IPO Analysis: Jyoti CNC and Automation Limited

IPO Analysis of Jyoti CNC and Automation Limited

Jyoti CNC Automation Limited (JCAL) is one of the world’s leading manufacturers of metal cutting computer numerical control (CNC) machines with the third largest market share in India accounting approximately 10% of the market share in India in Fiscal 2023 and twelfth largest market share globally accounting for 0.4% of the market share globally in calendar year 2022. It is a prominent manufacturer of simultaneous 5-Axis CNC machines in India and supply a diverse portfolio of CNC machines including CNC Turning Centers, CNC Turn Mill Centers, CNC Vertical Machining Centers (VMCs) and CNC Horizontal Machining Centers (HMCs). It relies on its expertise built over 2 decades of presence and strong R&D capabilities to deliver customised solutions to its customers across diverse set of industries including aerospace and defence, auto and auto components, general engineering, EMS, dies and moulds, and others. The Company offers solutions suited for transitioning towards ‘Industry 4.0’, including its flagship multifunctional solutions package viz. ‘7th Sense’ – which is geared towards automating sophisticated diagnostic and analytical functions. enabling seamless management of productivity, health and tool life of the CNC machine.

In ICL’s CDMO business, it has developed relationships across the Indian pharmaceutical industry. Some of its key customers include Cipla Limited, Glenmark Pharmaceuticals Limited, Wockhardt Limited, Corona Remedies Private Limited, Emcure Pharmaceuticals Limited, Lupin Limited, Intas Pharmaceuticals Limited, Leeford Healthcare Limited, Medley Pharmaceuticals Limited, Cachet Pharmaceuticals Limited, Eris Healthcare Private Limited, Indoco Remedies Limited, J. B. Chemicals and Pharmaceuticals Limited, Oaknet Healthcare Private Limited, Zuventus Healthcare Limited, Ajanta Pharma Limited, Mankind Pharma Limited and Smart Laboratories Private Limited. It has vertically integrated operations which it considers essential to its ability to provide technologically relevant and customized solutions that has helped it garner customers. JCAL offers over 200 variants across 44 series and during the last 6 months period ended September 30, 2023, and during the last 3 Fiscals, the Company has supplied over 8,400 CNC machines to more than 3,500 customers in India and across Asia (excluding India), Europe, North America and rest of the world. During the last 6 months period ended September 30, 2023, and during the last 3 Fiscals it has sold its products in India and 16 other countries across the globe through its principal offices in India, France, Germany, Turkey and Canada. The Company sells its products in Romania, France, Poland, Belgium, Italy, and United Kingdom through Huron’s established dealer network and also have 29 sales and service centres (including its sales offices located within the precincts of one of its Manufacturing Facilities in Rajkot, Gujrat) spread across 12 states in India. As of September 30, 2023, JCAL had an order book of Rs.33,153.26 million including an order of Rs.3,049.17 million from an entity in the electronics manufacturing services (EMS) industry (as per the end-user industries as specified to it at the time of supply of machines).

Industry Research:

India’s manufacturing sector has accounted for 17%-18% of the total Gross Valued Added (GVA) over the past decade. In FY 2021, the share of the manufacturing sector improved slightly as contact-intensive services experienced a sharp decline. In FY 2022, increased manufacturing and export of refined petroleum products, gems and jewellery, chemicals, engineering and agricultural goods helped pull up the share of manufacturing as a percentage of the GVA to 18.2%. Over the medium-term, the share of manufacturing is poised to grow driven by production linked incentive schemes across 14+ sectors including pharmaceuticals, textiles, medical devices, auto components, and white goods (electronic items such as refrigerators and television) among others. In Europe, many businesses are likely to face the double impact of rising energy costs and a potential decline of consumer spending due to households’ increased energy-related expenses. Rising power prices are already impacting operations of electricity-intensive industries. So, the dislocation of industries from Europe to India because of energy prices will help Indian manufacturing. The Global Manufacturing Goods Output is expected to grow from US$ 13.1 Trillion in 2021 to US$ 16.1 Trillion in 2027 at a CAGR of 3.5%. The output was severely by the pandemic and the current geopolitical situation with rising commodity prices along with supply chain bottlenecks.

