#Mahindra & Mahindra stocks in focus today.
Get all your stock-related queries answered by our technical and fundamental guests with Alex Mathew and Smriti Chaudhary on Ask Profit. #NDTVProfitLive
Get all your stock-related queries answered by our technical and fundamental guests with Alex Mathew and Smriti Chaudhary on Ask Profit. #NDTVProfitLive
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00:00 [MUSIC]
00:10 Good morning and welcome.
00:23 This is NDTV Prophet.
00:24 You're watching Ask Prophet.
00:26 My name is Alex Mathew and with me is Smriti Chaudhary.
00:28 And we'll take you through the next half an hour or so of trade.
00:31 This show is geared towards getting you answers to all of your stock related questions,
00:35 whether they're short-term or long-term in nature.
00:37 And you can send them to us on any one of our social media platforms
00:40 or the number that you can see on your screen right now.
00:43 Before we get to your questions though,
00:44 let me take you through how the markets are faring right now.
00:47 And in fact, you have gains of about two-tenths of a percent or thereabouts for the Nifty 50.
00:53 And in fact, it is at the high point of the day having recovered from lower levels.
00:57 And it's trading above the 22,400 mark.
01:01 In fact, heading slowly and steadily back towards record highs.
01:05 Let's see how that pans out over the course of the next week or so.
01:09 You have the mid-cap index that's trading with gains of about seven-tenths of a percent
01:12 and the small-cap index that's up about one percent.
01:14 And so the market breadth tilted in favor of the advances.
01:17 In terms of the contributors on Nifty 50,
01:20 you have even Stevens in terms of the gainers and the losers on the Nifty 50.
01:25 Right on top of the screen,
01:26 you have Mahindra and Mahindra which at this juncture is trading with gains of about 6%
01:30 or thereabouts.
01:30 Reliance Industries not doing too badly either and contributing to gains,
01:35 but it is only gaining about four-tenths of a percent.
01:38 It's still a heavy weight. Remember that.
01:40 So ITC also gaining ground up about nine-tenths of a percent.
01:43 But the big gainers are Grasim, Ultratech as well as JSW Steel.
01:47 JSW Steel possibly on the back of earnings. Among the losers on the large,
01:52 among the large caps, you have Cipla as well as SBI Life and Britannia
01:58 and Bajaj Auto that are all losing ground.
02:00 And in fact, I would like to speak about Mahindra and Mahindra at the start
02:04 because this really is the stock of the day.
02:07 It is up as much as 6.4% on the back of yesterday's move,
02:11 which was nothing to sneeze at either.
02:13 It was up as much as 3%. Not so much perhaps on account of the earnings in the fourth quarter,
02:19 though they were pretty good, where you saw a bottom line gain as much as 30%
02:24 or more than that on account of both the fact that there was an exceptional loss
02:28 in the underlying quarter as well as larger tax write-back
02:33 than there has been in the comparable quarter a year ago.
02:37 Puneet is joining in with the key talking points and the takeaways from the press conference
02:42 and the analyst call from Mahindra and Mahindra,
02:44 which is what the street is excited about.
02:47 Puneet, what exactly is the street cheering?
02:51 Well, there are five key reasons which I can give you which has led to the stock bumping up
02:55 as well as street cheering on that. The margins were one of the key mainstays here.
02:59 They did talk about it in the conference call as well as the analyst meet.
03:03 Up to 13.7% now. Now this is compared to 12.4% of the last year.
03:10 Now this is despite that the farm equipment business,
03:12 which is the high-priced vehicles of tractors not doing so well
03:16 and actually falling 7% this year,
03:17 but the PV business has ensured that the strong operating leverage helps the margins going forward as well.
03:23 They as you rightly said they had a tax write-back in this quarter of 648 crores,
03:26 which helped bump up the earnings and this was compared to 348 crores,
03:30 which was last year. So that 300 extra and did it look like a beat but then Q4 results were largely flat.
03:36 When you look at what led to the stock price as well as what is the street positive on is the commentary.
03:41 Now on new launches the company said they are launching nine new vehicles in the petrol
03:45 as well as diesel variants until 2030 out of that six will be brand new
03:50 and three will be refurbishments or updates. Not that they are launching six to seven new battery electric vehicles as well
03:57 under the born EV platform that they have they are expecting these launches over the next six years as well by 2030.
