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I just wanted to scratch that point further on the smart meters because that is something that you’re saying could be a multi-fold opportunity as is others. A word on that and also with respect to the budget impending, is there something specific you are expecting for the EMS industry or a lot has been done through those PLIs already?
I think the government has done fairly great work and thanks to all the initiatives – be it M-SIPS, PLI, SPECS – the government has given so many incentives and state governments are giving further incentives. So, it is the right time for entrepreneurs in India to take bold and brave steps and leverage the consumption potential of India.
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From the budget point of view, I do not think that there is anything pending, only the phased manufacturing programme implementability which was recommended to the government two years back. We expect that it would be in line. Also, there will be some custom duty increases on the compressor side. We see almost five companies coming to India and putting up compressor plants. That is the case we are expecting in the motors business also. That is all of our expectations from the budget.
I sense a lot of high growth potential in all your businesses, the legacy as well as the future businesses. I want to understand what is the capital intensity of these businesses? Would you be requiring to inject fresh capital? Are you adequately capitalized right now? What will the capital requirement be? And would there be a need for a small bridge capital raising in the interim?
Jasbir Singh: You see, today, for the air conditioner business, component business, we have already done with capex. So, that business does not require any much capex now moving forward for at least three, four years. We will be doing some capex in the bare PCB board segment as well as a new facility which is being set up in Sidwal, but it will not be large because asset turns are very good there. In electronics, we have asset turns of almost 10-11 and in railway application, asset turns are further more so not a very big capex which is coming in. But in case, I mean, some inorganic growth story comes in further, then we will think about it. But at the moment, we are not thinking about raising capital.
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