Ladies and gentlemen, good day and welcome to the Kansai Nerolac Paints Limited Q2 FY27 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 0 on your touchtone phone. Please note, this conference is being recorded. I now hand the conference over to Mr. Aniruddha Joshi. Thank you, and over to you, sir. Yeah, thanks, Nazneen. On behalf of ICICI Securities, we welcome you all to Q2 FY27 and H1 FY27 results conference call of Kansai Nerolac Paints Limited. We have with us today senior management represented by Mr. Pravin Chaudhari, Managing Director Mr. Yash Ahuja, Chief Financial Officer, and Mr. Jason Gonsalves, Director Corporate Planning, IT, and Materials. Now I hand over the call to the management. for their initial comments on the quarterly performance, and then we will open the floor for question and answer session. Thanks, and over to you, Pravin sir. Thank you, Aniruddha. I request Jason, if you can walk them through our presentation quickly. Good evening everybody and welcome to the Kansai Nerolac Q2 call. At the outset, I would like to wish all of you a very happy Diwali. I will now start with the presentation that we have uploaded on our website. The first slide is on our vision and mission. Our purpose is to create environments for a healthy and beautiful future. Our vision is to design solutions that protect, inspire, and touch lives every day. And on the ESG front, we are water positive. We are committed to emission reduction and green energy. Coming to our brand, we find that Nerolac has a very strong legacy as one of India's most trusted paint brands, distinguished by its commitment to quality innovation and technological excellence. Our leadership is underpinned by robust R&D capabilities coupled with strategic global partnerships that enable us to deliver advanced solutions across both industrial and decorative coating segments. A key strength of Nerolac lies in the deep trust and recognition it enjoys among consumers. The brand consistently ranks among the most recalled paint brands in India, reflecting decades of sustained customer confidence and market leadership. This equity is further reinforced by our iconic brand jingle, which has been— which has remained ingrained in consumer memory for more than 30 years. Creating a rare and enduring emotional connection across generations. At the heart of Nerolac's success is a values-driven culture embodied by our framework of core values, which is integrity, customer focus, accountability, respect, entrepreneurial mindset and innovation. These values continue to guide our decisions, shape our culture, and inspire our people to contribute meaningfully to the company's long-term growth journey. We foster an environment that encourages ownership, collaboration, and the free exchange of ideas across functions and at all levels. By empowering our teams to think creatively, and execute with agility, we continue to unlock new opportunities for innovation and value creation. Looking ahead, Nerolac remains focused on shaping the future through breakthrough technologies, differentiated product offerings, and sustainable innovation. Our ever-expanding portfolio of environmentally responsible solutions reflects our commitment to delivering superior customer experience while contributing positively to society and the environment. As consumers' preferences increasingly shift towards premium and differentiated products, our technological expertise and innovation capabilities will continue to play an even greater role in accelerating growth within the decorative paint business. By leveraging our strong brand equity, deep consumer connect, and innovation-led approach, Nerolac is well positioned to drive sustainable value creation and strengthen its market leadership in the years ahead. Coming to our employee value proposition, which is where your passion takes color. At Kansai Nerolac, our employee value proposition reflects our commitment to creating a workplace where individuals feel empowered to learn, grow, and excel. We believe that when passion is nurtured with right opportunities, it drives innovation, collaboration, and sustainable success for both the employees as well as the organization. Our EVP is built around 10 core pillars that shape the employee experience, namely customer focus, meritocratic and open culture, collaboration, to win, innovation and technology, play to win with ambition and hunger, think digital and simplification, sustainability, community and social impact, renowned brand and a Japanese MNC, new age flexibility, speed and agility, and career growth and rewards. Together, these pillars foster an environment where employees feel valued, empowered, and inspired to achieve their full potential while contributing meaningfully to Kansai Nerolac's continued growth and success. Coming to the business environment, during the quarter we saw elevated volatile crude oil prices. There was extreme volatility in the, in the rupee. Geopolitical challenges continued to remain. There was very good demand in automotive and government's continued focus on infrastructure. We now come to the decorative strategy, which is based on 6 pillars, namely new products, project business, construction chemicals, waterproofing and wood finish, branding and media spend, influencer program, and network expansion and focus geographies. Coming to the highlights of our decorative performance, uh, in retail, services is aiding the primary business with mid to single high-digit growth. Contributing to decorative business. Our PASS, which is our service to paint as a service, is now present in 250+ cities. Our