SJS Enterprises Ltd (NSE: SJS) Q3 2025 Earnings Call dated Jan. 31, 2025
Corporate Participants:
Devanshi Dhruva — Head of Investor Relations
K. A. Joseph — Managing Director & Promoter
Sanjay Thapar — Chief Executive Officer
Mahendra Naredi — Chief Financial Officer
Analysts:
Joseph George — Analyst
Khush Nahar — Analyst
Suraj Malu — Analyst
Ajox Frederick — Analyst
Pradyumna Choudhary — Analyst
Amit Hiranandani — Analyst
Jyoti Singh — Analyst
Lokesh Manik — Analyst
Sahil Sanghvi — Analyst
Rohan Advant — Analyst
Prateek Giri — Analyst
Shrinjana Mittal — Analyst
Presentation:
Operator
Day, ladies and gentlemen, good day and welcome to HJS Enterprises Limited Q3 FY ’25 Earnings Conference Call hosted by IIFL Capital Services Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator the star then zero on your touchstone phone.
Please note that this conference is being recorded. I now hand the conference over to Mr Joseph George from IIFL Capital Services Limited. Thank you, and over to you, sir.
Joseph George — Analyst
Thank you, Steve. Good morning, everyone. On behalf of IFL Capital, I welcome you all to the 3Q FY ’25 results conference call of LGS Enterprises Limited. I also welcome the senior management of SJS; Mr K.A., Promoter and MD; Mr Sanjay Khapar, CEO and Executive Director; Mr Mahindra Naredi, Chief Financial Officer. Now I will hand over the call to Ms Devan, Head of Investor Relations to take the call forward. Over to you,. Thank you.
Devanshi Dhruva — Head of Investor Relations
Thank you, Joseph. Good morning, ladies and gentlemen, and thank you for being with us over the call today. We appreciate it. Moving on, this is how we intend to take today’s conference call forward. I will pass-on the to Mr K.A. Joseph, our MD and Promoter, who will make his opening remarks and then hand it over to Mr Sanjay Thapal, our CEO and Executive Director, who will take you all through some of the slides of our presentation that has been uploaded on the stock exchanges as well as on our website.
Sanjay will take you all through the industry view, our business performance and then give a strategic outlook for the future growth of the company at the end. And Mr Mahindra Naredi, our CFO, will update you all on our financial highlights, post which we will open it up for Q&A. The duration of this call is around 60 minutes and we will try to wrap-up our comments in about 20 minutes. So we’ll leave enough time for you guys to ask questions. If the time is not enough, please feel free-to reach-out to us through email or write to us and I will try and-answer all your questions to the best of my ability.
Thank you once again. And I will now hand it over to Mr Joseph to make his opening comments. Over to you, Joseph.
K. A. Joseph — Managing Director & Promoter
Yeah. Thank you,, for the introduction. Hello, and good morning, everyone. I trust you all had a chance to look at our investor presentation and the results published yesterday. Has continued its growth momentum in Q3 FY ’25 and delivered 21st consecutive quarter of outperformance with a strong Y-o-Y growth of 15.4% in the automotive business, significantly surpassing the industry growth of 7.1% in-production volume. With a consolidated revenue of $1,785.6 million in Q3 FY 2025. The company showcased its ability to consistently outperform market benchmarks.
This performance was driven by strong performance in the passenger vehicle segment, reflecting SJI’s strategy of expanding its customer-base and product portfolio in the passenger vehicle segment organically and inorganically, reinforcing its position as a leader in the industry. Aligned with our vision for growth, expansion for capacity is already on-track and we have also commenced the development of a powerglass manufacturing facility in, marking a significant milestone in enhancing our production capabilities.
This facility will not only increase our capacity to address rising demand, but also strengthen our position as a leader in advanced aesthetics and functional products with a robust financial foundation and consistent cash-flow generation, we are well-equipped to pursue strategic growth initiatives. Our key focus areas include planned capex in the segment as well as going on expansion of water pack and exotic.
Additionally, our strong balance sheets enable us to scale operations efficiently to meet diverse application demands while actively exploring at inorganic growth opportunities to further strengthen our market presence. Moving forward, we remain focused on delivering quality products to our customers by being the one-stop solution provider for products, driven by premiumization and the adoption of advanced technologies.
We are committed to building long-term relationships with all our stakeholders. We continue to focus on gaining momentum in the aesthetics business, maximizing operational efficiency and leveraging our strong liquidity position, while also exploring new prospects and markets for growth. With that said, I would now like to hand over the call to Mr Sanjay to take you all through some of the business and industry highlights for the quarter. Thank you, and over to you, Sanjay.
Sanjay Thapar — Chief Executive Officer
Thank you, Joe. Hello, and good morning, everyone. Building on a solid foundation of the first-half of this financial year, we are pleased to announce yet another quarter of very strong performance across all operational and financial parameters. The strategic initiatives we implemented at the start of the fiscal year have delivered impactful results and we will continue to build the momentum in the coming quarters.
Coming to some key updates, talking of the quarter gone by, Q3 FY ’25 was marked by yet another quarter of better than industry performance by SGS with a consolidated revenue growth of 11.2% year-on-year to INR1,0785.6 million compared to 7.1% Y-o-Y growth in the automotive, that is two-wheeler and passenger vehicle industry production volumes. As mentioned earlier, this growth is primarily attributable to our strong performance in the passenger vehicle business.
During the quarter, domestic sales grew 12.3% year-on-year on back of a 22.6% year-on-year growth in our PV business, outperforming the underlying industry. On back of robust margin performance delivery by our company. I am delighted to share that the consolidated EBITDA grew 16.9% year-on-year to INR482 million. Our PAT grew 32.9% year-on-year to INR277.1 million with margins at 15.5%. In terms of production volumes, the auto industry two-wheeler and passenger vehicle combined grew by 7.1% year-on-year in Q3 FY ’25, whereas SJS delivered a year-on-year growth of 15.4%, which is over 2x of the industry growth.
Exports for the quarter stood at INR115 million. We won a large export business in the US market for consumer durable segment and we also added Cube Investments India in their journey to make EV tractors. Continued winning new businesses at mega customer accounts like Stellantis, Mahindra, Whirlpool, Bajaj Auto, which be on Royal Enfield, and yeah, sorry for that glitch. So I was talking of the highlights. So we won a large export business in the US market in the consumer durable segment and added TI Cube Investments India for the EV tractor business.
