Ladies and gentlemen, good day, and welcome to Bajaj Electricals Limited Q2 FY 2027 earnings conference call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Manan Goyal from ICICI Securities Limited. Please go ahead, sir. Thank you. On behalf of ICICI Securities, we welcome you all to Q2 FY 2027 result conference call of Bajaj Electricals Limited. Today, we have with us senior management represented by Mr. Shekhar Bajaj, Chairman, Mr. Sanjay Sachdeva, Managing Director and CEO, Ms. Ashween Anand, CFO, Mr. Vishal Chadha, COO, Consumer Products, and Mr. Rajesh Naik, COO, Lighting Solutions. I hand over the call to the management for their initial comments on the quarterly performance, then we will open the floor for Q&A session. Thank you, and over to you, Shekhar, sir. Thank you very much, Manan. Thank you. Good evening, ladies and gentlemen. I am Shekhar Bajaj. It is a pleasure to welcome you to our Q2 FY 2027 earnings call. We hope you had an opportunity to review our financial results and earnings presentation, both of which are now available on the stock exchanges. Before discussing the quarter, I would like to share a personal note. After several decades of having had the privilege of leading and serving Bajaj Electricals, I will be stepping down from my executive responsibility at the end of this calendar year as part of our planned leadership succession. Subject to the requisite approvals, I will continue to remain associated with the company as a non-executive director and Chairman Emeritus. As part of this transition, Sudarshan Sampathkumar, who currently serves as an independent director on our board, will assume the role of non-executive independent chairman from 1st January 2027. I have full confidence in Sudarshan, Sanjay Sachdeva, and the management team as they take the company forward. I remain deeply committed to Bajaj Electricals, its people, and its long-term success. I believe this is the right time to evolve our governance model and enable the board to play an even stronger collective role. I see this as a natural evolution of my role, ensuring continuity in our values and purpose while further strengthening the governance and leadership framework for the future. As a shareholder and board member, I look forward to continuing to support the company and its management as they take Bajaj Electricals forward on its next phase of growth. Lastly, the Bajaj family is not stepping away. The family remains the promoter and majority shareholder. I will remain on the board, and also Pooja Bajaj and Nirav Bajaj will continue in their present board roles. Now let me start with a brief overview of the broader operating environment before taking you through our performance for the quarter and the key development across our businesses. During the quarter, commodity costs remained elevated. The broader geopolitical environment also remained uncertain. Against this environment, our team stays laser-focused on execution, consolidating the channel, driving cost efficiency, and strengthening the foundation we built through FY 2026. We delivered modest revenue growth of hardly 1.5%. While our revenue growth was modest, we were able to maintain our gross margin of 31.9%. We have also improved our EBIT margin by 140 basis points from 3% to 4.4%. The profit before tax has more than doubled from INR 15 crore to INR 35 crore on a year-over-year basis. I would say this is a positive step towards implementing our learnings through last year's actions. The board and I remain confident in the direction we have set and excited about the momentum we are building. With that, let me hand over to Sanjay Sachdeva, our MD, to take you through the operational and financial performance in detail. Thank you. Thank you, Chairman, sir, and good evening, everybody. Thank you for joining the call. I am pleased to walk you through our results in quarter 2, which like Chairman said, were modest on top line, but had significant improvement on the quality of gross margins, EBIT, and PBT. Before I start that, I would like to take a moment to express my deep gratitude to our Chairman, sir, Mr. Shekhar Bajaj. His leadership, vision, and unwavering commitment have shaped Bajaj Electricals into an institution of today. Under his stewardship, the company has grown more than 200 times, but his contribution goes well beyond that scale. He has laid the foundation, values, and strategic direction that continue to guide us. The new structure provides greater clarity of roles while preserving continuity and long-term stewardship. The management team remains fully accountable for developing and executing the company strategy and delivering sustainable performance, supported by the collective guidance oversight of the board. We remain deeply inspired by Chairman's leadership and vision he has laid out, and are privileged to continue benefiting from his guidance. As management team, we carry the responsibility of building on this strong foundation and taking Bajaj Electricals forward with the same values, ambition, and commitment to long-term value creation. Now, with that, let me begin with a few highlights and provide greater context to our performance this quarter. This quarter, revenue growth was led by growth in Consumer Products. Our gross margin for quarter 2 improved by 10 basis points. This is incredible given the inflation headwinds that we had been facing. On a year-to-date basis, our gross margin has improved to 32.1% versus 31.4%, which is about 70 basis points more than last year. This clearly shows that our cost efficiencies program is yielding results, and that we have been able to manage the input commodity inflation pretty well. Our brand