Minda (NSE:MINDACORP) Q2 2027 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to the MINDACORP Limited Q2 FY 'twenty seven Earnings Conference Call hosted by MK Global Financial Services Limited. As a reminder, all participant lines will be in the listen only mode, and there's an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to Mr. Chirag Jain from MK Global Financial Services Limited. Thank you. Over to you, sir. Thank you, Shruti. Good evening, everyone. On behalf of MK Global Financial Services, I would like to welcome you all to the 2Q FY 'twenty seven Earnings Conference Call of Minda Corporation.

0:52 From the management team, we have with us today Mr. Akash Minda, Executive Director Mr. Ajay Agarwal, Group CFO and President, Finance and Strategy and Mr. Nitesh Jay, Lead Investor Relations. I'll now hand over the call to the management for opening remarks, post which we will open the floor for Q and A. Over to you, sir. Afternoon. Am I audible clearly? Yes, sir. Okay. Great. Thank you. Thank you, Chirag and MINDACORP for hosting this call. Good afternoon, everyone, and welcome to the quarter two and h one FY twenty seven earnings conference call of Minda Corporation Limited. I am Akash Minda, executive director, Minda Corporation.

1:38 I hope all of you are doing well. It is a pleasure to connect with you today to discuss the company's performance for the quarter and half year ended 09/30/2026 and share the key developments across our businesses. I will begin with a brief overview of the macroeconomic environment and the automotive industry. Mr. Ajay Agarwal will then take you through our financials and operational performance for the quarter, after which we will be happy to take on your questions. The global environment continues to present uncertainty around trade and geopolitical developments. Against this backdrop, the Indian automotive industry recorded its highest ever second quarter sales across vertical segments.

2:24 Improved affordability following GST changes, festive purchase and infrastructure activity supported the demand. These conditions provide opportunities for automotive components manufacturers while increasing customer expectations on technology, quality and delivery continue to shape business priorities. Turning to individual segments. The two wheeler segment grew by approximately 16.5%, driven by strong scooter demand and export momentum. Demand for two wheeler benefited from increased scooter sales and record second quarter exports. Passenger vehicles grew by approximately 25%, led by strong demand for utility vehicles, premiumization and exports.

3:11 Passenger vehicles benefited from improved affordability and sustained rural demand. Three wheelers recorded growth of approximately 24% due to increasing the requirements for last mile mobility and cargo transportation. Commercial vehicles grew by approximately 34% during the quarter, gain from infrastructure spending, freight movement and exports, while tractors benefited from favorable agriculture activity and purchases ahead of the festive season. Overall, demand conditions remain positive across the major vehicle segments. Now coming to Minda Corporation. During the quarter two FY 'twenty seven, the company surpassed consensus estimates, delivering its highest ever quarterly revenue of INR 2,189 crores with a growth of 43% on year on year basis.

4:07 The company reported EBITDA of INR $2.57 crores with a growth of approximately 45% on year on year basis along with an EBITDA margin of 11.8%. That reached INR 143 crores with a growth of 69% on year on year basis. Minda Corporation delivered a landmark quarter, achieving strong performance across revenue, EBITDA and profit. The company surpassed the INR 2,000 crore quarterly revenue milestone for the first time, reflecting the strength of its expanding product portfolio and increasing participation across vehicle segments. For H1 FY 'twenty seven, revenue from operations was INR 4,036 crores with a growth of 38% on year on year basis.

4:59 EBITDA reached INR $4.69 crores with a margin of 11.6% and a profit after tax was INR $2.43 crores. The first half also marked progress in bringing new products into production and securing customer programs that will support the growth over the coming years. On the company's associate company, Flash Electronics, Flash has continued to deliver strong performance during the quarter with revenues of INR $6.50 crores in quarter two with an EBITDA of INR 6 crores and a margin... EBITA margin of 16.4%. During the quarter, margins were affected by three key factors, elevated commodity pricing, increased input cost, although these increases are largely pass through in nature with recovery from customers expected over the coming quarter.

5:53 Revision in minimum wages across several states added to our labor cost. Prevailing market conditions resulted in higher freight expenses. On the new business front, the company secured multiple orders on TFT instrument cluster businesses ranging from five to 12 inch with a cumulative lifetime value exceeding 1,000 crores across segments of two wheeler, three wheeler, commercial vehicle and most importantly, passenger vehicle and platform products. Production is planned to commence in FY twenty eight and onwards. This will expand our presence in the driver... Digital driver information systems and demonstrates customer acceptance of our capabilities in advanced electronics. The company also won multiple orders in in electric vehicle mobility and a notable order from a 3 figure OEM for the 3.5 kilowatt charger, with production planned for the first quarter in next financial year.