AID Connect is in more than 45 important cities. Our Pragati program, which is for our painters, covers more than 90,000 painters. who have participated in the first half of the year. Coming to the projects and institutional business, we recorded a double-digit growth which in this segment our geographical reach now extends to more than 80 cities. We have built a strong pipeline of project sites, and we have a separate range of products called the Super Series. In terms of network expansion, we have added 3,000+ dealers in the network. Our distribution network has seen a double-digit growth. And distribution expansion as a channel is in low-presence towns. Coming to construction chemicals, wood waterproofing, and premium wood finishes, in construction chemicals and waterproofing we have recorded a double-digit growth. We explore and, and have executed international collaborations for launching technology-backed solutions, and our focus product and focus market approach continues. In the premium wood finish, while the overall wood finish segment grew at a healthy pace, our focus on weighted contractors engagement has driven the primary growth. And here also, the focus market and focus product approach seems to be working for us. Coming to the retail platform, offline new type of stores, our next-gen stores today are around 190+ across India. Our shop-in-shop stores are now more than 270, and paint zone stores are more than 490 at the end of H1. When we come to our product portfolio, we have a huge range of products across the interior emulsions, exterior emulsions, waterproofing, tile adhesives, and the Perma range, Nero Seal range, premium wood finish range, and the popular wood finish range. Some of our new products which we have launched and their key highlights. Our first product is Excel Everlast 20, which is India's first exterior paint with 20-year warranty. Engineered with bulletproof nano silica technology for superior durability, crack bridging up to 2 millimeters, and weather resistance. Second product is Excel Total Floor Coat, is a premium water-based exterior emulsion that protects and beautifies floor tiles and cement surfaces. With rich sheen, antifungal protection, and superior abrasion resistance. Perma No Damp NXT, which is a high-strength fiber-reinforced elastomeric liquid-applied waterproofing coating. It is formulated with resilient acrylic copolymers and reinforcing fibers. Upon curing, it forms a thick, seamless, durable membrane that offers the ultimate waterproofing experience. The next product is Nova 2-in-1, which is a primer suitable for both interior as well as exterior application. It gives good opacity, whiteness, superior adhesion to the topcoat, and good resistance to chalking. Coming to our media campaigns, the first campaign I would like to talk about is the TNPL activation. In Q2, we executed a focused brand building initiative in Tamil Nadu. Through our principal sponsorship of the Madurai Panthers in the TNPL. The campaign combines strong on-ground visibility with targeted vernacular digital marketing helping us enhance brand reach, customer engagement, and lead generation in the region. Through multiple branding touchpoints including jerseys, stadium assets, social media, and matchday activations, we significantly improved brand visibility. Such localized high-impact marketing initiatives remain an important part of our strategy to strengthen presence and support sustainable growth. The second campaign I would like to talk about is Noor-e-Kashmir, which is a campaign in a culturally inspired brand initiative that celebrates the architectural heritage, craftsmanship, and unique stories of Kashmir through real homes and authentic local narratives. By showcasing how Nerolac colors integrates seamlessly into regional aesthetics and lifestyle, the campaign strengthens emotional brand connect while reinforcing Nerolac's commitments to enabling beautiful and inspired living spaces. In terms of contractor outreach, there was a focused contractor engagement program which we executed to strengthen awareness, product advocacy, and scheme participation within the painter and contractor ecosystem. Leveraging a multi-channel approach comprising digital communication, social media, video content, and field force activation, The initiative amplified reach and ensured effective dissemination of information on key products, innovation, and promotional programs. Coming to digital marketing, we engaged in a number of campaigns. We invested in— continued to invest in digital marketing initiatives to enhance brand visibility and consumer engagement across all digital platforms. Campaigns were designed to strengthen awareness of the brand portfolio, communicate product benefits, and reinforce premium brand positioning through consistent and impactful digital content. These efforts supported sustained consumer engagement and improved brand salience across key customer segments. We now come to the industrial update. In terms of the automotive business, our strategy is to continue to expand the business using the following levers. One is our strength and uniqueness, which is we are accessible We have access to the latest global technology through our tie-up with Japan as well as other countries. Our focus on innovation, creating new and enhancing existing technologies, new business such as water-based, high solids, and low bake technology, and introducing paints with superior and unique functionalities in terms of durability, superior finish, corrosion resistance, and workability. The second lever that we leverage here is new business, which