of

Speaker #1: CNG vehicles and alternative fuels are

Speaker #1: contributor.

Speaker #1: Growing alike, or growing much, is growing alike or growing.

Guruprasad Mudlapur: The product mix has also been quite favorable going forward, so that's also a good addition to our margin case. Overall, I would say, we are on an upward trend, and we would say that we will sustain this. Tilman, if you want to add anything, please feel free to come in. I would also like to say that Tilman is not feeling very well, that's why he's on the call from home. Only when required he can join in, otherwise I'll chip in for him.

Speaker #1: been quite favorable

Speaker #1: faster. Five years

Speaker #1: from today, compared to

Speaker #1: So, that's going forward, so that's also a good addition to—

Speaker #1: understand, in terms of incremental

Speaker #1: revenue, would

Speaker #1: our margin base.

Speaker #1: Bosch want to have

Speaker #1: Overall, I would say we are on an upward trend.

Speaker #1: that increased share

Speaker #1: trend, and we would

Speaker #1: from the

Speaker #1: technologies that have to do something with the

Speaker #1: say that we will sustain

Speaker #1: engine, or not with the

Speaker #1: engine? In other words, would you also

Speaker #1: This. This. Thilman, if you want to add anything,

Guruprasad Mudlapur: Tilman, if you want to add anything, please feel free to come in. I would also like to say that Tilman is not feeling very well, that's why he's on the call from home.

Speaker #1: be working for the way

Speaker #1: Please feel free to comment. I would also like to say that...

Speaker #1: India is going. Would you also be using...

Speaker #1: to make ice engine more

Speaker #1: cleaner and better for the

Speaker #1: future? Also from revenue

Speaker #1: feeling very well. That's why he's on the call from home. So,

Speaker #1: standpoint. Okay, Mukul, I

Speaker #1: Only when required, he can join in.

Guruprasad Mudlapur: Only when required he can join in, otherwise I'll chip in for him.

Speaker #2: Okay, Mukul, I

Speaker #2: think the answer is pretty

Speaker #1: for him. him quiet.

Speaker #2: straightforward for us. We are a

Speaker #3: Absolutely. Yes. Guru, I'm

Speaker #2: technology company, and we

Tillmann Olsen: I am here. Just mainly one addition. I think we all profit from the worldwide purchasing organization. As you are aware, the sourcing market has been quite turbulent. I think we are blessed with a broad wide purchasing organization, which helps us to maneuver this very volatile situation and maintain as best as possible our margin in this situation via also our sourcing activities. That is the only thing I would add.

Speaker #3: Here. Just maybe one addition. I think we also profit.

Speaker #2: will support and continue to

Speaker #2: support

Speaker #2: whatever

Speaker #3: from the worldwide purchasing organization. As you are all aware, the sourcing market is in quite a turmoil. I think we

Speaker #2: technology that the market demands.

Speaker #2: So you listed a

Speaker #2: few. SDVs, electrification,

Speaker #2: CNG, there are plenty

Speaker #3: are blessed with a worldwide purchasing organization, which helps

Speaker #2: others. plenty others.

Speaker #2: everything else. Every one

Speaker #2: of these is in our portfolio, and

Speaker #3: maneuver this very volatile situation, and

Speaker #2: We continue to offer that to.

Speaker #2: our audience.

Speaker #3: maintain best as possible our

Speaker #2: That said, there is

Speaker #2: also a momentum which will

Speaker #2: carry the commercial technologies

Speaker #3: That's the only thing I would add.

Speaker #2: forward, and including

Speaker #2: maybe some direct

Pramod Damle: Sure. Thanks. If I can ask one more question based on the annual report. You have successfully delivered in terms of reducing the raw purchase goods as a percentage of sales over the last 2, 3 years by reducing it from whatever, 40% plus by around 200 basis points. But if I look at the mix of it, the sourcing from Thailand continues to go up. Now almost like in that basket, 53% is the mix, which is at a decade high. Versus the local subsidies proportion come down. How should we look at, directionally imports from Thailand will come down? Or the technology is still behind, this is the proportion remaining high? Thanks.

Speaker #2: Sure. Thanks. So, if I can ask one more—sure.

Speaker #2: sales. This

Speaker #2: Report, you have successfully delivered in terms of reducing the

Speaker #2: progression will

Speaker #2: continue in the

Speaker #2: next many years to come.

Speaker #2: Broader purchase goods as a percentage of sales—over the last two, three years—

Speaker #2: So this is something that's not come.

Speaker #2: stopping. We see

Speaker #2: this including volume growth

Speaker #2: in combustion technologies

Speaker #2: But if I had to look at the mix of it, the sourcing from—

Speaker #2: continuing to

Speaker #2: happen. There is possibly also

Speaker #2: parent continues to go up. It's now

Speaker #2: upgraded

Speaker #2: Almost like, in that basket, 53 percent is a mix, which is, I think,

Speaker #2: legislation in combustion

Speaker #2: technologies as we move

Speaker #2: forward, and we are certainly leaving that.

Speaker #2: a decadal high. Versus

Speaker #2: ...way, but we will continue to support.

Speaker #2: So overall, as a technology

Speaker #2: So how should we look at it? Is there a...

Pramod Damle: How should we look at, directionally imports from Thailand will come down? Or the technology is still behind, this is the proportion remaining high? Thanks.

Speaker #2: company, for

Speaker #2: us, these

Speaker #2: all-based technologies which we

Speaker #2: will come down or the

Speaker #2: support based

Speaker #2: on whatever the OEMs demand

Speaker #2: high? Thanks.

Speaker #2: or whatever the legislation

Speaker #2: demands or market legislation, demands or market

Speaker #1: There's been a

Speaker #2: demands.

Guruprasad Mudlapur: Certain strategic volumes that have also led to this effect. But all I can say is that our localization plans are well on track and consistently increasing localization content. We will continue to go on this path and continue to increase our localization content. As we go by in the coming quarters, we will continue to share our localization updates. This is on a very good path as far as I can see.

Speaker #1: Thank you so much. One

Speaker #1: more follow-up question on

Speaker #1: also led

Speaker #1: to this effect.

Speaker #1: this. A lot of OEMs

Speaker #1: now

Speaker #1: plans are well on track,

Speaker #1: and consistently

Speaker #1: increasing localization

Speaker #1: content. And we

Speaker #1: Go in this path and continue to

Speaker #1: increase our localization content. So

Speaker #1: to share our

Speaker #1: localization updates

Speaker #2: Yeah. I

Speaker #2: mean,

Speaker #1: and this is on a very good

Speaker #1: path, as far as I can

Speaker #1: see.

Speaker #2: Sure. Thanks, and all the best.

Pramod Damle: Sure. Thanks a lot.

Speaker #2: best. best.

Speaker #2: separately we

[Company Representative] (360 ONE Capital Market Research): Thanks, Pramod. One minute. Mr. Ravi Gupta, you can unmute and ask your question.

Speaker #4: Pramod.

Speaker #2: can't no, we

Speaker #4: Mr. One minute. Mr. Ravi Gupta,

Speaker #2: don't engage with

Speaker #4: You can unmute and ask your question.

Speaker #2: OEMs on different models, and we

Speaker #4: question.

Speaker #2: already

Speaker #1: Perfect. Thank you, sir. And

Speaker #1: Once again, congratulations. Congratulations. Yeah, thank you. And to you on the work.

Speaker #2: I would

Speaker #2: like to

Speaker #2: engage

Speaker #4: Hello?

