Pricol Limited (PRICOLLTD) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the Business Update Conference Call of Pricol Limited. [Operator Instructions] Please note that this conference is being recorded. At this time, I would like to hand over the conference to Mr. Anuj Sonpal from Valorem Advisors. Thank you, and over to you, sir.

Thank you. Good evening, everyone, and a very warm welcome to you all. My name is Anuj Sonpal from Valorem Advisors. We represent the Investor Relations of Pricol Limited. On behalf of the company, I'd like to thank you all for participating in this conference call for the business update of Pricol Limited. Before we begin, let me mention a short cautionary statement. Some of the statements made in today's con call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. Audiences are cautioned not to place any undue reliance on these forward-looking statements in making any investment decisions. The purpose of today's call is to early to educate and bring awareness about the company's fundamental business. Let me now introduce you to the management participating with us in today's earnings call and hand it over to them for opening remarks. We have with us Mrs. Vanitha Mohan, the Chairperson; Mr. Vikram Mohan, Managing Director; Mr. P. M. Ganesh, Chief Executive Officer and Executive Director; Mr. Siddharth Manoharan, Director of Strategy; and Mr. Priyadarsi Bastia, Chief Financial Officer. Without any further delay, I request Mr. Vikram Mohan to start with his opening remarks. Thank you, and over to you, sir.

