Ladies and gentlemen, good day and welcome to TTK Prestige Limited Q3 FY23 earnings conference call hosted by Ambit Capital. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Dhruv Jain from Ambit Capital. Thank you, and over to you. Thank you. Hello everyone, welcome to TTK Prestige Q3 FY23 Earnings Call. To the management today, we have with us Mr. Chandru Kalro, Managing Director, Mr. K. Shankaran, Full-Time Director, and Mr. R. Saranyan, Chief Financial Officer. Thank you, and over to you, sir, for your opening remarks. Thank you, Dhruv, for that, and welcome everybody to the TTK Prestige conf call. I just wanted to summarize the quarter. As we had expected, the quarter was going to be a little different from the previous year because, A, the festival itself had shifted, advanced itself, and therefore there was some tailwind that happened in the second quarter instead of the third quarter as last year. And the second thing was that we had expected some movement of the share of wallet away from the kitchen appliance segment, and you know that our travel and hospitality have taken a bigger share of wallet this time. And we are really seeing a normalization in that sense between our category and the rest, and that's what we saw. We all know and have heard from various quarters about the flattening of discretionary consumption, which also we saw thanks to the inflation and other things, and that also affected us, so the share of wallet, the discretionary consumption, etc., has meant that the quarter three per se has been a little less than what we would have liked it to be, but as we said in the beginning, please don't evaluate us from quarter to quarter. The nine months are still looking quite good, quite robust. We have still performed very well for the first nine months, and we're looking forward to things changing as quickly as possible as we go along. Right now, hand over to you all for any questions that you might have. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone 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. Our first question comes from the line of Prakash Kapadia from Anived Portfolio Managers Private Limited. Please go ahead. Yeah. Thanks for the opportunity. Couple of questions from my end. If I look at the current quarter sales of around INR 694 crores and compare it to December 2019, we were INR 587 crores, which is pre-lockdown. So in the context of a four-year period, doesn't that growth seem to be low? Because December 2021 had some patterns of lockdown. I was trying to assess growth over a longer-term period. So if you can give us some sense from the longer-term perspective, that will help. Secondly, if I look at real estate sales, they are pretty buoyant. So what impact does it have on demand for our products in the coming quarters or the medium term? And lastly, what trends are we seeing on input cost? And do we think this gross margin improvement, which we've seen on a quarter-on-quarter basis, could trend upwards in the coming quarters? So, three parts to your question. One is the three-year you started from FY20, is it? 19. 19. INR 587 crores-INR 694 crores. Okay. What I would request you to do is to look at the same period of nine months from FY19 to now, and you will see that you are looking at something like INR 600 crores moving to INR 2,200 or INR 2,100 crores. So that's a very decent growth from there. So I wouldn't want us to see this as quarter and quarter because for the last eight or 12 quarters ever since COVID has hit, there is always some kind of a negative or positive base effect that we would like to even out over a longer period of time rather than just look at it from this one-quarter perspective. I think what we all must be concerned about is what is the standing of the brand and the company in the market? Is the market share robust? Are we growing or not in that sense? Or are we gaining market share or not in that sense? And there, I think we are very confident. We are saying that we are extremely strong in the market, and our products and brand are very powerful, and that is why we are seeing growth. I mean, even if you look at a very mature category like pressure cookers, we have grown 14% over the previous nine months. So that gives you an idea of where we are. All the appliances put together have almost doubled digits in spite of everything. So I would look at this very positively. The second part of your question, I think, was on the raw material cost, right? Yeah, raw material and that real estate buoyancy. So the demand of that real estate buoyancy on our medium-term sales. So the real estate buoyancy definitely has a positive effect on us, but it is a lag for us because what happens is when the real estate is delivered and the occupying happens, then first the fixtures get done. The furniture, the hard furniture gets done, and then people move or upgrade into the smaller appliances. So we have a little bit of a lag effect in that sense. But yes, as real estate grows, it is definitely a positive for our company and our industry. And the third thing that raw material cost that you're seeing is it was largely going downwards until November, and then this China reopening obviously has had a different kind of effect on the commodity prices, and suddenly we saw a reversal and things going up again. But given that the demand per se is not that robust, we are not expecting any major surprises negatively on the raw materials, and we are expecting that gross margins actually improve as we go along in the coming quarters. In the coming quarters. Understood. And