We continued winning new businesses with mega customer accounts like Stellantis, Mahindra, Whirlpool, Bajaj Auto, Visteon, Royal &field, Attenburg and Samsung amongst others. Exotech and water pack adding an additional 4.1 megawatts captive solar power generation capacity reinforces our commitment to a greener planet. Talking of nine-month export performance, SGS exports grew 20.3% year-on-year.
Growing exports remains a key focus area for SGS, driven by our efforts to strengthen our presence in the high-potential global markets. We remain focused on deepening our presence in the existing geographies while exploring opportunities to tap into new markets. On the business segment performance, Exotech demonstrated exceptional performance during this quarter.
It reflects the company’s efficiency in operations, sustained demand for its offerings and the strategic approach to capturing market opportunities successfully. In the domestic business, passenger vehicle segment has outperformed the underlying industry growth, showcasing the strength of our product offerings and the effectiveness of our customer-centric organic and inorganic strategies with a solid operational framework and targeted investments, we are poised to sustain this momentum, delivering long-term value to our stakeholders by unlocking new avenues for growth.
On the ESE front, SJS continues to demonstrate its commitment to sustainability through impactful initiatives. This Exotech and water pack additional of 4.1 megawatt captive solar power generation capacity is a step-in this direction to a commitment for the greener planning. At SES, our dedication to social responsibility is evident through contributions towards medical treatment from the underprivileged and support for The different arts center, which empowers specially able children with education and skill development opportunities. Through these and many other initiatives that we’ve already taken, SGS continues to embed sustainability and social responsibility into its core operations. And we hope to drive meaningful change for a better future for our community. I would now like to hand over the call to, our CFO, to update you on all — all on the SGS financial performance before I come back to talk about the future growth outlook. Over to you,.
Mahendra Naredi — Chief Financial Officer
Thank you, Mr Sapar. Good morning, everyone. Let’s into the financial. Slide 13 to 16 provide a overview focusing on the consolidated picture of ICIS. In Q3, our consolidated revenue reached INR1,785.6 million, showcasing growth of 11.2% on a Y-Y basis. This robust performance is attributed primarily on back of a strong business growth in passenger vehicle segment. Moving to EBITDA, we achieved INR482 million, representing a Y-o-Y growth of 16.9% with a margin of 26.6%, improved by 102 bps Y-o-Y due to enhanced operational efficiencies.
Our consolidated PAT for the quarter stood at INR277.1 million, demonstrating a robust Y-o-Y growth of 32.9% with the PAT margin standing at 15.5%, improving by 253 bps Y-o-Y, primarily due to higher EBITDA margin, lower finance costs and increase in other income. The company had strong cash-flow generation, which has positively impacted our consolidated ROCE, which stand at 25.9% and ROE recorded at 17.4% on an annualized basis.
In Nine-Month FY ’25, we generated strong operational cash flows amounting to INR1,263.1 million with free-cash flow reaching INR1,3 million. Additionally, cash-and-cash equivalents stood at INR874.8 million, positioning the company with a net cash balance of INR754.4 million. The strong free-cash flows strengthened our ability to pursue future growth and strategic investment. As you are all aware, with the addition of India products in our portfolio, we have penetrated deeper with our new-generation products that contributed 27% of the consolidated revenue in during Q3 FY ’25.
Water India acquisitions has effectively helped to balance our portfolio across two-wheeler, passenger vehicle and the consumer segment in the right manner. During nine months FY ’25, exports grew 20.3% Y-o-Y to INR421.6 million, constituting 7.5% of the total revenue. Q3 FY ’25 exports were at INR115 million, which constituted 6.4% of the total consolidated sales.
Both and Voltaback are primarily domestic business and hence export as a percentage of our consolidated sales are at 6.4% in Q3. Our strong financial position remain a key enabler of growth with robust cash-flow generation, providing a solid foundation for the strategic investments. A major focus area is our plant capex of around INR100 crore in Kune for crown plating and painting capacity expansion and around INR40 crores in the cover glass segment, aimed at expanding production capabilities to cater to rising demand for advanced technology products that have diverse application.
Additionally, our improved credit rating from A-plus positive to by ICRA, which is one was higher, highlights our commitment to the financial discipline and the consistent performance, further strengthening our ability to pursue growth opportunities and the long-term expansion initiative. Notably, few companies in the auto industry have attended such a high credit rating.
We are also happy to inform you that your company has been awarded certificate of appreciation from Institute of of India in of our best practices and the good governance culture. I would now like to hand back the call to Mr to discuss about our future plans and growth outlook.
Sanjay Thapar — Chief Executive Officer
Thank you,. Moving to our outlook for future growth. As we look-ahead, our robust cash-flow generation continues to provide a very strong foundation for us to pursue strategic expansion initiatives. As all-company is incurring the capex of close to INR100 crores for home plating painting in Kuna, another INR40 crores for the facility at. With this expansion, we are not only strengthening our production capabilities, but also preparing ourselves to be future-ready to cater to the emerging opportunities like cover glass for displays and enhance our kit value.
This additional capacity in chrome and painting will not only help us serve the domestic market, but also enable us to address demand in global markets. In addition to our capacity expansion projects, the key strategic focus for our company is the expansion of our export business. As we have mentioned earlier, our ambition is to increase the share of exports on our consolidated revenue, we are actively working towards achieving an exports target of 14% to 15% of consolidated sales by FY ’28 by expanding into new geographies, increasing penetration in existing markets and adding new products to meet the need of our global customers.
Our focus on exports has started to yield results as we back large orders in the last two quarters from key OEMs like Stellantis and, amongst others. Our strong balance sheet and cash flows enable us to look for better inorganic opportunities as we make strategic capital investments in new technologies to expand our product portfolio and reach.
This approach not only larges our addressable market, but also strengthens our positioning as a one-stop solution provider for aesthetic and functional human-machine interface parts. Lastly, I would like to say that premiumization remains a key driver of our growth strategy, leveraging our customer relationships, expanding our product portfolio and which we are confident to maintain a strong growth momentum, surpass industry benchmarks and maintain our superior margins that deliver long-term value to our stakeholders. With that said, I come to an end of my quarterly updates. Thank you. We are now open to the Q&A session.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on your touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking your questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Kush Nahar from Portfolio Managers. Please go-ahead.
Khush Nahar
Hi, sir, am I audible? Thank you for the opportunity. Sir, my first question was more on the demand-side, but how are we looking at demand in the domestic and the export region? And also I see that our standalone business has grown only 2%. So any particular reason in terms of maybe supply-chain issues or demand issues? And second question was, is it right to assume that quarter three is a seasonally weak quarter post the festive month? And if we can go back to the 18% 20% growth that we were doing from Q4 onwards?
