Ather Energy Ltd

And that premium positioning has been considerably built on the back of our really well-built software. ● Software-defined ecosystem is a direction that Ather bet on almost 8-9 years ago, and we have invested considerably over the last decade and a year. Not only has it differentiated our product portfolio, but it has today also come to be really strong business and financial dividends, as we will shortly see in results. ● Finally, a fairly capital efficient focus, capital efficient approach to building a business. While we are in the auto business and Capex is a way of life, Ather has always been very careful with high Capex approaches. For example, Ather does not run its own distribution, choosing to partner with strong dealerships across the country, allowing us a really low cost and a rapid expansion.

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− Coming to financial performance, FY25 was characterized by very strong growth in volumes, where Volumes were up almost 40-50%. Total Income, despite subsidies coming down by almost Rs. 10,000, total Income also grew very healthily. − But the biggest story hands down was Adjusted Gross Margins. Adjusted Gross Margins more than doubled from 9% to 19%, taking us very close to where the classical scooter industry has historically operated. And that Gross Margin growth was not lost on profitability because a lot of that, almost all of it, the vast majority of it, flew straight into EBITDA improvement, with EBITDA improving from -36% to -23%. − That trajectory has continued with Q1 FY26 showing an even stronger traction. Within one quarter, we have seen Volumes go up, we have seen Income go up. Gross Margins within one quarter have gone up by almost 400 bps and EBITDA has improved by an even higher quantum in Q1. − The expansion of Gross Margin is particularly one that I want to bring to everybody's attention because this has been the result of incredible amount of engineering and product development and value engineering by all our teams at Ather over the last few years. While the story looks like it went from 9% to 19% to 23%, the real strength and the amount of work is really visible when you see the blue line here, where Adjusted Gross Margins without subsidies went up from -6% to 12% to 20%.

Which means, today your company without incentives, without subsidies, PLI is already delivering 20% AGM, and is on a very strong footing. − And we are not done. We believe there are very strong levers ahead of us. Value engineering continues to play a strong role as we saw in Q1's results. Commodities continue to be favourable, so the macro tailwinds are in our favour. The success of our software, which we sell as an independent accessory and is not compulsorily sold with the vehicle, has seen very strong success. I'll just quickly bring those numbers up. And accessories also have been growing in sale for us. All of this is resulting into strong Gross Margins for the business. − Going ahead, we have a change of technology from NMC to LFP in the battery packs. We have a new product platform going live very shortly in next year. And value engineering will continue to deliver strong results. We expect our Gross Margins to trend up in the coming years also. − Coming to operations, today all our manufacturing is run out of our one facility in Hosur, where our battery and vehicle lines are co-located. This facility has scaled up really well. And in recent months, we are seeing almost two-thirds utilization. We expect, with all the distribution growth and the success with Rizta in recent months, we believe that by sometime next year, we will be nearing complete utilization in this plant potentially. Which will coincide well with our establishment of our next facility, which is coming up in Chhatrapati Sambhajinagar. − Ather has bought roughly about 100 acres in Chhatrapati Sambhajinagar and work has begun into building an integrated greenfield facility there. By next year, the facility will hopefully be ready and will go live. Not only will it increase our capacity, it will also allow us to go live with our next generation product, the EL platform.

