Lumax Industries Earnings Call for Q4FY25 and Full Year

525 earnings conference call of Lumax Industries Limited. This conference call may contain forward-looking statements about the company which are based on on the beliefs, opinions and expectations of the company as on date of the call. These statements do not guarantee the future performance of the company and it may involve risks and uncertaintities that are difficult to predict.

As a reminder, all participant lines will be in the listenonly 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 start then zero on your touchstone phone. Please note that this conference has been recorded.

I now hand the conference over to Mr Deepak Jane, chairman and managing director of Lumax Industries Limited. Thank you and over to you sir. Thank you very much.

Good afternoon everyone. I hope you and your families are doing well. I'm joined today by Mr Anul Jen the joint managing director of the company, Mr Raja Ketle the CEO, Mr Sanjay Meta Lumat Group CFO, Mr Ravi the CEO of the CFO of the company and Mr Naval Khana corporate head taxation.

A Q4 and FI25 earnings presentation has also been uploaded to the stock exchanges and a company website. I trust you've had a chance to review it. Let me begin by highlighting the key developments in the automotive industry for the fiscal year 2425 which provides important context for our own performance.

Despite a high pace in the previous year, the industry delivered a healthy performance. Domestic auto sales grew by 7. 3% while exports rose by an impressive 19% driven by a continued policy support and a strong shift towards green mobility.

The segment wise highlights are as follows. The passenger vehicle segment in the domestic PV sales reach an all-time high of the 4. 3 million units.

growth was led by utility vehicles which contributed to 65% of the total PV sales. It was also supported by featurerich models and launches which were targeting younger consumers. In the two wheelers, the sales reached 19.

6 million units driven by rural demand and a strong second half performance. Electric two wheelers gained traction and now accounting for 6% of the total segment sales. Export growth of 21% was supported by demand recovery in African and Latin American markets.

In the three dealers, the segment surpassed its 2019 peak, recording 740,000 units, largely due to rising demand for the last mile electric mobility solutions and easier access to vehicle financing. The commercial performance of the vehicle's performance declined marginally and impacted by election related activity and temporary pause in the capex. However, the outlook for the 2526 fiscal year remains positive.

The stable macroeconomic conditions and continued infrastructure development favorable monsoons and RBIled rate cuts all expected to support demand across vehicle categories. I'm pleased to share that the Lumax industry reported its highest ever revenue in both Q4 and FI25. In the Q4 FI25, the revenue of 923 crores was with a growth of 24% year-on-year.

For the financial year 25, revenue of 3,400 crores was a year-on-year growth of 29%. This performance reflects a continued outperformance relative to the broader industry and is supposeded by an optimized product mix and strong fractions of a high value LED lighting portfolio. The key growth drivers are the higher LED content across new product launches, expanding partnerships with OEMs, and some new project wins for market passenger and two-wheeler models.

During the quarter, we deepened our relationships with leading OEMs through successful new product introductions in the two-heer segments, the headlamps of Honda Motors Scooters India, HMSI's Activa, Shine, and also their Activa electric EV. In the passenger vehicles, there were lighting solutions for the Maruti Suzuki E Vitara. Also the complete land sets of Toyota's urban cruiser headlamps for the Tata Motors decor and full lighting suites for our Mahindra Scorpio.

Our leadership in the automotive lighting market is built on scale and footprint as we have 12 strategically located manufacturing facilities across six states. Stanlay Electric, a long-standing partner, continues to give us the technology support on various collaborations and our OEM trust through deep and multi-deade relationships with our main customers. Further strengthening our position, we have also received multiple awards and recognitions.

Some of them are as follows. The special appreciation award for bureau and innovation awards for the recently launched BE6 for the Mahindra Supply meeting, the inner part localization award at the recently concluded Maroti Suzuki vendor conference in 2025 and the new the best development model award at the Suzuki Motor Cycle India annual vendor conference in 2025. Looking ahead, we are pleased to report a healthy order book of rupees 2,275 crores.

Notably, 37 of this is dedicated to the electric vehicles and 85% is allocated by the passenger vehicle segment. This diversified order book positions us for a sustained growth and reinforces our leadership in the industry. With strategic focus on LED lighting, a growing EV order pipeline and also continued robust OEM relationships, we are well positioned to have a continued value creation and sustained growth in SI26 and beyond.