also, if you could give us some sense, as we are aspiring to double our sales in the next five years, organic growth would be the biggest driver to this. So what kind of a volume mix can we look at over the medium term to achieve that aspiration? So is 78% volume growth reasonable enough for us to have that direction of doubling our sales with a price and product mix? Is that a fair assessment? First, you must understand that our business today has multiple categories in it. While we are operating in a single segment, we have multiple categories. Some are very mature, like pressure cookers. Some are very much under-penetrated. Some where we have relatively lower market shares in some geographies. Some where we have higher market shares. So there are different strategies required for different categories. At the overall level, we are looking at a 15% thereabouts value growth, which could be anywhere between 8%-10% volume growth on a year-on-year basis for us to reach our objective. Okay, around 8-10% volume. So the thing is here we need a model mix, a channel mix, a geography mix. There are several variables in it, and we have to optimize those to achieve our objective. Right. Right. And we seem pretty confident over the medium to long run to achieve that aspiration, right? Oh, yes. Oh, yes, certainly. Because the brand, as you know, is extremely powerful and very good, very well respected in the market. Great. Great. Great. Great. Thank you. All the best. Thank you. Thank you. Thank you. Our next question comes from the line of Achal Lohade from JM Financial. Please go ahead. Good afternoon, sir. Thank you for the opportunity. My first question was in terms of the price increase in past 12 months, would it be fair that there is hardly any price increase in last four quarters? Just to see in the YOY number how much is the volume drop or if the volumes are flat. So first, let me give you a direct answer to your question. When you look at the nine months, all our key categories, we have a volume growth. Some in low double digits and some in high single digits. So except for cookware and gas stoves, where we had a very much more higher growth in the past and the base effect is trying to catch up, the volume growth has been quite robust in most of our key categories. And coming back to the price increase, in this financial year, we have not had any price increase because we have not required to take any price increase. You know since commodity prices have been falling, actually we are having what most other companies have as a problem, which is high-cost raw material inventory, lower actual spot inventory prices, and therefore ability to take any price increase not being there. In fact, where people are holding lower inventories, they are in a better competitive situation. Now, we enjoyed this situation the previous year when the things were going up. Now, on the way down, we are a little bit lagging in terms of those gross margins going back up. So that's where we stand. So just to clarify, you're saying basically as compared to the peers, we had higher RM inventory, so that benefit accrued when the prices were rising, and it is working in a reverse fashion when the prices have kind of declined in three Q. Have I got it right, sir? Absolutely right. Bang on. Got it. Sir, if I look at nine months, like what you mentioned, and one of the other company, your peers, has reported numbers, if I look at their nine months three-year CAGR, in terms of nine months FY20 comparing with nine months FY23, it is 15%, while for us, it's about 10%. So just wanted to understand when you say the market share, can you help us understand some statistic with respect to categories where our market shares are currently, how it was, say, three years back? See, the other company which you are talking about has a very different category mix to our category mix. So for example, the kitchen appliance category segment in their mix will be smaller than ours. And therefore, we cannot really compare these two like for like. We have to look at these individual categories. Now, some of their key categories in their mix, we have actually, as per the retail audit data now, actually gone up to not just in the market share as we look at the last Q3 share. So it's difficult to say. But there is one thing that we are seeing is that a little bit of the, given the inflation being where it is and there is a little bit of an element of downtrading, we are seeing that the smaller brands are a little bit nibbling away in some regions at some price points at some customer segments. So therefore, you can be rest assured that our market share situation is quite robust. Understood. Sir, if I look at the past several years, kitchen appliances used to be the biggest driver compared to cooker cookware. Now, if you see last three, four quarters, we have seen that the appliances, if I look at last four, five quarters, the appliances are growing at a smaller rate than cooker cookware combined. Is there anything to highlight there? What is driving this slight weakness in the appliances growth particularly? And how do you plan to tackle the sales? So as I said, it's about various segments. Now, in our gas stove segment, which is one of our very key segments, if you might say, the gas stove category per se has not been growing very much as much as it used to grow. Now, this is a very mature category, and normally in an inflationary situation, people tend to postpone purchases. Cycle times reduce or replacement times reduce when things are very affluent, and