[Analyst]: Hello?

[Analyst 1]: Hello?

Speaker #1: Sure, conversation.

Speaker #1: Sir, sure. Thanks once again, and congratulations.

[Company Representative] (360 ONE Capital Market Research): Go ahead, please.

Guruprasad Mudlapur: Go ahead, please.

Speaker #1: ahead, please.

Speaker #1: from.

Speaker #4: No, no. Yeah, yeah. He's—No, no.

[Company Representative] (Bosch): No, he is not able to. One minute. I will ask Mr. Mukul, you only can ask, you can unmute and ask your question.

Speaker #2: Thank

Speaker #2: you.

Speaker #4: not able to. One

Speaker #1: Yeah. If

Speaker #4: minute. I will ask Mr.

Speaker #1: any

Speaker #4: Mukul, you and Darshing, you can unmute and...

Speaker #4: ask your

Speaker #4: question. Thank you. Thank

Mukul Yudhveer Singh: Thank you. Thank you, and congratulations on the wonderful numbers. This is Mukul Yudhveer Singh from Autocar Professional. Everybody is focusing on EVs, electronics, and everything else, but India's share of CNG vehicles and alternative fuels is growing alike or growing much faster. Five years from today, if I wanted to understand in terms of incremental revenue, would Bosch want to have that increased share from the technologies that have to do something with the engine or not with the engine? In other words, would you also be working for the way India is growing, would you also be working to make ICE engine more cleaner and better for the future? Also from a revenue standpoint.

Speaker #3: Hi.

Speaker #3: Thank you for the opportunity.

Speaker #4: And congratulations on the wonderful numbers. This—

Speaker #3: Congratulations to Strong Group and

Speaker #3: Resilient Auto

Speaker #4: Is this Mukul Yudhvir Singh from Auto Car?

Speaker #3: Performance. My first question is, our

Speaker #4: Professional. You know, everybody is

Speaker #3: business. Can you help us

Speaker #3: understand, was there any 10 copies, or

Speaker #4: electronics, and everything else,

Speaker #4: but India's share of

Speaker #3: new program execution that could

Speaker #4: CNG vehicles and alternative fuels

Speaker #3: have drove this

Speaker #3: outperformance? And

Speaker #3: how sustainable is

Speaker #4: much faster. Five

Speaker #3: this?

Speaker #4: years from today, if I wanted to

Speaker #4: understand in terms of incremental

Speaker #4: revenue, would

Speaker #4: Bosch want to

Speaker #3: Yes.

Speaker #4: have that increased

Speaker #4: share from the

Speaker #4: technologies that have to do something with

Speaker #4: the engine, or not with the

Speaker #4: engine? In other words, would you

Mukul Yudhveer Singh: In other words, would you also be working for the way India is growing, would you also be working to make ICE engine more cleaner and better for the future? Also from a revenue standpoint.

Speaker #2: our

Speaker #2: departments, right, that's the

Speaker #4: also be working for the

Speaker #4: With the way India is growing, would you also be

Speaker #2: task to operate and

Speaker #4: working to make ice engine

Speaker #2: practice. We've

Speaker #4: more clean and better for the

Speaker #4: future? Also from revenue

Speaker #2: I think it's

Speaker #4: standpoint.

Speaker #2: the effect is largely volume

Guruprasad Mudlapur: Okay, Mukul, I think the answer is pretty straightforward for us. We are a technology company, and we will support and continue to support whatever technology that the market demands. You listed a few HEVs, electrification, CNG, durability, others, ADAS, and everything else. Every one of this is in our portfolio, and we continue to offer that to our OEMs. That said, there is also a momentum which will carry the combustion technologies forward and including maybe some hybrid axles. This progression will continue in the next many years to come. This is something that is not stopping. We see this, including volume growth in combustion technologies, continuing to happen. There is possibly also upgraded legislation in combustion technologies as we move forward, and we are certainly leading the way, and we will continue to support.

Speaker #2: effect. And maybe also

Speaker #1: think the answer is

Speaker #1: pretty straightforward for us. We are a

Speaker #2: some new introductions that we

Speaker #1: technology company, and we

Speaker #2: did over the last two quarters.

Speaker #1: will support and continue to

Speaker #2: So which have helped

Speaker #2: us. I think what

Speaker #1: support

Speaker #1: whatever

Speaker #2: We look forward to moving forward.

Speaker #1: technology that the market demands.

Speaker #2: are the

Speaker #2: upcoming legislations on

Speaker #1: So you listed a

Speaker #2: KP3, KP3,

Speaker #1: few SDVs,

Speaker #1: electrification, CNG, there are

Speaker #2: which will come up in

Speaker #2: April, which should

Speaker #2: be an even better

Speaker #1: ADAS and everything else—every one.

Speaker #2: boost. We also

Speaker #1: All of this is in our portfolio.

Speaker #2: have the CV adapter coming

Speaker #1: And we continue to offer that to

Speaker #2: up in

Speaker #1: our

Speaker #1: OEMs. That said, there

Speaker #2: October next year. So, a lot of

Speaker #1: is also a momentum

Speaker #2: preparation going on towards

Speaker #2: that. That's another area

Speaker #1: which will carry the combustion technologies.

Speaker #2: where we look forward to sustaining.

Speaker #1: forward, and

Speaker #1: including maybe some alternate

Speaker #2: this already good growth

Speaker #1: fuels.

Speaker #2: path. So overall, I think

Speaker #1: This progression will

Speaker #2: Our business is on a very, very good path.

Speaker #1: continue in the

Speaker #3: Perfect, thank you. Thank you. And my second...

Speaker #1: next many years to

Speaker #3: question is your

Speaker #1: So this is something that's not stopping. We see—

Speaker #3: segment. We

Speaker #3: need.

Guruprasad Mudlapur: We see this, including volume growth in combustion technologies, continuing to happen. There is possibly also upgraded legislation in combustion technologies as we move forward, and we are certainly leading the way, and we will continue to support. Overall, as a technology company, for us, all these technologies which we support based on whatever the OEMs demand or whatever the legislation demands or market demands.

Speaker #1: this including volume

Speaker #1: growth in combustion

Speaker #1: technologies continuing to

Speaker #1: happen. There is possibly

Speaker #1: also

Speaker #1: upgraded legislation in combustion

Speaker #1: technologies as we move

Speaker #1: forward, and we are certainly leading.

Speaker #1: So, share. Yes, there are, yes.

Speaker #1: that wave, and we will continue to

Speaker #2: There are

Speaker #2: some

Speaker #1: support. So overall, as a technology

Guruprasad Mudlapur: Overall, as a technology company, for us, all these technologies which we support based on whatever the OEMs demand or whatever the legislation demands or market demands.

Speaker #2: new OEMs. So we've gained

Speaker #1: company, for

Speaker #1: us, these are

Speaker #2: one.

Speaker #1: all base technologies which we

Speaker #3: Perfect. And also

Speaker #1: support based

Speaker #3: just clarification, when you talked

Speaker #1: on whatever the OEMs

Speaker #3: about upcoming regulations, specifically

Speaker #1: demand or whatever the

Speaker #3: KP3 norms from next

Speaker #3: year, what is the content

Speaker #1: demands.

Speaker #3: opportunity for Bosch?

Speaker #4: Thank you, sir. Just one more.

