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Kirloskar Oil Engines Ltd

BSE: 533293 | NSE: KIRLOSENG ISIN: INE146L01010
Market Cap: [Rs.Cr.] 3,894.80 Face Value: [Rs.] 2
Industry: Engines

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Management Discussions


Global growth in 2014 was lower than initially envisaged, continuing a pattern ofdisappointing out turns over the past several years. Growth picked up only marginally in2014, to 2.6 percent, from 2.5 percent in 2013. Beneath these headline numbers,increasingly divergent trends are at work in major economies. While activity in the UnitedStates and the United Kingdom has gathered momentum as labour markets settle and monetarypolicy remains extremely accommodative, the recovery has been sputtering in the EuropeArea and Japan as legacies of the financial crisis linger, intertwined with structuralbottlenecks. China, meanwhile, is undergoing a carefully managed slowdown. Disappointinggrowth in other developing countries in 2014 reflected weak external demand, but alsodomestic policy tightening, political uncertainties and supply-side constraints.

Several major forces are driving the global outlook: soft commodity prices;persistently low interest rates but increasingly divergent monetary policies across majoreconomies and weak world trade. In particular, the sharp decline in oil prices sincemid-2014 will support global activity and help offset some of the headwinds to growth inoil-importing developing economies. However, it will dampen growth prospects foroil-exporting countries, with significant regional repercussions.

The slowdown in global trade has been driven by both cyclical factors, notablypersistently weak import demand in high-income countries, and structural factors,including the changing relationship between trade and income. Specifically, world tradehas become less responsive to changes in global income because of slower expansions ofglobal supply chains and a shift in demand toward less import-intensive items.

2014-15 has been an eventful year for India. The BJP Government, had a landslidevictory in May 2014 and with it came huge expectations for economic revival in thecountry. The ‘Make in India’ campaign was launched by the Central Government inOctober 2014 aimed at developing India as the manufacturing hub of the world. The campaignemphasised the importance of low cost manufacturing in India along with technologyexpertise is 25 large scale industries. While the business and investment sentiment haslargely been positive and there are signs that point to a recovery in the making, nobreakthrough momentum has been achieved as yet.

The GDP growth in 2014-15 is estimated at 7.4% as compared to the growth rate of 6.9%in the previous year.

Kirloskar Oil Engines Limited (KOEL) has been one of the pioneers of the ‘Made inIndia’ concept since independence. Your Company has developed indigenous engineswhich are renowned in the agriculture, power generation and industrial off-highwayequipment segments. The Company’s engineering capabilities are backed by a strongR&D centre which works towards bringing innovative product offerings to the customerat competitive prices. Your Company has developed a niche for itself in the markets itoperates by launching new farm mechanization products and highly efficient dieselgenerator sets in India. Going beyond India, these solutions have reached the markets ofMiddle East, Africa, Europe, South Asia and the Americas, making the ‘Make inIndia’ campaign a reality.

This report will provide insights and an update on the Company performance through theFinancial Year 2014-15 with brief outlook for the Financial Year 2015-16.



The Diesel Generator (DG) set market in India is well organized and highly competitive.The market can be broadly classified into portable diesel generators (below 5kVA), smalldiesel generators (15-75 kVA), medium diesel generators (75.1 375 kVA) and large dieselgenerators (375.1 2000 kVA). In India, low and medium power rating DGs account formajority of the market share.

The Indian DG set market growth drivers predominantly are : Growth in infrastructureand real estate sectors, peak power deficit and overall economic growth. On account ofhigh power outages, higher reliability, rapid response time, fuel availability and highload carrying capacity, DGs are used for power backup besides being used for prime power.

Major application areas for DG sets include:

• Telecom

• Hospitality

• Healthcare

• Mining

• Power plants

• Real estate

• Agriculture sector

• Small and Medium Enterprises (SMEs)

• Manufacturing industries

After a prolonged wait, the Central Pollution Control (CPCB) Norms II, were madeeffective from 1 July 2014. The cut-off date was made applicable for all engines andgensets (upto 800 kW) sold after the effective date. DG set prices have settled down afterthe initial uncertainty and the price increase at an aggregate level have beenapproximately 10-15%. The industry has not yet witnessed any major market consolidation.

