Rolex Rings Ltd (NSE: ROLEXRINGS) Q3 2026 Earnings Call dated Feb. 10, 2026
Corporate Participants:
Unidentified Speaker
Hiren Dilipbhai Doshi — Chief Financial Officer
Analysts:
Unidentified Participant
Presentation:
Unidentified Speaker
[Starts Abruptly] Recording in progress the call for opening remarks post which we can have a Q and A session. Over to you Hiran Bhai.
Hiren Dilipbhai Doshi — Chief Financial Officer
Thank you Mehl. We at Roll X acknowledged the efforts of Team Equirus for arranging this call for the earning updates for the quarter ended and period ended on 31st December 2025. Warm good afternoon to all the participants. Thank you very much for spending your valuable time. I welcome you all. Before taking you through the numbers would like to appraise the overall business outlook management perception for the approximate future. As you all are aware that recently the US has came out or rather declared the US territory US India territory and announced that they have reduced to the import duties to 18% where it was 50% in the cases would like to update over here that particularly what they have the notification what it has been issued by the U.S.
desert and U.S. customs of from the President’s office that they have removed this Russian oil penalty which was levied somewhere in August 2025 by particular proclamation and that particular notification is being withdrawn. Now effectively today is the first rather you can say a working day at us post announcement of this tariff structure. We are yet to get the final inputs or final outcome that how it would be 18% or what would be the rate on our products at us because in November 25th the reciprocal this Russian oil penalty has already been moved off from the particularly products are for use for medium and heavy duty vehicles, parts for the medium and heavy duty vehicles. So till now or rather from the 1st of November onwards we have been charged 25% duty apart from the regular main structure of 3%. Now it’s yet to see how this 25% would come down to 18 or how it would be effective again almost 40%, 43% of the days of the current or last quarter of this fiscal has already been passed when these announcements were made. So there would be a hardly positive or rather pushing moment for this particular last quarter of this fiscal. But we are very much positive from the first quarter of FY27 that now the things are things would be on a very streamline and us would be on track because till now for last six to eight months customers are very much in the state of you know, the wait and watch kind of situation. They hold on the entire or rather more than 50% of their imports and they were not able to rather their customers are also not giving that feedback and entire chain has already been disturbed. So we expect that you know that hurdle to be overcome indeed from the first quarter of next fiscal that is April 26 onwards and we hope that we will be on track or rather US will be on a moving positively from the next fiscal. Coming to the quarterly numbers for the quarter ended December or other Q3 of I would like to tell you that there is a positive movement in auto components in both the front. The domestic as well as export would like to tell that over quarter two we had a growth of almost 14% on the auto component revenue in this Q3 same in case of bearing days we had a degrowth of 7.5% over quarter two. Further to drill down this improvement there is almost 10% incremental revenue in Europe exports over quarter two which is you can say almost 25% compared to my FY25 pull numbers with the nine month number percent I’m talking in terms of percentage. So there there is a good movement and momentum at European market where we were struggling till last fiscal. In the domestic front also it is almost 5 to 6% upward trend compared to Q2 of this fiscal and visa is 15% improvement over the entire fiscal of fiscal 25. The only worry or rather the where we got a hit is in the US market wherein 10% downfall in the Q3 compared to Q2 and if you if we annualize it it is almost 30% down in the compared to fiscal 25 what we had so US is still under the shadow of Eric Dill and now we expect some kind of U turn of this downfall from the Q1 of FY27. On the other hand as I told that domestic and European markets had with the positive curve and expect it to be continued to be improved from the first quarter onwards. On the basis of the program, on the basis of the orders what we have received forecast we have been given by the customer. We are very much positive as far as fiscal 27 is concerned and in this last quarter couple of new customers have already been enrolled or rather SOP has been started. So at marginal level but down the line from the Q1 of fiscal 27 it will be red book and further it will be increased. Now taking you to the numbers for the Q3 as well as nine months for this current fiscal. Revenue from the operations for the Q3 of this current fiscal it has touched almost 275 crores which was 271 crore in the last quarter. We service 260 crore of the same quarter in the corresponding previous year that is December 20. Here we had a growth of almost 10% in 6 to 8 7% on Q3 of FY25 versus Q3 of FY26 compared to the previous quarter we had a marginal growth of couple of percentage only in terms of EBITDA we are maintaining or rather we are trying to improvise on the basis of the scale of this cost measurement and cost reduction area. In Q2 we had an EBITDA in terms of rupees almost 69 crore which was 24.2% of my overall gross EBITDA and in this Last quarter ended December 26th 25th we recorded 75 crore rupee of EBITDA which is consisting coming to 25% 25.7% of my gross revenue. If we talk about the