Mukul Yudhveer Singh: Thank you, sir. Just one more follow-up question on this. A lot of OEMs now increasingly want to own software and electronics architecture ventures. This trend is only picking up, right? Do you see a risk of losing some of the value Bosch traditionally captured as a tier 1, or do you actually see Bosch's content per vehicle only increasing from here?

Speaker #4: follow-up question on

Speaker #3: Any color on that?

Speaker #4: this. A lot of OEMs

Speaker #3: Segment-wise, content

Speaker #3: opportunity?

Speaker #4: Now, increasingly, they want to own software and electronics architecture themselves, and this trend is only picking up. Right? Do you see a risk of losing some of the value Bosch traditionally captured as a Tier One?

Speaker #2: We can

Speaker #2: share separately. I don't have

Speaker #2: the I don't

Speaker #2: want to

Speaker #2: speculate

Speaker #3: Perfect. Thank

Speaker #3: you. All the

Speaker #3: best.

Speaker #1: Yeah. If anybody has any questions, please...

Speaker #4: Or do you actually see Bosch's content per vehicle only increasing from here?

Speaker #1: raise your

Speaker #1: hand.

Speaker #4: here?

Speaker #1: Yeah. I mean,

Guruprasad Mudlapur: Yeah, I mean, today it is an earnings call. I would be happy to engage with you on this kind of a conversation separately.

Speaker #1: Today, it's an earnings call. I would be happy to engage with you on this kind of conversation separately.

Speaker #2: Change. Is there

Mukul Yudhveer Singh: Perfect.

Speaker #2: anyone else in the

Speaker #4: Yeah, perfect. Thank you, sir.

Guruprasad Mudlapur: The quick answer to this is, no, we do not see this as a negative phenomenon at all. We are happy to engage with OEMs on different models, and we already do.

Speaker #2: employee? No.

Speaker #1: As if we can

Speaker #1: answer to this,

Speaker #1: There's no— we don't see this as a negative phenomenon at all. We are happy to engage with...

Speaker #2: Yeah.

Speaker #1: OEMs on different models,

Speaker #1: Okay.

Speaker #1: and we already do.

Speaker #1: And

Speaker #4: Perfect. Thank you,

Mukul Yudhveer Singh: Perfect. Thank you, sir. Once again, congratulations.

Speaker #4: sir. And once again, congratulations.

Guruprasad Mudlapur: Thank you. If you would like to engage specifically on these topics, feel free to let us know and we can have a conversation.

Speaker #2: No. No. We don't have

Speaker #1: would like to engage specifically on

Speaker #2: anyone.

Speaker #1: these topics, feel free to let us know and we can have a

Speaker #1: Okay.

Speaker #1: Okay, somebody has come in the—

Speaker #1: queue. Mr.

Mukul Yudhveer Singh: Sure, sir. Thanks once again, and congratulations from Autocar Professional.

Speaker #4: Perfect. Sure. Thanks once again, and...

Speaker #1: Yes. Right?

Speaker #4: congratulations from Auto Car Professional.

Speaker #2: Yes. No.

Speaker #1: Thank you, Mukul.

Speaker #4: Yeah. So

Speaker #4: If any investor has a question, you may raise your hand. In the meantime, Mr. Ronak Mehta, you can please unmute and ask your question.

[Company Representative] (360 ONE Capital Market Research): If any investor has a question, you can raise your hand. In the meantime, Mr. Ronak Mehta, you can please unmute and ask your question.

Speaker #2: No.

Speaker #2: Yes.

Speaker #5: Hi. Thank you for the

Ronak Mehta: Hi. Thank you for the opportunity. Congratulations on strong growth and resilient margin performance. My first question is on the power solutions business. Can you help us understand, was there any content increase or new program execution that would have drove this outperformance? How sustainable is this?

Speaker #5: opportunity. Congratulations on strong

Speaker #4: Okay.

Speaker #5: growth and resilient margin

Speaker #5: performance. My first question is on the

Speaker #5: power solutions business. Can you help us?

Speaker #5: understand, was there any content

Speaker #5: increase or new program

Speaker #5: execution that would have

Speaker #5: drove this

Speaker #5: outperformance? And how sustainable is

Speaker #5: this?

Speaker #2: Yeah.

Speaker #2: So product comes

Speaker #1: Yeah, you are referring specifically to Power Solutions?

Guruprasad Mudlapur: You are referring specifically to power solutions?

Speaker #5: Yes.

Ronak Mehta: Yes.

Speaker #1: Okay.

Guruprasad Mudlapur: Okay. In the power solutions business, we've sort of outperformed the growth across all our segments, right from passenger cars to off-highway and tractors. We've I think the effect is largely volume effect and maybe also some new introductions that we made over the last 2 quarters. So maybe they have add-ons. I think what we look forward to going forward are the upcoming legislation for CAFE level 3 which will turn up in April, which should be an even better boost. We also have the CV RS coming up in October of next year. So a lot of preparation going on towards that. That's another area where we look forward to sustaining this already good growth path. So overall, I think Power Solutions is on a very good path.

Speaker #1: So in the Power Solutions business, we've sort of outperformed the growth across all our, so across all...

Speaker #1: segments. Right

Speaker #1: from passenger cars to off-highway, and

Speaker #1: tractors.

Speaker #1: We've I think

Speaker #1: it's the effect is largely

Speaker #1: volume effect. And maybe

Speaker #1: also some new introductions that

Speaker #1: we did over the last

Speaker #2: into and

Speaker #1: two quarters. So which have

Speaker #1: helped us. I

Speaker #1: think what we look forward to.

Speaker #2: that's the bigger focus and

Speaker #1: moving forward are the

Speaker #2: there is the company

Speaker #1: upcoming legislations on

Speaker #2: operates with very good

Speaker #1: CAFE 3, CAFE phase

Speaker #2: performance characteristics right

Speaker #2: now. Very good

Speaker #1: three, which will come

Speaker #2: products required for

Speaker #1: up in April, which should

Speaker #1: be an

Speaker #2: the next several years.

Speaker #2: So it's a very

Speaker #1: even better boost.

Speaker #2: profitable growth, good

Speaker #1: We also have the CV ADAS coming.

Speaker #2: market. And that

Speaker #1: up in

Speaker #1: October of next year.

Speaker #2: should help

Speaker #1: So, a lot of preparation is going on.

Speaker #2: Bosch Limited significantly

Speaker #2: moving forward. Already starting next

Speaker #1: towards that. That's another area

Guruprasad Mudlapur: That's another area where we look forward to sustaining this already good growth path. So overall, I think Power Solutions is on a very good path.

Speaker #2: quarter, we will publish consolidated

Speaker #1: where we look forward to

Speaker #1: sustaining this already

Speaker #2: results and you will start

Speaker #2: to see the impact of

Speaker #1: good growth path. So, overall, I

Speaker #2: this.

Speaker #1: I think Power Solutions is on a very, very good

Speaker #1: path.

Speaker #4: Okay.

Speaker #4: And so, what are the, like, the...

Speaker #5: Perfect. Thank you. Thank you.

Ronak Mehta: Perfect. Thank you. My second question is on the 2-wheeler segment. You indicated that you started supplying to premium 2-wheeler platforms starting this quarter. Does that mean that you have gained market share or it is more to do with mix or content?

Speaker #4: sale numbers for FY26

Speaker #5: My second question is on the two-wheeler.

Speaker #5: segment. So you indicated

Speaker #4: for Bosch Chassis, and also if you can

Speaker #5: That you started supplying to premium two-wheeler platforms starting this quarter. Does this mean that you have gained market share, or is it more to do with mix or content?