Thank you, Anuj, for that introduction. Ladies and gentlemen, a very good evening to all of you. First and foremost on behalf of the Promoter Group of Pricol Limited, represented by our founder and my father Vijay Mohan, our Chairperson; and mother, Mrs. Vanitha Mohan, the Managing Director of Pricol Holdings and Pricol Corporate Services; and my wife, Mrs. Rashmi Mohan; and my brother, Viren Mohan, constituting the Promoter Group of Pricol Limited. I extend my warm welcome. And on behalf of my role as the Managing Director of the company, I also extend my warm welcome. There have been many developments over the past week with respect to Pricol. Pricol has been in the news in many sections of both print and visual media. We have received multiple requests for an investor call to give clarity to the investment community as to what is the view of Pricol's management in view of the recent developments that have happened and the news that has come out about Pricol. We'd like to start by assuring all of our investors and prospective investors, as I mentioned on TV last Friday, on channels like ET Now and CNBC amongst many others that the Promoter Group of Pricol represented by me, stand committed to stay vested in Pricol, grow Pricol and create value for all of our stakeholders. My management team consisting of Ganesh, our CEO and Executive Director; our Director, Technology, Ameer Dastagir; our Director, Strategy, Siddharth Manoharan; and CFO, Priyadarsi Bastia stands committed to leading this organization, along with our respective teams in the coming years to take it to greater heights and greater glory. 1975 was when this journey started and 2025 would be the year we celebrate our 50th year. Accordingly, we have a Vision 2025 statements that I've been talking about at various investor forum on which we have our firm eye and focus on and we stand committed to Vision 2025, which will end on 31st March 2026, the financial year ending March 2026. We are all aligned and our entire organization is aligned towards achieving our Vision 2025. We believe that this investment made by Minda Corporation is purely a financial investment as stated by them as the purpose of this investment, and we believe it does not -- is no cause for alarm or worry at this time. So we stay committed to this business. We want to create value for all of our stakeholders in a quest of achieving Vision 2025. There has been overwhelming support over the past 6 days from all of our key customers, endorsing their loyalty to their organization. Overwhelming support from every section of our workforce, from workmen, to staff, to managers and senior leadership, endorsing their support to the current leadership team. We have had overwhelming support from our suppliers endorsing their support and collaboration with the current promoters of your company. In addition to which, we have had overwhelming support also from many of our shareholders who I got to interact with on a one-on-one basis, either virtually or face-to-face. And more importantly, overwhelming support from our peers in the industry from the auto component fraternity endorsing Pricol current leadership team and promoter team and their solidarity and support with us in these tenuous times. This has motivated not just me, but also my entire leadership team to recommit ourselves and double our efforts to not just achieve Vision 2025, which our entire organization is aligned towards and working towards, but to exceed the expectations because of the sea of support that we have seen in the last 5 to 6 days. In fact, we think it's the best endorsement that a company can get, that a competitor of the company takes an equity position stating it's a financial investment because they believe that we have superior technology, superior customer support and better growth plans and thereby, our ability to deliver better value to our stakeholders. 2020 were tenuous times for the world, for India and the automotive industry and many other sectors of industry. Pricol was staring at a very uncertain future at that time, both personally as the Promoter Group and as an organization, we were at our lowest ebb. We had a very high level of debt. We didn't know where next month's payroll was going to come from. And we had faced a lot of uncertainty. The Board at that time decided that we will look at divesting some assets of the company and shrinking the turnover of the organization to strengthen the balance sheet. By the great support we were able to divest some of our overseas investments and impair our investments and strengthen our balance sheet at that time. The Promoter Group had no second thought about the future of Pricol at that time. Personally, myself and the rest of my family members signed personal guarantees and placed a significant portion of our wealth as collateral to raise capital for Pricol at that point in time. And by the grace of God and the support of all of our stakeholders and the collective energy and hard work of all of our employees, this 2.5 years has only indicated our belief and faith in the company. In 2.5 years, we today stand probably in front of you as a completely long-term net debt free company, a very strong balance sheet. And a very, very healthy pipeline of new business. We have embarked on significant capacity enhancement drives in order to cater to the new businesses that have come our way and we will be investing close to INR 600 crores, as stated by me earlier, over the next few quarters in order to create additional capacity to cater to this additional business that we have won. The biggest endorsements have come from our customers. We have won innumerable awards for being the best supplier from Tata Motors, from Suzuki, to Hero, to Honda, amongst many others. CII has recognized Pricol this year as the top 50 Technologically Innovative companies in India, not just in India, but across the engineering spectrum in India. We have won innumerable ACMA Awards, CII Awards, Quality Circle Awards with the help and participation of various members of our team. This is an endorsement of the support that we have received and the good work that we have done. We have also entered into partnerships with 2 global companies, as stated by me earlier, Sibros, the Silicon Valley company based by marquee investors like Google, et cetera, to work with us on connected vehicle solutions. We have also tied up with BMS PowerSafe, a leading player in the battery management system space in Europe to work on battery management solutions, a very emerging space in India. We were judged as 1 of the 10 most disruptive automotive technology companies this year in Auto Expo, the most marquee event happening in South Asia for the automotive industry, where we had innumerable visitors to our stall where we had displayed many of our new products that we have developed. Starting from 2017, we started investing between 4.5% to 4.8% of our revenue every year in not just product development, but also process development, which has started yielding enormous results from the year 2020 and that has been the reason for this stunting growth and customer confidence in us. We believe to stay ahead of the competition and to stay ahead of the game. We need to keep investing similarly in product development and process development, and we continue to stay invested at the same levels of about 4.5% of our sales. We have added almost 100 engineers in this realm in this financial year alone, which shows a testament of watching the talk in our investment in technology. The proof of the footing has been the return on capital employed. For FY '18, we had a return on capital employed of 8.38%. For FY '19, we had a return on capital employed of minus 20.83%. For FY '20, we had a return on capital employed of minus 20.86%. These 2 years because of the losses and impairment due to our overseas subsidiaries, primarily the one large investment in Brazil. In FY '21, as we were coming out of COVID, which is not an entire year because we lost over 3 months of production, we had a return on capital employed of 10.65%. In FY '22 that further went up to 12.44% and for the 9 months ending 31st December, 2022 for the current financial year, we stand at a ROCE of 15.64%, and my entire fees and I assure you that you will only see this number going higher and higher in the coming years. Our PAT-to-debt ratio has also significantly gone up. Our EBITDA-to-debt ratio has also significantly gone up, and we have started generating significant amount of free cash flow. Our team and I are also confident of meeting our growth needs of approximately INR 600 crores capital required that will be met almost entirely by internal accruals. Every plant of the company is generating cash profits. Every subsidiary of the company is generating cash profits. Some mentioned about our leadership and market position in the market, even specifically, the driver information system space, the space that we are dominant market leader. 2-wheelers, the largest market in the world is India. And in that space, we have a 50% market share. The balance being shared by our competitors, the balance 50% being shared by our competitors like, JNS, with the next biggest market share of 24%, and the balance 26% being shared by our competitors like Varroc, Visteon, Minda, [indiscernible], Nippon Seiko, Galaxy, Suprajit, Continental and Marelli. So you would realize that a 50% market share amongst 9 players in this space gives us a very, very strong lead and attachment to our capabilities. In the Commercial Vehicle segment, which is also a very large segment that your company Pricol operates in. Pricol enjoys a 58% market share followed by Minda Corporation with a 19% market share, Continental with a 4% market share and [ V3 ] with an 8% market share. In the Off Road segment of DIS, which is a focus area for us. Pricol, enjoys a 96% market share. All of these are value of DIS products in the respective vehicle segments. This is backed by data from both SIAM, which is Society for Indian Automotive Manufacturing; and ACMA, Auto Component Manufacturers Association of India, which is public documents. In another segment that Pricol entered into recently which is the 4-wheeler Personal Passenger Vehicle segment, which due to non-compete with our first line partner, DENSO and Johnson Control, we have signed a non-compete for a long period. We were able to re-enter that market segment in 2020. And today, amongst the 3 players that we have entered into, Tata Motors, Mahindra and Force Motors, we have 48% market share followed by Visteon, our competitor at a 44% market share and Minda at a 9% market share. This is relevant to only 3 customers where the -- our Visteon, Minda and us share in common and work together. So I think this financial performance, this market share that we enjoy and the international market share that we have started enjoying in off-road vehicles and 2-wheelers with customers like Ducati, Triumph, Harley Davidson, KTM, BMW, some of the marquee players globally all working with us today and having a significant market share with them also is a testament to the work done by our engineering team and R&D team, a testament to our manufacturing progress and a testament to our quality levels. All these awards that we have won this year is again a testament to the customer confidence in us. We have also successfully managed to increase our market cap manifold in the last 2.5 years, which is also a testament to our shareholders like you, your faith in our organization and the performance that your organization has delivered. 2020, we were at the lowest ebb as I mentioned earlier, both personally as a family and professionally as an organization. Today, in the beginning of 2023, I stand before you, personally with zero corporate guarantees or zero assets pledged and with adequate liquidity personally, Pricol completely deleveraged, Pricol on an expansion mode, Pricol with a clear Vision 2025 and Pricol with a significant market share and a long and large LOI of businesses. We are poised for growth. We are poised for exciting times ahead and we are poised to grow equitably and add value to all our stakeholders, including our customers, our employees, our valuable shareholders and suppliers. Thank you very much for your confidence in the Promoter Group and the leadership team of Pricol, and I would be happy to take any questions starting now. And all with me, our CEO, Mr. Ganesh; and our Director of Strategy, Siddharth; and CFO, Mr. Bastia, will also be joining in answering the questions. As a simple housekeeping rule as there are many, many participants in the call and the question queue is building up, we request that participants restrict themselves to one question at a time so that everyone is given an opportunity to ask their questions. You may rejoin with you after your one question is asked if you have additional questions, and we'd be happy to take as many questions as possible this evening. Thank you once again, and over to you -- over to the moderator.