Business Overview

A contraction across all end-user/customer segments in terms of both volume and value,except the telecom sector, was witnessed in the DG sets market during Financial Year2014-15. Real estate (both residential and commercial), Government (DGS&D, Railwaysand Defense) were the worst affected end-user segments. High interest rates have created asituation of deferred purchase decisions in the medium and high segments.

The power generation business of your Company successfully managed a smooth transitionof CPCB-I to CPCB-II emission norms with zero inventory of CPCB I engines and components.

In order to remain relevant and youthful and keeping with the overall transformationagenda, the business launched its much awaited new brand identity KOEL Green. The revampedbrand identity ‘Efficiency Integrated’ reiterates the promise of enhancedefficiency on various business parameters together with proven reliability to itscustomers. A new range of petrol and diesel portable gensets in the 2-5 kVA segment waslaunched by the business. Financial Year 2014-15 also witnessed consolidation of theKirloskar Generator Technologies (KGT) business which included Alternator and Batterysales.

New Brand - KOEL Green

After witnessing a market contraction of almost 20% in Financial Year 2013-14, theoverall DG set market for Financial Year 2014-15 has been estimated at 100,700 units ascompared to 101,550 units in Financial Year 2013-14 (an overall drop of ~ 0.8 percent ).On value basis, Financial Year 2014-15 is estimated at Rs. 5600 crores, a growth ofapproximately 10% Year on Year resulting primarily from the CPCB-II enforced priceincrease. Under these trying circumstances, your Company continued to maintain marketleadership. Your Company gained 0.5% market share by volume, and approximately 2% in valueas compared to the previous Financial Year. On a Year on Year basis, the Power Generationbusiness grew by 34% in value terms (including KGT). The Company’s revenue from thePower Generation business stood at Rs. 997.3 crores of which Rs. 223.1 crores representedrevenue from KGT sales. The success can be attributed to:

• Successful transition of CPCB-I to CPCB-II emission norms. New emission productsare featured with best-in-class fuel efficiency, lower running costs, high reliability anddurability

• Market improvement efforts through enhancement of product features in newemission norm regime, launch of new variants of the products and optimization andautomation of existing system and processes to enhance the speed of operations

• Improved Customer engagement and centralized customer CARE centre

• Revamping of the entire supply chain management system and institutionalisationof best in class processes

• The national roll-out of Project Pulse (Siebel CRM) was completed and the systemis live at 500+ channel partner locations. The system has given KOEL a visibility andcontrol on the secondary sales and customer relationship transactions

New Product Development and launches

750 kVA engine launched

KOEL Chotta Chilli portable genset range launched

KOEL Chhota Chilli Portable Diesel Genset

Future outlook

Financial Year 2015-16 is expected to see an overall industrial revival. Infrastructureprojects which were delayed due to recessionary issues and green clearances are expectedto take off. The governments focus on infrastructure, construction, and mining sectorshould boost demand on the basis of a forecasted 7% GDP growth. Growth of 4G telecom isexpected to enhance DG power demand. Declining inflation will have a positive impact onindustrial recovery via increased consumption demand. Although both domestic and externaldemand is likely to provide support to the industrial recovery, major support will comefrom domestic demand. A number of announcements made in the recent budget to address thestructural issues plaguing industrial and infrastructure sector are expected to gatherpace in Financial Year 2015-16 besides a few more being announced during the year. Also,the government’s focus on ‘Make in India’ and improving the "ease ofdoing business", will aid the manufacturing/industrial growth. These factors areexpected to translate into an increased demand from manufacturing and process end usersegment during the next fiscal year. We expect Power Generation industry to grow by 8-10%in the current Financial Year.

KOEL Green Higher kVA Genset


One of the inherent challenges that Indian Agriculture faces is that it has around 11%of World’s arable land whereas it has to feed about 18% of World population. At157.35 million hectares, India holds the second largest agricultural land globally.Agriculture is the primary source of livelihood for 58% of the country’s population.

With an increasingly higher demand on agricultural yield, farm mechanization isbeginning to evolve across all farming sectors. It is seen to replace traditional methodsin most regions across the country. The presence of mechanised solutions provides for easeof working and increases productivity of land and labour. Mechanization also provides anopportunity to the farmer to explore multiple cropping, diversification of agriculture andefficient utilization of inputs such as seeds, fertilisers and irrigation water.