Sanjay Thapar
Yeah, you’re right. So let me take the last part of your question first. Yes, Q3 typically is a cyclic — cyclically a lower quarter, primarily for the reason that there is a new model change happening in the automotive industry, consumers like to buy a new model. But this year, there were a large supply float in the trade and that accounted for lower volumes, although production volumes on the OEMs to normalize the supply-chain in the industry.
So our growth trajectory, we’ve always maintained that we are not dealing from the industry. If industry volumes go down, our volumes do go down. But then overall, on an overall basis, we outperformed the overall industry volume growth. So we’ve continued to show that in this quarter as well. So for two-wheelers, we were in-line with the industry growth, four-wheelers or passenger vehicles, we grew 22.4%.
Yeah, Kush, so we got disconnected coming back to the question. So I mentioned that quarter three typically is the lower sales quarter because of the change of the year. But overall, the data that you referred to was Q-on-Q. So as I said, our volumes are not dealing from the industry, though we tend to grow faster. So I said for this quarter, the two-wheeler sales were in-line with the industry growth and the two-wheeler — the passenger vehicle sales, we grew at 22.4% vis-a-vis 2.8% on a consolidated basis. Coming back to the standalone that you referred to, so here, mostly exports were lower in this quarter versus the last quarter and that accounted for For that nominal increase. But if you look at our standalone Nine-Month numbers, our growth has been 13% on standalone SES. Our revenues on a year-on-year basis have grown at 25.5% and what we reported in terms of the overall numbers, you have that data. So we continue to go strongly.
Khush Nahar
Right, sir. So in terms of demand, any outlook you can share in terms of domestic and export because export is a big focus for us for Exotech and WK also.
Sanjay Thapar
So export, as I said, we’ve already won very large businesses. So in this quarter, we won a business from a very large plant of whirlpool in North-America and that business is going to — I mean, we will be the sole supplier to that — for the products that we supply to that division and that’s one of the very large divisions of. So that is a big win. In the current quarter, sales have been lower in exports, primarily because of soft market conditions in Europe and North-America, but we are optimistic that this will come back.
So the outlook remains very, very positive. And exports, as I said, we are today just at the fringe of the large export market. There’s a huge opportunity out there. So we reported last quarter that we won a large global business from Stellantis. That’s a long-term business, an eight-year program, very large volumes across North-America, Latin-America as well as Europe. And with this, so our order intake continues to be very strong and we are sure that we will do great business in exports. Thank you.
Khush Nahar
You can answer sir, one question if I can squeeze in. So what is the operational timeline for the optical glass plant? And is it right to say that this glass technology that we develop can be also used in other segments like maybe cell phones, TVs, etc?
Sanjay Thapar
So the larger picture that you must-see is that cover glass that we’ve already started investments. So that plant should be ready somewhere in the — by September, October of this year, we’ve already started commissioning — not commissioning or started work on ordering equipment for that plant. So the shed is ready and equipment orders are in-process. So this — the plant will come into stream maybe towards the end of FY ’26. So that is the timeline. Coming back to your view that is it fungible with other areas?
Absolutely it is. So we are in fact very excited that there could be much larger opportunities beyond the cover glass in this business. So we are looking at displays in a holistic manner. And if we are in early stages of discussion of seeing that how could we enlarge our presence in the display market per se, not just. And with that, we could address multiple business segments. So once we get to that, we will surely come back to you to announce what we are doing.
Khush Nahar
Thanks, sir. Thank you.
Operator
Thank you. In order to ensure that the management is able to answer questions from all participants, please limit your questions to two per participants. The next question is from the line of Suraj Valu from. Please go-ahead.
Suraj Malu
Hi, sir. Just if you look at Walter globally, they have BMW, Mercedes, Tesla, Auri, like all of these global brands as their customers. So I just wanted to understand like, do we service customers via Waterpack India as well or is that in pipeline for us?
Sanjay Thapar
No, so Waterpack India is primarily an India-focused business. The deal where we had when we acquired this company was that all of Asia, all of India, 100% is with us and some key customers that were already SGS customers, we will continue to serve, notably, for example, is our business. But the Europe or North-America business that they do out of Spain and North-America, that is a waterpack business. We don’t supply to them.
But having said that, we have a strong relationship with Waterpack in Spain. So we are always exploring opportunities of what we could do to be a sub-supplier to them to address these markets. So that’s something that is for the future. But at the moment, we are focused on India.
Suraj Malu
Got it. But we will not supply — we will not speak directly to customers.
Sanjay Thapar
Yeah. So there is an agreement that while we running technical assistance agreement that we have, we will not compete with them, with the customers that they have in Europe. And this is a three, three-year non-compete agreement that we have. Got it. I think one and a half years is gone.
Suraj Malu
Sorry?
Sanjay Thapar
Yeah. It’s 1.5 years ago, we signed this three-year agreement, so another one and a half years to go. So that is the current agreement that we have in of Spain.
Suraj Malu
Got it, sir. So we are free-to speak to these customers after total three years from the this.
Sanjay Thapar
Technically we can, but we build-on building relationship and trust with our partners. So ideally, there is a cooperation that we are in. So I think been recognizes that Waterpack India is the most profitable or most cost-efficient plant that they have in the world. So there could be plenty of opportunities of partnering with Waterpack Spain rather than competing with them. So I think our strategic intent is better served in terms of jointly addressing the global needs and garbing out business amongst us.
Suraj Malu
We got it, sir. Thank you very much.
Sanjay Thapar
Thank you.
Operator
Thank you. The next question is from the line of from Mutual Funds. Please go-ahead.
Ajox Frederick
Hi, sir. Congrats on the new order wins. I had one question. Sir, on the WPI and exotic business, if I find the Q-o-Q growth, it has been negative and despite our primary customer growing on a Q-o-Q basis, can you share some light on that, sir?
Sanjay Thapar
Sorry, I didn’t get your question. Growth has been negative there. Let me sir. Q-o-Q number.
Ajox Frederick
Yeah, yeah, I’m talking about Q-o-Q quarter-on-quarter. WPI and tech.
Mahendra Naredi
So as, we have disclosed our revenue in our presentation. And Q-o-Q number, if you see for and, so has grown by 2.4% and has driven by 4.1%. And overall basis, they are, let’s say, reduced by maybe 1%.
