Ladies and gentlemen, good day and welcome to Bosch Limited Q4 FY 2025/2026 post-results conference call hosted by 360 ONE Capital. From Bosch Management, we have with us today Mr. Guruprasad Mudlapur, Managing Director and Chief Technology Officer, and Mr. Karin Gilges, Chief Financial Officer. At this point, all participants line will be in listen only mode. There will be an opportunity to ask questions after the management presentation and opening remarks. Over to you, sir.
Thank you. Good morning, everyone. Welcome to our Q4 FY 2026 earnings conference call. We'll begin with an overview of the current macroeconomic landscape and our outlook.
The domestic economy remained resilient in the last quarter of fiscal 2026, driven by robust private consumption through fiscal stimuli and stable monetary policy from RBI, which has kept inflation within the targeted range of 2% to 6% under the flexible inflation targeting framework. This flexibility is critical for India's macro stability in FY 2027, allowing RBI to balance inflation control amidst external shocks with growth prioritization to avoid policy-induced slowdowns. Significant global headwinds continue to demand our attention. The heightened geopolitical instability, particularly in West Asia, continues to pose a material risk to energy price stability and has created volatility in key shipping and logistics routes. While the acute semiconductor shortages of the past have eased, the overall supply chain environment remains fragile. Geopolitical friction creates new unpredictable bottlenecks that require constant monitoring and proactive management. Given this context, our outlook for fiscal 2027 is one of cautious optimism.
We are confident that the government's continued focus on capital expenditure outlined in the budget will bolster domestic demand and create opportunities. However, our strategy is built to be resilient in the face of external uncertainty. Our key priorities will be to enhance supply chain agility, manage commodity and currency risks effectively. Next slide, please. The fourth quarter of FY 2026 was characterized by broad-based production growth across all major automotive segments. Passenger vehicle demand accelerated, notably towards the year-end, driven by strong SUV traction, leaner dealer inventories, and robust consumer sentiment. Festive and wedding season tailwinds further supported momentum alongside the GST benefits. As a result, inventory levels normalized to a healthy average of approximately 28 days, compared to an average of approximately 52 days in the previous year ended March 2025. Light Commercial Vehicle production recorded healthy growth.
Key drivers included e-commerce demand during the festive season, a 10% increase in infrastructure spending that supported freight activity, and budget utilization by fleet operators. Stable credit conditions and cumulative 125 basis points repo rate cut have improved financial affordability for small operators. Heavy commercial vehicles growth was supported by a 10% increase in infrastructure spending, leading to stronger goods movement and Q4 budget utilization by fleet operators and logistics firms. This, alongside stronger infrastructure-led goods movement and demand for school buses, drove growth. Additionally, steady replacement demand also provided an underlying boost. Tractor segment was a standout performer, supported by robust rural demand, favorable farm economics, and a strong Rabi sowing season, where total area coverage increased by approximately 1.59 million hectares year-over-year. Policy tailwinds further boosted the growth, enhancing affordability and driving both first-time and replacement demand.
3-wheeler production rose sharply, supported by demand for urban mobility and heightened last mile cargo activity during the festive season. OEMs scaled up production in anticipation of sustained demand, aided by supportive policies and festive tailwinds. 2-wheeler segment posted healthy growth supported by strong festive and wedding season demand, improved rural liquidity and stable urban consumption. Next slide please. India's automotive industry is expected to witness steady growth in FY 2027, supported by stable macroeconomic conditions and continued policy support. The PC segment is expected to record steady growth in FY 2027, supported by resilient consumer demand.
However, geopolitical uncertainties, particularly the West Asia conflict, may weigh on demand in Q1, though the overall outlook remains stable. The CV segment is projected to register stable growth, aided by sustained infrastructure spending and strong e-commerce-led logistics demand. The tractors segment is expected to boast stable growth supported by healthy reservoir levels and stable prices, aided by the deferment of emission norms in the 25 to 75 HP category. However, the potential El Niño conditions could pose a downside risk. The three-wheeler segment is likely to witness positive growth, driven by organic growth in both passenger mobility and last-mile cargo demands. The two-wheeler segment is expected to register healthy growth, with a below-normal monsoon potentially weighing on rural demand. Nonetheless, stable macroeconomic fundamentals are likely to provide underlying support. Next slide, please. Sector-wise sales performance.