Business overview

The Agriculture and Allied business segment of your Company primarily focused on DieselEngine pump sets. The business also supplied engines for other related applications. Withimprovement in rural electrification, the diesel pump set industry has been witnessing asteady decline over the last few years and in the last fiscal, shrunk by approximately15%. There has been a steady shift from diesel engine driven pump sets to electrical pumpsets and solar powered water pump sets.

The Agriculture and Allied business segment underwent a strategic transition throughFinancial Year 2014-15. To bring in sharper focus that caters to the diversified farmingneeds, the business is now divided in two units :

• Agriculture- Crop Irrigation Business

• Agriculture- Farm Mechanisation Business

Crop Irrigation

The Crop Irrigation business continues to focus on building its reach into rural India.The business has more than 500 distributors and over 10,000 retailers. The business hasintroduced light weight engine pump sets, ‘High Head’ pump set and ‘HighDischarge’ pump set to meet specific requirements within the diesel engine pump setuser segment. The increased reach and specific segmental focus has helped the businessgain market share by 2%, year on year basis and sustain the business despite an industrydecline for diesel engine pump sets.

The business continues to use its increased reach into rural India and efficient supplychain, to increase its business in engines, pump sets, oil & allied products.

The Crop Irrigation business introduced a new brand identity named ‘Varsha’to cover all its engines business. It introduced products in all categories of engine pumpsets including the petrol kerosene engines, ultra-light pump sets, mono block pump setsand high head (Futura) series. Using its enhanced reach it launched alternators in therange 2 kVA to 40 kVA under the brand ‘Kirloskar Shakti’, achieved over 46%growth in the oil business and over 9% growth in the parts business. It gained marketshare in key states of Uttar Pradesh and Maharashtra through area specific strategies. The‘OEMCARE’ helpline was started for customer feedback to directly enhance OEMbusiness. The Rajkot plant produced 72344 engines with an overall capacity utilization of61%.

New brand identity for our Crop Irrigation Business

With an aggressive outreach to the market, the Crop Irrigation business received the‘Integrated Rural nd Marketing Campaign’ award for the 2 consecutive year forits Jack Trout campaign.

Integrated Rural Marketing Campaign Award

Farm Mechanisation

Agricultural Mechanization industry in India is expected to grow at a rapid pace due tothe demand- supply gap in agriculture production and huge shortage of labour. Withshrinking farm holdings, the need of the hour is to improve agricultural yield, where,mechanization will play an important part.

Umbrella Brand of Farm Mechanisation Business

With a view to have a distinct identity, the Farm Mechanisation business launched itsnew brand ‘Kirloskar Mechanization Works’ (KMW) in the market. Under this brandname it successfully launched its first farm mechanization product - MEGA T15 in theFinancial Year 2014-15. This is a product created after extensive engagement with thefarming community and market in-sighting. The business created a channel of 77 exclusivedealers for focussed delivery and service.

New Product Development and launches

MEGA T15, from the Farm Mechanization stable was launched in the third quarter ofFinancial Year 2014-15. This is totally an internally conceptualised product, designed andmanufactured by KOEL. Initial market indications are that the product has been wellreceived and has several distinct and differentiated features as compared to other similarproducts available in the market. The tag line of Mega T15 is "Looks like a Tillerworks like a Tractor". Mega T15

The Farm Mechanisation business bagged awards under ‘Innovative ideas for RuralDevelopment" for Mega T launch at the Asia Retail Congress. In addition, the Mega Treceived the Golden Award for its excellent graphics at SGIA Golden Image competition heldat Las Vegas in 2014 and the ‘Breakthrough Product Innovation’ in R & Dcategory for Mega T by AIMA Innovation Practitioners Summit 2015, Delhi.

Mega T awarded for Breakthrough

Product Innovation in R&D

Future outlook

The Agriculture business has an inherent risk of climate dependency. While this riskcannot be eliminated, your Company is taking several steps to minimize the impact of thisrisk. Some of these include :

• Diversification of product portfolio with enhanced focus in the Farmmechanisation space

• Moving the entire supply chain to consumption based pull system, where inventorylevels remain dynamic thereby reducing risk of inventory pile up

• Maximizing utilisation of the extensive and deep distribution channel that hasbeen established

In the Farm Mechanisation business, the focus will be to stabilize production andestablish the Mega T globally and continue our focus on new product development to provideoptimum mechanisation solutions in the Farm Mechanisation space.