they normally elongate because people postpone purchases. So gas stove is a very important category in that sense. But over there, if you look at our focus, we have launched the Svachh range of gas stove, which is at the upper end of the price mix. So now, the contribution of this in the entire category would be a little limited given the kind of customers we can attract. But the product has met with an extremely good response. We are looking at how do we expand that gas stove category across. Now, induction cooktops have also come in the way of expansion of gas stoves because over the last three years, induction has definitely got the fancy of most people because electricity is available, LPG prices have gone up, and therefore induction has been going up. So it's a mix of various factors, and I believe these are all temporary. Unfortunately, as I keep saying, the last two or three years, the base effects of each quarter and each period, given COVID lockdowns and no lockdowns, have caused all this confusion to happen. Once we get out of these and there are normalcy returns, then we will have a period of clear runway. Also, when the Ujjwala Scheme slowing down because they have almost given all the lower end of the society, that kind of robustness also is coming down. So you would have seen most of our peer groups have also reported gas stove being down. There are mixer grinders that have done extremely well. So these are some of the things that are happening. Got it. Sir, if I may ask one more question with respect to the category like chimneys and hobs, we are seeing a lot of excitement among the players. I just wanted to understand your thoughts on the same in terms of A, the market size, B, what is our presence in terms of the range, and in terms of the market share, if we can give any color on the same. The color is that we are actually very marginal players in the chimneys, to be honest. And I believe it's an extremely exciting growth-generating category for us, and it is definitely in our radar, and we have some extremely exciting products that we are coming out with in the near future. Any market size and the growth, sir, for the industry? Market size is huge. I don't have offhand numbers, but it's huge, and like your previous participant had said, with the real estate growing the way it is, especially at the upper end, this kind of market has good growth prospects, and that is why we are going to focus on this in a very big way in the coming future. Got it. Sir, I have more questions, but I'll come back in the queue. Thank you. Okay. Okay. Thank you. Thank you. Our next question comes from the line of Aniruddha Joshi from ICICI Securities. Please go ahead. Yeah. Thanks for the opportunity. Sir, in the presentation, the company has said that the peers were offering relatively higher discounts. So how is the situation now? Has the discounts in the market normalized, or do you see that competition at the low end of the market still continues to be very steep? And obviously, will it continue to hurt the Q4 numbers as well? And second question is, there is also comment that as a matter of prudence, provision was made for inventory considered unserviceable. So if you can please quantify this provision which has been made in Q3, and do you see any provision that needs to be made in Q4 as well? Yeah. Thanks. Yeah. I'll answer the last one first. I mean, as a matter of good governance, as soon as the issue comes to light to the management, we like to provide it then and there irrespective of how the bottom line is looking. And in this case, the amount was about INR 2.5-INR 3 crores thereabouts. And that is what we are talking about here, so that's what has gone off the bottom line. This has happened over the years, which is obsolete inventory which had to be written off, which is prudent accounting. Whenever we use some of it, it will come back. So that is how it is. Coming back to your question on the lower end competitive intensity, it continues. Whenever volumes don't grow, the industry typically, not only our industry, any industry typically starts fighting hard for every volume that is there. And that kind of discounting we are seeing. And we are not going to do a very tactical, some of it we will do. It's not that we don't do anything at all. But we won't do anything that will hurt the long-term interest of the brand. And therefore, even at short-term losses, we are willing to take for the long-term interest of the brand, which is what we have said here. How are we going to react to this in the future is to create products that will not affect us at the upper end and the innovative end while we continue to participate at the lower end. And those strategies are being formulated continuously. Product development is happening continuously so that we can do that. We will not be. I mean, part of this quarter will continue to be like that. But having said that, I'm sure we will be stronger at the end of this quarter to face these challenges. Okay. Okay. Thank you, sir. Thank you. Thank you. Thank you. Ladies and gentlemen, a reminder. Kindly listen to one question and one follow-up question. Our next question comes from the line of Manish Poddar from Motilal Oswal. Please go ahead. Hello. Hi. Thanks again for calling. I have just one question. Based on the pricing rate Can you speak into the speaker, please? Sir. Sir, I don't understand. Do we need to take, let's say, incremental pricing given the recent set of RM pricing which we've started seeing? And let's say, what is the outlook for pricing in FY24 given