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− The EL platform was announced about two weeks ago at our Annual Community Day event here in Bangalore. EL platform is our attempt at going even more mainstream beyond Rizta and taking electric mobility to all scooter consumers tomorrow. − What we're doing with EL is, EL is a very versatile platform, allowing us to build multiple products on the same platform. It is designed for scalability and serviceability first, and it is significantly cost optimized. With a steel frame architecture and a redesigned gearbox, along with a simplified electronic architecture, we expect EL to have a substantially lower cost structure compared to our architectures today, but continue the goodness of Ather, where our cost, where our technology and our quality, especially with our software and electronics, will continue into the EL platform. So we really bring the best of both worlds together; great cost structures with our quality together in a new platform. − EL platform products are under development. And, two weeks ago in Bangalore, we had shown the first concept vehicle, what you see on the screen here, live at our event here. EL will play two distinct roles in our portfolio: In the higher price segments, where Ather today has a very strong dominance and a very strong market share, there EL with lower cost structures, but better value to end consumers, specifically with our new feature sets, we are hoping to improve our gross margins in those segments with EL, while in other segments, we are hoping to expand our total addressable markets. So maintain margins there, but bring down our price points, allowing us to expand into larger markets with EL. So with EL, we definitely are expecting a larger market opportunity for the company and the brand. − Not just the scooter, but also on motorcycles, work has already begun. Ather is developing a platform today called the Zenith platform. While the EV motorcycle industry is still at a very early stage, we believe time has come to now start investing in solid platforms and R&D to build a really good foundation like Ather did with scooters and prepare ourselves over the coming years to launch our first products here. We'll be watching this market very closely, and as the market starts maturing, we will start going live with our products here also. − In addition to the vehicle, we also have had good upgrades on our ecosystem. On fast charging, for example, two weeks ago, we announced our fastest fast charger, almost two times faster than what we did in the past. We have also done a lot of work on standardization, with the Ather charging standard today becoming a BIS adopted national standard known as the Light Electric Combined Charging System, LECCS, for short. And this is the first standard where we are seeing multiple companies coming together, leading to a true standardization with cross compatibility, cross utilization and a shared network across the industry. We have several partners already on board on a common consortium, and we expect LECCS to drive industry adoption for common charging points in the future in a big way. − On the back of this, we already have the largest fast charging network in India today for electric two- wheelers with more than 4,000 charging points already live. And our new fast chargers can now fast charge your vehicle for a day's worth of charge in just 10 minutes. − On software, we call our software Atherstack, and Atherstack has been a solid story of continuous improvements and incredible growth in terms of value provided to end consumers. To just give you a little bit of flavour, because many of you might have heard about this for the first time, and you

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know that because software is so new to our industry, I'll just request our teams to play a quick video to take you through what Atherstack’s latest generation, Atherstack 7.0 brings to the market. Video played − − That was all about Atherstack 7.0, which is our latest generation of Atherstack. With Atherstack 7.0, we've brought to the market voice commands, first of its kind in our industry. Voice, we expect will be a significant game changer. It will go live over the course of the next few months on all our products, and it will be particularly enabled by our integrated helmets called Ather Halo. These are our line of smart helmets that we sell at really competitive prices and are starting to go mainstream today. − The way to understand our recent launches, like voice or pothole alerts where we are now alerting consumers or users to nearby potholes, or hopefully improving their safety, or crash alerts, or other vehicle safety features, what we're trying to do is take all the technology that we have built, and with these mediums, make it more mainstream. We believe time has come for software on our vehicles to go beyond being just geeky and nerdy, and go beyond early adopters to mainstream users. You don't need to understand the tech very deeply to start using our features. Something that we're already observing with really skyrocketing usage of all our features across the board, particularly our safety and navigation features. So, Atherstack 7.0 brings all that to the market and we are committed to investing more and building an even wider portfolio of features on this suite. − On financial numbers, by the way, there's not just a good story of product differentiation. Financially, Atherstack and software has been really profitable for the business. In FY25, 88% of our consumers, 88% of our users opted to buy the Atherstack software as an accessory. So we sell software as ProPack, Atherstack ProPack, and it's an optional accessory. So it's not a SaaS business model. You don't have to pay a subscription and keep paying every month. You just pay one time and then features are enabled lifetime. OTAs are enabled for the next three years and connectivity is enabled for the next three years. 88% of our new buyers bought this software suite in FY25 with a high attach rate and high consumer ratings. − Overall, non-vehicle revenue was almost 12%, the lion's share of which was software in FY25. Not just FY25, but even in Q1 FY26, we saw very similar numbers with an 89% attach rate for our software and about 12% contribution from non-vehicle revenue. − To summarize it all, and thank you for being patient listeners as we took you through our entire business, there are five key strategies for our business in the coming years: ● We will continue our focus on profitability with a big focus on improving unit economics. We are doing that by leveraging new technology, by driving cost reductions via EL and the continuous investment on our engineering and value engineering. ● The second big focus would be deepening our distribution. That remains our lowest hanging fruit and the biggest growth lever in the near term. We are expanding our dominance in the South and in the non-South markets, particularly in Middle India today and North India tomorrow, we will be expanding our distribution in a big way.