[Operator Instructions] The first question is from the line of Tanuj Khiyani from Ventura.

I just had one question regarding the internal business operation. So now that the company [indiscernible] reports company about their upcoming plans and new product lineup that will be [indiscernible]. So how would that information [indiscernible] how that would give an advantage to build on in that sense?

There's a lot of background noise in your question. Can I just request you to repeat your question a little slowly, please?

Yes. Yes. So like I was saying like Minda has come to know about their future expansion and product lineup. So how would you be able to like protect your information from leaking out inventory? Can you guide me on that?

Whether Minda has 100 shares in Pricol or a 15.7% in Pricol, they will be perceive to every information like the smaller shareholders to the largest shareholder, whatever is not forward-looking. So they will be perceive to the same information as any other shareholders perceive to, number one. Number two, from a customer standpoint, many of our competitors bid for a project and a typical LOI is given at least 18 to 24 months before the start of a project. So every competitor of Pricol knows when they have lost out on the bid and why they have lost out and why the bid has -- the LOI has been placed in favor of Pricol. And this is known at least 18 to 24 months before the commencement of any business or start-up production. So Minda doesn't have to wait to know as a shareholder, Minda will come to know 18 to 24 months when the bid process is lost and the LOI is endowed on Pricol, which is the reason probably that they have invested in Pricol because they see the growth prospects in Pricol and the growth that Pricol can deliver in the coming quarters.

