M&A led capability building: M&A has been pivotal to KPIT's capability expansion & profitability. The Caresoft deal (largest in five years) brings CV/off-highway expertise, software benchmarking, and China market access. Earlier, Technica added strengths in E/E architecture & device networking. These targeted acquisitions deepen KPIT's technical moats, scale highgrowth lines rapidly, and support margin accretion via operating leverage as KPIT integrates and cross-utilizes acquired talent & IP across clients. We...