investments for the quarter stood at 3.8% of the revenues, up 150 basis points year-on-year. This is reflecting in our continued commitment to strengthening the Bajaj brand. As communicated earlier, we see brand building as a strategic investment for the future. Our association with programs like "Bigg Boss" is another step in this journey, enabling us to deepen consumer engagement and enhance visibility across the touchpoints. Our cost control initiatives all across all lines are yielding results. Our EBIT margins improved by 140 basis points from 3% to 4.4%. Adjusted for incremental brand investments that we had done, our margins on a like-to-like basis was 5.9% versus 3%, which is quite encouraging. Lastly, the profit before tax has more than doubled from INR 15 crores to INR 35 crores on a year-to-year basis. Again, adjusted for incremental investment behind the brands, the PBT margin would have been 4.5%. Now, let me dive deeper into Consumer Products. This vertical has grown by 2.4%, supported by growth mainly in kitchen and domestic appliances. Due to categories like induction cookers, water heaters, steam irons, which all have grown in high double digits. While fans have de-grown in this quarter, the premium BLDC growths have been phenomenal. In fact, BLDC fans for us have grown more than 56% and is now close to 17% of our portfolio. This is not enough, we know that, and we have plans to take it further. This vertical has delivered a consistent EBIT margin of 4%, again in this quarter, which while still lower, is encouraging. Adjusted for incremental brand investments we have delivered, and on a like-to-like basis, we have delivered 5.6% EBIT versus 2.8% last year. We endeavor to continue this momentum while also keep investing behind the brands. Now coming to the Lighting Solutions vertical. The vertical has de-grown by 1.3%, mainly due to revenue contraction in professional lighting. The consumer lighting business has done well with a double-digit growth, mainly fueled by wires and switchgears. Switchgears has grown by 28%, although on a small base. And we are seeing good traction on wires. Vertical has delivered a EBIT of 3.1%. From a channel perspective, our e-commerce has grown in double digits this quarter, and focus on exports are also yielding results with very strong growth. Looking ahead, our priorities remain clear. Driving premiumization and innovations, optimizing the distribution, strengthening consumer engagement, and continue to invest in our business with discipline. As we move through the festive season and into second half of the year, we remain confident in our outlook, supported by strengthening brand preference and focus on consumer-centric portfolio across key categories. With that, I would like to wish all of you and your family a very happy Diwali and joyous festive season ahead. Thank you for your continued interest and support in Bajaj Electricals, and we will now open the floor for questions. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Sameer Gupta from IIFL Capital. Please go ahead. Hi, everyone. Thanks for taking my question. Sir, just wanted to understand, when I compare the growth performance of the Consumer Products business versus, let's say, peers like Havells and Crompton to their respective relevant categories, almost all have recorded a double-digit growth, and they have also called out pricing tailwinds. Even in appliances, a peer like TTK has recorded 30%-plus in the previous quarter. They are yet to report for this quarter. So why is Bajaj Electricals an outlier here, at least at a net sales growth perspective? And I believe you have been doing some channel consolidation exercise. How do you evaluate the success of that? Any numbers or qualitative commentary that you can share, which can give us confidence that we are in that right direction will be helpful. And if any data you can share on the secondary revenues, that would also be helpful. That would be my first question, sir. You take or I take? You take. Consumer products. On consumer products, which is your question, we do not really share product category-wise, but I can say fans have declined more than double-digit for us. While BLDC has grown on a smaller base very well, and the premium fans have also done well. It is a fan which is bringing the averages down. Net of fans, we have also done double-digit growth across categories. You need to know what is happening, it is a fan. If we turn around fan, then you will see a very different number. What is going to make that happen is BLDC. As you know, we are a little late versus competition. We recognize that, and we are working on plans to sort of accelerate our innovations in the market. We are building innovations and also building capacities. The one innovation which we have launched in the market, which we are now taking to various states, has done very well. We are building capacities now multifold versus where we are right now. Once those capacities are in place, which will be in the next three to six months, fan should start building rapidly in terms of turnover and growth. Then you will see a very different number, and that is what I can tell you right now. Got it, sir. Any particular reason why the non-BLDC category is showing such a sharp decline? Is it just got out of focus? Is it the market is moving towards BLDC, and we probably will take some time to ramp up? I believe that even the non-BLDC portion, should there be a reason for it to decline so sharply? In terms of the growth rates for BLDC, they are obviously much faster than it is for the induction fans. In that, our portfolio was highly skewed toward entry-level sub-economy fans, where we are not