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Question: "Can you clarify what drove the outperformance in the alloy wheels business this quarter? How much of the growth year-on-year was due to aluminum-related price hikes?"

Answer: The outperformance in the alloy wheel business stemmed from a strong mix of demand, despite a slight dip from entry-level car sales. While we did see lower sales overall due to entry-level models, we secured business from various customers, bolstered by our Kharkhoda plant commissioning. The aluminum price increase contributed about 6-7% to overall revenues driven by casting.

Question: "What is the current level of commodity inflation you're experiencing, and how much are you able to pass on to OEMs?"

Answer: We are experiencing a commodity inflation impact of approximately 6-7%. We have various clauses with customers for passing on price changes, but there is a time lag"”some adjustments may occur quarterly, half-yearly, or annually, hence we expect full passthrough over the year.

Question: "In terms of export growth, what portion do exports represent in your overall revenues, and what is the outlook following recent trade deals?"

Answer: For the past nine months, exports accounted for roughly INR 500-600 crores, or about 10% of our total revenues, which has seen slight improvement. With recent trade agreements, we are optimistic about aggressive export growth and anticipate new business traction in the upcoming quarters.

Question: "What impact have you seen from the PLI benefit this quarter and for the nine-month period?"

Answer: We have not accrued any PLI benefits during this quarter or across the nine-month period as we are still in the developmental phase. We expect that our efforts in securing new projects will yield benefits in the longer term.

Question: "Can you provide insights into the utilization levels across your different segments?"

Answer: Utilization levels vary widely; some segments operate at around 80-90% capacity. Generally, our capacity utilization ranges from 75% to 95% across various business lines, reflecting strategic management of capacity in response to market demand.

Question: "How is the LED penetration progressing in 2-wheelers and 4-wheelers, and what is the scope for further increases?"

Answer: LED penetration is approximately 60% for 2-wheelers and about 30% for 4-wheelers. There's significant potential for growth in passenger vehicles as the market trends toward LEDs, especially for items like tail lamps and headlamps, indicating a robust opportunity for future revenue increases in this segment.