04:03 So overall by 2030 they are estimating to have a 16 to 17 car portfolio unseen by Mahindra
04:09 and Mahindra in its all history until now.
04:12 Well, this of course will need a lot of capacity and currently they have a roughly 49,000 vehicles that they produce.
04:19 This is higher by roughly 40,000 which they used to do last year.
04:22 So that has increased and going forward the management has indicated that this will go to 64,000 by this time next year
04:28 and 72,000 per month. This will lead to them selling upwards of 8 lakh vehicles by financial year of 2026,
04:35 which is a key positive. Of course, this capacity will need investments
04:38 and they have earmarked 27,000 crores for the automotive business only out of that 14,000 will be developing the petrol
04:46 as well as the ice what we call the ice vertical while the 12,000 crores will be on the EV side.
04:53 Do note that they already have external investors in the EV entity called Miele where British
04:59 and Russian investors are have invested roughly 1200 crores and they also have Temasek as one of the investors.
05:04 Finally on total bookings the company has a total booking of roughly 2,20,000 vehicles.
05:10 That's currently, you know, just about 4 to 5 months of their sales.
05:15 So a lot of inventory, but they want to kind of cut it down to just 1 to 2 months of inventory.
05:20 That's the reason why they are very sure of going forward as well.
05:23 This also does not include the 50,000 bookings that the company had for 3XO.
05:28 So overall really strong commentary on the next two three financial years is the first time the company has given us guidance
05:34 and that has led to the market cap crossing by 3 lakh crores. Back to you.
05:38 Thank you, Puneet for that. I would also like to urge the viewers to go and watch the interview by Anisha
05:45 who is the managing director of Mahindra and Mahindra. He spoke first to NETV Prophet.
05:49 And on that note, let me introduce you to the guests for today.
05:52 We have Aastha Jain of HEM Securities and Rajat Bose joining in on the show today.
05:57 Welcome to both of you. Aastha, I'm going to come to you first on Mahindra and Mahindra.
06:02 Puneet pointed out five key reasons why the stock is up today.
06:05 And even Mr. Shah also in that interview focused a lot on the SUV part of it
06:11 and how the kind of lineup they have in terms of SUVs.
06:16 And you look at the capacity that they're going to increase.
06:19 We have the stock. We've seen the stock reacting very positively to it.
06:23 How are you viewing this in a longer term perspective, especially in comparison to the peers?
06:29 Good afternoon. So yes, talking about this counter, first of all, SUV, we talk about this SUV part.
06:36 So management is really clearly talking about SUVs of around 2.2 lakh bookings.
06:43 So I think that itself shows how much the strong demand companies getting for this SUV part.
06:49 Secondly, financial results were really very strong.
06:53 So again, one of the major reasons we are seeing that stock is showing strong uprise.
06:59 Going forward also, what we are expecting this counter to show strong performance on the back of the strong volume surge,
07:05 which we have seen and impact their farm equipment department or segment is also showing strong performance
07:12 because what we have seen is a 44 percent rise in the revenue and the farm equipment machinery.
07:17 Whereas when we have seen that this segment has shown some sort of market share loss of around 30.
07:25 Now, the market share in the farm equipment segment is around farm machinery segment.
07:29 I beg your pardon. So farm machinery segment is around 39.4 percent.
07:34 So in this segment, they have lost some market share, despite that their revenues are upsurging with the 44 percent.
07:41 So strong revenue surge, strong volume growth, which we have seen in this counter.
07:46 And on the back of that, we have seen strong rise in the stock prices also going ahead also because management are quite optimistic.
07:54 So that creates a reason for having another strong moment in the stock prices.
07:59 And we are giving buy as well as put on this counter with the price target of 2850 at the current juncture.
08:05 850. OK, so considerable upside from this point as well. Thanks, Aastha, for that.
08:09 It's time to jump straight into the questions that quite a few have written in already.
08:13 You see that number on your screen in case you've got a question for us, then do send it there.
08:17 The first question we're taking is from Subodh Malhotra, who is writing in from Delhi.
08:21 And he's asking about Irkon, which he's bought at levels of 244 as much as 1500 shares.
08:29 And he's asking whether he should add, hold or exit at this current juncture.
08:35 He's a long term investor, so not in a hurry.
08:38 But Rajat, based on the price trends that you're seeing, what should he do?
08:45 Well, I would say that, yes, it is actually on a long term uptrend and the uptrend is pretty strong.
08:52 But there had been a range for movement between 200 and 280 for the last four months or so.
