Pricol Ltd
NSE:PRICOLLTD
| US |
|
Fubotv Inc
NYSE:FUBO
|
Media
|
| US |
|
Bank of America Corp
NYSE:BAC
|
Banking
|
| US |
|
Palantir Technologies Inc
NYSE:PLTR
|
Technology
|
| US |
C
|
C3.ai Inc
NYSE:AI
|
Technology
|
| US |
|
Uber Technologies Inc
NYSE:UBER
|
Road & Rail
|
| CN |
|
NIO Inc
NYSE:NIO
|
Automobiles
|
| US |
|
Fluor Corp
NYSE:FLR
|
Construction
|
| US |
|
Jacobs Engineering Group Inc
NYSE:J
|
Professional Services
|
| US |
|
TopBuild Corp
NYSE:BLD
|
Consumer products
|
| US |
|
Abbott Laboratories
NYSE:ABT
|
Health Care
|
| US |
|
Chevron Corp
NYSE:CVX
|
Energy
|
| US |
|
Occidental Petroleum Corp
NYSE:OXY
|
Energy
|
| US |
|
Matrix Service Co
NASDAQ:MTRX
|
Construction
|
| US |
|
Automatic Data Processing Inc
NASDAQ:ADP
|
Technology
|
| US |
|
Qualcomm Inc
NASDAQ:QCOM
|
Semiconductors
|
| US |
|
Ambarella Inc
NASDAQ:AMBA
|
Semiconductors
|
If you don’t study any companies, you have the same success buying stocks as you do in a poker game if you bet without looking at your cards.
Utilize notes to systematically review your investment decisions. By reflecting on past outcomes, you can discern effective strategies and identify those that underperformed. This continuous feedback loop enables you to adapt and refine your approach, optimizing for future success.
Each note serves as a learning point, offering insights into your decision-making processes. Over time, you'll accumulate a personalized database of knowledge, enhancing your ability to make informed decisions quickly and effectively.
With a comprehensive record of your investment history at your fingertips, you can compare current opportunities against past experiences. This not only bolsters your confidence but also ensures that each decision is grounded in a well-documented rationale.
Do you really want to delete this note?
This action cannot be undone.
| 52 Week Range |
337.3
529.2
|
| Price Target |
|
We'll email you a reminder when the closing price reaches INR.
Choose the stock you wish to monitor with a price alert.
|
|
Fubotv Inc
NYSE:FUBO
|
US |
|
|
Bank of America Corp
NYSE:BAC
|
US |
|
|
Palantir Technologies Inc
NYSE:PLTR
|
US |
|
C
|
C3.ai Inc
NYSE:AI
|
US |
|
|
Uber Technologies Inc
NYSE:UBER
|
US |
|
|
NIO Inc
NYSE:NIO
|
CN |
|
|
Fluor Corp
NYSE:FLR
|
US |
|
|
Jacobs Engineering Group Inc
NYSE:J
|
US |
|
|
TopBuild Corp
NYSE:BLD
|
US |
|
|
Abbott Laboratories
NYSE:ABT
|
US |
|
|
Chevron Corp
NYSE:CVX
|
US |
|
|
Occidental Petroleum Corp
NYSE:OXY
|
US |
|
|
Matrix Service Co
NASDAQ:MTRX
|
US |
|
|
Automatic Data Processing Inc
NASDAQ:ADP
|
US |
|
|
Qualcomm Inc
NASDAQ:QCOM
|
US |
|
|
Ambarella Inc
NASDAQ:AMBA
|
US |
This alert will be permanently deleted.
You don't have any saved screeners yet
Ladies and gentlemen, good day, and welcome to the Q4 and FY 2024 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 over to Ms. Parvati Jain from Valorem Advisors. Thank you, and over to you, ma'am.
Good evening, everyone, and a warm welcome to you all. My name is Parag Chan from Valorem Advisors. We represent the Investor Relations of Pricol Limited. On behalf of the company, I would like to thank you all for participating in the company's earnings call for the fourth quarter and financial year 2024. Before we begin, let me mention a short cautionary statement. Some of the statements made in today's 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 the 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 earnings call is purely to educate and bring awareness about the company's fundamental business and financial quarter under review.
