NDR Auto Components (NSE:NDRAUTO) Q2 2027 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to the Q2 FY 'twenty seven Earnings Call for Ndr Auto. As a reminder, all participant lines will be in a listen only mode, and there will be 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. Gavin Deesar from CDR India. Thank you, and over to you, sir. Thank you. Good day, everyone, and a warm welcome to all of you participating in this Q2 FY 'twenty seven earnings conference call of NDRAUTO Components.

0:45 We have with us today Mr. Pranav Vilan, the Full Time Director Mr. Vikram Krishna Rathi, Group's CFO and Vice President Mr. Rakesh Shustagi, GM Finance and Accounts and Mr. Rajan Mandari, the Executive Director and Company Secretary. Before we begin, I would like to mention that some statements made in today's discussions may be forward looking in nature and are subject to risks and uncertainties. A statement in this regard is available in the presentation of the exchanges and shared with you earlier. We will now start the call with opening remarks from the management, following which we will have an interactive Q and A session. I now invite Pranav, Mr. Pranav Reland to share some perspectives with you with regard to the operations and the initiatives during the quarter. Over to you, Pranav. Good day, everyone, and a warm welcome to our Q2 FY 'twenty seven earnings conference call.

1:32 I'm sure you have seen the numbers. All the same, I will quickly touch upon the headline financials. Revenue, driven by continuing strong execution, stood at INR 247.86 crores for the period under review. Our EBITDA margins remain healthy at 11.08 despite the environmental and supply chain challenges, which is a reflection of the efficiency of our operations. Q2 FY 'twenty seven EBITDA and PAT stood at INR 27.47 crores and INR 19.78 crores, respectively. Our consolidated order book has expanded to INR $11.90 crores as at the exit of the quarter under review, comprising of INR $11.50 crores from Ndr Auto stand alone and INR 40 crores from our Ndr. The significant increase in our order book is driven by some large order wins in Seating as well as other auto components.

2:35 While Seating Solutions continue to be a predominant portion of our order book and revenues, these wins will help us broad based our portfolio. We are also delighted to partner with DYE, a leading automotive system company based out of Korea. Ndr Auto will hold 51 of the joint venture company in which it will make an investment of INR 62.96 crores. The JV proposes to set up a manufacturing facility in India and gives Ndr Auto the opportunity to work with a new OEM, namely Hyundai Motors, which is one of DY8's client. The partnership will also enable us to introduce the Indian market some more disruptive offerings.

3:22 The potential and opportunity for the auto ancillary industry and particularly for Ndr Auto is significant. To ensure we are adequately prepared to leverage this opportunity, the Board of Directors has approved the brownfield expansion of our Gujarat and Kolkata facilities, which will manufacture seats frames and trims and a range of other auto ancillaries. We are excited about our future and growth potential and the developments over the quarter under review offer us much better visibility. We will continue to explore value enhancing and disruptive opportunities via both organic and inorganic growth. We would be happy to take your questions. Thank you, sir.

4:11 We will now begin with the question and answer session. You. We have the first question from the line of Jatin Chawla from RTL Investments. Sorry to interrupt in between., your voice is breaking., you're not audible.

5:15 Hello? Can you hear me now? Yes, you're audible. Please go ahead. Yes. I was saying so congratulations on a good quarter. I think the highlight this quarter is the increase in order book. So this INR 500 crore order book you said, it comprises of orders on both seating and auto components. But what are large customers for this order? So we predominantly got orders from Maruti Suzuki and Suzuki Tumvila. That is comprised of this order increase. And we've also got some new businesses from Toyota. Got it. Got it. Also, congratulations on the signing of this JV with DYA. What is the size of order you would expect from this entity over the next few years?

6:00 So we are currently procuring orders for this entity. We would estimate something between INR800 crores and INR1000 crores that is going to be executed in FY 'thirty one. In FY 'thirty one. That's great. So with your order book at INR 1,200 crores and your revenue at INR 900 plus crores, that gives us availability for INR 2,000 crores. And with this INR 802,000 crores, then we will be very close to our ambition of achieving INR 3,000 crores. Would that be the right way to look at it? Yes, that is correct. In addition to that, we have a few more initiatives that we're working towards to achieve our INR 3,000 crores vision by FY Got it. Got it. Thanks. I have a few more questions, but I'll come back in the queue.