For the third consecutive year, the Industrial engines business witnessed a slump. Themarket saw an overall decline of 16% on a Year on Year basis. The overall market size overthe last three years has shrunk from 64000 engines in Financial Year 2012-13 to 55000engines in Financial Year 2013-14 and further dropped to 46000 engines in Financial Year2014-15. The tractor market which witnessed an upsurge in the last two years and a growthof 23% in Financial Year 2013-14, witnessed a 10% decline in Financial Year 2014-15. Someof the principal factors contributing to this overall decline in the industrial segmentwere :

• Continued economic slowdown resulting in low demand for construction equipment

• Delayed monsoon that impacted tractor market

• Delayed Infrastructure projects due to recessionary issues and green clearancesimpacting off-take in construction and material handling equipment

Industrial 6R1080TA engine, BS III emission compliant

Amidst these downturns, there was a slight recovery in the mining sector in FinancialYear 2014-15 over Financial Year 2013-14 resulting in growth in earth moving equipment.Demand for fluid handling equipment’s (fire fighting pumps) remained stable.

Business overview

The Industrial business revenues were directly impacted by the market slowdown. YourCompany, however, has managed to counter the free fall to some extent and though there hasbeen a Year on Year decline of 5%, this is lower than the industry decline of 16%. KOELretained all the customers as well as application segments.

As a result of the overall market shrinkage in the last three years there has beenpressure on fixed costs and margins which your Company has been trying to overcome throughprofit improvement projects and operational effectiveness measures.

The Company’s revenue from the industrial engines business stood at Rs. 330.3crores for the current fiscal as compared to Rs. 346.3 crores in Financial Year 2013-14.

New Product Development and launches

During the fiscal, the Industrial Business introduced three new engine variants for thetractor segment and new engines for the off highway applications.

Future outlook

With the Government’s commitment to focus on infrastructure, construction and offhighway business, the Industrial Business is expected to show an improvement in comingquarters especially in construction and earth moving equipment. Infrastructure projectswhich were delayed due to recessionary issues and green clearances are expected to pick upin H1 of Financial Year 2015-16. In addition, mining equipment market is expected to pickup as regulatory uncertainties are likely to be resolved.

The business will continue to focus on developing new applications, maintaining minimuminventory levels with OEMs, effectively using the centralized customer CARE Centre andfurther improving its working capital cycle.


The Company’s commitment to provide quality service to all its customers continuedunabated. Our service network of 400 plus well-equipped service outlets spread across thecountry ensured timely and efficient after sales service to all the Company’scustomers. At present, the service network takes care of more than 600000 machines forIndustrial and Power Generation put together. Resulting from the overall economic slowdownand consequent lower usage of DG sets, the service business and sale of spares alsosuffered a setback. The Industrial and Infrastructure equipment market has witnessednegative 20% CAGR for last three years which again led to low spares consumption. Some ofthe telecom Comprehensive Annual maintenance Contracts (CAMC) customers decided to work onIntegrated Maintenance Expertise (IME) service model rather than current Subject MatterExpertise (SME) model. This has impacted service revenues severely from telecom segment.

Business overview

Despite lower power deficit and lesser economic activity across the industry, thecustomer support business of your Company remains committed to improve its high servicestandards through initiatives like :

• On line monitoring of Maximum Time to Repair (MTTR) at dealer level

• Timely escalation for delayed service

• Introduction of service outlets in unrepresented areas

• Improved spare parts availability

• Implementation of service and product satisfaction index

• Training of service engineers for capability enhancement

• Your Company’s commitment to provide quality service to all its customerscontinued with further expansion of service channel networks. Today, your Company has aservice outlet within 80 kms radius, in any location, across the country. As a result ofthis formidable network, the Company’s ability to provide prompt, reliable andefficient service to all its customers is a benchmark for the industry. The business alsoimplemented a customer satisfaction measurement system, centralised customer CARE centreand centralized operating service dealer management system.

The customer support team undertook several customer reach initiatives which gavesubstantial growth in the sale of overhauling kits and consumables, focussing on specificcustomer segments.