Speaker #4: Provide us the breakup of the...

Speaker #4: same for two-wheeler or

Speaker #4: four-wheeler CV tractor

Speaker #4: or

Speaker #4: etc.

Speaker #2: Yeah.

Speaker #2: So

Speaker #2: the

Guruprasad Mudlapur: We've gained market share. Yes. There are some new products introduced to new OEMs, so we've gained market share. Yes.

Speaker #1: We've gained market

Speaker #1: some new products

Speaker #1: introduced to new OEMs, so we've

Speaker #2: and

Speaker #1: gained market share here.

Ronak Mehta: Perfect. Also just to benefit, when you talked about upcoming regulations, specifically CAFE level 3 from next year, what is the potential opportunity for Bosch? Any color you can add segment-wise potential opportunity?

Speaker #5: Perfect.

Speaker #5: And also, just for clarification, so when you

Speaker #5: talked about upcoming regulation

Speaker #5: specifically CAFE 3 norms

Speaker #5: from next year, what is

Speaker #5: the content opportunity for

Speaker #5: Bosch? Any color on

Speaker #5: that? Segment-wise content

Speaker #5: opportunity?

Speaker #2: and and we can share

Guruprasad Mudlapur: We can share that separately. I do not have the exact number right now, and I do not want to speculate on a value. We can share that.

Speaker #1: We can share

Speaker #1: that separately. I don't have

Speaker #1: the exact number right now, and I don't.

Speaker #1: want to speculate

Speaker #1: On the value, we can share that with you.

Speaker #2: a lot more information

Speaker #2: including FY26 and the prices

Speaker #5: Perfect. Thank you. Thank you so much.

Ronak Mehta: Perfect. Thank you so much. All the best.

Speaker #5: All the best.

Speaker #2: and many

Speaker #2: others.

Speaker #4: Yeah. If anybody has any

[Company Representative] (360 ONE Capital Market Research): If anybody has any questions, please raise your hand. In the meantime, some question on the chat box. Some housekeeping questions. This time the employee cost, even in absolute year-on-year, there is no big change. Is there any one-offs in the employee expenses?

Speaker #4: question, please raise your hand. But in the

Speaker #4: Okay. And my

Speaker #4: last question

Speaker #4: In the meantime, there are some questions in the chat box. Some housekeeping questions—for example, regarding employee cost: even in absolute terms, year-on-year, there is no big change.

Speaker #4: If you can just let me know.

Speaker #4: what is our business

Speaker #4: share of which is still, like,

Speaker #4: not right now at our

Speaker #4: consolidated.

Speaker #4: Is there

Speaker #4: any one-offs in the employee

Speaker #4: expenses?

Speaker #2: So

Speaker #1: No, yeah, to answer that, no, there are no one-offs.

Guruprasad Mudlapur: No. To answer that, no, there are no one-offs.

[Company Representative] (360 ONE Capital Market Research): Okay. Under other expenses, any one-offs, sir?

Speaker #4: Okay.

Speaker #4: Okay. And on the other

Speaker #4: expenses, any one-offs,

Speaker #4: sir?

Speaker #2: okay.

Guruprasad Mudlapur: No, we do not have one-offs.

Speaker #1: No. No, we

Speaker #4: That's

Speaker #1: don't have any one-offs.

Speaker #4: Okay. Okay. Already, somebody has come.

[Company Representative] (360 ONE Capital Market Research): Okay. Already somebody has come in the queue. Mr. Yash Khemka, you can unmute and ask your question.

Speaker #4: in the queue. Mr.

Speaker #4: Yash Goyankai, you

Speaker #2: Okay.

Speaker #4: You can unmute and ask your question.

Speaker #1: Hi.

Speaker #2: Yes.

Speaker #1: Yeah.

Speaker #6: Yeah, I had a couple of questions on the Bosch chassis acquisition. So, first, is there any goodwill or amortization expense for the same acquisition?

Yash Khemka: Yeah, I had a couple of questions on the Bosch Chassis acquisition. First is there any goodwill or amortization expense for the same acquisition?

[Analyst 2]: Yeah, I had a couple of questions on the Bosch Chassis acquisition. First is there any goodwill or amortization expense for the same acquisition?

Speaker #2: Okay. So my first

Speaker #2: question is how

Speaker #2: does yeah.

Guruprasad Mudlapur: No, there is none.

Speaker #1: No. No, there is

Speaker #1: nothing.

Speaker #6: Okay. And the Bosch chassis will be operated as a separate subsidiary. So, how are the synergies on cost and revenue going to play out if we don't really merge it with our business?

Yash Khemka: Okay. The Bosch Chassis will be operated as a separate subsidiary. How are the synergies on cost and revenue going to play out if we do not really merge it with our business? Can you just give a sense from the synergy point of view for the next 2 years?

[Analyst 2]: Okay. The Bosch Chassis will be operated as a separate subsidiary. How are the synergies on cost and revenue going to play out if we do not really merge it with our business? Can you just give a sense from the synergy point of view for the next 2 years?

Speaker #2: So currently

Speaker #2: the

Speaker #2: highest trend

Speaker #2: we are in

Speaker #6: Can you just give a sense, from a synergy point of view, for the next two years?

Speaker #2: today. And over the next

Speaker #2: few years, our aim

Speaker #2: is to continuously increase this

Guruprasad Mudlapur: Well, the Chassis Systems business which we have acquired was a Bosch sister company. In terms of synergy effects, we see very minimal improvements in costs and synergy effects. There will be some small improvements, but I do not see that as a big benefit. It is a great portfolio addition for Bosch Limited that we add a sort of a powertrain agnostic product line which comes into Bosch Limited, and that is the focus. The company operates with very good performance characteristics right now, very good prospects acquired for next several years. It is a very profitable, good growth, good market share company and that should help Bosch Limited significantly moving forward. Already starting next quarter, we will publish consolidated results, and you will start to see the add-on.

Speaker #1: Yeah. So, the chassis systems business, which we've acquired, was a Bosch sister company. And in terms of synergy effects, we see very minimal improvements in cost and synergy effects.

Speaker #2: Number—we are probably at 8% now. We have not

Speaker #2: wrong. 8 to 8.5%.

Speaker #2: And we will continue

Speaker #2: to increase

Speaker #2: this number.

Speaker #2: So over the next couple of

Speaker #2: years, this

Speaker #2: is mentioned just one last

Speaker #1: There will be some small improvements, but I don't see that as a big benefit. It's a great portfolio addition for Bosch Limited that we add a sort of powertrain-agnostic product line, which...

Speaker #2: question, which is as the

Speaker #2: base effect of

Speaker #2: comes into the picture after

Speaker #2: GST, how do you see

Speaker #2: the demand? How do you see

Speaker #2: the significant decline

Speaker #2: or growth in the volume of the overall

Speaker #1: comes into Bosch Limited.

Speaker #2: industry?

Speaker #1: And that's the bigger

Speaker #1: Yeah. I mean,

Speaker #1: focus. And there is the

Guruprasad Mudlapur: The company operates with very good performance characteristics right now, very good prospects acquired for next several years. It is a very profitable, good growth, good market share company and that should help Bosch Limited significantly moving forward. Already starting next quarter, we will publish consolidated results, and you will start to see the add-on.