6:51 Thank you. We have the next question from the line of Anubhav Mukherjee from Prasanth Capital. Please go ahead. Congrats on very strong results and the strong order inflow as well. My first question is, can you share some time line on when this JV will be operational? Hello? Hello? Am I audible? Yes. You're audible, Anubhav. So should I repeat my question? Congrats on the strong results and the strong order inflow. My first question was that this JV with DYVA, when will this leg become operational?

7:47 So we're currently procuring orders for that. We're expecting to get orders for FY 'three-one. We should know sometime middle of next year. And what I understand is that we were supplying some seed fabric and frames to some models of Kia. So will... So, like, can you give some color on like, does this JV add to that? And like what will be in terms of the product? How will it be different from what we were already doing for Tia? So currently, we do seat cover and seat frames that will continue in our stand alone entity.

8:32 The joint venture will do full seat assemblies, which includes assemblies and homes for Hyundai Kia. Okay. So the stand alone entity will be continuing to supply and ramp up maybe like supplies of frames and fabric to the gym. Is that understanding correct? Yes, that is correct. And the joint venture will do the final seat assembly directly for Kia. Yes, correct. And so what kind of marginal profitability will the JV have? Will it be, like, superior to our stand alone business? Some color on that is here. One. So it's going to be slightly lower than our stand alone business, but the top line that we are targeting for this is anywhere between 800,000 crores.

9:24 And lastly, like the stand alone order book that we have of INR $11.50 crores, is the understanding correct that at peak potentially translates into an annual revenue of INR $11.50 crores? Like... Yes. Yes, that's correct. Okay. Thanks. I'll get back, Ndrati. Thank you. We have the next question from the line of Mokesh Modi from Modi FinCap. Please go ahead. Yeah. Good afternoon, sir, and congrats for the good numbers. I want couple of questions. First of all, this JV which we are talking about, this 3,000 crore which we guided, it includes the contribution from this JV, sir.

10:16 So the JV is execute... Executed in FY three one. We still have some more initiatives that we're working towards that we are aspiration to achieve this INR 3,000 crores in FY 'fifty. So if some more initiatives convert, then we'll try to touch this in FY 'fifty. Oh, okay. And for that question, what will be our capacity utilization level? Our capacity utilization should be approximately 90% across our plans. So 90%. And export... After that export this this half will be how much, sir? Export contribution? Export. Sorry. Can you repeat again? For this quarter and the first half, what would have been our export contribution, sir? So currently, we don't export any products.

11:09 We just supply to the Indian market. We are looking to working on some initiatives for that. Okay. It is totally Indian at present? Yes. Okay. And so this three, which we are planning, which are supposed to get around January 27. So can we expect a full ramp up in '27, '28, sir? So EBITDA, I think, up has started. We are heading next year should be slightly better. Okay. Okay. And last question, sir, on EBITDA level. The sustainable with eleven eleven point five will be a sustainable EBITDA level sir for this year, next year? Yes, that's the EBITDA number that we're targeting, it will be sustainable. Okay, okay. That's it from my side. Thank you very much sir and all the best and happy devaluing to all of you sir.

12:01 Thank you. We have the next question from the line of Sanishwara from InvestQ PMS. Please go ahead. Hello, sir. Good afternoon. Am I audible? Yes. Yes, sir. Audible. Hello. Yeah. Sir, congrats on a good quarter. Basically, I have two questions. One is on the raw material side. If we see our GP margin, like they have been improved year on year. With the current situation of like raw material price increasing, we have not seen any impact. Is that we are able to pass on it immediately to the clients or is there some lag? Can you just give some light upon the same? So we are mostly able to pass on the raw material prices to our customer.

12:51 Okay. So we have not seen any impact, no lag to the same, right? No, there is no lag. And sir, on the sales, what is the contribution of price and what is the volume growth that we have got in this quarter? So we don't have that offhand. We'll just share with that. We'll share that with you. Okay. Okay, sir. And sir, we have seen in this quarter that our other expenses line item has increased. Is there any particular line item that has increased in that? It's due to the increase in minimum wages in Haryana that has led to the increase in other expenses.

13:41 We have the next question from the line of Sakhalid Kapoor from Kapoorko. Yeah. Namaskar, sir. I hope I'm audible, sir? Yes. Yes. You're audible. Yeah. Yeah. Yes, sir. Sir, firstly, if you could just please explain to us what result in the lower profit on consolidation. Our stand alone number is closer to 22.58 whereas stand alone is 19.75. So please explain the difference and what factor are you to? Yes. In stand alone, we have a dividend received from BSL. Since BSL is consolidated in India consolidation, so we have removed that dividend amount.

