Dynamatic Technologies financials and balance sheet

NSE: DYNAMATECHBSE: 505242Industrial ManufacturingSmall Cap

₹12,296.00₹295.00 (2.34%)BSE ₹12,333.30

Share price at the NSE close on 23 Oct 2026. Previous close ₹12,591.00.

52-week range of traded prices to 23 Oct 2026

₹7,630.50Low, 29 Oct 2025₹14,498.00High, 14 Oct 2026

Market cap: ₹8,351 Cr689th largest listed
P/E: 196.8
P/E without one-offs: 119.3
P/B: 10.5
Dividend yield: 0.11%
ROE: 5.6%
ROE without one-offs: 9.3%
ROCE: 9.2%
Debt to equity: 0.67
Volume, NSE: 29,05036.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Dynamatic Technologies annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 1 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 14.2% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2020, the company reports a discontinued business. From the year to Mar 2021, the company's revenue for that year, ₹1,118 Cr, differs from its quarters added, ₹1,173 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,621
Materials and goods−814
Employee costs−328
Other expenses−297
Operating profit183
Depreciation−77
Other income+30
One-off items−28
Finance costs−58
Profit before tax50
Tax−18
Net profit32

What the company owns

Plant, investments and other assets₹1,052 Cr
Inventory₹412 Cr
Receivables₹318 Cr
Cash and bank₹68 Cr

What pays for it: net worth and liabilities

Net worth₹794 Cr
Borrowings₹529 Cr
Other liabilities₹271 Cr
Owed to suppliers₹256 Cr

Dynamatic Technologies business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Dynamatic Technologies segment results by quarter

Revenue by segment

₹1,621 CrTotal

Aerospace₹776 Cr47.8% of total
Hydraulics₹487 Cr30.1% of total
Metallurgy₹358 Cr22.1% of total
Others₹0 Cr0.0% of total