Let me now introduce you to the management participating with us in today's earnings call, and hand it over to them for their opening remarks. We have with us Mr. Vikraman, Managing Director; Mr. P. Ganesh, Chief Executive Officer and Executive Director; Mr. Siddhart Manohara, 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, followed by financial and operational highlights of the company. Thank you, and over to you, sir.
Thank you, ma'am, for the introduction. A very good evening to all of our esteemed shareholders who are participating in today's call. Welcome to the call for FY '24 financial performance and also quarter 4 FY '24 financial performance. I hope all of you had a chance to see the slides that has been uploaded, the data that's been uploaded. Our revenue for -- from operations for this quarter on a consolidated basis has been INR 5,662.12 million, with an EBITDA of INR 72.8 million, resulting in EBITDA margin of 12.2% with a profit after tax of INR 415.02 million, profit after tax margin of 7.33%, with an EPS of INR 3.41 per share.
For the year ended 31st March 2024, our financial performance on a consolidated basis, we have had a revenue from operations of INR 22,081.69 million, with an EBITDA of INR 2,786.42 million. EBITDA margin of 12.62%, PAT INR 1,412 million, with a PAT margin of 6.37% and an EPS of INR 11.54 per share. At a consolidated level, our long-term borrowings are nill as of 31st March 2024. And at a consolidated level, our return on capital employed is steadily increasing and has hit a number of 23.18% in FY '24 against 20.68% in FY '23.
At a consolidated level for the quarter that has just gone past Q4 of FY '24, our revenues have grown at 11.09%, which has been lower than our expectations, primarily because there have been delays in start of production from 4 of our customers. Though we have confirmed volumes and LOIs and capacities for the same, we have had delay in start of production because of initial vehicle trials and launch issues, which have since got launched and normal production has resumed from April. So this catch-up will happen in the coming quarters.
Our revenue from operations for the year have grown at around 16%, slightly below our expected levels of about [ 19% ], which also we hope to catch up in the coming quarters. This is primarily because of delay in start of production for certain [indiscernible] of ours, [indiscernible] vehicle makers.
In quarter 4, our EBITDA has grown on a like-to-like quarter comparison by 16.44%, which is in line with our expectations. And for the year, our EBITDA has grown by 18.17% over the prior period.
As mentioned by me in previous calls, you would notice our EBITDA is steadily [ increasing ] in spite of high freight costs and other operations that we saw this year, supply chain operations because of the volatile geopolitical situation across the world, I am quite hopeful that our CEO and his team will be able to keep improving EBITDA and level off at around 13.5%, which is normalized EBITDA over the course of this year.
Next, please. This is the quarterly income statement, the highlights of which have been read out in the previous slides. And all the capital market data and everything has been provided in the presentation.
I think without further ado, we would like to move straight to the question. [Operator Instructions] Thank you very much for your cooperation in that one.
[Operator Instructions] The first question is from the line of Bhalchandra Shinde.
Can you hear me now?
Yes.
Sir, regarding our new product development, I would like to know the update on the -- especially on the [indiscernible] -- how do we see any advancement on that towards the customer on which stage we are?
Mr. Shinde, thank you for the question. I'll probably break them up into 3 parts and further elaborate on this rather than only talk about e-cockpit, which is a very advanced product. One of the products that were supposed to directly contribute to revenue in the coming 2 years is the display, which is a very strategic product of our [indiscernible] division. I'm happy to inform you that with 6 customers we have started production and, ramping up cost capacities and increasing LOI, and we are on track to meet our schedules.
On -- with regard to the e-cockpit, I would request our director strategy, Siddharth Manoharan, to talk about it. as well as the connected vehicle solutions to other strategic projects. Over to you, Siddharth.
Good evening, Mr. Shinde. With regard to deep cockpit, currently, as you know, we have developed the prototypes and proof of concepts and currently in showcase to various passenger vehicle as well as commercial vehicle customers. It is in concept stage and discussion with many of them. And we've also announced a partnership with a Chinese company called TYW for patient screens and other companies. So at this point in time, we are well positioned to showcase these products with some of our customers, and customers have also shown interest to take it to the next stage of discussions. So as managing director rightly mentioned, this is a very advanced product and adoption will take some time in the market.