The next question is from the line of Vipul Kumar Shah from Sumangal Investments.

So my question is, are you open to increase instead grow via creeping acquisition route as permitted by [indiscernible]?

After the incidence of the past few days, we have had the best of legal advisers, the best of financial advisers and the best of merchant advisers that have been advising us on the action to take on the way forward. We have worked out multiple strategies to ensure that the company remains in the control of the present Promoter Group, the Mohan family. I am open to making all forms of investment to ensure that this company that was founded by my father 50 years ago remain proudly in the hands of the same family. This is a commitment that I have made to every stakeholder of ours in every forum that I was able to get. I am prepared the family and well-wishers have prepared to watch it if it comes to that. Finally, coming to your question of am I open to a creeping acquisition? It will be one of the strategies, but we will do it on our terms, not when markets are volatile or a hostile situation is potentially facing us, though we believe it is not as per the reports in the media.

The next question is from the line of [indiscernible] from ET Now.

Can you hear me? This is [indiscernible] this side from ET Now. So PHI, which holds about 5% stake in the company. Will they continue to stay invested in the company?

PHI holds a 5.73% stake in the company to be precise, and they have endorsed our present management and have a short of their support, and they will continue to stay vested with the company for the short to medium term.

The next question is from the line of [ Sulaiman ] from EB Capital.

So I wanted to know just one thing that...

Sorry to interrupt Mr. Sulaiman, but here we are unable to hear you say. Your voice is sounding muffled.

Can now you can hear me?

Yes, please, but if you can talk a little slowly and loudly, it would be much appreciated.

Yes. I just wanted to [indiscernible] Pricol have [indiscernible] partnership with Sibros and BMS. So in case of Minda buying more stake and making an open of what would be the fate of those partnerships? And also one more thing. Just a few seconds back, you said that your family and you have prepared a watch list. So does that mean you all are going to buy more from the open market in the near future?

Let me rephrase what I said earlier to Mr. Shah -- Mr. Sulaiman. we have no intention of any hostile takeover, and we intend to remain in control of this company, by legal means, by financial means or every other mean for which we have strategies in place. So the question doesn't arise of what will happen to the fate of the relationship, the technological collaboration that Pricol has with BMS or with Sibros, the products of both, which we displayed in Auto Expo. So we will ensure that we remain in control of Pricol and we will take necessary actions when there are counter actions taken, and we will not take any major reactions at this point in time.

Okay. So that gives a lot of confidence to us.

The next question is from the line of [ Kaushal Kedia ] from [ Wallfort PMS ].

Mr. Mohan, just a question on PHI capital. They are also shareholders in Minda Corp. So would it be in their interest actually to get the company merged?

PHI Capital, our shareholders in Minda Corp. with a 5% holding and a 5.73% holding in our company. It is not in their interest. It's 2 individual investments. Their investment in Pricol was much, much, much prior to Pricol. Their involvement in Pricol has been much, much prior to Minda and its 2 individual investments done by a shareholder. Much like an Aditya Birla or much like a Quant or any other mutual fund out there that has investments in both of these companies, which is public knowledge. So that does not have any bearing. And it is not in the interest of any financial investors to merge 2 companies where they have minority financial investments.

Also so that -- you are saying that you have prepared some legal ways also from them preventing to take with the company. But even if the go about 26 -- [indiscernible] and they go about 36%, 37%, then they will be essentially in control of the company. So what are the other legal ways that exist that are coming to mind -- what are the other legal ways that you think is used to prevent them of...

I would not like to place my card out on the table sir, with all due respect. But let me assure you that we have left no stone unturned to protect our rights and ensure control of this company. And I've also got the support of all my stakeholders to prevent any such takeover. And also let me tell you that if they cross the 24% to 25% mark, they will also be reaching regulatory courts which will give us protection measures. We have evaluated all of our options and we keep all of our cards open to ensure that we remain in control of this company.