what competition is behind? As of now, we are taking it as it comes. We don't believe we need to take any price increase or do any major price reduction. So we are looking at a period of stability for the next couple of quarters at least, unless things change dramatically, and these next things can change very quickly given the way things are. Luckily, I mean, this morning for the first time after seven, eight trading sessions, we've seen raw material prices again cool off, so we don't know. I mean, as of now, even at current prices, I don't think we need to do anything with our prices. Would you need to cut prices? Would you need to cut prices in FY24 given how competition is stacking up? As of now, no. As I said, our response is that we might come up with some other strategic moves to help counter us and compete well in those areas. Got it. Thanks. Thank you. Our next question comes from the line of Naveen Trivedi from HDFC Securities. Please go ahead. Yeah. Good afternoon, everyone. Sir, in your opening remarks, you mentioned about festival season also was one of the reasons that Q3 was on a tepid sort of a number. If you look at Q2, Q3 combined this year versus last year, then also there is a 4% decline in the revenue side. So just wanted to check, apart from festival demand, how has been the underlying trend where you are also talking about at the end of the day, we are seeing normalization of the demand side? So two things I want to understand from your side. No, it's a good point you raise. Actually, if you see, again, given the COVID situation, last year, if we are tracking our primaries and secondaries put together, last year, the propensity of the channel to stock up was much better than this year given the situation and the economic climate that we are in. So if I look at the secondaries of last year and the secondaries of this year, my volume growths are quite evident. But the primaries that happened last year for the view of increasing the stock, given that we were coming out of a lockdown, etc., etc., that opportunity was not there this year. And this year, it has followed the secondary sales. And that is healthy because if I unnecessarily increase channel stock, that will kind of vitiate many other variables. So if I look at the secondary level, the sale which has happened, there seems to be a growth, if not a flat thing in most of the categories, whether I take Q2 plus Q3 or whether I take only Q3. So that is why when we are looking at the retail audit of the market shares, we are seeing that we are absolutely stable. If not, we have grown a few basis points here and there. Sure. And thereby, you're expecting that there's been normalization of the demand? Yeah. So we are saying that the demand per se has not collapsed or anything, but the growth rate definitely of the previous year, given the higher share of wallet that was coming to this, and now that the share of wallet is normalizing, is kind of stabilizing. So give it these one or two quarters, then we are getting back to normalcy. Even this year, if you've seen, the first quarter was 68% over the previous year because the base effect of the previous year was there. Now, if you look at the first half as a half, we have outperformed most of our peers in the industry. So it's all these primaries, secondaries, this COVID, non-COVID, all of these things which are creating this confusion. Sure. Sure, and when you talked about specific channels, is it the e-com side where the propensity has gone down? So obviously, when the lockdowns were there, e-com had a higher share and relevance. I'm not saying that e-com has stopped growing, but I'm saying that e-com has definitely not grown much this year like it used to in the previous years. And in fact, if you had looked at the e-com channel, that is where the discounting started very badly during the season. And we said that it will hurt the long-term interest of the brand, which is why we stayed away. Now, e-com for us will be, as I already said, even in the previous quarter, between 14%-18% is the band in which we are seeing e-com stay. And that's where we want it also. Sure, sir. Thank you and all the best. Thank you. Thank you. Our next question comes from the line of Sameer Gupta from India Infoline. Please go ahead. Hello, sir. Good afternoon, and thanks for taking my question. On your 15% value growth aspiration, now when I look at years even before COVID, we were trending right about at 10% or below 10%. Even our nine-month year, CAGR is around 10%. So just wanted to understand what is the bridge here from this 10% to 15%? What exactly differently are we doing? What has changed for this acceleration to happen, especially considering the slowdown in this quagmire environment? How confident are you of achieving this 15% kind of a growth? Look, I can answer you this in a little more detailed fashion probably next quarter once we prepare our budgets for this year because that's where all strategic issues are raised. But coming back, yes, you're absolutely right. Even pre-COVID, our CAGR has not been near that 15%. And again, if you go back in time, we've had several ups and downs given the channel, the way things were turning. We had some one or two customers who changed strategy, and therefore, they were quite big in our sales team. So what we want to do largely, let me give you two or three themes what we want to do largely, is actually look at specific geographies, specific categories which can be large and where we are not large, and then build those categories for ourselves by investing in those