And coming to the connected vehicle solutions, especially with our partnership with Sibros, we have showcased some of our proof of concepts to both domestic as well as international customers, and some testings are ongoing at this point in time with international 2-wheeler OEMs as well, which has seen a very good response. And in this coming year, you will see some update information [indiscernible]
.
The next question is from the line of Rishabh Shah from RBS Investment Managers.
So would it be possible to share the percentage increase in vended ASP in FY '24 or FY '23? Since the short, we don't share the [indiscernible].
Can you repeat yourself a little slower and louder please, Mr. Shah?
Yes, sure, sir. So I'm just asking you, is it possible to share the increase, percentage increase in the blended average selling price for all the products of recall in FY '24?
That's a very, very difficult question to answer because we sell mechanical clusters, which are slowly phasing out, which is an average selling price of INR 300. We are selling electromechanical clusters, which are slowly ramping up, which is an average selling price of INR 8,800-odd. We are selling low-end PFT clusters, which are selling around INR 1,500. Higher PFT clussers, which are selling at INR 8,000. We are sending disc breaks systems, which are selling at around INR 1,150. We have seen change [indiscernible] at INR 75. We are very complicated industrial oil pumps, which are selling at around $800. Now I think it's impossible to blend all of these and give a blended selling price because we are not a commodity company and each of our products are so different in terms of functionality, systems and composition.
The next question is from the line of Vipul Kumar Shah from Sumangal Investments.
So my question is, can we break up a turnover between our 2 main product verticals, driver information and connected vehicle solutions and actual control and food management systems, how much each vertical is contributing to the turnover?
Good evening, Mr. Shah. This year, the turnover would have been about -- not would have been, has been about 69% to the DI CVS and about 31% to the [indiscernible]. In the coming years, we will see the ACS on this contribution slightly increased to get to about 35%, 36% as the adoption of disc brake and production volumes for the same go up.
Sir, there is a lot of CO from your side. So would you a little slowly [indiscernible]. Sorry for...
It is about -- Mr. Jane, is there a lot of echo from my side. Do you want me to change my position.
You can proceed.
Am I coming clear?
Yes, sir.
Mr. Shah, this year, it's about 69% of the contribution from our driver information and Connected Vehicle Solutions division. And from the actuator controllers and the proven management systems division is [indiscernible]. Going forward, the AC FMS or the latter division will increase to about 35% next year as the adoption and production volumes of the disc brake will increase.
The next question is from the line of [indiscernible] Living Root Analytics.
Am I audible?
Mr. [indiscernible], your audio is not sounding clear.
Is this better now?
Yes, sir, please proceed.
I had a question for the management. So what initiatives are we taking to increase our market share in the passenger [indiscernible] segment?
We are not going to significantly increase our market share, but our aim is to get to about a 10% share of business in the passenger vehicle segment. As I mentioned in many, many calls prior, our focus areas are 2-wheelers, commercial vehicles and offroad vehicles where we want to have the majority market share in India. Passenger vehicles, [indiscernible] our aim is to go to about 10%, where today with Tata Motors, we are at 58%, and few other vehicle makers, we have just started making the foray. But my hope and wish is to level off at around 10% because -- and focus on the segments where we already have leadership.
So what is the current market in the passenger making segment?
It's about 6.8%.
The next question is from the line of Sahil Rohit Sanghi from Monarch Network Capital.
Can you please give me a split of the contribution from 2-wheeler, EV, PE you have already said, and the other segment, I mean, if you can give revenue split for FY '24?
Two-wheelers is about 60% to 63%. PV is about 6.8%. Commercial vehicle is about 25% and balance coming from [indiscernible] vehicles.
Sorry balance coming from?
Yes, please.
balance coming from, I did not get your last...
[indiscernible] An industrial segments like your ACV,[indiscernible], et cetera.
The next question is from the line of [indiscernible] Bauman Capital.
Am I audible?
Yes, Mr. [indiscernible]. Please go ahead.
Sir, I have 1 question. If I look at the 2-wheeler industries, and I'm trying to compare before go win, let's say, FY 2019 versus FY 2024, at the industry level, in your sense, out of every 100 scooters and motorcycles combined sold, what do you think the mix was between mechanical, electromechanical and fully digital TFT clusters in FY 2019 versus in FY 2024?
