Ladies and gentlemen, good day, and welcome to Jyothy Labs Q1 FY25 conference call hosted by ICICI Securities. As a reminder, all the participants' 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 Karan Bhuwania from ICICI Securities. Thank you, and over to you, sir. Hi, good afternoon, everyone. It's our pleasure at ISEC to host Q1 FY25 Results Conference Call of Jyothy Labs. From the management, we have Ms. M. R. Jyothy, Chairperson and Managing Director, and Mr. Sanjay Agarwal, Chief Financial Officer. I'll hand over the call to the management for the opening remarks, post which we can open for Q&A. Thank you. Thank you, Karan, and good afternoon, everyone. I welcome you all to the Conference Call of Jyothy Labs to discuss the financial performance of Q1 FY25. The results and investor presentations are available on the stock exchange and on our company's website. I hope everyone had a chance to look at it. Overall, there's been a healthy, consistent operational performance with rise in market share for each of our brands. The year has started on a positive note, with revenues growing by 8% in value terms and 10.8% in volume. On a two-year and three-year CAGR basis, it works out to 11.5% and 12.2%. The gap in value and volume growth is primarily due to increasing grammages and select SKU price cuts. On EBITDA margin, for the quarter, we stood at 18% versus 17.1% for the same period last year, an increase by 13.7%, and our net profit grew by 5.7%. Last year, same quarter, we had a gain from one-off sale of property of INR 9.6 crores in other income. Hence, the net profit, when you see, is not strictly comparable at the PAT level. So, I mean, overall, if you see, we have delivered high revenue growth in the last few years versus the industry, and this is coupled with increasing operating margins and a debt-free balance sheet and a healthy cash position, which is empowering our or will also empower our future growth. We'll continue to focus on our rural growth, our rural market, which is giving us a sustainable advantage. Our consumer franchise is getting stronger every quarter, and we have been able to strengthen our market share across all our brands. For this quarter, all of the segments have reported positive growth. In terms of key categories performance, fabric share is doing well, with an increase by 8.8% in this quarter, while post-wash brands Ujala Fabric Whitener and Ujala Crisp & Shine have delivered consistent growth now. Our main wash brands, detergent brands Henko, Ujala IDD, Mr. White, More Light, they all have also accelerated growth across all channels. In our post-wash portfolio, Ujala Supreme, we've launched a multimedia campaign nationwide with a brand ambassador, Taapsee Pannu, and to bolster our brand presence in Ujala Crisp & Shine, we've been running campaigns featuring superstar Nayanthara in key southern markets. In addition to our liquid detergent portfolio of Ujala and Henko, we have also introduced More Light liquid detergent in 5-liter bulk pack. There's an intense competition across the detergent or the fabric care portfolio, but we have expanded our distribution. A lot of ground-level activities and our product differentiation is helping us drive this growth in our fabric care portfolio. We are focusing on the premium segment and also on the value offerings, and the objective or the strategy is to build scale across the different categories. In the dishwash category, both Exo and Pril continue to do well with a 7.1% growth for this quarter. Both the brands Exo and Pril, we've been investing aggressively across outdoor media and out of home, apart from the conventional medium. This has also boosted our growth, and our brands are considered as a preferred choice among the consumers in the utensils cleaning category. In the interest of time, I mean, you would have seen our investor presentation, which captures several campaigns we are running on conventional media and digital platforms, so I'll skip that. In the household insecticide segment, our sales increased by 2% in this quarter. The category has witnessed recovery. However, this quarter, again, the business was impacted because of extreme summer in North and East India, which are our core focus markets. We are focused on growing our saliency in our liquid vaporizer with a campaign featuring superstar Kareena Kapoor, wherein we have a unique feature or automatic feature of our machine, which is unique in the category. Hence, the focus is to grow the LV share in the business. Finally, our personal care segment, which is primarily the Margo franchise, it has registered a good growth of 10.9% for this quarter. As you know, the Neem-based Margo portfolio is preferred by the consumers for its authenticity, and several ongoing initiatives, we've been involved using influencers and social media in key markets to raise awareness and encourage trials targeting the youth primarily. In summary, we continue to focus on volume-led growth and achieve higher scale of business operation. We