The increasing Capex investments across the key sectors (Electronic Goods, Telecommunication, Automotive Manufacturing, Machinery and Transport equipment Manufacturing) will increase the equipment demand. This will have a multiplier effect and increase the machining Centers requirement to manufacture the various precision equipment. It is estimated global manufactured goods sector will grow at a CAGR of 3.5% from 2021-2027. The machining Centers market growth is expected to be around 3X (3.5*3X = ~10%) – from the global manufactured goods sectoral growth rate. With the increase in Capex investments of around $ 200 billion YOY across key sectors (cumulative investment), is expected to support the global machining Centers market and propel the 10% CAGR growth between 2021-2027. The Engineering Goods sector in India is the largest and most diversified industrial manufacturing sectors. It is a strategically important sector to the economy as the output drives a broad base of industries acting as a critical input. The sector accounts to 3% of the total GDP of India and the sector contribute nearly 27% of India’s total exports and is the largest foreign exchange earner for India. The sector has seen a lot of push from the government through various policy initiatives in a vision to realize Make in India project.

The CNC machine center is an advanced manufacturing machine tool that can perform a variety of machining operations with high precision, high quality, and high surface finish. A CNC machine center can perform drilling, milling, and lathe operations.
CNC machine tool center was developed which allowed Milling, lathing, and drilling operations on a single machine tool which allows one machine to perform a greater variety of machining needs. These machine tool centers are operated by a computer through a sequential program of machine control instructions using G-code and M-code. The program can be written by a person or, far more often, generated by graphical computer-aided design (CAD) or computer-aided manufacturing (CAM) software. The precision manufacturing industry relies heavily on computer-numerical control (CNC) machining, including operations that once used engineer-operated equipment like routers, shaping machines, vertical millers and center lathes. Manufacturers of many types of industries choose CNC machining because it provides efficient, expedient, and precise production capacity ideal for creating large quantities of items normally produced with a grinder, router, center lathe, or shaping machine.

In manual lathing, there must be a skilled technician for every machine, while with CNC machining, one skilled person can operate several machines. CNC machining can produce a broad range of metal components used across many industries use due to their accurate, consistent and complex cuts. Some examples of these industries are aerospace, automotive, electronics, firearms, hospitality, manufacturing, metal work, military, production and transportation. CNC machining grew popular due to its ability to produce detailed and precise results in enormous quantities by using computers. Across global market, IoT adoption has risen this year as a result of increased need caused by social alienation and mask-wearing. During the pandemic, the ability to monitor remotely and use sensors to determine where a machine is in its lifespan became even more important. The application of sensors has expanded as more sensors have been installed on equipment around the machine shop floor. Sensors can now be used in drill presses, milling and turning machines, lathes, and other machinery. In 2023, digital twins have become more widespread. Many companies have launched Manufacturing Intelligence Software which creates a virtual twin of the real-world machine, allowing it to prevent errors and reduce setup times. This new feature allows machinists to discover and avoid the 5-axis singularity point, allowing NC programming to be optimized.

Factory use of 5-axis machines has become increasingly cost-effective. It is well-known for its ability to rotate smoothly around the X and Y axes. However, in 2019, the 6-axis machine was introduced, which improved efficiency and speed by adding an additional spin around the Z-axis. As a result of the increase, cut times are faster and more items are produced in a shorter amount of time. Cutting time can be reduced by up to 75% with a 6-axis CNC milling machine. The global CNC machining Centers market was ~$31.6 billion in 2022. The global CNC machining centers market is estimated to be ~51.5 billion by 2027. This market is majorly driven by global automotive and heavy industries manufacturers, who are embracing automation and advanced software solutions to meet their customers' needs. In addition, shortage of skilled labor, working hour limits, and labor costs are on the rise. Thus, there is a rapid growth in the demand for automated precision machines.