Sir, I will not be able to off the back answer the question because Unfortunately, my brain is not [indiscernible]. But if you can send a question to our Company Secretary, I will get are to answer that question.
The next question is from the line of Hari from Sundaram [indiscernible].
Just 1 thing, when you were mentioning that on the revenue, it was because of delay in SOPs, is it possible to quantify as to which segment is it majorly from 2-wheelers? Are we seeing those ramp up right now? Some color on that, sir?
I don't want to talk about specific customers, but yes, there have been across 2-wheelers and commercial vehicles primarily, about 4 customers in total. And as I mentioned, by April, it got normalized. And from this quarter, again, we SOPs are getting back to normal.
The next question is from the line of Vipul Kumar Shah from Sumangal Investments.
So what percentage of our turnover should be coming from the products which we have introduced in the last 2 years? Any ballpark figure?
Our average of NPD, what we call new product revenue, has been hovering between 20% to 25% every year, and we are hoping to keep that momentum going for the next couple of years also, Mr. Shah.
The next question is from the line of Pratik Patel from Chartered Capital.
My question was related to the provisions, which I can see. It's a long-term potion as you rise from 140 to 190, and short-term provision has been rising from 111 to 260. So can you just highlight the number why it's so high?
I request our CFO, [indiscernible], to answer that question. Vipul Shah, over to you.
Good evening. This long-term provision is pertaining to the employee benefit provisions, which has increased, and the total provision is a warranty provision, which is a [indiscernible].
The The next question is from the line of [indiscernible] from [indiscernible] Analytics.
So what is CapEx plan for FY '25? And what was the capacity utilization FY '24?
Pardon me?
What was the capacity utilization in FY '24 and the CapEx plan for FY '25?
FY '25, the CapEx plan is going to be about between INR 200 crores and INR 220 crores as announced over 3 year INR 600 crores CRS CapEx for organic growth. This is not inorganic, if any, opportunities arise, number one. Number two, our capacity utilization at a current level is hitting almost about and which is why we are now enhancing capacity and undertaking CapEx at our new plants in cooling, upgrading our facilities in [indiscernible] and in [indiscernible].
Okay. And the capacity -- the new CapEx is much product vertical?
Across all product verticals more leaning towards the ICS. So it's also buildings coming up. And it's so machinery a lot of it for PCB manufacturing.
Okay. And sir, if I could ask 1 more question. What is it -- what amount of battery management [indiscernible], like how are we going ahead with it?
That is going a little slow and has not yet reached [indiscernible]. And when the first LOI starts trickling in at that quarter, we will announce that.
Okay. But we expect a high margin from this segment, right?
No. It was never a high margin. We were looking at normalized margins. That's why the blended EBITDA. And like I mentioned in my earlier call, we are taking 3, 4 new product initiatives. Not everything is going to be successful. One will be hugely successful, 2 will be moderately successful and what we could say. It is with that modicum of risk that we have entered into about 3, 4 different product verticals.
The next question is from the line of Deepak from Barclays.
Can you hear me now?
Sir, your audio faring very soft.
Hello, can you hear me now?
Yes, please proceed.
So I just wanted to ask you like in your last presentation, you have, like I mentioned that you are going to tie the revenue in financial year INR 23,600 crores so it is the impact? And the second question is like have you added any new plants this financial year or in the future, you're going to add?
We have commenced some new business with new clients, especially with motorcycle and scooter India, which is going to significantly increase our top line in the coming years. Most of it is going into production 18 to 24 months from now. Significant LOIs that in one, I don't want to elaborate more because it is -- some of it is confidential. That's the figure the question on the new customers added. In terms of share of business, yes, it's increasing with certain customers because of new platforms that we have added. In terms of INR 3,600 crores of the organic side, we are intact about INR 3,200 crores. On the inorganic side, hopefully, over the next quarter, we will be able to have some more clarity as we are analyzing effects under due diligence right now.
The next question is from the line of Karan Gupta from [indiscernible] Capital.
[indiscernible].
Mr. Gupta, your audio is not clear.
[indiscernible]
[indiscernible] handset mode and speak.
So there's a lot of echo in what you're talking.
