{"id":14545,"date":"2026-08-24T10:51:35","date_gmt":"2026-08-24T10:51:35","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=14545"},"modified":"2026-08-25T10:54:05","modified_gmt":"2026-08-25T10:54:05","slug":"hy-tech-engineers-ipo","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/hy-tech-engineers-ipo\/","title":{"rendered":"Hy-Tech Engineers IPO: Small scale hydraulic fittings manufacturer"},"content":{"rendered":"

Hy-Tech Engineers is filing a \u20b9136 Cr IPO on August 24, 2026. Hy-Tech has run five hydraulic-fittings plants since 1978, and it stands as one of the small number of organised, OEM-qualified manufacturers in the industry.<\/em><\/p>\n

IPO Summary<\/h2>\n
\n
\n
\"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n

Industry Overview<\/h2>\n

India\u2019s hydraulic fittings market is fragmented.<\/mark><\/p>\n

More than 90% of Indian manufacturers are small, unorganised operations that compete mainly on price, which keeps switching costs low for buyers and limits pricing power for most producers.<\/p>\n

Firms that hold ISO, DIN and SAE certifications and that can qualify as direct vendors to large OEMs sit apart from this crowd, since certification and qualification barriers are harder for smaller players to clear.<\/p>\n

Hy-Tech Engineers Limited, a Thane-based manufacturer coming to market with an IPO this week, makes hydraulic fittings for exactly these end-markets.<\/p>\n

Business Model Explained<\/h2>\n

Hy-Tech Engineers Limited designs, manufactures and supplies hydraulic fittings, the components that connect pipes, tubes and hoses and let pressurised hydraulic fluid flow without leaking.<\/p>\n

The product range covers standard hydraulic fittings, including DIN-metric fittings, JIC flared and flareless fittings, and O-Ring Face Seal fittings, along with fittings built to customer specification.<\/p>\n

\n
\n
\"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n

As of FY26, the company held more than 11,000 SKUs.<\/mark><\/p>\n

The company sells through two channels:<\/p>\n

    \n
  1. Direct engagement with OEMs and industrial customers.<\/li>\n
  2. Network of distributors in India and overseas.<\/li>\n<\/ol>\n

    Geographically, the company exported to 11 countries over the last three fiscals, including\u00a0USA, Belgium, Poland, Russia and Brazil<\/mark>, alongside its domestic base.<\/p>\n

    Operating Metrics<\/h2>\n
      \n
    • Revenue by channel:\u00a0<\/mark><\/strong>The distributor channel is growing faster than direct sales in percentage terms, up from \u20b913 crore in FY24 to \u20b922 crore in FY26, a rise of 70%.<\/li>\n<\/ul>\n
      \n
      \n
      \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n
        \n
      • Revenue by geography:<\/mark>\u00a0<\/strong>Export revenue was flat in FY25 while domestic sales grew by 26% that year; both grew again in FY26, but the overseas % share of revenue has still not returned to its FY24 level.<\/li>\n<\/ul>\n
        \n
        \n
        \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n

        The USA alone made up 21% of FY26 revenue from operations, more than the rest of the export markets combined, leaving the export book concentrated in one geography.<\/em><\/p><\/blockquote>\n

          \n
        • Repeat business:<\/mark>\u00a0<\/strong>The customer base grew from 144 to 170 direct accounts, and repeat business has consistently exceeded 90% of revenue, which points to sticky OEM relationships.<\/li>\n<\/ul>\n
          \n
          \n
          \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n

          The Financial Stuff: From Revenue to PAT<\/h2>\n
          \n
          \n
          \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n
            \n
          • Revenue from operations grew at a steady pace, up 17% in FY25 and FY26, taking the topline from \u20b9138 crore to \u20b9189 crore over two years.<\/li>\n
          • Profit grew far faster than revenue in FY25.<\/mark><\/li>\n<\/ul>\n

            Hy-Tech Engineers\u2019 Peers (FY26)<\/h2>\n
            \n
            \n
            \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n
              \n
            • Hy-Tech\u2019s return on net worth of 20% is the highest of the four companies while\u00a0still having a lower revenue base.<\/mark><\/li>\n<\/ul>\n

              Key Risks<\/h2>\n

              Customer concentration.
              \n<\/strong>The top 10 customers made up 45% of revenue from operations in FY26. The company does not enter into long-term arrangements with its customers, so the loss of even a few key accounts could affect revenue and profitability materially.<\/p>\n

              Unhedged foreign currency exposure.
              \n<\/strong>Exports made up 29% of revenue from operations in FY26, denominated mainly in US dollars and euros. The company does not engage in active hedging, so adverse currency movements can affect receivables, pricing and margins directly.<\/p>\n