is increasing presence in identified accounts as well as thrust on electric vehicles. The third pillar we use here is new segments, and we are doing well in seam sealers and underbody black, alloy wheels, PT, and booth chemicals. In terms of business performance, the auto segment witnessed robust growth in passenger vehicles, 2- and 3-wheeler, and commercial vehicle segments, and our focus was on innovation, creating new technologies to increase total addressable market. Coming to the performance coating business, in terms of the general industrial and high-performance coating, our growth strategy in this segment is centered around premiumization, new technologies, and dealer network expansion. Under premiumization, we are driving growth across high-value segments such as infrastructure, bridges, railways, construction, appliances, and electricals. And through new technologies, we continue to expand our portfolio with fluoropolymer coatings, anti-carbonation systems, high-solid coatings, direct-to-metal solutions, low-bake systems, and water-based technologies. To strengthen market coverage, we are focused on dealer expansion and increasing our presence in untapped geographies. In terms of business performance, the liquid segment witnessed very robust growth, and strong growth was witnessed in the construction equipment and infrastructure segment. Coming to the powder coating part of the performance coating business, our powder coating business strategy is again focused on premiumization, new technology, and maintaining our high market share. Under premiumization, we are expanding our presence in rebar, construction alloy wheels, super durable coatings, pipe coatings, and heat resistance coatings. And through new technologies, we are driving innovation in low-bake and fast cure systems, bonded metallic powders, anti-dirt pickup solutions, and thermoplastic solutions. To maintain our leadership, we continue to focus on network expansion and secure new customer approvals. In terms of business performance, the powder coating segment witnessed strong growth. All segments witnessed strong growth, with top performers being auto ancillary and construction equipment. Across both the liquid as well as powder coating, our focus remains on premiumization, technology-led innovation, and market expansion, enabling us to deliver sustainable growth while strengthening our leadership across industrial segments. Coming to the auto refinish business, our auto refinish strategy is focused on 3 growth drivers, namely premiumization, new technologies, and network expansion. Under premiumization, we are focused on increasing the sale of premium PU products. Under new technologies, we continue to promote high-solid paint solutions and waterborne coatings. And under network expansion, we are increasing the count of body shops and securing new approvals to further strengthen our market presence. In terms of business growth, we witnessed good growth, but the mix deteriorated here. Premium PU segment delivered notable body shop wins and remains on track to achieve the annual target. Customer base expanded significantly, supported by ongoing training and skill enhancement initiatives at the grassroots level. In terms of new products in industrial, the focus was on enhancing finishes and functionalities while offering versatile applications and prioritizing environmental sustainability. In industrial coatings, driving growth through sustainable technologies, enhanced performance, and application-focused innovation remained our strong focus areas. Under environmental sustainability, uh, we successfully implemented a wet-on-wet seam sealer and underbody coating system while improving process efficiency and reducing operational footprint. And have developed and commercialized a lead-free TSA bright red technology for 3-wheeler application, reinforcing commitment to environmentally responsible coating solutions. In terms of finishes and functionality, we have introduced premium clear coat systems for passenger vehicles for delivering enhanced wet look appearance and superior finish quality. We have implemented a next-generation PU clear coat for a leading 2-wheeler OEM, improving durability, export part quality, and aesthetic appeal. And we have commercialized an anti-rust clear technology for tractor applications, providing superior corrosion protection and durability. In other versatile applications, we have expanded the Nerocan HG range for bus body applications and have strengthened our coating portfolio across 2-wheelers, 3-wheelers and tracting tractor segments, broadening market reach and application capabilities. Coming to the new products in the performance coating liquid segment, under environmental sustainability, we have developed a water-based polyurethane dispersion coating for pump applications, enabling low VOC solutions with enhanced anti-corrosion performance and multi-substrate adhesion. Under finishes and functionality, we delivered an advanced coating solution for high-performance industrial applications requiring enhanced durability and performance characteristics. And in versatile applications, we have developed a fluoropolymer-based coating approved for the bullet train station projects, demonstrating capability in advanced infrastructure applications. We have developed coil coating primer solutions for aluminum composite panels, expanding presence in architectural and construction. segments. In the powder coating area, under environment— environmental sustainability, we have continued focus on liquid-to-powder conversion initiatives supporting customers