14:32 That's the year. Okay. But sir, when you look at consolidation, our other income is also higher on a year on year basis. So if we eliminate, what is first the nature of this other income, sir, this INR $3.84 lakh that we have put under the consolidated. Yes. It's are doing some kind of we are doing job work for one customer in India South, which is so their expenses are coming below and the income is coming in the other income, which is INR 2.7 here. That's the other income.

15:19 Was I was clear? No, sir. Please. Okay. Okay. Customer task for which is manufacturing frame in our India South plant. So and we are providing manpower services and other services and area to them. So there all expenses are coming below in other expenses and income is coming in other income. That's why this is coming and showing other income, which is which amount... Okay. Okay. But this is again a part of the operations only? Yes. It's a part of operation. Income is coming separate and expense is coming separate. That's why it's coming out. It's accounting statements. So how much expense is attributable to it?

16:06 It's almost same. The expense is around INR 2.5 crores and the income is INR 2.76 crores. Okay. So it gets netted out? Yes, yes. And sir, now coming to your closing, the TWIP closing balance, sir. If you could just explain this INR39 crore, yes, INR39 crore closing balance. What is this attributable to? When are we going to capitalize the same? And what kind of revenue contribution The going revenue contribution is already included in our order book, which we have already released. But this includes our project called Latch at DRS, then some kind of put pressure in India seed insert plant and some in India South. So altogether, the projects which we are altogether, this project acquisition project is CWIP of thirty six Group.

17:16 Last point, sir, I might join the queue. If you could just explain to us that how will then H2 shape up with the type of order wins that we have? And I think the type of CapEx that we have already done for H1 taking into account and also taking into account the current inflationary trends, how should the business environment and our operational revenue profile will be or what kind of growth? Just if you could outline to us how do H2 look up and whether we are able whether we'll be able to better our EBITDA margin for what we have reported in H1? So we don't give annual guidance, sir.

18:03 Ndr Auto South has started, and we have some more models starting at the end of the year. And we also have the seat clad, seat belt reminder and the seat insert starting sometime early next year. So I think you can just take an account for that. In terms of margins, we should be at a similar level. So I just wondered, H1 versus H1 growth that we have seen for this year, in the most likelihood, this trajectory is on a continuity path or we should improve on the same? That would give a ballpark understanding. We should be at a similar to slightly improvement, but it comes down to how the model mix comes works and how the ramp up, sir.

18:49 Okay. And one more understanding sir, our investor presentation have been totally ramped up and this is the best way of explaining to us and presenting to others. So I hope we will follow the format. And, sir, a small... One more small suggestion if that could be looked into. If we can conduct our calls on the same day post market hours, that that would also suffice lot of understanding since our presentation releases everything is available to us within half an hour, forty minutes of the declaration of results. So that will put the momentum into order and better understanding rather than moving it to the next day. Sure. That's that's the suggestion, sir, and my best wishes to the team, should be probably and should somewhat for everybody.

19:37 Thank you. Happy Ramadan to you, sir. Thank you. We have the next question from the line of Shivapatasad, an individual investor. Please go ahead. Hello. Am I audible? Yes, sir. Audible. Yeah. Good afternoon, team. My question is regarding to Ndr. After the initial commencement of the operations, how are you looking at the... You've you've noted that there's an order book of 40. But according to your plans, for the next two to three years, what is the kind of order book that you want to build in this JV? And what was your initial feedback from the clients with respect to the different products that you're coming out?

20:22 So we're currently... We've got orders from Toyota. We're also working on getting some more models of. And of course, we have made presentations in the other OEMs also. The feedback so far has been positive. I think it's just going to take some time to convert it. Understood. And with respect to the new capacity that is coming up in the January, so this capacity's revenue will kick in from the next financial year. So will there be any initial costing because of the low capacity utilization? Will there be any pressure on the margins in the initial six months? No, there shouldn't be any. Okay.

21:10 Thank you. Thank you. We have the next question from the line of Krishnathar from Electrum PMS. Please go ahead. Yes. Thank you for the opportunity. So the first question is on the EBITDA margin. I think we've reported around 9.7% for the quarter. So when we said that other expenses have increased by around 41%. So were there any one offs in the other expenses? And are we from Q3 back at the 11%, 12% range itself? So it's largely due to the minimum wage increase in Haryana that has led to an increase in other expenses. The EBITDA margin should be sustainable. We're going to work on a lot of measures to come back to our original EBITDA margins.