Sanjay Thapar
But the important point I would like to add to what just said, quarter-to-quarter depending on the model mix, depending on the offtake of the customer, as I said, demand because of supply float in the market was lower in some cases. But the important operative number you should look at is the nine-month number for these companies. So water pack has grown very strongly close to about 20.5% and Exotech has grown at about 25% 26%.
So there is extremely robust growth. So quarter-to-quarter is not the right way to look at a company because there are so many factors in terms of some particular model, supply being more the customer demand going down in a quarter, but I think that doesn’t impact the overall very, very strong growth trajectory that we have in both these companies.
Devanshi Dhruva
Also, just adding to what Sanjay sir said, so usually Q2 is a stronger quarter for us because it’s just before the festive period and that’s why that production starts before the festive period. So that’s why we also supply. So Q2 and Q4 are usually stronger. Q3 is generally a little weaker quarter compared to Q2 because of even plant shutdowns and all that happens during this quarter.
Ajox Frederick
Okay. Okay. Very clear. The second question is on your other expenses, which is bundling under waterpad and tech and that has bumped up. Is it because of any new tooling you’re doing or what’s causing that?
Mahendra Naredi
So, we have — I mean, it’s a normal business. We have a provision for the ECL estimated credit-loss in this quarter. So that is why it is happening, but it’s a normal business. It is accounting — accounting adjustments happen every quarter-on-quarter. So this time, we have an amount of INR8.8 million and maybe that is causing the higher of other expenses.
Ajox Frederick
Okay. Yes. And that’s a 1/4 phenomenon or it’s —
Mahendra Naredi
When you compare with the quarter two the last year, it was not there. So that is why you are seeing a higher amount in this quarter, but it is a normal scenario in an accounting manner.
Ajox Frederick
Understood. And sir, the final question is on a standalone business, like you said, the margins were pretty strong in this quarter, but and there was some decline on the employee cost also sequentially seen. So what caused that on Q-o-Q?
Mahendra Naredi
I just you have to repeat again what your question said of what employee — employee costs.
Ajox Frederick
Employee cost standalone is there. So in the standalone,
Mahendra Naredi
I mean, you are comparing with the quarter two,
Ajox Frederick
Yes.
Mahendra Naredi
So from the quarter two, which was the higher turnover and higher manpower. So versus quarter three, this is a decline in the turnover. So there also people cost will declined. We don’t have the — all people as a permanent. There are some casual people also being deployed. So as per the business requirement is keep on up-and-down.
Sanjay Thapar
So we align it with the sales offtake that there is. So there is a component that we can fine-tune to minimize the cost and employee cost is one of the areas.
Ajox Frederick
So very, very interesting, sir. And sir, any idea — I mean other you can give on that a new whirlpool win or when that will come through, how much can be the potential from that any actions. So it is a business for North American plant of.
Sanjay Thapar
This is — this is for a dishwasher plant and we will supply overlays to them. So we are replacing an American supplier and that is what we will cater to.
Ajox Frederick
Okay. And when will this come for — in the production for us?
Sanjay Thapar
So we should start immediately. So I think in 1/4, next quarter we should — we should be able to start supplies.
Ajox Frederick
Okay. Okay. And this will take our consumer business mix substantially higher from where we are right now.
Sanjay Thapar
Yeah. So our focus really is to balance our mix. So today, consumer is, is, let’s say, 20%, so it will remain aligned because the other businesses also are growing. So I think secularly the mix will remain with the two-wheeler, four-wheeler and consumer mix will remain same because we have strong growth in all the areas. So as a proportion of sales, it’s likely to remain similar to 20% or.
Ajox Frederick
Okay. Okay, sir. And sir, just a final question. Sorry for explaining this. On exports, any other potential customers we are closer to crack at this point in time.
Sanjay Thapar
I think the strategy we have is that we look at large mega grounds. We build trust by supply to them successfully in one geography. So Continental for one, Stellantis, the other, so these are very large global companies and we are growing business with them. Similarly,, we are at the tip of the iceberg, as I said earlier.
So that is the reason why I say that to be a Indian, which is truly global in terms of what we cater to across the world. So our thrust is on growing this export business and we have I think a very promising pipeline of opportunities that we are pitching for. So that would be and will be a game-changer for HS in the coming years.
Ajox Frederick
Fantastic, sir. Congrats once again and all the best. Thank you.
Operator
Thank you. The next question is from the line of Chaudhary from JM Financial. Please go-ahead.
Pradyumna Choudhary
Yeah, hi, sir. Congratulations on a decent set of numbers. My first question is, on the exports front, you spoke about exports being lower due to a subdued environment in Europe and the US. But. But given a low-base and given the kind of orders we’ve been winning, isn’t it to — like isn’t it a little too soon for us to be linking to the market in terms of our exports growth.
Sanjay Thapar
Those are two things really. So as I said, what we — what we have as historical exports, that of course depends on what is the demand in those markets. So it’s not that everything has come down. So for example, we supply to Visteon for some dials and that dial business has grown quite dramatically in the last quarter.
So we’ve in fact grown by close to about 90%. So that’s one-product. But then there are some areas where in Visteon also has a plant in Tunisia where the demand has come down. So it depends on-market to-market what happens. Similarly, Whirlpool in Europe, demand has been lower. And as said earlier, the quarter three, you have a lot of plant shutdowns that happen in — especially in the export area.
So you have the subdued demand in November and December for export markets. So that’s just a function of this. If you look at the overall exports again for the — on a year-on-year basis, whatever we’ve grown close to about 20%. So the pipeline remains extremely strong. We see a lot of traction from the customers and I’ve repeated many times earlier, the products that we sell are light, easy to ship and they are the companies in Europe and North-America or competitors in Europe and North-America cannot really compete because of their very-high operating costs.
So there is a natural advantage for printing companies in India wanting to address the export market. So that makes us extremely bullish that we are absolutely right in terms of our focus because this is an area where we feel that we have an edge over competition in that market.
Pradyumna Choudhary
Understood. And could you give the exact numbers like in Q3, what was the Y-o-Y growth or de-growth in exports and consumer durables
Sanjay Thapar
One moment., do you have the number? So you want to know the Q-o-Q or export
Pradyumna Choudhary
Y-o-Y, but for Q3. So Q3 Y-o-Y versus Q3 FY ’24, right?
Mahendra Naredi
Yeah. So Q3, we have grown overall 11.2% out of which two-wheeler grown by 8.4% and passenger vehicle has grown by 22.4%. Rest has come out from the consumer goods.