Profit by segment

Aerospace₹132 Cr86.1% of total
Hydraulics₹21 Cr13.9% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Aerospace
Revenue, ₹ crore
469
498
374
360
437
510
608
776
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
103
112
78
56
79
93
119
132
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Hydraulics
Revenue, ₹ crore
363
295
298
424
462
448
458
487
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
33
8
19
61
75
25
11
21
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Metallurgy
Revenue, ₹ crore
526
442
465
417
471
335
358
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−5
0
4
0
10
−3
−11
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
0
2
5
5
0
0
3
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−18
−15
−11
−10
−13
−8
−5
−5
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,579	1,343	1,211	1,273	1,316	1,429	1,404	1,621
Company revenue, as in its results	1,500	1,321	1,118	1,253	1,316	1,429	1,404	1,621
Revenue	469	498	374	360	437	510	608	776
Revenue growth	–	6.1%	−24.8%	−3.7%	21.4%	16.6%	19.2%	27.6%
Profit	103	112	78	56	79	93	119	132
Profit growth	–	9.2%	−30.2%	−27.7%	40.0%	18.0%	27.1%	11.6%
Margin	21.9%	22.5%	20.9%	15.7%	18.1%	18.3%	19.5%	17.1%
Return on capital	22.5%	25.4%	17.9%	12.2%	14.4%	14.9%	16.4%	15.8%
Assets	518	605	574	596	668	756	940	1,064
Liabilities	62	164	138	134	118	129	217	229
Capital employed	456	440	436	462	549	627	723	836
Revenue	363	295	298	424	462	448	458	487
Revenue growth	–	−18.8%	0.9%	42.3%	9.0%	−2.9%	2.2%	6.4%
Profit	33	8	19	61	75	25	11	21
Profit growth	–	−75.0%	126.8%	226.5%	23.9%	−66.0%	−55.0%	87.4%
Margin	9.0%	2.8%	6.2%	14.3%	16.3%	5.7%	2.5%	4.4%
Return on capital	20.7%	6.1%	12.6%	36.4%	39.6%	12.3%	8.8%	15.4%
Assets	261	288	301	363	415	443	340	349
Liabilities	102	154	154	197	226	236	209	209
Capital employed	159	134	147	166	190	207	131	140
Revenue	–	526	442	465	417	471	335	358
Revenue growth	–	–	−16.0%	5.2%	−10.4%	13.0%	−28.9%	6.9%
Profit	–	−5	0	4	0	10	−3	−11
Margin	–	−1.0%	0.0%	0.9%	−0.1%	2.1%	−0.9%	−3.1%
Return on capital	–	−2.1%	−0.1%	2.4%	−0.2%	5.2%	−1.4%	−4.9%
Assets	–	407	295	273	300	250	253	279
Liabilities	–	158	157	106	119	58	45	57
Capital employed	–	249	138	167	181	193	208	222
Revenue	0	2	5	5	0	0	3	0
Profit	−18	−15	−11	−10	−13	−8	−5	−5
Margin	−91,150.0%	−611.3%	−236.8%	−218.6%	−10,276.9%	−8,611.1%	−158.4%	−2,008.0%
Return on capital	−77.2%	−18.1%	−41.8%	−34.5%	−45.6%	−19.3%	−9.6%	−6.9%
Assets	40	97	31	38	55	48	54	79
Liabilities	16	13	4	9	26	8	3	6
Capital employed	24	84	27	29	29	40	51	73
	–	–	0	0	0	–	–	–
Profit	–	–	0	0	0	–	–	–
Return on capital	–	–	0.0%	0.0%	0.0%	–	–	–
Assets	–	–	56	56	56	–	–	–
Liabilities	–	–	0	0	0	–	–	–
Capital employed	–	–	56	56	56	–	–	–
Revenue	–	–	–	20	–	–	–	–
Profit	–	–	–	−17	–	–	–	–
Margin	–	–	–	−82.5%	–	–	–	–
Assets	–	–	–	0	–	–	–	–
Liabilities	–	–	–	0	–	–	–	–
Capital employed	–	–	–	0	–	–	–	–
Revenue	–	22	92	–	–	–	–	–
Revenue growth	–	–	321.3%	–	–	–	–	–
Profit	–	−16	−24	–	–	–	–	–
Margin	–	−73.0%	−25.8%	–	–	–	–	–
Return on capital	–	–	−28.7%	–	–	–	–	–
Assets	–	0	85	–	–	–	–	–
Liabilities	–	0	2	–	–	–	–	–
Capital employed	–	0	83	–	–	–	–	–
Revenue	668	–	–	–	–	–	–	–
Profit	9	–	–	–	–	–	–	–
Margin	1.3%	–	–	–	–	–	–	–
Return on capital	3.6%	–	–	–	–	–	–	–
Assets	416	–	–	–	–	–	–	–
Liabilities	167	–	–	–	–	–	–	–
Capital employed	249	–	–	–	–	–	–	–
Revenue	79	–	–	–	–	–	–	–
Profit	−5	–	–	–	–	–	–	–
Margin	−5.9%	–	–	–	–	–	–	–
Return on capital	−6.1%	–	–	–	–	–	–	–
Assets	76	–	–	–	–	–	–	–
Liabilities	1	–	–	–	–	–	–	–
Capital employed	75	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Dynamatic Technologies quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 7 Jun	Mar 2020Filed 6 Jul	Mar 2021Filed 8 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 29 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
Revenue from operations	1,508	1,408	1,500	1,321	1,118	1,253	1,316	1,429	1,404	1,621
	1,342	1,276	1,325	1,131	969	1,084	1,135	1,270	1,245	1,439
Materials and goods bought	838	720	767	639	550	615	631	668	654	814
Employee costs	230	–	254	250	221	256	253	302	320	328
Other expenses	274	–	304	242	198	213	250	300	272	297
Operating profit before depreciation	165	132	175	190	149	169	181	159	158	183
Operating margin	11.0%	9.4%	11.7%	14.4%	13.3%	13.5%	13.8%	11.2%	11.3%	11.3%
Materials, % of revenue	55.6%	–	51.2%	48.3%	49.2%	49.1%	48.0%	46.7%	46.6%	50.2%
Employee costs, % of revenue	15.3%	–	16.9%	18.9%	19.8%	20.4%	19.3%	21.1%	22.8%	20.2%
Other expenses, % of revenue	18.2%	–	20.2%	18.3%	17.7%	17.0%	19.0%	21.0%	19.4%	18.3%
Depreciation and amortisation	54	56	49	90	78	77	70	66	69	77
Operating profit after depreciation	111	76	126	100	71	92	111	93	89	106
Other income	6	6	7	13	6	8	10	43	23	30
Finance costs	74	74	80	83	70	59	65	63	57	58
Profit before one-off items and tax	43	7	54	30	8	42	55	73	55	78
One-off items	−10	0	0	0	0	0	0	62	0	−28
Profit before tax	33	7	54	30	8	42	55	136	55	50
	18	7	23	−25	6	10	12	14	12	18
Current tax	–	11	12	−1	7	12	17	13	13	18
Deferred tax	–	−5	10	−25	−1	−2	−4	1	−1	0
Profit from discontinued businesses	–	–	−4	−16	−24	−17	–	–	–	–
Net profit	15	1	27	39	−22	15	43	122	43	32
Other comprehensive income	–	–	−7	9	21	−3	7	12	11	47
Total comprehensive income	–	–	20	48	−1	13	50	134	55	79
Net margin	1.0%	0.1%	–	–	–	–	3.3%	8.5%	3.1%	2.0%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Net margin is left blank for the years to Mar 2019, Mar 2020, Mar 2021 and Mar 2022: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 7 Jun	Mar 2020Filed 6 Jul	Mar 2021Filed 8 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 29 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
	325	373	369	381	542	668	718	794
Share capital	6	6	6	6	7	7	7	7
Reserves	319	367	362	375	535	661	711	787
	612	578	514	543	618	458	451	529
Repayable after a year	396	358	363	299	225	193	175	249
Repayable within a year	216	220	151	245	393	265	276	280
	609	636	541	564	753	577	627	670
Trade payables	277	275	205	219	229	185	230	256
Other financial liabilities	83	122	158	84	95	82	82	86
Other liabilities	18	6	6	4	19	17	17	14
Provisions	12	10	10	11	9	13	12	18
Tax owed	4	3	11	1	8	15	10	16
	451	482	517	442	373	328	306	386
Other financial liabilities	1	89	119	106	111	103	94	84
Other liabilities	–	1	1	0	3	1	1	1
Provisions	20	24	25	29	32	28	34	51
Deferred tax	35	10	8	7	2	3	1	1
Liabilities going with businesses held for sale	–	–	2	–	–	–	–	–
	1,385	1,491	1,429	1,387	1,669	1,572	1,650	1,850
Held for sale or for a demerger	–	–	140	56	56	–	–	–
	672	851	739	728	780	817	846	924
Plant in use, after depreciation	526	589	445	444	443	573	585	640
Plant being built	6	3	3	15	79	10	18	7
Intangible assets	25	141	160	140	134	125	117	99
Goodwill	93	97	103	101	105	94	98	105
Intangible assets being developed	–	0	0	0	0	0	11	35
Investments	0	0	0	0	0	0	0	0
Loans given	12	10	9	0	0	0	0	0
Other financial assets	0	0	0	11	7	7	7	6
Deferred tax	6	0	0	0	0	0	0	0
Other assets	4	11	17	16	12	9	9	31
	713	640	550	603	833	755	804	925
Inventories	281	265	225	255	300	306	347	412
Trade receivables	229	236	198	211	258	299	289	318
Cash and cash equivalents	37	56	38	17	138	51	33	53
Other bank balances	31	27	23	22	23	11	13	15
Loans given	4	10	10	2	1	1	2	2
Other financial assets	55	0	0	8	16	12	4	1
Other assets	76	46	57	88	98	76	117	124
Net debt	544	495	453	504	458	397	405	462