have consistently delivered double-digit revenue growth for the last few years, and we strive to build scale with relentless execution and grow our brand's market share. We believe in the efforts taken to strengthen our distribution, investment behind brands, and innovation. On an annual basis, we'll aim to have double-digit sales growth, primarily led by volume. Also, on the margin front, we should be able to hold on or do better than our historical EBITDA margin of 16%-17% on an annual basis. We continue to focus on the introduction of relevant innovation and expanding our sales and distribution network. In addition, we are leveraging on the modern trade and e-commerce channel, which is positive for higher growth. With this, I finish my opening remarks, and I'm happy to answer any questions or clarifications you may have. 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 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. The first question is from the line of Vishal Gutka from HDFC Securities. Please go ahead. Yeah, I think congrats on the excellent set of numbers. Three questions from my side. First, on More Light liquid detergent, I think that has been launched at a disruptive price point of INR 70 per liter in selected MT outlets. I just wanted to understand what is the margin profile. Any quality of flavor would be helpful. Will it sell somewhere near to the company-level margins, and how is the brand doing? I believe it is launched towards the end of the quarter. It might be early, but whatever trends you can give on that. Second question on the personal care front, the growth has moderated to 11%. Last year, we saw around 20% growth rate for the segment as a whole. So what are the plans to revise? And the new variants that you had launched in Margo, I think a one year has passed by. Any flavor on that, what is happening, how things are shaping up over there, will be very helpful. Third question on capital allocation front. Cash is approximately around INR 620 crore, and on the other side, the dividend payout has gone down from 60% to 35% now. The last three years, average dividend payout was 60%. It has come down to 35% in FY24. How are we thinking about capital allocation going forward? Thank you. Those are the questions from my side. Thank you. More Light. Yeah. So on More Light, yes, we have launched a liquid detergent, and this is, if you see, there's the liquid detergent as a market, that segment has been doing well, and we see a lot of players coming there. And our wish is to be there for every consumer and right from the premium end to a price where it is affordable for the consumers in a situation like that we are in today where the consumer demand is muted. So we want to entice the consumers. We want to give them value, and we want them to also try our liquid detergents. And that's the main reason to launch that at that price point. While margins are going to be able to share right now, yeah. So we intend to get more and more consumers coming to the liquid detergent for it. On personal care, double-digit growth is a fairly good growth that is there, and our brands continue to do well in a market like this. The new variants are also on an average doing well. That's on personal care. Vishal, on the utilization of cash, as for the board decided capital allocation strategy, yes, dividend is one way to reward the shareholders. Currently, we have been conserving cash for any future opportunity which we may consider. Right now, we are in the cash conservation mode for any future opportunities. Okay. Thank you, and wishing you all the best for the coming quarters. Thank you, sir. Thank you very much. The next question is from the line of Percy from IIFL. Please go ahead. Hi everyone. Congrats on a very good set of numbers. I just wanted to understand a little bit of the flavor of your growth. Is it coming mainly? I mean, is your state mix changing? Is it that you were very weak in some states, and now the growth in those states is significantly higher than the national average? Is that the source of growth, or is it that you are getting this kind of growth uniformly across geographies? To Percy, it's across the board. I think the results of our distribution expansion is paying off, and states which have been doing well, they are doing further better with the higher A&P spend which we are doing. And markets where we were less strong or whatever dominant is where the several A&P detailed spends which we have been doing has been helping us. So no, I don't call out any particular state which is doing much better than the rest. I think it's a mix of everything. Also, the modern trade and e-commerce business has been doing well. So that's something which is also driving the growth. So, your market shares over the last three years or so have not changed much. Wherever the market shares are low, they remain at that same level, and wherever they are high, they also remain. I mean, there's no on-the-ground evidence to suggest that wherever the market shares