Pradyumna Choudhary
So I was actually looking for the number for this number for exports and for consumer durables.
Mahendra Naredi
So for the export only. So the export business Y-o-Y basis is a kind of a flat overall and out of which consumer segment has remained at just flattish.
Pradyumna Choudhary
So what was the reason for a flattish consumer durable business?
Mahendra Naredi
Like Mr said, it says subduced demand in the market, especially we are supplying to the export in the US and literally quarter three,
Sanjay Thapar
Europe, largely it was Europe where the Q-o-Q of demand was lower. And as I said, in this quarter, you typically have a slowdown, plant shutdowns happen and that is the reason why you see demand to be a little lower. But of course, there are political uncertainties still prevail in Europe and that has impacted the demand in those regions.
Pradyumna Choudhary
Fine. Just last two questions. One is on the Stellantis side, the order we had won, when would the supply start for that? And second is, you spoke about two of previous participants who spoke about how W waterpark India can’t sell to geographies where waterparks sell-in terms of waterparks paying the existing customers. So would it not limit our ability to cross-sell to our international customers to a certain extent.
Sanjay Thapar
So let me address that part of the question first. So when we acquired India, it was a new technology area. Walter Spain is one of the few companies in the world which has this capability. So it was strategically very important to get into this area, which we have done successfully, step one. Step two was that we still have a lot to learn. It’s a new business which is in the process of building capability and scaling up in India.
So the market in India itself is so large and the opportunities in the global markets are so large that we really don’t have to compete with Spain. You would understand that if we are a partner and we have a technology type agreement with them, it does not make sense to attack them in their home markets. So we are, as I answered earlier, in a spirit of cooperation and we have extremely relationship with the Spain, I think we have much more to gain. It is not that we’ve given away geographies.
So all of Asia with us is with us. Spain cannot sell-in this territory. All of India is with us, Waterpack, Spain cannot come here and sell. Then the key customers like Whirlpool, Walterpack Spain cannot supply to. So we have safeguarded and dressed very well. And as I said to an earlier question, we are in the process of discussing with them and there are opportunities where we could together collaborate because water packs Spain recognizes that the cost-efficiency of waterpack India operations or the waterpack India operations are far better than what they can achieve in Europe for the nature that I said earlier again, it’s the printing. So when you have IOL part, there are two-parts to it. One is the Printed outer layer or the decorative surface that you have and you have — so that is a natural advantage that we can get when we compete in an IML business because of the nature of the degorative service is printed. So we are much more efficient than Spain. So there are lot of collaborative opportunities. That is what we’ll focus on rather than cannibalizing or heating into business. But as I said, legally, the agreement is for three years. So 1.5 years has gone. We will see how this develops. All right. And that question regarding the Stellantis order comment. Yeah. Stellantis supply should start from July next year. So we are in the process of submitting samples, approvals. So that’s a large business. Tooling is under development. So there are different phases, different part numbers there. And as I said earlier, we are the — for the first time, the owner of the complete branding for a vehicle. So that’s a very prestigious project for us and we are very eagerly looking-forward to start supplies. July ’25, you said, right? Yes, July ’25.
Pradyumna Choudhary
All right. Thank you and all the best.
Sanjay Thapar
Thank you.
Operator
Thank you. The next question is from the line of Amit Hiranandani from PhillipCapital India. Please go-ahead.
Amit Hiranandani
Yeah, hi. Thanks for the opportunity and congrats team for a good set of performance. Sir, how do you see the growth trajectory for the company’s consumer durable segment?
Sanjay Thapar
So extremely strong. So my answer to that is that we are the consumer durable segment, typically whatever parts we supply currently, so we are — they are highly profitable for us and we are — we have very long relationship with all the marquee names. So again, answering the same thing, a large market exists outside India. So India, of course, we are supplying depending on the volumes. So that is business-as-usual.
The huge opportunity that we see for growth is exports. So North-America and other regions are very, very large markets where all these consumer durable companies do a lot of sales. Samsung in Thailand has a very large plant, which is a great opportunity for us. So markets outside India, volumes being very large are the key focus area for us moving forward.
And we are in the process of addressing RFQs, getting RFQs, seeing how can we do a more meaningful business and see if we have an opportunity to do not just components, but some assemblies for those customers. So we are — this is in-process, but we are very optimistic.
Amit Hiranandani
Right. Sir, on the cover glass, so for the benefit of all, if you can help us understand more about this product, competitors in India, how much import happens and what is our right to win here? And also if you can throw some outlook on the revenue and margin for the cover glass, please?
Sanjay Thapar
Okay. So let me tell you, all cover glasses in India are imported so-far. So we will hopefully be the first guys off the block and we will have an early-mover advantage. As I’ve said in the earlier calls, the cover glass is a part of a display. So there is a very — everybody can see that the number of displays and the size of displays in cars are increasing. So that is a key trend for premiumization that we see playing out.
So customers want larger displays and sometimes we displays combine two or three displays in one and the cover glass encompasses all of these. So we are committed to do the cover glass, but at the same time, time, we are very excited. There also in our conversation with customers, we see an opportunity that we could become an aggregator of the display as well. So this is still early times, as I said earlier in this call.
So we are — maybe we will revise our focus on what is the opportunity set that we have. It is a little early to say in terms of what revenues it will be or what margins will be. But what I would like to mention here is wherever competition intensity is low and the parts are imported, there is a natural tendency that margin should be very attractive.
So we are moving with that thesis. So I would say that by and large, whatever margins that we command at SJS in our overall numbers, we will continue to target towards that by climbing up the value chain really. So with lower competition intensity, the pricing pressure should be lower.
Amit Hiranandani
Sir, continuing on this, do we have any orders in-hand for this product?
Sanjay Thapar
Yes. So we are — as we said, we are negotiating, discussing. We have approvals, the pricing has been approved. So we are in that process of consolidating the orders. And as I said, not just orders for the cover glass, we are also looking at a larger play. So at the moment, it’s early times, I would not like to disclose because this is confidential information, but we are very optimistic. Yeah. Can you please fall-back in the question queue for further questions?
Operator
Yeah. Thank you. The next question is from the line of Joti Singh from Arihant Capital Markets. Please go-ahead.
Jyoti Singh
Yeah. Thank you for the opportunity. So sir, my question is from the earlier participant only on the cover glass side as we are optimistic and also basically it’s imported. So as far as I know, one or two players in the market industry, they are also planning to manufacture cover glass in India. So if you could highlight on that how it will be differentiating the pricing point-of-view.