Investment Rationale:

1. Leading CNC machine manufacturing companies globally as well as in India with presence across the CNC metal cutting machinery value chain: JCAL is one of the world’s leading manufacturers of metal cutting computer numerical control (CNC) machines with the third largest market share in India accounting approximately 10% of the market share in India in Fiscal 2023 and twelfth largest market share globally accounting for 0.4% of the market share globally in calendar year 2022. It is a prominent manufacturer of simultaneous 5- Axis CNC machines in India and supply a diverse portfolio of CNC machines including CNC Turning Centers, CNC Turn Mill Centers, CNC Vertical Machining Centers (VMCs) and CNC Horizontal Machining Centers (HMCs). Its standing in the Indian industry is demonstrated by the fact that it has been recognised as ‘Best Brand in the Metal Cutting Industry’ by Economic Times for 5 consecutive years from 2018 to 2022. It also operates through its step-down subsidiary, Huron Graffenstaden SAS, which is a pioneer across the world in the 5- Axis machining technology. The addition of Huron augments its technological capabilities and enables it access to a diverse global customer base, across aerospace, defence and other high end engineering application industries. The Company design and develop, and aims to provide, comprehensive solutions across the CNC metal cutting machinery value chain catering to the global trends towards multifaceted multifunctional machining centers which are capable inter alia of high precision, custom finishing, and improved efficiency. Further, it develops solutions keeping in mind the anticipated needs of ‘Industry 4.0’ which basically refers to a more complex manufacturing setup that includes Industrial Internet of Things (IIOT) that monitors and measures manufacturing processes and reacts autonomously to errors. Further, it constantly focused on developing its ability to provide technologically relevant and highly customized solutions including its flagship multifunctional solutions package viz., ‘7th Sense’, which is geared towards automating sophisticated and repetitive functions diagnostic and analytical functions which enables seamless management of productivity, health and tool life of the CNC machine.

2. Well diversified global customer base spread across end-user industries: Since April 1, 2004, JCAL has supplied over 30,000 CNC machines globally, and during the 6 months period ended September 30, 2023, and the last 3 Fiscals, it has supplied machines over 8,400 machines to more than 3,500 customers in India and across Asia (excluding India), Europe, North America and rest of the world. Some of its customers across the various end industries include Space Applications Centre – ISRO, BrahMos Aerospace Thiruvananthapuram Limited, , Turkish Aerospace, Uniparts India Limited, AVTEC Limited, Tata Advance System Limited, Tata Sikorsky Aerospace Limited, Bharat Forge Limited, C.R.I. Pumps Private Limited, Kalyani Technoforge Limited, Shakti Pumps (India) Limited, Shreeram Aerospace & Defence LLP, Rolex Rings Limited, Orbit Bearings India Private Limited, Omnitech Engineering Private Limited, Harsha Engineers International Limited, Bosch Limited, HAWE Hydraulics Private Limited, Festo India Private Limited, Elgi Rubber Company Limited, National Fittings Limited, and Aequs Private Limited. The Company has also recently forayed into supplying its products such as CNC Vertical Machining Centers (Model Tachyon 5FT with RT 200 direct drive rotary table) for companies in EMS industry in Fiscal 2023. Its wide product basket helps it service a broad spectrum of customers and helps it maintain long term relationships with certain of its customers. During the 6 months period ended September 30, 2023, and Fiscal 2023, Fiscal 2022 and Fiscal 2021, JCAL supplied its products in India and, to 16 others countries across Asia, (excluding India), Europe and North America, through its principal offices in France, Germany, Turkey and Canada. Further, it markets its products in India through 29 sales and service centres spread across 12 states in India. It sells its products in Romania, France, Poland, Belgium, Italy, and United Kingdom through Huron’s established dealer network. JCAL’s international operations, and geographic reach, has been bolstered since the acquisition of Huron.

3. Focus on technology and ability to deliver innovative solutions bolstered by dedicated R&D facilities: JCAL has a diverse portfolio of products and supply a diverse portfolio of CNC machines including CNC Turning Centers, CNC Turn Mill Centers, CNC Vertical Machining Centers (VMCs) and CNC Horizontal Machining Centers (HMCs). Currently, its product portfolio comprises entry level products to sophisticated machines including high speed simultaneous 5-Axis, multi-purpose, multi-tasking machines. The growth in its product range from entry level CNC machines to sophisticated multi-axis machines is a testament to its constant focus on technology and drive to continually provide customised solutions to its customers. Its ability to deliver high precision multi-purpose products is significantly enhanced by its dedicated R&D team situated at its facilities in Rajkot, Gujarat and in Strasbourg, France. As of September 30, 2023, its R&D team aggregated 141 employees in Rajkot, Gujarat and Strasbourg, France. Its R&D capabilities are supported by design and development tools such as Pro/E Foundation, Pro/E advance assembly extensions, Pro/Mechanical solutions, Pro/Manufacturing UNIGRAPHICS and Altair Hyperworks. Its R&D team focuses on continually developing and customising its products and solutions. Its CNC Machines with ‘Linear Motor Technology’ are geared towards enabling higher productivity due to reduced friction and other advantages.