Yes. I don't think Minda as analyst side don't think that there would be have any visibility in the fund very soon. So it's too soon to say at, but it interesting how it turns out. Also, sir, one more question on the results. I know in the Q3 con call, you didn't quantify the amount to which we lost down due to the shortage in the chips. It will be really helpful if you can be give us an estimate about what kind of revenue you lost down due to the shortage?

Kaushal, I know that is the second question. But I will give you the liberty of answering that question and if you have further questions to rejoin the queue as a matter of housekeeping so that there are other people in the queue. We have lost approximately 15% of our top line on account of the chip shortage. We have seen about a 2%, 2.5% erosion of our bottom line at an EBITDA level due to the chip shortage because of the premium prices that we have had to pay for the chip and also the extremely high levels of premium freight that we have had to pay to buy the chip. We are seeing the chip shortage easing out. Our CEO and our Director of Strategy had traveled to Germany, had traveled to the United States, had traveled to Japan, had traveled to Singapore, to meet all the chip manufacturers and suppliers, and get volume commitments for the next 3 years. We are already seeing time of the chip shortage easing off. And I think, as I've said in one of my investor calls earlier, the chip charters will be history by August 2023 and prices and freights will come back to normal levels of chips by August 2023, which will help us improve our bottom line as well. Also, the chip manufacturers are migrating to the next generation of chips, which is why we have started investing very heavily in product engineering to migrate all our products to the next generation of chips, which will give us another 5- to 7-year leverage of product life for all of our product families, which are dependent on chips.

The next question is from the line of [ D. Kumar Mishra ] from [indiscernible]

So you are maintaining that you will never be open for any kind of discussions if directly of course by Minda in future?

Not just the future Mr. Dhananjay Kumar. Good evening first. They have approached us multiple times in the past as well. In the last 5 to 6 quarters, asking if there's a possibility to do something together. I told you very clearly that we are on a very firm financial footing with a very clear growth plan, and we have no intent of undertaking any sort of collaboration or joint venture or equity participation of any troughs. So today, when we stand on a very strong financial footing, when we stand on very strong customer endorsement, and when we stand very strong on a very strong NOI of business, and technologically in a far more superior place than they are. I don't see any net or I don't see any -- why it would warrant having any sort of collaboration with them, equity or otherwise.

The next question is from the line of [ Hemanth ], an individual investor.

Thank you for providing the opportunity...

Hemanth, can I request you to be louder please, I'm unable to hear you.

Sir, I just wanted to check on the INR 600 crores CapEx plans. Like when it will [indiscernible] and what kind of perfection you are expecting? Will it be in a staggered manner or it needs to be in one go?

It will be in a staggered manner over the next 8 quarters for capacity enhancement, to meet the current LOI of business that we have and the business that are in RFP stage that we expect to convert to NOI with a certain ratio as we have already done. We intend to increase our capacity to INR 4,000 crores of top line for which these investments are being done. And we are hopeful of generating -- we are hopeful of generating -- this is a slightly forward-looking statement, which I would like to also say 14% EBITDA. And this entire INR 600 crores, we, again, firmly believe can be met with internal accruals over the next 8 quarters.

So can we expect 3 years of asset plan, right?

From about INR 2,400 crores, this will take us to about INR 4,000 crores of capacity enhancements, which will give us about INR 1,500 crores, INR 1,600 crores of capacity enhancement by spending about INR 600 crores. It's between 2.5% and 3%, depending on the product mix. There's no exact thumb rule, because we'll be creating capacity, not for a particular product mix, but for a broad product mix. So it would be between 2.5% and 3% at the very lean. And primarily also, Hemanth, this is slightly increased cost of CapEx because land prices have also gone up extremely sharply in all the 3 automotive parts of the country, Pune, NCR and Chennai. And land prices been what they were 2 or 3 years ago, we could have probably even got a 4x to our capital infusion ratio -- turnover ratio. Land prices will probably bring down our CapEx to our turnover ratio.

Sorry to interrupt. May we request Mr. Hemanth to please rejoin the queue. We have participants waiting for their turn. [Operator Instructions] The next question is from the line of [indiscernible], an individual investor.