Sanjay Thapar
So two things. So cover glass is basically as the word says glass and then a key part to this is the printing that does done with the cover glass. So at SGS, we have more than close to 35 years of expertise in printing on parts, which are right under — little under the driver’s nose. So we are making dials and we are exporting dials across the world. So the people who will make these displays are people who are already buying dial from us.
So there is a good customer relationship that we have in-place, the customers realize. So you know just by an ambition to make cover glass is not the reason that you could be successful. The entire business or the company has to be geared towards delivering highly sensitive aesthetic parts. So you can imagine if I export dials which are equivalent to a cover glass in terms of printing. In fact, cover glass is in a higher specification in terms of printing.
So I think those people who have that ambition would need to do a lot of work. I’m not saying that they will not be competition. Obviously, it’s a very attractive emerging market. So a lot of people will have ambition to get into this business. But again, repeating that we have an early-mover advantage. We have a relationship of over 15, 20 years with all these large global OEMs who do these displays in the driver information system. So we would have an edge over them.
Jyoti Singh
Okay. Thank you. Polymer delivery capability. Okay. And sir, another question on the advanced logo side that we are currently supplying to Tata Motors. So are we in active discussion to supply other OEM also?
Sanjay Thapar
We already are supplying. So it’s not just Tata, through the entire two-wheeler industry, I mean not the entire two-wheeler industry. But most of these people, we supply logos. So we supply to Honda motorcycles for the company, we supply to Bajaj, we supply to Royal Enfield, we supply it to TVS. So we already have a lot of that two-wheeler business. In four-wheeler business, we do a lot of business with Mahindra. We do a lot of business with Tata. So we are already present in this business.
Jyoti Singh
Yes, sir. I’m talking about the advanced logo that we are implementing with the. I’m talking on that side.
Sanjay Thapar
The — sorry, advanced low, I didn’t understand. Okay. Now see it is up to the OEM to decide on what kind of design can be incorporated on their product. Okay. So we have had discussions with Youdai and Suzuki and all that. But they would not like to go with the bubble kind of a finish that what you have seen with. So it also depends on the shape of the logo, the lettering and all that. So it is not that everybody would like to universally adopt and then you know, follow some kind of strategies.
K. A. Joseph
No, no, let me answer it this way. We have the capability. We have proven it with a very large OEM. So the customers recognize that, yes, SGS will be the supplier of such parts. So as and when opportunities arise or whatever platform they want to use it? Obviously, HJS is the first or a preferred board of call.
Jyoti Singh
Okay. Thank you, sir. And sir, on the Dixon side, what are the the question queue for further questions.
Sanjay Thapar
Yeah, sure. Thank you.
Operator
Thank you. The next question is from the The line of Lokesh Manik from Capital. Please go-ahead.
Lokesh Manik
Yes, you are audible. Perfect. So Sanjeji, the first question was on your vision for exports at 15% by FY ’28. Does and Stellantis take us there, the big orders on that front?
Sanjay Thapar
So they take us to a large distance. As I said,, we’ve just acquired the complete business for one plant. Now there is no — obviously, they do their homework in terms of checking our cost, our delivery capability and our quality reputation. So we take all those boxes. So I’m very proud to say that if I go to an export customer and pitch for our company, people pay serious note because we not only supply to the marquee OEMs, but we deliver them flawlessly throughout the world.
So we are in an extremely, extremely strong position. This does not take me to the 15% completely, but takes me somewhere close to that. So at the moment, we are looking at much larger or thinking bigger as to what could we do with the platform that we created in SGS and an amalgamation of the technology that we have. So just to example, I have an IML plant or IMD plant. I have a chrome bleating and a painting plant.
I have a 3D lux or printing plant. Now a lot of these products that are required in those markets or opportunities for new aesthetics that come in is maybe amalgamination of two or three technologies or maybe all of these technologies. So that is something that a company that does just one part of the business cannot do. So that’s why I said earlier that we are not just looking at discrete components or an assembly, but we’re looking at maybe sub-assemblies and we could do some sort of business, which is much more higher-value add.
So I’m quite optimistic that moving forward exports — so we’ve gone out and said that, yes, 14% 15% of my top-line in the next three years has to come from exports and we are very actively driving that. And I’ve just highlighted some examples that we’ve won large successes in face of global competition in the last two quarters, so I’m quite optimistic.
Lokesh Manik
Okay. My second question, Mahindraj was from Mahindra. If on the cover glass capex, what is the asset turn that we should expect?
Mahendra Naredi
Yeah. So we have allocated around INR40 crores and if I talk about the asset turnover, at a peak level we estimating 2.5 to 3 times.
Lokesh Manik
Okay. Okay. That’s it from my side. Thank you so much.
Sanjay Thapar
Thank you.
Operator
Thank you. The next question is from the line of Sail Rohit from Munaj Networth Capital. Please go-ahead.
Sahil Sanghvi
Yeah. And thank you for the opportunity and appreciate your performance. My first question is, and the outperformance that we’ve got on the passenger vehicle side, can you — can you give us some more details on what were the reasons for it? I mean, is it the new products? Is it new customers and exactly with — I mean some of the products that you can outline what’s driving that outperformance?
Sanjay Thapar
So as you know, Mahindra is doing exceedingly well. And in our businesses at both Exotech and Waterpack, we have that as a customer. So Mahindra recently launched a new range of vehicles, the electric vehicles. So we see good traction moving forward also. So we — they are in the ramp-up phase. So we ship them parts and with a very large content on their ball electric range of vehicles. So they have two vehicles as you are aware, 60 and 90.
So we are present in both of those. We are — with, we have started supplies to the new desire for IML parts. That also has contributed to our increased sales. And we’ve also started supplies for the new IMD part, the — for the lit logo that we supply to Tata for their vehicles, so that lit logo volumes have increased, so they have — they like it and there is good customer demand for that, so they’ve implemented across different models. So this part we supply, we are a Tier-2 position.
We supply to the airbag supplier and he installs it in the steering wheel. And of course, supplies to Murphy for some parts and Continental for dials. So these are some of the reasons which have led to our outperformance in the passenger vehicle market.
Sahil Sanghvi
Got it, sir, this is interesting. And then my second question would be, would you be able to disclose the quantum of the order that we’ve got with for the dishwasher plant or maybe the term over which we’ll be servicing this or maybe an annual run-rate? Would it be possible?