22:00 So 11%, 12%, we'll see from Q3 itself. So that's... We are hoping. Okay. And then secondly, the new CapEx that we have announced, so that will be for Maruti only, the Kargoda plant and the other plant? Yes. It's for Maruti only. Alright. And, sir, any bit on the land that we had? Any, you know, information from the OEM in terms of CapEx? So we've acquired the land currently. We've also acquired some business for our joint venture. We are going to set up a plan for them over there. In addition to that, we're also acquiring some more business from Toyota. When it converts, then we will announce the project. Okay.

22:45 All right, sir. And then just one last question. So I think just looking at the batch one, I think we'll close at around maybe $9.50 crores in FY 'twenty seven. So given the current order book gives us the confidence to achieve that INR 2,000 organic benchmark by FY 'thirty? Or will we need more business in order to achieve the organic INR 2,000 target? No, we'll achieve the INR 2,000 organic from it. And then for the with the new joint venture, if we're able to acquire the INR 800,000 crore number, then we should achieve the INR 3,000 crore. But in addition to that, we still have a few more initiatives that we're working towards. Okay. And this will be under a JV or it will be a wholly owned subsidiary, the Korean partner structure.

23:30 How is it? It will be a joint venture where Ndr holds 51. So it will be fully consolidated. Thank you. We have the next question from the line of Ankur Gulati from Genuity Capital. Please go ahead. Vishal, congrats on great execution. First couple of clarification questions. You just said that 3,000 CR will be achieved with this JV. So that means 2,000 CR will come from 900 current revenue plus $11.50 order book. Is that a correct claim? Yes. That is correct.

24:17 Okay. Great. And second, did you say that the joint venture will start production middle of next year? Did I pick that right? So middle of next year, we will acquire the business. The production we are targeting for FY three one. Okay. Fair enough. Third, there is some 60 odd crores of CapEx lined up other than the joint venture in the presentation. So this eleven fifty order book, you need this CapEx or this CapEx will give you more or above $11.50? So this CapEx will give us 1,130. And we're using some of the existing capacity also.

25:05 Okay. So that's not incremental. Fair enough. Yes. That's not incremental. Okay. There is reference to sunshades in non seating. If you can give us more details, what what what do you mean by sunshades in this case? Sunshades is a part of the door that's there to prevent the heat in the car. We are still working with some more OEMs in order to acquire some business for that. So these are the detachable sunshades. Right? These are not the films. They are OEM sunshades. They are not the detachable ones. They come fitted in the car. They come fitted in the car. Only the. Second, one request if you guys can. The associate pack has gone up approximately 2.5 x quarter on quarter.

25:58 If possible, if you guys can also share PNL summaries going forward, that will be a great help. Okay. Sure. Sure. Last of this manpower cost increase, when do you think you will end up renegotiating the the terms with the OEMs to pass on this course? So some of the cost is not passed on. Some of the cost is passed on. We're still negotiating that number with them. Okay. That's one for. Thank you. We have the next follow-up question from the line of from Capital.

26:43 Please go ahead. Thanks for the follow-up opportunity. I just have one more question. Like in terms of the competitive landscape, recently, Gabriel India also announced a JV with Forvia. And I suppose Fornia is already present in India in the seating segment. So does that change anything in terms of like increased competition or volumes on that will be very useful? I mean, adding a nuclear definitely makes it tougher to enter a new OEM. Having said that, we're quite confident to keep our share in Maruti Suzuki. And we're also quite confident to enter Kia Motors. And in addition to that, we also want to add Hyundai as a client. Okay.

27:30 And will it be possible like to share like which are the key like the OEM customers of India? I think you can check that with the employees business. Thanks, Harjit. Thank you. We will take the next question from the line of Jatin Chawla from RTL Investments. Please go ahead. Yes. Hi. Thanks for the opportunity again. So my first question is on this INR $11.50 crores or INR 1,200 crores order book, how does it split in terms of when is it starting over the next three years between FY 'twenty eight, 'twenty nine and FY 'thirty? Okay. So we don't have a split at the moment. A large portion of it starts maybe in two years.

28:22 And it's subject to ramp up. It probably will all get ramped up by F530. Got it. Got it. Second question is, this JV, will it be you said, right, will be supplying full seats like Bharat Seats is supplying to Maruti. And you will the stand alone entities will continue to supply the seat cover and the frames. Now for the incremental business that this JV wins, let's say, sometime middle of next year, will Ndr still independently supply the seat cover and the frames? Or for those incremental wins, everything will be done in the JV? So for the incremental seat covers and frames, Ndr will continue to supply.