were low, the increase there has been higher than what you have normally seen in terms of market share growth. See, we have seen market share growth across our segments this quarter, and in fact, in most of the geographies. So the case in this thing is Exo, while we have been very strong in the South in terms of Exo. East is an example where from a very low single digit, we are into double digits. So we are gaining market share across the country, and we'll continue to focus on our distribution. We'll continue to offer better quality products compared to the rest, and that's purely where we are doing. Correct. Correct. So that is exactly what I was hinting towards, that like in Exo, your eastern region growth is higher than the southern region growth, right? Because you are under-indexed in east. So that kind of story is playing out in other categories also? Yeah. Yeah. It is a mix. Yes. It's a distribution and brand investment that we are continuously doing, yielding us better results. Okay. Second question is on gross margin. So this quarter, I think nobody else has taken a price cut this quarter. I mean, last quarter, you had a 0% pricing. This quarter, you have a -3%. Even actually, there is a slight difference in the pricing, but not to the extent of 300 basis points. So what is happening there? And secondly, related to this, despite such a sharp price cut in one quarter, QOQ as well as YOY, your gross margins have improved. So what is the source of that margin expansion? So Percy, see, gross margins, a, it is dependent on, in our case, on the product mix. Certain scale benefits you get, and the operating efficiencies or efficiencies in the business operations also drive the gross margin. And again, the price cuts which you are referring to, they have been done across the portfolio for us in the dishwasher, more so in dishwasher than in fabric care and personal care. So if you look at the—I mean, at this level of RMPM prices, we would be comfortable with the gross margin range of 49%-50%. Understood. And finally, on EBITDA margin, you have done about 18% EBITDA margin this quarter, and every quarter sort of you're doing slightly better than what we expect. So are you being a little conservative in terms of your guidance, and what is the reason that this 18% margin will not sustain going ahead, if at all? So Percy, I mean, just the beginning, I mean, the first quarter of the year, and as I mentioned, that the RMPM prices are also volatile. We have seen how things have shaped out in the last few years. Our stated objective has been that we want to invest more behind the brands. We want to keep expanding the distribution because that's where there's a lot of scope for us. Hence, we want to be comfortable with 16%-17% range. Yes, this quarter is 18%, but as we move along, I think we'll be able to guide you much better. Okay. That's all from me. Thank you. Thank you. Thank you. The next question is from Shirish Pardeshi from Centrum Broking. Please go ahead. Yeah. Hi. Good evening. Thanks for the opportunity. Sanjay, I have a basic question. In the fabric care, post-wash, I think we have been talking and getting more penetration in the liquid side, but even our powder detergent is also very strong. So will you be able to give me some color what is the growth we have expected or what is the growth we have delivered on powder and liquid, specifically in this quarter? So as you know, Shirish, liquid is on a smaller base, and it's growing faster. So the growth rates are going to be much faster while powder category is a much stable category. So I think I can just offer you that the base numbers are less on liquid, so the growth is much higher. I think I will just leave it there. The fact that we launched our Ujala liquid and Henko liquid, and now with More Light large pack, 5-liter, demonstrates that liquid as a category is doing. It's good for the country, good for the consumers that they're using a better quality product. So yeah, we are also focusing on that and trying to get to the consumers to use a better quality product. Let me step back and ask you a little different question. Is the industry right because you guys have given a product at a very competitive price? So do you think that there is a bottom of the pyramid which is there is a fast shift and there is a price propensity which will bring in more customers to the category? Is that the thinking in there? We couldn't hear you properly, Shirish. Could you repeat the question? I'm saying we have launched a 5-liter pack, and I think, at a very price-competitive range. What I wanted to understand is the industry structure is changing much faster than every customer is now trying to look at and trying to experiment the liquid. Yeah. So we see this more the liquid detergent adoption more from south, which is a market which responds to such the new age where people are more experimentative in that sense. They also have money to invest and all that. So you see this more in the south than modern trade e-com and then