Future outlook

The growth in this business segment is to a large extent dependent on the growth inPower generation and Industrial business. That having said, outlook of the CustomerSupport business looks promising both in the short and long term due to higher forecastedGDP and the government’s focus on infrastructure, construction and mining sectors.


The global economic recovery after the 2008 financial crisis has been slow. TheEuropean economy continues to remain subdued, while the Middle East and African marketshave witnessed great volatility and instability on the political front. However, it isexpected that emerging markets and developing countries will show stronger growth.Overall, global growth may receive help from the lower oil prices seen over 2014 untilnow.

With a Vision of KOEL touching the world by 2025, Your Company’s Internationaloperations remains one of the key strategic focus areas and growth drivers. TheCompany’s International business supplies engines and gensets to over 40 countriesacross the world. These cover a wide range of Industrial, Agri and power generationapplications.

Business overview

Revenue from exports in Financial Year 2014-15 was Rs. 206 crores as against Rs. 197crores in the previous fiscal, thus registering a growth of 4.6% in a challengingmacroeconomic environment. Industrial business in export markets has shown a significantgrowth of 56% during the year, while agricultural business and power generation businessmarginally declined. International business contributed 8.3% of KOELs total revenues inFinancial Year 2014-15.

Middle-east and Africa continues to be the largest geographies for the Company,accounting for a significant portion of export revenues. Competition from multinationalcompanies has intensified in export markets while the company faces severe pricecompetition from Chinese and other domestic players in the agriculture export segment.

Currently the company exports its products to over 40 countries including the USA,Europe, Middle East, Africa and South Asia/South East Asia through a network of threeregional offices in UAE, South Africa and Kenya and channel partners and OEM customers.

Region wise Export Sales for Current Year

REGION FY 2015-16 (%)
Middle East 47%
Africa 37%
South Asia and South East Asia 7%
North and Central America 6%
Others 3%

Through close monitoring in various markets and course corrections where required,efforts were made to align actions with market expectations, resulting in sustaininggrowth. In Financial Year 2014-15 your Company carried out expansion of the powergeneration product range in existing markets and has pursued emission certification toadvanced emission regulation norms for entry to the American and European markets inFinancial Year 2016 and Financial Year 2017.

Some of the highlights in the International Business for the Financial Year 2014-15include:

• Exports to markets like South Africa, Nigeria, Kuwait, Indonesia, Kenya, UAE,Zambia, Sri Lanka, Nepal and the USA has grown over 20% in the Financial Year 2014-15 overthe previous year

• Achieved a big breakthrough in the Telecom segment in South Africa with MTN, theleading telecom utility, ordering 40 kVA DG sets

• The company’s business in mining repowering segment in South Africa grew byover 56% in the current fiscal over the previous year

• Achieved a breakthrough in FMUL firefighting engines in France and the non-FMULsegment in Bangladesh

• Entry into the Israel market with OEM partner for truck-mounted concrete mixers,and institutional Agri business segments in Nepal, Bangladesh and Angola

• Made an entry into the Australian market with a new channel partner

Future outlook

The focus in Financial Year 2015-16 will be to increase market shares throughpenetration in the existing markets and also increase the market spread by entering newmarkets in Africa, South East Asia and America.

Although USA is one of the largest genset markets in the world, KOEL’s presencehas been negligible. With a view to bring in greater focus and establish our products inthis market, we are in the process of incorporating a Company in USA, operations of whichwill begin in Financial Year 2015-16. Specific engines have been identified for EPAcertification, thus making them eligible for sale in USA.


The Large Engines Business focus thus far has been to manufacture and market dieselgensets above 1.7 MW for stationary power plants. Resulting from a re-organisation withinbusinesses, in order to bring greater focus, the marine and defence segment which earlierwas under the Power Generation business, was moved to the Large Engines Business. Thebusiness manufactures marine propulsion engines and auxiliary DG sets in the range 800 HPto 3500 HP. All DG engines are manufactured at the Nashik plant. Around 134 DG setssupplied so far in India for base load generation/standby power application, run onfurnace oil/high speed diesel.

The large engine business caters to a niche segment where demand is based on the launchof large government projects and defence power and propulsion requirements.