Sanjay Thapar
I would — I mean this confidential information, there are competitors across the world. So I would choose not to say, but then let me suffice it to say that’s a very large plant and we’ve got 100% of that business for the plant. So typically, if you don’t goof up in terms of supplies and quality, so this business stays with you. So it’s a stable business and a stable long-term business.
Sahil Sanghvi
And right now, the argument is to five years. How long?
Sanjay Thapar
Basically the customers have contracts for three years at a time. So this was — will continue to get reviewed. As I said, unless we give a customer reason to complain, which we have not so-far. So we don’t have a single warranty recall, customers are infused with us. They understand that not only this part, we could supply some other parts around this part. So I think we are in a very exciting phase where customers globally are starting to discover the capabilities of SGS.
And that I think leads to a lot of customer enthusiasm for approaching us for new development or whenever a new model is launched. So that was our focus to be the first protocol or a preferred protocol for customers launching a new product. So I think we are slowly hitting there.
Sahil Sanghvi
I mean, congratulations and that’s all from my side. Thank you.
Operator
Thank you. The next question is from the line of Rohal Advant from Prat Capital. Please go-ahead.
Rohan Advant
Yeah. Thanks for the opportunity. Sir, my first question is that why we’ve done exceedingly well in the PV segment and it seems we will continue to do so. On the two-wheeler front, our outperformance has been coming down and we’ve matched the industry maybe slightly ahead, but we used to grow much faster earlier. So anything changing in the two-wheeler space that you’re not able to do the 1.5x of industry growth rate.
Sanjay Thapar
No, no. So all along, I’ve been maintaining that a two-wheeler is a finite sized vehicle. There are no interior exterior. What you see is what you see. So we’ve always maintained that our two-wheeler business will grow organically. The growth that will come will largely be for past two years where we are increasing content.
The — the positive set-in the two-wheelers really is that when EVs or EV two-wheelers start coming into mainstream, then the display that they have for the electronic cluster. Electronic cluster, the transition from the mechanical to the electronic cluster, for example, which we are doing for Foxcon, for example, we also won a business for Aether.
So those when they start becoming mainstream and their proportion of the overall two-wheeler volume starts increasing, then you would see that increase in content in two-wheelers. So for the moment, two-wheeler — electric vehicles are hardly 5%, 6% of the overall volumes. So they still don’t make a dent. So if you look at the consolidated mix, there still is no meaningful gain that is visible in the content in two-wheelers. When the localization of these displays happen and when the EVs are, let’s say, 50% of the EV sales, you then start seeing this 1.5 times performance by SGS.
Devanshi Dhruva
Also,, just adding to what Sanjesh has said, so if you actually see even in this quarter, all the two-wheelers, it does show 8% volume growth, but actually if the scooter segment which has grown higher, the motorbike segment has grown a little lower. And scooters, as you know, is a segment that we do not have much presence as decals and all is not used much. So that’s why if you see —
Sanjay Thapar
The key point, this question was that the premiumization trend that we are outgrowing the market. So my point is that outperformance will happen when higher content of premium products, which for example, EVs are will take mainstream. So we’ve won recently a very large order again, they are in a Tier-2 position for Suzuki two-wheelers where they are transitioning or they are increasing volumes of the landsmark assembly that they will use. We’ve continued building that business with and with the Visteon, so we are very optimistic, but I’ve always guided that two-wheeler sales is going to be typically in-line with the market industry growth, our revenue growth and four-wheeler You will see that outperformance because of increasing kit value for premium products?
Rohan Advant
Understood. And sir, my second question is that starting Q4, which is the ongoing quarter, we would be cycling a very strong base because we had a step-up growth in the March ’24 quarter. So are we confident of growing double-digits on this elevated?
Sanjay Thapar
We are always confident because we done a lot of homework and we are using this opportunity to strengthen our capabilities and work on in reducing waste in the — all the processes. So our focus is twinfold. One is to outperform the market in terms of growth. The other is to look at all opportunities to drive cost-efficiency in our operations, reducing scrap, reducing waste. So we see a lot of scope and the effort that we put in over the years, I think will bear crude. So it’s a thing. It’s not just increasing sales, the sense is increasing profit and profitability as well.
Rohan Advant
Got it. Thank you and all the best.
Operator
Thank you. The next question is from the line of Pratik Ghiri from Sublal Research. Please go-ahead.
Prateek Giri
Oh, hi, greetings. Am I audible? There you are. Thanks for taking my question and congratulations on good set of numbers. MR. Thapar, I have one — all my questions are answered. No, I have few left, which is first one is on IG&E. I understand we have an aspiration to be in this segment. I just wanted to understand that part.
Sanjay Thapar
Which segment are you talking of? High, electronics?
Prateek Giri
Yes. Yeah,
Sanjay Thapar
Yeah. Yeah.
Prateek Giri
So I was just wondering, is it possible to develop something in-house in the meanwhile, we look for an acquisition opportunity?
Sanjay Thapar
That’s first IMD parts in those. IME. IME.
Prateek Giri
IMP, I’m talking Mr
Sanjay Thapar
In mode is electronics. Yeah, okay.
Prateek Giri
Electronics. Right, correct.
Sanjay Thapar
Yeah, yeah, yeah. No, so we are already doing that. In fact, we have made a lot of prototypes. As you know, there are not in — these products are not in serial production. A lot of companies and their design centers come to us to say what can we do with the aesthetic surface and the functional surface. So we already have a lot of prototypes that have been given. So those teams are discussing with their marketing people.
So typically understand that to introduce an IMB in a product, whether it’s a consumer appliance or a — or a vehicle, whether a two-wheeler or a four-wheeler, it has to be implemented at the inception of the design of that product. So you can’t have a retrofit, which a lot of decorative parts can be fitted. So the new launches that these people will do, so they will, of course, work-out the economics and the feature cost-benefit analysis and then decide to introduce, but we are actively developing IME parts and supplying these concepts to the OEMs or Tier-1s to then pitch to the final customer.
So I think it’s a matter of time, but this is new, not just in India, but globally as well. So I think it is a matter of time, maybe in the next two to three years, you would see IME penetration starting to increase in India.
Prateek Giri
Understood, Mr. So it will be fair to assume that it is going to take some time, but the work is happening.
Sanjay Thapar
Yeah, yeah. So we already have — I mean, for the past one or two years, we’ve been giving prototypes and concept proofs to customers and they are very excited. Now to bundle it into a vehicle, they need to decide what model, what features to introduce. So I think the OEMs today recognize that, yes, it is possible. It’s a question of who takes the first step-in this direction.