With this, I now hand over the call to Mr Rabi Chia, our CFO to take over through the finance performance. Good afternoon everyone. I'll take you through the operational and financial performance.

On the financial front, as highlighted by our CNG, weated all-time high revenue of 923 cr in quarter 4 and 3,400 cr in financial year 25 2425 with Yi growth of 24% in quarter 4 and 29% in full year 2425. On a VA front, Oraita stood at 85 cr and 289 cr for quarter 4 and FI25 respectively growing by 20%. We witnessed a margin of 9.

2% for the quarter marking the highest quarterly margin performance of the fiscal year. The improvement reflect our discipline cost management, enhance operational efficiency and continuous on premium product offering. Turning on to our bottom line, consolidated profit after tax for quarter 4, FYI 25 stood at rupees 44 cr up from rupes 36 cr in quarter 4 fi 24 reflecting our growth of 22%.

Fat margin for quarter 4 fi 25 stood at 4. 8%. For the full year FY25 consolidated pad reached rupees 140 cr representing a robust 26% yearon-year increase with margin at 4.

1%. On the operations front we continue to witness strong momentum especially in LED lighting. For FY25, LED lighting accounted for 58% of our total revenue, a significant rise from 39% in the previous year.

This highlights our strategic focus on LED lighting. Further, 88% of our current order book is dedicated to LED lighting, underscoring our confidence in expanding this segment and capturing a large larger market share going forward. Regarding our segment mix for FI25, revenue contribution stood at 66% from passenger vehicle, 28% from two wheeler and 6% from commercial vehicle.

This diverse portfolio reinforced our strong position across multiple market segments. From a product perspective, front lighting contributed 68% of total revenue followed by rear lighting at 23%. making up the remaining 9%.

With this, we now open the floor for Q&A. Thank you. Thank you very much.

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 touchstone telephone.

I repeat, anyone who wishes to ask a question may press star and one on their touchstone 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 Akshhata from Multiact. Please proceed.

Um, yeah, thank you for the opportunity. Um, so I wanted to have a particular question on HMSI. So if I look at sequential revenue that we've got from HMSI, there is a significant jump.

So uh, you know, could you explain what kind of has led to this jump? Is it due to mainly volumes or mainly change in some realization due to move from uh you know conventional to LED? So just wanted to understand the sequential jump in HMSI revenues.

So uh basically we have one of the new models from Honda motor two wheeler that is a model called K0 NH and K1 KG. So these two models has contributed which is been uh manufactured at our Bangalore plant. So that's why we see that this value increase there in the from the art to compared to last year.

So specifically just to add this is unknown. So if you look at the quarter performance of HMSI they grew sequentially they grew sequentially 5% and on a year-on-year basis for the quarter 3% compared to our growth of almost 55%. That is largely because of improved uh wallet share as Ravi mentioned there has been introductions of new models that we are the single source.

So it's not driven by volume it is driven by wallet share game. Okay. So uh sorry uh you mentioned the code for this models uh but could you you know help us with what are these models because they have been already launched right?

So uh can we give away the model names? uh it is uh CD10 one model and second thing is keyway. So these are activa and shine models which I said in my commentary and this is also basically on the EV platform.

All right. So earlier these were not 100% with us but now we are single source for them. That is correct for the lightning what we use.

Yeah. Sorry for the for the lighting you know for the for the forward lighting for example. One model to be on headlight mode will be also in the tail light.

All right. Understood. Thank you.

Thanks a lot. Thank you. Before I take the next question, I would like to remind participants that you ask question.

The next question is from the line of sorrow Jane from Sunni. Please proceed. Hello.

Hello. Yeah. Congratulations sir for the wonderful set of numbers.

Uh I have a couple of questions. So first to to begin with the bookkeeping. Uh so if we keep the tooling business aside, what would be our AITA margins for the quarter and full year and how much tooling revenue are we projecting for FI 26 and 27?

So if we see our manufacturing AITA for the quarter 4 is at 9. 8% 8% and on a full year basis we are at 8. 7%.

In terms of the second question you had about the tooling. So we this year was one of the highest tooling topline we generated. Next year uh because of Yeah.

So next year uh next year we will see a somewhere around range of 200 40 so to 260 odd cring business. Okay. So 9.

8% and 8. 7% is without tooling business. Right.