09:01 So I would say that, well, one can start buying here.
09:05 But actually, if it would be much better if he were to buy above 280.
09:12 Once the 280 is taken out, what happens is that it's kind of a blue sky zone.
09:18 There is no legacy purchases above 280 there.
09:23 So it would be one way traffic.
09:26 So buy here. And once it crosses 280, then go and buy whole hog and put a stop loss below 240.
09:36 I think that person over the long term will make good money.
09:41 All right. The next counter is Vodafone Idea.
09:44 And this one's from Arun from Bangalore.
09:47 They say they bought the counter at a price of 12 rupees, about 12.6 rupees.
09:53 And they want to know the long term perspectives of Vodafone Idea.
09:57 Now, Asta Vodafone came out with its results yesterday, largely in line, not too much there.
10:03 Pretty much the same as last quarter. But they do have big Capex plans in the next three years.
10:10 They now have they've completed their fundraise.
10:13 There's debt in the picture that might come in.
10:15 How are you viewing the long term prospects of Vodafone Idea?
10:19 So now they are deploying certain strategies like we can say focus investment as well as improve 4G capacity.
10:26 In fact, they are deploying 5G technologies also.
10:29 So these are some of the few strategies which the company is working on.
10:33 Although we know that results were quite flat, there was no major surprise in those numbers.
10:39 But on the back of their growth strategies, I think in future the stock can perform.
10:44 So here if the horizon is purely long term, where the investment horizon should be more than six months,
10:50 then we recommend hold on this counter with a price target of 14.5 to 15.
10:55 However, if the horizon is short term, then some profit booking is also advisable.
10:59 Since results are flat, so might be a possibility that markets may not show such a excitement about the results
11:07 and the stock may move little downside also.
11:10 So if the short term horizon is there, then book some profit.
11:13 Otherwise, keep holding for long term with a price target of 14.5 to 15.
11:18 Okay. Aptus Housing is the next counter that we're talking about.
11:21 And this is a question from Mohit. He's writing in from Ludhiana.
11:24 He's bought at levels of 347. He's got a time horizon of three years.
11:28 So again, not in a hurry to sell. The stock is trading at 313.
11:32 And so it's lower than his buy price.
11:35 Rajat, what price trend should he watch for here?
11:39 Alex, could you repeat the name of the stock?
11:41 We're talking about Aptus Housing and I'm trying to pull up the stock myself.
11:46 It's currently trading at 313 or thereabouts.
11:50 Well, look, at the moment, what I see is that it has got some momentum.
11:56 So one can put a stop loss below 305 and go long.
12:02 For the medium term, I would say that there is a possibility that it can actually give you,
12:07 say, a 20 percent return from here. That is possible.
12:12 All right. Next counter is Thermax. And this is from Swastik, who's writing in from Hungary.
12:18 From Budapest. Yes. That's pretty crazy, right?
12:21 Yeah. So they bought the counter at a price of 4742 rupees,
12:27 slightly below where it's currently trading at.
12:30 Rajat, we've seen stock gain in the last couple of sessions,
12:36 but from a short to medium term perspective, do you have any price target on this one?
12:41 Well, Thermax has been on a tear and it has given phenomenal return over the last six months or so.
12:51 Maybe it has a double up. I mean, from 2500 kind of levels to 5000 plus levels it did.
12:59 But now I would say that if it were to take out, say,
13:02 5250, then you can expect further upswing, something like 5600 to about 5900 on the upside.
13:11 And put a stop loss below 4250 when you buy at lower levels.
13:17 Otherwise, if you are buying at current levels, then your stop loss should be below 4600.
13:22 All right. The next question I'm taking is from Shivanand.
13:25 He's writing from Udupi in Karnataka and he's asking about Coal India.
13:29 He's not specified the time frame, but he said that he's bought 800 shares at levels of 458.
13:34 He's asking for advice. The stock is currently trading above the buy price at 472.
13:39 Aastha, I'm going to come to you on Coal India. Fundamentally, should it be held?
13:45 Of course, with a price target of 500 in the longer term.
13:48 So yes, we are quite positive on this, although 500 is not a far away price target.
13:54 But yes, if it I think 500 to 550 is the basic level where we can expect the stock to move.
14:01 So talking about this counter results were good, first of all.
14:04 And if we talk about the e-option volume also, so we have seen some sort of recovery in those volumes.