seeing this kind of growth in the industry. That's probably the reason why our entire focus now is in terms of driving growth and innovations around BLDC, which, as Mr. Sachdeva pointed out, has done quite well with growth in excess of, albeit on a small base, what the industry growth is, and you'll see more action on this front going forward. Got it, sir. Do you believe that in the next three to six months, you should be in that position to grow in line with the category at least? That is what we are working towards, and we are confident of it. Thank you, sir. All the best and festive wishes from me. Thank you. The next question comes from the line of Praveen Sahay from PL Capital. Please go ahead. Yeah, thank you for the opportunity. My question is related to the consumer lighting. As you had mentioned, even in the opening remarks and the presentation, this double-digit growth in the consumer lighting is backed by the new category wire and switches. Switches also you highlighted about the growth. Can you give some more color on that? How much is the contribution quantum of these new categories? Which geography you are working on, and how you are seeing these categories scale up from here onwards? This is Rajesh. We, as mentioned in last quarter itself, we are completely focused on new categories, how we can expand that. You must have seen the investment being done for branding for the new categories in ATL, and we are quite focused on four states where we will be trying to have the penetration and much faster growth. That is what is helping consumer lighting as overall to grow. Yes, we are little soft on consumer lighting as a core category, but this particular new additions is helping us to grow double-digit in this particular vertical of consumer lighting. So any color on the quantum? How much is the contribution of the new businesses right now? It's about almost 20%-25% of the total is coming from the new business. We can do more, and that's the plan. Already it's about 20%, 25%. Which geography you are targeting, especially in the wire? We are looking at those states. We are trying to match where we are strong as a brand and where the market is large. We are trying to look at, and those are the states and markets we have taken, which are four, which is obvious. You can make it out where we are strong. If you follow the market, you will find those four states. Right. Now, related to that is also the professional lighting decline, and there is a reason for that. Can you give what extent of this decline is? Decline is close to double digits, and it is also very specific to some categories. We lost certain projects in terms of in bidding, and therefore we couldn't versus the base cost. We are also very selective because, as you know, the inflation is high, and therefore, we don't win orders at any cost. So we had to let go some orders because of that. And also there is some slight slowdown on orders, frankly, but I won't say that is a major contributor. Okay. And also because you also alluded that the margin is because of operating de-leverage, and I believe the new initiative, which is putting the pressure on that. But you also mentioned the product mix in the Lighting Solutions especially I'm talking on. So if you are going more on the consumer lighting, I believe that's a good margin business versus a professional lighting. So is that understanding correct or deliberate? No. Professional lighting is more attractive. That's why you want to continue driving professional lighting, whatever you were doing in past. Okay. Got it, sir. And thank you. All the best. Thank you. The next question comes from the line of Keshav Garg from CCIPL. Please go ahead. Sir, I had many questions, but first I want to start with a bigger picture question. Sir, in your view, what is ailing this company that the Bajaj Group, which is known for being the leader in all the verticals that they are present in, whether it is two-wheeler, whether it is finance. Why this company, despite having such an early beginning, why have we failed, and why are we continuously losing market share? Why are we underperforming from even players who are way smaller than us? Even with the mediocre competition, we are underperforming. What exactly is wrong with the company? What is the diagnosis first? I think to start with, it is a very generalized statement you are making, which is difficult to answer on a general basis. Let us go one by one. We are not losing share across. In fact, most of the categories except for fan, we are either maintaining or gaining share. Factually, that is the truth. We are number one and then number two across categories. That is a fact, and we cannot deny that, except for fans. If you are saying anything beyond that, which I am not aware, then please tell us. Yes. Let us take it one by one. For example, in our Consumer Products division, our revenue is totally flat since FY 2021. Basically six years. Whereas our margins have gone down from 10% to low single-digit numbers. If we compare to any listed peer, they have outperformed us on the top line growth as well as on the margins. Same is the picture with the Lighting Solutions division. Yeah. Coming back to that, one of the key in that is we have lost out on fans. As I said, the issue is fans. We lost some share in the last first 2, 3 years, in 2022, 2023, because we were at that time changing the entire portfolio. We lost out some distribution on that and some share on that, which we started recovering starting from last year. That was an important change because we want to revamp the entire portfolio. The fan is something which we are working now, and we hope to see the acceleration