EBITDA net of the other income it is almost 21% in Q3 that is December 25th which was 20.2% in the previous quarter and it was somewhere about 20.80 for the last fiscal that is FY25 for the corresponding nine month period. If I tell you we had this net EBITDA netting of other income it is 21% 21.6 in the fiscal 2524 and almost again on the same night 20.77 percentage for the nine months ended on December 25. Coming to operating PBT and PAT in this Q3 of FY26 we have recorded 65 and a half crore as then profit before tax which was 59 crore in the previous quarter that is second quarter of fiscal 26 and the same it was 45 crore in the Q3 of FY25 that is December 24 quarter. So there is a sharp increase on a quarterly basis as well as on comparing to the previous year’s quarter. Here would like to tell there is a significant improvement because of the overall other income what it has been increased in this particular quarter compared to previous quarter as well as the quarter which was there in December 24. Profit after tax in Q3 for fiscal 26 it is almost 48 crore which was 44 crore in the previous quarter and again in December 24 it was 20 crore only because we had an exceptional item of ROR interest provided in that December 24 quarter. Here in this quarter also PAT is being reduced by almost two and half crore rupees that is by way of exceptional item which is for the impact of the new Labor Code which has been implemented from 21.11.25 wherein the potential gratuity liability it is supposed to be disclosed and valued and to be accounted in this December 25th quarter only. So that has been valued at two and a half odd crore rupees which has been net off in this profit. After tax figures revenue bifurcation varying rings it is almost 52% of my overall revenue of components 48% consists of auto component business. In terms of exports it is 47% and domestic 53 percentage in this nine months period. Certain business development as I mentioned that 10% improvement on overall exports to Europe over Q2 25% compared to fiscal 25 and again 10% downfall in exports US over Q2 which is almost 30% down over fiscal 25 as I have informed as I told that tariff hangover is expected to be normal from Q1 FY27 and we expect a sharp recovery in the US market. The downfall what we had 30% of the revenue in this fiscal would definitely move further in a positive way. We do have a bit more visibility as far as the auto component business or growth in the auto component business on the basis of the orders or forecasts given by the new customers particularly from the Europe. We have also added one customer from Mexico and one in from USA that would be starting somewhere about mid of fiscal 27th and one customer in quarter three of fiscal 27. On the bifurcation of my revenue split rather it is 53 percentage of overall revenue it goes to the passenger vehicle. Then it’s 19% which is there for the industrial segments and 21% for the commercial vehicle and heavy commercial vehicle and EV almost 7.5%. 7.6% of my overall revenue here would like to tell that 53% of this passenger vehicle share is because of good reduction in my CV and HCV portion. The US one of the main customer who is a vital or rather who is procuring good amount of photo components for the CV and HCV and is under pressure because of this tariff. So actually it’s not like that we have reduced or rather we got the incremental share in passenger vehicle though it is almost on the same line. But the downfall in the commercial vehicle has move up by percentage of my passenger vehicles total revenue in terms of operations for the nine month figure it is 838 crores almost without considering other income. Other income is almost 47 crore both put together 885 odd crore gross revenue has been decoded in this nine months of the current fiscal which consists almost 365 crore revenue from the overseas business which is my exports as well as my export incentives and almost 473 crore in the domestic market which is improving my product sales as well as which was in last year fiscal 24 it is totality it is almost 1155 crores wherein 553 consists of exports and exports. Yeah exports and 601 crore in domestic market. Would like to tell here we are almost on the same line or as I already informed that we would be having the same kind of numbers for the fiscal 26 what we had in fiscal 25. But let me tell you the EBITDA what we had in fiscal 25 which is 22.7 percentage it has almost 24.9% in this nine months period amounting to rupees 221 crore which was 269 crore for the full year. As I was mentioning earlier PBT and PAT for this entire nine month profit before tax is almost 19392 crore which was 226 crore for the full fiscal of FY25. Again PAT it is 141 crore which was 174 crore in the full fiscal of FY25. Here we do have as I told you that here the PAT is bit improved compared to the fiscal 25 numbers and as well as PBT also it has increased by a bit compared to the overall fiscal of FY25. Operating cash flow we had for the first half it is almost 87 odd crore free cash flow what we have generated again with a capex of hardly 12 crore in terms of a couple of furnaces and a small 4G blind as we are very much aware that company is having negative debt for last couple of years. Company is having surpluses which has been parked for two reason other income. So overall there is a negative or rather debt equity ratio coming to the ROCE return on equity it is 17% for fiscal 24 it is 16% for fiscal 25 and I expect to be in the range of 15 to 16% for the fiscal 26. These are the detailed numbers what has already been shared with you people. Now I would like to request Tim Iturus to take it further and we can initiate Q and A session.