the metros. So yes, we want, and like I said, that many players have come in. And like you see that in powder detergents, there are various segments. The liquid detergent is also kind of mirroring or is seeing that kind of growth and price points at different levels. Okay. That's helpful. Second on Margo, I think historically, Margo is a very strong brand in the East, but over the last 1.5-2 years, we have expanded this franchise, and we have also complemented with the adjacencies. So maybe in non-East market, which are the segments or which are the subsegments you are seeing a stronger growth on the Margo franchise? It's not just east. For us, Margo has been delivering, if you see, in the last 4, 5 years across the other states as well. It's not just east for us. Margo is growing stronger day by day. Okay. The last question, I mean, I did understand what Sanjay gave the explanation on the margin front, but the question here is, are we left because what we also gather is that if rural comes back, and this is what both the syndicated data agencies are saying, Kantar, we heard in the morning, they are saying that the rural growth will be much faster. So does that mean that the price increases can come a little faster instead of second half, maybe the end of second quarter? So I don't think so we are looking at any price increases for now, whether it is now or in the H2, at least for now. So current focus is volume growth, and at these price levels, I think we are having decent margins to invest in the business and have reward to the shareholders as well. Okay. No, the reason why I'm asking, you have done a good fantastic job delivering double-digit volume growth. So this volume growth will continue in the second half also. That's my question. I mean, it's too early to talk about, but if the rural growth comes back, we can build on that. So I think, Shirish, for now, I think what we can only see between the quarters, things will vary. And so on a yearly basis is how we would aim, at least from the external perspective, and it will change over quarters, over different quarters. But the aim is to continue the same momentum, which we are a double-digit volume-led growth for the annual basis, and which will vary in different quarters. Okay. Thank you, Sanjay. All the best to you. Thank you, sir. Thank you very much. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from Abneesh Roy from Nuvama. Please go ahead. Yeah. My first question is on the HI business. So essentially, the market leader has come out with a disruptive product. Would you be concerned on that? Because the efficacy they claim is much higher. And second, if there is high rain, is that again not adverse for mosquito population? And so Q2 also, the growth could be weak for the entire sector because of very high rain which is happening. Okay. So on HI, see, we are very focused on our LV, and we believe that we have a great product with us. We have an innovation with us, and we have a tried-and-tested molecule with us. The very reason that we have gained market share is a proof of all of that. And yes, we are very confident on our product, and we don't have much concerns with what happens elsewhere. And on the question on rain, yes, anything in extreme is bad. So with the high heat, high summers, high winters, and anything that has to do with higher amount of rain, yes, the mosquitoes will get washed away. So let's see. Hopefully, we should be able to still grow the market, especially in the HI segment. Yeah. That's it. One follow-up on the market share gain. So if I see three-year and four-year, you have a dip in terms of the CAGR. And if I see the market leader's Q1 update, that also suggests that their HI is also very similar in terms of YOY, almost flattish, which is in your case also almost flattish, low single digit. So where is the market share gain coming from? Would it be from the number two, number three player? Because it's a four, five-player market only, right? Who are you gaining from? Sir, we wouldn't want to comment on that. The thing is, the thing in truth is that we have gained market share. We have gained 300 basis points compared to last quarter, and that's good enough and a good direction for us to show that our efforts are working. That's where I can comment. Okay. Last question would be on body wash. So essentially, there again, the market leader is doing a disruption. The brands in which they are doing Lux, Lifebuoy may not be competing necessarily with Margo. But just want to understand, I'm sure, being a soap manufacturer, how impactful do you think such a disruption is? In the past, also, it has been tried, but TFM and lather being less, do you see customers asking for such products? Because if they ask, I think in Margo also, is there a use case for doing that in Margo? While it's a good suggestion, we'll look into it. We don't have much to comment on that segment right now. But till now, there's no impact because of the market leader's disruption, right? Too early for that. Yeah. Yeah. As