categories. That's what we want to do and expand our footprint in those categories. That is going to be largely the strategy. I can't give you more information than that, but we are confident that we will come up with a way to get those numbers kicking in as we go forward into the next few years. That's very helpful, sir. Thanks. That's all from me. All the best. Thank you. Thank you. Our next question comes from the line of Lokesh Maru from Nippon India Mutual Fund. Please go ahead. Thank you, so my first question is on the current demand environment. Given that a lot of our sales are also related to wedding seasons, which has been quite upbeat in this last November and December, so getting into January, and given that, like you have said, that secondary sales have been quite good, what is the kind of momentum that we are seeing on the primary side in this month of January, and what kind of target are we setting for our channel as such? See, our approach to this is very simple. Our primary must follow the secondary, and the secondary, as I said, while it is not growing dramatically, it is also not dropping dramatically. I believe that some level of stability will come through in this quarter, and we will continue our policy of following primaries with the secondary. The wedding season is something that happens every year. I mean, this year was a little more robust, but then this year, there were a lot of weddings which were destination weddings, which were travel-related weddings, and all of the other things, and there are a lot of new variables that have come in. I do believe that these things all normalize over a period of time, and the demand of discretionary spend, not just in our category, but even in all categories, is going to come back. When you have an economy that is growing at 6.5%-7%, it's going to come back somewhere to us finally. Agreed. Right. So my next question is on the margin side. So one is that we are going to benefit from the raw material on the high-cost inventory being flushed out. Another is just because of intense competition, some part of these margin gains could also be passed on, passed through. So what kind of gross and EBITDA margins are we targeting in near term? Look, on the EBITDA front, we've always said that we want to be between 14.5% and 16%. And I think that is something we should be able to achieve in that band. Coming back to the gross margins, just give me a minute. We are trying to say that we will be almost at the same level as the previous year, I think. One minute. Just let me. 42%. 42%. Yes. Almost there. I mean, give or take, 50, 60 basis points here or there. I think that's where we want to be, and that's where I think we are likely to be. Sure, sir. So last question on Ultrafresh. Given the top line and the number of stores, basic math basically comes out somewhere around 3-3.5 lakhs per month per store of Ultrafresh. So what is the kind of magnitude we want to ramp it up per store basis, sales per month or per year targets that we may have? Anything that you may want to put a light on? It's a little early on that. I mean, I think after the acquisition or the association of the Prestige brand on that board of every studio, definitely one thing that we are seeing as a trend is that the average price realization per kitchen has definitely gone up. Now, each studio ideally should give me at least two to three kitchens per month. I believe that since these are new studios and the business development team is doing everything to make sure that the studio gets enough traction in the nearby trading area, in the next six to eight months, we are likely to see this being realized. So what we are doing is we are acquiring new stores, making sure they stabilize, and then go for the next round of acquisition. This year, almost 35 new store acquisitions have happened on a base of 80-85, which I think is extremely robust. So this is going to be a high-growth category. But it is also going to be something that we would scale up carefully because we need customer satisfaction because it's a highly referral-oriented business. Understood, sir. Thank you so much. Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star one. Our next question comes from the line of Senthil Kumar from Joindre Capital Services Limited. Please go ahead. Hi sir, good evening. Thanks for the opportunity. I have a couple of questions. First one is, from the investor presentation, I can understand that sales were impacted on account of inflation and thus the demand for low-priced competitive products. But we have a Judge brand exactly to compete with the low-priced product category, I mean, mass category. My query is whether the Judge brand has not got market acceptance and is thus unable to compete with low-priced product, low-priced competitors. Your thoughts on that, please. Senthil Kumar, you have asked a very, very pertinent question. Indeed, the Judge brand was precisely for that to operate at the lower end. But you must remember that in the previous year, when we were having so much demand, we actually underplayed Judge because we would rather produce for Prestige brand rather than produce for the Judge brand. So these things are to be fair, we have been a little tentative on the Judge brand because we are forever trying to protect Prestige from any kind of cannibalization. But I do believe that in the next few months and quarters, you are going to see a proper, strong strategy for Judge. We are in a position to certainly compete well in those price segments, but we will never be the cheapest