Prateek Giri
Understood. Understood. Very helpful. MR., my second question is related to the global markets. I understand we have aspiration for the OEs market also in exports. But in USA and Europe, we have seen the emergence of Chinese brands. So I just wanted to understand how does this change our opportunity size given the Chinese OEs must be solved by Chinese and ecosystem.
Sanjay Thapar
No, so we have a new president in the North American market who is a notorious friend or not a friend with the country that you mentioned. So the idea is that look at our end, we can’t control the geopolitical dynamics of what plays out, but what we can do is that what can we do with our own capability and our own relationship with the customers. So we continue to do that very strongly. And companies realize that they need to diversify supply chains.
So I think there is a place for the Chinese to play. There is a place for India to play. There has been for the last two, three years, the China plus One story. So we are not really focused on China plus one and alternate. So I’ll just give you that example of what business we won, the global business is Stellantis. So this is not China plus One. This is a new technology that was introduced. So I’m much more proud of winning businesses on our own merit than position myself as a substitute for China.
So we think that they are just another competitor. In fact, I export some parts to China. So we are not afraid of the Chinese technically. We have all the capability and the skill-sets here. We have the customer relationships. We speak English much better than our Chinese counterparts or competitors do. So I think we have everything in the favor of a company like SES, which has proven its technical capability and the ability to support overseas markets without disruption in supplies supply through COVID and the pandemic and the Swiss challenges. So I think that is what global customers look at in a partner.
Prateek Giri
Understood. So you’re saying that if we compare our nearest competitor of any competitor from, say, in China on the technology front and product front, you’re saying we are as good as any other Chinese player, which has in a similar business line.
Sanjay Thapar
Absolutely, if not better, because the Chinese companies again must produce one particular category of products. So there’s a guy making dials, he’ll continue making dials and he would like to make only one model. So I make 7,000 SKUs and I have, 13 14 different technologies that I can offer.
So when a customer looks at a prospective supplier to onboard, he would rather buy multiple parts from one supplier than choose different suppliers for each category of parts. It increases headache. So that is the rationale where we said that we want to be a single-source or the single solution provider for all aesthetic parts. So that is something that we have or we do better than the Chinese who focus primarily on one technology in a company.
Prateek Giri
Very helpful, Mr. Always pleasure listening to you. Thank you. Thank you so much.
Operator
Thank you. Ladies and gentlemen, due to time constraint, this will be the last question. It’s from the line of Shrinjan Mittal from Capital. Please go-ahead.
Shrinjana Mittal
Hi, thank you for the opportunity. I just have two questions. So one is on WPI. I just wanted to know-how are we on the integration side, like it’s been couple of quarters, right? And the run-rate which we look at is currently INR40 odd crores and it has been that for couple of quarters. Can you — you mentioned in the last call as well that the — there is some delay in the Tata Motors that launches there. So that’s also one of the reasons. So could you — could you throw some light on that part?
Sanjay Thapar
Yeah. Okay. So let me start with Tata Motors first. So delays in launches was one year-ago. So those launches of those vehicles have been launched. So the new Safari, new harrier, new curve, so almost all of Tata vehicles, so the waterpack is the main supplier for IMD, IML parts. But unfortunately, the volume that Tata Motors have not been as well as they promised. So that is a little bit of lull for the moment. But then in terms of features, it’s a fantastic vehicle.
So I hope it will do well and we are long-term suppliers committed to that. So that’s one part of the question. So when supplies come back, it’s not just Tata Motors. As I said in the call earlier, we are supplying to Suzuki for the new Swift, new desire, sorry, and that is leading to increased sales. We are looking at Mahindra and Volkswagen as other customers for Waterpack. We already are in the consumer appliance business, so we do a lot of consumer electrical business.
So Waterpack has all these technologies. Only historically, we inherited some customers. So the new customers we are working on and that will lead to the growth trajectory at Waterpack. So — and at the same time, we are focusing on — the other part of your question was integration of Waterpack into HGS. So we have — so as we announced earlier, we’ve appointed a Group COO of and a gentleman called Mr Mahindra Singh, who is on-board. He’s stationed at plants in Puna and his key job is to facilitate this integration. So we are still in the stages of integration, but we hope that by the end-of-the year, the integration part should be clear. Then we move to the next phase, which is improving or scaling up that business as we have demonstrated very successfully for. So we go to the next phase of integration and acceleration of the trajectory of Waterpack next year onwards. So that is the broad plan. I hope I’ve answered your questions.
Shrinjana Mittal
Yeah, that’s very clear. Thank you. I just have one more question on the consumer — consumer appliances side, firstly, congrats on the new order win. I just wanted to understand that this year — this quarter has been flattish Y-o-Y, right, in terms of growth for the consumer side. And I think it was new mentioned before as well, some part of it is also because of exports being weak. But even on the domestic side, it would have been flattish, right, because exports is still a small portion. So what is like — is it just an end industry impact for us or like what would be the reason for that?
Sanjay Thapar
Sorry, just to understand your question better. You’re focusing on consumer.
Shrinjana Mittal
Yeah, consumer segment, yeah.
Sanjay Thapar
Yeah. So as I said, this quarter was weak for the reason that most of these overseas customers November, December are generally flat periods because they are finishing their year and they start again in around the middle of January. So typically, that is a cyclical variation. But overall in terms of uncertainties in Europe, especially the political, geopolitical tension there, people are a little cautious and demand has been hit in Europe.
So Europe and even North-America were lower, which we hope it will come back. So these are the legacy products that we have. The new businesses, I’ve already talked of that we are opening more doors, so we are not just depending on those businesses. So moving forward, we think this will come back and we are extremely bullish on our capability to be a very strong player in the export market and that is why we are saying that we are going all-out and these two large order wings, both with, which is a global product across the world and also with this complete ownership of supplying parts to one major plant in North-America. So both these will support our for exports.
Shrinjana Mittal
Yeah, that’s very clear. Thank you. Thank you and all the best. Thank you.
Sanjay Thapar
Thank you.
Operator
Thank you. Ladies and gentlemen, that was the last question for today’s conference call. I now hand the conference over to Ms for their closing comments.
Devanshi Dhruva
Thanks, Steve. I would like to thank everyone for joining on the call. I hope we have been able to respond to most of your questions adequately. For any further information, we request you to please to get-in touch in touch with us. Stay safe, stay healthy, and thank you once again for joining with us. Have a good weekend.
Operator
On behalf of IIFL Capital Services Limited, that concludes this conference. Thank you for joining us. And you may now disconnect your line