6:51 EV products accounted for approximately 35% of new order wins during the quarter. On the technology front, the company continues to strengthen its capability through through strategic partnerships and new program... Product... Products. During the year, the company of the quarter also received approval from the government of India on ECMS initiative for localization of display module assembly for automotive sector. In parallel, the SOPs for advanced switches business and other new programs are progressing as planned, further expanding the company's product offerings across new age automotive technologies. The company's performance continues to be guided by following key pillars of growth, which are, one, investment in existing businesses, two, export select growth, three, premiumization of existing products, fourth, new product launches, fifth, new customers and increased penetration in existing customers, sixth, investment into our r and d capability.

7:51 Looking ahead, the company remains committed to executing its strategic priorities with continued focus on enhancing its system solution offering, strengthening customer relationships, and investing in new technologies. The company remains focused on disciplined capital allocation, expanding its presence in high growth segments, and advancing its r and d capabilities that will drive long term value creation for our stakeholders. With that, I would like to invite Mr. Ajay Agarwal, our Group CFO, to take you through the detailed financial performance and key highlights for the quarter. Over to you, Ajay. Thank you. Thank you, Akash. Once again, a very good afternoon to all of you. The presentation and the slides have already been uploaded.

8:38 I'm assuming all of you would have had the opportunity to go through that. So I'll briefly touch upon some of the key highlights about the company and about the performance during quarter two and not necessarily go through each and every slides. So as we all know, Minda has been in the automotive industry, has been serving the industry for the last six decades, and we have presence across India and some of the Asian countries as well. Our operating base today includes 42 manufacturing plants with a workforce of more than 23,000, and we are, as we speak, in the process of building around six to seven more plants, which will commence operations in the next twelve to twenty four months' time.

9:25 From a expansion and a growth perspective, we have close to about 8.2 lakh square meter land bank, And upon that, the built up space is about 2.6 lakh square meters. So it gives us a huge headroom to develop our strategy for growth. Our engineering capabilities includes 1,000 engineers with more than 340 patents. Out of that, 155 have been granted with two advanced technology centers and seven engineering centers. Moving to slide number four, as Akash briefly touched upon, it has been a landmark quarter for Minda Corporation across all parameters.

10:12 We achieved our highest quarterly revenue and EBITDA. Revenue grew by about 43% year on year, significantly ahead of approximately 18% industry growth with an EBITDA margin of 11.8%. Particularly, as we all know, the company has been focusing extremely on its EV portfolio and product. The EV product revenue grew by 113% year on year, contributing 10% of MINDACORP operations revenue and 15% at a group level. EV product now represents close to about 35% of our order book value. We secured the TFP display orders with a lifetime value exceeding 1,000 crore with production planned to commence in financial year 2028.

11:09 Sunroof also started production during this quarter, and we have secured our first power footstep order also from one of the anchor passenger vehicle customer. Alongside of these financial performances, our credit rating has also improved from AA minus to AA. Moving to Slide number five. Our 100% subsidiary, Minda Instruments, received government approval to manufacture display modules subassembly under the ECMS scheme, and it will take anywhere between twelve to eighteen months' time for the the plan to come up. This is a proposed greenfield TFT display module assembly facility, and it parts of... It it forms part of our backward integration strategy.

12:05 This facility is intended to bring display component in house and replace significant part of imports, which currently the company is doing. Moving to slide number six, our quarter two revenue reached 2,189 crores, up 43% year on year and 19% sequentially. EBITDA reached 257, up 45% year on year and 22% sequentially with the margin standing at 11.8%. Quarter two PAT stood at 143 crores, up 69% year on year and 43% sequentially.

12:51 PAT margin also reached 6.5%. That is one of the best PAT delivery which has happened in the recent past. Our half year revenue stood at INR 4,036 crores with EBITDA at INR $4.69 crores and EBITDA margin at INR 11.6 for six months. Half year normalized PAT stood at INR $2.43 crores with a margin of 6%. This excludes INR 106 crores exceptional gain, net of tax arising from Minda vast consolidation, which happened in the quarter one of this fiscal year. From a revenue mix perspective, wireless contributed about 31% of quarterly revenue, followed by vehicle access 24%, die casting and cluster and other products contributed about 15% of our revenue base.