              Summary<\/h2>\n
              <\/div>\n

              Hy-Tech Engineers is a profitable manufacturer of hydraulic fittings with a diversified customer base.<\/p>\n","protected":false},"excerpt":{"rendered":"

              Hy-Tech Engineers is filing a \u20b9136 Cr IPO on August 24, 2026. Hy-Tech has run five hydraulic-fittings plants since 1978, and it stands as one of the small number of organised, OEM-qualified manufacturers in the industry. IPO Summary Industry Overview India\u2019s hydraulic fittings market is fragmented. More than 90% of Indian manufacturers are small, unorganised […]<\/p>\n","protected":false},"author":2,"featured_media":14546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-14545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"\nHy-Tech Engineers IPO: Small scale hydraulic fittings manufacturer - InCred Money<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.incredmoney.com\/blog\/hy-tech-engineers-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hy-Tech Engineers IPO: Small scale hydraulic fittings manufacturer - InCred Money\" \/>\n<meta property=\"og:description\" content=\"Hy-Tech Engineers is filing a \u20b9136 Cr IPO on August 24, 2026. Hy-Tech has run five hydraulic-fittings plants since 1978, and it stands as one of the small number of organised, OEM-qualified manufacturers in the industry. IPO Summary Industry Overview India\u2019s hydraulic fittings market is fragmented. More than 90% of Indian manufacturers are small, unorganised […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.incredmoney.com\/blog\/hy-tech-engineers-ipo\/\" \/>\n<meta property=\"og:site_name\" content=\"InCred Money\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-24T10:51:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-25T10:54:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/08\/88af5dfd-f05b-4ffd-bca3-3896b3ed54dc_1299x724.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1299\" \/>\n\t<meta property=\"og:image:height\" content=\"724\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Varun Shah\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Varun Shah\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/hy-tech-engineers-ipo\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/hy-tech-engineers-ipo\\\/\"},\"author\":{\"name\":\"Varun Shah\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/a994247d640675efd365664db35eac52\"},\"headline\":\"Hy-Tech Engineers IPO: Small scale hydraulic fittings manufacturer\",\"datePublished\":\"2026-08-24T10:51:35+00:00\",\"dateModified\":\"2026-08-25T10:54:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/hy-tech-engineers-ipo\\\/\"},\"wordCount\":514,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/hy-tech-engineers-ipo\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/88af5dfd-f05b-4ffd-bca3-3896b3ed54dc_1299x724.webp\",\"keywords\":[\"Blogs\"],\"articleSection\":[\"IPO\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/hy-tech-engineers-ipo\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/hy-tech-engineers-ipo\\\/\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/hy-tech-engineers-ipo\\\/\",\"name\":\"Hy-Tech Engineers IPO: Small scale hydraulic fittings manufacturer - InCred Money\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/hy-tech-engineers-ipo\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/hy-tech-engineers-ipo\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/88af5dfd-f05b-4ffd-bca3-3896b3ed54dc_1299x724.webp\",\"datePublished\":\"2026-08-24T10:51:35+00:00\",\"dateModified\":\"2026-08-25T10:54:05+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/a994247d640675efd365664db35eac52\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/hy-tech-engineers-ipo\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/hy-tech-engineers-ipo\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/hy-tech-engineers-ipo\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/88af5dfd-f05b-4ffd-bca3-3896b3ed54dc_1299x724.webp\",\"contentUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/88af5dfd-f05b-4ffd-bca3-3896b3ed54dc_1299x724.webp\",\"width\":1299,\"height\":724},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/hy-tech-engineers-ipo\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Hy-Tech Engineers IPO: Small scale hydraulic fittings manufacturer\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/\",\"name\":\"InCred Money\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/a994247d640675efd365664db35eac52\",\"name\":\"Varun Shah\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ff5f69fbbd06ef168df4fa372f8fc0cd81b33b554c7146dc0a6f25e9702f3860?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ff5f69fbbd06ef168df4fa372f8fc0cd81b33b554c7146dc0a6f25e9702f3860?