Yes. Correct. Okay.

And which are the facilities which are still uh you know still about to ramp up this year which can see significant ramp up this year and what kind of growth are we looking at for FI26 and 27. So overall growth as we mentioned in our previous call also is in the range of somewhere around top 20%. That's the topline growth we are anticipating in current financial year 2526 and 27 sir.

Sorry you repeat that. And for FI27 do you have any uh you know uh revenue guidance? So we don't I think the long-term plan is to consistently grow at a 15% k over the next few years.

uh this year of course has been exceptional in terms of a growth of 29% overall and with respect to without tooling it's 24%. I think going forward in FI26 we continue a similar between a 20 to 25% growth rate forecast for FI26 and again a lot of these new businesses from the order book will come in almost close to more than 50 to 60% of the order book will actually come in FI26 as well across different manufacturing facilities. Okay.

Uh that's helpful. Uh sir uh if you look at our FI25 revenue 58% of our revenue comes from uh three clients. Maruti contributed 24%, Mahindra 20% and HMSI 14% while our order book has nearly 60% of the business from Maruti alone.

Uh as you had mentioned on the previous call. So do you think the customer uh mix is likely to change substantially in the coming years and you see Maruti growing at a higher rate uh and others is stagnating at these levels. So yes I think we are envaging growth across a lot at least all our top five OEMs.

HMSI for example as was mentioned before we've already significantly grown compared to their own volume growth. Uh from the border book we will be also gaining a lot of our wallet share specifically on the tail lamp business of Maruki Suzuki. uh on the headlamp the company already enjoys a very strong wallet share at Maui Suzuki which will be maintained but we've been able to get a lot of the tail lamp future businesses and thereby improving our wallet share uh from our competition so from um 2200 cr kind of uh order book which we have uh like more than 50% is from Maruti that's correct almost close to 55% to 60% is from Maruti Suzuki and SMGs put together.

Okay. And roughly 50 to 60% of this is likely to go into SOP in FI26, right? That's correct.

So we can see a substantial growth in Maruti's turnover this year. That's correct. We are expecting a significant growth in Mali for FY26.

Okay. And sir, my uh another question is on uh phase 2 of Chakan plant which was scheduled for Q2 of FI26 uh which is going to cater to Tata Motors, Mahindra and Folkswagun. So is it on track and how much of the revenue do we see that to contribute in FI26 and also if you can comment on the ramp up of phase one how has it progressed what was the capacity utilization in Q4.

So on phase one our capacity utilization in uh is around 70 to 80%. And this year we are expecting that it will touch somewhere around 90%. And you you rightly mentioned the phase 2 SOP is scheduled in a quarter two and at this moment uh we are going ahead with this quarter 2 schedule.

The peak revenue from phase 2 is expected to come in FY27 and that would be in the range of 250 to 300 cr. So this year we are expecting that somewhere around 40 to 50% uh the u the achievement of the peak revenue could come in this year. Okay, cool.

And what are our KEX plans for FI 26 and 27 and how do we see our debt profile uh in these two years? So from a KEX profile uh we did approximately a 200 cr in FY25. The guidance for FY26 would be continuing in a similar bank uh of approximately between 180 to 220 crores.

and sir FI27. We do not have any specific case guidance for FY27 but uh considering the massive growth which we are uh bringing in FI26, we do believe that the asset turnover ratio also should improve compared to FI25 in FI2. Sir my last question uh if we do some back calculation LED contribution for the quarter is coming to around 90% uh uh for Q4 and accordingly conventional has come down substantially.

So firstly is that number correct and how do we see this trend for FI26? Clearly you have given in the order book breakup that around 88% is LED now. So uh this 90% for Q4 is right and how do you see and uh is that also the reason for some pressure on the margins because I remember on a couple of calls you had mentioned that uh um LED doesn't necessarily increase your margins but realizations.

So number one on the Q4 number specifically uh it seems incorrect LED would not be at 90%. Uh again I would urge you to look at the total full year because a lot of times based on certain model product mix the Q Q numbers of LED penetration may be misleading on an annualized basis. FY24 we were at close to 40% of LED.

FY25 we have moved to 58% of LED and FY26 we are actually looking at probably 65% of total revenue coming from LED lighting. So that's just to give you a sense of where the LED is moving. Uh number two I think uh yes there is a bit of a pressure on the margins because of higher LED concentration specifically on the raw material consumption because the material margin on a LED lamp is lower but then there are several other factors as Ravi pointed out where we do expect margins to become better going forward in FI26.