Business overview

During the year, Large Engines business successfully completed execution of the balanceDG sets order from Nuclear Power Corporation of India Ltd. (NPCIL). Five DG sets weremanufactured and dispatched to NPCIL in Financial Year 2014-15. With this, the entireorder of 16 DG sets of 4.2 MW each was completed well within planned delivery schedules.The timely delivery of all sets was highly appreciated by NPCIL.

The license agreement with MAN (erstwhile SEMT Pielstick) expired on 30July 2014.Consequent to the expiry of the MAN agreement, your Company has signed a Memorandum ofUnderstanding (MOU) with MTU (a subsidiary of Rolls Royce) for the supply of MTU enginesto cater to future requirements from NPCIL. The engines will be manufactured and suppliedby MTU in Germany and KOEL will integrate the DG set for assembly and testing at theNashik plant.

The business successfully commissioned its fourth ship set of naval OPV class in Goaand its first ship set of ASW Corvette class at Kolkata.

Future outlook

The Large Engines business will continue to drive its growth in the stationary powerplants, defence and marine power and propulsion segments. With the MTU MOU in place, yourCompany remains geared and capable to take on all future NPCIL orders. The Nashik plantwill continue to be the main manufacturing and assembly hub for the business especiallywith all defence and marine engines and DG sets assembly operating out of the plant.


Research is a key component that helps KOEL remain relevant and drive growth throughinnovative solutions and product offerings. Over the years, your Company has set up anexcellent R&D facility, manned by a very competent team, which works closely with ourbusinesses to deliver high value. We believe that spends on R&D are an investmenttowards building innovative products and solutions for sustainable future growth.

In pursuit of excellence in product performance and enhancing value to customersthrough new and improved products, the research team is working towards achievingbenchmark parameters both in the domestic and global markets to offer the most advancedand comprehensive range of products. During the year, the team supported the launch ofseveral innovative products that enabled your Company fortify its market leadershipposition.

The Mega T15 and Ultra-light portable diesel pumpset in the Agri market and 750 kVA and3 kVA generating sets in DG market were some of the key products launched.

Enhancing existing product lines

The 6R1080 engine for Harvester market was introduced with air-cooled engines for largepump set application across Asia-Pacific market and FM/UL engines in European market. TheHA6TC engines with 110 HP for transit mixer application for international markets and themodular canopy for West Africa market.

The R&D team ensured smooth and successful transition and upgrades for thefollowing :

• Bharat Stage III (BS III) emission compliant engines for construction equipment

• Entire range of Genset models upgraded to meet CPCB stage II emission norms

• Bharat (TREM) Stage III A emission norm compliant engines for tractorapplication

• A major project of PLM reimplementation is underway and expected to be completedin 2015-16

Innovating for a sustainable future

Some of the specific focus areas of R&D efforts in the current fiscal were :

• Emission solution based on mechanical fuel injection and electronic fuelinjection

• 4 Valve per cylinder technology

• Design methodology based on three Dimensional Analysis

• Enhancing engine life

Future Outlook

The R&D efforts and focus will continue in the future. Efforts to completelymodernize and upgrade existing product development facilities and development of newtechnologies for cost effective emission will form part of the short term goals. YourCompany also plans to develop new products in High Horse Power (HHP) range, newapplications like marine genset and main propulsion. The R&D business strategy willcontinue to focus on increasing efficiency, enhancing customer satisfaction andstrengthening business presence in key strategic growth markets.


Superior product quality has been the hallmark of your Company’s brands. Incontinuation with this goal, Quality Assurance has the constant demand of providing checksand balances to deliver a superior product. One of the key initiatives of the year was theramp up of the entire product portfolio of power generation business with 19 new CPCB-IIemission compliant gensets through a structured approach and strong Quality Stage Gatesystem.


Futures & Options Quote
Future Data Not present
Key Information

Key Executives:

Atul C Kirloskar , Executive Chairman

Gautam A Kulkarni , Executive Vice Chairman

Rahul C Kirloskar , Director

R R Deshpande , Executive Director

Company Head Office / Quarters:

Laxmanrao Kirloskar Road,
Phone : Maharashtra-91-20-25810341 / Maharashtra-
Fax : Maharashtra-91-20-25813208/0209 / Maharashtra-
E-mail : investors@kirloskar.com
Web : http://www.koel.co.in


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