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ff5f69fbbd06ef168df4fa372f8fc0cd81b33b554c7146dc0a6f25e9702f3860?s=96&d=mm&r=g\",\"caption\":\"Varun Shah\"},\"sameAs\":[\"https:\\\/\\\/www.linkedin.com\\\/in\\\/varun-shah-5b5570a4\\\/\"],\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/author\\\/varunshah\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Hy-Tech Engineers IPO: Small scale hydraulic fittings manufacturer - InCred Money","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.incredmoney.com\/blog\/hy-tech-engineers-ipo\/","og_locale":"en_US","og_type":"article","og_title":"Hy-Tech Engineers IPO: Small scale hydraulic fittings manufacturer - InCred Money","og_description":"Hy-Tech Engineers is filing a \u20b9136 Cr IPO on August 24, 2026. Hy-Tech has run five hydraulic-fittings plants since 1978, and it stands as one of the small number of organised, OEM-qualified manufacturers in the industry. IPO Summary Industry Overview India\u2019s hydraulic fittings market is fragmented. More than 90% of Indian manufacturers are small, unorganised […]","og_url":"https:\/\/www.incredmoney.com\/blog\/hy-tech-engineers-ipo\/","og_site_name":"InCred Money","article_published_time":"2026-08-24T10:51:35+00:00","article_modified_time":"2026-08-25T10:54:05+00:00","og_image":[{"width":1299,"height":724,"url":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/08\/88af5dfd-f05b-4ffd-bca3-3896b3ed54dc_1299x724.webp","type":"image\/webp"}],"author":"Varun Shah","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Varun Shah","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.incredmoney.com\/blog\/hy-tech-engineers-ipo\/#article","isPartOf":{"@id":"https:\/\/www.incredmoney.com\/blog\/hy-tech-engineers-ipo\/"},"author":{"name":"Varun Shah","@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/a994247d640675efd365664db35eac52"},"headline":"Hy-Tech Engineers IPO: Small scale hydraulic fittings manufacturer","datePublished":"2026-08-24T10:51:35+00:00","dateModified":"2026-08-25T10:54:05+00:00","mainEntityOfPage":{"@id":"https:\/\/www.incredmoney.com\/blog\/hy-tech-engineers-ipo\/"},"wordCount":514,"commentCount":0,"image":{"@id":"https:\/\/www.incredmoney.com\/blog\/hy-tech-engineers-ipo\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/08\/88af5dfd-f05b-4ffd-bca3-3896b3ed54dc_1299x724.webp","keywords":["Blogs"],"articleSection":["IPO"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.incredmoney.com\/blog\/hy-tech-engineers-ipo\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.incredmoney.com\/blog\/hy-tech-engineers-ipo\/","url":"https:\/\/www.incredmoney.com\/blog\/hy-tech-engineers-ipo\/","name":"Hy-Tech Engineers IPO: Small scale hydraulic fittings manufacturer - InCred Money","isPartOf":{"@id":"https:\/\/www.incredmoney.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.incredmoney.com\/blog\/hy-tech-engineers-ipo\/#primaryimage"},"image":{"@id":"https:\/\/www.incredmoney.com\/blog\/hy-tech-engineers-ipo\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/08\/88af5dfd-f05b-4ffd-bca3-3896b3ed54dc_1299x724.webp","datePublished":"2026-08-24T10:51:35+00:00","dateModified":"2026-08-25T10:54:05+00:00","author":{"@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/a994247d640675efd365664db35eac52"},"breadcrumb":{"@id":"https:\/\/www.incredmoney.com\/blog\/hy-tech-engineers-ipo\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.incredmoney.com\/blog\/hy-tech-engineers-ipo\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.incredmoney.com\/blog\/hy-tech-engineers-ipo\/#primaryimage","url":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/08\/88af5dfd-f05b-4ffd-bca3-3896b3ed54dc_1299x724.webp","contentUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/08\/88af5dfd-f05b-4ffd-bca3-3896b3ed54dc_1299x724.webp","width":1299,"height":724},{"@type":"BreadcrumbList","@id":"https:\/\/www.incredmoney.com\/blog\/hy-tech-engineers-ipo\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.incredmoney.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Hy-Tech Engineers IPO: Small scale hydraulic fittings manufacturer"}]},{"@type":"WebSite","@id":"https:\/\/www.incredmoney.com\/blog\/#website","url":"https:\/\/www.incredmoney.com\/blog\/","name":"InCred Money","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.incredmoney.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/a994247d640675efd365664db35eac52","name":"Varun Shah","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/ff5f69fbbd06ef168df4fa372f8fc0cd81b33b554c7146dc0a6f25e9702f3860?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/ff5f69fbbd06ef168df4fa372f8fc0cd81b33b554c7146dc0a6f25e9702f3860?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ff5f69fbbd06ef168df4fa372f8fc0cd81b33b554c7146dc0a6f25e9702f3860?s=96&d=mm&r=g","caption":"Varun Shah"},"sameAs":["https:\/\/www.linkedin.com\/in\/varun-shah-5b5570a4\/"],"url":"https:\/\/www.incredmoney.com\/blog\/author\/varunshah\/"}]}},"_links":{"self":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/14545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/comments?post=14545"}],"version-history":[{"count":1,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/14545\/revisions"}],"predecessor-version":[{"id":14547,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/14545\/revisions\/14547"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/media\/14546"}],"wp:attachment":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/media?parent=14545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/categories?post=14545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/tags?post=14545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}