13:50 From a export perspective, Europe and North America contributed about 6%, South Asia contributed 5%, and 89% revenue came from India business. And before I hand over the proceedings to the operator for q and a, I'll briefly touch on Flash Electronics performance. Flash delivered quarter two revenue of INR $6.50 crores, EBITDA at INR 106 crores with PAT standing at INR 54 crores. Quarter two EBITDA margin for PAT stood at 16.4% sorry, EBITDA margin stood at 16.4%, while PAT margin increased to 8.3%.

14:40 On a half yearly basis, the revenue stood at INR $11.83 crores, EBITDA at INR 188 crores and PAT at INR 89 crores. For flash electronics, the EV products contributes about 32% of flash electronics quarter two revenue, and EV revenue for the company grew by 173% on year on year basis. So with this, let me hand over the proceedings to the operator, please, for the Q and A. Sir, can we start the question and answer session?

15:27 Yes, please. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on your touch tone telephone. If you wish to remove yourself from the question queue, you will press star and 2. The first question is from the line of Raghunandan from Navama Research. Congratulations, Akash and Aditya on strong performance once more. Firstly, on the entry into display modules, it has been a very positive development.

16:19 Can you indicate how do you look at the investment required, the time line, revenue potential, government incentives? And how much is the TFT vertical integration potential? I mean, any details which you can share that will be very helpful to understand the potential opportunity. So thank you very much, London, for your for your comments. Yes. So as you know that, you know, we have always shared that we are going to be investing in our own capabilities from the engineering as well as the complete verticalization of our products. Hence, the investment into the display module is being done in the Pune region or Chatham region with the greenfield project coming in.

17:11 Here, we plan to see the investments to the tune of about 200 crores in in phase... In phases, and the SOP is expected to begin in about eighteen months from now. The purpose of this particular investment is to bring competitiveness to our driver information system business, where now the the products are getting more and more into the TFT, which is all the way from five inches up to the 15 inches. So we will be setting up a greenfield project, which will be end to end from the display manufacturing perspective. And yes, for this, we have received the government nomination for the ECMS team in this quarter, which is going to help us in terms of Noted, sir. And generally, the asset turnover will be three to 4x in this particular investment.

18:10 And also in terms of our current TFT requirement, within the instrument cluster business, would it be like a notable part of our current requirements you'll be able to localize? Just a clarification. Yes, yes. So the FATR is expected to be in the same vein what you just now mentioned. And again, currently, our displays, particularly the TFTs are completely imported. And going forward, we plan to localize this or backward integrate this to the tune of about 70% to 80% in the quarters to come. Got it, sir. That's very helpful. My second question was on within the revenue mix, other products have reached about 15% of revenue, which is around $3.30 crore revenue during the quarter. So I wanted to understand what is driving the growth in this other segment?

19:17 Because even on a Q o Q basis, we are seeing more than 40% growth. Is it EV parts, sensors? What is helping here? Yes. So the others contribute, particularly the electric vehicle mobility products or EV, which are the chargers, the power electronic products. There is, of course, sensors. Third is products like antenna, wireless chargers as well as our interior plastic components and other motors. And where you are seeing the highest traction, sir, is it EV parts? Yes, yes, definitely the EV parts and electronics. Noted, sir. So EVs, as you indicated, form 35% of the new orders and in your revenue, 10% to 15% based on whether I'm looking at your revenue or group revenue.

20:14 Within EVs, which when you are supplying to EVs, which products are seeing strong acceptance from customers? And what is the kind of revenue share can EVs go to maybe in one or two years? And do you foresee any CapEx to meet the strong order book in EVs? So I can say not in terms of numbers, Raghu, but the EV share is expected to grow faster than the industry penetration. As you know, the industry penetration in two mirrors is somewhere about you know, 12 or 13%, and in the four wheelers is somewhere about seven, eight, eight, 9%. And our group is already about 15%.

21:00 So this will be the, you know, the range on how we are... Or the speed, I would say, we are going to further penetrate into the products. And this is spread across multiple products because the Minda Corporation now is, you know, winning products and starting SOP for the platform related products and not from model perspective only. So our products are, as you know, the wiring harness or the instrument cluster as well as the chargers or the other electronics products that are going into the EV platforms are the complete system solution for a complete platform and not just model specific. So they are spread across divisions evenly. The next question is from the line of Jyoti from Haitong.