29:10 And the assembly will be done by the joint venture. Got it. Got it. So Ndr basically, that's an incremental value addition capture that the JV enables apart from winning more business? Yes, that's correct. Got it. Got it. And this INR 800 to 1,000 crore opportunity that you're talking about for FY one, that's only Kia or does that include Hyundai as well? That's only Kia as the content per vehicle for this joint venture, anything between INR 15,000 to 80,000. So Hyundai will be additional to the INR 800,000 crores. Got it. Got it. I think Kia, we had a large order kind of starting in this year as well.

29:58 So that should happen in the 4Q of this year? So it started production sometime this quarter. Ramp ups are taking time, but it should come first in Q4. Got it. Got it. Just a clarification on your Sorry to interrupt in between, Jatin. I would request you to please rejoin the queue again for more questions. Sure. Thank you. We have the next question from the line of Ritesh Deida from Lucky. Please go ahead. Yes. Hello, sir. Sir, your line is not so clear. Sorry, I might be asking some repetitive question. So now in this INR 3,000 crore of the ambition that we have, the what is the extent of organic ambition that gets finished within this 3,000 crore?

30:57 So our current top line is anything between INR 900 and 1,000 crores. Our organic order book is another INR $11.50 crores. So that takes us up to INR 2,000 crores. There's another 1,000 crores from the joint venture that we're hoping to procure in the middle of next year, which will be executed in FY 'twenty one. So that will add another INR 1,000 crores. In addition to that, we're also working on a couple more initiatives to achieve this target earlier. Okay. And now these two numbers that you mentioned, $11.50 crores order book and INR 1,000 crores from for the JV, the JR JV. Here you mentioned that the execution, last part of execution after FY 'thirty, right?

31:44 Yes. So 2,000 will be executed before FY 'thirty. Okay. Okay. And what is the progress on total considering that we had picked up some assets in Aurangabad? So we've got some businesses for our joint venture. We're still procuring some more business from Toyota. We should have an update maybe next quarter or the quarter after that. Okay. And the organic buildup, let's say, from INR 1,000 to INR 2,000, because any case you're running at about INR 1,000 and you have this INR $11.50 crore of book.

32:29 So in this INR $11.50 crore, how much of this book is executable over the next two, three years? Don't know, one of the questions someone asked you if you could tell us the buildup here. So in the INR $11.50 order book, what would be the buildup before FY 'thirty? Okay. All of the INR $11.50 crores will be executed by FY 'thirty. Okay. Within FY 'thirty. Okay. Yes, before that. Okay. And my last part is in terms of the CapEx or capacity needed to reach the first INR 2,000 crore and then the INR 1,000 crore which we are adding from the new JV.

33:15 So from INR 1,000 to INR 3,000, what is the incremental capital that you will put? So we're going to put INR 60 crores as the projects we've announced. The joint venture is going to be another INR 60 crores plus we'll have some yearly CapEx that we're going to add. So basically 120,000,000 plus the maintenance CapEx? Yes, some routine CapEx that we have. Okay. Okay. Thank you. I'll come back with more questions, sir. Thank you. We have the next question from the line of Paras Cheta from Purple One Vertex Ventures LLP. Please go ahead. Thank you, sir. This opportunity, I just joined a little bit late. Just sir, this INR $11.50 crore order book is spread over time. And therefore, so I'm trying to understand if you could share any guidance for FY 'twenty seven and 'twenty eight in particular. Although I understand the entire order book will be pre 2030, but just slightly better in terms of some guidance for '27 and '28.

34:25 Okay. Let us get back to you on that. We don't share annual guidances because it's subject to ramp ups, model mix, etcetera. But let us think about it. But any range, ballpark? We'll let us get back to you. Fair enough, sir. Thank you. Thank you. We have the next follow-up question from the line of Ankur Gulati from Genuity Capital. Please go ahead. Thanks. Prashav, any color on non passenger vehicle lines or client wins, either on commercial vehicle side or even two wheeler side? So we're working on that. When it converts, we'll share that with you.

35:11 Some of the order wins are actually from the two wheeler segment. I don't have the exact split of the moment. And this $11.50. Is it correct? Yes. That's correct. Fair enough. At some point in time, maybe if not on this call, is it possible to also give us SOP schedule of this order book to some extent just to get a sense when will these... This order book starts crystallizing into revenue? There's a one request. If you can help us some split of SOP for the order book because what we are struggling with is less than 900 this year. And I add up this $11.50, so we are around 2,100, sometime in f thirty.