Okay, thanks. That's all from my side. I'll take this uh led contribution with SGA.

Uh thanks a lot, sir. All the best. Thank you.

Before I take the next question, a reminder to the participants that you may press star one to ask a question. The next question is from the line of Ravi Sha from VRS Capital. Please proceed.

Hi sir am I clearly audible? Sorry there was some issue. Yes go ahead.

Hello. Yeah. So I have two questions.

Uh you I mentioned in your opening remarks that they are growing faster than the industry. So could you give us some color whether this is market share taking from other players or is it the industry itself which is growing? So clearly I think it's a combination of both but if I again look at the growth of the company compared to the customer growth clearly you will see in certain OEMs it is actually the wallet share which is improving significantly uh in terms of FY25.

Uh again if I look at the growth specifically on Maruti Suzuki I would say that has been fairly in line with the customer's own growth but as I mentioned earlier in FY26 we see that radically changing where we expect a significant growth perhaps of even close to uh 35% or upwards in Maruti Suzuki whereas their growth is likely to be perhaps in single digit. Uh if I look at Mahindra and Mahindra which is the number two customer, our growth has been a massive 37% in FY25 compared to 10% of Mahindra's own growth. And similarly in HMSI also we grew by almost 27% versus 18% of their own growth.

So a lot of this is not just volumedriven but as was mentioned earlier a lot of new products and wallet share expansion uh in certain OIS. Understood. So thank you.

That's a detailed answer. So I had one more question on our on our market share. So could you share some data points on what would be our market share for the LED business and the nonLED business if you have this data available?

It's very difficult to give you the market share based on LED and nonLED. However, I can give you some color on what our uh wallet share would be across let's say the top three top four OEMs. So on a Maruti Suzuki we are currently sitting at around a 27 to 30% wallet share of their total buying and this is uh definitely going to increase over the next two to three years clearly because as I mentioned almost more than 50% of the order book is of Mari Suzuki and we've also had some strong recent wins on the tail lamp and the rare lighting business of Mari Suzuki.

uh coming to Mahindra and Mahindra we already are at a 50% wallet share compared to total lighting and here again we will uh strategically grow our rare lighting business and our number three customer which is HMSI we are already close to 60% of the water share understood sir really helpful thank you and all the best thank you Thank you. Before I take the next question, I would like to remind participants that you may press star in one to ask the question. The next question is from the line of Rohan Mahhata from Nexus Capital.

Please proceed. Uh thanks for am I audible? Yes, please go ahead.

Yes. Uh so firstly sir on the uh front lighting and the rear lighting uh could you just uh explain uh as to what how the pricing works and what is the delta between these two in terms of the pricing and realization. So let me say front lighting and rear lighting pricing I think it's a very different basically business both together.

I think what you can probably look at it is basically in a convention signal basically headlamp you are actually at round about in the four-wheeler space you are probably round about in a range in the LED of about 8 to 12,000 and on tail lamp it's about close to around about 3,000 u however I must qualify this statement because the new tail lamps what you're becoming they're actually becoming much more longer, much more sleeker. The front headlamps mostly driven by the EV adoption has got projector lamps, LEDs. So the kit value is actually increasing on the four-wheeler.

Two-wheeler is also actually become more standardized because now you've actually on the front lighting have not just the headlamp but DRLs which is actually a newer function. So as a total kit value particularly on the two wheeler case it actually comes out around about maximum about 1,500 uh rupees as well. Uh so this is what it is.

But if you see from our mix point of view, a product mix from a two-heer to four-wheeler and he say we are basically having the four-wheeler uh segment at a revenue of about 65% and the balance basically about 30% is coming or 27% is coming from the two wheelers. Sure. Sure.

So that was very helpful. Uh secondly uh I you shared uh on your presentation on the slides talking about the technological advancements in the lighting space. So could you just uh provide some color as to you know what is our content for vehic currently and how these uh advancements that you are working on will push it up further.

So the content per vehicle continues to increase uh both on the passenger car as well as two wheeler. uh I would not be able to give you a quantified number but we are seeing that with the new technologies which usually take a 2 to threeear period to come in the average content per vehicle should go up by approximately close to 20%. uh with every technological shift.