Quarter-on-quarter, the mobility business has grown by 23.3% in Jan-March 2026 as compared to Jan-March 2025, driven mainly from the power solutions business, which grew by 27.4%, mainly on account of robust growth in overall automotive market. The two-wheeler business grew by 63.4%, mainly on account of higher sale of exhaust gas sensors due to ramp-up of OBD2 norms implementation from 1st April 2025. The consumer goods business grew by 14.3%, driven by product range expansion to traditional trade channel and incrementally supported by e-commerce growth. FY 2025 versus FY 2026. The mobility business has grown by 16.9% in April-March 2026 as compared to April-March 2025, driven mainly from the power solutions business which grew by 17.6%, driven by higher demand in the overall automotive segment. The mobility aftermarket business grew by 3.7%, driven by steady demand for core products with additional support from OE segment.
As already seen in quarter-over-quarter growth, the two-wheeler business has grown significantly by 69.1% due to the ramp-up in the sale of exhaust sensors resulting from OBD2 norms implementation from 1st April 2025. The consumer goods business grew by 6.4%, mainly on account of growth in global and Bluetooth, and accessories and incentive schemes launched. Next slide, please. Quarter-on-quarter revenue from operations in January-March 2026 stood at INR 55,657 million, which grew by 13.3% over January-March 2025. The growth was mainly driven by higher sales in power solutions and two-wheeler power sports segments, as seen in the previous slides. Likewise, revenue for the period April-March 2026 grew by 10.8% over April-March 2025, from INR 180,874 million to INR 200,347 million. This growth was also driven by strong performance in power solutions and two-wheeler power sports sectors.
EBITDA for January-March 2026 was INR 7,815 million, which grew by 20.8% over the same quarter of previous year. The improvement in EBITDA margin was primarily driven on account of revenue growth and optimization of expenses. EBITDA for period April-March 2026 was INR 26,503 million as compared to INR 23,097 million April-March 2025, which grew by 14.7%. Improvement in EBITDA margin was primarily driven on account of revenue growth, reduction in material cost, and budgetary control on expenses. The profit after tax for January-March 2026 increased by 2.7% over same quarter of previous year. Profit after tax for FY 2025-2026 stood at INR 37,702 million, which is a growth of 37.6% over the same period of previous year. The significant growth impact is mainly due to the profit on sale of the video solutions access and intrusion and communication systems under the Building Technology segment. Next slide, please.
I will now walk you through key highlights in each of our business divisions. The power solutions division achieved a landmark result, surpassing INR 130 billion total net sales for 2025 calendar year. We closed the fiscal year with momentum, delivering over INR 14 billion in the fourth quarter. The results reflect our unwavering commitment to performance, customer focus, and deep trust our customers place in us. This success is underpinned by our continued focus on preparing customers for upcoming legislation. For the upcoming CAFE Phase III regulations, we are ensuring our customers will be fully prepared by actively aligning with OEMs for the rollouts scheduled in April 2027. In parallel, we are spearheading the adoption of ADAS in commercial vehicles.
Our proactive approach positions our partners to comply seamlessly as this important regulation takes effect, starting in January 2027 for new commercial vehicle models and extending to all commercial vehicles by October 2027. Moving to our two-wheeler and power sports division, we saw a significant surge in demand following the recent GST reforms. Our operational team successfully scaled production to meet this demand. Importantly, it was achieved while managing ongoing supply chain pressures. We maintained our 100% delivery commitment to all OEMs, ensuring zero production disruptions. On the innovation front, Bosch Limited was named one of India's top 50 innovative companies by CII, and our two-wheeler division was a key contributor to this award. Specifically, our new intelligent puncture detection system was commended this year. This follows last year's recognition of our Sensolux quick shift technology, highlighting our consistent focus on developing practical user-centric solutions.
Turning to our mobility aftermarket division. The independent aftermarket stagnated as it continued to face significant supply chain pressures. Our original equipment or OE segment witnessed robust growth, which was fueled by exceptional performance in OEM filters and spark plugs. Exports in the mobility aftermarket business delivered outstanding growth of around 17%, reflecting notable improvements in key international markets, specifically Nepal, Bangladesh, and Sri Lanka. Across our core product portfolio, our sustained focus on go-to-market strategies and market coverage initiatives drove steady growth. This positive development was also seen across a broad range of categories, including filters, lubricants, rotating machines, braking systems, wipers, and auto electricals, demonstrating the fundamental health of our offerings. Turning to our power tools division. This quarter was marked by a major strategic milestone.