4. Vertically integrated operations which enables customisation and production efficiencies: JCAL operates out of 3 manufacturing facilities 2 in Rajkot, Gujarat, and 1 in Strasbourg, France, which are equipped with capabilities to design, develop and manufacture its product portfolio. It also has a captive foundry, machining, sheet metal unit, paint-shop and assembly unit. Its integrated operations enable it to manufacture some of the critical machine components such as spindles, tool-changers, pallet changers, rotary tables and universal heads in-house. This reduces its dependence on third parties, streamlines its production process and improves operational efficiencies. In addition, it also enables to maintain control over the entire manufacturing process and also provide better delivery timelines to its customers at a more competitive cost. One of the benefits of having vertically integrated manufacturing operations is the ability for different teams across the production process to work harmoniously. JCAL’s backward integration has helped in managing the diverse range of series and variants that it currently offers to its customers and that its customers appreciate the relatively higher control it has over the production process. Further, being vertically integrated helps JCAL in reacting to emerging trends and develop prototypes in anticipation of the same.

5. Experienced Promoters supported by a strong management and execution team: Parakramsinh Jadeja, one of JCAL’s Promoters, who is also its Chairman and Managing Director, is vastly experienced and has been feted by various industry bodies for his entrepreneurship. He has been awarded the ‘Premier Outstanding Entrepreneurship Award’ by the IMTMA in 2013, ‘Small Scale Entrepreneur Third Award, by the Government of India, and the “CII Best Entrepreneurship of the year award’ for 2004-2005. He is also actively involved in the business operations and, in particular, in new product development. Its Board of Directors is ably supported by a strong and long-standing management team. In addition, it has a capable R&D team headed by Vijaysinh Pravinsinh Zala in India and Marc Paul Troia in France. Further, as on September 30, 2023, 66.91% its permanent employees, on a consolidated level, are skilled, and has been with it for an average duration of 6.11 years.

6. Focus on improving market share and taking advantage of the growing industry demand: The Indian CNC machine market is highly fragmented with a wide range of small, medium and large suppliers. Similarly, the global CNC machine market is also highly fragmented with a limited number of leading manufacturers. The CNC machines market is expected to grow globally at a CAGR of 10.3% between CY 2023-2027 driven by the increasing demand for automotive/ auto ancillaries, industrial manufacturing, medical devices, replacement of low precision/ manual machines and components in the aerospace and defence industry. JCAL intends to capitalise its extensive experience and its technical capabilities in manufacturing CNC machines, which has grown from a limited portfolio of CNC machines to sophisticated machines including high speed simultaneous 5-Axis, multi-purpose, multi-tasking machines, to improve its market share in CNC machines, both in India and globally. The Company has constantly focused on developing its ability to provide technologically relevant and highly customized solutions which has helped its machines find acceptance with customers across diverse sectors. It also intends to leverage its strengths in manufacturing CNC machining centres of upto simultaneous 5-Axis to improve its market share in CNC machines, to capitalize on the expected 18.4% growth globally and in India, respectively, in 4-6-Axis machining centres between Fiscal 2023 and Fiscal 2027.