in growth and the market share coming back once our fan packs get right. Yeah. What we understand in case of lighting, actually, we have been consistently growing faster than the market than rest of the players. Now, you may not see numbers in some of the lighting parts because the lighting overall, the price per light is coming down over a period of time. Therefore, that is a headwind you're sitting on, and that is a headwind everybody has. In fact, relatively lighting has done better. That's the data which it tells us. Because if you see last year, professional lighting, we were the only company, we were growing 2x of the what our competition was doing. That is the base what we just mentioned. On that, we are trying to grow this year. Sir, I'm just comparing our numbers with the other listed peers which have come out with their Q2 numbers. I can name them for your benefit, Crompton, Greaves Consumer, or even Orient Electric. I mean, whether you compare on any product, any segment, the revenue growth is higher and the margins are way higher despite having a small base in the case of Orient Electric. So I'm really at a loss to understand, and even that the fan, something went wrong with the fan. Does that really explain the whole story that our stock is at the same level at it was 16 years back? Are you telling me that something went wrong with the fan and that's why our stock is where it was 16 years back in 2010 levels? 16 years, so I do not know. I can talk about last few years, and I can tell you that the entire industry share price is coming down, and therefore it is not to do with one company. Coming back to Consumer Products, as I said, you are talking about Orient. Denzel said the fan has done very well, and we are telling you the fan has not done good for us. That explains most, cannot be entirely, but most of the story is sitting there. Sir, now going ahead, what can we expect? How long will it take you to put your house in order as far as fans is concerned, and when can we see some, at least the same rate at which the industry is growing? I am Shekhar Bajaj here. Because I think none of them were there in 2010, so therefore, when you talk about 2010, I think I am the only one who can respond to you. See, that time, both the EPC business and the consumer business was together. Now, the EPC business has been separated as Bajel, and therefore, when you are looking at the business, when you compare the Bajaj Electricals, that time it was both EPC and this. Therefore, it is now from 2010, if you want, then you must add Bajel to it and then compare how it is compared to 2010. So there is a clear-cut improvement, but what you are asking is something that we are already You see the numbers in the first two quarters. I think in the coming years also you will see lot of correction has taken place, and we expect that the growth will continue, and we have got a very good management team in place. So you will see every quarter. This quarter, you have seen the growth. In the last quarter also you saw the growth. I hope that in the coming quarters also you will continue to see the growth. Okay, sir. Thank you very much. On your particular question of when do you see better numbers in terms of fans. As I told in the beginning related to some other question, we are ramping up production. We are building the new tech BLDC capability in our factories, and that's going to take another four to five months. Understood. Thank you. Thank you. The next question comes from the line of Ravindranath from Nirmal Bang. Please go ahead. Hello. Thank you for the opportunity, sir. Sir, in your fan portfolio, what is the premium fans contribution in this quarter? If you can say it in the first half, what is the contribution of the premium fans in terms of percentage? In quarter-to-quarter basis, in the second quarter, what is the BLDC fans growth in this quarter as compared to first quarter? On a BLDC fan growth over last year has been 56% versus last year. In a YTD basis, it is 26%. In terms of a contribution of premium, and I include premium induction plus BLDC, overall, it is in excess of 30%. It is 30%? As a contribution to total ceiling fans in Q2. No, no, in fan portfolio, how much it is per percentage? Okay, total you are talking about 30% premium fan? In terms of ceiling. If you want to know for the total fans, just give me a second. 30%. 30%. It is 30%. Okay. And sir, what is the growth of BLDC fan on a quarter-to-quarter basis? 56%. It's 56%. 56%. Okay. Yes. Okay, sir. Thank you. Thank you. A reminder to all the participants, anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking your questions. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The next question comes from the line of Manoj Gori from Equirus Capital. Please go ahead. Sir, you're not audible. Hello. Yeah. Thanks for the opportunity. My question is that now if you look at, we are just getting into winters, and if you look at, we have faced some challenges into fans portfolio. Can we see some disruption into water heaters as well? Probably if you can elaborate a bit, probably the measures that we are taking for sustainable double-digit growth that the company aspires to do, and probably how should we look at on the margin side, probably from FY 2027 second half and probably from FY 2028 view. Probably how should we factor in the margins for CP business for modeling purpose? Yeah. Water heaters typically have a better margin profile than fans for us. As had been alluded at the beginning, our domestic appliances portfolio, which includes water heaters, has been growing by double digit. In terms of the coming quarter, I won't give a forward-looking statement, but we