35:56 But the interim visibility is is a bit of a blind spot. So if you can give us some split. Okay. Let us just get back to you on that. Got it. Okay. Thanks. Thank you. We have the next follow-up question from the line of from Prasad Capital. Please go ahead. Thanks for the follow-up opportunity. I just have a small clarification. The 802,000 crore order book that you mentioned for the joint venture with DYE, Does that is that a like combined value of the seat? Or like is it only the order book for the JV? Because we'll also be manufacturing and supplying seat fabric and frames. So yes.

36:47 So it's the combined value of the seat. Okay. So whatever we manufacture, it is also, like, part of that 100 crore... Sorry, thousand crore order book. Yes. It is part of the thousand crore. Good. Thanks, sir. Thanks for the clarification. Yeah. Thank you. We have the next follow-up question from the line of Jatin Chawla from RTL Investments. Please go ahead. Just one last follow-up. If you look at the... I think on the other expenses, there was a question asked earlier as well. Just wanted to clarify. So there are two elements to this, almost INR 5 crore increase quarter on quarter, right? One is the Haryana minimum wage increase and the other is the NDR South order that you executed.

37:44 So both are roughly INR 2,205 crore each. Is that the right understanding? Yes, yes, yes. So INR 2.5 crores is Ndr South and balance is INR thousand. Got it. Got it. And one more clarification on the other income sorry, the share of profit from associate that's gone up to INR 5.2 crores. When look at Bharat seats, there the Q o Q part increase is not that significant. So what is causing this big increase in share of associate? Okay. Our company, TSI, Toyota seats, that has done fairly good profitable. It has turned profitable.

38:33 And NHIN loss in this quarter is less because we received one the private key from customers. So should we look at this as a sustainable number, this INR 5 crore a quarter? Yes. I think that is a sustainable number. Okay. Great. Thanks a lot, and wish you and your team a very happy Diwali. Thank you. You too. Thank you. We have the next follow-up question from the line of Ndr Auto from Investment. Please go ahead. Yeah. Sir, some clarifications on this JV. Here, the the models will have to be newer models. Right? That's how we have to look at it. And because this this is JV which is happening with Ndr Auto, there's maybe some comments there.

39:24 Yes. So it's going to be all new models. I think Hyundai Kia also expanding capacity, so we're going to be targeting that. And can you translate this into some volume and seating value number for seat? Yes. So this content per vehicle for this joint venture is anything between INR 50,000 and maybe INR 18,000. So we are targeting about INR 1.5 lakh volume. Okay. And my other question is in this INR 1,100 crore order book, I think there is a portion from your existing Japanese OE as your client. So what is the ramp up expected?

40:11 How is the ramp up happening there? So ramp up, I think we will share with you for the next three years, for the quarter, let us just get back to you. But apart from that, a lot of the business is acquired from Bharat Shuzuki and Shuzuki to build it and some from Deokra. So the progress is as per schedule or there is changes in terms of... Because there also is new models. Right? All these are new models. So most of it is as per schedule, but there are always some last minute delays. Okay. Okay. Okay. Thank you. We have the next follow-up question from the line of from Purple One Vertex Ventures,.

40:58 Please go ahead. Revenue are again allocable... I mean, attributable profit of that will be 51%, right, I mean, to that extent? Yes. That's correct. So vision wise, it will be, let's say, a thousand crore additional, but profitability is at 51%. Yes. That is correct. Right. And, I mean, I know you'll get back on this one, but just, I mean, on this 1154 order book, is it more back ended towards FY '30 or slightly, you know, evenly spread? I think it's relatively evenly spread, slightly back ended. I think FY '29 and FY '30 should be a bigger. Sorry, I just missed that. Sorry, what was that? FY29 and FY30 should be a bigger year.

41:49 Okay. Understood. Fine. Thank you. Ladies and gentlemen, that was the last question. And with that, we conclude the question and answer session. I now hand the conference back to the management for the closing comments. Thank you for your time and participation. We continue to be optimistic about the opportunities before us and look forward to sharing these with you as we move forward. Should you need any input or clarification, please write in to us or our Investor Relationship Partner, TDR India. Thank you. Thank you, members of the management. On behalf of Ndr Auto, we conclude this conference. Thank you for joining us, and you may now disconnect your lines.