in reducing VOC emissions and improving environmental compliance. We have commercialized a metallic brown powder coating for the fan segment as part of ongoing sustainability-led conversion programs. In finishes and functionalities, we have successfully commercialized super durable anodic bronze coatings for architectural applications. Offering superior weatherability and long-term durability. And in versatile applications, we have expanded product offerings across fans and architectural segments with differentiated aesthetic finishes and performance attributes addressing evolving customer requirements across all industrial coating businesses. Innovation remains focused on delivering sustainable technologies superior finishes, and application-specific solutions. These developments strengthen customer partnerships, enhance product performance, support environmental objectives and reinforce our position as a preferred coating solution provider across diverse end-user industries. Uh, in performance coating paints, in diverse business opportunities, we are pursuing opportunities in various segments. Among the accolades that we have won in manufacturing, we have won the Golden Peacock Award for energy efficiency for our Hosur plant. In decorative, we have won Uh, we have won the E4M Real-Time Programmatic Award 2026 in gamification and advertising, and the— in ABHI 2026 we won 1 Grand Prix, 1 gold, uh, 6 silver, and 3 bronze. In ESG, KNP has been awarded the bronze medal in EcoVadis in 2026 for the 3rd consecutive year. 4%. This result places KNP among the top 18 percent companies assessed by EcoVadis, and we have recognized in this strong category by CRISIL ESG Ratings 2026. Coming to our P&L. In the standalone results for Q2, our net revenue was up by 18.9%, our PBDIT is up by 4.9%, and our PBT is up by 4.3%. For H1 standalone, our net revenue is up by 14.2%, PBDIT is up by 5.8%, and PBT is up by On a consolidated basis, net revenue, uh, is up by— for the quarter is up by 18.6%, PBDIT by 4.1%, and PBT by 3.6%. For H1, on a consolidated basis, our net revenue is up by 14%, PBDIT is up by 6.6%, and PBT is up by 4.9%. Coming to the risks and outlook, in risks, the continued West Asia tensions leading to supply chain disruption and market uncertainty is viewed as a risk. As well as sustained high crude oil and derivative prices coupled with currency volatility, which continue to exert pressure on input costs and procurement planning. As far as the outlook is concerned, as per RBI, demand conditions remain healthy. The relevant macro indicators point to continuing activity across construction, mobility, and broader domestic demand. Automotive demand to be— continues to be buoyant, driven by new launches and inventory buildup for the festive period. And consumer sentiment on discretionary spend may get impacted due to inflationary environment. This marks the end of the investor presentation. Yeah, now we can move on to questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. 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 Aditya Bhartia from Investec. Please go ahead. Hi, good evening, sir. So my first question is on the price hikes that were required on the industrial side. I just want to understand, have we managed to take some of those price increases? You had also indicated that some of those price increases happened from a retrospective basis. Uh, so how we positioned over there, uh, and up to roughly what level of crude do you think we are protected? Yeah. Uh, thanks, Aditya. So as far as price increase is concerned, yes, there are accounts where we have got it retrospective effective 1st April. Some of them are from 1st June. And the increase is in the range of about 7 to 8% broadly. That is what you've got. And there are further discussions on in terms of, you know, taking further price increase on the select categories where there's a direct impact of the crude. Uh, in terms of crude, uh, it's very difficult to say now. Today it is about 92, so, uh, my guess is, you know, it's about 85, 80 to 85 range I think will be safe for us in terms of, you know, really going forward and looking at margin improvement is what I see right now. That is what we're pegging at. Yeah. Uh, when you say $80 to $85, that's the range up to which we had managed to take the price increases. Uh, if the crude is above that, then essentially some more price increases would be required. Is my understanding correct? Absolutely. And when we started discussion, it was 117. Uh, so it is, it is so volatile that, you know, it is really difficult to plan anything based on both on raw material as well as on pricing. So that is why this back and forth keeps happening, uh, really. But anyway, team is ahead as far as discussions are concerned on some of the categories which are directly linked, and that will be taken forward at any which way. Sure. So I'm just wondering that given, uh, we managed to take price increases, still, uh, in terms of gross margins, uh, we are seeing gross margins which are sharply lower than the kind of levels that we used to see in the past. And these price increases were also taken on a retrospective basis, which would mean that part of the advantage of, let's say, first quarter should have also flown through in second quarter. So why is it that we are not getting, uh, uh, to see that getting reflected in terms of margins, percentage margins? Yeah, so Aditya, if you look at the inflation, the inflation is upwards of 25% and the price increase that you got is about 7 to 8%. So the, the part of the remaining part is, is getting discussed further in terms