in that because remember that any customer who's buying a Judge product is supported by the same after-sales service system that Prestige has. So that reassurance of TTK Prestige, we would like to maintain. That has a certain cost, so we will never be the cheapest. But we will definitely be a good value alternative to Prestige for a customer who doesn't want to pay Prestige price. My second question is, on what basis the sales were classified into primary and secondary? Because now I could see this primary this year appears subdued in the presentation. I just want to know how the management is classifying the primary and secondary, please. It is very simple. What is supporting? I'm having distributors. I sell to the distributor. That is called primary sale. That is the sale that you are seeing as my sale. What the distributor sells to the market is called secondary sale. That we track through our secondary sales distributor management software. It is that sale that I'm talking about as a comparison with the previous year where I'm telling you that the sale is stable, it's not grown. Okay. Okay. I got it. Thank you. Thank you very much. Thank you. Thank you for your visit. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star one. Another reminder, ladies and gentlemen, if you wish to ask a question, please press star one on your telephone keypad. Our next question comes from the line of Pawan Kumar from Ratnatraya Capital. Please go ahead. Sir, what should be the normalized EBITDA margin band that we should assume going forward? 14.5%-16%. Okay. And going forward, should we? So, one thing is, may I please let me know if my understanding is right, that this quarter you are saying is a normalized-based quarter. And from here on, we should be looking at maybe we are targeting 8-9% volume growth and 10% revenue growth, right? I talked about the 8%-9% volume growth from next financial year onward. I told you that this second half of this year is likely to be a little difficult given the overall economic situation, and hopefully, we will see normalization happen through this quarter, and we go into next year with a lot more optimism than what we see today. Okay, and any further inventory losses expected in Q4, sir? I don't know about it yet. I don't think so. But if it is there, we will take the prudent method of recognizing it as we have always been doing. Okay. See, every year we have these audits at the end. And whatever those figures throw up, we tend to do whatever is necessary in prudent accounting. Okay. And these inventory losses which we have taken on our P&L, are they pertaining to something related to the raw material prices falling, or is it due to the finished goods getting obsolete? It could be various things. Finished goods being obsolete or some damages or some work in progress which could not be converted into finished goods or some raw material which has become obsolete because those models are no longer being sold. Those are some of the reasons that is there. So basically, you are saying it is a mix? It is a mix, and it is not that significant. While 30% growth in a quarter can look significant, it is still better to do the right thing by writing it off, and if there is any realization from it later, we write it back. Okay, so it was three growth for the quarter, sir? That is correct. Okay. Thanks, sir. That was from my end. Thank you. Thank you. Our next question comes from the line of Lokesh Maru from Nippon India Mutual Fund. Please go ahead. Thank you. Just one more question from my side. It was on inorganic growth acquisitions which we have stated of around about INR 1,000 crores. So if you can shed any light on the same of which categories we are looking to expand into or open to acquisitions within the same kitchenware category, anything on that would be helpful. So we have always stated that we are looking at adjacency. We are looking at anything that is of a strategic value to our existing business. And we are largely looking within the country and not outside the country. I think these are some of the things that we are looking at. Not that we are not looking at anything outside the country, but we would prefer to stay within the country because management bandwidth is easier to manage. The kind of product categories we will not definitely take something that we already have in this company because that offers us no strategic value. So anything that helps us expand our footprint with the trade, expand our customer base, get newer customers, those are the kind of product lines and companies that we are looking at. There's always something or the other under consideration, but valuations and strategic fits are always something that are difficult to come by. And as and when we get that, we will take that decision. We don't want to buy something because we have the cash. We want to make sure that we buy something that we can use. Sure, sir. Understood. Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star one. Since there are no questions, sir, I will now hand the conference over to the management for closing remarks. Well, thank you, ladies and gentlemen, for that. I think the questions were very, very, very, very pertinent. I would only like to end by saying that TTK Prestige is on a firm footing, and we are looking with optimism in the coming financial year. Thank you for always coming by. Thank you. Thank you. On behalf of Ambit Capital, that concludes this conference. Thank you for joining us, and have a lovely day. Thank you, thank you. You may now disconnect your lines, please.