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● Third is expansion of our product portfolio that has worked beautifully for us in the recent times with Rizta's introduction. We will continue to expand our portfolio with EL next year and many other products in the future. ● Improving operational efficiencies and manufacturing capabilities with the higher backward integration in Factor 3.0 in Chhatrapati Sambhajinagar, and a big focus on mitigating supply chain risks, that topic will remain top of mind for us. ● And finally, investing in building the Ather brand. We believe EV is at an early stage in the overall auto cycle, and brands like ours will have the opportunity to build a very strong consumer recall.

So, we will continue investing in the Ather brand in the coming years also. − With that, I am at the end of my speech. Over to the team. − − Thank you, Tarun. This was a really good talk, giving an overview of the company and what we are planning to do in the future. − I will now conduct the proceedings of the meeting. The Notice dated 4th August 2025 convening the meeting, the Statement of Profit and Loss for the year ended 31st March 2025 and the Balance Sheet dated 31st March 2025 together with the Report of the Board of Directors and the Auditors have been circulated to you. With your permission, I would like to take the Notice as read. I further confirm that there are no qualifications, observations or comments mentioned in the Auditor's Report on financial statements, or matters which have any adverse effect on the functioning of the company.

Hence, it does not call for a reading of the Auditor's Report. The shareholders may also note that considering that e-voting on all the items of the agenda has been made available to the shareholders, there shall be no voting by show of hands. − We shall now proceed to take up the agenda matters in their order as set out in the Notice of the meeting. After this, we will open the floor for questions by the shareholders who have registered to speak at the AGM. I would now take up all the items given in the Notice of the 12th Annual General

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− Now we will take questions from the shareholders. To avoid repetition, the answers to all the questions shall be provided towards the end. Shareholders may also note that the company reserves the right to limit the number of shareholders asking questions depending on the availability of time. Over to you Puja for this session. − − Thank you, Chairperson. − Dear shareholders, before we begin the Question & Answer session, we have a few points to be noted for your convenience. The name of the shareholders who have registered to speak at the AGM will be announced in turns by the moderator. You are requested to state your name, DP ID and client ID and the place from where you are joining the meeting and then proceed to speak. Each shareholder will be given three minutes for their questions. To avoid repetition the Board of Directors shall respond to all the questions at the end. In case there is a connectivity problem with any shareholder, then the next shareholder will be asked to join. Once the connectivity improves, the shareholder will be called again. I request the Moderator to please connect the shareholder speakers. − − Thank you, ma'am. We now invite our first shareholder Mr. Sarvjeet Singh to speak. Mr. Singh we have placed you in the meeting. Kindly unmute your microphone to speak. − Mr. Sarvjeet Singh – Shareholder: − Hello Chairman sir, can you hear my voice? − − Yes sir, please proceed. − Mr. Sarvjeet Singh – Shareholder: − Chairman sir first of all good morning to you, all the Board of Directors, all the staff of Ather Energy Limited and my fellow shareholders. Chairman sir, right now our first meeting has been held and I am joining this meeting from Delhi. Sir, the way you told us about the company in your opening remarks and the way you gave a complete explanation about our company, is commendable and we can see that your hard work is clear. And sir, the way you are dealing with the investor with an investor-friendly approach, it is evident that we have a bright future. ● Sir, can you tell us about the road map for the next 24 months? ● Our promoter holding is around 42% and the foreign investor investment is around 24%. So sir the impact of the foreign investor on the company is clear and the trust of the foreign investor is also fully there in our company. So sir, I would like to ask you that the way you are working hard sir, what kind of return will the investor get in the future?