of taking that increase. So as you move quarter on quarter, I'm sure you will see sequential improvement in the margin going forward. Discussions are not stopped. The discussions are on with all the OEMs. And in fact, on the dealer segment in industrial, price hikes have already announced. We have further taken price increase end of September. So that will be flowing in quarter 3 itself. It is majorly, you know, this auto and some of the OEMs in general industrial segment, uh, I think that is where discussion takes long. Before we conclude this. So with OEM, it is always agreed, you know, that never it is full price increase given. It is always in one or two parts, and that's what precisely happening even now. Understood, sir. Uh, and in the past we have spoken about roughly 13 to 14% as our, uh, sustainable EBITDA margin range. Uh, by when do you think, uh, given the current scenario, we should be able to hit that kind of a number. Is it that it takes a few quarters to kind of get the complete price pass-through, uh, assuming that crude stays, let's say, where it is today? Yeah, I think we'll have to maybe, uh, by quarter 4, I think we should be definitely trying to touch that number because as you will, as this settlements keep happening, it's very difficult to predict, you know, uh, when that settlement will happen. But the one thing is sure that we always get it effective from a date. Like we settled it April till September. Now when we are initiating next round, it will be again the clock is reset to October 1st. So that is what will happen. So I think it depends on the timing also when that thing will happen. Our only OEM, I think, is the only thing which is taking time. Otherwise, all other segments where there is a dealer and distribution is involved, I think there we are fairly well placed. Understood, sir. Just one last bit. Would it be possible for you to give any indication on how margins would be differing between, uh, Deco and the industrial piece, either at the gross margin side or at the EBITDA margin side? No, that will be difficult. Uh, only one comment that I can do is our, uh, decorative margin contraction that you're seeing in the industry versus ours, I think our contraction is lower. So I think that can tell you the story about our very focused approach in growing and also managing our mix. Understood sir, that's helpful. Thank you. Thanks Aditya. Thank you. Next question is from the line of Pratik from HSBC. Please go ahead. Thank you for the opportunity. Yes, Pratik, you are audible. Yes, thank you. Uh, so my first question is on the deco business. Um, can you tell us what your, uh, in general volume growth was for the deco business and value as well, if you can please. Yeah, so volume, frankly, you know, with our current mix correction that we're doing and not participating in this low-end products, I think our value growth is nearing double digits. That much I can say. And if you look at last 3 quarters, I think there has been sequential improvement in our growth number, which is, I think, pretty, uh, good sign as far as we see it. And can you make a comment on the competitive intensity that you see in the market on the deco business as of now? Yeah, I think every quarter we wish that it is going to go away soon, but it's not happening. I think there's a tremendous competition intensity across regions. And all stakeholders are getting impacted because of that, whether it is dealer, painter, contractor, architect. Everywhere there is a huge investment happening. And, uh, I don't know really when that should go away, but I think it's— I think it's life now. I guess that's how it will be. Okay, understood. And, uh, just to squeeze in another one on competitive intensity, do you see a difference in the competitive intensity in the east of India since the, the new competitor commissioned their plant there a few months ago now. No, that is— we have not seen that specifically a particular region or area across it. Understood. And I'll get back in the queue. Thank you. Thank you. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. Next question is from the line of Aniket from ICICI Securities. Please go ahead. Hi sir, congrats on a good set of numbers. Uh, so my question is on the industrial side. So, so far as of now, almost all of the players have declared their results and the players who have a presence in the industrial side. We are seeing good growth on that side as well. So are you seeing increasing competitive intensity on the industrial side? And also, if you can share some color on what should be the sustainable growth rate for the industrial business? Uh, any views on that, sir, please? Yeah, so, um, I think with this, uh, DECO competition, I think people are trying to spread their wings and try to also balance with industrial area. Only one comment there, you know, I think in industrial, real mix matters, and that is what drives profitability. So I think that is what focus for us is really. In terms of forward statement, I think it is very difficult to say what it will be, but I can tell you quarter 3 I think should be good as far as growth is concerned. The kind of pipeline we have, I think it will be good in quarter 3 at least. So, sir, thank you. Thank you. A reminder to all the participants, anyone who wishes to ask a question may press star and 1 on their touchtone telephone. Next question is from the line of Aniruddha Joshi from ICICI Securities. Please go ahead. Yes, uh, sir, uh, 2-3 questions from my side. One, Uh, if you can indicate about the performance of our subsidiaries in Nepal, Bangladesh, Sri Lanka, how