Ladies and gentlemen, good day, and welcome to Sundram Fasteners for QFY 2026 post results call hosted by Avendus Spark. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then 0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ram Seshan from Avendus Spark. Thank you, and over to you, sir.
Thank you, Ikra. Good morning, everyone. Ram here from Avendus Spark. Appreciate everybody logging in into this 4Q earnings call of Sundram Fasteners. From the management team, you know, we are pleased to host Mr. Dilip Kumar, CFO, Mr. Bharathan, Executive Vice President, Marketing, and Mr. Ganesh, Vice President, Finance and Projects. I now hand the call over to Mr. Dilip Kumar, CFO, for his opening remarks, post which we'll begin the Q&A. Over to you, Dilip Ji.
Thank you, Ram, and good morning and welcome to our discussion on the annual results of Sundram Fasteners for the year ended 31st March 2026. From the year-end perspective, we've recorded 7%+ growth, moving from INR 5,231 crores to INR 5,612 crores. The raw material prices have been fairly stable for us, though we experienced inflation in the nickel aluminum , especially after the West Asia conflict started. The all other costs, the conversion costs, I will get into a bit of details, but have been fairly stable. The depreciation has been in line with our capitalization. Profit before exceptional items has grown from INR 668 crores to INR 749 crores, which is a 12% growth.
We have benefited from a bit of operating leverage. The two overseas subsidiaries, the U.K. and China, especially China, has done very well despite difficult market conditions there. The construction segment has recovered. The valuation exercise was positive for us. In the earlier years, in line with the accounting standards, we had made an impairment provision, which we have reversed now completely, which is an exceptional item. As most of the companies did in Q3, we had made a provision under the new labor code for gratuity liability for the past service, which was about INR 11 crore. Net of that, after making these adjustments, PBT decreased from INR 68 to INR 767. The tax provisions have been in line with the...
The effective tax rate has been in line with the earlier years and slightly lower deferred tax provision because of the gratuity liability. After the adjustments for the actual valuation and MTM provisions for some of the investments, as you know, the stock market had a fall, and some of the investments which we had made, the market capitalization became lower. The profit after tax was INR 580 crores, which is the highest in the history of the company. After adjustments for MTM, we reported INR 576 crores compared to INR 517 crores. Now, coming specifically to the quarter and as well as the annual performance, the OE segment has been very strong for us. Retail, especially compared to the corresponding quarter, has recorded close to 20% increase.
The exports moderated despite the rupee depreciation. In dollar terms, it moderated. In Q4, I am happy to report that we entered into the positive territory and we had growth compared to the previous corresponding quarter, both in dollar terms, as well as in rupee terms, because rupee weakened by 4%. In terms of growth trajectory, as far as exports is concerned, I think we are back to FY 2025 and in line with our budgets. Last year was more one-off because of the tariff which again is easing up a bit with customers having reimbursed a major portion of the tariff. As you know, the reciprocal duty is down to 10%.
I must tell you that, under the Trade Expansion Act for critical materials such as aluminum and steel, the duty continues to be high. We also benefited from rupee weakness this quarter. We have taken the benefit of exchange gains in the quarter. The company reported INR 1,529 crores, including other income, which again crossed INR 1,500 crores for the first time. The contribution, which is the difference between the revenues and the variable expenses, have expanded by about 150 basis points, mainly because raw material prices have been stable. And some of the one-time expenditure which we had in 2024 of last financial year, were not there this year. Subcontract expenses have always been a function of product mix, which has come out favorably this quarter.
The power and fuel, thanks to company's investments and judicious procurement from power exchange, where the clearing prices were lower. The investments in Ari power has helped us to rein in the cost. I believe we have managed the tariff well. I said, we've got a fair share of reimbursement from the customers. The fixed costs have remained stable, and the EBITDA for the quarter was INR 260 crores at 17% compared to 15.6% in the corresponding quarter. Before the exception items, we crossed PBT of INR 200 crores for the first time. After the exceptions, it's INR 231 crores PBT and after-tax INR 180 crores for the entire year. Our subsidies have also performed reasonably well.