14:10 So going ahead and the kind of power demand which India is anticipating right now,
14:16 I think Coal India is a major beneficiary because we know that import, the coal which we import also,
14:23 it is not sufficient to fulfill the demand which the country is having regarding power.
14:27 And India being going to make itself self-sufficient in this space, definitely coal is required.
14:32 So yes, Coal India has a strong future opportunities also and is well poised to cater those opportunities.
14:38 So a hold as well as buying on dips is recommended from our side.
14:42 Initial price target of above 500, that is around 550, can be expected on this counter.
14:47 Right, we will slip into a short break now, but we will take more questions on the other side. Stay tuned.
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15:15 (upbeat music)
15:18 in the last year or so, we have seen a decline in the number of people who have been diagnosed with cancer.
15:25 We have seen a decline in the number of people who have been diagnosed with cancer.
15:29 We have seen a decline in the number of people who have been diagnosed with cancer.
15:34 We have seen a decline in the number of people who have been diagnosed with cancer.
15:37 We have seen a decline in the number of people who have been diagnosed with cancer.
15:40 We have seen a decline in the number of people who have been diagnosed with cancer.
15:43 We have seen a decline in the number of people who have been diagnosed with cancer.
15:48 We have seen a decline in the number of people who have been diagnosed with cancer.
15:52 We have seen a decline in the number of people who have been diagnosed with cancer.
15:56 We have seen a decline in the number of people who have been diagnosed with cancer.
16:00 We have seen a decline in the number of people who have been diagnosed with cancer.
16:04 We have seen a decline in the number of people who have been diagnosed with cancer.
16:08 We have seen a decline in the number of people who have been diagnosed with cancer.
16:12 We have seen a decline in the number of people who have been diagnosed with cancer.
16:16 We have seen a decline in the number of people who have been diagnosed with cancer.
16:20 We have seen a decline in the number of people who have been diagnosed with cancer.
16:24 We have seen a decline in the number of people who have been diagnosed with cancer.
16:28 We have seen a decline in the number of people who have been diagnosed with cancer.
16:32 We have seen a decline in the number of people who have been diagnosed with cancer.
16:36 We have seen a decline in the number of people who have been diagnosed with cancer.
16:40 We have seen a decline in the number of people who have been diagnosed with cancer.
16:44 We have seen a decline in the number of people who have been diagnosed with cancer.
16:48 We have seen a decline in the number of people who have been diagnosed with cancer.
16:52 We have seen a decline in the number of people who have been diagnosed with cancer.
16:56 We have seen a decline in the number of people who have been diagnosed with cancer.
17:00 We have seen a decline in the number of people who have been diagnosed with cancer.
17:04 We have seen a decline in the number of people who have been diagnosed with cancer.
17:08 We have seen a decline in the number of people who have been diagnosed with cancer.
17:12 We have seen a decline in the number of people who have been diagnosed with cancer.
17:16 We have seen a decline in the number of people who have been diagnosed with cancer.
17:20 We have seen a decline in the number of people who have been diagnosed with cancer.
17:24 We have seen a decline in the number of people who have been diagnosed with cancer.
17:28 We have seen a decline in the number of people who have been diagnosed with cancer.
17:32 We have seen a decline in the number of people who have been diagnosed with cancer.
17:36 Just from a perspective of 1-2 years, they have already bought the shares and it has given negative returns in the last 1 year.
17:44 Would you suggest holding on to the counter or would you suggest switching it to something else within the space?
17:50 When the issue came, this company has come out with the IPO in the November month and at that time the issue price was Rs.60 per share.
17:59 What we are seeing right now is that this stock is trading below even its issue price.
18:04 At that time also our recommendation was that we were not very much bullish on this counter and we have recommended to subscribe only for the long term purposes.
18:13 Due to this micro-loan segment in which this company is basically into, this segment does not look to be very lucrative to us.
18:22 Secondly, what we have seen is that in this segment there is always some sort of uncertainty which is moving around.
18:28 I think the main issue is with the segment also apart from the company's fundamentals.
18:33 So mostly we are right now not very much positive again on this counter.
18:39 My recommendation is if it is possible then exit from this counter and enter into the other spaces rather than keep holding this counter.
18:48 So we are recommending exit on this counter.
18:50 Rajat, this is a question for you and this is a viewer, Sameer, who is writing from Kolkata.
18:58 We generally don't take questions that are not related to a stock but he is asking about gold.