Questions and Answers:
Hiren Dilipbhai Doshi
Yeah. Thank you sir. So thank you for the opening remarks. We’ll now open the floor for the Q and A. Anyone who wants to ask a question can please use your raise hand function. Once you are done asking your question please lower your hand. We’ll wait for a couple of seconds for the queue to assemble and then we may start. 3. Yeah so the first question is from the line of Jason SS Jason, you have been unmuted. You can Go.
Unidentified Participant
Yeah. Thank you. Am I audible?
Hiren Dilipbhai Doshi
Yeah.
operator
Jason? Yes, sure.
Unidentified Participant
Sure, sir. So first just wanted to know, sir, the numbers in terms of the segments. You know, export bearing rings. Export. So firstly the numbers for Q3FY26 and then Q3 of 25.
Hiren Dilipbhai Doshi
See. For the Q3, the domestic bearing ring we have recorded, I’ll tell you. In terms of million it is 953.69. Export bearing ring, it is 380.55. Domestic auto component is 397.80. Export auto components, it’s 839.87. Scrap revenue, it is 149.11. And export incentives, it is 27.35. This all puts together 2730.37 for the Q3.
Unidentified Participant
Okay. And now Q3FY25, sir, which is the last year corresponding?
Hiren Dilipbhai Doshi
You want the full year or for the nine months?
Unidentified Participant
No, no, only the. Only the Q3, sir.
Hiren Dilipbhai Doshi
Q3. The. Okay. Q3. The last domestic bearing one ending in December.
Unidentified Participant
Yeah.
Hiren Dilipbhai Doshi
Domestic bearing ring, it is 730.39. Export bearing ring, it is 283.33. Domestic auto component, it is 386. Export auto components, it’s 995.38.
Unidentified Participant
995 you said, sir. Yeah, 995.38. Okay.
Hiren Dilipbhai Doshi
Yes.
Unidentified Participant
Yes, answer. Scrap and export and sector
Hiren Dilipbhai Doshi
scrap was 167.38. Export incentives, it is 36.42.
Unidentified Participant
36.42.
operator
Yes.
Unidentified Participant
Okay. Okay, sure. Thanks to 2598.82.
Unidentified Participant
Sure. Sure, sir. Thanks for that. Now next I just wanted to ask sir, so I mean even in the previous con call last quarter you had mentioned that you are expecting the the tariff from the 53% to be reduced to 18 to 20% on auto components. Now just wanted to know that has you. You did speak in the opening remarks that although that is 18% has come, but fine print has still not come. So. Just wanted some clarity, sir. What exactly and also I wanted to know. 18% on the MHCV part is basically the auto component parts and bearing rings as well.
Right. So both will be reduced to 18%.
Hiren Dilipbhai Doshi
The. The tariffs. See, as I told you initially for this auto components till 31st of October it was in totality 53%. Import duties were there from 1st of November they have given certain relaxations. That is from section 232 which has reduced 25% duty from 53 and as of now, or rather till 7th of February. We have been charged at 25% with the duty plus basic customs duty what it was 2.97 along with merchandise fees and this thing. So now looking to the notification or rather the issued by the US government we are not sure whether this 25% what it is applicable to us as of now because we also got a feedback that it would be a zero also in certain auto components. It would be an 18% also on certain kind of this thing. Or it may continue with the 25% also. But that is subject to the clarification and detailed notification along with the respective, you know, hsn then only we’ll be able to know and once we’ll have some kind of clearance at US Customs and we’ll be able to know maybe in next couple of days that how this would be implement implemented and what has been interpreted at their level. Because broadly they have simply told that on the one side they told that Russian import duty has been moved up which was 25%. On the other side it is telling that duty would be 18%. So we not aware unless and until or even not would like to comment unless and until we have something, you know, authenticated on paper.