Speaker #1: company operates with very

Speaker #1: good performance characteristics

Speaker #1: right now, very good

Speaker #1: projects

Speaker #1: acquired for the next several

Speaker #1: years. So it's a very

Speaker #1: But it's effects. But it's not not happened that way. There has happened that way. There has been been sustained growth. sustained growth. And I think And I think the the maybe in one or two maybe in one or two more quarters, more quarters, the GST the GST-related related things may things may normalize.

Speaker #1: profitable, good growth,

Speaker #1: good market share company.

Speaker #1: And that should

Speaker #1: help Bosch

Speaker #1: Limited significantly moving forward.

Speaker #1: Already starting next quarter, we will...

Speaker #1: normalize. But But the the demand for the demand and the convention led consumption-led growth is growth continuing quite quite sustainably. And we sustainably. And we hope hope this will also be this momentum will only be added added by the by the lower lower GST rates, which we already GST rates, which we already have.

Speaker #1: publish consolidated

Speaker #1: results, and you will start to see the

Speaker #1: impact of this.

Yash Khemka: Okay. What are the order sale numbers for FY26 for Bosch Chassis? Also, if you can provide us the breakup of the same for two-wheeler, four-wheeler, CE, tractor, export or aftermarket, et cetera.

[Analyst 2]: Okay. What are the order sale numbers for FY26 for Bosch Chassis? Also, if you can provide us the breakup of the same for two-wheeler, four-wheeler, CE, tractor, export or aftermarket, et cetera.

Speaker #6: Okay. And so what are

Speaker #6: the sale numbers

Speaker #6: for FY26 for Bosch chassis?

Speaker #6: And also, if you can provide us the

Speaker #1: So, overall, we see this. Thanks.

Speaker #6: breakup of the same

Speaker #6: for two-wheeler, four-wheeler, CV,

Speaker #6: tractor, export, or

Speaker #6: aftermarket,

Speaker #6: etc.

Speaker #1: Yeah. So

Guruprasad Mudlapur: Yeah. The consolidation of Bosch Chassis Systems India is underway right now. The sale was completed in July. Starting this quarter onwards, we will be able to produce all the numbers. We will share more details in the upcoming quarter’s conference call. I would also like to state that we are planning investor meet at Bosch Chassis Systems India's official campus, Pune in November. We will send out invites and please feel free to come over. We can share a lot more information, including a site visit and a plant visit when you’re there.

Speaker #1: The consolidation of chassis systems is underway right now. The sale was completed in July.

Speaker #1: thanks. Yeah. Mr. Anand

Speaker #1: Chandrasekhar, you can unmute and

Speaker #1: ask your

Speaker #1: question.

Speaker #1: And starting from this quarter onwards, we will be able to produce all the numbers. We will share more details in the upcoming quarter's conference call.

Speaker #3: Hi. Am I

Speaker #1: Yeah.

Speaker #3: Yeah. Thank you for taking my question.

Speaker #1: I would also like to state that we are planning an investor meet.

Speaker #1: At the Chassis Systems location in Chakand, Pune, in November. We will send out invites, and please feel free to come over.

Speaker #1: And we can share a lot more.

Speaker #1: information, including a site

Speaker #2: So

Speaker #1: visit and a plant visit, when

Speaker #1: you're

Speaker #2: just.

Speaker #1: there.

Yash Khemka: Okay. If I could just squeeze in one last question. If you can just let me know what is our business share of what is true agnostic right now at a consolidated level?

[Analyst 2]: Okay. If I could just squeeze in one last question. If you can just let me know what is our business share of what is true agnostic right now at a consolidated level?

Speaker #6: Okay. And if

Speaker #6: I could just squeeze in one last question.

Speaker #6: is, if you can

Speaker #6: Just let me know what our

Speaker #6: business share

Speaker #6: of which is fuel-agnostic, right?

Speaker #6: now at a consolidated

Speaker #6: level.

Speaker #1: So offhand, I won't be able to give you a good number because this cuts across different domains. But this is something we can work towards, and we can share more data with you.

Guruprasad Mudlapur: Offhand, I won't be able to give you a good number because this cuts across different domains. This is something we can work towards. We can share more data with you independently.

Speaker #2: So, in the market by a few.

Speaker #2: percentage points.

Speaker #1: independently.

Speaker #6: Okay. Sure.

Yash Khemka: Okay, sure. Thank you. That's all from my side.

[Analyst 2]: Okay, sure. Thank you. That's all from my side.

Speaker #6: Thank you. That's all from my side.

Speaker #3: Okay. Or

[Company Representative] (360 ONE Capital Market Research): Mr. Niraj, you can unmute and ask your question.

Speaker #4: Ms. Niril, you can unmute and ask your question.

[Analyst]: Hi. Am I audible?

[Analyst 3]: Hi. Am I audible?

Speaker #7: Hi. Am I

Speaker #7: audible?

Speaker #3: progresses?

Speaker #4: Yeah.

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

Speaker #2: No. I think it is

Speaker #1: Okay.

Speaker #1: So my first question

Speaker #2: quite

[Analyst]: My question is, how do you see the export trends over the next two to three years, and what percentage of revenue it contributes?

[Analyst 3]: My question is, how do you see the export trends over the next two to three years, and what percentage of revenue it contributes?

Speaker #2: favorable.

Speaker #1: How do you see the export trends over the next two to three years, and what percentage of revenue do they contribute?

Guruprasad Mudlapur: Yeah. Currently we see a high single-digit trend. We are in that space today. Over the next few years, our aim is to continuously increase this number. We are probably at 8% now, if I am not wrong, 8.5%. We will continue to increase this going forward. Over the next couple of years, this is on an increasing trend.

Speaker #1: So currently,

Speaker #1: we

Speaker #2: are already part of our mobility.

Speaker #1: see high

Speaker #2: business. Maybe not

Speaker #1: single-digit trend. We are

Speaker #2: showing up in terms of turnover,

Speaker #1: in

Speaker #1: that space today. that space

Speaker #2: in terms of product, and in terms of what we plan to

Speaker #1: And over the next few

Speaker #1: years, our aim is to

Speaker #1: ...continuously increase this number. We are probably at 8%.

Speaker #2: announced the joint venture

Speaker #2: with TACO and we

Speaker #1: Now, if I'm not wrong, 8, 8.

Speaker #1: and a half percent.

Speaker #1: And we will continue to

Speaker #2: So EVs are certainly an integral part of

Speaker #1: increase

Speaker #1: this going forward. So, over the

Speaker #2: offering. And in terms of revenue,

Speaker #1: next couple of years, this

Speaker #1: is on an increasing trend.

Speaker #2: In addition, we will get back to you as

[Analyst]: Thanks. Just one last question, which is, as the base effect comes into the picture after the GST, how do you see the CD and PV cycle? Will the demand sustain, or do you see a significant decline in or subdued growth in the volume of the overall industry?

[Analyst 3]: Thanks. Just one last question, which is, as the base effect comes into the picture after the GST, how do you see the CD and PV cycle? Will the demand sustain, or do you see a significant decline in or subdued growth in the volume of the overall industry?

Speaker #7: Okay.

Speaker #7: And sir, just one last question, which—

Speaker #7: is, as the base

Speaker #7: effect comes into the

Speaker #7: picture, after the GST,

Speaker #1: Anand. Mr. Mehta, you

Speaker #7: How do you see the CV and PV cycle? Will their demand...

Speaker #1: question.

Speaker #7: sustain, or do you see a

Speaker #7: significant decline or subdued

Speaker #7: growth in the volumes overall

Speaker #7: industry?

Speaker #1: Yeah. Yeah.

Speaker #1: We could hear.