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● Rest Chairman sir, since you’re transparent, I would like to bring one thing to your notice, which is surprising. Sir, in this gathering, even though it’s petty, but the CS should inform the speaker shareholder his speaker number in the queue. They should make that effort. ● I don’t have any objection w.r.t. the Sitting Fees of the directors, as it’s proportional to his/her hard work. − I would just request you’ll to take care of your speaker shareholders. I’m sure we will have a bright future. − − Thank you, Mr. Singh. Our next shareholder Mr. Ramesh Shankar Gola is not present in the meeting.

So we now invite Shareholder No. 3 Mr. Manjit Singh to speak. Mr. Singh, we have now placed you in the meeting. Kindly unmute your microphone to speak. − − Hello. − − We can hear you sir. Please proceed. − − Sir, can you hear me? − − Yes sir, we can hear you. You can speak. − − Chairperson, your speech was a reflection of your professionalism and we’re confident that you’ll take the company to forward progressively. We congratulate you for that. We pray that the company progresses and we investors get good returns. Thank you, sir. Thank you so much. − − Thank you, Mr. Singh. We now invite our next shareholder Mr. Nikhil Dhavale to speak. Sir, you have been placed in the meeting. Kindly unmute your microphone to speak. − Mr. Nikhil Dhavale – Shareholder: − Yeah. Yeah. I thank you for this opportunity to speak today. I would like to appreciate the team's strong focus on software and technology. However, I have a concern about the after sales services in Pune. This is on my personal experience and there are concerns about its cost and overall experience.

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I hope that the CEO and the management looks at the after sales services, especially in Pune. As an engineer I really admire what Ather does, but as a customer and as a shareholder I have concerns about the after sales services. − − Thank you, Mr. Dhavale. We’ve noted your questions and we'll get back. Our next shareholder to speak is Mr. Bharat K. Raj. Sir, you've been placed in the meeting. Kindly unmute your microphone to speak. − Mr. Bharat K. Raj – Shareholder: − Yeah. Very good morning, Mr. Chairman, entire Board of Directors and KMPs of my company. I'm audible sir? − − Yes we can hear you sir. Please proceed. − Mr. Bharat K. Raj – Shareholder: − Yeah I'm Bharat Raj attending from Hyderabad. First of all, I congratulate the Board for the successful IPO listing, sir. I congratulate your entire Board, and the wonderful Chairman's views and the presentation you have given, sir. Chairman, sir, I should thank the Secretarial Department. They sent me the link. In the link, also, the speaker number is there. They're always informing me, sir, “Please join.” Wonderful secretarial services. I thank you, Chairman, sir. My question is: ● What will be the impact regarding the GST, sir? Will any impact be there on our EBITDA margins and our sales? Please let me know. ● Sir, the future is hydrogen, sir. So, any plans for hydrogen fuel vehicles, sir? Please let me know. ● Ather is a wonderful vehicle if I compare it with other electrical models. The design and the shock absorbers are wonderful, sir. I hope that my brand will not only be in India, sir. I hope that in the Asian countries you will also expand my business, sir, so that there are more sales and more revenue, sir. − I hope we receive more dividends and, in the future, bonuses too, sir. I appreciate the entire Board, and my best wishes to you all, and God bless you all. − On the happy occasion of the IPO, please send dry fruits to all speaker shareholders. This is nothing but your love and affection during the Diwali festival, sir. Please consider it as love and affection, sir.

My best wishes to you. All the best for the coming years. Take care, sir. God bless you all. I support all the decisions. Thank you very much for giving this opportunity. Take care, sir. − − Thank you very much, sir. We now invite our next shareholder, Mr. Manoj Kumar Gupta, to speak.

Mr. Gupta, you’ve been placed in the meeting. Kindly unmute your microphone to speak.