[indiscernible]
Sir your audio is not clear.
Okay. Now clear?
Relatively clear. Please go ahead.
Yes. So my question is regarding to commercial vehicles and a full vehicle. So how you are seeing the traction of [indiscernible] clusters to digital clusters? Because these are the segments where right now, and it has been [indiscernible]. So now on an [indiscernible], but they are shifting to [indiscernible] maybe LED.
I'll request our CEO and Executive Director, to take that question.
Good afternoon. The regulation came into India, most of the [indiscernible] as already have been changed returns. From 2020 onwards, most of the commercial vehicle manufacturers are losing only electronic clusters.
And CapEx for '25, you said [indiscernible]. So that is the part of your...
INR 200 crores to INR 220 crores for organic CapEx, which is part of our larger INR 600 crore CapEx plan.
Okay. For FY '25?
Yes.
The next question is from the line of [indiscernible] Maria from [indiscernible].
So my question is, first, I just wanted to clarify that the market share in our digital -- in clusters in car is 6.8% or is it the share of revenue for us in 4-wheelers? And second, my main question was that, since we have got significant market share in our focus segments of 2-wheelers as well as series, I wanted to understand where is the incremental growth that we expect from?
[indiscernible] of the vehicle segment or share of business for clusters by volume is 6.8%, which we expect over the next few years to grow it to 10% and that's what our ambition is. Where is the incremental growth coming from the 2-wheeler and the commercial vehicle segment is increasing our share of business with certain customers by displacing competition or going up the value chain by certain clusters from electromechanical to electronic and mechanical to electromechanical, thereby increasing our value.
Understood, sir. And if I may ask, do we have a number for how much contribution is from EVs since that would be the ones that go to...
EVS are in very early stages now. We are now engaged with multiple EV player, almost 18 of them. And in fact, our entire [indiscernible] plant has been dedicated for EV cluster manufacturing, which is slowly ramping up.
Got it.
And I'd just like to clarify for or benefit and the benefit of all the other investors on this call. As I've mentioned many times before, our product is propulsion agnostic. So the question of whether it is EV or non-EV or even tomorrow or [indiscernible] of hydrogen, our product is propulsion agnostic. So really, the question of EV versus non-EV does not come into play because everything else in an EV cluster is the same. In fact, we are in almost all the top clusters we have preference today, except for [indiscernible] level, which is physical at petrol level here, [indiscernible] the factory level. So the question of -- we have a propulsion agnostic product. I'd just like to reiterate that.
The next question is from the line of Harini from Sundara Multinet.
I just wanted to clarify...
Can you be a little louder, please?
Is it better?
Yes, please.
So I just wanted to understand that there is a significant increase in the capital volume progress. Is it completely dedicated to the disc brake facility that we are setting up just to clarify.
As I mentioned to you, 1 plant is under construction. Another plant is just commencing construction. New lines have started getting constructed. New machines have started coming in and getting commissioned. So these are all capital work in progress.
Understood. Understood. Also, if you could throw some light on what is the total capacity that we'll be putting up for disc brakes?
Eventually, we will have a capacity of about INR 300 crores per annum. Currently, we have put up a capacity for about INR 120 crores per annum.
The next question is from the line of Nandan Pradhan from Emkay Global Financial Services.
Am I audible?
Mr. Pradhan, your audience sounding very low.
Is this better?
Yes, sir, please see.
So I would just follow up on the initial question that was also in terms of the new product development. You mentioned that you've got 6 customers and you're ramping up capacity, that was a context to which product exactly?
Pardon me, sir?
You said that you have orders from 6 new customers and you are ramping up capacities for the same and LOI is coming in. So...
New customers for existing customers, the start of production got delayed, vehicle launches of vehicle ramp-up, which has since got corrected and these are confirmed LOI [indiscernible] delayed production has resulted in loss of sales in Q4, which was anticipated.
Okay. No, I mean, there was a question in context of the e-cockpit and you mentioned this was in that context? Am I getting it right? So do you think...
Customers we spoke about the only customer we spoke about, which we have added hold our significant volumes in the coming 18 months and onwards and increase of share of business with certain customers by displacing competition or going up the value chain.
The next question is from the line of Shikha from [indiscernible] Advisors.