Uh for example, we are the first company in the country to have successfully launched uh the ADB, the adaptive driving beam function in one of the forthcoming models of Raj O of Mari Suzuki uh for their first EV project and uh again once that technology becomes let's say more adaptive to across OEMs you will see that that content per vehicle will significantly go up. Specifically on that particular model, I would say that our content per vehicle of all the front red lighting put together would be at least about 20 25% more than that of another OEM model. Understood.

Understood, sir. Uh thank you for the detail answer. That's it from my answer.

Wishing you all the best. Thank you. Thank you.

Thank you. Before I take the next question, I would like to remind participants that you may press star in one to ask a question. The next question is from the line of Apurva Maha from AM Investments.

Please proceed. Uh yes sir, congratulations on great numbers especially on the top line. Sir uh can you just guide us what kind of you know margin improvement uh can we see and what are the levers for that?

Thank you. I think you know we have been saying that we would like to at least achieve a double digit. However, let's be realistic because of more LED adoption hyper competitive market situation and of course certain basically head headwinds in the industry.

I think we remain to be cautiously optimistic on the margin outlook. I think we have performed better on the Q4. We expect this run rate to continue in basically the next fiscal year.

So you would probably see this and of course with basically more product launches and again a healthy kind of outlook in terms of the revenue. We expect this to become a bit bit better as well. So you can see this kind of a margin uh maybe closer towards 10% or 9.

5 9 uh 10% somewhere in this range going for the next fiscal year. So, so when we are looking uh is there any any chance that due to this you know where our volumes are going up but still the margins are and not going up in the manner which we should see because there are economies of scale also working in but is there that we have bids very competitive for the new orders and that's why we are facing such type of lower margin or because of the import content or because you know we were planning to do lot of localization also which will improve our margin over a period of time where we can see you know in next one two years of margin. So I think this is a mix of all the three combinations.

Number one, product mix, more technology adoption which we have to invest a lot more and probably take it at a much much more competitive risk. Number two also I think there is a parallel localization drive coming in. You've seen that globally I mean say being on the imports on the dollar also in terms of the uh electronic ecosystem did not develop as fast as we expected.

We've also invested considerable amount of money into the whole PCB SMT kind of structure. However, as I said, economies of scale should kick in. We would like to first sustain these margins and then marginally start growing it as well.

Uh rest assured this fiscal year, we probably would have a Q4 kind of a run rate getting out for the whole year. So that should basically be profit for us. And on the mold front we were having usually where about two three years four years back the mold margins were close to 18 20%, 15% 20%.

Now this mold margins are negligible or they are very low singledigit margins like five 6%. What is the shift that has happened and should should this continue or the mold margins will improve over the period of time? So this is Amul.

So I think uh board margins for this specific year if you see they are in single digits. You're absolutely right. But this is not a consistent phenomena that we see.

If I look at FY24 tooling margins we were in double digits around 12%. uh there were a few strategic competitive models which we did get a business for and they were made into SOP and FI25 and those had very very uh negligible tooling margins. Going forward I think I would say the guidance would be that we should continue anywhere between 12 to 15% on cooling margins which would be on a state basis.

So this this year our current year which we are expecting 250 cr tooling we could see 12 to 15% margin and on the lighting side which is Q4 we were at close to 9. 8% margin that is the base case scenario which we have to take for next year. That's correct.

I think that is exactly the kind of direction I would set for and on the working capital cycle you know where uh our debt is keeping is rising and we are at now close to 7 750 cr of debt. This is our peak debt or no we we will because we are investing lot of technologies and a lot of capex this the debt is going to r go and you know go keep on rising for next 2 three years or this is the peak debt so Mr So basically on the debt part you know we have some term loan for our new facility. So those term loans we are paying now and uh in next 3 years down the line we'll repay that.

So the current financial year we are not looking for as we mentioned in our last call we are not looking for any new loan new term loan for the uh business. So in fact we will repay somewhere around uh 70 to 80 cr in this uh current fiscal year. And as far as working capital requirement because business expansion will uh continue.

So some working capital requirement would arise especially because the electronic components are increasing and those are imported part. So we need may we may go for some working capital loan expansion. Okay.