Both, the TVS Upasana that again has had a strong year in terms of profitability. Like I mentioned, China has done well for us, which helped in the valuation of investments and the reverse of investment impairment. The U.K. subsidy, the markets have moderated a bit in the price-sensitive, interest-sensitive commercial vehicles market in the U.K. We expect interest rates to be cut this year and things to improve in the U.K. also. Overall, I think my marketing colleague will explain. I think the outlook looks very strong. We have started April well, and I will pause here. We are happy to take the questions. Thank you.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Sucrit Patil from Eyesight Fintrade Private Limited. Please go ahead.
Good morning to the team. I have two questions. My first question to Mr. Bharathan is, just want to understand how are you gonna position Sundaram Fasteners to capture evolving demand in automotive components and global manufacturing while mitigating risks from electrification, supply chain disruptions, and competitive pressures? What strategic levers will differentiate the company from its peers in the coming quarters? That's my first question. I'll ask my second question after that. Thank you very much.
Good morning. As you are aware, already Sundram Fasteners, in all its various verticals, the six verticals is main verticals that we have, are certainly leaders and the preferred choice on the as far as the IC segment is concerned. During the past five, six years, we've also bagged quite a lot of orders on the EV segment, more in the export, where there was seemed to be some traction in the past. Now, that has receded a bit. There's a pushback. In the export segment, the EVs are getting a bit postponed, and the demand is also downsized.
That notwithstanding, because of our leadership in the IC segment, I think, we are back to the normal, near normal condition as far as the export segment is concerned. As far as our export is concerned, again, our exposure is also towards the high, heavy engines of the high horsepower ranges, wherein, those continue to be IC, and there's not going to be any immediate threat on electric, electrification in those segments like power generation or marine or other segments. As far as the domestic market is concerned, as you know, we are leaders in the domestic segment, and domestic segment is a progressive growth on the EV, not much of a, this thing.
That notwithstanding, we have also bagged quite a few orders on the EV segment as well with major OEMs in India. That said, I think, the threat from electrification is not going to impact us, and we are well-placed to handle that. As far as the strategic levers are concerned, I think, we are a driving company, number one. Number two, our focus towards quality and the brand equity is keeping us in good stead. We are certainly the go-to choice for all the customers, first choice for all the customers in many of the product developments. That's why, our order books are full today. Also we are receiving quite a few new orders, and our development teams are busy doing that.
Thank you. My second question to Mr. Dilip Kumar is, with revenue growth supported by exports and domestic OEM demand, how is capital allocation being prioritized between capacity expansion, technology investments, and shareholder return? What structural cost efficiencies are being implemented to protect the margins amid, you know, rising raw material and energy costs? Thank you.
See, on, the, shareholder return, as a policy, we'll be distributing 30% of the profit after tax consistently. That is the, shareholder from return perspective.
From cost efficiency, raw material prices have been stable. If there are increases either way or if there is a reduction, we have a contractual obligation to pass it through to the customers. We either charge them or give them a credit note. In the aftermarket, we have the ability, taking into account competitive pressures to calibrate the prices, market prices. In the export segment, we are not under an obligation to make a pass-through. If market prices are benign, we benefit from the lower raw material prices, and we don't pass it. As far as capital allocation is concerned, Sundaram has been investing not less than INR 300 crores year-on-year. Typically 25%-30% is for replacement.
The balance, 70% will be driven by customer requirements, across all our plants. Taking into account the current operational efficiency, we allocate a capital for revenue growth purposes.
Thank you and best wishes.
Thank you, sir.
Thank you. Next question is from the line of Rushabh Shah from Buglerock PMS. Please go ahead.
Hi, am I audible?
Yeah, you are audible.
Yeah. sir, my question is on the non-auto side. You mentioned that you are entering into the railways and defense. In what product category are we entering into the railway and defense? What is the roadmap that you have for the non-auto side of the business? Also, how is it different from the business which we are doing in terms of cash flow, profitability and working capital basis?
See, on the non-auto side, while we are strategically using wind energy fasteners and aerospace fasteners. Apart from that, we have also looked at fasteners for railway applications, which we have been, you know, channelizing through our retail partners. With the advent of our high-speed train and the quality requirement set out by the Railway Board and the authorities, I think, they are happy to work with a company like Sundaram Fasteners. There we see a large headroom for growth by direct participation. This calls for us, you know, getting qualified through the standard requirements mentioned by the railway team in terms of the, you know, standards, whatever they have set out.