I have just 1 question...
Can you a little louder please?
Am I audible?
yes, Ma'am.
I'd like to understand your exports for the quarter, and I think at a take to 20% by -- so where are we on that...
Can you be a little louder and let echo please. I'm not able to understand anything what you're asking.
Yes. I was trying to understand where our exports were for the quarter and for the year and how we see that ramping up I understand that for FY '26 is to reach 20%. So I want to understand where we are now and where the growth is coming from?
As mentioned in previous calls, that is 1 area of failure of the company, which we not been able to achieve the vision of achieving 20%. And we have to scale it down to only 10% from the visibility we see, especially the economic conditions in the U.S. and Europe being much, much weaker than India. We are hoping to achieve about 10%, and we are currently at around 8%.
And I candidly mentioned multiple calls, this is 1 area where we have not delivered on our vision or our promise.
Right. And this 10% is for FY '26. That's the target?
Yes, Ma'am.
The next question is from the line of [indiscernible] Shah from Monarch Networth Capital Limited.
Am I audible?
Yes, please, Mr. Shah.
Sir, my question is regarding margins. So I just want to understand that what has significantly changed for us [indiscernible] considering you are guiding for 13.5% margins going forward, if we see in FY '22, we had clocked around 11.7% margin and '23 around 12%. So what has changed for us these what I want to know, some savings and other expenses? Or what is it about?
Actually, it's [indiscernible], productivity improvement, process improvement, and we see a clear visibility to get to about 13.5% and kind of [indiscernible]. I've always maintained that we see a visibility of 13.5% based on our plan of [indiscernible] want to do it, and we are on track to achieve that.
In fact, this year, our margins took a slight hit because as you're aware, we were engaged in certain corporate patterns, which took up a certain amount of cost, administrative costs, which were not planned, otherwise, even these margins would have been a little higher for this year.
Okay. Okay, sir. And 1 more question, if I could just ask you, and that is, have we maintained our market share in the 2-wheeler cluster side? Or are we -- is there some stiff competition there that we are noticing?
We have actually increased our market share, and we are hoping to further increase our market share with the LOIs that we have received, Mr. Shah. And then I can talk with some money that the concentrate is say that because the proof of putting at the LOIs that we have received.
Sir, can you give us a number of the market share that you have currently in 2-wheeler clusters?
Mr. Shah, I'd like to restrict to 1 question, please, already you're on to the second [indiscernible]. I think there are quite a lot more people on the queue.
The next question is from the line of [indiscernible], an Individual Investor.
So I have this question on PSC clusters. So do we have the technology of onboard [indiscernible] aviation? Because like in data and previous I could what we have provided is that [indiscernible].
We have provided the past country to provide 2 navigation on our 2-wheeler in the country.
Okay. So the [indiscernible] navigation, do you have that technology with...
[indiscernible] in India to introduce map technology turn-by-turn navigation much before our competition in the country.
No, I'm not asking about turn button. I'm asking about the whole [indiscernible]. Can you provide that?
Yes. Yes, we do have that technology.
The next question is from the line of Vipul Kumar Shah from Sumangal Investments.
What will be the asset turn off of our expanded capacity for which we are spending close to INR 200 crores?
We are -- I am pushing the team for 4.5, but I'm quite confident of achieving 4% to 4.25%.
4% to 4.5%. Is that correct?
Yes. That's right, based on the product mix.
The next question is from the line of Aman Kumar, an Individual Investor.
Can you for the opportunity to ask this question. Sir, are we doing anything about a heads-up display in the passenger car area?
It's already under development. In fact, in the last auto expo, even in our plan, we demonstrated our indigenously developed HUV, Mr. Kumar.
Sir, if I may squeeze in 1 more. Can you put the market share information once [indiscernible]...
[indiscernible] because we don't want to keep it out because competitors could tend to misuse it. But I think you would appreciate that.
The next question is from the line of [indiscernible] from Living Root Analytics.
Just a follow-up on Previous participants' questions. So could you give us the market share for 2 wheeler segments if it has increased?
No, I think the third time I've answered this on today's call, Mr. [indiscernible]. I said I will come to the table and say that our market share has increased and with our LOIs that is coming our way, it is going to only increase further over the next 2 years.