in, we are growing well on our brand, so that's what we want to. Sure. Sure. Sure. Okay. That's all from my side. Thank you. Thank you. Thank you. The next question is from the line of Dhiraj Mistry from Antique. Please go ahead. Yes. Congrats on good set of numbers. So I have 1 question regarding personal care category. So if I look at FY2020 numbers, you were making somewhere around 20%+ EBIT margin. And over the last 5-6 quarters, there has been quite a few volatility in their EBIT margin personal care. So how do we see that going ahead? That's where the EBIT margin as a company, where do we look that EBIT margin to settle down? So see, over the last 3-4 years, as you know, the brand has been doing well. The key raw material is palm oil. You know how the palm oil prices have been so volatile. It's an imported product. So therefore, the freight cost going up and down, and now right now, freight cost being going up is also impacted. The margins are independent on the palm oil prices, which we have been updating every quarter when the prices are going up and all of that. Now, also last year or so, we have launched 3 new variants in it, and we have seen the success of those variants. Obviously, we had to do higher A&P to launch that. As you know, we had a brand ambassador, Raashi Khanna there, which has really done wonders. So this quarter also, and in the last few quarters, we have seen higher A&P, and it will vary across quarters, but the margins are intact being the personal care or Margo as a franchise. So that's not a concern. We want to grow the franchise much bigger. That's the overall objective. Yeah. Second question in that category, only that we have done quite a few launches. What would be the contribution of new products in personal care and also from the overall company's perspective? Sir, the launches were done last year, or what we are currently happy or satisfied is that there are repeat purchases, and it gives us a lot more confidence in our new or further initiatives of doing innovation and new launches. So the numbers, my apologies, I will not be able to speak specifics between what the green Margo soap is and what the new variants are that split, but all of them are doing well, and that gives us a lot of confidence for the future. Got it. Got it. Sir, can you give last question from my end? Can you give some color on growth in terms of rural market versus urban market, and also in terms of region, that east and south compared to west and something like that? So I mean, I think for us, all markets are doing well. Rural market was a concern for a lot of us, but things are now started to look up, and the union budget also gives a lot of focus on job creation. And so that is helping, especially now with the monsoons coming on track. That will also help in the rural growth. We as a company have products which do well in rural markets, and our distribution has also expanded in the last few years in the rural. So we are quite confident that with the growth or pickup in the rural demand, we will be able to capture that. Was it higher compared to urban market during the quarter? No, no. There's nothing like that. It's been higher. It's just that the challenges which we were seeing have now been met out. Going forward, we can be more optimistic on the rural demand. Good. Okay. Thank you. That's it from my side. Thank you, sir. Thank you. The next question is from Gaurav Jogani from Axis Capital. Please go ahead. Thank you for the opportunity, sir. So I have a couple of bookkeeping questions. So what is on the other expenses? If you look at the other expenses, it has gone up by around 22% down. So is there any one-off in that, or that's a steady-state other expenses that we can expect going ahead as well? No, sir. It's very much in line with the overall sales increase and overall expense increases. It varies. I mean, again, it can move between one quarter here and there, but very much in line. There are no one-offs in the other expenses. So further, likewise on the depreciation bit also, depreciation both on a YoY and a QoQ basis has seen a sharp jump. So because we don't have any other CapEx also, so what is this increase with regards to? The overall CapEx, we believe, should be in the range around INR 50-60 crores for the full year. Depreciation also has been in line with that. Okay. Okay. Thank you. So that's all from me. Thank you. The next question is from the line of Nihal Mahesh Jham from Ambit. Please go ahead. Yes. Could you make him audible? Yes. Yes, sir. We can hear you. So there are two questions. First was on the dishwash category. While Exo has seen market share gains, what explains the market share loss that Pril has seen specifically over the last two years? So we have gained in both. Okay. I was referring to the annual report data where at least I see that Pril has gone from 17%-14%. Yeah. We have gained compared to last quarter. The recent quarter, we have gained market share both in Exo and Pril. If I say compared to three years