In terms of order visibility, while we are participating in multiple tenders, I think the current hit rate, I would say it's about 20%, and we are confident of taking up the hit rate. The visibility where we are doing roughly about INR 2 crores- INR 3 crores per month. I think we see a visibility of it taking up to INR 100 crores. That is on the railway side. Defense, I would say, with all the participation through startup programs, I think it is still in the nascent stage while we are working on multiple platforms. The aerospace fasteners is really taking off.
We have also invested to grow along with the customer, like where we supply for either General Electric or the domestic players like Hindustan Aeronautics as well as Skyroot. Those are some of the key customers with whom we are working. Wind energy fasteners, where we have had expansion, and now we are in the next phase of expansion for the project to take it up from, say INR 30 crore, INR 35 crore level to INR 50 crore per month level. These are the levers which we are working on the non-auto. Apart from that, our aftermarket participation for industrial application, it is quite wide and large. These are the headrooms on the non-auto side which we are working.
Just to add to what my colleague said. Overall, our non-auto exposure is around 35%. In our product mix, non-auto is 35%, including tractors. To add to your specific question on this defense. Currently, we are in areas of pumps and machined castings, but we find a lot of scope for our other verticals as well. We are working with the defense agencies to proceed there as well.
Okay. Just a follow-up on this one. How would this be different from in terms of cash flow and let's say profitability versus the auto business which we are doing? Also, since it is 30% of our revenue, and we are planning it to take towards 50% of our revenue, aerospace would be the major contributor, or everyone would be an equal contributor going ahead?
No, it will be an equal participation from all the segments. With respect to the profitability, I think, it's slightly, you know, 100 to 200 basis points above our automotive because we are working on participation in exports as well as domestic. The lead time with respect to, you know, supplies and the working capital cycle is slightly shorter when we serve the domestic market. Thereby the cash flow and the profitability are at a much better pace in the non-auto segments.
Okay. Since we were talking about, sir, exports, we had 30% of our revenue coming from exports, and you had mentioned in your call that we have plans to take it to 50%. Like, any update on that, and what steps have we taken towards that journey?
While that is an aspiration and in terms of the tariff related impact, while the exports did have a drop, but the new customer, new program addition, I think we are seeing visibility for it to come back to its original level of 30%-35%. From there on, with our, you know, participation in other geographies and product range, we should see better numbers.
Okay. My next question is that you have customers with whom you have relationship of, let's say, 10-15 years, and you mentioned that you are adding new customers. My question is, in which segment are you adding these customers, and how many have we added in the last 4-5 years? If possible, could you name them?
See, in terms of new customers, while we are onboarding some on the non-auto, especially on the consumer durable like Daikin, and we are working with few others. I would say even on the existing customer, we drive more on cross-selling, where we have been supplying through supply chain partners. We work with our OEMs and then try to get into their direct supply chain. I think those are the success stories which has helped in terms of growing the exports.
See, as far as the areas, what you're asking is concerned, in our fasteners, machined castings, gears, as well as sintered parts, we are engaging with new customers, in different geographies, not only in North America, where currently we have quite a good base, but we are also looking at European customers. We have seen some business come to fruition, and we are expecting some to come in the near future as well.
Okay. My last question is, how often do our parts get replaced in a vehicle? Because I wanted to understand the whole aftermarket segment as it is a higher margin and higher, let's say, ratios, higher profitability ratio for aftermarket segment. How often do these parts get replaced in a vehicle?
See, it depends on the functionality of the part. Whereas, if you take, for example, the pumps that we supply to the market, water pumps and oil pumps, oil pump is almost a fit and forget part, whereas the water pumps get replaced, maybe once in two, two and a half years in a truck, and once in four years in a car, and once in two years in a tractor. Depending on the usage and the ruggedness of the atmosphere, it affects the replacement. That's how pumps get replaced. Similarly, fasteners also have a periodicity of, somewhere around, 2-3 years, depending on the function, if it is an engine fastener or a chassis fastener. Depending on that, there are various cycles, on which they get replaced.
Okay. Thank you so much, sir. I'll get back in the queue.
Thank you.
Thank you. Next question is from the line of Preet Pitani from InCred AMC. Please go ahead.
Thank you for the opportunity, sir, and congratulations for good set of numbers. Sir, I would like to know about the segment mix and segment-wise growth which we have achieved in FY 2026. Also what kind of growth we aspire in coming two years, what would be the growth drivers for the same, and if there is any order book for the same. Thank you.