7. Expand presence across other end-user industries and diversify customer base and geographical reach: During the 6 months period ended September 30, 2023, and during the last 3 Fiscals, JCAL has supplied over 8,400 CNC machines to more than 3,500 customers in India and across Asia (excluding India), Europe, North America and rest of the world. It caters to a wide array of end use industries such as Aerospace & Defence, Auto & Auto Components, General Engineering, Dies and Moulds and EMS. The sales of battery electric vehicles and plug-in hybrid electric vehicles has increased from 0.12 million units in CY 2012 to 10.5 million units in CY 2022 due to factors such as growing demand for low emission commuting and governments supporting long range, zero emission vehicles through subsidies & tax rebates have compelled the manufacturers to provide electric vehicles around the world. With a view towards leveraging the aforesaid significant potential for growth in the electric vehicles industry it has started developing its CNC machines to supply to this end user industry. The Company is proposing to manufacture a range of motors’ production machines such as slot insulation machines, winding and inserting machines, intermediate and final forming machines, lacing machines, core screw machines, and welding machines. Moreover, it is proposing to venture into manufacturing high precision stages, which are a crucial ingredient in semi-conductor manufacturing. It also intends to deepen penetration in the Aerospace and Defence industries which are expected to grow, both in India and globally. The growth in the domestic production for Indian defence industry is expected to be propelled by the Government of India’s ‘Aatma Nirbhar Bharat’ programme pursuant to which the Union Defence Ministry, Government of India has decided to earmark over Rs.700,000 million constituting around 64% of its modernisation fund under the capital acquisition budget for Fiscal 2022, for purchases from the domestic sector. It also intends to increase its market share in the end use industries to which it currently offer its CNC machines and also intend to diversify its customer base. In particular, JCAL intends to augment on its focus on the EMS industry which, as on September 30, 2023, constituted around 9.20% (as per the end-user industries as specified to it at the time of supply of machines) of its order book of Rs.33,153.26 million.

Growth Drivers of JCAL:

Rising Focus on the Development of Multifaceted Machining Centers to Propel Market
The latest 5-axis technology is also resulting in an ever-increasing demand for hassle-free procedures during the production of complex parts. Multifaceted machining centers are multifunctional. They include high precision, custom finishing, and improved efficiency. The designers, at present, are focusing on developing the multifaceted machining centers. All these factors are likely to increase the Machining Centers Market revenue across the globe during the forecast period.

New developments within Automotive Segment (Electric Vehicles) drives the machining Centers market growth

Automotive industry is one of the major end-use markets for machine tools for manufacture of a wide range of individual vehicle parts. Automobile sales and consequent production trends thus determine demand for a range of automotive parts and components, which in turn spurs opportunities in the machining centers market. The increasing demand for commercial vehicles from the developing economies, such as India is expected to result in the growth of automotive segment in the near future.

Rising Demand for High Precision Machinery to Boost Growth of Market

The surge in demand for high precision machinery from various industries including aerospace, defense and medical sector is expected to result in the increased demand for the machining Centers market. Furthermore, the rising demand for critical components from the robotic sector is resulting in the high demand for the machining center market. The increasing industrial automation is expected to result in the growth of industrial robot’s revenue which in turn is expected to drive the machining center market growth. The ever- increasing demand for complex parts from the aerospace industry is further resulting in the growth of machining Centers. The increasing demand for general machinery from various other industries, such as Food & Beverages, Construction and Pharmaceutical is expected to increase the machining centers market size in the near future.

Precision Machining in Industry 4.0

The fourth industrial revolution is integrating innovative technologies with production and manufacturing processes. CNC machines in Industry 4.0 will be equipped with sensors to monitor and respond autonomously as needed. Machines will be able to self-diagnose issues through analysis of system performance and analytics. In this way, Industry 4.0 presents many opportunities and challenges. Many small parts used in various industries favor precision CNC machining. The most important reason for using precision machining is to produce complex parts with higher precision and accuracy. These parts can be used in the production of a wide range of industries, including electronics, automotive, aerospace and medical. CNC machining can be used to create more desirable surface finishes and tolerances than with additive manufacturing. Two process technologies that have been cornerstones for medical component manufacturers are five-axis machining and Swiss turning. Traditional manufacturing techniques and machine tools are not always reliable. Downtime increases costs, including production, labor, and maintenance costs. Industry 4.0 facilitate preventive maintenance in the machining Centers. Tracking performance and real-time data allows manufacturers to better prepare for equipment malfunctions or errors. Data collected from IoT sensors and platforms can also help more effectively inform operations. Smart meters can be installed to efficiently manage the flow of energy, or equipment could be automated or powered appropriately to reduce environmental and resource impact.

Emergence of Electric Vehicles – Impact to Machining Centers Market

Global EV sales have remained high. In 2022, a total of 10.5 million new BEVs and PHEVs were delivered, representing a +55% increase over 2021. However, the regional growth pattern is changing. EV sales in the United States and Canada climbed by 48% year on year, despite a sluggish overall light vehicle market that fell by 8% in 2022 y/y. Indonesia (from 1k to 10k), India (+223% to 50k, practically all BEVs), and New Zealand (+151% to 23k, for a 20% market share) were the fastest growing markets. EV supply and use are currently rapidly moving throughout the global south. Growing demand for low emission commuting and governments supporting long range, zero emission vehicles through subsidies & tax rebates have compelled the manufacturers to provide electric vehicles around the world. This has led to a growing demand for electric vehicles in the market. Countries around the world have set up targets for emission reductions according to their own capacity.