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 8 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 29 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
	126	107	131	97	144	95
	131	121	139	104	161	105
	0	−46	−61	−59	−12	−95
Receivables	36	−14	−47	−32	16	−30
Inventories	25	−15	−39	−1	−34	−58
Payables	−70	14	5	−39	38	28
Other working capital	9	−30	20	13	−33	−35
Tax paid	−5	−14	−8	−7	−17	−9
Capital spending	18	58	85	75	67	66
Free cash flow	108	49	46	22	78	29
	−71	9	−83	46	−67	−67
Plant and property sold	0	65	0	107	0	1
Interest received	3	2	3	2	2	1
	−73	−137	72	−231	−96	−14
Borrowings raised	39	0	62	164	29	136
Borrowings repaid	−70	−37	0	−293	−41	−67
Interest paid	−64	−48	−55	−59	−49	−50
Lease payments	21	−52	−47	−35	−31	−29
Dividends paid	0	0	2	8	5	3
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	113	0	0	0
Net change in cash	−18	−20	120	−88	−19	14

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Dynamatic Technologies dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 7 Jun	Mar 2020Filed 6 Jul	Mar 2021Filed 8 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 29 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
Earnings per share	₹23.02	₹1.14	₹43.33	₹61.61	−₹34.50	₹24.40	₹67.32	₹179.40	₹63.39	₹47.73
Diluted earnings per share	₹23.02	₹1.14	₹43.33	₹61.61	−₹34.50	₹24.40	₹67.32	₹179.40	₹63.39	₹47.73
Dividend per share	–	–	₹2.00	–	–	–	₹10.00	₹10.00	₹2.00	₹10.00
Book value per share	–	–	₹512.44	₹588.53	₹581.64	₹601.59	₹798.19	₹983.42	₹1,056.70	₹1,168.66
Dividend payout	–	–	4.6%	–	–	–	15.9%	5.6%	3.2%	21.0%
Shareholder yield	–	–	–	–	0.0%	0.0%	−5.9%	0.2%	0.1%	0.1%
Market cap at the year end (₹ crore)	1,729	1,080	1,022	294	601	1,355	1,876	5,064	4,219	6,119