back where it's looking lower, what would explain that? See, directionally, we are growing. That is where I would want to stop at. We are investing. For us internally, also, we are growing in double digits in terms of volume. Yeah. Sure. The second question was just to understand the distribution better. The absolute reach for us has been more or less similar at around 2.8-3 million outlets, whereas the direct reach has been increasing. So is the focus ahead to obviously focus more on direct distribution and get more revenue per store, that kind of perspective, or we are looking at an absolute distribution increase also as we try focusing on new states? See, for us, direct distribution makes sense, but from a future, we're seeing it will be both direct and indirect as well. Do we have a specific outlet target for the coming year? We wouldn't want to say that right now. Fair enough. That was it from my side. Thank you. Thank you. The next question is from the line of Amit Purohit from Elara. Thank you. Please go ahead. Yeah. Thank you for the opportunity, sir. Congrats for the set of numbers. On the modern trade, what would be the salience of modern trade now versus, say, 2, 3 years back? Modern trade and e-commerce business is around 15% of our top line. So that's what it contributes now, and it's been growing a lot faster. Yeah. Two, three years back, this number would be what? I mean. It should be around 10%. Okay. In other markets, I mean, basically, when I look at the south market, is it safe to assume that the entire product portfolio, excluding the HI portfolio, would be there available in the modern trade in south market? Whereas in the non-south market, is the entire range available in the modern trade? Is it a right assumption, or we are still to build up that? Yeah. Mostly, yes. Absolutely right. I mean, in the non-south market, also, the entire range is available in modern trade? Correct. Yeah. We are selective that way, but yes. Broadly, yes. What is driving modern trade growth? Is it new stores expansion in modern trade, or how do you think about? So it's been a combination of a few things. A, when there have been certain specific SKUs which have been introduced for the modern trade market, which are the large packs, and focus on as a team to because that business is doing well as per se, e-commerce and modern trade. And we have been investing on our A&P spends, which is also gathering the momentum there. So those are the two specific things. And we have been there with all these brand owner, whatever, the modern trade players and e-commerce players. So I think it's now catching up on the fast growth with us. Okay. And for lastly, I mean, South has seen a good amount of rain. I mean, excess of rain, does that actually have any positive or negative impact on any of the categories, or it's not so relevant in terms of? It's an annual event. I mean, every year it happens. So it's nothing like anything specific will happen for us on the rains. Yes, monsoons do make a difference for our HI category, but certain markets, we are not that strong up there. So yeah. So therefore, it remains business as usual, Amit. Okay. Thank you, sir. Thanks. Thank you. The next question is from the line of Harit Kapoor from Investec. Please go ahead. Hi. Good evening. This is Harit from Investec. I just have two or three questions. The reduction in EBIT loss in the HI business, is that completely attributable to the mix shift between LV and coils for this quarter? Because obviously, the revenue growth has been a bit muted. Okay. Is that the only question? We have other questions as well. I have 2, 3 more. I can ask them all together if you want. Sure. Sure. So on HI, see, the EBIT loss has been lower. Again, it will vary on product mix, yes. So liquid share has gone up, and therefore, to some extent, the EBIT loss has come down. And again, this would vary on quarter-to-quarter. It depends on the spends which one has done on that category. Yeah. Got it, sir. Just a broader question on margins. If you look at over a longer term, a 3-4-year period, the assumption is that HI losses will keep coming down as our mix improves. Probably in a few years' time, we will not have any of these EBIT losses. As one of the other participants also mentioned, personal care will can probably see an acceleration in profitability from what it views compared to FY24 levels, given that those levels are a little bit lower. Over a 3-4-year period, that can go up. Over a slightly longer-term period, given fabric and dishwasher spend, the similar trajectory, isn't there enough kind of scope to improve the profitability, overall margin structure of the business, even from these levels of 17% odd, which you might hang on to for the next 12-15 months? Is your concern that HI will be running long, may continue into losses, and therefore your margins may be capped here, or you are saying that the I'm still not got the main point which you want to ask? My point is that HI will not actually become profitable