19:04 Specifically asking about an ETF. I am just wondering if you can give us a view on gold based on the technicals that you are reading.
19:14 They have been elevated in the recent past but any levels to watch out for?
19:20 Well, I would be able to talk about the gold front month future. I am using the MCX chart.
19:26 It is bullish. It is bullish. Of course, the recent high in the front month gold futures at MCX had been 73,958.
19:37 I am expecting once this 74,000 level is breached there would be good amount of buying coming in, fresh buying coming in.
19:46 Because again it will be into that blue sky territory because so far the front month futures high is 73,958.
19:54 So once it crosses 74,000 it will be making a beeline to cross 75,000 as well as the target comes out to about 77,000.
20:06 Say over a period of next 2-3 months that is possible. And gold at lower levels if you get it one should buy because the uptrend is very strong out here.
20:19 The next counter is SBFC Finance. This one is from Darshan and they are writing in from Gujarat.
20:26 They want to know if they should buy the counter from a longer term perspective.
20:29 Aastha, do you have coverage on this counter?
20:31 SBFC Finance, I think even it has came out with the IPO. I think it has been a year or so.
20:40 So right now we are not having a coverage but yes at the time of IPO we have coverage on this counter.
20:45 So sorry, apologies I cannot comment on this counter because currently we are not covering it.
20:50 SBFC, Rajat do you have enough data to talk about this?
20:54 No, I am afraid I would give it a go by.
20:59 Okay, fair point. So would you be able to help with an F&O query as well Rajat? Is that something I can ask you?
21:09 You tell me which F&O query you are talking about.
21:13 So we are talking about Vignesh's question and he has got Concor.
21:17 He has bought a call option at a strike of 1080 and his buy price is 36.55.
21:23 And he is wondering how to…
21:26 Which is the stock?
21:28 Concor. Container Corporation of India.
21:32 Okay, I got it.
21:34 So what advice would you give him at this point?
21:37 Just a sec.
21:40 So in the meanwhile let's pull up the…
21:43 I would say that with the strike price, what was the strike price you said?
21:47 The strike price is 1080.
21:49 1080. Currently the probability of it getting past 1080 looks quite good.
21:58 In fact, that's a good, that's a strong resistance.
22:02 Once that level is taken out then he is going to make money.
22:07 And I would say that if it is a call option for the month end,
22:12 then there is somewhat good amount of chance that he might see Concor getting past 1100
22:20 and he would be making some money out here.
22:23 Alright. The next counter is Tata Power.
22:26 This one is from Shubham.
22:28 They have already bought the counter at a price of 440 rupees.
22:32 Asad, this has been a doubler in the last one year.
22:35 But our viewer has bought it very close to where it is currently trading at.
22:41 What's the long-term perspective on Tata Power?
22:44 So Tata Power in the long term is looking strong to us.
22:47 First of all, Tragane which is 490 to 495 at the current level.
22:52 If we talk about this counter, what we think is that solar manufacturing,
22:56 they are into that also and they are on the verge of commencing of 4 gigawatt of capacity in this space.
23:04 So again, it is a major driver for them in the future.
23:09 And as we all know that all the power sector companies are right now, they are getting strong demand.
23:17 So I think the demand will always be strong for this counter.
23:20 Apart from that, their capacity expansion and expansion plan will be an added advantage.
23:24 So yes, a hold from our side with a price target of 490 to 495.
23:28 Not always is it possible for you to set a stop loss and move with it or sell when it gets triggered
23:37 because sometimes the price correction is very, very steep.
23:40 That was the case with Paytm and Preet from Kanpur bought at levels of 1250, he has got 4000 shares.
23:48 Rajat, what help and advice can you give to an individual who has bought at elevated levels and who has held on?
23:55 Because sometimes the hope is that it will recover.
23:59 But then sometimes you also just have to bite the bullet.
24:02 So what you do and what advice would you give about keeping stop losses?
24:07 Is it a generic question or is it a question about a particular stock?
24:11 It's a question about Paytm which has been bought at levels of 1250 and in that context as well.
24:18 What advice would you give to people on keeping stop losses?
24:22 Well, as of now, Paytm looks pretty weak.
24:28 In fact, it can go even further down.
24:31 And if the price that you mentioned that he has bought, very little chance of recovering money.
24:38 I would say, I mean, people sometimes don't get to use the stop losses and then they suffer this kind of ignominy.