21:58 Congratulations on a good setup number. So largely, sir, I wanted to understand the margin and the content per vehicle from the new sunroof and TFT business, if you can highlight on those part. Yes, ma'am. The sunroof, you know, typically our ranges 20,000 plus minus. That's for the panoramic sunroof that we are supplying. When it comes to the TFT, again, this is the backward integration for the, you know, reducing our imports and more focusing on localization of what we are currently doing. And phase two, then we are going to look at, you know, offering this product directly to the OEMs as a complete panel. That will be in phase two. So the first is requires, you know, completing the requirement of MINDACORP Limited for all the DFT related products.

22:51 Okay, sir. And and, sir, what kind of margin that we make? Ma'am, I think margin is something that I will not be able to share on the call. But yes, it will definitely help us in becoming more competitive while winning further orders from our customers. Okay. And sir, another thing, like I think we are mostly doing Sandroof in term of export. But any Indian OEM that we are also looking forward? Yes, ma'am. We are on the bidders list of, you know, many OEMs, including, you know, Korean as well as Chinese and Indian. So, yeah, we are on the bidders list. As I shared before, that when the new platforms are going to be now launched and in in... You know, going to be designed. So, hence, we are on the bidders list, and, hopefully, we are, you know, in the race to win the win the sunroofs for instance. Great. Great, sir. And also, like, we supply to CV as well. And what kind of demand scenario that we are witnessing over there in term of ICE as well as in EV?

24:01 Your question is for the commercial vehicles? Yes, sir. So ma'am, in commercial vehicles, of course, the small commercial vehicle is where the EV penetration is further rising. In the high commercial heavy commercial vehicles and MH the MHEV is continuing to be in the ICE space. So the small commercial vehicle penetration is increasing. Thank you, sir. Thank you. Thank you. The next question is from the line of Jaya Kondi from Elara Capital. Please proceed. Congratulations on a very good set of numbers. My first question is on the ECMS data clearance. Just wanted to check versus competition now, will we be significantly backward integrated?

24:55 And hence, our cost efficiencies would be much better than the ability to win new orders? Or how is it versus competition? Yes. So thank you, Jay. Again, the the first phase is to look at this from the backward integration requirement for the Corporation, where we are making the TFT clusters, which are going to be going into the two wheelers, passenger vehicles, etcetera. And then later on, you know, we're going to be in parallel as well, you know, working with some passenger vehicle OEMs where we will be supplying this directly to... You know, as as a complete module to these customers. So it's both ways, a, increasing competitiveness for our own products as the customers as well as the philosophy of the cooperation of more localization.

25:44 And secondly, when we are approaching directly to the OEMs, that is where the the touch, feel, styling part comes into the overall display unit for the for the vehicle and which is where as a segment we are also in sync, as an expansion and extension of the driver information that we currently supply. Understood. And also, is there association with Snapdragon? How is it progressing over there? If you can just speak a little bit about your new order wins over there? Yes. So again, it's part of our ecosystem. And whatever customer wins that we have been having in terms of the TFT clusters, particularly, most of them have been in association with Qualcomm.

26:40 Understood. And just coming to your wiring harness business, we've seen the contribution moving up even on a very strong blended growth of 43%. How much of this basically break down because in wiring harness, copper inflation has been a big component. Is there a way of kind of breaking down how much of this would be copper inflation? Are we expected more price increases from customers to offset the cost inflation in the upcoming quarters? Sorry, your line was breaking. Was the question with respect to Virendra's profitability? Yes, Virendra's as well as a contribution of copper price increase that the customers would have given you to offset for the inflation that contributed to your revenue growth? I mean how much of it would be volume led versus pricing led for acquiring harness?

27:37 So the copper price increase, in fact, is somewhere about 4% to 5% in our overall wiring harness domain. But yes, again, this is all back to back index within our customers. So of course, there is a lag of one quarter, which we will be compensated by. Of course, this is also impacting our our input costs as well. So overall, it's it's a chain or a sort of cyclic, you know, nature of our business. So that will be addressed in every subsequent quarter. Understood. Just one last question on your vehicle asset systems. That contribution has moved up. Is that largely got to do with the integration of Vast? Or if you can just speak a little bit about that business because that's probably a little less spoken about in value going forward.