I think I will address the revenue mix. I think we are leaders in fasteners. Fasteners continue to be in the range of 40%-42% of our overall revenue, followed by pumps and assemblies, cast and machined assemblies, which is in the range of 25%-27%. Followed by cold extruded and sintered metal components of around 15%, and hot forged and machined components constitute 12%, and balance from other business segments like radiator caps and others. This is on the segment-wise mix of revenue which we have witnessed in 2025, 2026. With respect to growth, while, you know, for the current year, our CFO mentioned that we are at 7%.
I think our aim is to have a double-digit growth, in the coming, two years. That is what we are working on.
What would be segment-wise or industry-wise order book which we have? If you can mention about non-auto, EV or CV?
I think, while we have growth coming in from both automotive driven by the, you know, various segments in which we participate and, the drive on non-auto, I think, the fair share of the mix would be in the same, you know, range with absolute amount growing in each of the segment.
If you look at the somewhere around 13%-20% growth between these segments. 13% in the OE, 15% in the retail and 20% in the export, amounting to about 15% growth overall. That's how we look at these segments.
Oh, thank you, sir. If you could break up industry-wide growth for FY 2026, like what kind of growth we had in passenger vehicles, what kind of growth we had in commercial or non-auto, aero, wind and infra, industrial, personal, et cetera?
No, I think in each of the segment we surpassed the industry. Do you want to add some number?
Yeah. One second. Let me check it.
Sir, if you share your email ID, we will give you the information.
Sure, sir. I will try. Hello?
Yeah, please go ahead.
Yeah. Another would be on the same industry-wide growth drivers which we have, like what kind of new products which we are having in passenger segment, what kind of new segments we are having in commercial segment and outlook on wind infra. You mentioned in two quarters back that we have an order book. How it is ramping up?
Let me answer you. See, last year I think we had about 7% growth in the 2025. The industry growth was 7% in 2025-2026 for the commercial vehicle segment and 5%-7%, somewhere around 6% on the passenger vehicle segment, and 22% was the tractor growth. This was the broad growth of the industry. As Mr. Ganesh said, we've surpassed the industry growth in all the segments last year. This year, while due to various geopolitical constraints, the market analysts and others have pegged the growth of the commercial vehicle segment and the passenger vehicle segment at 4%-6%. The tractor segment has tracked to 2%.
We are looking at a growth of at least 3 to 4 percentage points more than the industry segments. We'll be outperforming the industry by minimum 2%-3% in all the segments. Percentage points, I mean, not 2%, percentage points. That's how we look at the industry. We are looking at 8% growth in the commercial vehicle segment and 10% in the passenger vehicle segment, and probably 6%-7% in the tractor segment. That's how we look at the industry this year going forward.
What would be the growth driver?
See, basic demand is one growth driver. The new customers that we acquire is the second. The third is our. For the past three, four years in the passenger car segment, there has been a lull on the small car side, where our participation was traditionally higher. That has come back to after the last year's GST correction and the income tax relief that was given last year, the small car segment has also come back with a bang. In all these we are benefiting. Of course, we are also having increased share.
For example, with this geopolitical problems coming to the fore, many small players are not able to sustain and supply to our customers, so wherein we see some scope of share increases also. There have been instances of share increase already, but we are progressing on that as well.
Thank you, sir. It was very helpful. On the last slide, if you could mention how has our raw material basket has changed with respect to Q3 of FY 2026. Was there any impact in our numbers in quarter four? What kind of impact we see in next two quarters due to raw material inflation?
No, I think, in the opening remark itself it was covered, stating that, in terms of raw material we have been more or less, stable and we have not seen any significant, inflation. That is the outlook we have for, the coming quarter as well. Wherever there are increases, say either in aluminum, nickel or copper, it is always, you know.
Yes.
It is indexed and we have a pass-through mechanism.
Thank you, sir. I'll join back in the queue.
Thank you.
Thank you. Before we take the next question, a reminder to all the participants. If you wish to ask a question, please press star then one. Next question is from the line of Lakshminarayanan from Sundaram Investments. Please go ahead.
Yeah. Thank you. Hope I'm audible. I'm audible, right?
I'm sorry, sir. Can you please use your handset phone?
Yeah. Am I?