at some point as the mix, as you get the optimum mix. And you will see margin expansion in personal care also from low levels of 24% over the next two, three years. So then over a slightly medium- to slightly longer term, isn't there more scope for margin improvement from current levels of 17% odd over a slightly longer term? That's right. For the business as a whole? These things play out, yes. These will be bonus for us, HI contributing positive. Personal care has been a good margin business. At those levels is when we are making 16%-17% of guidance, and this quarter, 18%. But yeah, mathematically, yes, if these businesses also start doing much better numbers over a medium term, the margin profile would improve from here. Got it. I just have a couple more smaller things. One was on the pricing. So in absence of change in the pricing structure, as you mentioned, there's no real need to tweak pricing now. Would one assume that this -2% to -3% kind of number would be the case for the balance part of the year as well, or is it too early to say? Yeah. I mean, so these cut prices which are taken will remain there for the balance year as well. So there would be a decline to that extent. Fair. Fair. And last thing was on the south, non-south mix. So south is still about 40% of the business. If I remember correctly, three, four years back, also I think this number was fairly similar, not very different. So again, fair to assume that this growth in the last three, four years that you've been continuing to do double digits, in fact, more than three quarters in five years, it's been secular in south and non-south since the share has not dramatically shifted, or am I reading something or am I reading it wrong? Yeah. So it's broadly the same range of 40, 60. 40 South and non-South 60. Which is the same case a few years back as well, right? Three, four years back as well. Got it. Those are my questions. Wish you all the best. Thank you very much. Thank you very much. The next question is from the line of Vishal Punmiya from YES Securities. Please go ahead. Thank you. And congratulations for good revenue growth and margin performance this quarter. I actually just have one question. Almost a year back, there was a comment in a media interview regarding the ambition of taking personal care to a 15% kind of mix for the business from the 11%-12% range. Just wanted a clarity in terms of whether this includes any inorganic accretion that you do, or is it just the organic growth that you are expecting from your segment? See, that's the risk that we want to be, I mean, to take from existing 12 to 15. We'll see all possibilities, both organic and inorganic. Okay. Any timeline for that? No, not yet. Oh, okay. That's all from my side. Thank you. Thank you. Thank you very much. The next question is from the line of Vishal Gutka, which is a follow-up question from HDFC Securities. Please go ahead. Yeah. Thanks. Just one follow-up question. When shall we expect the acceleration in NPDs? Because apart from a disruptive launch in the liquid detergent side, we are not seeing much. So when shall we expect that? Any color on that will be very helpful. So Vishal, we have been doing updates. And in terms of launches, just hold on. There will be a few things. I mean, as market would require, and as we are ready, we'll definitely launch that. And the organic business, what we are currently doing, is also doing fine. So you will hear more about the NPDs in coming times. Thank you. Thank you very much. I will now hand over to Mr. Karan Bhuwania from ICICI Securities. Yeah. I think I'll give you a reach-out number. Two questions. One, can you share what is the share of liquid in the overall revenue? And second, also can you share the cash and books as a rate? Karan, we couldn't hear you. Could you just speak louder? Yeah. Can you hear me now? Yeah. Yeah. Can you please share what is the share of liquids in your overall revenue? Basically, liquid detergents, liquid dishwasher, etc. And secondly, what is the cash on the books currently? So I mean, as I mentioned, Karan, in some of the previous questions, I mean, difficult for us to give a number for the share of liquid. Liquid has been on a low base. It's growing much faster. The category is doing well. And with our several introductions in Exo, Ujala, and now with More Light, the growth is much faster than the detergents. So I'll just leave it there. And the cash balance now is in the range of around INR 650 crores plus. Got it. Thank you. Thank you. As there are no further questions, I would now like to hand the conference over to the management for closing comments. Sure. Thank you. So thank you all for attending the call. And I hope we have answered most of your questions and queries. If you still have any further queries, you can reach out to us, and we'll be happy to address them all. And thank you, Karan and the team at ISEC for organizing this conference call and Chorus team. Thank you very much. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.