Ratios

Consolidated, years to March.Dynamatic Technologies PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 7 Jun	Mar 2020Filed 6 Jul	Mar 2021Filed 8 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 29 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
Revenue growth	0.9%	−6.6%	6.5%	–	–	12.1%	5.0%	8.6%	−1.8%	15.5%
Operating profit growth	17.2%	−19.9%	32.4%	–	–	13.6%	7.1%	−12.1%	−0.7%	15.4%
Net profit growth	18.9%	−95.1%	3,715.3%	–	–	–	176.6%	184.7%	−64.7%	−24.7%
Earnings per share growth	–	−95.0%	3,700.9%	–	–	–	175.9%	166.5%	−64.7%	−24.7%
	–	–	8.5%	11.2%	−5.9%	4.1%	9.3%	20.1%	6.2%	4.3%
	–	–	–	2.7 pts	−17.1 pts	10.0 pts	5.1 pts	10.9 pts	−13.9 pts	−1.9 pts
From the net margin	–	–	–	–	–	–	–	15.0 pts	−12.9 pts	−2.2 pts
From asset turnover	–	–	–	–	–	–	–	0.6 pts	−0.1 pts	0.3 pts
From borrowing	–	–	–	–	–	–	–	−4.7 pts	−0.9 pts	0.0 pts
Return on capital employed	–	–	13.5%	10.5%	8.1%	10.0%	9.6%	8.3%	7.6%	8.0%
Cash conversion	–	–	–	–	–	693.8%	306.1%	79.9%	335.3%	294.2%
Interest cover	1.5	1.0	1.6	1.2	1.0	1.6	1.7	1.5	1.6	1.8
Debt to equity	–	–	1.88	1.55	1.39	1.42	1.14	0.69	0.63	0.67
Receivable days	–	–	56	65	65	61	71	76	75	72
Inventory days	–	–	134	151	149	152	173	167	194	185
Payable days	–	–	132	157	136	130	133	101	129	115
Cash conversion cycle, days	–	–	58	60	78	83	112	142	140	142
Working capital days	–	–	61	39	32	71	86	98	106	105
Asset turnover	–	–	1.08	0.92	0.77	0.89	0.86	0.88	0.87	0.93
Assets per rupee of net worth	–	–	4.26	4.12	3.94	3.75	3.31	2.68	2.33	2.32
Sales per rupee of plant	–	–	2.85	2.24	2.51	2.82	2.97	2.49	2.40	2.53
Capital spending to depreciation	–	–	–	–	0.23	0.76	1.21	1.13	0.96	0.86
Plant being built, % of plant in use	–	–	1.1%	0.5%	0.7%	3.3%	17.7%	1.7%	3.1%	1.1%

From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2020, Mar 2021, Mar 2022 and Mar 2023: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2020: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. Revenue growth and operating profit growth are left blank for the year to Mar 2021: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 1.9%
Cash from operations against operating profit: 52.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	0.8%	7.7%	7.2%
Profit growth, yearly rate	10.2%	–	−8.8%
Return on equity, average	–	8.8%	10.2%
Return on capital employed, average	–	8.7%	8.0%
Operating margin, average	12.1%	12.2%	11.2%
Net margin, average	–	4.2%	4.5%
Asset turnover, average	–	0.89	0.89
Cash conversion cycle, days, average	–	124	141
Interest cover, average	1.4	1.6	1.6
Debt to equity, average	–	0.91	0.66

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	575	337	95
Cash from investing	−161	−88	−67
Cash from financing	−406	−341	−14
Capital spending	350	207	66
Dividends paid	18	16	3
Shares bought back	0	0	0
Shares issued for cash	113	0	0
Borrowings raised	391	329	136
Borrowings repaid	439	401	67

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	4	9	8	7	7	6
Altman Z-scorePublished threshold 1.81	–	–	2.39	1.64	1.66	2.37	2.53	5.41	4.52	5.31
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.71	−2.78	−2.56	−2.33	−2.79	−2.50
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−5.29	−7.19	−0.34	−1.34	−2.13	0.23
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	10.02	1.86	1.79	1.71
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	14.80	−0.62	−5.84	17.36	7.34	−1.38	−5.44
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	11.12	−1.30	1.83	14.83	−3.96	15.59	−5.69
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−6.40	0.97	3.14	1.34	−1.82	2.33	0.29
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.02	–	0.19	1.12	0.05	0.22	0.05
Effective tax ratePublished threshold 17.16 per cent	55.30	90.15	42.01	−85.08	73.77	22.97	22.51	10.19	21.90	35.43
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−10.33	7.90	5.08	−8.29	17.00

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
14 Oct 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilitiesLong and short-term scales	IND A; IND A1Review, Re-affirm	Stable	451.10

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.