We are not able to hear you, sir. We have lost the connection for the current participant. We will take the next question, which is from Sahil Sanghvi from Monarch Networth Capital. Please go ahead.
Hi. Good morning. Congratulations for a really good set of improved numbers this quarter. Am I audible, sir?
Yeah.
You're audible, sir.
Yes. Yes. My first question is, if you can give some understanding of how the export markets are looking, major reasons for your better performance in the export market. I understand you have mentioned in the press release that Class 8 trucks saw good demand. How sustained momentum is this? What do you see for the next two, three quarters, depending on the kind of production schedules you've received? If you can also break it down according to the CV and passenger vehicle orders, that'd be helpful.
See the, I mean, export market last year was a bit of a big problem for us. Initially it started with the tariff issues and then the geopolitical crisis. As far as the North American market is concerned, where the Class 8 trucks, the bellwether of the economy, were not doing well. There was a lot of anxiety and lack of clarity on the EPA 2027 norms also that are to kick in in January 2027. On account of all this, the decision to buy a fleet was getting postponed and the demand was really low. With the clarity emerging on the Class 8 trucks, first the date is finalized.
It is going to be enforced from 1st of January 2027. Though there are some issues that the industry is negotiating with the Environmental Protection Agency on the warranty aspects, it is to kick in. With also a lot of turbulence getting settled on the tariff side, the situation is now slowly limping back to normal. With this EPA declaration, we also see some mild pre-buy having started. The Class 8 segment is looking up now, while the demand is considerably higher. In fact, if you take the 1st quarter, that is Jan through March, 1st quarter of the North American industry, Jan through March, the Class 8 truck preliminary orders were almost double that of the year-ago period.
While the retail segment has still not picked up because there's always going to be a lag between the two. This year, the Class 8 trucks are expected to perform at least 10%-15% better than the last year. That is one thing and which is helping us increase our demand. As far as our other major customers are concerned, for example, a major customer like Cummins has indicated a good growth in all the segments. We participate in the high horsepower segment, the mid-range segment, as well as the heavy duty segments. In all the segments, in the high horsepower because of the data center requirements continuing to be good, they are projecting about a 25% growth.
The heavy duty segment also we are looking at upwards of 15% growth. On the mid-range segment, where the initial guidance was flat, now they are looking at at least 2%-3% growth quarter-over-quarter. That's how basically the truck segment and the power segment, power generation segment is looking at. Coming back to the other customers like General Motors and Stellantis, yes, the EV platforms have had a definite setback, so they have downsized their EV projections by 50%. While Stellantis has also postponed the program, General Motors is continuing with the program at a downsized level. The ICE segment is springing back to normalcy, and with all their pipeline inventories are also getting exhausted.
We are seeing a near normal rebound of the demand with General Motors and Stellantis as well. Overall, we hope this year exports to be much better than the last year, and that's why we are looking at a growth of about 15%- 20% this year.
Right. That's very elaborate. Thank you so much. My second question would be as a follow-up to this one, that, how do we see our EV orders, which are roughly about INR 4,000 crores now ramping up? I mean, do we see it starting in FY 2027? How do you see the ramp-up happening? EV orders from U.S.
No, no. Well, with respect to the U.S. EV orders, while there has been a slight uptick, it has not reached its potential, whatever we have envisaged. With respect to specific on either Stellantis or General Motors, with respect to the ICE and PHEV, we are seeing an uptick. I think the full ramp-up would happen by 2027. Definitely we are seeing better numbers compared to what it was in 2025, 2026, and that is one of the reason for us to, you know, have a confident or positive number with respect to export growth in 2026, 2027.
Sure, sir. Sure. Secondly, sir, if we had to look quarter-on-quarter, there is a dip in the gross margins, which is also kind of transpiring in the EBITDA margins. Apart from the nickel and aluminum cost inflation that you've reported, anything else has, you know, affected our gross margins?
Nothing specific, because if you're looking at, gross margin of, let us say, Q3 or Q2, like I said, after the West Asia conflict broke out, there has been an inflation in, the, RM and, indirect materials to some extent. So it has got slightly compressed. I think if you see the overall year and, it has been quite okay.
Right. Right. Lastly, on the railways, I just wanted to confirm the numbers that were given by you. I mean, given by one of the speakers. I think he said that there is roughly a INR 2 crore-INR 3 crore kind of monthly run rate that we're working, I mean, working with in revenues, and this has a potential to ramp up to roughly INR 100 crore monthly. Is that correct?