Unidentified Participant
Sure sir. So just to summarize, till the 31st of October you had 53% tariffs. Then from that 1st of November to this point in time you had around 28% tariff, you said 25% plus some surcharge etc which was coming up to 28. And now you will wait for the fine print with the HSN etc as to what exactly that will give us the clear picture. Correct? Correct, sir?
Hiren Dilipbhai Doshi
Yes, very true. Correct, Correct.
Unidentified Participant
Okay, and so this, so again so auto components definitely going by a large number to the U.S. how about bearing rings export sir, what is that proportion? Is that also significant proportion?
Hiren Dilipbhai Doshi
As I told you, if you see bearing ring in terms of exports it is we can say of 15 to 16% of my overall revenue which is there and there we got a hit from, you know, majority from the European market and yet it has not been fully recovered. If you see my last three quarter or rather all these three quarters for this current fiscal my varying ring export of overall revenue it is 13, it ranges in between 13 to 15%. But let me tell you, in say in fiscal 24 the same number is was almost 23% and in fiscal 25 it went down to 15%. And in this last three quarters we are having average of 13 to 14% of overall export bearing.
Unidentified Participant
Okay, okay. No sir, what I wanted to know is so see the tariff is basically emanating from the U.S. now what I understand is the bearing rings is basically 55 domestic and 45 is exports. So from that export component how much goes to the US Only I’m talking about bearing rings. I’m only talking about bearing.
Hiren Dilipbhai Doshi
Okay. That that portion of bearing ring to us. Let me tell you in terms of number, say for example for this nine months I told you that export bearing ring was 312 crore, 113 crore. Out of that the export to us is 32 cross. Okay. It’s 32 minutes.
Unidentified Participant
Okay, sure.
Hiren Dilipbhai Doshi
So you can say 1/3 of overall bearing ring business, rather export bearing ring business that comes from the U.S. okay. And remaining is from Europe and Canada, Mexico.
Unidentified Participant
Okay, okay. And sir, on this the tariff is that also will be clarified.
Hiren Dilipbhai Doshi
That’s what you’re saying that there we expect because you know we didn’t have any kind of duty paid structure with for the bearing ring business. But then we expect it would be coming down too because it was 53 and now it would be coming down to 25.
Unidentified Participant
Okay, now you’re expecting it to come to 25.
Unidentified Participant
Yes. And sir, revenue guidance 26 use. I think you alluded that it will be flat in terms of revenue. And for 27 you still stick to the mid high teen growth for 27 revenue wise.
Hiren Dilipbhai Doshi
Yes, yes. As of now we still expect and on the basis of the forecast of this thing we may expect in between, you know maybe 16 to or rather 15 to 18% of overall growth. See because in US right 25% has been from 50 they have reduced to 25%. So our customers in US they are happy with this 25% also. But now definitely it is going to be 18. But when we are waiting for the announcement from US government. So it has already been declared. So it is definitely going to be there within a week or two weeks or something. So once it is there then there are more chance of getting more business from us.
Unidentified Participant
Sure, sure, sure. And just lastly one thing just wanted to know the revenue breakup between us, India and Europe and others for nine month. Nine month total revenue. Yeah, Total revenue us, India, Europe and others. I’ll tell you broad percentage of that. Yeah.
Hiren Dilipbhai Doshi
Say 54 percentage is domestic.
Unidentified Participant
Okay. 22 percentage is us same percentage it is there for the Europe. Okay.
Hiren Dilipbhai Doshi
And remaining in between Mexico, Canada, Thailand, etc.
Hiren Dilipbhai Doshi
Might be couple of more points, 2 and a half, 3% something.
Unidentified Participant
Sure. Thanks for answering my questions. Thank you so much.
operator
Thank you Jason. So our next question is from the line of Amar. Amar, you have Been given the permission. You can go ahead.
Unidentified Participant
Hello. Am I audible? Sir, yes sir, I just wanted to ask you that. What are the current capacities you have right now?
Hiren Dilipbhai Doshi
See, in terms of metric tons, the achievable production capacity is somewhere about in the range of 105,000 metric ton to 115,000 metric ton per annum.