Speaker #1: Yeah. I mean, this is sort this is a sort of a of a crystal ball question. The question because there are two first two quarters after quarters after the the GST everybody GST, everybody expected the demand expects the demand to sort to sort of of normalize after GST normalize after the GST effects.

Guruprasad Mudlapur: Yeah, this is a sort of a crystal ball question. The first two quarters after the GST, everybody expected the demand to normalize after the GST effects. But it is not happened that way. There has been sustained growth. I think maybe in one or two more quarters, the GST-related things may normalize. But the demand and the consumption growth is continuing quite sustainably, and we hope this overall growth will also be added by the lower GST rates, which we already have. Overall

Speaker #5: Yeah. Yeah. Thanks for the So thanks for the opportunity. So I just wanted to ask on opportunity. I just wanted to ask these both of these JVs only both of these EVs one with fields and brakes India, and the one and the second with TACO.

Speaker #5: second the TACO. So So where are we like where are we in terms of the overall regulatory in terms of the overall regulatory approvals and when will the revenue start approvals and when will the revenue start flowing in from these flowing in from these JVs?

Speaker #5: EVs?

Speaker #2: Yeah, thank you for the question. Yeah.

Speaker #2: The GVs are in the process of...

Speaker #2: Getting set up. Getting set up.

Speaker #2: The GV The JV

Speaker #2: with or both JVs

Speaker #2: are in their, are in their

Speaker #2: final stages of merger, final stages of merger.

Speaker #2: controls. Which are

Speaker #2: ongoing we need both,

Speaker #2: For example, the Bosch Group and the Tata Group are

Speaker #2: operational worldwide.

Speaker #2: from many places. So there

Speaker #2: is some of these

Speaker #2: admin or procedural work that's

Speaker #2: ongoing.

Speaker #2: The JV

[Company Representative] (360 ONE Capital Market Research): Thanks, Mr. Niraj. Mr. Anand Chandrasekaran, you can unmute and ask your question.

Speaker #4: Ms.

Speaker #4: Niril.

Speaker #2: at Nancy. Or

Speaker #7: Yeah. Mr. Anand

Speaker #7: Chandrasekhar, you can unmute and ask.

Speaker #2: will be operational out of

Speaker #2: Nancy. The JV with

Speaker #7: your

Speaker #7: question.

Speaker #2: TSG will be operational out

Speaker #2: of Chennai. of Chennai.

Anand Chandrasekaran: Hi, am I audible?

Speaker #3: Hi. Am I audible? audible?

Speaker #2: And

Speaker #7: Yeah.

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

Speaker #3: Yeah. Thank you for taking my question. This is Anand from NPOM. I question. This is Anand from Informist. I wanted to wanted to understand how much of your understand how much of your revenue growth revenue growth is currently coming from is currently coming from underlying volume growth, you know, underlying volume growth versus content per content for vehicle and product vehicle and product mix.

Anand Chandrasekaran: Thank you for taking my question. This is Anand from IndRomis. I wanted to understand how much of your revenue growth currently is coming from underlying volume growth versus content per vehicle and product mix.

Speaker #2: JV revenue should

Speaker #2: be coming out of the

Speaker #2: JV by late next

Speaker #2: year. Okay.

Speaker #3: mix?

Speaker #5: that.

Speaker #2: Sorry. I couldn't hear you at all. Could you

Speaker #2: repeat? Sir, if you can

Speaker #5: If you could disclose any sort of order wins in these, is there any sort of order with the JVs as of now?

Speaker #1: So just hold

Speaker #5: now. Oh,

Speaker #1: on. So I would say we have outperformed the volume growth in the

Speaker #2: Oh. We are

Speaker #2: now starting

Speaker #2: to starting

Guruprasad Mudlapur: I would say we have outperformed the volume growth in the market by a few percentage points.

Speaker #2: September in

Speaker #2: the auto

Speaker #1: market by a few percentage

Speaker #2: show and from

Speaker #1: points.

Speaker #2: Then on, we should start from then on, we should start.

Speaker #2: to discuss real

Anand Chandrasekaran: Okay. All right, sure. Also, I wanted to understand, do you expect the current product mix to remain favorable through FY27, or could margins normalize as the year progresses?

Speaker #3: Okay. All right. extra. Also, I wanted to Sure. I want also, I wanted to understand, do you expect the understand, do you expect the current product mix to remain current product mix to remain favorable favorable through FY27 or through FY27, or could could margins normalize as the year margins normalize as the year progresses?

Speaker #2: business. So give us

Speaker #2: a quarter, and then we will

Speaker #2: update you more on the Auto booth.

Speaker #2: and further

Speaker #2: details.

Speaker #1: No, I think it is quite.

Guruprasad Mudlapur: No, I think it is quite favorable through the year.

Speaker #1: favorable through the

Speaker #1: year. All right.

Speaker #5: forward?

Anand Chandrasekaran: All right. If I could just squeeze in one final question. How quickly do you expect EVs to become a meaningful part of your mobility business?

Speaker #3: All right. If If I could just squeeze I could just squeeze in in one more one final question. one more one final question. How quickly do you expect EVs to How quickly do you expect EVs to become a meaningful part of become a meaningful part of your your mobility mobility business?

Speaker #2: Could you

Speaker #2: repeat?

Speaker #5: So, Sir, the overall commodity outlook now—commodity of...

Speaker #5: now.

Speaker #2: Okay. Yeah.

Speaker #2: We've we've

Speaker #3: business?

Speaker #2: seen pretty strong increase over the

Speaker #1: EVs are EVs

Guruprasad Mudlapur: EVs are already part of our mobility business. Maybe not showing up in terms of the floor, but in terms of technology, in terms of products, and in terms of what we plan to do. You also have been aware that we announced a joint venture with Tata AutoComp, where we will produce e-axles moving forward. EVs are certainly an integral part of our overall mobility offering. In terms of revenue addition, we will get back to you as the quarters go by.

Speaker #1: already part of our mobility

Speaker #1: business. Maybe not showing

Speaker #2: last several

Speaker #2: quarters. Which has sort of

Speaker #1: up in terms of turnover,

Speaker #1: But in terms of technology, but in terms of technology,

Speaker #2: leveled off a little bit at this point of.

Speaker #2: time. A lot of

Speaker #1: And in terms of what we plan to

Speaker #2: it again

Speaker #2: is dependent on

Speaker #1: do, we also do, we

Speaker #2: global conditions,

Speaker #1: As you are aware, we announced—also have been aware where we...

Speaker #2: geopolitics, supply

Speaker #1: a joint venture

Speaker #1: with TACO, where we will

Speaker #2: chain.

Speaker #2: So a pretty

Speaker #1: Produce e-axles moving forward. Will do CX moving.

Speaker #2: volatile environment at this point of time.

Speaker #1: So EVs are forward.

Speaker #1: certainly an integral part of

Speaker #2: time. We have some

Speaker #1: our overall mobility offering. Our overall mobility

Speaker #2: impact. We have maintained some impact.

Speaker #2: and at this point

Speaker #2: of time I think

Speaker #1: of revenue

Speaker #2: it is stable. But I

Speaker #1: as the quarters go

Speaker #2: won't want to give you

Speaker #2: Any guidance on how this is going?

Speaker #2: because it's

Speaker #3: Okay. Sure. Thank you. Thank you.

Anand Chandrasekaran: Okay. Thank you.