Global EV market growing at a compound annual growth rate (CAGR) of 23.1% during the forecast period 2023 to 2032.

Increasing investments by governments across the globe to develop EV charging stations and Hydrogen fueling stations along with incentives offered to buyers will create opportunities for OEMs to expand their revenue stream and geographical presence. The EV market in Asia Pacific is projected to experience steady growth owing to the high demand for lower cost efficient and low-emission vehicles, while the North American and European market are fast growing markets due to the government initiatives and growing high- performance Passenger vehicle segment.

Global Electronics Market

The global electronics industry has evolved tremendously over the last 60 years. Global demand for the electronics industry is created by emerging and multiple disruptive technologies. The overall electronics market is inclusive of electronics products, electronics design, electronics components, and electronics manufacturing services.

Management Profile:

Parakramsinh Ghanshyamsinh Jadeja, is Chairman and Managing Director. He is an undergraduate and was appointed as director on March 26, 2003. He has been associated with Jyoti Enterprise as a partner since 1989. He is also a director on the board of Indian Machine Tool Manufacturers Association and Neo Rajkot Foundation since December 10, 2015 and June 07, 2016, respectively.

Sahdevsinh Lalubha Jadeja is one of the Whole-Time Director. He is an undergraduate and was appointed as director on March 26, 2003. He has been continuing as a director of our Company since then. He has been associated with Jyoti Enterprise as a partner since 1989.

Vikramsinh Raghuvirsinh Rana is one of the Whole-Time Director. He is an undergraduate and was appointed as director of our Company on March 26, 2003.

Yogesh Damodardas Kathrecha , has completed his bachelor’s of technology in mechanical engineering from Indian Institute of Technology, Bombay in 1985. He is also a director on the board of GM APE Automation (India) Private Limited since June 08, 2021.

Vijay Vaman Paranjape, holds a bachelor’s of engineering degree (electrical branch) from Sardar Patel College of Engineering, University of Mumbai. He was previously a director of Siemens Limited. He is also a director on the board of Dol Motors Private Limited since November 11, 2011.

Jignasa Pravinchandra Mehta, is an Independent Director. She holds a degree of Bachelor of Engineering in mechanical from Saurashtra University, a master’s degree in engineering in mechanical from Sardar Patel University. She has also received a degree of Doctor of Philosophy from Sardar Patel University, Gujarat. She is currently an independent director on the board of Rolex Rings Limited. She is currently working as Professor of Mechanical Engineering and Dean of Engineering and Technology at Darshan University, Rajkot.

Rikesh Chand, is Company’s Nominee Director on behalf of EXIM Bank. He holds a bachelor’s of engineering degree (mechanical) from South Gujarat University. He joined EXIM Bank in April 2004.

Pravinchandra Ratilal Dholakia, is an Independent Director of  Company. He is a Chartered Accountant and holds a membership from the Institute of Chartered Accountants of India. He is currently a senior partner at P.R Dholakia & Co., Chartered Accountants.

Financials:

Balance sheet

Profit & Loss

Cash Flow

Valuation & Opinion:

The company recently turned profitable in FY23 & H1FY23. In FY23, the Company reported an exceptional gain of ₹ 30.4 Cr, due to waiver of loan. If we exclude these exceptional gains, the Company would end up in losses of ₹ 15.34 Cr. However, there can be certain questions regarding the consistency. Company has net debt of ₹ 650 Cr. It plans to repay ₹ 400 Cr. using IPO proceeds. The company faces key delivery and execution risk. The company procures about 30% of its components mainly electronic works from companies like Siemens, Mitsubishi, Fanuc etc. The company’s exports have been reducing over time. The subsidiaries have incurred losses for period ended 30th September, 23 and FY 21, 22, 23. The revenue CAGR for the period FY21-23 stood at about 26.57%. The company operated on an EBITDA margin of 10.45% and PAT margin of 1.58% for year ended FY23. Looking at all the factors, risks, opportunities and an issue with current ipo pricing, investors can avoid the issue for now.

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