Unidentified Participant
Okay. And what’s your order book? Including the additions in Q3
Hiren Dilipbhai Doshi
order book as of now on a monthly basis it is ranging somewhere about 95 to 105 crore for the next three months.
Unidentified Participant
Okay. For the. For one quarter. Right. This is for.
Hiren Dilipbhai Doshi
Yeah, last quarter. Yeah.
Unidentified Participant
Okay. And what is the total order book? Sir,
Hiren Dilipbhai Doshi
total order bit. You know what happened. Sometimes my overseas customer gives us the forecast for six months or something like that. Whereas domestic might be of couple months. But if you ask me Q1 what I am looking for or rather on the basis of the forecast, what we are targeting is somewhere about 300, you know, 25 crore or something like that for the very first quarter. Okay.
Unidentified Participant
So for the first quarter of FY27 your order book will stand at close to 325 crores. Is that what you’re saying?
Hiren Dilipbhai Doshi
325 to 330.
Unidentified Participant
Okay, that will be your total order book as of Q1, right?
Hiren Dilipbhai Doshi
Yes.
Unidentified Participant
All right, that’s all from my. Sir. Thank you so much for answering your question, sir.
operator
Yeah, thank you Amar. We take the next question from line of. Manish. Manish, you can go ahead.
Unidentified Participant
Hello.
operator
Yes. Yeah, Manish. Sir, you are not audible. If you are speaking something. I would request you to audible. Yeah, now you’re audible.
Unidentified Participant
Yeah, so sorry for that. Sure. First of all good good evening and congratulations for the good set of numbers. So I have two queries now. The first queries, you know what we have seen is promoters buying some shares and selling some shares in this December quarter within a couple of days. So normally we don’t see that happening. So can we know the reason behind it?
Hiren Dilipbhai Doshi
Let me tell you definitely you have not seen frequently in past and again you will not be seeing the same in future. There is some kind of, I would say miscalculation or something. You know, some kind of. Initially promoters has acquired to, you know, increase his take only. But there were some kind of urgency wherein the funds was supposed to be deployed in a day or two only. So that was the temporary option available to particular promoter and that is why it has. And on the contrary, promoters had a loss in setting up this tax implication was quite negative. But that was by way of some Compulsion it has been done but now onwards it would not be there.
Unidentified Participant
No, I just asked because I’m. It’s little weird promoter buying some share at 118 rupees and selling at 129 rupees. So that’s the reason I asked this question. My second thing is you know you have seen the pledging for promoter first time so what do you know any reason for the pledge? Pledge again they have given you know or rather raised certain fund towards that security and which some they have committed to invest somewhere and but if you see overall quantum of the pledge against their holding is of promoters holding you can say it’s hardly 4 to 5% of overall promoter states less than 5% and in terms of totality equity it is somewhere about two and a half percent, 2.7 something.
Hiren Dilipbhai Doshi
Yeah that’s what the pledge is so small that’s the reason they’ve committed and maybe down the line you know 3 to 6% would be squared up also. Okay, that.
Unidentified Participant
That’s all, that’s all from me. Thank you sir. Thank you for taking the queries.
operator
Thank you. We have our next question from the line of Saurabh Jain. Saurabh Jain, you can go ahead. Hello.
Unidentified Participant
Yeah. Am I audible sir?
operator
Yes.
Unidentified Participant
Yeah. Thanks for the opportunity. I have a couple of questions. To begin with we sir, at the beginning of the year we had sops of 175 odd crore which was supposed to get into schedule during the second half. So how much of that 175 odd crore you know got registered in Q4 and do you still think that last time on the call you had mentioned that SOPs of around 225 to 235 crore crore would go into FY27 because we had some orders, new orders of 4050 odd crores. So if you can you know just throw some light on that seem your first part of your question say out of that 175 crore revenue what we have projected and you know for the new program new customers out of that almost 60% of that volume it has been started. Why 60%? It’s not like that order cancelled or
Hiren Dilipbhai Doshi
other order has not started. It has started with a low uptake and certain orders it has been postponed because of this. Let me tell you two big customers based at us it was completely rather they have what you say temporarily just closed down that particular plant where the Import duty was 3% and there after freeze wise it has went to 53%. So it is something what you say very unviable factor for the customer of my customer. So those couple of programs have completely been hold or rather you can see a zero supply as on date which was significant amount. And here again as I told you initial part or maybe in the earlier commentary also that we had a loss of existing business maybe of 20 to 30% of bearing rings as well as particularly from the US as I have just told that 30% of my US revenue compared to previous fiscal it has reduced in this current fiscal. Now these numbers, whatever the reduction is there in spite of that we are having the same kind of flat, you know, top line. So how I will be able to maintain that top line that is because of the new orders, new customers. So it’s not that it has not moved. It has moved couple of reasons. As I told you that volume has been reduced. Few orders have been deferred to three to six months. Few ordered have differed by almost a year or so. Coming to the second part of your question where you were mentioning that 225230 odd crore something for the fiscal 27 we expect as I told you that maybe we would be closing somewhere about you know, 1150 odd something top line in this year wherein I expect almost 200 odd crore somewhere about 180 to 200 crore additional revenue from this new programs because something it has already been started.