28:32 Yes, it is due to our the consolidation of Minda. If you just speak a little bit about your order wins over there and the prospects of that business, while we understand a lot about the other businesses, this aspect is a little less spoken. So some clarity on that. So again, vertical access four wheeler, Minda was the joint venture that we have with of Germany. And here, again, as a company, we offer multiple products such as door handles, lock seats, slacks, seat and and negative products. So we are moving clear from, again, a component to a system solution where you see cars globally from traditional and the new customer adding, moving from seamless access with a real camera or doors opening automatically and moving from a mechanical.

29:37 These are the products that we can offer from this vehicle, which is primarily to the formula. And, again, it is evenly spread across the... You know, all the major OEMs in India, which is Japanese, Korean, German, and India. Got it. Got it. Again, I'll call back in the queue. Thanks for this, and all the best. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Sahil Sanvi from MINDACORP Capital. Please proceed. Good evening, sir, and congratulations for the excellent performance to you and your complete team, sir.

30:27 So my first question is, you have announced some agreements with solar entities in the last one month. So just if you can give us some more details as to what kind of captive power do you wish to implement from here and what kind of savings can we expect? Just your broader plan over here. See, our stated principle is that by 2035, 80 to 90% of our power should come from renewable energy. And that's why, you know, we look... Keep looking for such opportunities wherever we can make power supply to a captive undertaking. So this is a step in that direction. Yes. You know, whether it is solar, hydro, any kind of renewable energy comes with its own challenges because of around the clock supply.

31:19 But, thankfully, in this case, there will be also on the clock supply plus it will provide some savings of maturity in the range of 2 to 3 rupees per unit. And and where are we right now in this... I mean, what what what amount of our current power requirement is captured through renewables right now? About 30 to 35. Got it, sir. Got it. Secondly, on the wiring harness business, I wanted to understand, maybe on a Y o Y basis, maybe one year compared to us, what we were one year before, have we increased the proportion of the high voltage wiring harness and the content per vehicle, therefore, because we see the EV exposure increasing. So is some numbers over there on a one year gap mean, one year period relatively?

32:12 Yes. The high voltage or the EV products, both in two wheelers, three wheelers and this passenger vehicles are riding. So we have now 100 localized the high voltage cables for the top selling vehicle in India, the passenger vehicle in India, the passenger vehicle in India. So we've already localized 100% of the high voltage requirements. We continue to work with other OEMs. Some of the businesses which are under development already awarded. When it comes to the CCS2 with the inlet along with the high voltage cables, etcetera. So that, again, you will see the mass production soon. We have a dedicated facility set up already in North part of India for the passenger vehicle high voltage requirements. And possible to share some split as to what will be the percentage of high voltage in our total revenues or right now?

33:09 So sorry, I will not be able to share the total percentage of the passenger vehicle into this. But what I can share with you now is that in the wiring harness, overall, you know, seven to 10% is on the EV platforms. And when it comes to the passenger vehicle, we have recently began the journey. So that is, again, get to uptake. As I mentioned, you know, we've already started with the the largest with the highest selling vehicle in in India. So, you know, furthermore are are yet to come. Sure, sir. Sure, sir. This is very encouraging, sir. Wish you all the best, sir. Thank you. Thank you. Thank you. The next question is from the line of Navin Kumar Dhubay from Financial Services Limited. Please proceed.

33:57 Yes. Thanks for the opportunity, and congratulations to the team for the robust numbers. So my question is related to your revenue segment. So which one of those segments do you expect to become very significant over the next two, three years? So thank you very much, Navin, for your question. See, by and large, about two and three meters are close to about 50% and commercial vehicle are about 25%. Passenger vehicles are about 18 to 20%. And in this is, let's say, the range that we expect to grow in the same direction forward. The new auto rates as well as the partnerships, also the new product that we are launching, including exports, all the four avenues are, you know, going to increase our revenue from the passenger vehicle OEMs over the next few years. Of course, if there is any any M and A or inorganic growth that comes along with it, it is going to further increase.

34:59 But, yes, by and large, this is how this bit will look like. So continue to, you know, two to three level continue to be the highest share, which is somewhere about 4540% to 45%. Commercial vehicle will be somewhere about 20% to 25%. And passenger vehicle is expected to move about 25% plus in the next couple of years. Okay. And sir, if we consider the revenue from the product wise, how that should look like? So by and large, this will look similar to what the current pie chart is. Of course, the the clusters and the other business will will expand when more and more clusters penetration and the EV products are going to come in. So these are the two areas which you will see little further expansion.