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− Mr. Manoj Kumar Gupta – Shareholder: − Good morning, respected Chairperson, Board of Directors, and fellow shareholders. My name is Manoj Kumar Gupta. I have joined this meeting from my residence in the City of Joy, Kolkata. I feel proud to be a shareholder of Ather Energy, and I am lucky that I have got the shares in the IPO. I thank you and your team for the results of the company for 2024-25. I thank the Company Secretary and her team for their excellent services to the small shareholders. They have helped the shareholders to join the meeting because I got the link yesterday, and I got two calls yesterday with the speaker number. So such types of services should continue in the future too. − My first request is that you keep continuing the VC meeting so that you are in Bangalore we are in Kolkata, we can talk to you. And I request Mr. Mehta to kindly leave something for the shareholders because you have covered all things in your opening remarks. You have not left anything for the shareholders to ask you. Because, in your opening remarks of 22 minutes, you have covered everything about the present and future. You have not left anything for the shareholders to ask you after the IPO, such was your presentation. Next time, please do leave our something, so that we shareholders can then ask you about it. However, I do have a couple of questions: ● Do you have any plans to launch some vehicle for the handicapped / Divyang people? Our beloved Prime Minister is giving more preference to the Divyang in every sector, and he has asked the auto companies to produce some of their vehicles and their two-wheeler, keeping the Divyang in view. So, what’s your plan in that regard? ● And, sir, how will you face competition in your business from Ola and others, sir, Ola Electric vehicles and others, sir? How will you face the competition? ● India has 11.5 crores students, out of which 4.25 crores use cycles or two-wheelers. Do you have any plans to launch electric cycles which the middle class can afford, so that their kids can commute to school/college? Also, you could give a student discount on presentation of their ID cards, or you could promote Ather’s two-wheelers in schools. ● You mentioned in your opening remarks that you are No. 1 in South India. So, when will you be No. 1 in India? When do you expect that you will be No. 1 in India to fulfill your vision? ● And what’s your plan for Central India and North India? Just now you said that you are going to set up a greenfield plant in Maharashtra, Sambhajinagar. So, what’s your plan? ● And, sir, the Northeast is also growing—Assam, Meghalaya, Tripura, Arunachal, Sikkim, and the eastern part, Bengal, Bihar, Odisha, is also growing. There are several opportunities, and land is there. So, do you have any plan to bring… because you have cash in your books. So, how will you utilize that cash for the further growth of the company? ● And, sir, as per the vision of our Prime Minister and the IT Minister, Shri. Ashwani Vaishnav, the first semiconductor industry will start by December. So, what’s your expectation when the Indian semiconductor industry comes, and we will not have to depend on China and others? ● And what’s your view on the rare earth? China is showing threats to us for the rare earth, for the automobile industry. So, what’s your plan in that regard? ● And do consider the shareholders by allowing 3% or 4% discount if their family members want to buy your vehicle. ● And try to open more service centers throughout the nation so that you can compete with the people, sir. − With this, I strongly support all the resolutions. I wish you all the best for the coming festivals. And thanks, once again, thanks to your Company Secretary and her team, because yesterday I called your

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Secretarial Department when I had not got the link. That gentleman assured me that it’s my promise, you will get the link, and you will get the call. So, such types of people should be in the Secretarial Department to serve the shareholders. And with this, I strongly support all the resolutions. And do not forget us, sir. Thank you. − − Thank you, Mr. Gupta. − Mr. Gupta was the last shareholder speaker. And with this, we conclude the question sessions from all of the shareholders. And, I now handover the proceedings back to our Chairperson. Over to you Ma’am. − − Thank you, shareholders for your question. We'll try to respond to all questions raised in the meeting.