Sir, I'm speaking on behalf of a very concerned minority [indiscernible] Our concern is that, we have invested in this company, like you for the next 5 to 10 years or more. And now when we see the future is very bright, certain event has happened. Sir, my concern is that there is a very thin line of difference between financial investment and hostile takeover. So you are well aware of and you have taken all legal advice from the financial people. Sir, my concern is, since we are spending about INR 600 crores for the CapEx and as a minority shareholder, we have as a Promoter Holding in our company is about just 37%, less than 37%, which by any standard is too late. So what is the management view whether you will prefer a INR 600 crore CapEx or increasing the Promoter Holding? So 5% -- at today's rate suppose 5% holding will require only INR 125 crores. So by sacrificing a little bit of CapEx, we can ensure the shareholder about the shareholders' value that we are with this Promoter only. So it is a balancing act between your future growth and the shareholding since we are at a juncture where we feel a fear of hostile takeover. So what is your view a little bit of less CapEx at this point? And more often promoters increasing Promoters Holding via preferential issue or via attendance, which you may feel better. So my concern is the low Promoter shareholding.

For the interest of time, let me answer your question. It's 2 different questions that you have asked. The INR 600 crores of CapEx will be done by the company to grow the business of the company to enhance the capacity of the company and to meet the growth and the LOI of businesses that the company has. The INR 125 crores that you are alluding to is an investment by the promoters of the company even the -- into the company to increase their shareholding, it is 2 completely different things. Companies need not sacrifice any amount from the INR 600 crores because this INR 600 crores will be generated through cash approvals and cash profits of the company, and we reinvested in the growth of the company thereby creating top line growth and bottom line growth for all stakeholders of the company. That is one. So there is no sacrifices there. Now coming to the second part of your question, are the promoters committed to their holding in the company, are promoters committed to retaining control of the company and if it warrants an investment to keep their shareholding -- the shareholding control of the company that we paraphrase the promoters are open to doing so and have the ability to do so. And will do so on their terms at the time of their choosing not in a hostile situation creating a price for, which is not going to benefit anyone.

Yes, sir, I do agree but sir company can have other option of buyback of shares of about INR 125 crores, INR 150 crores, thereby indirectly, you can increase your holdings, buyback of share by the company.

We believe that's not a prudent financial investment at this point in time. Because I think 37% plus extended family have shares also in the company, plus well wishers like yourself and many others from the city of [indiscernible] and extended family have put their rates behind the company. So I don't think we need to do any sort of new jerk reaction and definitely share shareholder value, we see there is more merit in investing back into the business and creating shareholder value.

Thanks, sir. And we assure you we are a minority shareholder, we are with you, sir.

Thank you very much, Mr. Shah and bless you, and we look forward to growing and working and creating more value and more wealth for you in the years to come, and thank you for the confidence reporting us.

Our next question is from the line of Satyamurthy, an individual investor.

And I thank you for your commitment to the company and to the shareholders. I'm also a valuable shareholder in your company. My question has been answered. But main thing is what is the cash position you have on the books today? And how this INR 600 crores will be over a period of time, you said 8 quarters. Within the 8 quarters, you will be having how much cash expected? What is the projected cash in the books by the time?

Mr. Satyamurthy that is a forward-looking statement, which I think I will -- should not be making. But let me assure you that we are debt-free today. We have zero leverage today. We have the chip shortages behind us. We have our premium freight which will become a history. We have the premium pricing for the chips that will go out in the next couple of months. We have an increasing market share. We have started generating a significant amount of cash, and we believe that the cash that we have and the cash that we will generate will be more than enough to meet this entire INR 600 crores of CapEx. Timing may be a small issue where the CapEx may be 1 quarter before and the cash may come a quarter or 2 later, for which only bridge capital will be required for maybe 2 to 3 quarters at most. Combined with our improved credit rating from crisis, which has also will reduce our borrowing costs. If at all, we have to go for borrowings, which we as a management team do not foresee unless we take some inorganic growth part, which we also intend to do of healthy, well-managed assets with good balance sheet in adjacent businesses to expand our geographies and improve our export potential from India. I know I have not given you a straight answer, but I've given you a longwise answer, but it was a lot more information that you require.

Excellent. I understood the hidden message there and wish you all the best in your endeavors and the shareholders and behind you.