35:51 Okay. And coming to the order book, in fourth quarter last year, we mentioned that we have a lifetime order of somewhere around INR 10,000 plus. So how is that order currently? And how it should come to the revenue over the years, maybe the next three years, five years? Yes. So when it comes to the different product or other products, there are other new technology products that we have shown today as well as in the previous quarters. So product lines such as switches, such as power footsteps, such as sunroof, you know, and TV work. And these are the new product lines that are going to be enhancing the other things. And overall, the the order book that we're receiving on quarterly basis is an equivalent split across segment and across the product domains, including EV and and I. So now 35% of the order book has been coming from the EV platforms across the customers. Okay. And, typically, the SOP that happens is, you can say, 50% or 40% are in business on replacement of platform, and 60% of the business are from the new platforms and products that the customers are launching. So for the ones which are the products typically start in about eighteen to twenty four months from the order received and the peak that comes is about two years from there. So this is how the cycle looks like in the automotive and for us as well.

37:21 Okay. Okay. Great. And one more question related to the because we have the highest R and D expenses among the industry players. So what differentiates us? Hello? Hello? Yes. Am I audible? No, your voice is breaking. Hello? Yes, please. Yes. Am I audible? Yes. Can you repeat the question, please? Yes. Yes. So our R and D expenses is roughly around 3%. So it's basically highest in the industry. So how we are differentiated from other auto component players in India?

38:09 Yes. So our R and D expenses are, I think, reflecting in our products. I don't know if you visited our r and d center when we had organized a visit last year. And what we are showing here is that we are now moved from a component system to a to a system solution offering and then to a module manufacturer. And this is where our journey of, you know, product offerings are across segments and particularly in the four wheeler space. And this is where our r and d initiatives and investments are going. About 30 to 35% of the overall OpEx is towards the software related technologies and more and more electronics are happening. So this is where the center of experiences, which is multiple across India and now across the world, where we shared last time that we are opening an office in China as well, you know, in order to increase and upgrade our continuous r and d. We are one of the companies in India where we are investing a lot in building our own capabilities in house and localized indigenously.

39:12 So this is what we continue to invest in and believe in. Okay. Actually, have not listed, but I would love to visit facility. Yes. I'll turn to last question. Which are the new plants which will be becoming operational over the next eighteen to twenty four months or maybe next one year kind of time frame? So we have our instrument cluster products, we have our TFT display. We have our switches products display. We have a die casting. We have wiring harness plant coming in and EV product plant coming in. Okay. Okay. So this will be makes us grow like that what we have guided by 30% kind of CAGR over next.

40:02 So your voice is breaking. We can't hear you properly. Can you hear me now? Yes, it is better. Sorry to yes. Okay. So I was listening to the previous question that are we on track to achieve that 30% growth guidance we have given for our revenue over the next three to five years' time frame? So will this be sufficient or we have to do more investments? I think we have already shared our Vision 2,030 and not 50% CAGR, just to correct you. Number two, I think we have been delivering on the numbers which have been promised over the last five quarters in our achieving our Vision 2030.

40:53 And the most important part is consistent delivery as well as our honoring our commitments that we have made to all of you. So I think the numbers speak for themselves on what we have been delivering. Thank you. Thank you. The next question is from the line of Devesh from Boring AMC. Please proceed. I just want to understand if you can share the breakup for instrument cluster into total as AT and T. V? Yes. So total are somewhere about 40%. The commercial vehicles are somewhere about 30% and passenger vehicles are remaining about Ladies and gentlemen, that was the last question.

41:48 I would now like to hand the conference over to the management for the closing comments. Over to you, sir. So thank you very much, and I would like to really thank MK Global for organizing this call and thank each one of you for joining this call. We remain highly confident in our growth trajectory, both in near term and long term, driven by strategic investments and unwavering commitments to advancing our products and technologies and deeper customer penetration and building important customer relations. We are committed to creating value for all our stakeholders and shareholders. We are investing deeply in our capabilities in terms of people, capacities, capabilities, competencies, and technologies across segments, products, and feeds.

42:34 I hope we have been able to respond to most of your queries. For further information, we request you to please get in touch with our IR team. Thank you, and have a great day. On behalf of MK Global Financial Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.