remain optimistic in terms of the improvement in margin profile. Right. Sir, if we look at from a pricing point of view, on year-over-year basis, our gross margins have held very strong. Do we need any price hikes further, and have we initiated any price hikes during the quarter? Probably, anything on price hikes? Look, on the prices, as you know, we take prudent price hikes as a last resort when there is an input cost which goes up. We look at all other levers, and then in the end, we look at price also. Our attempt is that less than half of our inflation should be in price and more than half should be absorbed by productivity improvements. Now, as you're entering the quarter, starting with last quarter, we are seeing the inflation on both metal front and the plastic front. A lot has been absorbed by productivity improvement, but some, it will be done through pricing. To answer your question, we have taken one round of price increase in Lighting in October, and we are evaluating if we need to take a price increase in Consumer Products, which at this stage seems to be the case. Yeah. Sure. Therefore, during the quarter, there will be evaluation to see how much it is and when do we have to take. Sure. Sir, last question, probably if you can throw some light, because if you look at though we have witnessed double-digit decline into fans portfolio, whereas rest of the portfolio has seen very strong performance. But if you look at probably, as I understand this, we would have taken double-digit kind of price increase or high single-digit price increase across product portfolio. Are you internally satisfied with the volume performance that the industry is seeing today? Because if you look at, if we adjust to the price increases, probably volume growths are likely to be into single digits or even as low as low single digits also. That is on a base where last year most of the product categories were impacted. Any outlook or probably your view with how you read on the volume front for the industry and for Bajel in specific. Our growth is a combination of value and volume, and it is actually varying by category. As you mentioned, pricing premiumization, as we saw in some of the fans categories, our premiumization is on an upper trend in some of our core categories also. It is a mix. Yes, there are volumes which remain soft in some core category, but our longer-term priority is quality of growth rather than pursuing just top line through excessive discounting or channel loading. It is a mixed bag. In some categories we are seeing volume and value growth. In some categories, it is more pricing led. Got it. Understood. Thank you, and wish you all the best for future. Thank you. The next question comes from the line of Manan Goyal from ICICI Securities Limited. Please go ahead. Hi, sir. Two questions from my side. The first, given the macro environment, how do the current inventory levels look at the distribution and dealer touchpoints? Are we comfortable with the channel hygiene heading into the peak winter appliance season? Second is, given that the wires launched in February 2026, what is the current revenue run rate, and what is our target for FY 2027 or FY 2028? Are we growing faster or slower than the industry? How much price hike or how is the pricing impact do we see in wires? Thank you. On the consumer product side, the channel health has improved materially, and we remain quite disciplined on inventory. Over time, primary and secondary sales are tracking each other more closely. It is not necessary every month because there are factors like seasonality. Now, for example, you would have some pre-season loading. This time, Diwali is in November. So festive phasing starts making a difference, channel mix, et cetera. Our focus remains on sell-out and healthy channel inventories. To answer your question, last year, we had to take up inventory correction in quarter 3, which is the quarter we are running now, because we exited quarter 2 with higher than desired inventory levels in the channel. We have no such plan. Talking about wires, as we want to have the more and more distribution to be taken place for this particular wire business, and what we have seen that on month-on-month we are growing. Acceptance is good, but we want to have the quality distribution for that. We are working on the combination of this particular wire business along with wholesale as well as the distribution business, so that we can capture both the segments where we want to grow. Yeah. Also, given the size of the wire business, it is still small. Our ambition is to accelerate further, that's why we are going with a focused approach in few states where we have strength and the market is large. And within that, we are building our distribution right now, with a combination of our current distribution structure and an incremental consumer distribution structure. We are also, along with that, building our capabilities, sale capabilities and structure to support that. All that is work in progress and, as given the potential of this category, it will require a continuous investments. Understood, sir. Thank you so much. Thank you. The next question comes from the line of Ravindranath from Nirmal Bang. Please go ahead. Thank you for the opportunity, sir. Sir, you said about the BLDC fan, quarter-to-quarter, there is an increase of 56%. You have launched a fan last quarter at INR 1,999, the BLDC fan. Can you please tell me what is the value and volume growth for quarter-to-quarter? See, the response of it has been good of that. As was mentioned, we are augmenting our capacity because that's been a limited market lot. We are augmenting our production capacity, and we