We became the first power tool company in India to receive the mandatory BIS certifications for key products like our angle grinders, drills, and hammers. By securing this, we have ensured uninterrupted market access for these products, further strengthening our market leading position. We also expanded our professional tool portfolio with the successful launch of our new magnetic drill, the GBM 30. This was our first locally sourced finished good, and it addresses a much awaited market requirement. Finally, the strong momentum in our cordless segment continued, delivering another quarter of double-digit growth. This performance was driven by our strategic Cordless 3.0 initiative. This campaign is designed to create battery lock-in effect by deploying targeted online and offline promotions across 25 key industrial clusters, accelerating the adoption of our battery platform. Next slide, please.
In another strategic milestone, we are pleased to announce a joint venture with Brakes India Private Limited and Wheels India Limited. At Bosch, we are continuously expanding our capabilities to solidify our global partnership in the commercial vehicle sector. This joint venture is a decisive step to shape the future of advanced air systems. By integrating premier engineering and manufacturing prowess, we are co-creating state-of-the-art intelligent modules that will empower our customers globally to build more advanced commercial vehicles. The joint venture will focus on engineering, manufacturing, and sale of electronically controlled and software driven modules for air compression, air processing, air suspensions, and air parking brakes. With a registered office in Chennai, the global supply chain, including India, will be managed by entities of Bosch, Brakes India, and Wheels India. Thank you all for your contribution and for patiently listening to the call. We will now address your questions.
Thank you. Thank you, sir. We will now begin the question and answer session. Anybody wants to ask a question, please raise your hand. Otherwise, alternatively, you can type your question in the chat box. First, Mr. Mumuksh Mandalia, you can unmute and ask your question. You can unmute. I think he's unable to unmute, I think. Next we'll go to Pramod Amte. You can unmute and ask your question.
Yeah.
Hello.
Yeah. Can you hear me?
Yes, we can.
Sure. Yeah, thanks for this opportunity. The first question is with regard to the growth outlook. When I see your volume outlook of next year, it looks to be flattish in many cases, except for one or two segments.
Hello.
In that background, do you see a scope for Bosch in any of the subsegments to increase content per vehicle and outpace the industry volume growth? If we can talk about subsegments.
Yeah. I think to answer your question, I would put it in two parts. The first part on content per vehicle is a constant increase, and this is happening, and we discussed this a couple of times also in the past. This is a thing which continues all the time for us, and we expect this trend to continue also in the upcoming fiscal year. The second part of the question, I would say we are a bit cautiously optimistic. Cautious because of the potential headwinds that are in front of us, specifically the West Asia crisis now going on, which could have serious impact on crude oil prices, and therefore, if the pass-throughs are high, what is the negative impact on the economy and the rest of it. There we want to be a bit cautious.
We currently maintain the flattish outlook, but that doesn't mean, like the year we closed, we have no issues ramping up when required or going much beyond as required.
The second question is with regard to the joint venture route you are taking for some of the new product lines. This is the second in that series after the e-axle and now for the brake system. I wanted to know what is the thought process, why this format taken for each of these cases, what you feel are advantages? It looks like you have a superiority of R&D, and Bosch is global epitome of R&D and products. Why to go for an equal joint venture? What advantages you are looking at versus a shareholder who looks at loss of medium to long-term revenue and a profit potential if you had ceded these businesses on your own?
Yeah, I think it's a fair point from your perspective. I think we've previously answered why we went into a joint venture on the e-axles. I'll now focus on why are we doing a joint venture on the air systems here for commercial vehicles. Look, at Bosch, we have huge engineering capability, huge capability of manufacturing and selling products and solutions across the world. In this area, specifically electronic controlled, software-driven modules for air compression, processing, or suspension, Bosch is not a player at all. We have capabilities to get in and do everything ourselves. We felt that the commercial vehicle market works with established players, and the TVS Group is a very strong player in pneumatics and hydraulics for commercial vehicle suspension, braking, and air systems. The market worldwide is quickly moving towards electronically controlled, software-driven modules, and we have that side of the capability.