I'm asking you to quantify it? Is it possible to quantify it?
Mr. [indiscernible], I just mentioned I would prefer not to give numbers out because I don't want it to be miscued by competition.
The next question is from the line of Sahil Ruane from Monarch Network Capital.
I just want some more details on the disc brake side, sir. I mean, which are these customers, are the domestic, and what kind of capacity have you set up right now? I mean are you given the...
We have added several customers. Again, competitive information. We've set up capacity for about INR 10 crores per month, and we will be enhancing capacity over the next 2 years to between INR 300 crores and INR 400 crores per annum based on the [indiscernible] expansion.
Correct. Now this is good enough, sir. I mean the kind of penetration you've got in this very competitive industry. I just want to understand what kind of ramp-up are you seeing? I mean this INR 130 crore kind of revenue, are you targeting to get that in 2 years with these customers? Or can we...
In the 3 years, we hope to go to about INR 300 crores or INR 25 crores per ounce of titrate that we are hoping to achieve in the next 3 years.
The next question is from the line of Khush Nahar from [indiscernible].
Am I audible?
Yes, sir, please proceed.
. And sir, 1 question. What is the reason for the increase in the other expenses in FY '24?
Increase in the other expenses currently?
Yes, increasing the other expenses.
As mentioned, we were involved in certain corporate actions this year, which added significant administrative and legal costs. which is a onetime thing, which is behind us and hopefully -- not hopefully, we will not have [indiscernible] cost because we engage some of the [indiscernible] in the country.
The next question is from the line of [indiscernible] from [indiscernible].
Sir, I wanted to understand that within our DIS segment, frankly, how much volume -- how much revenue will be coming from more advanced digital and PFT clusters and how much would be from the more traditional instrumentation cluster?
25% by by value, by value to be closer to 50%.
And could you help us understand how has it grown in the past 1 year?
Maybe you can write to us, Ma'am, like I mentioned because it's -- and then we could give you a more elaborate answer, if you don't mind because I don't have it at my fingertips.
The next question is from the line of [indiscernible] Shah, an individual investor.
Sorry, if I'm asking this question again, actually, if I -- because I got -- joined later today. Are you on track to achieve our FY '26 expectation of -- target of INR 3,600 crores revenue organic and INR 400 crore revenue in organ. Are you on track with that?
We are on track to achieve INR 3,200 crores organic and INR 400 crores in organic, which I'd just like to stand corrected, which is what I had projected in my earlier call where we have [indiscernible] to achieve 20% exports, which is going to be lower at 10%.
Okay. So now we are setting the target at INR 3,200 crores organic and INR 400 crore inorganic, right?
Yes. This is what has been maintained by me in my last 2 calls also that exports is 1 area, instead of 20%, we are now only looking at 10%. We are tracking and that's 1 area where we have scaled back our projections.
The next question is from the line of Aman Kumar, an individual investor.
Sir, this is related to the export related. We were very optimistic about Caterpillar oil pumps and everything, et cetera. I think that is going on okay. Maybe the other things did not work. Can you give us some color about it, sir?
Caterpillar is going pretty well, and it's scaling up. I will request our CEO also to talk about it. But 1 area, 1 thing you must keep in mind is the, overall, the U.S. and Europe volumes have started really coming down because of the recessionary trends and the geopolitical situation, which is half the reason. The other half of the reason is some of the customers we were hoping to [indiscernible], but we have not penetrated because their business has not increased, and they are quite happy with their existing [indiscernible].
Ladies and gentlemen, that was the last question. I now hand the conference over to the management for the closing comments.
Our investors, thank you very much for your confidence in the company and for helping the company scale new heights and for your patients, and we do hope to continue rewarding your patients with better and better results in the quarters to come under the April guidance of our CEO, assisted by our Director of Strategy and Director Finance and the rest of the team. Thank you very much for participating in today's meeting. And as usual, I will meet you all again virtually for the H1 call, and the Q1 call will be handled by our CEO, CFO and our Director Strategy. A very good evening to all of you.
Thank you, members of the management team. Ladies and gentlemen, on behalf of Pricol Limited, that concludes this conference call. We thank you for joining us, and you may now disconnect your lines. Thank you.