No, no. That, that is INR 100 crores per annum. From an INR 2 crore-INR 3 crore level, the run rate would be at, say, INR 8 crores-INR 10 crores. That is what we are envisaging.
This can happen this year itself?
On an annualized basis, we are looking at this number, but I think by Q3, Q4, we should be able to look at this.
Okay. Okay. This is helpful. Thank you.
Thank you. Next question is from the line of Lakshmin arayanan from Sundaram Investments. Please go ahead.
Sorry. Hope I'm audible.
Yeah, sure.
Yes, sir.
Hi. Sir, I am just trying to reconcile, you know, looking longer period growth. If I look at from March 2023 to March 2026, I think we have grown around like 11% or 12%, and in between, the currency has depreciated by around 14%, while steel prices have actually gone up by around 18%, 19%. Automotive industry as well as industrial growth has actually gone up on a point-to-point basis, right? Now, I just want to understand how to explain this divergence between our growth, which I think would be around 11% or 12% in the year 2023 to 2026. Also, can you provide some color on the internal benchmark you use to measure success?
Is the management, how the last three years' performance looks? I mean, when the management looks at it, how the last three years' performance has actually met or exceeded management expectation, given the context that we have grown at X% while currency has depreciated and the metal prices have increased and also the industry and the GDP has actually increased. Right? I just want to understand how the management thinks about it.
The management looks at it as the minimum growth that we should target is, let us say, at least a nominal GDP and + 2%. That is one way of looking at it, or 2x of GDP. Roughly, around 12%-13% is what the, how the business plans are formulated, capital allocations are made, and all discussions revolve around that kind of a scenario. The actual market, there may be challenges, and somebody may scale back EV program or the tariff having disrupted last year. These things can have an impact on the growth in general. Coming specifically to the RM or material prices, like I said, they have been fairly stable for us.
We've been able to get a better price advantage, or we have maximized L0 procurement and also got reasonable the volume discounts from based on our procurement and special discounts. We've been able to keep the prices lower, though there is a threat of some inflation creeping in in the RM prices. As far as exports are concerned, like I said in my opening remarks, for the quarter, it has entered into the positive territory, both in USD terms, and if I annualize that, it looks quite strong and going back to FY 2025 levels. Overall, for the entire year, notwithstanding the rupee depreciation, we've had about 8% degrowth. That I would think is more of one-off for the reasons which we all know.
Taking a lot of confidence from Q4 and the way we have started the month of April, this year looks to be quite strong.
Got it. I was just looking at slightly longer because last year has been with tariffs, et cetera. That's why I used 2023 as a baseline and then looked at three years. Wherever growth has been, the divergence from even the metal inflation and even the currency depreciation, though we are beneficiary of both, in terms of top line as well as, you know, I think that's where I am thinking of as to, you know, from the eyes of management, has the last three years been better for your budgets or it was underwhelming to your budgets or your own business plans when you actually did it in 2023 and looked at the next three years?
I think from your point of view, what are the benchmarks and how do you think you have actually performed? That's my question.
No, I answered that question by telling you that we target as far as growth is concerned in either it is nominal GDP or 2x of GDP. This is why I said 12%-13% is the overall growth we would like to have. Taking especially this year, that growth has come in OE as well as in retail. It has not happened in export. If you take a three-year timeframe and where we had made a lot of investments, we were banking on certain customers and products, it has not taken off in the manner which we would have desired. I think these are cycles and like I said, last year was though it started on a pessimistic note the month of April itself with the reciprocal duty and ended with the conflict.
The after the GST 2 rationalization and markets have boomed, and we are seeing that momentum continuing in the current year also.
Got it. Thank you. Thank you so much. This is very explanatory.
Thank you, sir.
Thanks.
Thanks.
Thank you. As there are no further questions from the participants, I would like to hand the conference over to the management for closing comments.
Yeah, nothing specific. I think most of it was covered in the opening remarks, and the questions were deep and many of them were insightful. We maintain that the outlook looks quite strong from a domestic market perspective. There's also a strong traction in the export market as well. Thank you.
Thank you.
Thank you.
Thank you very much. On behalf of Avendus Spark, that concludes this conference. Thank you all for joining us today, and you may now disconnect your lines.