Speaker #2: so dynamic and externally

[Company Representative] (360 ONE Capital Market Research): Thanks, Mr. Anand. Mr. Vedant, you can unmute and ask your question.

Speaker #4: Thanks, Mr. Thanks, Mr. Anand.

Speaker #2: oriented.

Speaker #4: You can unmute and ask your question.

Speaker #5: Thank And best wishes.

Speaker #5: you.

Speaker #2: Thank

Speaker #2: you. Yeah.

Speaker #1: Yeah. Sir,

Speaker #1: I will take a question from the chat box.

Speaker #5: Hello.

[Analyst]: Hello.

[Analyst 4]: Hello.

Speaker #1: It's a very generic question, so...

[Company Representative] (360 ONE Capital Market Research): Yeah. You could share.

Speaker #4: Yeah. We could hear.

Speaker #1: What will be our growth drivers?

Speaker #1: for the next three to five

[Analyst]: Yeah, sure. Thanks for the opportunity. Just wanted to ask on both the scaling, one is the scaling with LIG and the other with TACO. So where are we in terms of the overall regulatory approvals and when does the revenue start flowing in from leasing?

[Analyst 4]: Yeah, sure. Thanks for the opportunity. Just wanted to ask on both the scaling, one is the scaling with LIG and the other with TACO. So where are we in terms of the overall regulatory approvals and when does the revenue start flowing in from leasing?

Speaker #2: Okay. So

Speaker #2: the first growth

Speaker #2: driver as always is volume

Speaker #2: and we see

Speaker #2: significantly

Speaker #2: increasing volume growth

Speaker #2: in all our mobility

Guruprasad Mudlapur: Yeah. Thank you for the question. These JVs are in the process of getting set up. Our both JVs are in the final stages of merger controls, which are ongoing. Both, for example, the Bosch Group and the Tata Group are operational worldwide, and we need merger control clearances from many places. So there is some of this admin or procedural work that is ongoing. The JV with TACO will be set up at Nashik and will be operational out of Nashik. The JV with TSF Group will be operational out of Chennai. The eAxle JV revenue should be coming out of the JV by late next year.

Speaker #2: portfolio over the next three to five years.

Speaker #1: Thank you for the question. The JVs are in the process of...

Speaker #2: So there we see quite a lot of

Speaker #2: new

Speaker #2: things. In every one of our

Speaker #1: with or both JVs

Speaker #2: product

Speaker #2: areas

Speaker #2: two

Speaker #2: wheelers and of course

Speaker #1: controls. Which are

Speaker #1: ongoing we need both, for

Speaker #2: also mobility aftermarket

Speaker #2: power tools and now

Speaker #1: example, the Bosch group

Speaker #1: and the Tata Group are operational worldwide.

Speaker #2: the complete chassis

Speaker #2: systems area. We

Speaker #1: And we need merger control clearances from many places, so there—

Speaker #2: have quite a lot of new products

Speaker #2: introductions coming up which

Speaker #1: is some of these

Speaker #2: will

Speaker #2: take in the market over the years.

Speaker #1: admin or procedural work that's

Speaker #1: ongoing.

Speaker #2: So our new product

Speaker #1: The JV

Speaker #2: product mix changes

Speaker #1: Will TACO be set up at Nasik, or...

Speaker #2: will

Speaker #2: Significantly, this will give us significant support.

Speaker #1: will be operational out of

Speaker #2: on volume growth. I

Speaker #2: mean our revenue

Speaker #1: Nasik. The JV with

Speaker #1: TSF group will be operational out.

Speaker #2: growth. We also

Speaker #2: see new technology

Speaker #1: And

Speaker #2: introductions which will

Speaker #1: the e-axle JV revenue should

Speaker #2: happen in coming years.

Speaker #2: And for

Speaker #2: example commercial vehicle

Speaker #2: adapts is a whole new

Speaker #1: be coming out of the

Speaker #2: technology regulated market

Speaker #1: JV by late next

Speaker #1: year.

Speaker #2: where we will see quite

Speaker #2: some action happening

[Analyst]: Okay. Thank you. Quite clear. Sir, if you can disclose any sort of orders or any sort of details on that.

[Analyst 4]: Okay. Thank you. Quite clear. Sir, if you can disclose any sort of orders or any sort of details on that.

Speaker #5: Thank you. Quite clear answer. If you can disclose again Okay. If you can any sort of order winds or sort of order with any any sort of details on sort of details on that.

Speaker #2: starting next year.

Speaker #2: And that should also be a—

Speaker #2: good growth driver. So

Speaker #2: overall the

Speaker #1: Sorry. I couldn't hear

Guruprasad Mudlapur: Sorry, I did not hear you. Could you repeat?

Speaker #1: you at all. Could you repeat?

Speaker #2: premiumization of vehicles the

Speaker #2: volumetric vehicles

[Analyst]: Sir, if you can disclose any sort of orders in these JVs as of now.

[Analyst 4]: Sir, if you can disclose any sort of orders in these JVs as of now.

Speaker #2: technology all of

Speaker #2: which are growth drivers for

Speaker #2: us.

Speaker #6: Order winds?

Speaker #1: Okay, so yeah. I mean, at this point in time, I would not like to disclose, but we got into the JV only after we had a healthy order book from our side.

Guruprasad Mudlapur: Yeah, at this point of time, I would not like to disclose, but we got into the JV only after we have a healthy order book from our side and from the TACO side. We are doing quite good there. On the TSF joint venture for tail systems, we are now starting to talk to customers starting September in IAA Auto Show, and from then on, we should start to discuss real business. Give us a quarter, and then we will update you more on the order book and further details.

Speaker #2: So thank

Speaker #2: you. If

Speaker #1: And from the TACO side, we are doing quite well there. On the TSF joint venture for air systems, we are now...

Speaker #2: there are

Speaker #2: any closing remarks I would

Speaker #1: starting to talk to

Speaker #1: customers starting

Speaker #1: September in

Speaker #2: say is thank you

Speaker #1: the auto

Speaker #2: all for your

Speaker #1: show IAA auto show. And

Speaker #2: support and being with

Speaker #2: us all this

Speaker #2: time. We've had a

Speaker #1: to discuss real

Speaker #1: business. So give us

Speaker #2: good quarter

Speaker #2: exceptionally good quarter and overall

Speaker #1: a quarter and then we will

Speaker #1: update you more on the order.

Speaker #2: I would say very good.

Speaker #2: year we

Speaker #1: book and further

Speaker #1: details.

Speaker #2: closed.

Speaker #2: And

Speaker #5: Thanks. Just if I can squeeze in one last Thanks. One last question. So overall question. So overall commodity outlook, like going commodity of going forward, forward, how do you see that how do you see that moving standing forward?

[Analyst]: Just clarifying my last question. Sir, overall commodity outlook going forward, how do you see that standing forward?

[Analyst 4]: Just clarifying my last question. Sir, overall commodity outlook going forward, how do you see that standing forward?

Speaker #2: looking good and positive for

Speaker #2: us as we go into the next quarter.

Speaker #2: So yeah thank

Speaker #2: Thank you very much, and looking forward.

Speaker #2: to further

Speaker #1: Sorry. Could you Sorry.

Guruprasad Mudlapur: Sorry, could you repeat?

Speaker #2: growth in the coming

Speaker #1: repeat?

Speaker #2: quarter. Thank you very

[Analyst]: Sir, the overall commodity outlook now.

[Analyst 4]: Sir, the overall commodity outlook now.