The next question is from the line of Vipul Kumar Shah from Sumangal Investments.

Are you open to any joint building of the projects with Minda or that is totally ruled out?

I completely rule it out because I believe we are a superior company in every which way, which is an endorsement of our market share and endorsement of the awards we have won for our innovation, and we don't see any merit in jointly bidding for any business. It has never happened before in the Indian Automotive Components industry, and I don't think we see any merit in it going forward as well.

Sir, would you repeat the market share figures if you don't mind because I could not note down, if you don't mind.

I will request you to send us a query to our Investor Relations department and which will be answered because I alluded, I gave a very clear market share by value in every vehicle segment that we play in. And since many other people also participate and this is public data belonging to SIAM and ACMA, we were more than happy to share that information with you. Please do send a query to our Investor Relations department, and they will reply to you. These are for specific segments of the market, 2-wheelers, commercial vehicles and off-road vehicles, where we have decided to compete with in globally and our market share by value in the Indian industry -- in the Indian [indiscernible]

The next question is from the line Tanuj Khiyani from Ventura.

Yes. I just have that -- I doubt that whether Minda has asked for a representative on the board.

They make it very clear in their -- when they have made an investment in their media release that they will not be asking for any special rights or representation on the Board or management of the company.

The next question is from the line of Govind, an individual investor.

Sir, my questions had answered.

Thank you, Mr. Govind. I'm glad your question got answered. Good evening.

The next question is from the line of Aditya [indiscernible] an individual investor.

Good evening, Board of Directors. I have a specific question. Back in 2013, we had PHI Capital investing as a potential allotment. So do we have an NDA with them because in 2020, we had picked up with Minda. So if you have an NDA and are we renewing it on a regular basis or how does it work?

We don't have an NDA with PHI Capital, because they were an investor at one point of time and had participation in the management of the company, co-managed, but that was a long time ago, and we have not renewed the NDA as we do not participate in any which way in any managements or any actions of the company, and we are a pure player financial investor like any other investor in the company.

[Operator Instructions] The next question is from the line of [ Ashish Kumar ] from Infinity Alternatives.

Sir, just one query with PHI Capital. Is there any legal commitment in terms of non-disposable right of first refusal, et cetera, which might exist at the company level or the promoter level?

We don't have a legal, but we have a commitment.

But there are financial industries what I understand, sir. So -- so as a fiduciary, will they -- how far can the commitment go? That's the where I want to understand, sir.

I can assure you that the commitment goes very high and for many of their investors individually in the fund as well. I would not like to comment further on this.

Sure. But you are saying that there's no legal commitment.

[indiscernible]

The next question is from the line of [ Mann ], an individual investor.

Sir, most of my questions are answered today. But just one recommendation as an investment...

[ Mann ], your voice is not very clear. Can I request you to be a little louder, please?

Am I audible?

Yes, a little louder and slower would be appreciated. Go ahead. Good evening.

Sir, most of my questions are answered today. I just have one recommendation from my side as an investor. It will be really good if you, Mr. Mohan would be present in the con call -- quarterly con calls because if you as a -- you represent us more transparently, so that's just a recommendation from my end.

Thank you, Mr. [ Mann ], for that suggestion. It is just a policy that we thought all the leadership of the company should have an opportunity to represent the company which is why we made an internal policy where for the half yearly call and the annual call, it will be led by me and for the Q1 and Q3 calls, it will be led by our very able CEO and Executive Director.

Ladies and gentlemen, this was the last question for today. I would now like to hand the conference over to the management for closing comments.

Thank you very much, [ Rithuzia ] for organizing this call, and thank you very much to Valorem Advisors for organizing this call. I would like to, once again, on behalf of my entire management team backed by our entire workforce, our customers who have reposed their faith in us, our suppliers who have stood by us in our most difficult times. Our shareholders who have reaffirmed their faith in us and stood by us in our darkest deepest hours. On behalf of the Promoter family, we stand committed to creating value for each and every one of you. We have a good few years ahead of us in every which way, and we stand committed to this company to creating value and maybe all grow together, shine together, prosper together and travel down this glorious parts together in the years to come. With the blessings of the Almighty, thank you for your support. Good evening.

Thank you. On behalf of Pricol Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.