On highest-ever revenues this quarter : It has been a very good quarter. The first is that it has been the highest ever Q1 on all financial parameters including revenue. On revenue and EBITDA, it is the highest-ever figure irrespective of quarter. There are two big milestones. In farm equipment, we have two big milestones this quarter; one, our revenue actually touched Rs 5000 crore for the first time and the segment profits, PBIT, touched Rs 1000 crore. Exports in auto doubled. These are some of the highlights that I wanted to give. 

Margins in the agri segment : There are two aspects of growth– the kind of growth and second is what kind of margins and whether it is sustainable. Seeing where we are for the rest of the year, growth can be upped to about 12% to 15% on a full year basis for tractors because of the high positive movement that we have had already. Margin, on the other hand, has been around 20% and there are two reasons behind that. Number one is the top line growth which gives leverage on cost elements. The second one is because we have had cost management programmes which are coming to fruition. It is a question of internal cost management. We have a programme which will give us 200 bps over three years. You are seeing that actually coming into play in this quarter as it will in the future quarters also. As long as there is a revenue growth, the margins are clearly maintainable. 

Guidance for tractors and farm equipment : We had earlier said the tractor demand will be in the early teens. We are also saying it should go to 12-14%. I do not what exactly Escorts said but I think it will be on the higher side or in the mid-teens. We have upped the full year forecast for tractors. Our full year outlook for the industry is 12-15% now. 

Overall growth from rural market versus urban markets in Q1 : The tractor is in a clear direct correlation to the rural market and we have seen very sustained demand. When it comes to auto, we have seen very strong demand from the rural market as well as the urban market. Not just in auto, but also in the farm equipment space, rural demand is very strong. 

You have some launches over next couple of quarters. Are you confident that you will give that boost to the UV business? Absolutely. All our models are evergreen models. Some of them have been around for two decades and are doing very well. The three new products which we are launching should add volume to our overall portfolio and therefore we are looking with a lot of confidence to the new launches which will hopefully have a bigger rub-off effect on the whole side. Our tractors are doing very well, our MHCV, which is the truck business, is doing very well, our auto business is growing and the UV or PV business is doing very well. But it can be bolstered by the three launches. We hope that at the end of the three launches, we will be firing on all cylinders. 

Concerns with regards to ongoing trade wars : we have to watch the unfolding of various active things like the trade war what is being called as a trade war not only between China, US but also now extending to EU. Having said that we have to see what our performance last quarter has been, last quarter our performance has been that we have doubled our exports in auto sector okay so and many of the places we are present not as an only as an export but as an second market for us in a home market there. Like take for example Turkey we are full manufacturing there whether it is of tractors or whether it is of implements etc. so in a sense we are creating more home markets around the world so therefore whichever way any of these development happens challenges throw up opportunity and we are very ready to make ourselves make the best use of the opportunities that this provides.