We thought it's good to partner, good to put the efforts of two companies together and get to market quickly. This is the starting point of the equation, and we can see how this develops and we can change. I would say, well, this is for us, in India specifically and also globally, we are not playing in this portfolio at all. Through this joint venture, we actually get into this portfolio. In that sense, it's a new entry for us, and we felt this is a good, quick, and effective way of combining forces of two companies with good capabilities in a new area and getting to market as quickly as possible.
Sure. If I can ask further on that, do you look it as a compared to a tier 1 OEM, which you are with the pricing power and technology which you offer? With these joint ventures, both these, if I have to look at e-axle and brakes, does it become tier 1 minus or tier 2 and hence, you feel that is not a problem as long as you are addressing the business opportunity?
No, actually, we do not see this as any change in our tier position to handle this topic, we will continue to play the same tier 1 role. Specifically, all details on the current announcement are being worked out, but as a quick input for you, this is a venture which will also help us scale globally because the market for these air systems today is largely global. India will come in at some point of time soon, but currently it's largely global. When we take it global, we take it as Bosch. When we take it local, we take it through joint venture and of course, TVS Group also can do this similarly. We do not see this as any change in our tier position at all.
Sure. Thanks for the detailed explanation. If I can, I request one more. Since you now have 2 joint ventures along with the CapEx outlook, would you also incrementally going forward talk about what is the joint venture requirement for funding in a particular year? That can help us do the financial modeling better.
Yeah, I think we can look into this. The joint venture details are anyway going to be published, and they're all available already. We've already notified the regulators on this.
Sure.
Our own CapEx, we've also specified, so the details are out there.
Sure. Thanks a lot.
Thanks, Pramod. Mumuksh Mandalia, you can unmute and ask your question.
Hello, sir.
Hi. Yeah, you could carry on. You can go ahead with your question.
Yeah. Thank you, sir, for the opportunity. Just on the continuing on this JV question, just want to understand, just want to clarify, will this JV focus more on the advanced brake systems or also will cover the traditional braking system and suspension system, sir?
This is more for the advanced brake suspension systems. They're electronically controlled, software-driven modules for air compression, air processing, and air suspension, and air parking self-brake solutions.
More for the EV products and the upcoming regulations like ESC, et cetera, right, sir?
No, this is commercial vehicles. This can be used across the range and this will be for commercial vehicles, trucks and buses, both ICE and BEVs.
Also it would cater to LCV, MHCV across the segment, right, sir?
Yes, that's correct.
just on the operation ramp-up, sir, how do you see the ramp-up and investment phase, sir, for this JV?
We currently see this JV commencing operations end of 2026. We will still have to fight to win projects in this thing. We're working on that already, and as we go further with the further setup and establishment of the JV, we'll provide more information on it.
Got it, sir. Thank you so much for the opportunity.
Thanks. Mr. Raunak Chugh, you can unmute and ask your question.
Yeah. Am I audible?
Yeah, you are audible.
Yeah. Thank you, sir, for this opportunity. I just had one question. If you could just share the full year performance for Bosch Chassis for FY 2026 in terms of revenue margins profitability. That would be great, sir.
Yeah. Thank you very much for the question. Due to that we are not through the process for the whole CV report, et cetera, we can't before the closing and not disclose figures here for the company, Robert Bosch Chassis Systems. Thanks for your understanding. As you could see, out of the valuation report and out of what we have published, what we intend to do with the acquisition, and you see how the market is currently going in RBI, and you see overall in the mobility also that we are meeting our original plans.
Just to expand a little bit on that. We've informed you of our intent to buy this company. It required shareholder approval, which we have got in the meanwhile. Minority shareholder approval is obtained, we are still waiting for regulator approval on proceeding further. Till we formalize that, we would resist from giving you this kind of details.
Sure. No problem. Thank you so much, sir.
Thank you. Mr. Chetan, you can unmute and ask your question.
Hello, can you hear me, sir?
Yeah.
Yeah, good morning, and thank you for your opportunity. Sir, since you mentioned that we are going to fill a major product gap where Bosch is not present in this category in India and globally as well. If you can help us understand the size of this particular system or market for us in India, globally, OEM versus aftermarket, just a broad brush will help.