Unidentified Participant
Okay. Yeah, that’s helpful. Sir, just a follow up to the previous question. You mentioned that we have a monthly order book of 95 to 105 crore for the coming three months. So if you can, you know just bifurcate us bifurcate that for us in terms of bearing rings and auto components.
Hiren Dilipbhai Doshi
Sir, bearing ring ranges or near to 45 to 48 percentage auto components again 50 to 55 percentage.
Unidentified Participant
Okay. And sir, another thing is of course you have mentioned about the the tariffs and more clarity is required. But post the recent announcements of Europe FTA and recent developments with respect to US tariffs. How has been the communication with our overseas clients like in terms of what kind of volume of take can we see in the coming fiscal if at all it comes to 18% and 25%.
Hiren Dilipbhai Doshi
See I told you this 18% number as they have announced somewhere on you know, 4th of Feb or something and they again came out that from the 7th of February it would be implemented the 7th of Feb, it was Saturday and today we are on the 10th afternoon which is you can see the first working day it was ninth over there. So we are yet to know how it is. But as far as overall we communicated and Mr. Mehil also conveyed that my customer as of now they are okay or rather they have already absorbed 25% of import duty. And we think once the momentum starts or once the overall activity would be on back to track, we would be do not expect any negative impact on this thing that can be managed because the kind of quality of the components and the range of the components, what we are supplying, it would be difficult to, you know, get it from some other part, other countries on a very recent way or even in other countries. As you must have seen that duty structure might be on a higher side compared to India coming to the other part Europe then as you did, definitely it is welcome. And our customers have again starting reviving or rather revising their, you know, certain calculations. And they are in. They have already indicated that they would like to source more from India. Now they are exploring what kind of components and how the value added full components they can be import from the India and particularly from the Ronix. That is what the feedback we got from the European customers.
Unidentified Participant
Okay, if I can ask this from other perspective. What has been our capacity utilization in first nine months and how do you think it is going to play out in FY27 and 28?
Hiren Dilipbhai Doshi
We are almost 60 to 63% in utilization of my overall listing. And I hope rather we expect it would be somewhere about, you know, crossing 72 in between 72 to 75 percentage of utilization in next year. Great, great, sir.
Unidentified Participant
And lastly, if you can comment on profitability, how do you see with tariffs moving and volumes going up, as you mentioned, that utilization is expected to increase from 60 to 63% to 70 to 75%. So how do you see profitability visa vis if you can, you know, just, you know, throw some light in respect to both the segments, bearings and auto components.
Hiren Dilipbhai Doshi
See. Would like to, you know, comment on the net operating margin because I’m not considering the other income margin. It might be, you know, temporary. So it consists of circling my investment income and foreign currency gain, etc. But coming to the net operating revenue or you can say a net EBITDA which is somewhere about it ranges of 20 and in between 22 to 20, that is 2, 0 to 21 and once I’ll be having utilization up to, you know, 68, 70% or something like that. Definitely this operating margin would touch maybe 22% or 22 and a half even. We can achieve once we have that kind of scale of economy again by forgetting into the bearing and auto components. Definitely auto components we have better margin compared to the bearing rings because of the critical operations as well as multi operations at high position level. But broadly we can say bearing rings would be in the. It. Numbers all for the. Post which we can.
operator
Recording in progress the call for opening remarks. To for getting into the kind of the you know, critical operations as well as multi operations at the I position level. But broadly we can say bearing rings would be in the recording in progress. Hand over the call for opening remarks post which we can have a Q and a session over to you hidden by. Sa.[Ends Abruptly]