24:49 I would suggest whatever money you are getting, just take that, book your losses and try to find a good stock, hold it for long term.
25:00 Then maybe at least part of your lost money would be recovered.
25:05 But don't stay put in this that someday it will see a rise.
25:09 A lot of Vodafone idea, the investors are also holding the stock in this manner.
25:16 But really, I don't know even when Vodafone will cross 32.
25:21 All right. The next counter we're talking about is SBI.
25:27 This one's from Anarga and they say they bought the shares at pretty much what it's currently trading at.
25:36 Asa, from a longer term perspective, do you have a target on SBI?
25:40 We saw fourth quarter results, pretty good results there.
25:44 And on the stock front, what's the target?
25:47 So first of all, target, it is anywhere between 850 to 900 at the initial level.
25:52 Recommending a hold as well as buying on dip strategy can also be applied on this counter.
25:57 Talking about the fundamentals, results were outstanding.
26:00 In fact, the credit growth, which they have shown was outstanding of around 13 to 15 percent.
26:05 So on the back of the strong credit growth and strong waterline, which were above expectations,
26:10 I think this stock is well poised to show strong future performance.
26:14 Recommending a hold as well as buy with a price target of between 850 to 900.
26:19 All right. And that brings us to the end of this particular edition of Ask Profit.
26:23 We're completely out of time. Asa as well as Rajat, thank you so much, as always,
26:27 for taking the time and for answering the questions that you did.
26:29 You've already helped a lot of people. And viewers, if you've not had your direct question answered,
26:35 hopefully some of the conversations that we had today and the stocks that we discussed will still benefit you.
26:41 And of course, we'll be back on Tuesday, Spriti and I, and from the team that put the show together.
26:46 Thank you so much for watching. Do stay tuned. Lots more coming up on Eddy TV Profit.
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29:54 Welcome to Eddy TV Profit. And we have with us Mr. Arunachalam, who is the CFO of Crompton Greaves.
30:00 Now, Mr. Arunachalam, my first question to you is based on your quarter 4 results,
30:04 please do tell us about your revenue and revenue growth in quarter 4.
30:08 What segments have aided this growth and were there any challenges in your revenue growth?
30:13 Yeah. So, I'll divide this into three buckets. We'll talk about our Crompton ECD business, Crompton Lighting and Butterfly.
30:22 Overall, Crompton standalone, we delivered a very strong revenue growth of 12%.
30:27 And I'm also glad to say that after many quarters and years, Crompton as an overall business standalone has delivered double digit revenue growth,
30:35 which is pretty heartening. And this is on the back of a Crompton 2.0 strategy that we got launched in July 2023,
30:42 where we wanted to move the company towards an organization that works on consumer led innovation,
30:48 leverages its strength on go to market and have a robust supply chain to ensure that the demand gets catered to.
30:53 On that basis, today, I'm extremely glad to state that fans as a category, we have sold 2 crores plus fans in last year,
31:02 making us probably one of the largest players at a global level. Overall, the fans portfolio has grown at about 12%
31:10 aided by very strong volume growth upwards of 15% for the category.
31:15 Our premiumization journey on fans is moving in the right direction.
31:18 We have added about 300 tips further in terms of our fans portfolio on premium.
31:23 What used to be one in every five fans being premium up to last year.
31:28 Today, one in every four fans that we are selling is a premium fan.
31:31 So that's moving in the right direction and helping us to grow.
31:34 Within fans, we are also focusing on non-seeding category, which has been going at close to 20% for us last year.
31:41 Pumps, we are a market leader in residential pumps.
31:44 We wanted to look at categories other than residential to also help us to grow faster and get share.
31:50 One of the things that we called out is clear focus on agri pumps and that now consistently is delivering results for us.
31:57 And in a category that is known for a single digit growth, our pumps business has grown in strong double digit revenue.
32:03 We also made a foray into solar pumps backed by the PM Kusum scheme.
32:08 We have executed about 35 rows of business as of last year and another 85 crores plus is in the pipeline.
32:14 And we are expected to bid for a few more areas and win the orders as we look at FY24 and FY25 and forward.
32:21 Appliances, we have two categories.
32:24 There is a large domestic appliances, which is coolers and geysers.
32:28 And then there is a small domestic appliances, what we call it as Crompton Kitchen.
32:32 This portfolio of Crompton Kitchen continues to grow at about 30%.
32:37 Now, this is after many quarters.