In India, this is very nascent, very early stages. Actually, the air processed braking and suspension systems in India is a brand-new portfolio. It's something that we see upcoming in the coming years. The interest currently is largely global and across the world, many countries have legislations and even they are already adopting fully electronically controlled software-driven modules towards air compression, suspension, and braking. At this point of time, the market is largely global, and in the coming 2 years or so, we see more adoption of this in the Indian market. As we go further in the coming months, we'll share a lot of information on the JV and the market potential and opportunities around this.
Okay. Ballpark, what would be the content per vehicle for us in this product in a global market and how much would Bosch India contribute to it? Roughly.
Yeah. No, I do not want to speculate and give you a number now. The project details are in the scope of finalization. We will certainly share more information probably in the next call with all the details about the market opportunity, content per vehicle, and the exact scope.
Sure, sir. By what time frame we are expecting this JV to start ramping up the business? Will the DSS partners, will they set up a dedicated manufacturing or are they going to utilize their existing plants for this product coming to them?
The joint venture aims to start first operations late 2026. Of course, all this is subject to regulatory approvals and us being operationally ready. The JV will offer according to customer demand, of course, samples in 2027 and series readiness by 2028.
Okay. Similarly, sir, any other JVs with respect to, let's say, wind or any other segments that we are exploring? Any thoughts on that side?
We do not speculate in calls like this. As we've informed multiple times in our calls, we are always working on portfolio expansion, portfolio decluttering, and enhancement. This is a constant endeavor for us and as and when we have some information, any information worth sharing to you or through regulatory approvals, we will certainly make it a point to share it immediately.
Sure, sir. Thank you. Thank you very much.
There is continuous work happening on many different aspects.
Okay. Sure, sir. Thank you. Thank you very much.
Thank you, Mr. Chetan. Anybody has a question, please raise your hand. In the meantime, Mr. Vedant, you can unmute and ask your question.
Hi, sir. Thanks for the opportunity. One thing, on the other expenses for this quarter, I can see a 9% year-on-year decline and 10% sequential decline. Can you just maybe guide me through what has led to this decline? What sort of expenses are there? Just a broad idea, I'm trying to understand.
Thank you very much for the question. One part of our other expenses is customer projects, which you can find under revenue, other income from services. We had in the last year a very big project with a customer, and you saw the reflection in the other expenses. Furthermore, if we look, of course you can see here the Forex gain and losses due to the INR fluctuation. Overall, we are also working generally on our budgets, on our cost progress in the other expenses. We had a better fixed cost absorption. If I summarize it, the customer projects, we had the big project in the last financial year. We had a better fixed cost absorption in this financial year. We went ahead with the cost progress and the offset, of course, by the Forex impact.
Thank you. One more question, looking at the commodity cost environment or the recent energy prices, how are you seeing in terms of the overall cost outlook in FY 2027?
Well, of course, we know that we are in a competitive market. We are working on the one side on the material cost via localization, via negotiation, via working on our design RPP, so-called. On the other hand, of course, we are working on our productivity strongly in the plants. We have a very good productivity progress again in our plants. We are ramping up our AI in the plants to gain new productivity and efficiency. Overall, yes, competitive market, and yes, we are working on the cost progress in accordance.
Just one last question. Coming on to your outlook across the segment, it is kind of flattish. Just trying to understand that your customers are guiding for a high single-digit type or a double-digit type growth for FY 2027, why is a flattish kind of guidance for-?
Yeah
until year 2027?
As Gopu already mentioned, we see very strong last quarter of the financial year 2025/2026. What we are seeing going forward, as Gopu showed, is that we are currently a little bit careful and more on the conservative side, looking at the overall geopolitical environment, like the Strait of Hormuz, like the Ukraine war, like all the other things and aspects going on worldwide. Therefore, we are carefully optimistic.
Okay. Thank you.
Thanks. Mr. Rajit, you can unmute and ask your question.
My question is related to the joint venture with Tata Autocom. I believe it was supposed to start operations in mid-2026. If you can share some update on it and how much have you invested till date. When are we going to see some sales from the JV? Thank you.
Yeah. The establishment of the JV was mid-2026, and it's on track for that. The SOP from the JV is most likely third quarter of next year, and everything is on track for that.
Third quarter of next year means third quarter of next calendar year?
Yes, next calendar year. Sorry.
Q3 FY 2028 is when the revenues will start to come in.
That's correct. The first shipment from the JV will happen from the third quarter of next year.
Have you got some orders or pre-orders from any client?