Guruprasad Mudlapur: Okay. We have seen a pretty strong increase over the last several quarters which has sort of leveled off a little bit at this point of time. A lot of it, again, is dependent on global conditions, geopolitics, supply chain issues, logistics issues. So it is a pretty volatile environment at this point of time. We have some impact, we have contained some impact, and at this point of time, it looks a little stable. I will not want to give you any guidance on how this is going because it is so dynamic and externally oriented.

Speaker #1: Oh, commodity outlook. Okay.

Speaker #1: Thanks. All participants

Speaker #1: Yeah. We've

Speaker #1: seen pretty strong increase

Speaker #1: over the last several

Speaker #1: quarters. Which has sort

Speaker #1: have leveled off a little bit at this point.

Speaker #1: of time. A

Speaker #1: lot of it, again,

Speaker #1: is dependent on

Speaker #1: global conditions,

Speaker #1: geopolitics, supply

Speaker #1: chain issues, logistics issues.

Speaker #1: So it's a pretty

Speaker #1: volatile environment at this point of time.

Speaker #1: time. We have some

Speaker #1: impact. We have contained some

Speaker #1: impact. And at this

Speaker #1: point of time, it

Speaker #1: looks a little stable. But

Speaker #1: I won't want to give

Speaker #1: Do you have any guidance on how this is?

Speaker #1: going because it's

Speaker #1: so dynamic and

Speaker #1: externally oriented.

Speaker #5: Thank you.

[Analyst]: Thank you. That is useful.

[Analyst 4]: Thank you. That is useful.

Speaker #1: Thank

Guruprasad Mudlapur: Thank you.

Speaker #1: you.

[Company Representative] (360 ONE Capital Market Research): Yeah. Sir, I will take a question from the chat box. It is a very interesting question. What will be our growth drivers over the next 3 to 5 years?

Speaker #4: Sir, I will take a question from the chat

Speaker #4: box. It's a very generic question.

Speaker #4: So, what will be our growth drivers?

Speaker #4: for the next three to five

Speaker #4: years?

Speaker #1: Okay. years?

Guruprasad Mudlapur: Okay, so the first growth driver, as always, is revenue, and we see significantly increasing volume growth in all our mobility portfolio over the next 3 to 5 years. So there we see quite a lot of earnings. In every one of our product areas, our solutions, tools, and of course also on the data market, and now the complete telematics systems area. We have quite a lot of new product introductions coming up, which we will see uptake in the market over the years. So our new products, product mix changes will give us significant support on volume growth or our revenue growth. We also see new technology introductions which will happen in the coming years. For example, commercial vehicle ADAS is a whole new technology, a regulated market where we will see quite some action happening starting next year.

Speaker #1: So the first growth

Speaker #1: driver, as always, is

Speaker #1: volume. And we see

Speaker #1: significantly

Speaker #1: increasing volume growth

Speaker #1: in all our mobility

Speaker #1: portfolio over the next three to five years.

Speaker #1: So there we see quite a lot of

Speaker #1: new

Speaker #1: things. In every one of our

Speaker #1: product areas,

Speaker #1: power

Speaker #1: solutions,

Speaker #1: two-wheelers, and of

Speaker #1: course, also on mobility

Speaker #1: aftermarket, power tools and

Speaker #1: now the complete chassis

Speaker #1: systems area, we

Speaker #1: have quite a lot of new products

Speaker #1: introductions coming up,

Speaker #1: which we'll see

Speaker #1: offtake in the market over the

Speaker #1: years. So new

Speaker #1: products, product mix

Speaker #1: changes, we'll see

Speaker #1: significant will give us significant

Speaker #1: support on volume growth. I

Speaker #1: mean, our

Speaker #1: revenue growth. We also

Guruprasad Mudlapur: We also see new technology introductions which will happen in the coming years. For example, commercial vehicle ADAS is a whole new technology, a regulated market where we will see quite some action happening starting next year. That should also be a good growth driver. So overall, the premiumization of vehicles, the volume increase in vehicles, new technology in vehicles, all of which are growth drivers for us.

Speaker #1: see new technology

Speaker #1: introductions, which will

Speaker #1: happen in the coming

Speaker #1: years. And for

Speaker #1: example, commercial vehicle

Speaker #1: ADAS is a whole new

Speaker #1: technology or regulated

Speaker #1: market where we will see quite

Speaker #1: some action happening

Speaker #1: starting next year.

Speaker #1: And that should also be a

Guruprasad Mudlapur: That should also be a good growth driver. So overall, the premiumization of vehicles, the volume increase in vehicles, new technology in vehicles, all of which are growth drivers for us.

Speaker #1: good growth driver. So

Speaker #1: overall,

Speaker #1: the premiumization of

Speaker #1: vehicles, the volume increase in vehicles, new

Speaker #1: technology in vehicles, all of

Speaker #1: which are growth drivers

Speaker #1: for us.

[Company Representative] (360 ONE Capital Market Research): Okay. Sir, there are no more questions. Any closing comments you want to make, sir?

Speaker #4: Okay, sir. There are no more questions. Any closing comments you would like to make, sir?

Speaker #1: Oh, thank you. Okay.

Guruprasad Mudlapur: Thank you. I just want to say thank you.

Speaker #1: I just want to say thank you.

Speaker #4: Sir, only one minute, sir. One person has come. Yeah. But he's unable to unmute, sir. We can go ahead, sir. No closing comments. Yeah.

[Company Representative] (360 ONE Capital Market Research): Only one minute, sir. One person has come. Yeah, but he is unable to unmute, sir. We can go ahead, sir. No closing comments, yeah.

Speaker #1: Oh,

Speaker #1: If there are any other questions, please.

Guruprasad Mudlapur: If there are any other questions, please feel free to send it to us. Namala and I can answer, not an issue.

Speaker #1: Feel free to send it to us on MLI and we can answer—it's not an issue.

Speaker #4: Yes, sir. Yes, sir. Yes, sir.

[Company Representative] (360 ONE Capital Market Research): Yes.

Guruprasad Mudlapur: The closing remark I will say is thank you all for your support and being with us all this time. We have had good quarters, exceptionally good quarters, and overall, I would say a very good year which we closed. The trend is looking good and positive for us as we go into the next quarter. Thank you very much, and looking forward to further growth opportunity in the coming quarter.

Speaker #1: The closing remark I

Speaker #1: would say is thank

Speaker #1: you all for your

Speaker #1: support and being with

Speaker #1: us all this

Speaker #1: time. We've

Speaker #1: had good

Speaker #1: quarter exceptionally good quarter.

Speaker #1: And overall, I would say it was very good.

Speaker #1: year which we

Speaker #1: closed.

Speaker #1: And the trend is

Speaker #1: looking good and positive for

Speaker #1: us as we go into the next

Speaker #1: quarter. So

Speaker #1: Yeah, thank you very much. And looking...

Speaker #1: forward to further growth

Speaker #1: opportunity in the coming

Speaker #1: quarter.

Speaker #4: Thanks, sir.

[Company Representative] (360 ONE Capital Market Research): Thanks.

Speaker #1: Thank you very much.

Ronak Mehta: Thank you very much.

Speaker #4: Thank you, sir. All participants may now disconnect.

[Company Representative] (360 ONE Capital Market Research): Thanks. All participants can disconnect our line. Thanks for participating.

Speaker #4: lines. Thanks for participating.

Speaker #2: This webinar is no longer being recorded.

Operator 1: This webinar is no longer being recorded.

Operator: This webinar is no longer being recorded.

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