is the, in a way, the international Uh, subsidiaries working? And secondly, if you can indicate about our adhesive business, uh, I guess Nerofix is now part of Kansai only, uh, but any update on how is that business as well as the Waterproofing, so construction chemical, uh, business is, uh, in a way working. From subsidiary, Sri Lanka, anyway, we closed. So there's operation Sri Lanka right now. As far as Nepal is concerned, I think they are doing very well. Uh, it's Uh, there's a growth of almost, uh, close to 20% is what growth they have recorded, and, uh, pretty healthy, uh, profit improvement as well in Nepal. So Nepal is doing very well. Bangladesh continues to be a problem for us, and there are issues in Bangladesh with both top line as well as bottom line. So anyway, we are working on, you know, solving that and trying to work out some solution as to how do we really recover from that situation as far as Bangladesh is concerned. And on Nerofix, now it's part of, uh, Kansai. Of course, growth-wise it is good, uh, it's double-digit growth in the revenue. However, when it comes to profitability, you would have seen, you know, with— we have restated our accounts having done the merger. You will see there is a drop of almost 4 to 5 CR. That is because of that Nerofix which has come about, and there is a serious, um, pricing issue in the market with the way WAM has gone up. And we had carried that inventory through— we were slightly long on the inventory. Unfortunately, that has hit us. But now that WAM has settled at about $1,200-odd, I think things from here should change and, you know, things should be better as such. Competition has also improved upon their schemes and other pricing mechanism. I think that is how we are seeing slightly better second half going forward as far as the adhesive business is concerned. And on construction chemical, I think you asked, and waterproofing, I think waterproofing is also doing very well. I think the growth is upward of 30% there in waterproofing, and even construction chemical also growth is upward of 60 to 70%, of course on a small base, but it is doing very well. And I think our penetration across country and across our stronghold is increasing as we pass each month. I think that's a healthy sign. And we are distinguishing both because waterproofing is typically a paint application, whereas construction chemical is pure repair and, you know, hardcore construction chemical which goes into our large projects and pure infra projects. I think that's the segment where technology is also playing. And you must recall, you know, that we had acquired Perma company, I think, 6-7 years back. And the Perma products technologically are very, very good. I think when we compare with the competition, they are better than them. I think now it's time to leverage those technologies and spread our wings in construction chemical also. And in last February when we did our strategy presentation, we also talked about this. As to how do we leverage our acquisitions and try to use those technologies to grow our business and create additional pillars and additional segments which will support our overall B2C area. I think it is working very well, and I think that hopefully that becomes a sizable business in next 2 to 3 years. Okay, sure, sir, that's helpful. Second question regarding the projects business, uh, I guess we are investing, uh, more in driving projects business also. So how is the uh, progress on that front? Uh, any color, uh, you can share on that? And secondly, in terms of the dealer network addition, uh, how it has happened in H1? And is there any target on which, uh, the company is working in terms of FY27 and dealer target or tinting machine target? And, uh, any FY28-29, any rolling target, if you can share on that. Yeah. Uh, so, uh, what we are doing is, you know, of course we have added about 3,000-odd dealers. That's what we stated in our presentation. So 3,000 dealers are added. And roughly 75 to 80% are machine dealers in that. That's what the addition happens. Uh, in terms of target, I think typically we talk about, you know, 10% increase in network every year minimum. It's 10 to 15 actually. But see, what, what we are also doing is with— you must have seen our focus, focus category, focus geography. Every time we keep saying that what we are trying to do is also we are optimizing some of the network which actually is not performing. We are also pruning them. So actually, you know, with that actually we are increasing our productivity and throughput of a dealer also. So more focus is also on extraction, at the same time numerical expansion. So numerical expansion even at 10%, I think, is pretty okay for us. But the more important, I think, is extraction and same-store growth. So that is a strategy. So roughly you can take 10% safe, uh, addition every year with reduction in the Uh, drops or degrowing dealer. I think that is how we would like to progress as far as dealer additions are concerned. Okay, sure, sir. Uh, this is very helpful. Uh, many thanks. Very good. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and 1 on their touchtone telephone. As there are no further questions, I now hand the conference over to the management for closing comments. Thank you so much for joining this, uh, quarter 2 investor call. Uh, I hope we could address questions and could explain our strategy and the way we are moving ahead. Uh, and wishing you all happy New Year and happy Diwali. Uh, see you in quarter 3 phone call in February. Thank you so much. Thank you. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.