Yes. We have orders from clients based on which the whole concept was worked on, and we will share more details on the exact orders, what's going on within the JV once the JV is set up in the coming months.
All right. Thank you. Just one quick clarification. It was said that the valuation report has been published. Could you please help me where can I find that valuation report for the acquisition of Chassis?
Yeah. It was published together with the post ballot notice.
It's there on the disclosure?
There is a link, but we can come back to you afterwards. If you leave your.
Right.
name and everything, then we can back and we can help you to find the link.
All right. Thank you. Otherwise, I'll drop an email as well.
Yes, perfect. Just drop a mail.
Thanks
a mail to our company secretary, and then we can help you with the link that you have the access.
Okay. Thank you. Thank you so much.
You're welcome.
Before going to the next caller, I'll read one question from the chat box. In the presentation, we indicated that we are helping customers on the CAFE 3. On CAFE 3, will our content per vehicle improve meaningfully?
Yes, content per vehicle will increase. We can share more details about this in the upcoming calls. Thanks.
Okay, sir. Mr. Akshay, you can unmute and ask your question.
Hello. Am I audible?
Yeah.
Okay. Thank you so much for the opportunity. My question is, in the larger scheme of the Bosch Group, Robert Bosch GmbH globally, can Bosch India become a global manufacturer for some of the product or a preferred low-cost supplier for the Group globally in their supply chain?
Yeah. I think we've also answered this a couple of times in the past. Yes, certainly there is an opportunity for us to become a player in the overall scheme of things as you described. I would start this answer this way. Bosch operates in what we call international production network, where production centers are typically set up in the region where consumption happens. Europe for Europe, India for India. We have normally set up. There is of course, a little bit of export happening from each of the regions based on shortfalls, based on extra demand, and so on. That's the current situation. You will also see that from India, we already do export a small percentage to the rest of the world.
This is definitely not possibly how this will be over the coming years. This is currently work in progress on how the production architecture changes for us. When this changes, what role we can play and how can we have a bigger role in the overall scheme of things. There are, of course, some preconditions to this. Everything has to make economic sense, commercial sense. Of course, it also has to make sense in the context of landed cost for customers. When we export something from here, the landed cost has to be same or cheaper or in line with contracted obligations in the locations they receive. We have to work on this. We are constantly looking at opportunities based on this.
Thank you so much, sir. That was very helpful. Broadly, you have any assessment how much would be the difference, let's say, if Bosch India is manufacturing a product here in India and something is being produced in Europe? What is the gap right now? On the production cost or on the landed cost, what are the metrics you look at?
It's very hard to give you a percentage and, of course, we cannot speak for the Bosch Group. I would like to give you an idea, is that we are working on our cost competitiveness regarding material via localization, the overall efficiency for the value add. I would like to give you two important aspects in addition. Guruprasad Mudlapur mentioned already the landed costs, where we have also the logistic costs, and therefore, you have to see where is the final customer and what are the logistic costs. For sure, what we also have to consider is that the current situation, by the speed of walmart and the logistic costs are not supporting us, not giving us a tailwind. Nevertheless, we are going forward to increase our export share.
For example, we started the NOx sensor in our plant in Bidadi, and therefore we have a quite good export share, which is going back to Europe. Depending on the product, we are fighting, but you have to see the whole supply chain in the end to be competitive.
All right. That was helpful, and I'll get back in with you. Thank you so much, and wish you all the best.
Thank you.
I will read a question from the chat box. What is the alignment for Bosch on the upcoming BS VII norms? What is the preparedness and the opportunities on BS VII?
As already stated, we are an agnostic player. We support all technologies and the European version of BS VII, which is Euro 7. We've already demonstrated technologies and working with OEMs for quite some time. In terms of technology preparedness, it's not a challenge for us. In terms of manufacturing capabilities and competence, that's also not a challenge for us. We are well prepared to handle movement towards BS VII in case the government legislates that.
Okay, sir. There is no more questions. Any closing comments you want to make, sir?
Okay. Thank you everyone for your attention today, we've had an extremely good year, in my view, last fiscal year and also last quarter. Things have been very positive and good production and sales. We hope to continue this momentum, barring some headwinds coming our way through economic downturns or by higher inflation or other parameters. Besides that, I think we are on a good track, and we hope to keep it that way. Thank you very much.
Thanks.
Thank you.
Thanks. We can disconnect our end.