And uh where we you know where today what is the capacity utilization we would be having currently on the different plants but overall what is the capacity utilization and what will be the peak revenue from the current block because we have certain working capital working progress also about 200 K but getting that working pro progress into capitalization what will be our peak revenue and where we have currently where we have limiters. So the capacity again would be a very difficult combination of various factors. Uh it would not be appropriate to say that with the current installed capacities what could be the peak revenue.

case in point for example that for some of the models which we are getting uh the nature of the lamp technology and the size of the lamp technology compels us to invest in new machinery and new equipment um certain processes lighting is essentially a three-part process there is injection molding there is a paint shop and there is final assembly in paint shop I would say the capacity utilization overall as a company would be approximately 80%. Uh where there is an upside that even to for another 20 30% growth we should be able to suffice with the current infrastructure and the machineries installed. However, when it comes to injection molding we're seeing because of the lamp size and the technologies like two short two color there is a significant new investment ask for new injection molding processes and injection molding equipment.

We're trying to optimize that as best as possible. But a lot of the new growth and the new orders would entail injection molding uh investments. And then the final assembly anyways it's a very specific to each lamp with I would say only certain amount of flexibility.

So the assembly lines will always be new for any new models not replacement models. Okay. Yeah.

Thanks a lot and wish you all the best. Thank you. Thank you.

Before I take the next question, I would like to remind participants that you may press star in one to ask a question. The next question is from the line of Mi Vias from N EU research. Please proceed.

Hello. I would request Mr Yeah. Hello.

Go ahead. Welcome sir. I just wanted to understand what would be your import content current in case of LED light and is there any scope for uh indigenization or localizations.

So uh basically as we explained in our last communication also so LED is typically has four items. One is the LED module which is primary being imported and will continue to be imported uh in the coming years also. The second is the bare PCB wherein as we mentioned some PCBs we have already localized and the remaining ones will get localized in the due course of time.

The third thing is related to SMT which is in India also and for us we already have our SMT plant. So it's more of a local and the last thing is related to connectors. So connectors are primarily now being imported but in coming years I would say some action will be starting on the connectors localization but at this moment it is more of a imported uh part.

Okay. And uh can you show can you throw some light on the performance of SL Lumax for the year particularly on the margins front? Yeah, SL LUMAX has registered a sales of close to 3,000 cr with a yearon-year growth of approximate 11%.

With the AITA margin of 17. 9%. Okay sir.

And uh just one qualitative question if you can share some color on industry outlook especially at the competition side. So industry outlook as I said in my commentary you know the if I look at the CM data you're actually looking at the overall industry growth of about four to 5%. There are certain headwinds particularly on the export restrictions what China has done on the re which means the rare uh earth elements and because of that the import basically for magnet and for certain key uh flapcons on semicons are a threat.

The company as Lumax Industries, we have no concern directly, but are still concerns come in as on Q1 as however it plays out if certain suppliers stop that production. And as recent as last week, SAM has put out a caution note where they say that the industry could have certain disruptions in the month of June and July. Uh other than that I think the competition intensity has increased over the past few years.

We'll continue to do so but we are very optimistic with our order book to regain wallet share. Particularly our strategy has been on focus on certain key customers and enhance wallet share there. We are very very bullish on Maruti Suzuki on Mahindra on Tata on HMSI as well as TVs which happen to be the first four happen to be the top four basically customers.

TVS is a growing account for us. So this is how we basically continue to beat industry estimates and share. Of course, lighting being a product is always privy to a minor change over the next 3 to four years in a model life cycle which gives the company again an opportunity to build for new businesses.

So the order book as we mentioned of the current order book of around close to 2,275 kores about 65% you would be seeing in 2526 and the balance would basically be come up in the next 26 27 and 27 28 but we expect then that the next year we will be getting and more orders so that we are able to maintain a healthy order book from a ratio of how we are doing at the revenue. Okay. Thank you.

Thank you ladies and gentlemen. Due to time constraints, this was the last question for the day and I would now like to hand the conference over to the management for closing comments. Well, uh thank you.

I take this opportunity to thank everyone for joining into this call. Uh we'll keep the investor community posted on a regular basis for updates on the company. I hope we've been able to address all your queries and for any other further information, please do get in touch with us or our investor relation advisor which is strategic growth advisors.

Thank you once again for your patience and your continued support of the company. On behalf of Lumax Industries Limited, that concludes this conference.