will be able to expand over a period of time. So that's our plans around this BLDC fan. Okay. It will be. I do not know whether it will be correct to say quarter-to-quarter because quarter 3 is not the peak fan period and quarter 2 is. Also remember, BLDC we have launched in very selective markets. But we are gradually expanding to other markets. So in two quarters time, we will have a picture which is a normal national level picture. So we will at that time see that. Okay. In the BLDC portfolio, what would be our average pricing, sir, in fans, sir? See, it would be between around Rs2,500 to Rs3,000 would be the kind of average pricing of a BLDC portfolio. Again, it depends which price are you talking about. Are you talking about a market operating price or- No, no. Market operating price. I am talking in context of more in terms of the market operating price. Okay. Thank you. Thank you. A reminder for all the participants, anyone who wishes to ask a question may press star and one on the touch tone telephone. If you wish to remove yourself from the question queue, you may press star and two. We will wait for a moment while the question queue assembles. The next question comes from the line of Keshav Garg from CCIPL. Please go ahead. Sir, for FY 2028, do you have any targets in terms of EBITDA margin or in terms of aspiration for revenue growth? Like any ballpark number that can we hope to grow in double digit our top line? And can we expect our operating margins, first, when can they exceed 5%? And maybe is it possible to expect EBITDA margins in double digits, which our competitors are already doing in the same business? FY 2028 is next year. We stay with what we have said. We want to grow double digit ahead of the market. If the market is growing at 8%, we want to grow at 10%. If it is growing at 6%, we want to grow at 8%. That we stay. We want to grow there and we have building blocks which will make it happen. Our market gives a double-digit margin, we will reach there. Now, will it be FY 2028? May or may not be because if the inflation is too high and if we see the growth we can accelerate with the activities and innovation, we may decide to invest behind that growth rather than build everything down to the margin. To answer your question, we want to be in that bracket on a growth faster than the market, and we want to be in that bracket where we are close to double-digit profitability. As I said, whether it be FY 2028, it depends upon if we get good opportunity, we may go for a high double-digit turnover with a lower profitability because we want to invest behind that growth. It will be dynamic. Understood. At least, sir, when can we expect to surpass our earlier EBITDA that we did, which I believe was around INR 320 crore in FY 2021. When, in your judgment, can we reach that number? That was with Bajel. You are talking with Bajel or only Bajaj Electricals? No, sir. I am talking about the Consumer Products division. Sir, since Mr. Bajaj alluded to Bajel Projects erstwhile EPC division, I remember a few years back, the issue used to be that, okay, that EPC business is making losses, so once we get rid of that, then we will be good. Since then, after that EPC has gone out, and now we are hearing that some fan is not working out. It is something or the other. Sir. Sir, I am glad that you are keeping a track of how Bajaj Electricals is doing. I think management team is very much focused to see that in next two to three years, we will surpass that number which was the highest ever. We do not remember at this moment whether it was 320 or 300, but whatever it is, in the next two to three years, we will definitely cross that. Great, sir. Sir, also, are we thinking about pruning our SKUs and verticals? For example, the kitchen segment, sir, either people are in the lighting fan or then they are in the kitchen segment, which is a separate altogether. There might be some overlap, especially in mixers, but I do not think Nirlep anybody knows. Maybe it is not even in the top 10. What is the point in just keeping that as a category and underperforming? Do we have enough focus? Why not focus on few things and really push them? Sure. I think it is a good question. The answer is simple. Nirlep is right now at a level and a size which does not impact either the turnover or the growth or the bottom line. We are focused on two brands, and that is where we stand. Bajaj and Morphy Richards, as you know. Morphy Richards at the premium end, Bajaj at middle of the market mass end. Similarly, for factories, we do not see any reason at this stage why we cannot be both in fans, lighting or kitchen appliances. Some of the channel synergies are there, and this is all around home care and they are all under the electricals segment. I personally do not support that moving out of these categories makes sense. Sir, so I understand that I am sorry to interrupt. Sir, we may request that you return to the question queue for follow-up questions. Ladies and gentlemen, we will take this as the last question for today. I now hand over to the management for closing comments. Over to you, sir. Thank you very much for all those who could attend this conference. You must be happy that after a good first quarter, even the second quarter bottom line is better. Our whole emphasis in the next few quarters is going to be how to improve our top line, because our cost and everything under control, our margins are also under control. Therefore, once we get our top line, you will see our bottom line will improve substantially. Thank you very much, and hope to see you again after this quarter. Thank you. Thank you. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.