However, the shareholders may also write to the company on the designated email address given on the website of the company for any further questions and queries you may have. While we provide the answers to the questions shortly, I would request the team to play the video. We showcase the work done by Ather Energy during the last year, and then display the questions received on the web chat. Puja, can I request you to play the video? − Video played − − Thank you, folks. Thank you for patience. So we have the list of questions here. We'll quickly take you through our responses. − The questions are on views on semiconductors in India and views on hydrogen fuel vehicles in the two-wheeler industry, I'll request Swapnil to take both. − Mr. Swapnil Jain - Executive Director and CTO, Ather Energy Limited: − So first I'll start with the rare earth piece itself. We have been actively working on mitigating the rare earth crisis which has been there for the past few months now. We have successfully migrated to heavy rare earth free magnets. So, heavy rare earth which was a big challenge and which was something which China was controlling, we have migrated from that to heavy rare earth free which has lesser restrictions, actually no restrictions from the government side, and we have been able to mitigate it in the short term. In the long term also, we will keep working on different technologies to better mitigate the rare earth crisis. − On the semiconductor piece, it's a bit early to comment on it. But yes, definitely we are constantly working with all the players who have plans of building semiconductors in India, and we would strongly work with them in creating products which are more specific for EV application and incorporating them in our products as early as they come into production.

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− Hydrogen, we are not very excited about especially in the two-wheeler segment. I believe hydrogen is something which is very useful probably in trucks and long commutes. But in a two-wheeler segment we definitely strongly believe that electric is the way to go forward, fast charging is the way to go forward and we will keep investing in these ideas, and these technologies and the road map around that. But we believe that focus on EVs is the most critical. Hydrogen may not give us as much of a benefit as it might be with other forms of transport. − − Thanks Swapnil. Manoj Kumar Gupta's questions, his one question was on vehicles for the divyang people, differently abled customers. While right now we are not focused on it, but we do have some partners in mind. So, thank you for bringing this to our attention again. We will give this due consideration, though no immediate outlook and no immediate plans for me to share with you. − Your second question was whether Ather will make an electric cycle. It's a very exciting market and we are a product and consumer focused brand. So, it is a segment which we can consider in future.

But our immediate near-term focus is on the scooter portfolio and after that motorcycles. After that we can consider cycles according to time and bandwidth, but not in the near future. − Discount to shareholders 3%, right now no such plans. So unfortunately, nothing for me to share there today. − Bharat had a question on impact of GST on margins and sales. So GST is obviously a change in our industry, and it does make ICE engine vehicles more competitive. In the near term, short term, I expect there will have to be some tactical response that our industry will have to prepare, and we are certainly working on one, certainly through the festive period. But in the mid to long term, I am not, honestly, very worried, because in the two-wheeler segment, the total cost of ownership of an electric is immensely in favour. A 7% reduction in the final landed cost of an ICE vehicle does not change the TCO advantage of an electric by much; only a few months here and there, and keeps the argument very strong. So I expect mid to long term, there should not be any meaningful or large impact. But in the near term, there will certainly be some tactical responses that we will all prepare for to safeguard our business and growth. − Sarvjeet Singh ji's question was, what is your road map for the next two years? We took you through it in the presentation, but just to summarise, our growth leavers are very clearly stacked up. In the near term in FY26, FY27, we have a lot of growth in distribution expansion, where we have a lot of headroom to grow and see a lot of opportunity. In the mid term, after distribution expansion, we have the EL platform, on which we can build multiple products. These are better cost products also, many of them, and here we can also have a margin expansion. And in the long term, we have the motorcycle product, on which we are building the Zenith platform. So in the next two years, distribution expansion, EL and its products, after that motorcycle, the new plant in Aurangabad, Chhatrapati Sambhajinagar, I think we have our hands full. We have a lot of work to do in the next two years, and this is our rough outlook for the next two years. − Expansion of the business in other Asian countries, definitely. Outside India, we have expanded the market in Nepal and Sri Lanka in the last one to one and a half years. We have received a favorable response from both the countries, and we will be expanding more. After India's expansion is done,

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and there is a lot of opportunity in India to focus on this, but over a year or two, as the India expansion sort of matures, after that, I think there are a lot of Asian countries where electric mobility is increasing. So I think there will be a lot of opportunity here, and we will certainly focus on this. I think Indian two-wheeler companies have shown a very successful track record historically of international expansion. And Ather EV will also focus on this in the future. − Plans for Central and Northeast India. In my presentation, I took you through a section which I called Middle India. In Middle India, there was a lot of focus on Central India with Madhya Pradesh, Chhattisgarh, Odisha, all these markets. Here we have our distribution expansion, which is going on vigorously. Over the next two to three quarters, we think our distribution will reach a good quantity, and with Rizta, we will be able to penetrate into a very deep market. In Northeast, with Ather 450 itself, we are getting a lot of success. For this, we have already become No. 1 there in recent months.

As far as production goes, our production will expand in short-term in Hosur and next year in Aurangabad, Chhatrapati Sambhajinagar. Apart from this, I don't think we will need any production expansion. So at least for two to three years or more, we are likely to be in two plants. − Nikhil Dhavale ji had a question on sales and service. Nikhil ji, if I remember correctly, we met at our Community Day event in Bangalore. So thank you for being a lover of the brand and a big supporter, and for coming to our event all the way from Pune. So we certainly take your feedback always and will always listen to it. At Ather, for us, service has always been a big focus, because this has been one of the things that has differentiated the brand and the business in the larger EV industry. Which is why, and we spoke about it even during our event, while our distribution is expanding in a big way, our service infrastructure has also expanded lockstep with it, and we continue to invest towards it.

We continue to track metrics very carefully and we are keeping it within very tight bounds at all points. Particularly in recent quarters, we have also had the expansion of Ather Gold Service Centres, which I also believe now are coming to Pune. There is already one Gold Service Centre in Pune. Sorry, they are coming to Pune also. Ather Gold Service Centres have a better turnaround time than our other service centres and we are certainly expanding with those. Rest assured, our focus on service is big. Particularly in the city of Pune, we are expecting a significant expansion of distribution and service infrastructure in the coming quarters. So if there is any sporadic issue, that should also not really be there in the coming years. − How will you face the competition and when will you be No. 1 in India? And I think that is pretty much the last question here. So our approach, how we build this business is very different. Our take, how we are building a product-focused company, how we are building… how we are focused on experience on the back of our technology and engineering is quite distinct in the market. Honestly, we cannot predict market shares with a high degree of accuracy. But what we can be confident of is volume, because fundamentally, we think volume by volume stack up. And I think with 450, 450S, then Rizta, RiztaS and now with EL, the volume outlook is quite strong and quite positive in the coming two years at least. So we are pretty confident. You will notice that Ather has, in recent quarters, become the No. 1 by volume in all southern states put together, in the state of Gujarat, in all the northeastern states put together. We have also seen very strong market share gains in Maharashtra, Rajasthan, even MP in recent months. So I think the track record is very strong and I am quite optimistic of further market share gains in the coming years. − With that, I think we are at the end of all these questions, Puja. −

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− Yes, we will now request Ms. Neelam to address the shareholders. − − Thank you, Tarun. That was comprehensive answering of all the questions. I think we have answered all the questions. If there are any further queries, please email it to us and we will answer them separately. Shareholders may note that the voting for NSDL will be made available for the next 30 minutes. Shareholders who have not yet cast their votes, can cast their vote through the e-voting system provided by NSDL. Shareholders can click on the voting tab on the video conference screen to avail the facility. − Mr. Pramod SM, Partner, BMP & Co. LLP, Practicing Company Secretary has been appointed as the Scrutinizer for supervising the e-voting process. The Scrutinizer's Report on the voting results will be made available on the website of the company and the same shall be disseminated to the stock exchanges at the earliest. The resolutions as set forth in the Notice shall be deemed to be passed today, subject to the receipt of the requisite number of votes. − On behalf of the Board and the management, I thank the shareholders for their active participation in the meeting. I also thank all the Board Members, employees, suppliers, vendors and bankers for the committed and efficient services rendered by them towards the successful operations of the company. I also express sincere appreciation to the various government, regulatory authorities and the company's valued customers for their continued cooperation, trust and support. − I now declare the meeting has concluded. Thank you and see you next year. Thank you.

− END OF MEETING/E-VOTING BEGINS